Full text of Annual Report of the Secretary of the Treasury on the State of the Finances : Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1941

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ANNUAL REPORT OF THE
SECRETARY OF THE TREASURY
2!i™l STATE OF THE FINANCES
FOR FISCAL YEAR ENDED JUNE 30,1941,







(^.

ANNUAL REPORT OF THE
SECRETARY OF THE TREASURY
ON

THE STATE OF THE




<T'»^,^-

FOR THE FISCALri^EAR •
ENDED JUNE 30

1941::.^

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1942

'iM

)^^




TREASURY DEPARTMENT
DOCUMENT N O .

Secretary

3114

CONTENTS
Budget results:
^^se
Receipts in general and special accounts. _.
.
1
Expenditures from general and special accounts
7
Deficit in general and special accounts
1...
11
Receipts and expenditures in trust accounts and checking accounts of
corporations and credit agencies
11
The public debt
.
.
_.
17
Treasury bonds and Treasury notes
._
20
^ Treasury bills
..
21
United States savings bonds
..
21
Adjusted service bonds
^
'-.
26
Depositary bonds
•
27
Special issues
27
Cumulative sinking fund
28
Amendment to the Second Liberty Bond Act
:
.._:
28
Securities guaranteed by the United States
30
Estimated absorption, by classes of holders, of the increase in securities
issued or guaranteed by the United States during the fiscal year 1941
and the estimated ownership of such securities on June 30, 1941
33
Commercial banks
;
..
.-...
40
Mutual savings banks and insurance companies
41
Federal Reserve Banks and United States Government agencies and
trust funds
.
42
All other investors.
.
;-.
43
Market movements in Government securities._
.
.
43
Termination of exemption from Federal taxation of the interest on future
issues of United States Government securities
46
General Fund
...
48
Securities owned by the United States and proprietary interest in governmental corporations and credit agencies:
Securities owned
49
Proprietary interest in governmental corporations and credit agencies.
51
Monetary developments:
Stabilization fund developments
.
,
52
Monetary legislation...
^
^
53
Foreign exchange
54
Revenue legislation
•.
55
Second Revenue Act of 1940
55
Excess Profits Tax Amendments of 1941
59
Public Debt Act of 1941
.,
60
Other revenue legislation
60
National defense activities
i
61
Regulation and control of vessels
•
62
Control of foreign vessels
.^
62
Transfer of certain personnel of the Coast Guard to operate as a part
of the Navy, and other developments in the Coast Guard in connection with national defense--63
Strategic and critical materials
64
Foreign funds control
66
Changes in organization and procedure
...
67
Estimates of receipts
.
.
.
68
Estimates of expenditures
^
91




III

f^i f^lX^ H

rv

;

CONTENTS

ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
Page

Fiscal Service of the Treasury Department
Accounts, Bureau of
^
>
^
Division of Bookkeeping and Warrants
Division of Disbursement
Division of Deposits
Depositary functions
Depositary b o n d s . . . .
.
Designation of agencies for the issue of defense savings bonds,
series E J
Federal savings aiid loan associations and Federal credit
unions
Social Security
^
.
Government Losses in Shipment Act-_^
i.
.
Section of Surety Bonds
Budget Section
Foreign check control.
Section of Investments
^Accounting and disbursing of emergency relief funds
Budgetary administration and financial reporting
Daily Statement of the United States Treasury
Combined statement of receipts and expenditures
Financial statements published monthly in Congressional Record.
Combined statement of assets and liabilities of governmental
corporations and credit agencies
.
—
Financial statements of governmental corporations and agencies
compiled under Senate Resolution No. 292
Appraisal of assets and liabilities of the Commodity Credit
Corporation
:
'.
--.
Federal savings and loan associations
Federal home loan banks
.
Federal land banks:
Capital stock
.
Payments on account of reductions in interest rates on mortgages and subscriptions to paid-in surplus
Federal Farm Mortgage Corporation
i
Advances to Federal Reserve Banks for industrial loans, etc
Appropriations and expenditures under the Social Security Act..
Obligations of foreign governments
Finland
Greece
Hungary
Receipts from Germany
- Army costs
..
Mixed claims, United States and Germany
Annuities under moratorium agreement
Treasury administration of alien and mixed claims.
...
Mixed Claims Commission and Private Law No. 509: Claims
against Germany
War Claims Arbiter
'
Claims of German nationals
Claims of Hungarian nationals
L
German special deposit account
._
Tripartite Claims Commission: Claims against Hungary
Glaims of American nationals against Turkey
•Claims of American nationals against Mexico
Railroad obligations
.
.
Section 204, Transportation Act, 1920, as amended
Section 207, Transportation Act, 1920, as amended
Section 210, Transportation Act, 1920, as amended
Federal control of railroads
_._
_.
Administration
Finances
Securities, etc
..^
Claims
.
.
:_.
Compensation payments—United States railroad employees. '



.95
95
95
96
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.111
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CONTENTS
Fiscal Service of the Treasury Department—Continued.
Accounts, Bureau of—Continued.
Federal control of railroads—Continued.
Canadian Workmen's Compensation Board
Tax refunds and other collections
Trust and special funds invested by the T r e a s u r y . . . .
Adjusted service certificate fund
.
Civil service retirement and disability fund
Canal Zone retirement and disability fund
Foreign service retirement and disability fund
Alaska Railroad retirement and disability fund..
.
District of Columbia teachers' retirement fund
Longshoremen's and harbor workers' compensation fund
District of Columbia workers' compensation fund..
District of Columbia water fund
.
United States Government life insurance fund
_.
National service life insurance fund
...^
._
Federal old-age and survivors insurance trust fund
,
Unemployment trust fund
Railroad retirement account
.
Library of Congress trust fund
National Cancer Institute gift fund
National Institute of Health gift fund
«
National park trust fund
^.Ainsworth Library fund, Walter Reed General Hospital
Pershing Hall Memorial fund
....
Alien property trust fund
Philippine funds in the United States Treasury
Supplementary sinking fund for the payment of bonds of the
Philippines
1
Miscellaneous trust funds
Special fund:
Colorado River Dam fund
Public Debt, Bureau of the
.
Division of Loans and Currency
..
Issue and retirement of securities
.
United States savings bonds..
Individual registered accounts
_.
Claims
.
Safekeeping of securities
1...
Mutilated paper and redeemed currency
Register of the Treasury
Division of Public Debt Accounts and Audit.
Division of Savings Bonds
1
Division of Paper Custody
Destruction Committee
Treasurer of the United States
_.
Budget and Improvement Committee
'
.
Coast Guard:
Effect of national emergency upon the Coast Guard
.
General operations
^
-.
Administrative organization
Promoting safety of marine commerce and life and property at sea
Maritime law enforcement
Aviation
^
Communications _.
..
•
Personnel and training
Floating equipment
^
*
Stations, bases, etc
Awards of lifesaving medals.
Legislation and executive order
Funds available, obligations, and balances
'.^.
Comptroller of the Currency, Bureau of t h e . . .
.,
Changes in the condition of active national banks
Summary of changes in the National Banking System
- Administra tion of* unlicensed ^national banks -.




V

I*age
134
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VI

CONTENTS

Customs, Bureau of:
^age
Collections
.
197
Volume of business
200
Entries of merchandise
200
Vessel, airplane, a n d highway traffic.
.
. 201
Neutrality a n d national defense activities
202
Drawback transactions
203
Protests a n d appeals
L.
204
Law enforcement activities:
Seizures
I..'.
204
Legal proceedings.
.
207
Fines, penalties, etc
..
.^
....
207
Coordination with other agencies
.:
.
. 208
Tariff administration
.,
.
•..
208
Customs Agency Service
212
Undervaluation
.
.
212
Drawback investigations
.
213
Foreign investigations
.
213
Other investigations
.
^.
..
213
Miscellaneous:
Appraisement Unit
.
^..
213
Customs School of Instruction
214
Division of L a b o r a t o r i e s . .
214
Division of Engineering a n d Weighing
.-.
214
Changes in ports iand stations
214
Cost of administration
^
215
Defense Savings Staff
.
215
Engraving a n d Printing, Bureau of
215
Enrollment and Disbarment, Committee on
218
Foreign F u n d s Control
•
.
....
-..
219
I n t e r n a l Revenue, Bureau of:
General:
Internal revenue collections
220
Refunds, drawbacks, a n d s t a m p redemptions
.
220
Additional assessments..
^
.
:
221
Cost of administration
'_
222
Income Tax Unit:
General functions
.
222
Returns,
filed
222
Examination of income a n d excess-profits tax returns upon receipt
by the Washington office
..
223
Investigation of tax returns by the field offices
,
223
Revenue results of investigation of income a n d declared value
excess-profits tax returns
...
224
Stage a t which additional tax was assessed..'
224
Refunds, a b a t e m e n t s , and credits
.
225
Inventory of returns on h a n d in t h e field offices as of J u n e 30,
. 1941
J
.
.
.
226
Miscellaneous Tax Unit
......
.:
226
E s t a t e Tax Division
J
,
.
226
Tobacco Division.
228
Sales Tax Division
^_.
228
Capital Stock Tax Division
229
Processing Tax D i v i s i o n . . .
230
Alcohol Tax Unit
.......
231
Procedure D i v i s i o n . .
I
_.
231
Enforcement Division
232
Field Inspection Division
232
Laboratory Division
233
Audit Division
.
233
Basic Permit and T r a d e Practice D i v i s i o n . .
234
Accounts and Collections Unit
.
^
235
Taxes under the Federal I n s u r a n c e Contributions Act
236
Tax under the Federal Unemployment Tax Act
\.
238
Carriers taxes
.
...
240
Technical Staff.._.
.
241




CONTENTS
Internal Revenue, Bureau of—Continued.
Office ofthe Chief Counsel
. Appeals Division
. Civil Division
Interpretative Division
^
Penal Diyision
.
Review Division......
Legislation and Regulations Division
.
Alcohol Tax Division
.
Intelligence Unit
_.
.
Legal Division
.
.
Legislative Counsel, Office of the
.
Mint, Bureau of the:
• Institutions of the Mint Service
.
.
.
.
Coinage
.
Bullion deposit transactions.
^
"
Transfers of bullion for long-term storage
Gold operations
'
Silver operations
Refineries
i
..
Stock of coin and monetary bullion in the United States
Production of gold and silver
Industrial consumption of gold and silver
Appropriations, expenses, and i n c o m e . . . .
,,General activities
.
Monetary Research, Division of........
.
Narcotics, Bureau of..
.
'^
Personnel, Division of.
Printing, Division of
Printing and binding
.
Stationery supphes
.'
..
Engraving work
^
.
Processing Tax Board of Review
Procurement Division
Research and Statistics, Division of
.
.
Secret Service Division
Tax Research, Division of
.
..
i

VII
Page
242
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244
247
247
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249
249
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250
252

'

..

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2^5
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262
264
264
264
265
268
268
272

EXHIBITS
PUBLIC DEBT

Issues and redemptions of Treasury bonds. Treasury notes, and
depositary bonds
Exhibit 1. Offering of 2>1 percent Treasury bonds of. 195^56
Exhibit 2. Subscriptions and allotments. Treasury bonds of 1954-56
Exhibit 3. Offering of 2 percent Treasury bonds of 1953-55
Exhibit 4. Allotments, Treasury bonds of 1953-55
Exhibit 5. Redemption of 3% percent Treasury bonds of 1941-43
Exhibit 6. Offering of % percent Treasury notes of series B-1945, national
defense series.
.
Exhibit 7. Subscriptions and allotments. Treasury notes of series B-1945,
national defense series
Exhibit 8. Offering of % percent Treasury notes of series D-1944, national
defense series
Exhibit 9. Subscriptions and allotments. Treasury notes of series D-1944,
national defense series
.
.
.
Exhibit 10. Offering of 2 percent Treasury bonds of 1948-50 and % percent
Treasury notes of series D-1943
Exhibit 11. Allotments, Treasury bonds of 1948-50 and Treasury notes of
series D-1943
:
Exhibit 12. Offering of 2% percent Treasury bonds of 1952-54 and % percent Treasury notes of series D-1943 (additional).
^
1_.
Exhibit 13. Subscriptions and allotments. Treasury bonds of 1952-54 and
Treasury notes of series D-1943 (additional)
.
i
Exhibit 14. Offering of 2}4 percent Treasury bonds of 1956-58 and % percent Treasury notes of series D-1943 (additional)
Exhibit 15. Subscriptions and allotments, Treasury bonds of 1956-58 and
Treasury notes of series D-1943 (additional)
Exhibit 16. Offering of 2 percent depositary bonds



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290
292
293
296
297

VIII

CONTENTS
Treasury bills
Page

Exhibit 17. Inviting tenders for Treasury bills dated July 3, 1940
Exhibit 18. Acceptance of tenders for Treasury bills dated July 3, 1940..
Exhibit 19. Summary of information contained in press releases issued in
connection with Treasury bills offered during the fiscal year 1941
Exhibit 20. Amendment, February 28, 1941, of the general circular governing the offerings of Treasury bills

29&
299299'
302:

United States savings bonds
Exhibit 21. Offering of United States defense savings bonds of series E,
and defense postal savings stamps for installment payments
Exhibit 22. Offering of United States savings bonds, defense series F and
defense series G
^
_:.^..
Exhibit 23. Second amendment, February 20, 1941, to Department Circular No. 596, as amended, relative to the tax exemption and limitation
on holdings of United States savings bonds of series D
.
Exhibit 24. First amendment, February 20, 1941, to Department Circular
No. 530, Third Revision, relative to the limitation on holdings of United
States savings bonds. . . .
.
_.
Exhibit 25. Regulations governing agencies for the issue of United States
defense savings bonds of series E, April 15, 1941
Exhibit 26. Regulations governing United States savings.bonds, April 15,
1941 (Department Circular No. 530, Fourth Revision).
Exhibit 27. First amendment, June 26, 1941, to Department Circular
No. 530, Fourth Revision, relative to the registration of United States
savings bonds in the names of
fiduciaries

304
309^'
314
315316320'
337

Miscellaneous
Exhibit 28. An act to increase the debt limit of the United States, to
provide for the Federal taxation of future issues of obligations of the
United States and its instrumentalities, and for other purposes
.
Exhibit 29. An act to adjust certain losses occurring in the redemption of adjusted service bonds

337'
339'

SECURITIES GUARANTEED BY THE UNITED STATES

Exhibit 30. Offering of Ji percent notes .of series F of the Commodity
Credit Corporation
.
340*
Exhibit 31. Subscriptions and allotments, Commodity Credit Corporation
notes of series P
341
Exhibit 32. Partial redemption, before maturity, of 2 ^ percent mutual
mortgage insurance fund debentures, series B (fourth call)
342*
Exhibit 33. Partial redemption, before maturity, of 2% percent mutual
mortgage insurance fund debentures, series B (fifth call)
345Exhibit 34. Offering of }4 percent notes of series E of the United States
Housing Authority
...
348Exhibit 35. Subscriptions and allotments. United States Housing Authority notes of series E
. . . 349'
Exhibit 36. Offering of Y percent notes of series U and IJ^ percent notes of
s
series V of the Reconstruction Finance Corporation
. 349
Exhibit 37. Subscriptions and allotments. Reconstruction Finance Corporation notes of series U and series V .
352"
Exhibit 38. An act to increase the credit resources of the Commodity
Credit Corporation
.
.
352'
Exhibit 39. An act to extend the life and increase the credit resources of
the Commodity Credit Corporation, and for other purposes
353^Exhibit 40. An act to provide for increasing the lending authority of the
Export-Import Bank of Washington, and for other purposes
353"^
Exhibit 41. An act to extend the operations of the Disaster Loan Corpora-,
tion and the Electric Home and Farm Authority, to provide for increasing the lending authority of the Reconstruction Finance Corporation, and for other purposes
.
354-




CONTENTS

IX

MONETARY DEVELOPMENTS
Pagt

Exhibit 42. An act to extend the time within which the powers relating to
, the stabilization fund and alteration of the weight of the dollar may be
exercised
Exhibit 43. An act to extend the period during which direct obligations of
^. the United States may be used as collateral security for Federal Reserve
notes...
.
Exhibit 44. An act to simplify the accounts of the Treasurer of the United
States, and for other purposes
._
Exhibit 45. An act to amend section.3528 of the Revised Statutes, as
amended, relating to the purchase of metal for minor coins of the United
States
.
^..
Exhibit 46. Statement by the President, November 30, 1940, relative to a
credit to the Chinese Government, and a letter, November 30, 1940, to
the President from the Federal Loan Administrator with regard to a loan ^
to China
.
Exhibit 47. Joint statement by the Secretary of the Treasury and the
representative of the Republic of China, April 25, 1941, announcing the
signing of a stabilization agreement involving the purchase of Chinese
yuan
.Fixhibit 48. Announcement by the Secretary of the Treasury, May 1, 1941,
of the appointment of the American member, alternate member, iand
assistant to the board to adrninister the stabihzation funds of China
T]xhibit 49. Joint statement by the Secretary of the Treasury, the Argentine Ambassador, and the General Manager of the Central Bank of
Argentina, December 27, 1940, announcing the completion of a stabilization arrangement between the United States and Argentina

356
356
356
357

357

358
358

359

TAXATION

Exhibit 50. Portion of the Second Supplemental National Defense Appropriation Act, 1941, relative to Army, Navy, and Coast Guard contracts..
"Exhibit 51. Joint resolution to amend section 124 of the Internal Revenue
Code by extending the time for certification of national-defense facilities
and contracts for amortization purposes
.._
Exhibit 52. An act to amend the Merchant Marine Act, 1936, as amended
(relative to ship construction funds and taxes on deposits therein)
Exhibit 53. Article V of the Soldiers' and Sailors' Civil Relief Act of 1940. .
Exhibit 54. An act to amend section 3493 of the Internal Revenue Code,
formerly section 404 of the Sugar Act of 1937..
.
Exhibit 55. ^An act to extend, for an additional year, the provisions of the
Sugar Act of 1937 and the taxes with respect to sugar
.
Exhibit 56. Section 1 of the act to extend the provisions of the Bituminous
Coal Act of 1937 for a period of 2 years, and for other purposes
^
Exhibit 57. An act amending the Bankruptcy Act with respect to the basis
of property
.
.

359
360
360
362
366
366
367
367

NATIONAL DEFENSE ACTIVITIES

Exhibit 58. Executive orders relating to the control of foreign funds and
foreign-owned property
1
.
.
Exhibit 59. Amendments to regulations of the Secretary of the Treasury
relating to the control of foreign funds and foreign-owned property
"Exhibit 60. An act to provide for the establishment, administration, and
maintenance of a Coast Guard Auxiliary and a Coast Guard Reserve... .
"Exhibit 61. Executive Order No. 8767, June 3, 1941, directing certain personnel of.the Coast Guard to operate as a part of the Navy, subject
to the orders of the Secretary of the Navy
.
Exhibit 62. An act to restrict or regulate the-delivery of checks drawn
against funds of the United States, or any agency or instrumentality ,
thereof, to addresses outside the United States, its Territories, and
possessions, and for other purposes
.
.
:
Exhibit 63. Regulations, March 19, 1941, relating to delivery of checks
and warrants to addresses outside the United States, its Territories,
and possessions
.
"JExhibit 64. An act relating to foreign accounts in Federal Reserve Banks
and insured banks
l
'




368
374
378
381

382
383
387

X

CONTENTS
OBLIGATIONS OF FOREIGN GOVERNMENTS
Page

Exhibit 65. Correspondence exchanged between the Government of the
United States and various foreign governments, legislation, statements,
etc., concerning foreign debts owing to the United States
..

38S .

ORGANIZATION AND PROCEDURE

Exhibit 66. .Orders relating to organization and procedure in the Treasury •
Department
-.
393
Exhibit 67. An act authorizing overtime rates of compensation for certain
per annum employees of the field services of the War Department, the
Panama Canal, the Navy Department, and the Coast Guard, and providing additional pay for employees who forego their vacations
395
MISCELLANEOUS

-

.

Exhibit 68. Executive Order No. 8512, August 13, 1940, prescribing
regulations pertaining to budgetary administration and financial reporting
Exhibit 69. Declaration of valuables, September 6, 1940, under the" Government Losses in Shipment Act (Notice No. 2)
Exhibit 70. Portions of the act authorizing the Secretary of the Interior
to promulgate and to put into effect charges for electrical energy generated at Boulder Dam, providing for the application of revenues from
said project, authorizing the operation of the Boulder Power Plant by
the United States directly or through^agents, and for other purposes
Exhibit 71. An act to carry to the surplus fund of the Treasury certain
trust funds derived from compensating taxes collected pursuant to
section 15 (e) of title I. of the act of May 12, 1933, as amended, upon
certain articles coming into the United States
.-Exhibit 72. First amendment, April 22, 1941, to Department Circular No.,
394, relating to distinctive paper for United States currency and other
securities. . . - . .
.
.
Exhibit 73. Letter of the Postmaster General to the Secretary of the
Treasury, dated November 8, 1941, certifying extraordinary expenditures contributing to the deficiencies of postal revenues for the fiscal
year 1941, in pursuance of Public No. 316, Seventy-first Congress, approved June 9, 1 9 3 0 . . 1 . . . . .

395
397

398

400
400

401

TABLES
Explanation of bases used in tables
Description of accounts through which Treasury operations are effected

405
. 406

RECEIPTS AND EXPENDITURES

Summary tables on receipts and expenditures
Table 1. Summary of receipts and expenditures, fiscal years 1932 to 1941
and monthly July 1940 to June 1941 (daily Treasury statement (unrevised) basis)
.
.
Table 2. Receipts and expenditures for the fiscal years 1789 to 1941
(warrant and daily Treasury statement (unrevised) bases)
Detail tables on receipts
Table 3. Monthly receipts, fiscal year 1941, classified by major sources
(daily Treasury statement (unrevised) basis)
Table 4. Annual receipts, fiscal years 1932 to 1941, classified by major
sources (daily Treasury statement (unrevised) basis)
'.

408
412

418
424

Detail tables on expenditures
Table 5. Monthly expenditures, fiscal year 1941, classified by accounts
(daily Treasury statement (unrevised) basis)
:
Table 6. Annual expenditures, fiscal years 1932 to 1941, classified by
accounts (daily Treasury statement (unrevised) basis)
Table 7. Expenditures by major functions, fiscal years 1933 to 1941



430
454
476

CONTENTS „
. "

XI

Other receipts and expenditures tables
Page

Table 8. Expenditures of t h e several activities of the Treasury D e p a r t m e n t
in each of t h e States a n d Territories, fiscal year 1 9 4 1 . . . . .
Table 9. Comparison of detailed internal revenue collections, fiscal years
1940 a n d 1941 (collection b a s i s ) . . . ' .
....l
1
i
Table 10. I n t e r n a l revenue receipts, by t a x sources, fiscal years 1916 to
1941 (collection basis)
.
Table 11. Expenses of t h e I n t e r n a l Revenue Service, fiscal year 1941
(checks-issued basis)
.
Table 12. I n t e r n a l revenue receipts, by States a n d Territories, fiscal
year 1941 (collection basis)
^
_.
Table 13. Customs collections a n d p a y m e n t s , by districts, fiscal year 1 9 4 1 .
T a b l e 14. Expenditures by States and by fiscal years from April 8, 1935,
to J u n e 30, 1941, under the Emergency Relief Appropriation Acts for
the fiscal years 1935 to 1941 (checks-issued basis)
.
..
Table 15. Expenditures by organizations a n d by fiscal years from April
8, 1935, to J u n e 30, 1941, under t h e Emergency Relief Appropriation
Acts for the fiscal years 1935 to 1941 (checks-issued basis)
Table 16. Financial s t a t u s of appropriations provided in t h e Emergency
Relief Appropriation Acts for t h e fiscal years 1935 to 1941, as of J u n e
30, 1941
Table 17. Receipts a n d expenditures a n d s t a t e m e n t of account under t h e
Social Security^ Railroad Retirement, a n d Railroad U n e m p l o y m e n t
Insurance Acts (daily Treasury s t a t e m e n t (unrevised) basis)
Table 18. A m o u n t s a p p r o p r i a t e d a n d expended to J u n e 30, 1941, under
authorizations contained in t h e Social Security Act
Table 19. P a n a m a Canal receipts and expenditures, fiscal years 1903 to
^ 1941 (warrant b a s i s ) .
J
^
Table 20. Postal receipts a n d expenditures, fiscal years 1789 to 1941.:.
Table 21. Selected receipts a n d -expenditures of t h e Government, fiscal
years 1789 to 1941 (warrant a n d checks-issued bases)

478
482
484
488
494
496
498
500
502
512
522
523
524
527

PUBLIC DEBT

Public debt outstanding
Table 22. Description of t h e public d e b t issues outstanding J u n e 30, 1941
(daily Treasury s t a t e m e n t (revised) b a s i s ) . . . .
Table 23. Principal of the public d e b t o u t s t a n d i n g a t the end of each
fiscal year from 1853 to 1941 (daily Treasury s t a t e m e n t (revised) basis)._
Table 24. Comparative s t a t e m e n t of the public debt outstanding J u n e 30,
• 1934 to 1941 (daily Treasury s t a t e m e n t (revised) basis)
Table 25. Composition of t h e public d e b t ..at t h e end of the fiscal years
1916 to 1940 a n d by m o n t h s from July 1940 to J u n e 1941 (daily Treasury
statement, (revised) bases)
.

529
550
552
555

Public debt operations
Table 26. Public d e b t receipts a n d expenditures, m o n t h l y July 1940 to
J u n e 1941, with totals for t h e fiscal years 1937 to 1941 (daily Treasury
s t a t e m e n t (unrevised) basis)
_'
556
T a b l e 27. Public d e b t retirements chargeable against ordinary receipts
during "the fiscal year 1941, a n d cumulative totals from July 1, 1917,
to J u n e 30, 1940 a n d 1941, b y sources a n d issues (daily Treasury statem e n t (revised) basis)
.
564
Table 28. S u m m a r y of transactions in interest-bearing a n d noninterestbearing securities, fiscal year 1941 (daily Treasury s t a t e m e n t (revised)
basis)
'.
.
566
Table 29. S u m m a r y of transactions in interest-bearing securities, by form •
of issue, fiscal year 1941 (daily Treasury s t a t e m e n t (revised) basis)
669
Table 30. Changes in interest-bearing debt, by issues, fiscal year 1941
(daily Treasury s t a t e m e n t (revised) basis)
_..__
570
Table 3 1 . Transactions in noninterest-bearing securities, by issues, fiscal
-year 1941 (daily Treasury s t a t e m e n t (revised) basis)
..
574




XII

„ CONTENTS
Pag%

Table 32. Issues, maturities, and redemptions of interest-bearing securities, exclusive of trust account and other special issues, July 1940 through
June 1941. _ - . _ - . .
._
.._
Table 33. Sources of public debt increase or decrease, fiscal years 1915 to
1941 (daily Treasury statement (unrevised) basis)
..
Table 34. Transactions on account of the cumulative sinking fund, fiscal
year 1941 (daily Treasury statement (revised) basis)
..
Table 35. Transactions on account of the cumulative sinking fund, fiscal
years 1921 to 1941 (daily Treasury statement (revised) basis)
Table 36. Securities retired through the cumulative sinking fund, par
amount and principal cost, to June 30, 1941 (daily Treasury statement
(revised) basis)
.
.
..

581
585
587
587
588

Interest on the public debt
Table 37. Interest on the public debt, payable, paid, and outstanding
unpaid, fiscal year 1941 (daily Treasury statement (revised) basis)
Table 38. Interest paid on the public debt, by issues, fiscal years 1939 to
1941 (warrant basis)
.
.
Table 39. Amount of interest-bearing debt outstanding, the computed
annual interest charge, and the computed rate of interest, for the fiscal
years 1916 to 1941, and by months from July 1940 to June 1941 (daily
Treasury statement (revised) basis).

589
589

591

Miscellaneous
Table 40. Contingent liabilities of the United States, June 30, 1941..
Table 41. Contingent liabilities of the United States as of June 30, 1934
to 1941
.
-Table 42. Average yield on long-term, partially tax-exempt United States
Government bonds, by months, January 1919 to June 1941
Table 43. Prices and yields of Treasury bonds and notes and of securities
guaranteed by the United States
Table 44. Summary data from Treasury survey of the ownership of securities issued or guaranteed by the United States, analyzing the ownership of such securities by classes of holders of each issue outstanding on
June 30, 1941
.
.

592
596
597
598

600

CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES

Table 45. Current assets and liabilities of the Treasury at the close of the
fiscal years 1940 and 1941 (daily Treasury statement (unrevised)
basis)
.
.
.
Table 46. Balance in the General Fund of the Treasury at the end of each
month, fiscal year 1941 (daily Treasury statement (unrevised) basis)
Table 47. Assets and liabilities of the exchange stabilization fund as of
June 30, 1940 and 1941
.
^
Table 48. Securities, other than obligations of foreign governments,
owned by the United States Government, June 30, 1941
Table 49. Principal of the funded and unfunded indebtedness of foreign
governments to the United States, the accrued and unpaid interest
thereon, a^nd payments on account of principal and interest, as of
November 15, 1941
Table 50. Principal of the funded and unfunded indebtedness of foreign
governments to the United States, the accrued and unpaid interest
thereon, and payments on account of. principal and interest, as of November 15 of each year from 1928 to 1941
.

605
606
607
609

611

612

ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND
AGENCIES

Table 51. Combined statement of assets and liabilities of governmental
corporations and credit agencies of the United States, as of June 30,
1941......
.
.
.
1.
Table 52. Proprietary interest of the United States in governmental corporations and credit agencies, as of June 30, 1929 to 1941



613
621

CONTENTS

Xin

STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES

Page

Table 53. Stock of money, money in the Treasury, in the
Banks, and in circulation June 30, 1913 to 1 9 4 1 . . .
Table 54. Stock of money, by kinds, at the end of each
1913 to 1941
.
Table 55. Mone}'' in circulation, by kinds, at the end of
from 1913 to 1941
.
.
..__.._..
.
Table 56. Stock of money, money in the Treasury, in the
Banks, and in circulation, by kinds, June 30, 1941..

Federal Reserve
fiscal year from
...
each fiscal year
Federal Reserve

624
626
627
628

TAX-EXEMPT AND TAXABLE SECURITIES

Table 57. Estimated amount of interest-bearing securities issued by all
governmental units in the United States outstanding on June 30, 1941,
classified by tax-exemption status and by type of issuer
Table 58. Estimated amount of interest-bearing securities issued by all
governmental units in the United States outstanding on June 30, 1913
to 1941, classified by tax-exemption status and by type of issuer

629
630

CUSTOMS STATISTICS

Table 59. Values of dutiable and taxable imports for consumption and
estimated duties and taxes collected, by tariff schedules, fiscal years
1940 and 1941
.
Table 60. Estimated customs duties, value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value of
all imports, for the calendar years 1931 to 1940 and by months from
January 1940 to June 1941
_.
Table 61. Estimated customs duties, value of dutiable imports^ and ratio
of estimated duties to value of dutiable imports, by tariff schedules,
for the calendar years 1931 to 1940 and by months from January 1940
to June 1941
:__
Table 62. Values of dutiable imports for consumption and estimated duties
collected, by countries, fiscal years 1940 and 1941
Table 63. Customs statistics, by districts, fiscal year 1941

638

639

640
644
645

MISCELLANEOUS

Table 64. Net expenditures for Federal aid to States, individuals, etc. (exclusive of funds allocated for recovery and relief), fiscal years 1920, 1940,
and 1941, and amounts appropriated for 1942, by appropriations (warrant
and checks-issued bases)
.
.
Table 65. Expenditures made by the Government as direct payments to
States, etc., under cooperative arrangements and expenditures within
States which provided relief and other aid, fiscal year 1941
Table 66. Number and amount of awards of the Mixed Claims Commission, United States and Germany, certified to the Secretary of the
Treasury by the Secretary of State and the amount paid and balance
due, by classes, as of September 30, 1941
Table 67. Transactions in food order stamps for the Surplus Marketing
Administration from May 16, 1939, to June 30, 1941
,__
Table 68. Transactions in stamps exchangeable for cotton and cotton surpluses for the Surplus Marketing Administration from May 6, 1940, to
June 30, 1941
..
.

647
651

660
662
663

PERSONNEL

Table 69. Number of employees in the departmental service of the Treasury Department in Washington, quarterly from June 30, 1940, to June
30, 1941
...
...
Table 70. Number of employees in the departmental and field services of
the Treasury Department on June 30, 1940, and June 30, 1941.
Table 71. Number of persons retired, departmental and field services of
the Treasury Department, August 20, 1920, to June 30, 1941, and number of persons eligible for retirement but retained, as of June 30, 1941..




664
665
666

XIV

CONTENTS
ESTIMATES

Page

Table 72. Receipts and expenditures in general and special accounts, actual
for the fiscal year 1941 and estimated for the fiscal years 1942 and
1943, in detail, as exhibited in the Budget for 1943
.
Table 73. Receipts and expenditures, trust accounts, increment on gold,
etc., actual for the fiscal year 1941 and estimated for the fiscal years 1942
and 1943, as exhibited in the Budget for 1943
Table 74. General Fund balance and effect on the public debt of financing
the deficit, actual for the fiscal year 1941 and estimated for. the fiscal
years 1942 and 1943, as exhibited in the Budget for 1943
.

684

Index

685




-

..

667
682

SECRETARIES, UNDER SECRETARIES, AND ASSISTANT SECRETARIES
OF THE TREASURY DEPARTMENT FROM MARCH 4, 1933, TO NOVEMBER 15, 1941,1 AND THE PRESIDENT UNDER WHOM THEY SERVED
Term of service
Official
From—

Mar. 4,1933
Jan. 1,1934

Dec. 31,1933

William H. Woodin, New York
Henry Morgenthau, Jr., New York.
Under Secretaries

.May 19,'1933
Nov. 17,1933
May 2,1934

Nov. 16,1933
Dec. 31,1933
Feb. 15,1936

•Jan. 29,1937
Nov. 1,1938
•Jan. 18,1940

Sept. 15,1938
Dec. 31,1939

Dean G. Acheson, Maryland
Henry Morgenthau, Jr., New York.
Thomas Jefferson Coolidge, Massachusetts.
Roswell Magill, New York
JohnW. Hanes, North Carolina....
Daniel W. Bell, Illinois

Apr.
.June
June
Dec.
Feb.
July
June
Jan.

Feb.
Sept.
Dec.
Nov.
Feb.
Oct.

Secretary ofthe Treasury President

ToSecretaries ofthe Treasury
Roosevelt.
Roosevelt.
Woodin
Woodin.
Morgenthau..

Roosevelt.
Roosevelt.
Roosevelt.

Morgenthau..
Morgenthau.
Morgenthau..

Roosevelt.
Roosevelt.
Roosevelt.

Woodin, Morgenthau...
Woodin, Morgenthau...
Woodin
;.
Morgenthau
Morgenthau
Morgenthau
Morgenthau
Morgenthau
1

Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt,

Assistant Secretaries
;18,1933
6,1933
12,1933
1,1934
19,1936
1,1938
23,1939
18,1940

15,1936
30,1939
12,1933
1,1937
28,1939
31,1938

Lawrence W. Robert, Jr., Georgia.,
Stephen B. Gibbons, New Y o r k . . .
Thomas Hewes, Connecticut
Josephine Roche, Colorado...
Wayne C. Taylor, Illinois
John W. Hanes, North Carolina. _.
iaerbertE. Gaston, New York
John L. Sullivan, New Hampshire.

1 For officials since 1789 see annual report for 1932, pp. xvirto xxi, and corresponding table in annual report
lor 1933.




PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE
TREASURY DEPARTMENT AS OF NOVEMBER 15, 1941
O F F I C E OF T H E SECRETARY
Henry Morgenthau, Jr.
Daniel W. Bell
:
Herbert E. Gaston
John L. Sullivan.
(Vacant)
Harold N. Graves
Ferdinand Kuhn, Jr
Harry D. W h i t e . . .
James L. Houghteling
B. Marion Edwards
Dave H. Morris, Jr
._
Chester I. Barnard
1
John W.Pehle
Henrietta S. Klotz
H. Merle Cochran
W. N. Thompson...
Charles S. Bell
.
Charles R. Schoeneman
Theodore F. Wilson
Elmer L. Irey
Frank J. Wilson
_
Thomas Tarleau
Eugene W. Sloan
Charles Schwarz
William T. Heffelfinger
Francis C. Rose..
F. A. Birgfeld
:
Denzil A. R i g h t . . . . .
Gabrielle E. Forbush

Secretary of the Treasury.
Under Secretary of the Treasury.
Assistant Secretary of the Treasury.
Assistant Secretary of the Treasury.
Fiscal Assistant Secretary of the Treasury.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Assistant to the Secretary.
Technical Assistant to the Secretary.
Administrative Assistant to the Secretary. Assistant Administrative Assistant to the Secretary.
Special Staff Assistant.
Director of Personnel.
Coordinator of Treasury Agency Services.
Chief, Secret Service Division.
Legislative Counsel.
Executive Director, Defense Savings Staff.
Director of Press Relations.
Executive Assistant to the Fiscal AssistantJSecretary.
Assistant to Assistant Secretary.
Chief Clerk.
Superintendent of Treasury Buildings.
Chief, Correspondence Division.

OFFICE OF T H E GENERAL COUNSEL
Edward H. Foley, Jr
Huntington Cairns
Lawrence J. Bernard
Bernard Bernstein
N. 0 . Tietjens
Charles L. Kades
Joseph J. O'Connell, Jr
Samuel .Klaus
Ernest JEl. Feidler
Stephen J. Spingarn
John P. Wenchel
Robert Chambers

_

T

General Counsel.
Assistant General Counsel.
Assistant General Counsel.
Assistant General Counsel.
Assistant General Couosel.
Assistant General Counsel.
Assistant to the General Counsel.
Special Assistant to the General Counsel.
Special Assistant to the General Counsel.
Special Assistant to the General Counsel.
Chief Counsel, Bureau of Internal Revenue.
Chief Counsel, Bureau of Customs.

DIVISION OF RESEARCH AND STATISTICS
George 0 . Haas
Henry C.Murphy
Al F. O'Donnell-.Russell R. Reagh
Anna M. Michener
Isabella S. Diamond

Director of Research and Statistics.
Assistant Director.
Assistant Director.
Assistant Director (Government Actuary).
Assistant to the Director.
Librarian.
DIVISION OF MONETARY RESEARCH

Harry D. White
V. Frank Coe
Frank A. Southard, Jr
Edward M. Bernstein

-

Director of Monetary Research.
Assistant Director.
Assistant Director.
Assistant Director.
DIVISION OF TAX RESEARCH

Roy Blough
Louis Shere

Director of Tax Research.
Assistant Director.

BUREAU OF THE PUBLIC DEBT
William S. Broughton
Edwin L. Kilby
R e n e w . Barr
Edward G. Dolan
Byrd Leavell
.
Marvin Wesley
Melvin R. Loafman
Maurice A. Emerson
Arthur E. Wilson
XVI




•

Commissioner of the Public Debt.
Assistant Commissioner of the Public Debt.
Deputy Commissioner of the Public Debt.
Register of the Treasury.
Assistant Register of the Treasury.
Chief, Division of Loans and Currency.
Chief, Division of Public Debt Accounts and Audit.
Chief, Division of Paper Custody.
Chief, Division of Savings Bonds.

PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS
BUREAU OF ENGRAVING AND P R I N T I N G
Alvin W. Hall
Clark R. Long
Jesse E. Swigart

Director, Bureau of Engraving and Printing.
Assistant Director (Administration).
Assistant Director (Production).

_.

BUREAU OF ACCOUNTS
Edward F . Bartelt
Robert W. Maxwell
Joseph Greenberg
A. L. Peterson
E. C.N.ussear
Guy FlAllen
.
L. L. Collie
B.M.Mulvihill
Harry R. Schwalm
Eugene P . 0'Daniel.-

Commissioner of Accounts.
Assistant.Commissioner of Accounts.
Assistant Commissioner of Accounts.
Chief Accountant.
-.Executive/Assistant to the.G^ommissioner. .
"Chief Disb*ursing'Officer, Division 6f't)isbursement.
Chief, Division of Bookkeeping and Warrants.
Chief, Division of Deposits.
Chief Examiner, Section of Surety Bonds.
Chief, Section of Investments.

BUREAU OF THE COMPTROLLER OF THE CURRENCY
Preston Delano
C y r i l B . Upham
R. B. McCandless
L. H. Sedlacek
W. P . Folger

_

Comptroller of the Currency.
Deputy Comptroller.
Deputy Comptroller.
Deputy Comptroller.
Chief National Bank Examiner.

_

OFFICE OF T H E TREASURER OF T H E U N I T E D STATES
William A. Julian. _
Marion Banister
George 0 . Barnes
M . E. Slindee
Louis P . Allen-

_..

Treasurer of the United States.
Assistant Treasurer..
Assistant to the Treasurer.
Administrative Assistant to the Treasurer.
Chief Clerk.
BUREAU OF NARCOTICS

Harry J. Anslinger
W i l i s . Wood
Malachi L. Harney

_

Gommis-sioner of Narcotics.
Deputy Commissioner of Narcotics.
.— Assistant to the Commissioner.

-

BUREAU OF INTERNAL REVENUE
Guy T. Helvering
Norman D. Cann
Timothy C. Mooney
George J. Schoeneman
D . Spencer Bliss
Stewart Berkshire
Eldon P . King
___
A. R. M a r r s . . .
Elmer L. Irey

.:

_

Commissioner of Internal Revenue.
Assistant to the Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Special Deputy Commissioner.
Head, Technical Staff.
Chief, Intelligence Unit.
BUREAU OF CUSTOMS

W . R i Johnson.Frank Dow
Thomas J. Gorman
A.S.Johnson
(Vacant)

!... Commissioner of Customs.
Assistant Commissioner of Customs.
Deputy Commissioner.
Deputy Commissioner.
Deputy Commissioner.
BUREAU OF T H E M I N T

Nellie Tayloe Ross
Leland Howard

407631—42

,

Director of the Mint.
Assistant Director.

2




XVII

XVIII

PRINCIPAL. ADMINISTRATIVE .AND STAFF OFFICERS
P R O C U R E M E N T DIVISION

Clifton E. Mack
Robert L e F e v r e . . . :
George Landick, Jr.W. N. Rehlaender

.

..^. Director of Procurement.
._. Assistant Director.
.
Assistant to the Director.
Administrative Assistant to the Director., .

'

BOARD OF AWARDS

George Landick, Jr., Assistant to the Director, L. C. Spangler, Chief, Strategic and .Critical MateChairman,
rials Division.
Harry B. Dyche, Special Assistant to the Director,
'
,.
Vice Chairman.
. . . . .
STANDING DEPARTMENTAL COMMITTEES
B U D G E T AND I M P R O V E M E N T C O M M I T T E E
C R. Schoeneman, Chairman.
.
L. C. Spangler.
F. A. Birgfeld, Vice Chairman. '
Arthur E. Wilson.
George 0. Barnes.
T.F.Wilson.
M . E . Slindee.
George H. Jones, Secretary.
^Charles S. Bell.
C O M M I T T E E ON P R A C T I C E
Guy C. Hanna, Chairman.
W. W. Cook.

George D. Carrington.
E. B. Van Veen, Attorney for the Government.
BOARD OF REVIEW
(Refunds of Processing Taxes)

William Schwartz, Chairman.
(Vacant), Vice Chairman.
John W. Edwards.
Percy S. Crewe.




Annabel Matthews.
. Temple W. Seay.
Bernard D. Hathcock.




DEPARTMENT

OF

THE

TREASURY

November I 5. 1941

THE SECRETARY
OF THE
TREASURV '

t u t UNOED StCRtlAlly

GENERAL

COUN:

• F O R THE
TREASURY

ISIANT SECRETARy
IN CHARGE OF
ETERNAL REVENUE

H CHARGE OF CUSTOMS.
ASSISTANT TO
SECRETARV

FOREIGN FUNDS

LEGAL

DIVISION




BUREAU OF ENGRAVING

OFFICE OF THE
LEGISLATIVE

BUREAU
OF THE
PUBLIC 0 E 8 "

DIRECTOR
OF RESEARCH
iNO STATISTIC

FFICE OF THE
LASURER OF THE
•(ITEO STATES

SECRET

SERVICE

OFFICE OFTHE
COMPTROLLER OF
THE CURRENCY

N OF RESEARCH

SUPERINTENDENT (

CHABT 1.

ANNUAL REPORT ON THE FINANCES
TREASURY DEPARTMENT,

Washington, D, C , January 7, 19^2.
SIR: I have the honor to make the following report on the finances
of the .United.Statesior.the fiscal'year,ended. June. 30, i 9 4 1 .
BUDGET RESULTS

Receipts in general and special accounts
The fiscal year 1941 was the first year since 1918 to be dominated
by problems of national defense during its entire length. Far-reaching
fiscal legislation, designed to increase Federal revenues, was enacted
during 1941 as a consequence of increased governmental expenditures
necessitated by defense activities.
The Revenue Act of 1940 was approved on June 25, 1940, five days
before the end of the fiscal year 1940. This act introduced no new
forms of taxation, but it increased the rates or broadened the base of
practically every existing source of revenue, frequently in the form of
a special defense tax. The Second Revenue Act of 1940 was approved
on October 8, 1940. I t increased corporate income tax rates and
introduced a new excess profits tax. The Public Debt Act of 1941,
approved February 19, 1941, made interest on future issues of securities of the Federal Government subject to all Federal income taxes.
The Excess Profits Tax Amendments of 1941, approved March 7,
1941, decreased potential revenues, principally by allowing a twoyear carry-over of unused excess profits credit and by providing for
more favorable tax treatment of corporations.
. Because of statutory lags in collection, especially in regard to
income tax liabilities, the effect of the above legislation was only
partially reflected in the 1941 receipts. Even this partial effect, combined with high income levels, resulted in unprecedented Federal
revenues. Total receipts in general and special accounts aggregated
$8,269 milhons in 1941. Net receipts (total receipts less net appropriations to the Federal old-age and survivors insurance trust fund)
amounted to $7,607 millions and were $913millions above the previous
record level in the fiscal year 1920.
The trend in receipts by major sources for the fiscal years 1934 to
1941, is shown in the chart on page 4. A comparison of receipts for
1940 and .1941 is presented in the table following. A more detailed
<5omparison of internal revenue receipts appears in table 9 on page 482
of this report.




1

REPORT OF T H E SECRETARY OF T H E TREASURY
Receipts by major sources, fiscal years 1940 and 1941
[Dollars in millions]

Source

1940

1941

In.
crease
or decrease

(-)
Internal revenue:
• Income taxes:
Current corporation *
Current individual
Back taxes
_.
Excess profits tax
Declared value excess profits tax
Unjust enrichment tax.

.

Total income taxes (daily Treasury state2,125. 3 3,469. 6 1,344.3
ment basis, unrevised)

.•

(-)

72.1
$958. 3 $1,649.0' $690. 7
47.4
891.8 1,314.3 422.5
2L3
252.6
306.4 • 53.8
164.3
164.3
9:6 ""51.9'
28.1
18.5
7.1
9.1
.6
8.5

._

2,129. 6 3, 471.1 1,341.5
Total income taxes (collection basis) .
Adjustment to daily Treasury statement basis,
2.8
unrevised
—4.3 —1.5

Miscellaneous internal revenue:
Capital stock tax
_.
.._.
Estate tax
_
Gift tax
.
Liquor taxes '
^
..-.
Tobacco and products taxes *
Stamp taxes
•..
-'

Percent increase
or decrease

.

_

Manufacturers' excise taxes:
Gasoline
_ ._
Automobiles, trucks, tires, tubes, and parts or
accessories -..
Electrical energy
Lubricating oils
_
All other 2
. .

Percent of
total increase in receipts from
general and
special
accounts

29. 6
18.0
2.3
7.0
.4

63.0

57.2

63.3

57.4

132.7
330.9
29.2
624.1
608.1
38.7

166.7
355.2
51.9
819.9
697.7
39.1

34.0
24.3
22.7
195.8
89.6
.4

25.6
7.3
77.7
3L4
14.7
1.0

1.5
1.0
1.0
8.4
3.8

226.2

343.0

116.8

5L6

5.0

119.4
156.3
42.3 . 47.0
38.2
31.2
32.5
27,6

36.9
4.7
7.0
5.0

30.9
11.1
22.4
18.2

L6
.2
.3
.2

446.7

617.0

170.3

38.1

7.3

26.4

27.3
12.5
71.0
74.8
21.5

3.4
.9
LO • 8.7
224. 2
49.1
6.7
9.8
.1
.5

2.1
.3

207.2

57.9

38.8

2.4

Total miscellaneous internal revenue (collection basis)
:.....
2, 359. 6 2.954. 6
Adjustment to daily Treasury statement
basis, unrevised
12.3
—15.0

695.0

25.2

25.4

622.3

26.5

26.6

Total manufacturers' excise taxes
Miscellaneous taxes:
Telegraph, telephone, cable, and radio facilities, etc. -- Transportation of oil by pipe line
Admissions
__
Sugar tax 2
_._
All other, including repealed taxes^
,_.
Total miscellaneous taxes

n.5

21.9
68.1
21.4
149.3

Total miscellaneous internal revenue
(daily Treasury statement basis, unrevised) _,
- « 2, 344. 6 2,966. 9
Employment taxes:
Employment by other than carriers:
Federal Insurance Contributions Act
Federal Unemployment Tax Act
Total •
Carriers and their employees
Total employment taxes
Total internal revenue
Footnotes at end of table.




.

27.3

604.7
107.5
. . .
1
_..

690.6
97.7

85.9
—9.8

14. 2
—9.1

3.7
—.4

712.2
121.0

788.2
136.9

76.0
15.9

10.7
13.1

3.2
.7

833.2

925.2

92.0

n.o

3.9

5, 303.1 7. 361. 7 2.058. 6

38.8

87.8

REPORT OF THE SECRETARY OF THE TREASURY
Receipts by major sources, fiscal years 1940 and 1941 ^'—Continued
[Dollars in millions]

Source

1940

1941

Increase
or decrease

(-)
Railroad Unemployment Insurance Act
Customs.

$4.9
348.6

$6.8
39L9

Percent increase
or decrease

(-)

Percent of
total increase in receipts from
general and
special
accounts ,

$1.9
43.3

38.8
12.4

0.1
L8

Total internal revenue taxes, railroad unemployment insurance, and customs
.
5, 656. 6 7, 760. 4 2,103. 8
Miscellaneous revenues and receipts
^
268. 2 508.2
240.0

37.2
89.5

89.8
10.2

39.6

100; 0

Total receipts, general and special accounts
5,924. 8 8, 268. 5 2, 343. 7
Deduct: Net appropriation for Federal old-age and survivors insurance trust fund
•
..
537.7
66L3
123.6
Net receipts, general and special accounts _

5, 387.1 7, 607. 2 2, 220.1

23.0
4L2

I The detail of income taxes and miscellaneous internal revenue taxes is on the basis of internal revenue
collections with totals adjusted to daily Treasury statement basis, unrevised. Employment taxes, railroad
unemployment insurance taxes, customs, and miscellaneous receipts are shown on the daily Treasury statement basis, unrevised. jGeneral and special accounts are combined. For description of accounts and
bases, see p. 405.
2. Collections for credit to trust funds are not included
NOTE.—Dollar figures are rounded to nearest tenth of a million and will not necessarily add to totals.

Total receipts in general and special accounts of $8,268.5 millions
in 1941 represented an increase of $2,343.7 millions, 39.6 percent,
over the total of $5,924.8 millions received in 1940. Eve.ry important
source of revenue contributed to this increase: Income taxes provided
57.4 percent, miscellaneous internal revenue 26.6 percent, miscellaneous revenues and receipts 10.2 percent, employment taxes 3.9
percent, customs 1.8 percent, and the receipts from the Railroad
Unemployment Insurance Act 0.1 percent.
Income tax receipts, sensitive to changes in business conditions,
increased to $3,469.6 millions in 1941. They were $1,344.3 millions or
63.3 percent greater than the 1940 receipts of $2,125.3 millions.
Except for back income taxes and the unjust enrichment tax, which is
of minor importance, income tax receipts for the fiscal year 1941 arose
from liabilities of the calendar years 1939 and 1940, whereas the fiscal
year 1940 receipts represented collections of liabilities of the calendar
years 1938 and 1939. Eliminating the calendar year 1939 habihties
common to both fiscal years, the increase in receipts of the fiscal year
1941 over 1940 results from higher income levels iand tax rates in 1940
than in 1938.
Current corporation income tax receipts accounted for 51.4 percent
of the increase in income tax receipts in 1941 as compared with 1940.
I n actual amounts, the 1941 receipts were $1,649.0 millions, exceeding
the 1940 receipts by $690.7 millions or 72.1 percent. Income levels
were much higher in 1940 than in 1938. Moreover, the tax rate of
from 16H percent to 19 percent in 1938 for corporations with net




REPORT OF THE SECRETARY OF THE TREASURY

incomes in excess of $25,000, depending on dividends paid, was raised
to a flat 24 percent in 1940. The graduated rates on corporations
with net incomes of $25,000 or less were also higher in 1940 than in
1938. The effect of these tax rate increases was offset somewhat by
the allowance of a two-year loss carry-over, only one year of which
was effective in 1940, and by more favorable treatment of capital losses
incorporated in the Revenue Act of 1939.
TOTAL.RECEIPTS,* FISCAL YEARSJ934 TO 1941. CLASSIFIED BY MAJOR SOURCES

1936

1937
FISCAL

1938
1939
YEARS

CHART 2.

The Second Revenue Act of 1940 established an excess profits tax
at rates graduated from 25 percent to 50 percent on adjusted excess
profits net income. Receipts from the tax in 1941 aggregated $164.3
millions. These receipts represented only part of the 1940 liabilities
under the tax.
Current individual income tax receipts also increased by substantial amounts, although by considerably less than taxes on corporate profits. Collections in 1941 were $422.5 millions greater than
in 1940, or 47.4 percent. This increase represented 31.4 percent of
the increase in income tax receipts in 1941 over 1940. The Revenue
Act of 1940 lowered personal exemptions and increased the rates in the
1 Excludes trust accounts and net appropriation to tbe Federal old-age and survivors insurance trust fund.




REPORT OF THE SECRETARY OF THE TREASURY

5

individual income surtax schedule in. addition to levying a 10 percent
defense tax. Improved business conditions also contributed . to
increased individual income tax collections. Since the base of the
individual income tax is much broader than the base of taxes on corporate profits, the revenue effect of improved business conditions on
the individual income tax is less pronounced than that on the narrower
and more volatile corporation normal tax base. The same statement applies even more emphatically by comparison with the excess
profits tax base, most volatile of all.
Declared value excess profits tax receipts amounted to $28.1
millions in the fiscal year 1941, an increase of $9.6 millions or 51.9
percent over 1940. Higher income levels in the calendar year 1940
as compared with the calendar year 1938 and a 10 percent increase
in the tax rate in 1940 each contributed to the increased yield of the
tax. Back income tax receipts of $306.4 millions were greater than
in any previous fiscal year for which information is available. They
exceeded the fiscal year 1940 receipts by 21.3 percent.
Capital stock tax receipts in the fiscal year 1941 amounted to $166.7
millions, exceeding 1940 receipts by $34.0 millions, or 25.6 percent.
The increase reflects higher income levels in the calendar year 1940
as compared with the calendar year 1939 and an increase in the tax
rate from $1.00 to $1.10 per $1,000 of declared value of capital stock.
The remaining sources of tax revenue fluctuate much less violently
with changes in business activity than do revenues from income taxes
and the capital stock tax which is correlative with the declared value
excess profits tax. Estate tax receipts were $24.3 millions greater in
1941 than, in the preceding year. Primarily because of the statutory
lag between liabilities and collections the increase was only 7.3 percent, somewhat less than the defense tax increase of 10 percent. However, gift tax receipts in 1941, totaling $51.9 millions, were 77.7 percent greater than in 1940. This substantial increase reflects to some
extent the 10 percent increase in the tax rate, but probably more
important are gifts made in anticipation of higher gift and estate taxes
in future tax legislation.
The sources of miscellaneous internal revenue other than the capital
stock tax and estate and gift taxes are taxes based on the production
or sale of commodities, the demand for which is relatively stable.
Therefore, for the most part, the relative collections in 1941 as compared to 1940 are commensurate with the tax rate increases made by
the Revenue Act of 1940.
Liquor taxes increased 31.4 percent to total $819.9 millions in 1941.
The tax on distilled spirits increased from $317.6 millions in 1940 to
$428.5 millions in 1941, an increase of 34.9 percent—the tax rate
increase was 33}f percent—while fermented malt liquor tax receipts
were $316.7 millions in 1941, an increase of 19.7 percent over 1940—



6

REPORT OF THE SECRETARY OF THE TREASURY

the tax rate increased 20 percent. Total tobacco taxes increased from
$608.1 millions in 1940 to $697.7 millions in 1941. The tax on small
cigarettes, accounting for a major portion of tobacco taxes, amounted
to $616.7 millions in 1941, an increase of 15.7 percent'over 1940
receipts. The increase in the tax rate on small cigarettes was 16.7
percent.
As liquor and tobacco taxes for the most part are stamp taxes,
collections in 1941 theoretically reflect the higher rates of the Revenue
Act of 1940 for the entire year, although in fact, because of advance
buying due to increased rates, there is some reduction in expected
consumption in the year in which the increase in riates is first effective.
Although the Revenue Act of 1940 was effective July 1, 1940, collections in the first month of the fiscal year represent collections at the
rates in effect prior to the Revenue Act of 1940 for miscellaneous
internal revenue other than liquor and tobacco taxes and other less
important stamp taxes, because of administrative procedure. To
some extent this lag is also carried through the second month.
Manufacturers^ excise taxes in 1941 totaled $617.0 millions, the
increase of $170.3 millions, or 38.1 percent, resulting from increases
in rates and consumption. The gasoline tax increased $116.8 millions,
or 51.6 percent, to $343.0 millions, while the tax on motor vehicles,
including tires and tubes and accessories, increased 30.9 percent to
$156.3 millions. The rate of tax on gasoline was increased by 50
percent from 1 cent to IK cents per gallon by the Revenue Act of 1940,
while tax increases on motor vehicles ranged from 16 percent to 25
percent.
Of the remaining sources of miscellaneous internal revenue, only
the increase of receipts from the tax on admissions is of great consequence. Primarily because the exemption from tax was lowered from
admissions of 40 cents and under to admissions of 20 cents and under
by the Revenue Act of 1940, admissions tax receipts rose from $21.9
millions in 1940 to $71.0 millions in 1941, an increase of 224.2 percent.
Total employment taxes amounted to $925.2 millions in 1941, an
increase of $92.0 millions, or 11.0 percent, over receipts in 1940. The
bulk of the increase is due to increased employment. The effect of
increased employment was reinforced, in the case of the Federal
Insurance Contributions Act, by the base-broadening effects of the
Social Security Act Amendments of 1939, under which a full fiscal
year of collections was received for the first time. Receipts under
this act rose by $85.9 millions, or 14.2 percent, to a new high of $690.6
millions. The effect of increased employment was more than offset,
in the case of the Federal Unemployment Tax Act, by the effect of
the amendments, which narrowed the base of this act by excluding




REPORT OF THE SECRETARY OF THE TREASURY

7

railway employees and wages iii excess of $3,000 a year. Receipts
under this act fell from $107.5 millions in 1940 to $97.7 millions in
1941, the decrease of $9.8 millions amounting to 9.1 percent of the
previous total.
Customs receipts were $391.9 millions in 1941, as compared with
$348.6 millions iii 1940. The increase of $43.3 millions, or 12.4 percent, reflects chiefly the effects of the war. The increases are particularly marked in schedules which reflect increased imports in connection with the defense program.
Miscellaneous revenues and receipts in 1941 showed the largest
percentage increase of any major group, 89.5 percent, from $268.2
millions in 1940 to $508.2 millions. The bulk of this increase was due
to repayments of capital funds by certain governmental corporations,
as shown on page 50 of this report.
As in other years, the bulk of receipts in 1941 was derived from
relatively few sources. As shown by the data on page 2, 81.5 percent
of total receipts came from customs and the following taxes, arranged
in order of magnitude: Current corporation income and excess profits,
current individual income, employment including carriers, liquor,
tobacco, estate and gift, and gasoline.
The proportion of income taxes to total receipts from general and
special accounts rose sharply from 35.9 to 42.0 percent from 1940 to
1941. Miscellaneous internal revenue fell in relative importance from
39.6 to 35.9 percent, and employment taxes from 14.0 to 11.2 percent,
to offset the relative increase in income taxes. Customs receipts
constituted 4.7 percent of the total in 1941, as against 5.9 percent in
1940, while receipts from all other revenue sources rose from 4.6 to.
6.2 percent.
Expenditures jrom general and special accounts
Total expenditures of' the Federal Government from general and
special accounts amounted to $12,775 millions during the fiscal year
1941. A. comparison of expenditures in this fiscal year and those of the
seven previous fiscal years is shown by major categories in the chart
on page 9 and in the table on page 476. Detailed information on expenditures by agencies and accounts appears for the fiscal year 1941 in
the table on page 430 and for the fiscal years 1932 to .1941 in the
table on page 454.
The aggregate volume of expenditures during 1941 represented an
increase of $3,648 millions over expenditures during the preceding
fiscal year. . This increase in expenditures was more than accounted
for by the requirements of the accelerated national defense program,
expenditures for which were just beginning to get under way during




8

REPORT OF THE SECRETARY OF THE TREASURY

the fiscal year 1940. Comparative summary figures for the fiscal
years 1940 and 1941 are shown in the following table.
Expenditures, fiscal years 1940 and 1941, classified by functions
[In millions of dollars.

General and special accounts]
1940

I . N a t i o n a l defense e x p e n d i t u r e s :
War
Navy
_
Defense aid (lend-lease)
Miscellaneous n a t i o n a l defense

N e t change-

-f-2,968+1,325-

99

3,636
2,217
21
206

1,657

6.080

+4,423^

657
949
1,559
357

663
738
937
415

-211
-621
+59'

1,572

1,421

-161

1
283
1,041
1,022

257
1,111
1,188

—1
-26
+70'
+166-

7.341

6.630.

—710'

129

64

9,127

12,775

. .

667
891

_. .

Total...

._.

I I . Other e x p e n d i t u r e s except d e b t r e t i r e m e n t s :
Veterans' Administration i
____
_.
Public works . . . .
-..
Aid to agriculture
.
.. _ _ _
G r a n t s to S t a t e s u n d e r t h e Social Security A c t
Relief a n d work relief:
W o r k Projects A d m i n i s t r a t i o n a n d N a t i o n a l Y o u t h A d m i n istration
.-Federal E m e r g e n c y Relief A d m i n i s t r a t i o n a n d Civil W o r k s
Administration
Civilian C o n s e r v a t i o n Coi'ps
I n t e r e s t on t h e p u b l i c d e b t
Other
.Total
III. Public debt retirements
IV. Total expenditures

1941

-

+^

+108

+6

-65
+3,648--

»Includes transfers to adjusted service certificate fund.
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.

I t is apparent from the data in the tables and in the chart referred
to above that the expansion of the expenditures of the Federal Government during the fiscal year 1941 was confined primarily to those activities which related to the country's rearmament program. Expenditures for work relief, direct relief, forest conservation, and nondefense
public works began to decline during 1941 as the national defense
effort increased and the Nation's attention was directed to the expan
sion and equipment of the armed forces and the^ strengthening of the
military defense.
This increase in the defense effort, it is pointed out, was accomplished with a very considerable rapidity. I n June 1941, the last
month of the fiscal year, the rate of expenditure for national defense
was in excess of $800 millions, which was nearly five times the' expenditures that had occurred in July 1940, the first month of the fiscal year.
A comparison of monthly expenditures for defense activities and for
other activities of the Federal Government are shown in the tablefollowing.




9

REPORT OF THE SECRETARY OF THE TREASURY
Monthly expenditures, fiscal year 1941

\in millions of dollars. On basis of daily Treasury sta'tements (unrevised), see p. 406. General and special
accounts]
National
defense
expenditures

Month

1940
July
AUETUSt

September
October
November
December

.

.

. ..
-

-

- -

---

, 1941
January
February
March
April
May
June

.

.
i.
-

-

-

-.

-

Other
Federal
expenditures
except
debt
service

- Debt service

Interest

Total
expenditures

Debt
retirements

185
210
225
297
379
470

. 613
476
386
498
428
483

20
20
148
73
11
219

12
3
2
1
1
16

831
708
760
870
818
1,187

569
584
748
763
837
812

617
471
601
479
292
377

25
21
150
73
12
339

7
2
2
1
1
17

1,118
1,077
1,401
1,316
1,142
1,546

NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.
EXPENDITURES,! FISCAL YEARS 1934 TO 1941. CLASSIFIED BY MAJOR FUNCTIONS

1934

1935

1936

1937
FISCAL

1938
1939
YEARS

CHART 8.

! Excludes debfretirements and trust accounts.
> Includes grants to States undertthe Social Security Act.




1940

1941

10

REPORT OF THE SECRETARY OF THE TREASURY

In the table above and chart 3, as well as in aU other tables in
this report, the classification '^national defense^' includes the military expenditures of the War Department, all expenditures of the
Navy Department, disbursements made from the national defense
funds of the President by various Government departments and
agencies, the administrative expenses of Selective Service, outlays for
emergency ship construction and all other expenditures by the
Maritime Commission, defense aid under the Lend-Lease Act, and
defense housing. The amounts expended under each of these various
categories during the fiscal year 1941 are shown by months in the
table on page 430.
The classification '^national defense^' does not include, however,
certain other expenditures attributable to national defense, which are
payable from funds which have supplemented regular appropriations
of the civil establishments. Some of these outlays^ which have
defense as their ultimate objective but are classified separately, were
made by the Federal Security Agency, Tennessee Valley Authority,
and the War Department. Other defense outlays not included were
made by corporations such as the Reconstruction.Finance Corporation
and its subsidiaries whose activities are not a part of the regular
Federal Budget.
With respect to the changes in expenditures shown in the table on
page 8 for activities other than those connected with the national
defense program, it is noted that the largest change—a decrease of
$621 millions—appears in expenditures for aid to agriculture. This
decrease is accounted for in part by the return to the Treasury by
certain agricultural agencies of $315 millions which represented a
portion of their surplus funds. Further details with respect to the
agencies making such returns of surplus funds and the amounts
involved by agencies appear on page 50 of this report.
The decrease in agricultural expenditures is also accounted for in
part by the fact that no further appropriations for the restoration of
the capital impairment of the Commodity Credit Corporation was
necessary during the fiscal year 1941. During the fiscal year 1940
such appropriation had amounted to $120 millions.
Other large decreases in expenditures during 1941 occurred in
relief and public works activities. These activities were progressively
curtailed during the fiscal year in accordance with the expansion of
national defense activities. '




REPORT OF THE SECRETARY OF THE TREASURY

,11

Deficit in general and special accounts
The excess of expenditures over receipts in general and special
accounts for the fiscal year 1941 amounted to $5,168 millions. If
public debt retirements are deducted, the net deficit for 1941 amounted
to. $5,103 millions. The derivation of the deficit in general and
special accounts for the fiscal years 1940 and 1941 is shown in the
following table.
[In millions of dollars] .
1941

1940

8,269

Eeceipts '...
Deduct net appropriation to Federal old-age and survivors insurance trust
fund:
._
___

6.925
538

661

Net receipts
-.
Expenditm'es including debt retirements

5,387
9,127

7,607
12,775

3,740
129

5,168
64

3, 611

5,103

Gross deficit _ _ _
Deduct debt retirements.
Net deficit

.*

NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.

RECEIPTS AND EXPENDITURES IN TRUST ACCOUNTS AND CHECKING
ACCOUNTS OF CORPORATIONS AND CREDIT AGENCIES

In addition to receipts and expenditures under general and special
accounts, discussed above, certain receipts and expenditures of the
GoverDment are reported on the Daily Statement of the United States
Treasury under the title of ^'Trust accounts, increment on gold, etc.^'
There are four main classes of receipts and expenditures reported
under this title: Trust accounts, checking accounts of governmental
corporations and credit agencies, increment on gold, and seigniorage
on silver. Neither the receipts nor the expenditures of these accounts
affect the Federal Budget except to the extent that appropriations
are made to these accounts from the General Fund. Such appropriations appear as expenditures under general and special accounts,
and as receipts under trust accounts, increment on gold, etc. Certain
trust accounts dispose of the excess of their receipts over expenditures by investing, such excess in Government securities, as provided
by statute. The corporations and credit agencies maintaining checking accounts with the .Treasurer of the United States generally apply
the cash balances not needed for operations to the purchase of Government securities for investment or to debt or capital stock retirement.
Details of receipts anci expenditures in ^^Trust accounts, increment
on gold, etc.,-' annually during the fiscal years 1933 to 1941 and
monthly for the fiscal year 1941 appear in the table that follows.




12

REPORT OF T H E SECRETARY OF T H E TREASURY
Receipts and expenditures for trust accounts, increment on gold, etc.,
fiscal years 1933 to 1941 and monthly for 1941
[On basis of daily Treasury statements (unrevised), see p . 406]
T R U S T ACCOUNTS
[In millions of dollars]
Total
F e d e r a l old-age
UnemployRailroad
trust
a n d survivors
Other-trust
ment trust
retirement
funds,
insurance
accounts^*
fund
1
account
t r u s t fund
n e t receipts
or n e t
Ex.
ExExEx.
expendReReReReitures N e t ceipts pend- N e t ceipts pend- N e t ceipts pend- .Net ceipts penditures
itures
itures
itures

Fiscal y e a r
and month

(-)

1933
1934
1935
1936.
1937
1938
1939
1940
1941
1940—July
August
September.
October
November.
December..
1941—January
February-March
April...
May
June

-5
24
64
34
19
11
29
37
73
47
133
-146
18
136
-144
48
140
-151
37
140
-183

......
1
3
10
38
121
-151
32
123
-166
37
132
-166
41
146
-186

267
402
630
580
717
36
119
1
32
123
1
32
132
1
37
148
66

267
401 " " 1 2 "
1
629
1
677
-4
707
-11.
-2
-1
6
161
3
(*)
-8
(*)
1
156
8
-5
8
1
-7
167
2
-3
-6
2
(*)
241
1

19
19
294
294
763
751
838
837
959
957
1,114 1,118
59 , 70
143
138
' 67
63
107
115
145
144
62
44
78
70
149
156
28
27
69
76
167
167
61
49

2
2
-2
11
10
10

148
109
123
127
20
26
10

(*)

-10
10 " " 2 0 "
-10

(*)

"""io"

10

20.
10
8

':\
-9
2

146
107
125
116
10
16
10
10
10
10
10
10
10
10

(*)

-6
280
24
233
64 .301
34 2,053
20
858
-4
323
24
349
36
366
65
625
10
117
-3
16
2
22
4
26
1
13
3
35
32
6
46
13
56
4
42
3
84
-1

285
2J0

237
2,020
838
327
325
331
469
107
18
20
22
16
21
33
27
31
. 61
39
86

O T H E R ACCOUNTS
[In millions of dollars]
T r a n s a c t i o n s in checking
accounts of
G o v e r n m e n t agencies, e t c .
:Fiscal year a n d
month

1933
1934
1935
1936
1937 . . .
1938
1939 1940.
1941
1940—July
August...
SeptemberOctober...
November
December.
1941—January.February.
^ March
April
May
June

T o t a l IssuOther
ance
all
transt r a n s - of ob- actions
ligaactions
tions 3
-818
-734
637
108
. 314
204
768
41
-226
-3
181
-17
-49
70
-62
-18
-129
-69
361
-411
-80

(0
0)
(0

0)
(*)
(*)

1,106
-337
288
-246
852 - 1 , 0 7 7
-4
1
-104
285
-15
-2
-45
-4
-106
176
-33
-29
-15
-3
-128
-1
-66
-3
-268
629
-219
-192
-80
(*)

I n c r e m e n t on gold

Net

811
-111
-403
-99
-51
-5

(*)

f:|
(*)
(*)
(*)

ExRependiceipts tures

2,811
2
1
2
1

1?

(*)
(*)
(*)
(*)

i
(»)
(*)

2,000
113
404
101
52
5

(*)
(*)
.......
(*)
""(*)'"
.......

Seigniorage on silver

Net

140
176
40
90
90
49
20
3
2
1
3
1
^ 2
2
1
1
1
1
2

ExRependiceipts t u r e s

140
176
40
90
90
49
20
3
2
1
3
1
2
2
1
1
1
1
2

Miscellaneous funds
and accounts'

Net

2
8
-16
4
3
3
6
11
-4
-17
-15
-18
3
6,
3

i Receipts

Expenditures

—2
-8
16
-4
-3
-3
. -5
-11
4
17
15
18
~3
-6
-3

*Less than $500,000.
1 Includes Government insurance and retirement funds, etc.
» Comprises PWA revolving fund, and special deposits (net). Also includes Surplus Marketing Administration commodity stamp transactions beginning with September 1941, shown as budget expenditures under
-j&id. to agriculture in previous months. ,
3 Net receipts constitute net sales, and net expenditures constitute net redemptions of obligations.
< Details not available.
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.




REPORT OF THE SECRETARY OF THE TREASURY

13

Because the Government corporations mentioned above and certain
other Government corporations and credit agencies maintain only
•checking accounts with the Treasurer of the United States, the
transactions shown in the preceding table represent only the net balance of their operations, and, therefore, do not furnish sufficient data for
a detailed analysis of the financial transactions of these agencies.
Arrangements have been made with these corporations, however,
whereby certain data are submitted to the Treasury so that the Treasury's books can reflect the operations of these corporations and agencies. These data have been combined and appear below in' tables
• showing sources and uses of funds from the date of inception of the
various corporations to June 30, 1941, and for the fiscal year 1941.
These data are not on the basis of the daily Treasury statement and
the figures, therefore, do not tie in exactly with the figures shown in
other tables in this report.
Sources of funds of certain governmental corporations and credit agencies from inception of organization to June 30, 1941
[On basis of reports received from the corporations and agencies]

Corporation or agency

Allocations,
Appropria- rediscounts,
Sale of
and loans
tions from
from other
obligations
General
governmental to Treasury
Fund of the corporations
(net) .
Treasury '
and credit
agencies (net)

:Central Bank for Cooperatives. . $20,000,000
•Commodity Credit Corporation. 2 270,128, 592
Disaster Loan Corporation
3 24,000, 000
Electric Home and Farm Authority
1,000,000
Export-Import Bank of Washington
1,000,000
Federal Deposit Insurance Corporation
150,000,000
Federal Farm Mortgage Cor, poration '
.
3 100,000,000
Federal home loan banks
Federal National Mortgage Association
.
Federal Savings and Loan Insurance Corporation
Home Owners' Loan Corporation
3 200,000,000
National defense corporations ^..
Reconstruction' Finance Corporation
.
325,000,000
R F C Mortgage Company
Tlural Electrification Administration
128, 476,047
United States Housing Authority
37, 394, 572
1,256,999,. 211

Total
Footnotes at end of table.

407631—42

^3




$6, 566,189

$140,000,000

Sale of obligations in the
market (net)

$696, 252,000

Sale of
stock to
other
agencies

$794,100

14,173, 750
174,000, 000
139, 299, 557
1, 315, 287 900
75, 500,000 4124, 741,000
87, 634 884

85, 240 000

11,000,000
100,000,000

5 3,114, 453, 550

273,029, 853
46, 479, 296

19,916, 250

1, 741, 449,000

27,000.000
25,000,000

182, 496 968
85,000 000
596, 207,190

244, 916, 250

226, 256 000
7, 268, 612, 200 601, 834, 657

14

REPORT OF. T H E SECRETARY OF T H E TREASURY

Sources of funds of certain governmental corporations and credit agencies from inception of organization to J u n e 30, 1941—rContinued

Corporation or agency

Central Bank for Cooperatives..
Commodity Credit Corporation.
Disaster Loan Corporation
Electric Home and Farm Authority
Export-Import Bank of Washington
Federal Deposit Insurance Corporation.L
..
Federal Farm Mortgage Corporation
Federal home loan banks
Federal National M;ortgage Association
.
Federal Savings and Loan Insurance Corporation
Home Owners' Loan Corporation
•
National defense corporations 6..
Reconstruction Finance Cor-,
poration
.
RFC Mortgage Company
Rural Electrification Administration
United States Housing Authority....
_.
Total..

Sale of other
property
acquired

$74, 846,133
110, 447

Repayment
of loans. ^

$243, 300, 494
807,041, 728
8, 924,181
24, 258,131

Interest, dividends, assessments, and
property
income

other
receipts

Total,
sources of
funds

$10, 633, 581 $4, 301,020 $285, 595, 384
19, 688, 932 58, 548, 315 2,066, 505, 700'
1, 400, 544
50, 743
34, 485, 915
3,760,152
308,002
43, 500,035.

52, 535, 279

10, 311, 206

707,119

238, 553, 604

74, 222,172

301, 798, 572

4, 314, 703

669,635, 004:

14, 305, 360

315,150, 464
604, Oil, 466

306, 388

28, 946, 569

432, 020. 940 9, 767, 066 2,186, 531, 730
925, 248, 38840, 595, 513 80, 400, 409

956, 635, 981

23, 424, 987 5, 374, 854,107
119, 424,161
579, 722

3, 926, 367

35, 900, 526
135,942,157
36, 862, 768

19,323,163

121, 977

878,045, 444
3,110

22, 795,063
620,157

236, 377, 371
136,022,503
5,307,872,196
337, 515, 888

608, 725, 505 .84, 850, 308 8,178, 220,157
207, 298,021
12, 440, 970 3, 373, 872

6, 956, 366
951, 401
287, 329,363

9, 595, 613

6.366

327, 531, 360

525, 573,154

- 20,254,679

177, 523

896, 607, 329

9,141, 834, 253 2, 4.04, 498, 450 274, 269,010 22,076, 500, 584

1 Items in this column are the only ones in this statement which constitute a charge against the Federal
Budget. They represent amounts of funds drawn against available appropriations.
2 Includes a $3,000,000 N. I. R. A. allocation; $97,000,000 R. F. C. notes canceled by the Treasury (see
footnote 3); and $170,128,591.77 restoration of capital impairment, which is net O a repayment to the Treasury
f
of $43,756,731.01 on the basis of March 31, 1940, appraisal of the corporation, pursuant to Public No. 442,.
approved March 8, 1938.
3 These funds were furnished by the Reconstruction Finance Corporation from the proceeds of its notes;
sold to theTreasury, such amounts being included in the total of obligations of the Corporation canceled by
the Secretary of the Treasury pursuant to the act of February 24, 1938.
* The Reconstruction Finance CDrporation purchased the stock of the Federal home loan banks from the
Treasury Department on February 20,1941. The net effect of this transaction is the same as a sale of stock
to other agencies, and is shown as such for purposes of this report.
» Retirement of these obligations shown as "Retirement of obligations issued in exchange for mortgages"^'
in the statement of uses of funds. .
.
« Comprises Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation,,
Metals Reserve Company, and Rubber Reserve Company.
^ Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property
acquired"..
8 Includes $46,542,200 paid-in capital stock held by member institutions.




REPORT OF THE SECRETARY OF THE

TREASURY

15

Uses of funds of certain governmental corporations and credit agencies from incep. tion of organization to J u n e 30, 1941
[On basis of reports received from the corporations and agencies]
Expenses
Corporation or agency

Central Bank for Cooperatives
Commodity Credit Corporation...
Disaster Loan Corporation
Electric Home and Farm Authority
.--Export-Import Bank of Washington
...
Federal Deposit Insurance Corporation
.
Federal Farm Mortgage Corporation
Federal home loan banks
Federal National Mortgage Association..
Federal Savings and Loan Insurance Corporation
Home Owners' Loan Corporation.
National defense corporations 2
Reconstruction Finance Corporation..
RFC Mortgage Company...
Rural Electrification Administration
United States Housing Authority.
Total

Corporation or agency

Central Bank for Cooperatives . . .
Commodity Credit Corporation...
Disaster Loan Corporation
Electric Home and Farm Author. ity
Export-Import Bank of Washington
Federal Deposit Insurance Corporation
Federal Farm Mortgage Corpora• tion.'-. 1. -.
Federal home loan banks..
Federal National Mortgage Association....
Federal Savings and Loan Insurance Corporation
..
Home Owners' Loan Corporation .
National defense corporations 2....
Reconstruction Finance Corporation
RFC Mortgage Company..
Rural Electrification Administra• tion
...

Administrative

Purchase and
improvement
property
Nonadmin- of Owned
istrative

$265,874,173
I, 771,063,823
28,020, 001

$877,
7, 397,
2,938,

$133,481

1, 934,

916, 205

39. 584, 749

508,

6,147

166, 311, 718

$157,136, 988

23, 641,

169, 279,804

71,060,^
9, 700,

4,628,889

13,408,732

1,030. 250.673
773,908.855
225,186, 777

2, 597,659

2, 701,405
1,251,
217,611,
128/

24.991
119,125, 780

82, 597,
4, 329,
11,614,8
15,127, fl

137,086, 774
292,493, 730

3,261, 399, 971
30,000

7,377,148
4,113,676

7, 601,327

6,976, 200, 557
185, 363, 977

5, 286,804

26, 208,833

296, 395,142
831,035,179

453,423,436 144,210,780

633,936,384

16,019,905,399

Allocations,
rediscounts,
and loans to Interest and
Investments other govern- dividends
other ex(net) 3,
mental corpenditures
paid •
porations
and credit
agencies (net)
$7, 227, 780

$694,844, 750'

694,844,750

Total, uses
of funds

$3,177,948
20, 587,476
575
194,355

43, 029,042

2, 362, 329

593,801

236, 832,712

4 37,324,576

67, 050, 000

$532, 665
23, 946,138
398,858

$85, 547, 375
3, 392,171

650, 399,807

420,153, 797
761,129, 840
63,407, 070

268,927, 354
20, 777, 610
5, 739,483

16, 221, 677
351, 741,000

2,020,771,005

$277, 690.409
2,065, 679,679
34, 484,916

17,364,001, 2,166,769, 711
250,611
044,520

500, 528,144

152,047

236, 377,371

3,035, 326 4 2, 598,162
477, 536, 272
6,415,400
•28, 642,122

135. 097,924
5,196, 874, 211
337, 515,88&

243,732. 508
5, 322, 964

15, 755,389
565, 558

8,177, 932,467
207, 297, 243-

2,462, 563
3, 673.885

128,188,158
282, 853, 360

United States Housing Authority. "'"6,'676,"000'
Total

/ Loans

Retirement
of obligations issued
in exchange
for mortgages 1

371, 526
4,808, 033

310, 844,121
892, 210, 636-

672,739,367 1,058,447,955 138,801, 580 21,837,080,656.

1 Receipts received in payment of mortgages appear under "Repayment of loans" in the statement of
sources of funds.
,
.„
2 Comprises Defense Homes Corporation, Defense Plant Corporation,' Defense Supplies Corporatiori,.
Metals Reserve Company, and Rubber Reserve Company.
3 Includes U. S. Government bonds in the amount of $377,775,937 as follows: Federal Deposit InsuranceCorporation, ^312,663,656; Federal Savings and Loan Insurance Corporation, $15,164,500; U. S. Housing
Authority, $6,070,000; Federal home loan banks, $43,877,781.
4 Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.




16

REPORT OF T H E SECRETARY OF T H E TREAS'URY
Sources of funds of certain governmental corporations and credit agencies,
fiscal year 1941
[On basis of reports received from the corporations and agencies]

Corporation or agency

Allocations,
rediscounts,
Sale of
Appropriations and loans
Sale of oblifrom General
from other obligations gations in Sale of stock
to other
Fund of the governmental to Treasury the market
agencies
• Treasury i
(net)
corporations
(net)
and'credit
agencies (net)

Central Bank for Cooperatives
3 -$30,000,000
Commodity Credit Corporation
Disaster Loan Corporation
Electric Home and Farm Authority..
Export-Impoi;t Bank of Washington
Federal Deposit Insurance Corporation.
Federal Farm Mortgage Corporation
2-100,000,000
Federal home loan banks
Federal National Mortgage Association
.
Federal Savings and Loan Insurance Corporation
Home Owners' Loan Corporation.
National defense corporations 3
Reconstruction Finance Corpora2-175,000,000
tion
. .•
RFC Mortgage Company
1...
Rural Electrification Adminis19,971,986
tration
4,839,883
United States Housing Authority.
Total

:..

Corporation or agency

-280,188,131

.

.

$115,000,000

$289,458,000

$274,800

3,015,215
100,000.000

45, 900,000
' 30,909,725
27, 647,152

273,029,853
13,495,067
64, 235,483

27,000,000
12,916,250

645,092,000

85,000,000

112,099,000

373, 577, 922 212,916, 250 1,126,473,940

Interest,
Sale of other Repaj^ment dividends,
property
assessments
of. loans 4 -and propacquired
erty income

Central Bank for Cooperatives .
.$44, 746.188
Commodity Credit Corporation
Disaster Loan Corporation
70, 967'
Electric Home and Farm Authorityr
Export-Import Bank of Washingtoi1
Federal Deposit Insurance Corporat on
Federal Farm Mortgage Corporation._ 5,138, 536
Federal home loan banks
FcderalNational Mortgage Association.
294, 698
Federal Savings and Loan Insurance
Corporation
48, 304,990
Home Owners' Loan Corporation
36,862, 768
National defense corporations 3
Reconstruction Finance Corporation. . 4,797,634
188, 200
RFC Mortgage Company
. .
Rural Electrification Administration
166, 303
United States Housing Authority..
Total

$5,170,367

$52.914, 618
142,040, 987
4, 636,924
9, 213,124 •
16, 676,848,
28, 225. 615
68, 765. 800
130, 375, 221
13, 731,862

Other
receipts

$921,099 $1,959, 715
4, 303, 724 66, 541,867
814,121
1,176,464
67,100
3, 980,834
63,733,558
368,249
62, 202, 596
588, 737
5, 592, 924
8, 576, 731
718,097

6,739,405
179,838,034 114,511,718
3,110
389,449.490 55; 088,459
21,913,896
2, 924,597
5,308,089
3. 562.126
347,403,093
7,892,980

1,628
•9, 249,198
620,157
16, 708. 005
556, 355
5,840

127, 274,800

Total, sources
of funds

$31, 240 599
652,090, 766
5.522,012
13,471.903
120, 657 682
92, 327, 422
82, 595. 669
166 877,870
50, 968, 540
6 741 033
351, 903, 940
337 515 888
949,051,838"
' 39 078 115
83, 083. 524
557, 401. 259

140, 570, 284 1, 410, 493, 601 342,024, 446 87, 384, 948 3. .'i4n. R2R. nfiO

1. Items in this column are the only ones in this statement which constitute a charge against the Federal
Budget. They represent amounts of funds drawn against available appropriations.
2 Represents repayment of portion of amount invested in capital stock by the United States.
.3 Comprises Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation,
Metals Reserve Company, and Rubber Reserve Company.
* Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property
acquired."




REPORT OP THE SECRETARY OF THE TREASURY

17

Uses of funds of certain governmental corporations and credit agencies, fiscal year 1941
[On "basis of reports received from the corporations and agencies]
Expenses
Corporation or agency

Administrative

•

Nonadministrative •

Purchase
a n d improvement
of p r o p e r t y
owned

Central Bank for Cooperatives
$143,983
$106,688,143
Commodity Credit Corporation
2, 855,862
Disaster Loan Corporation
$39.778
727,947
Electric Home and Farm Authority
343, 265
492, 354
Export-Import Bank of Washington...
3,309
134,100
Federal Deposit Insurance Corporation
3, 685,106
3, 224,922.
Federal Farm Mortgage Corporation.. 8, 671, 534 ' 1, 207,483
Federal home loan banks
1,267,840
Federal National Mortgage Association
1, 207,623
1,158,933
Federal Savings and Loan Insurance
Corporation
227,987
7, .273
Home Owners' Loan Corporation
19, 781.127 25,842,988 12, 600, 328
292, 493, 730
128.359
National defense corporations 2
Reconstruction Finance Corporation.. 8, 515. 614
864,760
7,601,327
912, 747
R F C Mortgage Company
766,624
Rural Eleftrification Administration
3,337,210
85, 569
4,96.5,971
1,011,445
United States Housing Authority
Total...

C o r p o r a t i o n or agency

56,860, 551

Investments
(net)

C e n t r a l B a n k for Cooperatives
-$31,625,681
C o m m o d i t y C r e d i t Corporation
Disaster L o a n Corporation
._
Electric H o m e a n d F a r m A u t h o r i t y .
E x p o r t - I m p o r t B a n k of W a s h i n g t o n .
Federal-Deposit I n s u r a n c e Corporation
.71,615,961
Federal F a r m M o r t g a g e Corporation
-79.5,000
Federal h o m e loan b a n k s
8, 550,966
Federal N a t i o n a l M o r t g a g e Association
Federal Savings a n d L o a n I n s u r a n c e
Corporation
5,319,047
H o m e Owners' Loan Corporation
- 2 3 , 770,925
N a t i o n a l defense corporations 2
R e c o n s t r u c t i o n F i n a n c e Corporation
241,741,000
R F C Mortgage Company
R u r a l Electrification A d m i n i s t r a tion
1
U n i t e d States H o u s i n g A u t h o r i t y
2,270,000
TotaL

273. 305, 368

Loans

Retirement
of obligations
issued in
exchange for
mortgages 1

$61, 542, 746
460,959, 923
1, 996. 792
12,325,964
78, 631, 216
15,751,627
37,167, 342
142, 875, 503
45,934, 735
18,127, 526
30,000
376,007, 510
27, 689,178
75,107,854
575,695,915

$215, 200,100

31,440, 671 422,694,019 1,929,843,921

215, 200,100.

Allocations,
rediscounts,
and loans t o
Interest
other govand
ernmental
dividends
corporations
paid
a n d credit
agencies (net)
$.59,846
4,614,579

Other
expenditures

T o t a l , uses
of funds .

193, 354
100,000

$30,122, 448
652, 517, 293
5, 522,012
13, 362,473
119, 818, 625

169,392

40, 900,000

$1,554
2, 676, 896
14, 780
7, .536
• 50,000

91, 222,086

38,112,122
2, 935, 303

$74, 721,890
2,742,715

3,247,214
1,153,917

90, 835, 617
156, 783, 589

80,634

50,968, 540

2, 586,615

28, 642,122

6,430,815
323, 414, 583
337, 515, 888

11,397,874
1, 587, 656

1, 309,949
520,955

953,099, 987
39,078, 487

698, 890
1, 950.977

7, 573
4,747,175

79,1.51, .527
590, 727,052

447,849, 532 119,870,655

43, 506, 205

3,540,571,022

3 876, 508
55, 633,439
16, 221,677
313, 263, 250

1 Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement
of sources of funds.
2 Comprises Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation,
Metals Reserve Company, and Rubber Reserve Company.
3 Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.

THE PUBLIC DEBT

The gross public debt outstandmg at the close of the fiscal year 1941
amounted to $48,961 millions, an increase of $5,994 millions since
June 30, 1940. This increase is reconciled with the deficit incurred in



18

REPORT OF THE SECRETARY OF T H E TREASURY

general and special accounts, as shown on page 11, the excess of expenditures in trust accounts, etc., and the increase in the General
Fund balance, as follows:
"
Increase in gross public debt:
Increase in interest-bearing debt:
Public issues:
Marketable issues
_
Nonmarketable issues
-Special issues
.,
.
Decrease in matured debt and debt bearing no inte'rest

'

. \. -^'(nount
{tn millions of
dollars)
_ 3,277.0
j . . 1,388.8 •
1,345.2
17.0

...i...

Total increase in gross public debt

,

Beconcilation with deficit in general and special accounts:
Excess of expenditures in general and special accounts
Less public debt retirements included in expenditures
_
-Net deficit in general and special accounts
_
^
Excess of expenditures over receipts in trust and miscellaneous accounts
Increase in General Fund balance.
Total

_

.

.5,993.9

5,167.7
64.3
i . 5,103.4
148.1
742.4
890.5

_

5,993.9

NOTE.—Figures are rounded to nearest tenth of a million and will not necessarily add to totals.

The net changes during the year in the various classes of securities
which constitute the outstanding debt are shown in the table which
follows. Further details on the classes of securities which make up the
public debt are shown in the table on page 529 of this report.
Comparison, of public debt outstanding J u n e SO, 1940 and 1941 ^ by classes of securities
[In millions of dollars. On basis of daily Treasury statements (unrevised), see p. 405]
J u n e 30, 1940 J u n e 30, 1941

Class
Interest-bearing:
P u b l i c is.sues:'
M a r k e t a b l e issues:
Pre-war a n d postal savings b o n d s
Treasury bonds
Ti"easury notes . . . .
...
T r e a s u r y bills
T o t a l m a r k e t a b l e issues
N o n m a r k e t a b l e issues:
U n i t e d States savings bonds
Adjusted service b o n d s of 1945..

.-.
.

. .

196.1
30.215.1
• 5.698. 5
1,603. 2

-0.2
3,660.3
• -684.1
301.0

37, 712.8

3, 277.0

1 2, 904. 7
261.0

» 4, 314.0
.240.6

1, 409.3
-20.5

3,165. 7

T o t a l public issues.
Special issues:
Adjusted service b o n d s , G o v e r n m e n t life, insurance
fund series -'.
--.
.-—T r e a s u r y notes
.
.
. . . .
Certificates of indebtedness
'
T o t a l special issues

1, 388.8

42, 267. 3

4,665. 7

500:2
2, 553.4
1, 721.3

500. 2
3,327. 6
2.292.3

774. 2
571.0

4, 774.9

. .

6.120.1

1. 345. 2

42, 376. 5
204. 6
386.4

^

T o t a l intere.st-bearing d e b t
M a t u r e d d e b t on which interest h a s ceased.
D e b t bearing n o interest
. . .
-

4,554.5

37,601.6

T o t a l n o n m a r k e t a b l e issues

T o t a l gross d e b t

196.3
26. 5.54. 8
•6,382.6
1, 302. 2
34,435. 9

•

.

Increase or
decrease (—)

48,387.4
205. 0
369.0

6,010. 9
.4
-17.4

42, 967. 5

48, 961.4

6,993. 9

1 Current redemption value (cash receipts plus earned accruals less redemptions).
NOTE.—Figures are rounded to nearest tenth of a million and will not necessarily add to totals.




19

REPORT OF THE SECRETARY OF T H E TREASURY

During the fiscal year the computed average rate of interest on the
interest-bearing debt outstanding decreased from 2.583 to 2.518
percent. The computed annual interest charge on the debt on which
this average rate is based increased from $1,095 millions at the beCOMPOSITION OF THE COMPUTED INTEREST CHARGE ON AN ANNUAL BASIS,
MONTHLY, FROM JUNE 1933 TO JUNE 1941

1933

1935,

1934

1936
1937
C A_L_E N D A R

1938
1939
YEARS

COMPUTED INTEREST RATES ON AN ANNUAL BASIS, MONTHLY, FROM JUNE 1933 TO
JUNE 1941
PER
CENT
4.0
3.5

1933

1940

.
.,... v _ .
-...A

-— v^

^

3.0
2.5

1939

1938

/

^ y'

Special Issues

"V/^.....:^IZ^—~J...:2:.—/?rti-.^o

\_.»

3.5

.^
-•.~....

^

—

•

—

^

1.0

3.0
2.5

*'"-».^

TOTAL ^

2.0
1.5

PER
CENT

2.0
Treasury / l o t e s ^ " '

)

"""-\

1.5

•'

""\—. --.

u

.

1.0

-^

Trzasury Bills .,
and Certificates

.5
1933

,1934

1935

1936
C A L E N

^ '

Ns,^

1937
D A R

N>.«»*-»^

1938
1939
Y E A R S

^^^
1941

.CHART 4.

ginning of the year to $1,218 millions at the end of the year. Chart
4 above shows the computed annual interest charge and interest rate
on public debt obligations monthly from June 1933 to June 1941.
The actual expenditures for interest during the fiscal year 1941
amounted to $1,111 millions. The interest due and payable on the
various classes of securities during 1941 and the amounts paid and



20

REPORT OF THE SECRETARY OF THE TREASURY

outstanding unpaid are shown in table 37. The interest paid on the
public debt, 1939 to 1941, is shown in table 38.
The major public debt operations during the year included: (1)
Five offerings of Treasury bonds, (2) three offerings of Treasury notes^
(3) weekly offerings and redemptions of Treasury bills, and (4) the
continued sale of United States savings bonds.
Treasury bonds and Treasury notes
The major public debt operations involving Treasury bonds and
Treasury notes were carried out on various dates from July 22, 1940, to
June 2, 1941. The issues of bonds and notes aggregated $6,225 millions, of which $3,085 millions were issued for cash, and $3,140 millions
for refunding three series of Treasury notes maturing during the year^
Treasury bonds of 1941-43 which were called for redemption on March
15, 1941, and Treasury bonds of 1941 which matured August 1, 1941,
and for which an exchange offer was made prior to the close of the
fiscal year, the aggregate maturities amounting to $3,297 millions.
These operations are summarized in the following table.
Bond and note financing, fiscal year 1941
Date
July

Oct.

22.1940

7,1940

Dec. 18,1940
Jan. 31,1941
Mar. 15,1941

Issue
2 K % T r e a s u r y b o n d s of 1954-56, d u e J u n e 15,1956 (at p a r ) :
F o r cash.
,
.
G o v e r n m e n t i n v e s t m e n t accounts
i
2% T r e a s u r y b o n d s of 1953-5.5, d u e J u n e 1.5,1955 (at p a r ) :
I n exchange for U ^ % T r e a s u r y notes, series C-1940,
m a t u r i n g D e c . 15, 1910 .
H % T r e a s u r v notes, N a t i o n a l Defense seriies B-1945, d u e
D e c . 15. 1945 (at p a r ) :
For cash
_
H % T r e a s u r y notes. N a t i o n a l Defense series D-1944, d u e
Sept. 15, 1944 (at p a r ) :
F o r cash
.
.
.'.
2% T r e a s u r y b o n d s of 1948-50, d u e M a r . 15,1950 (at p a r ) :
I n exchange for 3 % % T r e a s u r y b o n d s of 1941-43, called
- - for r e d e m p t i o n M a r . 15. 1941
I n exchange for \ H % T r e a s u r y notes, series A-1941,
m a t u r i n g M a r . 15.1941.
.

$630, 692, 350
50,000,000
$680, 692,350
724,677, 900
630,838, 700
635,064,400
481,656,000
633, 712, 400
1,115,368, 400

H % T r e a s u r y notes.series D-1943, d u e M a r . 15.1943 (at p a r ) :
In exchange for 3 ^ % T r e a s u r y b o n d s of 1941-43, called
for r e d e m p t i o n M a r . 15,1941.
.....
...
I n exchange for U'2% T r e a s u r y notes, series A-1941,
m a t u r i n g M a r . 15,1941..
^

4,886,600
27, 513,800
32, 400,40O

M a r . 31,1941

2 H % T r e a s u r y b o n d s of 1952-54, d u e M a r . 15,1954 (at p a r ) :
For cash
.
.
j . . .
I n exchange for 1 ^ % T r e a s u r y notes, series B-1941,
m a t u r i n g J u n e 15,1941
G o v e r n m e n t i n v e s t m e n t accounts
•.

526,146, 250
447,423.200
49. 998, 900
1,023,668,350

June

2,1941

% % T r e a s u r y notes, series D-1943, d u e M a r . 15, 1943 (additional issue) at par:
I n exchange f o r , l H % T r e a s u r y notes, series B-1941,
m a t u r i n g J u n e 15,1941
2yi% T r e a s u r y b o n d s of 1956-58, d u e M a r . 15,1958 (at p a r ) :
F o r cash
I n exchange for 3 H % T r e a s u r y b o n d s of 1941, m a t u r i n g
Aug.l, 1941....
_
....

32, 639,30O
661,750, 800
786,996, 850
1, 448, 747, 650

H7o T r e a s u r y notes, series D-1943, d u e M a r . 15, 1943 (2nd
additional issue) at p a r :
I n exchange for Z^i% T r e a s u r y b o n d s of 1941, m a t u r i n g
A u g . 1, 1941




924,000
6, 224,921,450

REPORT OF T H E

SECRETARY OF T H E

21

TREASURY

Bond and note financing, fiscal year 1941—Continued
RECAPITULATION
Treasury bonds Treasury notes
For cash
In exchange

_

Total

Total

$1,918,588,300
3,074,466,350

$1,165,903,100
65,963, 700

$3,084,491,400
3,140,430,050

4,993,054,650

1,231, 866,800

6, 224, 921,450

All official circulars and statements relating to these transactions are
included in the exhibits beginning on page 275.
Treasury bills
Offerings of Treasury bills were made each week during the year;
46 issues were for a term of 91 days, 3 issues for 92 days, and 3 issues
for 90 days. All weekly offerings were for amounts of approximately
$100 millions, except 6 issues offered in March and June 1941 which
were for approximately $200 millions each. The .13 series outstanding
at the beginning of the year totaled $1,302 millions and-the 13 series
outstanding at the end of the year, $1,603 millions. Of the 52 series
offered during the year, 39 series were sold at a positive average rate
of discount, the highest average rate computed on a bank discount
basis having been 0.120 percent for the bills dated March 12, 1941,
and the lowest average rate having been 0.00018 percent for bills
dated February 13, 1941. For 12 series sold, the buyers paid the
Treasury a slight premium for the privilege of holding the bills offered
on those dates. One series was sold exactly at par. Including bills
sold at premiums, the average rate on all bills issued during the year
was 0.042 percent.
Further information concerning Treasury bills will be found in exhibits 17 to 20, beginning on page 298, and in table 32 on page 581.
United States savings bonds
The sale of United States savings bonds of series D continued during
the fiscal year to April 30, 1941. I n accordance with the provisions
contained in the Public Debt Act of 1941, approved February 19, 1941,
Department Circular No. 596, the circular under which savings bonds
of series D were issued, was further amended February 20, 1941, to
provide that the interest (represented by the difference between the
price paid and the redemption value received) on savings bonds of
series D issued on and after. March 1, 1941, shall be subject to all
Federal income taxes. A copy of t h e amendment to the circular will
be found on page 314 of this report.
On M a y 1, 1941, three new issues of savings bonds were placed on
sale. These new bonds were issued under authority of section 22 of




22

REPORT OF THE SECRETA'RY OF THE TREASURY

the Second Liberty Bond Act, as amended by the Public Debt Act
of 1941, and were designated Defense savings bonds of series E,
savings bonds of Defense series F, and savings bonds of Defense
series G. In order to promote the sale of these bonds and other similar
Government securities offered to the public a Defense Savings Staff
was established in the Office of the Secretary to organize and carry on
a program for a nation-wide presentation of the new issues. An
account of the organization of the Defense Savings Staff and its
activities is presented on page 215 of this report.
Defense savings bonds of series E have the characteristics of bonds
of former series. They are intended primarily to provide for the investment of small or moderate amounts saved from current income by
individuals, and their issue ia restricted to individuals in their own
right, the holdings being limited to $5,000, maturity value, of the
amount originally issued during any one calendar year to any one
person. They are sold on a discount basis, the issue price being 75
percent of their maturity value, and they mature 10 years from
issue date. If held to maturity the investment yield approximates
2.90 percent per annum, compounded semiannually. They are redeemable before maturity, at the option of owners, at fixed redemption
values.
The savings bonds of Defense series F and G are intended to meet
the requirements of larger investors, and $50,000, issue pric^e, of
bonds of either series, or of both series in combination, issued during
any one calendar year may be held under one ownership. The bonds
of series F, like those of series E, are issued on a discount basis, the
issue price being 74 percent of their maturity value. They mature
12 years from issue date, and if held to maturity the investment
yield approximates 2.53 percent per annum, compounded semiannually. They are redeemable before maturity, at the option of
owners, at fixed redemption values.
Bonds of series G, however, are current income bonds, being issued
at par, and bear interest at the rate of 2}^ percent payable semiannually. They have a 12-year maturity and, like other savings bonds,
may be redeemed before maturity, at the option of owners, at fixed
redemption values. As the rate, 2}^ percent, is for a 12-year bond,
if bonds of this series are redeemed before maturity an adjustment of
interest is required to bring the investment yield for the shorter period
to a lower rate. However, if an owner of bonds of this series should
die before the maturity of the bonds, the bonds may be redeemed at
par without an adjustment of interest.
The terms of these three series of savings bonds, and the conditions
of their issue, are set forth in Department Circulars Nos. 653 and 654,
appended to this report on pages 304 and 309. ,
Coincident with the offering of the three new series, the regulations
governing savings bonds were revised and reissued as Department



REPORT OF THE SECRETARY OF THE TREASURY

23

Circular No. 530, Fourth Revision, dated April 15, 1941. A copy of
the circular will be found on page 320.
In order-to provide a means for the systematic time-to-time accumulation of small sums for the purchase price of Defense savings bonds,
through an arrangement with the Postmaster General postal savings
stamps of a special series, laiown as Defense savings stamps or as
Defense stamps^ were made available and were placed on sale a t
post offices. Albums for affixing the stamps were ^ provided, such
albums being receivable in the amount of the affijced stamps on the
purchase price of Defense savings bonds.
In March 1935, when savings bonds were first issued, over-thecounter sales for cash were conducted at about 14,000 post offices including those of the first, second, and third classes and selected post
offices of the fourth class. In 1936 this number was increased to
about 15,000 post offices, and provision was made for mail order
sales through the Treasurer of the United States and the Federal
Reserve Banks. As plans for the defense issues were being developed,
it was concluded that additional sales agencies for series E bonds
should be provided for the accommodation of the public. The banking institutions of the, country, either tlirough their organizations or
individually, had offered their services for the program, and it was
decided to designate generally all such organizations as sales agents,
conditioned in each case on appropriate qualification. In addition
to about 16,000 post offices selling bonds on June 30, 19.41, about
11,000 agencies have qualified with the Federal Reserve Banks,
including over 9,500 national. State, and mutual savings banks,
about 1,300 building and loan and savings and loan associations, and
nearly 200 credit unions and others. These agencies not only issue
the bonds but they actively promote their sale, complementing the
Postal Service in both respects.
The regulations governing these agencies will be found in Department Circular No. 657, appearing on page 316. For a further discussion of the designation of agencies for the issue of savings bonds,
see page 101.
Savings bonds of Defense series F and G are issued only at the
Federal Reserve Banks and the Treasury Department, Washington.
Commercial banks generally handle applications for their customers.
During the year savings bonds with a maturity value of $1,874
millions were sold, for which cash receipts aggregating $1,506 millions
were received by the Treasury. Boiids with a maturity value of
$190 millions were redeemed, at the request of owners, at their
current redemption value of $148 millions.
Between March 1, 1935, when the issue was inaugurated, and
June 30,1941, bonds aggregating $6,039 millions maturity value were
sold, for which cash aggregating $4,630 millions was received by the



24

REPORT OF T H E SECRETARY OF T H E TREASURY

Treasury. Increase in the redemption value (interest accruals)^of tlie
outstanding bonds over their issue price aggregated $161 millions
to June 30, 1941. During the same period bonds with a maturity
value of $596 millions were redeemed at their current redemption
value of $460 millions and there remained outstanding on June 30,
1941, bonds with a maturity value of $5,443 millions and a current
redemption value of $4,331 millions.
The following statement summarizes the issues and redemptions of
savings bonds by fiscal years from March 1,. 1935, when the sale was
inaugurated, to Jun^ 30, 1941.
Issues and redemptions of United States savings bonds, by years, March 1, 1935, to
June SO, 1941
[On basis of daily Treasury statements (revised), see p. 405]
Issued

Redeemed

Fiscal year
Maturity
value

C a s h receipts

Maturity
value

Redemption
value

19.35 ( M a r . 1 to J u n e 30) .
1936 .
.
. .
1937
1938
1939
.- 1940
1941—Series D ( J u l y 1, 1940-Apr. 30,
1941)
Series E ( M a y 1-June 3 0 ) . . . .
Series F ( M a y 1-June 30).
Series 0 ( M a y l ~ J u n e 3 0 ) . . . .

$83, 422, 725
352, 277, 425
686, 739.175
650, 707, 500
916, 904, 200
1, 475, 438, 350

$62. 567, 043. 75
264. 208. 068. 75
61.5.054,398.80
488,030,611.85
087,678,136.95
1,106, 578, 760. Ol

$707,850
14,971,200
48,040,125
87, 732, 250
106, 708, 950
148,042,850

$530.887. 50
11 252.714.75
36.327,912.25
66, 868,862. 75
82, 067, 395.00
114,488,737.34

1, 098, 340, 975
278, 582, 700
92,132, 700
404, 754.800

823, 755, 733. 39
208, 937, 033. 51
68,178.198.00
404, 754,800.00

189,441,100
38. 475
66, 200
542,100

147, 408, 285. 25
28.856. 25
48, 988.00
542,100.00

Total
Accruals to J u n e 30, 1941

6,039, 300, 550

4, 629. 742, 794.0]
160, 639, 947. 09

596, 291,100

459, 564, 739.09

6,039,300, 550

4, 790,382," 741.10

596, 291,100

459, 564, 739.09

..

G r a n d total

Additional information on redemptions to June 30, 1941, of the
various series of savings bonds appears in the following table.
Proportion of number of savings bonds of each denomination redeemed by the erid of
various yearly periods to. June SO, 1941
R e d e e m e d b y t h e e n d of—
Denomination

$25
$50...
$100
$500 .
$1,000
All d e n o m i n a t i o n s

1 year
(1935-40
series)

2 years
(193.5-39
series)

3 years
(1935-38
series)

4 years
(1935-37
series)

Percent
11
8
86
4
8

Percent
20
• 17
16
13
9
15

Percent
28
25
22
19
13
22

Percent
34
31
28
23
17
28

5 years
. (1935-36
series)
Percent
38
35
32
• 27
20
31

6 years
(1935
series)
Percent
38
36
33
28
23
32

NOTE.—The redemptions of the number of bonds of each series were taken at the end of each year for from
1 to 6 years from the date of issuance and were expressed as a percentage of the total number of bonds of that
series issued. The percentages for similar periods were then averaged. The yearly periods and percentages
are only approximate because it was assumed that June 30 was the average date of all savings bonds issued
during each calendar year.

Sales of savings bonds by months and denominations during the
year are shown in the following table.



Sales of United States savings bonds, by months and denominations, fiscal year 1941
M o n t h a n d series

$25

$50

$100

$500

$1,000

$5,000

$10,000

Total

M a t u r i t y valuis
Series D :
1940-July
August
September..
October
November..
December..
1941—January
February...
March
April
T o t a l series D .
Series E :
1941—May..
June..
T o t a l series E...

376, 075
493, 400
338,225
301,650
234,125
500, 600
915,900
978.150
677. 450
659, 400

$3, 305,650
3,163, 250
3,037, 200
3.172,050
3,056,600
3, 669, 600

4, 071, 500
4,559,400
3, 731, 600
3,998,050

$13,982,000
10,154,000
9,419,500
10, 393. 000
10, 284, 000
17,467,500
30, 919, 000
29,013,500
12.291.000
14,496. 000

$56, 692, 000
36, 614, 000
33, 569, 000
39, 246. 000
41.340.000
100, 802.000
181,192.000
165, 244.000
42, 388. 000
52,100.000

$87,117,625
61,792,450
57, 299, 525
64, 582, 500
66,130, 725
138, 001. 000
233,418,200
218,569,250
71,904,350
85,929,350
1, 084, 744,975

27,474,975

35. 765. 900

113.897.600

158.419.500

749,187, 000

10, 464, 900
10. 766, 750

10,079, 450
9,566,150

32,485. 300
29, 2.58. 900

33. 877. 000
27,350, 500

81, 993, 000
.59,829, 000

168.899,650
136, 771,300

21,231,650

19. 645, 600

61,744.200

01, 227, 500

141,822,000

305, 670, 950

605, 500
546, 100

1, 658. 000
1,195, 500

11.851,000
7,178, 000

$12, 525,000
5,885, 000

• $44, 550. 000
15, 280. 000

19,029, 000

18,410.000

59,830. 000

ft)

O
O

101,274,100

Series F :
• 1941- - M a y .
June..
T o t a l series F . .

1,151.600

Series G:
1941- - M a y . .
June..

i

71.189, 500
30,084, 600

o

3, 218, 200
2, 029,100

10, 464, 900
10, 766, 750

10, 079,450
9, 566,150

7,490. 500
4, 710, 500

57, 328. 000
33,383, 000

54, 005,000
26, 930, 000

188,940,000
73, 620, 000

310,981,700
140. 672. 600

5. 247, 300

T o t a l series G .
Series E , F , a n d G:
1941- - M a y
June

$10, 760,900
367. 800
935. 600
469, 800
216.000
561,300
319,800
774,200
816,300
675, 900

12, 201, 000

90,711,000

80, 935, 000

262, 560, 000

451, 654, 300

36, 309, 000
31,834,100

43,025, 500
33, 256, 500

151,172,000
100,390,000

66, 530, 000
32,815,000

233,490. 000
88, 900, 000

551,070,850
307, 528, 500

76,282,000 1 251,562,000

99, 345, 000

322, 390. 000

858, 599, 350

>

234,701,500 11,000, 749, 000

99,345, 000

322, 390, 000

1, 943, 344, 325

d

T o t a l series E , F , a n d G

21, 231. 650

19, 645, 600

68,143.100

T o t a l series D , E , F.^and G..

48, 706, 625

55,411,500

182,040, 700

Pi

Sale price
Series
Series
Series
Series

D.
E.
F.
G.

Total.




$20, 606. 231
15, 923, 738

36. 529,969

$26,824,425
14, 734, 200

41, 558, 625

$85,423, 200
46,308,150
852,184
5, 247, 300

$118,814,625
45.920, 625
2,111,590
12. 201, 000

.$561,890,250
106,366, 500
14, 081, 460
90,711,000

$13,623,400
80, 935, 000

$ U , 274, 200
262, 560,000

$813,558,731
229,253.213
74, 942,834
451,654,300

137,830, 834

179, 047, 840

773, 049, 210

94,558, 400

306,834, 200

1, 569, 409, 078

to
Ol

26

REPORT OF THE SECRETARY OF THE TREASURY

Sales of savings bonds classified by type of purchaser are shown in
the following table.
Sales of United States savings bonds, fiscal year 1941, classified by type of purchaser
[Maturity value]
Series
T o t a l all
series

T y p e of p u r c h a s e r
D

•

E

F

G

A m o u n t in millions of dollars
Individuals
Fiduciaries..
B a n k s a n d t r u s t companies
o t h e r corporations a n d associations

. ..

Total

1, 085

1,085

306

306

30
21
2
48
101

129
204
14
104

1,549
225
16
153

452

.

1.943

P e r c e n t of t o t a l

Total

. .

100.0

100.0

29.7
20.8
2.0
47.5

29.7
45.2
3.1
.23.1

79.7
11.6
.8
7.9

100.0

Individuals.
...
Fiduciaries
B a n k s a n d t r u s t companies
o t h e r corporations a n d associations

100.0

100.0

100.0

100.0

NOTE.—Figures are rounded to nearest million dollars or 0.1 percent and will not necessarily add to totals.

The last two tables are compiled from the standpoint of the effective
issue date of the bonds upon the basis of the Treasury audit of original
registration stubs and reports of sales of the various sales agencies
designated by the Secretary of the Treasury. The figures in the tables
include all bonds bearing issue dates within the fiscal year, July 1,
1940, to June 30, 1941, irrespective of the fact that the proceeds from
the sale of certain bonds were not credited in the Treasurer's account
until the subsequent fiscal year. Accordingly, such figures do not
agree with those set forth in the first table on page 24 which was compiled from the standpoint of actual cash transactions within the fiscal
year, nor do they agree with those set forth in the table on page 162 of
this report which was compiled from the standpoint of registration
stubs actually received and audited within the fiscal year.
For other data concerning savings bonds, reference is made to the
administrative reports of the Defense Savings Staff and of the Bureau
of the Public Debt, Division of Savings Bonds and Division of Loans
and Currenby on pages 215, 168, and 160.
Adjusted service bonds
Adjusted service bonds of 1945 amounting to $2 millions were issued
during the year, making a total of $1,839 millions of such bonds issued
since June 15, 1936, in payment of amounts due on adjusted service




REPORT OF THE SECRETARY OF THE TREASURY .

27

certificates. Redemptions of $23 millions of these bonds during the
year brought the total redemptions since June 15, 1936, to $1,59Q
millions, leaving $241 millions outstanding on June 30, 1941. Further
data on adjusted service bonds appear in the table on page 534.
Depositary bonds
Under date of May 23, 1941, the Secretary gave notice of a special
issue of bonds of the United States, designated 2 percent depositary
bonds. These bonds were offered for subscription, at par, by depositaries and financial agents, designated under the provisions of
section 5153 of the Revised Statutes of 1873, as amended, which have
executed a depositary, financial agency and collateral agreement
satisfactory to the Secretary of the Treasury, the bonds to be sold to
such depositaries and financial agents in an amount not exceeding in
any case the amount for which the depositary and financial agent is
qualified. The bonds are dated June 1, 1941, bear interest at 2 percent
from the date payment therefor is received, on a semiannual basis on
June 1 and December 1, and mature twelve years from such date, but
may be redeemed at the option of the United States or the depositaries and financial agents, in whole or in part, at par and accrued
interest, at any time, upon not less than 30 nor more than 60 days^
notice in writing given by either party to the other. The bonds are
issued in registered form only in the nanie of the Treasurer of the
United States in trust for. the depositaries and financial agents to
which they are allotted, and they are not transferable. During the
month of June 1941, payments for these bonds in the amount of
$615,000 were received, although such payments had not cleared
through the U. S. Treasurer's accounts in Washington as of June 30.
For a further discussion of depositary bonds, see page 100.
Special issues
During the year the Treasury continued to issue special series of
interest-bearing securities for the investment of trust or other funds
deposited in the Treasury or pursuant to appropriaitions for specific
purposes. The amount of such obligations increased by $1,345
millions during the year, due primarily to investments for trust funds
and accounts established by the Social Security Act, as shown in
the following table.




28

REPORT OF T H E SECRETARY OF T H E TREASURY

Comparison .of special issues of Treasury obligations outstanding J u n e SO, 1940
and 1941
[In millions of dollars. On basis of daily Treasury statements (unrevised), see p. 405]
Special issues

J u n e 30,1940

Adjusted service bonds. Government life insurance fund..

G r a n d total

.

. . .
.

_

.

1,052. 5

-360.7

324.9.
79.4

1.328.1
74.0

1,003.2
-5.4

550.0
.2
3.9
4.3
.8
96.5
56.0
24.3

644. 5
.8
4.7
5.4
1.0
• 88.0
90.0
• 30.8
2.8
5.0

94.5'
.6.81.1
.2-8.5
34.0'
6.5
2.8
5.0'

3. 327. 6

774. 2-

19.3
2, 273. 0

8.0563.0'

1,721.3

Certificates of indebtedness:
4% Adjusted service certificate fund
2 H % Unemployment trust fund..'

1,413.2

2, 5.53.4

„

500.2

11.3
. 1.710.0

Total

-

Increase or
decrease (—)

600.2

Treasury notes:
Federal old-age and survivors insurance trust fund notes:
3% Old-age reserve account
2J'^% Federal old-age and survivors insiirance trust
fund... .
..
•.
3% "Railroad retirement accomit
".
Civil service retirement fund:
4% Series •
.
•
3% Series
4% Foroisn service retirement fund
4% Canal Zone retirempnt fund...
4% Alnskrfl. Railrnarl rPtirfmp.nt fund
2% Postal Ravings System
2% Fc'ieral Deposit Insurance Corporation
2% Government life insurance fund
3% National service life insurance fund
2% Federal Savings and Loan Insurance Corporation

Total

J u n e 30, 1941

2, 292. 3

571. 0-

4, 774. 9

6,120.1

1,345.2-

Further details of the special issues outstanding on June 30, 1941,,
are shown in the statement of the public debt appearing on page 536.
Cumulative sinking fund
Credits accruing to the cumulative sinking fund during the year
amounted to $586 millions which, with the unexpended balance of
$2,117 milhons brought forward from the previous year, made $2,703
•millions available for the year. Of this amount $37 millions were
applied to the retirement of one issue of Treasury bonds of 1940-43
called for redemption June 15, 1940, which were presented for redemption during the fiscal year 1941. The unexpended balance of $2,666»
millions was carried forward to the fiscal year 1942.
Tables presenting the transactions on account of the fund for 1941
and since its inception on July 1, 1920, will be found on pages 587 and
588 of this report.
Amendment to the Second Liberty Bond Act
The Pubhc Debt Act of 1941, approved February 19, 1941, amended
section 21 of the Second Liberty Bond Act, as amended, so as to limit
the face amount of public debt obligations issued under the authority
of that act to an amount not to exceed in the aggregate $65,000
millions outstanding at any one time.




REPORT OF THE SECRETARY OF THE TREASURY

29

Prior to the enactment of the Public Debt Act, a limitation of
$45,000 millions was in effect on the total amount of outstanding
bonds, certificates of indebtedness. Treasury bills, and notes issued
under authority of section 21 (a) of the Second Liberty Bond Act, as
amended, or under authority of section 6 of the First Liberty Bond
Act, as amended; aiid in addition $4,000 millions of National Defense
series obligations were authorized to be outstanding under section
21 (b), which was added by the First Revenue Act of 1940. This
total limitation of $49,000 millions was exclusive of an authorization
of $300 millions of certificates of indebtedness granted under section
32 of the act'of June 13, 1898, and an authorization of $4,000 millions
of war savings certificates granted under section 6 of the Second
Liberty Bond Act, as amended.
Section 2 (a) of the Public Debt Act placed the limitation of $65,000
millions on the amount of obligations to be issued and outstanding
at any one time under authority of section 21 of the Second Liberty
Bond Act, as amended. The authority in the First Revenue Act of
1940 to issue $4,000 millions of National Defense series obligations
was eliminated.
Section 2 (b) of the Public Debt Act terminated the authority to
issue $300 millions of certificates of indebtedness granted under section 32 of the act of June 13, 1898; $2,000 millions of certificates
granted under section 6 of the First Liberty Bond Act, as amended;
and $4,000 millions of war savings certificates granted under section
6 of the Second Liberty Bond Act, as amended. Section 2 (c) repealed
section 301 of the First Revenue Act of 1940, which created a special
fund for the retirement of defense obligations.
The effect of se"ction 2 of the Public Debt Act was to consolidate into
section 21 of the Second Liberty Bond Act, as amended, all authority
for the Treasury Department to issue direct obligations.
Section 3 of the Public Debt Act amended section 22 of the Second
Liberty Bond Act, as amended, the law under which United States
savings bonds are issued, so as to grant greater latitude and more
flexibility for the issuance of savings securities. For a discussion of
this amendement see page 21.
Section 4 of the Public Debt Act provided that ^Tnterestupon, and
gain from the sale or other disposition of, obligations issued on or
after the effective date of this Act by. the United States or any agency
or instrumentality thereof shall not have any exemption, as such, and
loss from the sale or other disposition of such obligations shalhnot have
any special treatment, as such, under Federal tax acts now or hereafter enacted," with two exceptions necessary to fulfill prior commitments. This action with respect to obligations issued on or after
March 1, 1941, removed any exemptions from Federal taxation previ407631—42

4




30

REPORT OF THE SECRETARY OF THE TREASURY

ously accorded interest received on similar obligations previously
issued. A copy of the Public Debt Act of 1941 is appended to this
report (page 337).
SECURITIES GUARANTEED BY THE UNITED STATES

Certain governmental corporations and agencies are authorized to
issue bonds and other obligations which are guaranteed as to the payment of principal and interest by the United States or are issued on
the credit of the United States. These bonds and obligations are
classified as contingent liabilities of the United States. They are
primarily the obligations of the issuing agencies, and the assets of
such agencies are to be used for their payment.
The Treasury has made available to the governmental corporations
and credit agencies, authorized to issue obligations guaranteed as to
principal and interest by the United States, all of its facilities for the
issuance, redemption, etc., of public debt obligations of the United
States, so that those corporations and agencies desiring to do so can
arrange to have their obligations serviced through Treasury facilities.
As a result of this policy the facilities of the Department were utilized
during the year to handle the issuance to the public of obligations of
the Commodity Credit Corporation, the United States Housing
Authority, and the Reconstruction Finance Corporation, and the
redemption of obligations of the Home Owners' Loan Corporation.
Major financing operations conducted during the year are shown
below. .
Major financing operations conducted by the Treasury during the fiscal year 1941
for agencies issuing securities guaranteed by the United. States
Date

Issue

Aug. 1,1940

H% Commodity Credit Corporation notes of series F, due May 1, 1943:
For cash (at par)
.
..:
>
.
1
..'
H% United States Housing Authority notes of series E, due Nov. 1, 1941:
For cash (at par)
'
....
%% Reconstruction Finance Corporation notes of series U, due Oct. 15,1942:
For cash (at par)
1H% Reconstruction Finance Corporation notes of series V, due July 15,
1943:
For cash (at par)
1

New offerings

Nov. 1,1940
Apr. 17,1941
Apr. 17,1941

$289,458,000
112, 099, 000
319,895,000
324, 397, 000

1, 045,849, 000
Maturities
May 15,1941

%% Home Owners' Loan Corporation bonds of series L, maturing May 15,
1941

190,837, 900

Copies of offering circulars, announcements of subscriptions and
allotments, etc., relating to the foregoing operations will be found
as exhibits 30 to 37, beginning on page 340.
The table above does not include small amounts of 2K percent
mutual mortgage insurance fund debentures, series B, called on



REPORT OF THE SEORETARY OF THE TREASURY

31

March 26, 1940, and September 26, 1940, for redemption on July 1,
1940, and January 1, 1941, respectively. The instructions issued by
the Secretary of the Treasury for the redemption of the fourth-called
debentures and also of the fifth-called debentures are included in the
exhibits on pages.342 and 345.
The net changes during the year of the various classes of securities
guaranteed by the United States are shown in the table that follows.
A detailed statement of these obligations and of certain other contingent liabilities of the United States as of June 30, 1941, will be
found on page 592.
Comparison of obligations guaranteed by the United States outstanding June SO, 1940
and 1941, by agencies ^
[In millions of dollars]
Increase or
June 30, 1940 June 30, 1941 decrease (—)

Corporation or agency.
Unmatured obligations:
Commodity Credit Corporation
1
Federal Farm Mortgage Corporation •
Federal Housing Administration:
Mutual mortgage insurance fund..
Housing insurance fund-- _
Home Owners' Loan Corporation
Reconstruction Finance Corporation . •
United States Housing Authority...
Total unmatured obligations
Matured obligations, all agencies
Matured interest, all agencies
Total, based on guarantees

.

406.8
1, 269.4
•
.
'..

696.3
1, 269. 4

289.5

5.6
2.0
• 2,603.4
1, 096. 4
114.2

8.0
9.3
2,408. 9
1, 741. 4
226.3

2.6
7.3
-194.4
645.1
112.1

2 5, 497. 6
31.3
3.3

2'6, 359. 6
10.6
3.1

862.1
-20.7
-.2

5, 532.1

6, 373. 3

841.2

1 Does not include obligations held by the Treasury and reflected in the public debt.
2 Does not include $8.3 millions of obligations issued on the credit of the United States by the Tennessee
Valley Authority and held by the Reconstruction Finance Corporation.
NOTE .^-Figures are rounded to nearest tenth of a million .and will not necessarily add to totals.

During the fiscal year the borrowing power of the Commodity
Credit Corporation, Federal Housing Administration, and the Reconstruction Finance Corporation was extended by the enactment of
further legislation. The Commodity Credit Corporation, imder the
act of August 9, 1940 (Public No. 759), was authorized to increase by
$500,000,000 the amount of obligations which it might issue and have
outstanding, such authorization being specifically limited to $1,400,000,000. Under the act of June 28, 1941 (Public Law 138), the
authority of the Federal Housing Administration to insure the principal amount of mortgages was increased by $1,000,000,000; and under
the act of March 28, 1941 (Public Law 24), the defense housing insurance fund was authorized to insure mortgages in the principal amount
of $100,000,000. The aggregate amount of principal obligations of
all mortgages insured by the Federal Housing Administration is now
limited to $4,100,000,000, except that with the approval of the
President such aggregate amount may be increased to not to exceed
$5,100,000,000. The borrowiag power of the Reconstruction Finance
Corporation was increased several times duriag the fiscal year so that




32

REPORT OF THE SECRETARY OF THE TREASURY

the amount of obligations which it was authorized to issue as of June
30, 1941, amounted to $7,141,814,048, including amounts outstanding
issued imder the indefinite authorizations, or a net increase of $3,153,680,989 since June 30, 1940. This net increase resulted from the
following changes:
INCREASES

statutory authorizations with definite limitations:
Amount
To provide funds for the Export-Import Bank of Washington and for
other purposes (Public No. 792, approved September 26, 1940)
$1,500,000,000
To provide funds for the defense housing fund (Public Law 24, approved March 28, 1941)..
10,000,000
For loans to foreign banks, their central banks, and for other purposes
(Public Law 108, approved June 10. 1941)......
1,500,000,000
statutory authorizations with indefinite limitations:
Subscriptions for preferred stock in national banking associations, State
banks, or trust companies (48 Stat. 6; 12 U. S. C. 51 (d))
149,098,547
Loans to the Federal.Housing Administration (48 Stat. 1247; 12 U. S. C.
1705)
3,000,000
$3,162,098, 547
DECREASES

Notes canceled (52 Stat. 79; 15 U. S. C. 609 (f)) consisting of $3,000,000 in
obligations of the Federal,Housing Administration and $417,558 for expenses of regional agricultural corporations
Obligations of the Federal Housing Administration canceled (section 602 of
the National Housing Act, Public Law 24, approved March 28, 1941)..•
Net increase in borrowing power

3,417,558
5,000,000
!.

8,417,558
3,153,680,989

The provisions of law authorizing agencies to issue obligations
guaranteed by the United States have placed certain limits with
respect to the total amounts that can be issued. This legislation with
respect to the limitations established may be placed in three groups as
follows:
(1) Definite limitation.—Provisions stating a specific amount of
obligations which may be (a) issued, or (b) issued and outstanding at
any specified time. When the legislative authority provides only for
the issue of obhgations, the agency may issue obligations in a definite
amount but after they have been retired may not issue new obligations
in an equal amount. Under the second provision, the agency may
reissue obligations provided the total amount outstanding does not
exceed the authorized limit.
(2) Indirect limitation.—Provisions not stating a specific amount
of obligations that may be issued and outstanding at any time, but the
amount issued and outstanding is contingent upon other specific
limiting factors. As a result there is an indirect limit upon the amount
which may be issued and outstanding at any one time.
(3) No specific limitation.—Provisions not stating a specific amount
of obligations which may be issued or issued and outstanding at any
one time, but the amount is contingent upon other specific factors,
the amount of such factors also being indefinite.
The table that follows shows, by agencies, the amounts of obligations authorized to be outstanding as of June 30, 1941, and the
amounts actually outstanding on that date.




33

REPORT OF THE SECRETARY OF THB TREASURY

Borrowing power and outstanding unmatured issues of governmental corporations and
credit agencies whose obligations are guaranteed by the United States, June SO, 1941
[In millions of dollars]

Borrowing
power

Corporation or agency

Agencies issuing obligations for cash or in exchange for
mortgages:
Commodity Credit Corporation
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation.
Reconstruction Finance Corporation
Tennessee Valley Authority
United states Housing Authority
_ _
Subtotal

_

Grand total

Held by
Treasury

_

2 1,400.0
2,000.0
3 4,750.0
4 7,141.8
, 70.1
800.0

140.0

16,161.9

_

Agencies issuing obligations only in payment of defaulted
and foreclosed insured mortgages:
Federal Housing Administration...
United States Maritime Commission
. . . . .
Subtotal.

Outstanding obligations
Total

19.9
56.8
85.0

696.3
1, 269.4
2,408.9
.1,741.4
6 8.3
• 226.3

836.3
1,269 4
2,408.9
1,761.4
65.1
311 3

301.7

6, 350. 6

6.652.3

17.4

17.4

4,100.0
200.0
4, 300. 0
20,461.9

Held by
others'

17.4
301.7

17.4

0 6,367.9

6, 669.6

1 Excludes matured interest, all agencies, in amount of $3.1 millions.
2 Excludes an increase of $1,250.0 millions approved July 1, 1941 (Public Law 147).
3 This is an authorization for the total amount to be issued. The act of May 28,1935, provided that the
$4,750.0 millions may be increased for the purpose of retiring outstanding bonds. This would not affect
the net amount outstanding after June 13, 1936, since the Corporation's authority to make loans expired
•on that da"te.
.
•
4 Including, to the extent availed of, certain indefinite authorizations for which there is no statutory
•limitation.
6 Issued on the credit of the United States and held by the Reconstruction Finance Corporation.
1 Includes certain obligations of the Tennessee Valley Authority "issued on the credit of the United
States."
NOTE.—Figures are rounded to nearest tenth of a million and will not necessarily add to totals.

;ESTIMATED ABSORPTION, BY CLASSES OF HOLDERS, OF THE INCREASE IN SECURITIES ISSUED OR GUARANTEED BY THE UNITED
STATES DURING THE FISCAL YEAR 1941 AND THE ESTIMATED
OWNERSHIP OF SUCH SECURITIES ON JUNE 30, 1941

On June 30, 1941, the total volume of direct interest-bearing public
debt securities outstanding amounted to $48.4 billions, an increase of
$6.0 billions during the fiscal year; and the total volume of securities
guaranteed by the United States outstanding was $6.4 billions, a rise of
•$0.9 billion during the year. Approximately $3.6 billions, or 52 percent of the aggregate increase in securities issued or guaranteed by the
United States, was absorbed by commercial banks; $0.3 billion, or 5
percent, by mutual savings banks; $0.4 billion, or 5 percent, by insurance companies; and $1.4 billions, or 20 percent, by the United
States Government agencies and trust funds. The Federal Reserve
Banks decreased their holdings by $0.3 billion. Other holders—
individuals and corporations other than banks and insurance companies—absorbed the remaining $1.5 billions of these obligations.
The figures, along with comparable data for the four previous fiscal
years, are shown in greater detail in the table that follows.




34

REPORT OF T H E SECRETARY OF T H E TREASURY

Increase in the volume of interest-bearing securities issued or guaranteed by the
United States, June 30, 1937, to June SO, 1941 y curid estimated absorption by
classes of holders
1937

1939

1938

1940

1941

Billions of dollars
I. Increase in t h e v o l u m e of securities issued or g u a r a n t e e d b y
the U n i t e d States:
A. P u b l i c issues:
(1) M a r k e t a b l e :
(a) Securities issued b y t h e U n i t e d s t a t e s .
(6) • Securities g u a r a n t e e d b y t h e U n i t e d
States

.

....

T o t a l n o n m a r k e t a b l e issues

...

I I . E s t i m a t e d absorption ' of t h e increase by—
•
A. Commercial b a n k s
B . M u t u a l savings b a n k s
C. Insurance companies.i
D . U n i t e d States G o v e r n m e n t agencies a n d t r u s t f u n d s . .
E . F e d e r a l Reserve B a n k s

2.2

.5

.5
-.6

.4
-.1

.6

1.0

• .4

..

1.4

(*)

(*)

1.4

1.5
1.0

5.5
1.3

LO

3.9

.2.5

6.^

-.5
.3
.5
1.2

1.7
:4
.4
1.1

.9
.1
• .6
1.2
-.1

3.5
.3
.4
1.4
-.3

2.6

6.3

-.1 • -1.0
.9
.5

.1
1.4

(*)
1.6
-.9
.3

2.8

.9
4.1

1.0

-.7.
.3
1.1
L3
.1

.7.

T o t a l other holders

3.3

.6

.8
-.1

F . O t h e r holders:
M a r k e t a b l e issues
N o n m a r k e t a b l e issues

0.5

(^)

2.8
1.1

-.2
1.1

2.1

Subtotal

T o t a l absorption

-.5

2.8

B . Special issues
.

.6

1.8
.9

T o t a l p u b l i c issues
T o t a l increase

1.6

.2

- 1

(2) N o n m a r k e t a b l e :
(a) U n i t e d States savings b o n d s
(6) A d j u s t e d service b o n d s

-0.7

1.9

T o t a l m a r k e t a b l e issues

2.0
-.1

.

(*)
3.5

-.6

.4

-.1

1.5

1.0

3.9

2.6

6.9'

43
9
10
28

33
3
22
47
-3

52
6
5
20
-4

P e r c e n t of total
I I I . P e r c e n t absorbed by—
A. Commercial b a n k s
B . M u t u a l savings-banks
C. I n s u r a n c e c o m p a n i e s .
D . U n i t e d States G o v e r n m e n t agencies a n d t r u s t f u n d s . . .
E . Federal Reserve B a n k s
.
Subtotal
• F . Other holders:
M a r k e t a b l e issues
N o n m a r k e t a b l e issues . . . i
T o t a l other holders
T o t a l absorption

-25
11
40
46
4

-51
31
55
123
4

76

162

89

102

78

29
-5

-95
33

-3
13

-38
36

1
21

24

-62

11

-2

22

100

100

100

100

IOO

(*)

*Less than $50 millions or 0.5 percent.
1 The figures on the commercial and savings bank holdings of securities are taken at book value rather
than at par value. As a result, the absorption of securities by these institutions tends to be overstated and
the absorption by "other holders" to be understated when bonds are selling generally at a premium, as has
been the .case during most of the period. The errors so involved are not sufficiently large, however, to invalidate the general conclusions which are reached from the figures in the table. The figures for insurance
companies, Uhited States Government agencies and trust funds, and the Federal Reserve Banks are reported at par value.
NOTE,.—^Figures are rounded and will not necessarily add to totals.

It is apparent from the figures in the preceding table that,-in the
fiscal year 194l', individuals and corporations other than banks and
insurance companies—classed in the table as ''other holders^^—have
for the first time in a number of years absorbed an important portion



35

REPOKT OF THE SECRETARY OF l^E TREASURY

of the total expansion in the public debt securities outstanding.
This increase in absorption has been due in large part to the acquisition by individuals of considerable amounts of the various series of
United States savings bonds offered during the year. Annual and
cumulative data similar to those contained in the table above are
shown for the period since June 30, 1932, in the table below and
in charts 5 and 6.
Estimated distribution^, by classes of holders, of interest-bearing securities issued or
guaranteed by the United States outstanding at the end of each fiscal year 1932 to
1941
[In billions of dollars]

Commer- . M u t u a l Insurance
cial
savings
combanks
banks
panies

J u n e 30

U . S. Government
agencies
and t r u s t
funds

Other holders .
Federal
Reserve
Banks

Marketable
issues

Total
securities
Nonmaroutketable standing
issues

Amount, held
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

.
.

.
.-

0.5
.6
1.1
1.6,
2.1
2.4
2.7
3.0
3.1
3.4

6.1
7.4
10.6
12.7
15.3
.14.6
14.1
15.7
16.6
20.2

0.8
1.0
L5
.2.6
3.9
5.0
5.5
5.9
6.5
6.9

1.8
2.0
2.4
2.4
2.4
2.5
2.6
2.6
2.5
2.2

0.6
.7
1.5
2.0
2.3
3.6
4.8
5.9
7.1
8.5

9.3
10.5.
10.7
10.5
10.5
11.3
10. 3
10.2
9.3
9.4

0.1
1.2
1.1
1.4
1.9
2.9
4.3

19.2
22 2
27.8
. 31.8
37.7
• 40.5
41.4
45.3
47.9
54.7

0
0
0.11.2
-.1
.3.
.5
.9
1.4

3.0
5.6
4.1
5.9
2.8
1.0
3.9
2.5
6.9

0
0

6

A n n u a l change
1933
1934.
1935
1936
1937.
1938
1939
1940
1941

1.3
3.2
2.1
2:6
-.7
-.5
1.7
.9
3.6

(*)

0.5
.5
.5
.3
.3
.4
.1
.3

0.2
.5
1.1
1.3
1.1
.5
.4
.6
.4

0.1
.8
.5
.3
1.3
1.2
1.1
1.2
1.4

0.2
.4

(*)
(*)
.1
(*)
. (*)

. -.1
-.3

1.2
. .2
-.3
-.9
-.1
-1.0
.1

,

C u m u l a t i v e increase in a m o u n t held
1933
1934.. .
1935
193^-.••....
1937
1938
1939.
._
1940
1941

1.3
4.5
6.6
9.2
.8.5
8.0
9.7
10.5
14.1

(*)

0.5
,1.0
1.6
1.9
2.2
2.5
2.6
2.9

* 0.2
.7
1.8
.3.1
4.2
4.7
5.1
5.7
6.1

0.1
.9
1.4
1.7
3.0
4.2
5.3
. 6.5
7.9

0.2
.6
.6
.6
.7
.8
.8
.7
•

.4

1.2
1.4
1.1
1.1
1.9
1.0
.9
-.1

(*)

0
0
0.1
1.2
1.1
1.4
1.9
2.9
4.3

3.0
8.6
12.7
18.5
21.3
22.3
26.2
28.7
35.6

* Less than $50 millions.
,
' .
> The figures on the commercial and savings bank holdings of securities are taken at book value rather
than at par value. As a result, the absorption of securities by these institutions tends to be overstated
and the absorption by "other holders" to be understated when bonds are selling generally at a premium,
as has been the case during most of the period. The errors so involved are not sufficiently large, however,
to invalidate the general conclusions which are reached from the figures in the table. The figures for insurance companies, United States Governrrient agencies and trust funds, and the Federal Reserve Banks
are reported at par value.
NOTE.—Figures are rounded to nearest tenth of a billion and will not necessarily add,to totals.

The data shown in* the foregoing table represent estimates of the
total volume of public debt and guaranteed securities held by the
major classes of investors at the end of each of the last ten fiscal
years. During the fiscal year 1941, further details concerning the
holdings of such securities by banks and insurance companies be


36

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Z

1^

O
u H
-<
p S
o
p*-

»
w

Z

H
)-H

»
<

G
O
M
;tj

u
Z

^
p
z
z
^

o g

h:iP

g03
qT3

a «^




CUMULATIVE INCREASE IN T H E VOLUME OF INTEREST-BEARING SECURITIES ISSUED OR GUARANTEED BY T H E UNITED STATES AND
ESTIMATED ABSORPTION BY CLASSES OF HOLDERS SINCE JUNE 30, 1932
DOLLARJ
Billions

1

.1

I n c r e a s e in

11
Total Debt
1

1

/
•k

J1
1
1
1
JA 1
B Bi
^

32

28

24

20

DOLLARS
B IIions 1

I
I
I
I
1 A b s o r b e d by |
C o m m e r c i a l Banks
l
l
l
l
-

l

M
.

12

4

^

n
'1932

1

1934

^

B Wi 9 1

11
1r

16

12
•

8

4

n.

i

11 1li
BB B1
1 1 11

1934
1936 •
C A L E N D A R

1938
1940
Y E A R S

1 United States savings bonds and adjusted service bonds.




1
I

I

I

1
1

i

8

1

1936

1938

1940

•-3

O

1

W

"!9^5

I

I

8

1
A b s o r b e d by
|
Federal Reserve Banks

^

fei

>^
o

1934

1 1 J L

•

4

93?

1934

1936

1938

1940

0

1938

1936

1940

>

A b s o r b e d by |
Other Holders
(M a r k e t a b l e Issues)

^

932

M

1934

1

1

1936

O

^^ ^
1938

>**-._

I9?0

A b s o r b e d by
|
'
Other Holders
( N o n - M a r k e t a b l e Issues')

>

Ul

cl

1934

1936

C A L E N D A R
CHART 6,

1938
1940
Y E A R S

1934
1936
C A L E N D A R

1938
1940
Y E A R S

CO

38

REPORT OF THE SECRETARY-OF THE TREASURY

came available through the Treasury survey of the ownership of
securities issued or guaranteed by the United States. Holdings of
these issues are reported to the Treasury each month by approximately 7,100 of the larger banks and insurance cpmpanies. A summary of the data reported by these investors as of June 30, 1941,
and of other ownership data available at that time appears in the
table following. Detailed information on the ownership of each issue
of the public marketable securities issued or guaranteed by the United
States is contained in the table beginning on page 600.
Summary data as of J u n e SO, 1941, from Treasury survey of ihe ownership of securities issued or guaranteed by the United States, analyzing the ownership of such
securities by type of security, by call classes, and by tax-exemption provisions
P u b l i c m a r k e t a b l e interest-bearing securities «
Held.b^y b a n k s a n d insurance companies
• - covered i n - T r e a s u r y s u r v e y
Classification

I . B y t y p e of security:
Securities issued b y U n i t e d
States:
Bills
Notes
Bonds
G u a r a n t e e d issues ^
.
Total
I I . B y call classes: .
D u e or first becoming callable-.
W i t h i n 1 year
1 to 5 years
5 to 10 years
10 to 15 y e a r s . .
15 to 20 years
After 20 years
Federal H o u s i n g A d m i n i s tration debentures
Total

Total
amount
outstanding

Total
7,097
institutions

Held by
U.S.
Government
Held
6,322 b a n k s
agencies
b y all
a n d t r u s t other
775 infunds
invessurance
and
5,829
493
tors
Federal
comm u t u a l comTotal
mercial savings panies Reserve •
Banks»
banks
banks

P a r t A — P a r values in millions of dollars

1,603
5,698
30,411
6, 360

1,145
3,381
19, 743
4,928

1,135
3,122
13, 760
4,339

1,112
2,931
10,864
4,107

23
191
2,895
233

10
259
5,983
.589

866
3,406
273

459
1,452
7,263
1,160

44,072 '29,196

22, 356

19, 014

3,342

6,841

4,544

10, 332

2,702
9,620
5,282
3,746
1,004

2, 603
8,630
4,212
2,756
813

100
• . 991
1,070
990
191

212
2,126
1,873
1,319
1,302

166
1,872
1,079
1,0.30
396

998
4 620
1,706
2,267
734

4, 544

10, 332

4,078
18, 239
9,940
8, 362
3,436

2.915
11, 747
7,154
• 5, 065
2,306

17

10

2

44, 072

.29,196

22, 356

I I I . B y tax-exemption provisions:
W h o l l y e x e m p t from F e d eral income taxes *
4,663
2,367
2,177
, , P a r t i a l l y ^ e x e m p t from F e d eral in cbine taxes '
: 32, 343 • 21, 391 ' 15, 397
Subject to F e d e r a l income
5,439
4,781
taxes
. 7,067
Total

44, 072

29,196

22, 356

,

2

19, 014

2,063
13,116

(*)

.

7

8

3, 342

6,841

114

190

833

1,463

,2,282 . 5,993

:, ;3,356

•: 7,597

3,835

946

658

355

1,273

19,014

3,342

6, 841

4,544

10, 332

P a r t B—Percentage d i s t r i b u t i o n b y classes of securities
I . B y t y p e of security:
Securities issued b y U n i t e d
States:
Bills
Notes
Bonds
:.
G u a r a n t e e d issues 3
Total

Footnotes at end of table.




3.6
12.9
69.0
14. 4

3.9
11.6
67.6
16.9

100.0

100.0

5.1
14.0
61.5
• 19.4
100.0

5.8
15.4
57.1
21.6
100.0

0.7.
,5.7
86.6
7.0
100.0

0.1
3.8
87.5
8.6
100.0

19.1
75.0
6.0
100. n

4.4
14.1
70.3
11.2
100.0

39

REPORT OF THE SEORETARY OF THE TREASURY

'Summary data as of June SO, 1941, from Treasury survey of the ownership of securities issued or guaranteed by the United States, analyzing the ownership of such securities by type of security, by call classes, and by tax-exemption provisions—Con.
P u b l i c m a r k e t a b l e interest-bearing securities i — C o n t i n u e d
Held b y
• U.S.
Government
Held
agencies b y all
• 6,322 b a n k s
a n d t r u s t other
775 infunds
invessurance
and
493
5,829
tors
comFederal
com- m u t u a l
T o t a l mercial savings panies Reserve
Banks 2
banks banks

Held b y b a n k s a n d insurance companies
covered in T r e a s u r y s u r v e y
Classification

Total
amount
outstanding

Total
7,097
institu
tions

P a r t B—Percentage distribution by classes of securities—Continued
1 1 . B y call classes:
.Due or first becoming callable—
Within 1 year.
...
1 to 5 years
5 to 10 years
10 to 15 years . .
• 15 to 20 'years '
. After 20 years
Federal Housing Administration debentures
Total...
I I I . B y tax-emption provisions:
W h o l l y exempt from Federal
income taxes *
P a r t i a l l y exempt from Federal income taxes ^
Subject to Federal income
taxes
Total
:..•

9.3
41.4
22.6
19.0.
• 7.8

10.0
40.2
24.5
17.3
7.9

12.1
43.0
23.6
16.8
4.5

13.7
45.4
22.2
14.5
4.3

3.0
29.7
32.0
29.6
5.7

(*)

(*) .

(*)

(*)

(*)

100.0

100.0

100.0

100. 0

100. 0

10.6
73.4
16. 0
100.0

.8.1
73.3

3.1
31.1
27.4
19.3
19.0

3.7
41.2
23.7
22.7
8. .7

9.7
44.7
16.5
21.9
7.1

.1
100.0

100. 0

100.0

.1

9.7

10.8

3.4

2.8

18.3

14.2

68.9

69.0

68.3

87.6.

73.9

73.5

28.3
21.4
20.2
9.6
• ^7.8
18.6
100.0
100. 0
100.0
100. 0
100.0
100.0
P a r t C—Percentage d i s t r i b u t i o n b y groups of investors

I- B y t y p e of security:
Securities issued b y U n i t e d
States:
71.4
Bills .
100.0
59.3
Notes
100.0
64.9
Bonds
100.0
G u a r a n t e e d issues 3. _
-.... 100.0
7.7.5
66.2
. .
Total
100.0
I I . B y call'classes:
D u e or first becoming callable—
Within l y e a r
. . 100.0
71.5
i to 5 years
64.4
100.0
72.0
5 to 10 y e a r s . . . 100.0
60.6
10 to 15 y e a r s . . .
100.0
67.1
100.0
15 to 20 y e a r s . .
After 20 y e a r s . • Federal H o u s i n g A d m i n i s tration d e b e n t u r e s
.59.2
100.0
66.2
Total...
100.0
I I I . B y tax-exemption provisions:
W h o l l y exempt from Federal
income taxes <-..'.
J. • ,'IPO. Q • 50.8 •
' • P a r t i a l l y e x e m p t from F e d eral income taxes s
66.1
100.0
Subject to F e d e r a l income
100.0
77.0
taxes
66.2
Total
100.0

70.8
54.8
45.2
68.2

69.4
51.4
35.7
64.6

50. 7

12.3
100.0

43.1

1.4
3.4
9.5
3.7
7.6

0.6
4.5
19.7
0.3
15.5

15.2
11.2
.4.3
10.3

28.6
25.6
23.9
18.2
23:4

66.3
52.7
53.1
44.8
29.2

63.8
47.3
42.4
33.0
23.7

2.5
5.4
10.8
11.8
5.6

. 5.2
11.7
.18.8
15.8
37.9

4.1
10.3
10.9
12.3
11.5

24.5
25.3
17.2
27.1
21.4

12.6
50.7

10.3
43.1

2.3
7.6

46.6
15.5

10.3

40.8
23.4

46.7

44.2

.• 2.4

4.1

17.9

31.4

47.6 .

40.6

7.1

18.5

10.4

23.5

67.7
50.7

54.3 .
43.1

13.4
7.6

9.3
15.5

5.0
10.3

18.0
23.4

* Less than $500,000 or less than 0.05 percent.
» Public marketable securities include all securities issued except (1) special issues to Government agencies and trust funds, (2) adjusted service bonds, and (3) United States savings bonds. The amount of
United States savings bonds reported by the banks and insurance companies covered was $222 millions,
rnaturity value. These v^^ere divided as follows: Commercial banks, $173 millions; mutual savings banks,
$'19 millions; and insurance companies, $30 millions.
2 Excludes exchange stabilization fund.
8 Excludes obligations sold directly to the Treasury.
* Securities the income from which is exempt from the normal rates and the surtax rates of the Federal
income tax.
5 Securities the income from which is exempt from the normal rates of the Federal income tax. (In the
sase of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any
cingle holder is also exempt from the surtax rates of the Federal income tax.)
NOTE.—Figures are rounded to the nearest million dollars or the nearest one-tenth of 1 percent and will
not necessarily add to totals.




40

REPORT OF T H E

SECRETARY OF T H E

TREASURY

The data shown in the preceding table and in the table beginning on
page 600 cover institutions that account for about 95 percent of t h e
amount of public debt and guaranteed securities owned by banks and
about 99 percent of the amount of such securities held by insurancecompanies.^ They present, therefore, a comprehensive perspective
of bank and insurance company ownership of Government securities—
a perspective that permits a statistical determination of the preferences for the various kinds of Government securities of each of t h e
major classes of investors. A discussion of these preferences, by
classes of investors, appears in the paragraphs that follow.
Commercial banks.—The 5,829 commercial banks for which data
on ownership of securities issued or guaranteed by the United States^
were submitted in the Treasury survey as of June 30, 1941, held $19
billions par value of such securities. Some 59 percent of these issueswas first callable within five years and approximately 81 percent wasfirst callable within ten years.^ Commercial bank portfolios of
Government securities were shorter in the aggregate on June 30, 1941,.
than would have been the case if the banks had owned a representative
cross-section of all the public debt or guaranteed securities outstanding on that date. This portfolio characteristic, which is re-^
vealed in the table below, was accounted for primarily by the maturity
preferences of the commercial banks in New York City. The commercial banks outside of New York City, on the other hand, owned a
general cross-section of the maturities; that is, their portfolios became
first callable at approximately the same rate as did the aggregate
volume of public debt and guaranteed securities outstanding.
Comparison of the distribution by call classes of United States Government securities
owned by commercial banks with the aggregate amount of public marketable issues of
such securities outstanding,"• J u n e 30, 1.941
[In percent of total owned or outstanding]
P r o p o r t i o n of portfolio or a m o u n t o u t s t a n d i n g d u e or
first callable w i t h i n —
1
year

3
years

5
years

7
years

10
years

15
years

20
years

JDistribution b y call classes of all p u b l i c mark e t a b l e issues o u t s t a n d i n g

9

32

51

59

73

92

100'

D i s t r i b u t i o n b y call classes of portfolios,of:
1. Cumraorcial b a n k s in N . Y. C
2. Commercial b a n k s outside N . Y . C . _ . .

17
12

50
32

74
49

82
58

91
75

99
94

100
100

14

39

59

68

81

96

IOO

3.

T o t a l all commercial b a n k s

•« Public marketable issues comprise all securities except United States savings and adjusted service bonds,
and special issues to United States Government agencies and trust funds, which have been excluded in;
arriving at thefigureson which the percentages have been computed.' '
1 The figures submitted in connection with the Treasury survey are at par value. The figures on bank
holdings of United States Government securities shown in the table on page 38 are at book value, however,
so that a reconciliation between the figures cannot be effected by applying the 95 percent figure shown in
this paragraph.
2 Fixed-maturity issues are classified by year in which due. United States savings bonds, of which the
banks reporting held $173 millions, are excluded.




41

REPORT OF THE SECRETARY OF THE TREASURY

Mutual savings banks and insurance companies.—The 493 mutual
savings banks, 200 life insurance companies, and 575 fire, marine,
and casualty insurance companies, for which data on the ownership
of securities issued or guaranteed by the United States were obtained
in the Treasury survey as of June 30, 1941, held in the aggregate
approximately $10 billions par value of such securities. Onl}^ onethird of these issues was first callable within five years, while more
than one-third was callable after ten years. The portfolios of these
institutions, it is manifest, were considerably longer on the average
than the portfolios of the 5,829 commercial banks discussed above.
A comparison of portfolio distribution by types of institutions appears
in greater detail in the table following.
Comparison of the distribution by call classes of United States Government securities
owned by institutional investors with the aggregate amount of public marketable
issues of such securities outstanding,^ June 30, 1941
[In percent of total o w n e d or out.standing]
P r o p o r t i o n of portfolio or a m o u n t o u t s t a n d i n g d u e or first
callable w i t h i n —

1 year

D i s t r i b u t i o n b y call classes of all p u b l i c mark e t a b l e issues o u t s t a n d i n g
D i s t r i b u t i o n b y call classes of portfolios of—
1. M u t u a l savings b a n k s
2 Life insurance companies
3. Fire,•'casu'alty,"'ahd m a r i n e i n s u r a n c e
companies
S u b t o t a l , m u t u a l savings b a n k s
a n d i n s u r a n c e companies
4. All commercial b a n k s

1-3
years

3-5
years

5-7
years

7-10
years

10-15
years

15-20
years

9

19

8

14

19

8

3
3

14
14

16
16

13
9

19
19

29
20

6
19

4

.

23

16

18

10

16

18

18

3

14

17

10

• 19

22

15

14

25

20

9

13

15

4

Cumul< i t i v e p r o portion of portfolio or a m o
unt outstanding
d ue or. first callable w i t h i n 1 year
D i s t r i b u t i o n b y call classes of all p u b l i c m a r k e t a b l e issues o u t s t a n d i n g
D i s t r i b u t i o n b y call classes of portfolios of—
1. M u t u a l savings b a n k s
. .2. Life i n s u r a n c e c o m p a n i e s .
3. Fire, casualty, a n d m a r i n e i n s u r a n c e
companies
.
S u b t o t a l , m u t u a l savings b a n k s
a n d insurance companies
_
4. All commercial b a n k s . .

3 years 5 years 7 years 10 years 15 years 20 years

9

32

51

59

73

92

100

3
3

17
17

33
33

46
42

65
61

94
81

100
100

4

20

38

48

64

82

100

3

17

14

39

'

34

44

63

85

100

59

68

81

96

100

1 Public marketable securities comprise all securities except United States savings and adjusted service
bonds and special issues to United States Government agencies and trust funds, which have been excluded
in arriving at the figures on which the percentages have been computed.




42

REPORT OF THE SECRETARY OF THE TREASURY

Federal Reserve Banks and United States Government agencies and
trust Junds.—On June 30, 1941, the Federal Reserve Banks held $2,184
millions of public debt and guaranteed securities in the System^s open
market account, a decrease of $282 millions during the fiscal year.
A discussion of the management policies of the Federal Reserve System
with respect to its open market account appears in the annual reports
of the Board of Governors of the Federal Reserve System covering
the operations for the calendar years 1939 and 1940. Further details
with respect to the securities held in the open market account appear
in the various publications of the Board of Govei*nors of the Federal
Reserve System.
The various Uriited States Government agencies and trust funds
owning Government securities held $8,480 millions of public debt and
guaranteed securities on June 30, 1941, of which $6,120 inillions were
in the form of special issues and $2,360 millions were in the form of
public marketable issues. A summary table showing the amount of
public debt and guaranteed securities owned by these agencies and
trust funds appears below. Further details of the securities held by
trust funds also appear in the administrative report of the Bureau of
Accounts, beginning on page 135. A table and discussion of special
issues held by Government agencies and, trust funds appear on page 27.
Holdings by United States Governrnent agencies and trust funds of interest-bearing
securities issued or guaranteed by the United States, J u n e 30, 1941
[In millions of dollars. Par values]
Public issues
Total
securiSecurities
ties
issued or
Special
guarguaranFirst
First
issues
First
teed
callcall- United anteed
callable
able
States by the b y t h e
able between between savings United United
within 5 and 10 and
States
States
5 years 10 years 20 years bonds
'

Trust fund or agency

Adjusted service certificate fund .
Civil service retirement and disability fund
Federal old-age and survivors insurance
trust fund
Individual Indian trust funds
Mutual mortgage insurance fund and housing insurance fund
Postal Savings System
:.
Railroad retirement account __
. .
Unemplo3'ment trust fund
IT. R. Government life insurance fund
Banks for cooperatives.
Federal Deposit Insiirance Corporation
Federal home loan banks
-.
Federal intermediate credit banks
- ..
Federal land banks.
Federal Savings and Loan Insurance Corporation. ._.
•
Production credit corporations
Reconstruction Finance Corporation
Other trust funds and corporations
Total 1...

.—"..-

Securities issued by the
United States

19
645

19
645
2,381

88
74
2,273
531
90

26

1

13

6
360

3
267

• 22
385

16
9
.118
15

88
5
74
16
20
30

222
10
134
'21
16
64

8
5

6

14

3
2

4
2
48
2

6,120

568

561

,

(*)

•
147

8
10

n

(*)

9
45

(*)

20
962

103

(*)

(*)
1

*Less than $500,000.
1 Excluding exchange stabilization fund.
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.




2,381
41

(*)

268

32
1, 246
74
2,273
858
32
416
•• 62
36
102
128
46
51
39
8,480

REPORT OF THE SECRETARY OF THE TREASURY

43

All other investors.—The figures on securities issued or guaranteed
by the United States owned by ^'all other investors^^ shown in the last
coltimn of the table beginning on page 38 ^ represent the public marketable issues owned (1) by the 9,500 banks and insurance, companies
not covered in the Treasury survey of ownership, (2) by commercial
and financial corporations other than banks and insurance companies,
(3) by eleemosynary institutions, and (4) by individuals, including
trusts and fiduciaries. I t is obvious that composite figures for such
a heterogeneous group will tend to obscure the preferences of each of
the various classes of investors which have, it is known, quite dissimilar investment requirements. Preferences, for certain issues and
types of issues are apparent from the figures, however, and to some
extent these can be explained on the basis of other information. Thus
it i3 noted that a considerable proportion of those Treasury notes,
the income from which is fully exempt from Federal income taxes, is
owned by ''all other investors.^' These securities, it is obvious, are
probably to a large extent held by wealthy individuals to whom the
tax-exemption privilege is primarily attractive.
''All other investors'' also own relatively large proportions of high
coupon issues that have been outstanding for.a long period of years.
These issues have probably accumulated in the portfolios of investors
whose trading is quite inactive. "All other investors'' also own relatively large proportions of the bond issues that were offered in exchange for. the various series of Liberty bonds, an important volume
of which remained in the hands of individuals until the issues were
called for repayment; and relatively large proportions of those guaranteed issues which were oft'ered in exchange directly for farm and
home mortgages, a considerable volume of which was in the hands of
noninstitutional mortgagees in 1934 and prior years.
MARKET MOVEMENTS IN GOVERNMENT SECURITIES

During the fiscalyear 1941, yields of Treasury secuiTties decreased,
continuing the decline recorded during the previous 8K years. The
declining trend was interrupted during the early months of the calendar year 1941, but by June yields of Treasury securities were only
shghtly above their lows reached in the closing months of 1940. A
comparison of the yields on long-term Treasury bonds and 3-5 year
Treasury notes appears in chart 7.
The downward movement which occurred in the yields of Treasury
obligations during the fiscal year 1941 also occurred in the yields of
high grade municipal and high grade corporate bonds. The yields of
high grade corporate bonds did not decline as much as the yields of
» The figures shown in this table do not agree exactly with the figures shown on page 35 for two reasons:
(1) The amounts owned by small banks are included and (2) the figures in the table on page 38 are
all par value figures, whereas the figures on securities owned by commercial banks in the table on page 36
are book value figures. As a result, in the latter table the amount owned by "other holders"—a residual
item—is understated by the amount that the book value of commercial- bank holdings is above the par
value of these holdings.




44

REPORT OF THE SECRETARY OF THE TREASURY

Treasury bonds, however, but the yields of municipals declined more.
Long-term Treasury bond yields reached their low for the fiscal year
in December 1940 while.the yields of high grade corporate bonds
reached their low in January 1941, and those of municipal bonds in
June 1941. Although in general the yields of municipals moved in
COMPARATIVE YIELDS OF AVERAGE OF LONG-TERM TREASURY BONDS AND AVERAGE
OF 3-5 YEAR TREASURY NOTES, MONTHLY, JULY 1932 TO JUNE 1941
1933

1934^

1938

1935

-•-• , r . 1 < • n .

NT-^

1939

"I"I"I"

•,-.-, T-i-rr, r,

1 , 1 , 1 n 1 , ,•

PEF
4.5

4.0

3.5

3.0

\
1^^

L \

2.5 \r — *
r

3.5
^ ^

NT^

(li
rv

2.0

*.
t
:

\ A

Lo ng-Term Treasury Bonds
12 or more year s to earliest call date

^ ^ / ~ •

\ ^

3.0

r^

c

\ . J - •••...^v.i , ' ' ^

v^r\
^

5

>

Year Treasury

Aw

2.0

Notes^

1.5

V.

•

J\
\Ai

1.0

'

A.

..... ^^^

•

1940

1941

I M I M

1932

1933

1934

1935
1936
1937
C A L E N D A R

1938
1939
Y E A R S

CHAET 7.

1 Excludes fully taxable issues offered during the fiscal year 1941. .

,

harmony with yields,of Treasury bonds during the fiscal year, their
movement was characterized by much wider swings.
Movements of the yields of long-term Treasury, high grade corporate, and municipal bonds are shown monthly for the fiscal year
1941 and for the eight previous fiscal years in chart 8.
The cessation during the fiscal year of the issuance by the Federal
Government of securities on which the interest was exempt from^
Federal income taxation^ resulted in a present and prospective
scarcity of such securities and caused their yields to fall relative
to yields of securities on which the interest is subject to Federal
income taxation—i. e., corporation bonds and the new taxable Federal
securities. The yields of the new Federal securities were also some1 As noted on page 46 of this report the interest on all securities of the United States and its agenciesissued
subsequent to February 28, 1941, was made completely subject'to Federal income taxation by the Public
Debt Act of 1941 unless a stipulation to the contrary was made by a previous contract. Prior to the effective
date of this act the interest on two new issues of Treasury notes had also been made subject to Federal income
taxation in accordance with the discretion vested in the Secretary by prior legislation. ,




REPORT OF T H E SIECRETARY OF T H E TREASURY

45

what higher than would have been the case had they been issued with
the previous tax-exemption characteristics. The new taxable securities consequently had a higher market yield than outstanding wholly
or partially tax-exempt securities of corresponding maturities, reflecting in part the enhanced scarcity value of the latter securities and in
part the additional cost to the Treasury of issuing the new taxable
securities.
The gross differential between the yields of taxable and tax-exempt
securities existing in the market at the end of the fiscal year, expressed
COMPARATIVE YIELDS OF AVERAGE OF LONG-TEEM TREASURY BONDS, AVERAGE OF
HIGH GRALE CORPORATE BONDS, AND AVERAGE OF MUNICIPAL BONDS, MONTHLY,
JULY 1932 TO JUNE 1941
940

1933

1932

1933

1934

1935
1936
1937
C A L E N D A R

1938
1939
/ E A R S

1941
PERCENT

1941

CHART 8.

» Excludes fully taxable issues offered during the fiscalyear 1941.

as a percentage of the coupon rate of the taxable issues, tended to be
higher on short-term and lower on the long-term securities. This
tendency was probably due, at least in part, to the higher proportion
of longer term issues held (1) by mutual savings banks, hfe insurance
companies, and other institutional investors not subject to the payment of any substantial amount of Federal income taxes under the
operation of existing law, or (2) by individuals to whom the value
of the exemption was only. 4 percent of the coupon rate', i. e., the
amount of the normal income tax.
407631--42—5




46

REPORT .OF THE SECRETARY OF:THE TREAS;URY

TERMINATION OF EXEMPTION FROM FEDERAL TAXATION OF THE
INTEREST ON FUTURE ISSUES OF UNITED STATES
GOVERNMENT SECURITIES

During the fiscal year 1941,.the statutes covering the issuance of
securities by the United States Government and by agencies and
instrumentalities of the United States were so amended as to eliminate
from all future issues of such securities the provisions which made their
income fully or partially exempt from Federal income taxation.^
This amendment to the statutes, which was embodied in section 4 of
the Public Debt Act of 1941, approved February 19, 1941 (see exhibit
28, page 337), radically altered one of the primary characteristics of
future issues of securities of the Government and of its agencies.
At the beginning of the fiscal year 1941, the interest from all outstanding securities issued or guaranteed,by the United States was
either (1) wholly tax-exempt, that is, exempt from the normal rates
and the surtax rates of the Federal income tax (including excess
profits and war profits taxes) or (2) partially tax-exempt, that is,
. exempt from the normal rates of the Federal income tax only,^ and in
some instances, in the case of guaranteed obligations, from excess
profits and war profits taxes. The authority of the Secretary of the
Treasury and of Government corporations and agencies authorized to
issue obligations under certain Federal statutes was confined, with
one exception, to the issuance of securities carrying either one or the
other of these types of tax exemption. This exception related to the
issuance of Treasury notes the tax provisions of which the Secretary
of the Treasury was authorized to select at his option from four
alternatives provided by section 18 (b) of the Second Liberty Bond
Act. These alternatives included the two provisions described
above and in addition (1) the authority to make the interest partially
tax-exempt except for the interest on the first $30,000 principal
amount owned by one holder, interest on which would be fully taxexempt, and (2) the authority'to make the interest subject to all
Federal income taxes.
The last mentioned of these options had never been applied to issues
of Treasury notes. Toward the end of the fiscal year 1940, however,
the.Secretary of the Treasury stated before congressional committees
considering the Revenue Act of 1940 that insofar as it was within
his power he would, if it were left discretionary with him, subject
defense series Treasury obligations, the authority for which was then
1 Except that it was provided that any obligations which the United States Maritime Commission or the
Federal Housing A.dministration had contracted to issue at a future date prior to the effective date of the
amending statute should bear such tax-exemption privileges as were, at the time of such contract, provided
in the law authorizing their issuance.
2 In addition the interest on these securities is exempt, as such, from all State and local taxation; In the
ease of partially tax-exempt bonds issued under the authority ofthe Second Liberty Bond Act, interest
derived from.$5,000 of principal amount owned by any single holder is also exempt from the surtax rates of
the Federal income tax.




REPORT pF THE SIECRETARY OF THE TREASURY

47

under consideration by .Congress, to all Federal income taxes. Accordingly when, two series of defense series Treasury notes were issued,
the first on December 18, 1940, and the second on January 31, 1941,
it was provided that their interest should be subject to all Federal
income taxes.At about the time the first of the two series of defense notes was
issued the Secretary of the Treasury asked Congress to give consideration to a number of matters of public debt policy, including the
question of whether the interest from future issues of Government
securities should be subject to Federal income taxes. These considerations resulted in the Public Debt Act of 1941, which was approved
February 19, 1941, but which became effective with respect to the
changes in tax exemption of securities on March 1, 1941. No Federal
Government securities were issued between these two dates, however,
except United States savings bonds which had been on continuous sale
and the regular weekly series of Treasury bills. On February 25,
1941, the Secretary announced the first offering of taxable bonds, the
Treasury bond issue dated March 15, 1941, and maturing March
15, 1950. Further details with respect to this bond issue and other
taxable bond issues appear on page 20 of this report.
Immediately prior to the effective date of the Public Debt Act of
1941 there were,outstanding $52,724 millions of tax-exempt securities
issued by the United States, its agencies and instrumentalities. A
summary of these issues by type of tax exemption and by classes of
agencies appears in the table on page 48. Details of the volume of
tax-exempt securities outstanding on June 30, 1941, appear in table
58 on page 630 of this report.
The legislation terminating exemption from taxes of interest on
future issues of securities discussed above related only to the securities
of the Federal Government, its agencies and instrumentalities. I t did
not relate to the- income from securities issued by State and local governments. During the fiscal year, however, the Bureau of Internal
Revenue instituted the first of a series of test cases intended ultimately
to prove in the courts that the Federal Government has the right under
the Constitution to tax the income from State and municipal securities.
The action consisted of sending notices of deficiency to seven bondholders of the Port of New York Authority who had not included interest from their bonds in their tax returns filed on Ma]:ch 15, 1938. Six
of the seven bondholders subsequently paid the deficiency in tax claimed
by the Treasury Department, but the seventh filed an appeal. A
similar action against two bondholders of the Tri-Borough Bridge
Authority-who had not included interest from their bonds in their tax
returns was filed immediately after the close of the fiscal year so that
there would be more than one bondholder and one Authority before
the courts. The Bureau of Internal Revenue proceeded against only



48

REPORT OF THE SECRETARY OF THE TREASURY

two of the many Tri-Borough Bridge Authority bondholders, however,
in order to avoid causing a large class of taxpayers to incur expenses
which might otherwise not be necessary.
Tax-exempt securities issued by the Federal Government or by its agencies outstanding
on February 28, 1941 '
[In millions of dollars]
Total
A. All tax-exempt securities:
1. Total amount outstanding.
2, Amount held by:
(a) U. S. Government agencies »-(b) U. S. Government trust funds
.(c) Federal Reserve Banks
-

Partially
exempt

52, 724 '
_

14,966

37,758

1.834
7,016
2,178

.

Total held by U. S. Government agencies and trust funds,
and Federal Reserve Banks
•
_.-

908
5,516
894

925
1, 501
1,285

2. Amount held by:
(a) U S. Government agencies
(b) U. S. Government trust funds
(c) Federal Reserve Banks

_

-.

Total held by U. S. Government, agencies and trust funds,and Federal Reserve Banks

7,318

3,711

7.649

34,047

44,397

B. Securities issued by the U. S. Government:
1 Total amount outstanding
_

11,029
41,695

3. Net amount privately held

12,929

31,467

706
6,826
2.174

125
5,473
894.

582
1,354
1 280

C. Securities issiied by Federal instrumentalities and guaranteed by
the United States:
1 Total amount outstanding
2. Amount held by:
(a) U S. Government.agencies:• . _
(b) U. S. Government trust funds
(c) Federal Reserve Banks

.

.

---.

_.
.-

Total held by U. S. Government agencies and trust funds,
and Federal Reserve Banks.

9,706

6,491

3,216

.34.690

t

3 Net amount privately held

6,438

28, 252

6,123

8

6,115

;
353i V I
147
5
504

8

8

5.619

3 Net amount privately held
D. Securities issued by Federal instrumentalities but not guaranteed
by the United States:
1 Total amount outstanding
_
_.
2. Amount held by:
Ca) U . S . Government agencies..
(b) U S Government trust funds
(c) Federal Reserve Banks..

..

_.

344
147
5
496
5,619

2,205

2,029

775
43

-

Total held by U. S. Government agencies and trust funds,
and Federal Reserve Banks...
3 Net amount privately held .

Wholly
exempt

775
43

• 819

819

1, 386

1,210

176

176

Includes obligations sold directly to the Treasury by other United States Government agencies; and
holdings of exchange stabilization fund.
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals.

GENERAL FUND

The General Fund includes all moneys of the Government deposited
with and held by the Treasurer of the United States, including the
moneys covered into the Treasury which can be withdrawn only in
pursuance of an appropriation by Congress. Every receipt of the



REPORT OF THE SECRETARY OF THE TREASURY

49.

Treasury, from whatever source, and every expenditure, of whatever
nature, affect either the assets or liabilities, or both, of the General
Fund shown in the daily statement of the Treasury. The total amount
of the assets over and above the total amount of the liabilities represents the balance in the General Fund available to meet Government expenditures for general, special, and trust accounts.
The assets in the General Fund consist of gold, silver, currency,
coin, unclassified collection items, etc., and deposits to the credit of
the Treasurer of the United States and other Government ofl&cers,,
in Federal Reserve Banks, special depositaries account of sales of
Government securities, national and other bank depositaries, foreign
depositaries, and the treasury of the Philippine Islands.
The liabilities of the General Fund consist of outstanding Treasurer's
checks, deposits of certain Government officers composed of balances
to the credit of the Post Office Department, the Board of Trustees
of the Postal- Savings System, and postmasters, clerks of courts, disbursing officers, etc., and uncollected items, exchanges, etc.
The balance in the General Fund is classified according to increment
on gold, seigniorage, and working balance.
The net change in the balance of the General Fund from the beginning to the close of the fiscal year is accounted for as follows:
Analysis of the change in the General Fund balance between June 30, 1940, and
June 30, 1941
[On basis df daily Treasury statements (unrevised), see p. 405. For a description of accounts through which
Treasury transactions are effected,see p. 406]
Balance June 30, 1940
.—$1,890,743,141.34
Add:
Ordinary receipts, net I . . .
_
7,607,211,852.08
Trust accounts, incrcmeni on gold, etc
2,503, 293,164. 33
Net increase in gross public debt
5,993,912,498.03
Deduct:
Expenditures chargeable against ordinary receipts:
General and special accounts.._
_. $12,774,890,323.97
Less public debt retirements.
64,260, 500.00
—
$12,710,629,823. 97
Trust accounts, increment on gold, etc...
.._
2,651,356,769.70

17,995,160,655.7S

15,361,986,593.67

Balance June 30, 1941
2,633,174,062.11
1 Exclusiveof employment taxes collected and deposited as provided under sec. 201 (a) of the Social Security Act Amendments of 1939 less reimbursements to the General Fuhd for administrative expenses. Such
net amount is included in "Trust accounts, increment on gold, etc." on the following line.

A comparative analysis of the assets and liabilities and the balance
of the General Fund is shown for the beginning and close of the fiscal
year in the table on page 605 of this report.
SECURITIES OWNED BY THE UNITED STATES AND PROPRIETARY
INTEREST IN GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES

Securities owned
On June 30, 1941, the United States owned securities consisting of
capital stock, bonds, etc., of governmental corporations and agencies
and indebtedness to the Government by railroads, farmers, ship


50

REPORT OF THE SECRETARY OF • THE TREASURY

owners, and others, in tbe face amount of $2,716 millions; and obligations of foreign governments in the principal amount of $12,661 millions. A statement of the securities owned, exclusive of foreign
obligations, at tbe end of the fiscal year 1941 is shown in the table
on page 609. A summary of the holdings of securities at the end of.
the last two fiscal years is shown in the following table.
Summary of securities owned by the United States Government, exclusive of foreign
obligations, on June 30, 1940 and 1941
Security

June 30, 1940»

June 30, 1941

Capital stock of governmental corporations
$1,833,658,494.40 $1,296,986,311.11
Paid-in surplus of governmental corporations and
agencies
217,296,764.50
145,724,985.79
Bonds and notes of go vernmental corporations and
agencies
_
. .. .
104,272,500.00
301,688,750.00
Other securities *
_
875,991.711.35^
971,748,894.15
Total

3,031, 219,470.25

2,716,148,941.05

' Increase or decrease (.—)
-$536,672,183.29
-71,571,778.71
197,416.250.00
95,757,182.80
—315,070 529.20

1 Adjusted to make classiflcations comparable to those for June 30,1941.
»Includes loans and advances by Farm Security Administration, Rural Electrification Administration,
and Public Works Administration,

The above decreases may be accounted for in part by. the following
returns by certain governmental corporations,and credit agencies of a
portion of their surplus funds to the Treasury under the program
outlined in the Budget Message of the President dated January 3,
1940.
' Return of capital funds by governmental corporations and agencies, fiscal year 1941
Amount
Covered into the Treasury as miscellaneous receipts:
Federal savings and loan associations.
Reconstruction Finance Corporation:
Purchase of stock of Federal home loan banks
, Reduction in capital or surplus funds
Purchase of securities from Public Works Administration,
Total

•-

319,207, 200

40,000, ooa

Grand total

—

.......

.

124,741,000
175.000,000
9,000,000

Covered into theTreasury as repayments to revolving funds:
Farm Credit Administration:
Banks for cooperatives
Production credit corporations.
Federal intermediate credit banks.
Federal Farm Mortgage Corporation
Federal land banks:
Paid-in surplus
Capital stock
Public Works Administration
.-..:
...
Total

-

$10,466,200

-.

-..
-

60,000.000'
15,000,000
100,000,000
142,517,085
8 67,482.915
14,000,000
329,000, ooa
648, 207,20a

» Net subscriptions to paid-in surplus during fiscal year 1941 in the amount of $945,306.29 are not reflected
in these repayments.
2 Net retirements of capital stock in excess of the amount indicated in the Budget for 1941 in the amount
of $400 are not reflected in these repayments;

In accordance with the acts approved February 24, 1938 (52 Stat.
79), and March 28, 1941 (55 Stat. 55), the Secretary of the Treasury



REPORT OF THE SECRETARY OF THE TREASURY

51

canceled obligations of the Reconstruction Finance Corporation during
the fiscal year amounting to $8,417,557.97, representing expenditures
previously made by the Corporation. This brought the total of the
obligations of the Reconstruction Finance Corporation canceled to
$2,734,475,131.00, as shown in the foUowing table.
Reconstruction Finance Corporation:
. Obligations canceled to June 30,1940
- $2,726,057,573.03
Obligations canceled during the fiscal year 1941 pursuant to the act of February 24,
1938, on account of expenditures for—
Federal Housing Administrator (sec. 4 of National Housing Act). $3,000, O O 00
Q.
Expenses of regional agricultural credit corporations (sec. 201 (e)
of Emergency Relief and Construction Act of 1932; sec. 33 of
Farm Credit Act of 1937).-.
417,557.97
3,417,557.97
Obligations canceled during the fiscal year 1941 pursuant to the act of March 28,
1941, on account of expenaitures for—
Federal Housing Administrator (sec. 602 of National Housing Act)
5,000,000.00
Total to June 30,1941

-

—

2,734,475.131.00

The obligations canceled under the authority of these acts represent expenditures previously made by the Reconstruction Finance
Corporation for the following purposes:
Secretary of the Treasury:
Amount
For capital of home loan banks (sec. 2 of Reconstruction Finance Corporation Act) _ ' $124,741,000.00
For capital of Home Owners' Loan Corporation (sec. 4 of Home Owners' Loan Act of
1939)..'.
....
200,000,000.00
Land Bank Commissioner:
For loans to joint stock land banks (sec. 30 (a) of Emergency Farm Mortgage Act of
1933)
:
:..-2,600,000.00
For loans.to farmers ^sec. 32 of Emergency Farm Mortgage Act of 1933; sec. 3 of Federal Farm Mortgage Corporation Act)
2 145,000,000.00
Federal Farm Mortgage Corporation—capital (sec. 3 of Federal Farm Mortgage Corporation Act)
:.-_
2 55,000,000.00
Federal Housing Administrator:
Sec. 4 of National Housing Act
'
84,186,38a 80
Sec. 602 of National Housing Act
--..
5,000,00a00
Governor of the Farm Credit Administration (sec. 5 of Farm Credit Act of 1933)...
40, 500, OOa 00
Secretary of Agriculture (for crop loans) (sec. 2 of Reconstruction Finance Corporation
Act; act approved Feb. 4, 1933)
1..
115,000,00aoa
Stock of Commodity Credit Corporation (act approved Apr. 10, 1930)
97,000,00a00
Stock of regional agricultural credit corporations (sec. 201 (e) of Emergency Relief and
Construction Act of 1932; sec. 84 of Farm Credit Act of 1933; sec. 33 of Farm Credit Act

of 1937)

__.:

__..

._

8 7,5oaooaoo

Stock of Disaster Loan Corporation (act approved Feb. 11,1937)
.
24,000,00a00
Expenses of regional agricultural credit corporations (sec. 201 (e) of Emergency Relief and
Construction Act of'l932; sec. 33 of Farm Credit Act of 1937)
17,818,626.11
Relief:
1932:
governors of States
.
280,025,143.70
Municipalities, counties, etc. (sec. 1 (a)-(d) of Emergency Relief and Construction Act"of 1932; sec. 1 (e) of Emergency Relief and Construction Act of 1932,
and any amendatory or supplementary legislation)
* 2,800.623.00
1933 (Federal Emergencv Relief Act of 1933)
.
..499.999.065.72
1934 (first paragraph of title II of Emergency Appropriation Act, fiscal year 1935).-.
600.000. 000.00
1935 (Emergency Relief Appropriation Act of 1935)...
.
500,00a00a00
Expense of 1932 relief advances
126.871.85
Net interest paid on notes for funds for allocation and relief advances
33,177.419.82
Total.
-r-—2,734,475,131.00
1 All capital stock of the home loan banks has been repurchased by the Reconstruction Finance Corporation.
•
•
2 $100,000,000 has been repaid to the Treasury.
8 $2,500,000 has been repaid to the Treasury.
* $699,623 has been repaid to the Treasury. •

Proprietary interest in governmental corporations and credit agencies
In order to reflect the amount of the Government's interest in
governmental corporations and credit agencies, the Treasury compiles
from reports received from such agencies a '^Combined statement
of assets and liabilities of governmental corporations and credit




52

REPORT OF THE SECRETARY OF THE TREASURY

agencies of the United States,'' which is published in the daily Treasury statement at the end of each month. This statement shows the
amount and classification of the assets and liabilities of the various
agencies, the privately owned proprietary interest in such agencies,
and the proprietary interest of the United States. The statement as
of June 30, 1941, appears as table 51 beginning on page 613, and a
summary table of the Government's proprietary interest in such
agencies as of June 30, 1929 to 1941, appears as table 52 on page 621
of this report.
MONETARY DEVELOPMENTS

Stabilization j u n d developments
During the fiscal year 1941 the stabilization fund was used on
numerous occasions to further the Government's policy of monetary
cooperation with friendly countries. In addition to continuing activity under stabilization arrangements made previously and described
in earlier reports, two new agreements were arranged.
On December 2, 1940, the Secretary of the Treasury appeared before
a joint session of the Senate Committee on Banking and Currency
and the House Committee on Coinage, Weights, and Measures to
explain a proposed stabilization agreement with China. This explanation was in accordance with the Sebretary's previous statement
that he would not consent to the use of the stabilization fund to assist
any foreign country in prosecuting a war without consulting with the
congressional committees.
Subsequently on April 25, 1941, the Secretary signed a stabilization agreement with representatives of the Chinese Government and
the Central Bank of China involving the purchase of Chinese yuan
by the United States stabilization fund to the amount of 50,000,000
United States dollars. The agreement provided, under conditions
acceptable to both parties, for the establishment by China of a United
States dollar-Chinese yuan stabilization fund. Included in the
fund's resources were the dollars to be acquired from the United States
through the purchase of Chinese yuan and a further sum of 20,000,000
United States dollars contributed by Chinese Government banks.
China also entered into an agreement with the British Treasury under
which 5,000,000 pounds sterling were provided for currency stabilization in addition to the existing Sino-British stabilization fund which
was set up in 1939. This agreement closely paralleled the agreement
between the United States and China. These stabilization funds
are being managed by a five-man Board which China has created.
(See exhibits 47 and 48, page 358.)
The Board consists of
three Chinese, an American appointed by China on the recommendation of the Secretary of the Treasury, anci a British national appointed
on the recommendation of the British Treasury.




REPORT OF THE SECRETARY OF THE TREASURY

53

At the end of the fiscal year the agreement just described and also
a previous agreement with China, first announced on July 9, 1937,
were extended for a further period.
On December 27, 1940, the Secretary signed an agreement with
representatives of the Argentine Government and the Central Bank
of Argentina, under which it was agreed to purchase $50 miUions of
Argentine pesos, the dollars thus made available to be used by Argentina for the stabilization of the dollar-peso rate of exchange. This
monetary agreement also provided for further discussions between
the monetary authorities of the two countries and for the exchange of
information concerning foreign exchange and monetary policy.
(See exhibit 49, page 359.) This agreement had not yet been ratified
by the Argentine Congress at the end of the fiscal year.
In a statement before the Senate Committee on Banking and Currency, on June 13, 1941, in support of a bill to extend the powers of the
stabilization fund, the Secretary declared that the fund had proved its
value during years of unparalleled crises and stated that '* * * * we
are going forward into times of even greater peril. We are in the midst
of many systems of currency and exchange controls. Some are operated
with no friendly intent toward the United States. Our stabilization
fund is a potent weapon of defense in our international economic
relations * * *. Economic warfare, as well as military warfare, is
now being waged on all sides of us. There is no certainty that even
with peace these aggressive economic instruments will be abandoned by
other countries. Nobody can say what kind of international economy
will emerge from this war. But it would surely be unwise if we chose
this time to let private speculators and foreign governments determine
the exchange value of the dollar."
The assets and liabilities of the fund as of June 30, 1940 and 1941,
and supporting schedules, are shown in the table beginning on page 607.
Monetary legislation
On October 10, 1940, the President approved an act of Congress
which provided that, after the Treasury is reimbursed from funds
derived from assessments on national banks and Federal Reserve
Banks to meet the costs of transporting, and redeeming national bank
notes and Federal Reserve Bank notes in the process of retirement for
all costs lawfully charged to these funds for the fiscal year 1941, the
balance of such funds is to be covereci into the Treasury as miscellaneous receipts. Thereafter, the costs of transporting and redeeming
outstanding national bank notes and Federal Reserve Bank notes
presented to the Treasurer of the United States for redemption are to
be paid from the regular annual appropriations for the Treasury
Department.




54

REPORT OF THE SECRETARY OF THE TREASURY

The act of June 21, 1941, mcreased from $600,000 to $1,000,000
the minor coinage fund established for the purchase of copper, nickel,
tin, and zinc used by the coinage mints of the United States.
An act of June 30, 1941, extended until June 30, 1943, the use of
direct obligations of the United States as collateral security for
Federal Reserve notes.
.
On June 30, 1941, the President approved an act which (1) extended until June 30, 1943, the powers relating to the stabihzation
fund which were granted to the Secretary of the Treasury in section 10
of the Gold Reserve Act of 1934, as amended; and (2) extended until
June 30, 1943, certain powers of the President with respect to gold
and silver which were granted to him in section 43, title I I I , of the
act approved May 12, 1933, as amended by section 12 of the Gold
Reserve Act of 1934, as amended.
Copies of acts referred to above appear as exhibits beginning on
page 356.
Other, legislation affecting fiscal matters is commented upon on
page 28.
Foreign exchange
An Executive order of April lO, 1940, and Treasury regulations
issued thereunder prohibited certain payments,, transfers of creciit,
foreign exchange transactions, the export or earmarking of gold or
silver bullion, or currency, and similar transactions involving property
in which certain foreign countries or their nationals had an interest
except as authorized by the Secretary of the Treasury. The countries
to which these provisions were applied during the fiscal year 1940 are
as follows: Norway, Denmark, the Netherlands, Belgium, Luxembourg, and France.
vDuring the fiscal year 1941 the Executive order of April 10, 1940,
was amended at various times to apply to similar transactions involving the following countries: On July 10, 1940, Latvia, Estonia, and
Lithuania; on October 9, 1940, Rumania; on March 4, 1941, Bulgaria;
on March 13, 1941, Hungary; on March 24, 1941, Yugoslavia; and
on April 28, 1941, Greece. A further amendment to the Executive
order on June 14, 1941, made the following countries subject to the
provisions of the Executive order: Albania, Andorra, Austria, Czechoslovakia, Danzig, Finland, Germany, Italy, Liechtenstein, Poland,
Portugal, San Marino, Spain, Sweden, Switzerland, and Union of
Soviet Socialist Republics.
Pursuant to regulations issued under the Executive order as amended
on June 14, 1941, the Treasury Department is taking a census of aU
property subject to the jurisdiction of the United States on the opening of business on June 1, 1940, and on June 14, 1941, in which on
either or both dates any foreign country or national thereof had any
interest of any nature whatsoever, direct or indirect.
For a further discussion of foreign funds control, see page 66.



REPORT OF THE SECRETARY OF THE TREASURY

55

REVENUE LEGISLATION

Revenue legislation enacted in the fiscaL year 1941 included the
Second Revenue Act of 1940, the Excess Profits Tax Amendments of
1941, the Public Debt Act of 1941, and other acts enumerated belov^.
Second Revenue Act oj 1940
The Second Revenue Act of 1940, approved October 8, .1940, consists of seven titles. Title I increases to 22.1 percent the rate of tax
on the normal-tax net income in excess of $25,000 of domestic corporations, of foreign corporations engaged in trade or business in the
' United States, and of mutual investment companies. The alternative
tax for corporations with normal-tax net income slightly more than
$25,000 is changed to a tax of $3,775, plus 35 percent of the amount of
the normal-tax net income in excess of $25,000. The defense tax,
however, is retained at 10 percent of the tax a corporation would have
paid without regard to the amendment in rates effected by the Second
Revenue Act of 1940, thus imposing a total normal tax of 24 percent
on corporations with normal-tax net income in excess of $25,000.
Title II, the Excess Profits Tax Act of 1940, imposes a tax upon
corporations for each taxable year beginning after December 31, 1939,
based upon the excess of the net income for such year over a credit
composed of a specific exemption of $5,000, plus an excess profits
credit either of 95 percent of the average base period net income for
the taxable years beginning after December 31, 1935, and before
January 1, 1940, or of 8 percent of the taxpayer's invested capital.
In cases where the net income of the taxpayer is not over $25,000, an
amount by which the excess profits credit for the preceding taxable
year was unused is permitted as a credit against the excess profits net
income. In arriving at excess profits net income, adjustments in the
normal-tax net income are made in order to reflect as nearly as possible
only those excess profits which result from the regular conduct of the
affairs of the corporation.
Practically every corporation is permitted to elect either the average
income or invested capital method of computing its excess profits
credit. If the average income method is chosen, the taxpayer
measures its excess profits by a comparison of its earnings for the
taxable year with.its average earnings for the base period. For
comparative purposes, average earnings are increased by 8 percent of
the net additions to capital and decreased by 6 percent of the net
reductions of capital since the base period.
The excess profits credit of any corporation electing the invested
capital credit is 8 percent of the taxpayer's average invested capital
for the year, without regard to its earnings record in the base period.
Although most corporations have an election, some taxpayers must



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REPORT OF T H E SECRETARY OF THE TREASURY

use the invested capital method. In addition, where a corporation
was not in existence in all years of the base period and in cases where
a corporation is divided into smaller units, the invested capital method
is important in determining the amount of the excess profits credit.
Invested capital is stated to be equity invested capital, plus 50
percent of borrowed capital. In general, equity invested. capital is
the amount of property and money contributed to the business by
shareholders, plus undistributed earnings and profits. Borrowed
capital must be evidenced by a formal written instrument to be
included ih invested capital. Assets held by the taxpayer, the income
from which is excluded from excess profits net income, are not admissible in computing the amount of invested capital.
Whichever method is used in determining the adjusted excess
profits net income of the corporation, the same basic rates are applicable after the special $5,000 exemption and the excess profits credit
have been deducted. These rates range from 25 percent upon adjusted excess profits net incomes of less.than $20,000 to 50 percent
upon the amount of such income in excess of $500,000.
Several sections of Title I I are concerned with the avoidance of
hardship under certain circumstances. If the gross income of the
taxpayer for the taxable year includes income from a judgment, an
amount of a contract requiring more than 12 months for performance,
or other income, either unusual as to source or disproportionate in
amount, then such income is allocated to the excess profits net income
of those years to which it is attributable. In addition, section 722
of the Excess Profits Tax Act authorizes the Commissioner to make
such adjustments as may be necessary to correct abnormalities affecting income or capital. His decision is subject to review by the United
States Board of Tax Appeals.
Foreign corporations in existence during the entire base period and
engaged in trade or business in the United States at some time in all
the years of the base period are granted the same election in the
method of computing excess profits credit as is allowed domestic corporations, except that only United States assets are to be included if
the invested capital method be used.
Domestic personal service corporations, those in which capital is
not a material income-producing factor and whose income can be
ascribed primarily to the activity of shareholders who own at least
70 percent of each class of stock of the corporation, are exempt from
excess profits taxation, provided that less than 50 percent of the gross
income is derived from trading as a principal. Supplement S, contained in Title V of the act, taxes the shareholders of personal service
corporations upon the undistributed net income of the company.
Consolidated returns may be filed by an affiliated group of corporations. Such a group consists of one or more chains of corpora


REPORT OF THE SECRETARY OF THE TREASURY

57

tions connected through stock ownership with a common parent
corporation, if at least.95 percent of the stock of each corporation is
owned directly by one or more of the other corporations and if the
common parent corporation owns directly at least 95 percent of the
stock of at least one of the other corporations.
Supplement A of the act permits a domestic corporation, though it
may or may not have a base period net income of its own, to count
as its own the base period income of a predecessor corporation whose
property has been acquired by the taxpayer under a tax-free exchange.
The following corporations are exempt from the tax: Corporations
exempt from the mcome tax; foreign and domestic personal holding
companies; mutual investment companies; registered diversified
investment companies; foreign corporations not engaged in trade or
business in the United States and not having anofficeor place of business
therein; domestic corporations, if 95 percent of the gross income of
such corporations over the preceding three-year period was derived
from sources outside the United States and if 50 percent of the gross
income was from active conduct of a trade or business; corporations
subsidized by the United States for the transportation of mail by
aircraft; and corporations engaged in the mining of strategic metals.
Title I I I provides for the amortization of certain facilities necessary
in the interest of national defense during the present emergency.
Such facilities are land, buildings, machinery, and equipment acquired
or completed after June 10, 1940. Corporations are allowed to
amortize the cost of such facilities over a 60-month period for purposes
of income and excess profits taxation, provided that a certificate that
such facilities are necessary in the interest of national defense is
obtained from the Advisory Commission to the Council of National
Defense and either the Secretary of War or the Secretary of the Navy,
prior to (1) the beginning of construction or the date of acquisition,
or (2) the one hundred and twentieth day after the date of enactment
of the Second Revenue Act of 1940, whichever is later. Only so much
of an emergency facility as was completed after June 10, 1940, is
subject to the amortization deduction.
The 60-month period may begin with the month following the
month of completion or acquisition of the facility or witti the succeeding taxable year. If the taxpayer so elects, he may terminate the
amortization deduction and use the deduction provided by section
23 (1) of the Internal Revenue Code with respect to the remainder of
the adjusted basis of the facility. If the President proclaims the end
of the emergency or the Secretary of War or the Secretary of the Navy
has certified that the facihty is no longer necessary, then the taxpayer
may elect to use an amortization period ending with the month in
which the emergency ends or the facility is declared to be unnecessary.
If the taxpayer is reimbursed under any contract with the Uniteci



58

REPORT OF THE SECRETARY OF THE' TREASURY

States for part of the cost of any emergency facility either, directly,
by a contract providing expressly for such reimbursement or, indirectly,
because the price paid by the United States for the products of such
facilities includes an amount above the normal allowance for depreciation, then no amortization deduction is to be allowed, unless the
Advisory Commission to the Council of National Defense and the
Secretary of War or the Secretary of the Navy certify that such contract adequately protects the interests of the United States in the
future use and disposition of such facilities. Provision is also made
for a conclusive certificate that a particular contract contains no
reimbursement of the character described.
'
,
Title IV suspends the profit-limiting provisions of the Vinson Act
with respect to contracts or subcontracts for the construction or
manufacture of any complete naval vessel or any Army or Navy aircraft which were not completed prior to the first taxable 3^ear of.the
contractor or subcontractor beginning in 1940. Likewise, the profitlimiting provision of the Merchant Marine Act of 1936, as amended,
is suspended as to subcontracts other than those between aflSliated
corporations.
In addition to Supplement S, which provides for the taxation of
the shareholders of personal service corporations, title V includes an
amendment to section 115 of the Internal Revenue Code which redefines, for the sake of clarity, the method by which earnings and
profits of a corporation are to be computed. Technical amendments
and a section changing the name of the excess.profits tax based upon
the declared value of the capital stock of a corporation to *'Declared
Value Excess-Profits Tax" are also incorporated in title V,
Title VI establishes a new system of insurance called national
service life insurance for persons in the active service in the land or
naval forces (including the Coast Guard) of the United States and
provides for the crediting of military service, during periods prior to
January 1, 1937, when a Federal conscription act was in effect, in
computing the annuity of an applicant under the Railroad Retirement
Act. This title does not deal directly with the revenue.
Title VII is concerned with the allowance of a credit against the
Federal unemployment tax for the calendar years 1936, 1937,, 1938,
or 1939 on employers of eight or more persons for contributions paid
by the employer before the sixtieth day of the elate of enactment of the
Revenue Act of 1940 into an unemployment fund under a State law.
If the employer has paid the Federal tax without the benefit of the
credit, a refund based on the credit is permitted.




REPORT OF THE SECRETARY OF THE TREASURY

59

Excess Projits Tax Amendments oj 1941
The Excess Profits Tax Amendments of 1941, approved March 7,
1941, deal with the effect of certain abnormal situations upon the
excess profits tax liability of corporations. The ainendments are made
retroactive to apply to taxable years beginning after December 31,
1939, the effective date of the excess profits tax.
The provision for carrying over the unused excess profits credit for
the previous taxable year is extended to all corporations and the
carry-over now includes the unused credit for the two preceding
taxable years.
Under the Second Revenue Act of 1940, adjustment in the base
period net income was allowed for deductions ^'grossly disproportionate" to the normal amount of such class of deductions. A fixed .
standard has been substituted, and if a deduction now exceeds 125
percent of the average amount of the. deductions of such class for
the four previous taxable years, such excess will be disallowed, thereby
resulting in an increase in the base period income. This fixed percentage is also made applicable to other adjustments allowable in
computing income for base period years. The taxpayer has the
bm^den of proving that the abnormalities are not the consequences of
an increase in gross income, or a decrease in the size of other deductions in the base period, or of changes in the nature of the business. ,
The method for computing the average base period net income is
changed to afford relief to corporations which experienced a rapid
growth during the base period, whose earnings for the second half of
the base period were in excess of the earnings for the first half of such
period. The excess of the aggregate for the second half over the first
half is divided by two and this amount is then added to the excess
profits net income for the second half. The sum resulting is divided
by the number of months in the second half and multiplied by twelve
to give the average base period net income.
Section 722 of the Internal Revenue Code is amended to provide for
the adjustment of abnormalities in the base period net income of the
taxpayer resulting from a change in the character of the business as
of January 1, 1940, from the character of the business engaged in by
the taxpayer during the base period. Likewise, if the normal operation in one or more of the base period years was interrupted or diminished because of events abnormal to the taxpayer, then special relief
is afforded under this section. The provisions of section 722 are
limited to cases in which the excess profits tax computed without
reference to this section is at least 6 percent of the normal-tax net
income, and application of the relief provision would reduce the excess
profits tax by at least 10 percent.




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REPORT OF THE SECRETARY OF THE TREASURY

Miscellaneous changes effected by the Excess Profits Tax Amendments of 1941 (1) permit insurance companies (other than life or
mutual companies) to file consolidated returns; (2) provide for the
use of the base period experience of a partnership or a proprietorship
in computing the excess profits credit in those instances in which the
assets of the partnership or proprietorship are transferred to the
corporation in a tax-free exchange; (3) extend the provisions for
review by the Board of Tax Appeals; (4) allow the capitalization of
expenditures for advertising and good-will promotion made in the
base period; (5) require an adjustment in case the taxpayer, for purposes of the excess profits tax, takes a position inconsistent with a
position taken in preceding taxable years; (6) allow corporate stock
held by a dealer for sale to customers to be treated as admissible
assets; and (7) require the computation of the excess profits credit
of the taxpayer under both the average income and invested capital
methods to be shown upon the return.
Public Debt Act oj 194.1
The Public.Debt Act of 1941, approved February 19, 1941, removes
the exemption from Federal income taxation previously given to
obligations of the United States and its instrumentalities. Interest
upon such obligations issued after March 1, 1941, and gain from their
sale or other disposition are to be included in gross income for purposes of Federal taxation. Exemptions are retained for obligations
which the United States Maritime Commission and the Federal
Housing Administration had contracted, prior to the effective date
of the act, to be issued at a future date.
This act also eliminated the provision contained in the First
Revenue Act of 1940 for the creation of a special fund into which was
to be paid the revenue estimated to be attributable to the increases
in taxes made, and to the floor stock taxes imposed, by title I I of the
First Revenue Act of 1940; this fund was to.be available for the retirement of ^^national defense series" obligations. (See page 29.)
A copy of the Public Debt Act of 1941 will be found on page/337.
Other revenue legislation
Other laws affecting the revenue are as follows:
Public No. 781, September 9, 1940, making supplemental appropriations for the national defense for the fiscal year 1941. Section 1
amends the Vinson Act to provide for an 8 percent profit limitation on
naval vessels, instead of the 10 percent theretofore provided; see page 359.
Public Law 3, January 31, 1941, amending section 124 of the
Internal Revenue Code by extending the time for certification of
national defense, facilities and contracts for amortization purposes;
see page 360.



REPORT OF THE SECRETARY OF THE TREASURY

61

Public No. 840, October 10, 1940, amending the Merchant Marine
Act, 1936, as amended, by adding a new section establishing a reserve
fund for construction of vessels to be used in the foreign or domestic
commerce of the United States and providing for deposits and withdrawals from such fund; see page 360.
Pubhc No. 861, October 17, 1940, the Soldiers' and Sailors' Civil
Relief Act of 1940. Article V provides relief to persons in the military
service from payment of taxes and assessments; see page 362.
Public No. 807, October 8, 1940, extending the period for filing a
claim for refund under section 3493 of the Internal Revenue Code to.
two years and authorizing the manufacturer of sugar or of other articles
exported to file such a claim; see page 366.
Public No. 860, October 15, 1940, extending for an additional year
the provisions of the Sugar Act of 1937 and the taxes with respect to
sugar; see page 366.
Public Law 34, April 11, 1941, extending the provisions of the
Bituminous Coal Act of 1937. Section 1 extends the taxes to April
25, 1943; seepage 367.
Public No. 699, July 1, 1940, amending the Bankruptcy Act with
respect to the basis of property for purposes of income taxation; see
page 367.
Public Law 18, March 17, 1941, correcting codification errors in
the Internal Revenue Code.
Public No. 705, July 2, 1940,'excluding petroleum stills from the
requirements of registration.
Public Resolution No. 103, October 9, 1940, exempting from the
tax on - admissions amounts paid for tickets sold by authority of the
Committee on Inaugural Ceremonies on the occasion of the inauguration of the President-elect in January 1941.
Public Law 58, May 9,1941, exempting from internal revenue taxes,
on the basis of reciprocity, articles imported by consular oflScers and
employees of foreign states for their personal or official use.
Public Law 62, May 9, 1941, providing that trust funds derived
from compensating taxes upon certain articles coming into the United
States should be carried to the surplus fund of the Treasury; see
page 400.
NATIONAL DEFENSE ACTIVITIES

Following the President's proclamation on September 8, 1939, of a
limited national em.ergency, which directed measures ''for the purpose
of strengthening our national defense within the limits of peacetime
authorizations," the succession of events in Europe led to the
proclamation by the President on May 27, 1941, of an unlimited national emergency, which required that the military, naval, air, and
civilian defenses of the country be put ''on the basis of readiness to
407631—42

^6
^




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REPORT OF. THE:SECRETARY OF. THE TREASURY

repel any and all acts or threats of aggression directed toward any
part of the Western Hemisphere." The activities of the Treasury
Department concerned with national defense are derived from its
statutory functions in connection with finance, customs, coastal
patrol, procurement, etc. Among its responsibilities in the national
defense program are the guarding of our'"coastal boundaries and
harbors and prevention of injury to shipping, the acquiring of supplies,
equipment, and materials required for defense purposes, and the
supervision of fiscal matters through which the economic defense
program is aided.
Regulation and control oj vessels
Pursuant to the Espionage Act of June 15, 1917, and the proclamation of the President of June 27, 1940, directing the exercise by the
Secretary of the Treasury of the powers contained in secition 1 of title
II of thait act, the Treasury Department has maintained control over
the anchorage and movements of vessels, foreign and domestic, throughout the territorial waters of the United States.
In the regulations promulgated under that authority, specific
anchorage areas have been established in practically all the principal
ports of the United States, and, in certain instances, restricted areas
have been set aside for the purposes of the military and naval establishments. Enforcement of the regulations is vested in the Coast
Guard; and by June 30, 1941, 37 Coast Guard officers had been
assigned as captains of ports to carry out the duties of enforcement.
The maritime and shipping interests have-manifested a spirit of
wholehearted cooperation in complying with these regulations.
Through the Office of Merchant Ship Control in the Coast Guard
and the Customs Service, the Secretary of the Treasury has exercised
control over the departure of merchant vessels from United States
ports. Authority for such control, in the interest of national defense,.
flows from the Espionage Act of 1917. Permits for merchant vessels
to leave the ports of the United States during the year totaled 19,826,
and 3,004 repeat departure permits were issued for merchant vessels
of United States registry engaged in trade between ports of the United
States or within the Western Hemisphere.
Control oj joreign vessels
Under section 1, title II, of the Espionage Act of June 15, 1917, and
the proclamation of the President issued on June 27, 1940, the Secretary of the Treasury may inspect at any time any vessel, foreign or
domestic, in the territorial waters pf the United States, place guards
thereon, and, if necessary in his opinion in order to secure such vessel
from damage or injury, or to prevent damage or injury to any harbor




REPORT OF; THE .'SECRETARY OF THE TREASURY

63

or waters of the United States, or to secure the observance of the rights
and obligations of the Unitc)d States, may take, by and with the consent of the President, full possession and control of such vessel. On
March 30, 1941, pursuant to this authority, the Secretary directed
the Coast Guard to take possession and control of 26 Italian, 2 German, and 35 Danish vessels. Coast Guard personnel were placed
aboard as guards for the care and safety of the vessels. Some of the
Itahan and German vessels on which evidence of sabotage was found
have been seized by collectors of customs, and judicial proceedings
have been instituted for their forfeiture under section 3 of title I I of
the Espionage Act. From time to time. guards have been placed
aboard other vessels to insure the safety of harbors and to protect the
interests of the United States.
Transjer oj certain personnel oj the Coast Guard to '^operate as a part oj
the Navy, and other developments in the Coast Guard in connection with
national dejense
The Coast Guard, pursuant to law, serves as a part of the Navy
in time of war, or whenever the President shall so direct. In the
present national emergency it has been found necessary in the interest
of national defense to transfer temporarily to the operational direction
of the Navy certain cutters to assist in national defense missions
under naval cognizance. Also, pursuant to Executive Order No.
8767, dated June 3,1941 (see exhibit 61,page 381), approximately 2,100
officers and men of the Coast Guard were assigned to operate as a part
of the Navy. This personnel was required to man and operate
four Navy transports and to provide small boat crews for 22 other
transports. The experience and qualifications of this personnel,
particularly in handling small boats, afforded the Navy a force already trained and ready to operate the transports and to give training
to men of the Army and Navy in this branch of seamanship.
Fourteen cutters, together with their crews, were temporarily
transferred to the Navy, and, though they remain intact as Coast
Guard imits, their operations have been directed by naval authority.
A number of these cutters have been especially adapted for mine warfare operations, and others have beeii utilized by the Navy in special'
missions requiring vessels suitable for operations in northern waters.
Cutters of the tender class have cooperated with both .the Army and
Navy in mine warfare operations, submarine defense installations,
and the marking of restricted areas. These cutters, normally engaged
in the maintenance of aids to navigation, have been found especially
suitable in this field of national defense.
The operations of the Coast .Guard in controlling the anchorage
and movements of vessels, supervising the loading of explosives and
other dangerous cargoes, enforcing neutrality, and guarding again.st




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REPORT OF THE SECRETARY OF THE TREASURY

sabotage in our ports and harbors and in water areas adjacent to important national defense industrial plants represent an extension of
the regular law enforcement activities of the Service into a broadening
field of law enforcement and patrol duty incident to national defense.'
The construction of Army and Navy defense bases in Alaska, Newfoundland, and in Atlantic and Pacific island areas has involved the
planning and establishment of aids to navigation essential for the
security of vessels entering and leaving these bases.
The Coast Guard Reserve, designed to augment the regular personnel of the Coast Guard in meeting extraordinary situations incident
to national emergencies or war, was established in accordance with
the Coast Guard Auxiliary and Reserve Act, approved February 19,
1941 (see exhibit 60,page 378),and the appointment and enlistment of
officers and men therein have proceeded at a satisfactory pace. This
act also provided for the acquisition by the Coast Guard of motorboats
and yachts belonging to members of the Coast Guard Auxiliary, and
has thus permitted the utilization of the services of a number of
boats desired particularly for patrol duty in our ports and inland
waters. The training of recruits and the instruction of personnel in
special studies involving operation and installation of modern defense
equipment have been carried on upon an increased scale, and the training of ofRcers and men by the Maritime Service, under the administration of the Coast Guard, has been stepped up for our rapidly
expanding merchant marine.
The installation of armament and defense equipment aboard Coast
Guard cutters was completed to the extent of available equipment and
materiel, and ten cutters so completed were transferred to the British
Government under the Lend-Lease Act.
Throughout the year the Coast Guard has strengthened its communication facilities both ashore and afloat, and has under way the
largest shipbuilding program in its history. Every effort and resource
have been exerted in all fields of Service, activities to provide an efficient, trained Coast Guard force prepared to continue normal peacetime duties and to assume those incident to national defense.
Strategic and critical materials
Strategic and critical materials were contracted for during the fiscal
year 1941, through the medium of the Procurement Division, in the
amount of $29,378,252, under authority of the act of June 7, 1939
(Public No. 117), an act to provide for the common defense by
acquiring stocks of strategic and critical niaterials essential to the
needs of industry for the manufacture of supplies for the armed forces
and civilian population in time of a national emergency, and to




REPORT OF THE SECRETARY OF THE TREASURY

65

encourage further development of the materials within the United
States.. These contracts brought to $41,956,980 the amount obligated
since the inception of the program. Acquisitions were made at the
direction of the Secretary of War and the Secretary of the Navy in
accordance with specifications prepared by the Procurement Division
and approved by the Secretary of War and the Secretary of the Navy.
In purchasing these materials, the Procurement Division established
the policy of absorbing only those which were surplus to the requirements of industry, thereby avoiding competition with industry for
available supplies. There were two reasons for this policy: (1) Competition between industry and the Government would tend to raise
prices and, in most cases, would not make additional supplies available, and (2) the taking of supplies away from industry would in
all probability necessitate industry's resort to the stock piles at an
early date.
The materials acquired under this program are stored by the
, Division on military and naval reservations or in other locations
approved by the Secretary of War and the Secretary of the Navy.
In addition to purchasing niaterials, the Division arranged for the
inspection and handling of the materials. Rotation of the materials
in order to prevent deterioration, as provided for in the act, thus far
has been unnecessary.
The act of May 28, 1941, amended section 6 of the act of June 7,
1939, to provide that any funds received from sales or other dispositions of materials acquired under the act shall be deposited to the
credit, and be available for expenditure for the purpose, of any
appropriation available at the time of such deposit, for carrying out
the provisions of the act.
Executive Order No. 8671, dated February 4, 1941, authorized and
directed the Procurement Division to make use of tungsten ore
acquired under the act of June 7, 1939, by its sale or other disposition
for defense production purposes to such buyers or users and in such
amounts as may be requested from time to time by the Office of Production Management. While no tungsten ore has thus far been
withdrawn from the stock pile for this purpose, several authorized
diversions were made before it had been placed in the stock pile.
In order to provide for all expenses for the acquisition, transportation, maintenance, storage, and rotation of strategic and critical
materials, Congress authorized an appropriation of $100,000,000, of
which $70,000,000 was appropriated by June 30, .1941, in the following
acts: Public No. 361, August 9, 1939, $10,000,000; Public No. 442,
March 25, 1940, $12,500,000; and Public No. 667, June 26, 1940,
$47,500,000. All funds are available until expended.




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REPORT OF THE. SECRETARY OF: THE .TREASURY
Foreign junds control

The foreign funds control, established in April 1940, administers
the functions prescribed in Executive Order No. 8389, dated April
10, 1940, and its subsequent amendments. This order, as amended,
prohibits, except as specifically authorized by rulings, instructions^
licenses, or otherwise, certain transactions involving property in which
a foreign country designated therein or any national thereof has, on
or since the effective date of the order, had any interest.
This "freezing" control brings all financial and import and export
trade transactions in which certain foreign interests are involved
under the control of the Government and imposes heavy penalties
upon persons, failing to comply therewith. The control is .designed,
among other things, to prevent the' use of the financial facilities of the
United States in ways harmful to national defense and other American
interests, to prevent the liquidation in the United States of assets
looted by duress or conquest, and to curb subversive activities in the
United States.
Since April 10, 1940, the control has been extended to the property
of Norway, Denmark, the Netherlands, Belgium, Luxembourg,,
France, Latvia, Estonia, Lithuania, Rumania, Bulgaria, Hungary,
Yugoslavia, Greece, Albania, Andorra, Austria, Czechoslovakia^
Danzig, Finland, Germany, Italy, Liechtenstein, Poland, Portugal,
San Marino, Spain, Sweden, Switzerland, and the Union of Soviet
Socialist Republics.
Simultaneously with the issuance of Executive Order No. 8785 on
June 14, 1941, amending Executive Order No. 8389, as amended, the
President approved regulations ordering a census of all foreign-owned
property in the United States. This census relates not only to property in the United States belonging to countries and nationals subject
to "freezing" control but also to all other countries as well. Reports
of this property are to be filed on Form TFR-300, as provided in the
Regulations.
In addition, the Regulations set up a procedure for the fihng of
applications for licenses to engage in transactions covered by the
order. These applications are filed with the Treasury Department
through various Federal Reserve Banks and the Governors and High
Commissioners of the Territories and possessions of the United States.
Copies of the amendments to Executive Order No. 8389 and of the
regulations issued during the year will be found as exhibits 58 and 59^
beginning on page 368.




REPORT OF THE -SECRETARY OF THE TREASURY

67

CHANGES IN ORGANIZATION AND PROCEDURE

The Defense Savings Staff, which has charge of the promotion of
the sale of defense savings bonds and other similar Government
securities offered to the public, was established in the Office' of the
Secretary by Treasury Department Order No. 39 of March 19, 1941.
The Executive Director of the Defense Savings Staff has general
responsibility for its administration and reports to the Secretary
thi'ough an Assistant to the Secretary.
A new United States Coast Guard Reserve, a military organization,
was created and established under authority of Public Law 8, approved
February 19, 1941. The purpose of this organization is to provide a
trained force of officers and men which, added to regular personnel of
the Coast Guard, will be adequate to enable that service to perform
such extraordinary duties as may be necessitated by emergency conditions. Under provisions of the same act, the former United States
Coast Guard Reserve became the United States Coast Guard Auxiliary, a nonmilitary organization composed of citizens who are owners
of motorboats or yachts, enrolled to further interest in safety of life
at sea and upon navigable waters, to promote efficiency in the operation of motorboats and yachts, to foster a wider knowledge of, and
better .compliance with, the laws, rules, and regulations governing
their operation, and to facilitate operations of the Coast Guard. The
Coast Guard Reserve and Coast Guard Auxiliary are administered
by the Commandant of the Coast Guard, under the direction of the
Secretary of the Treasury.
The marksmanship training of Treasury Department employees,
previously trained by the Coast Guard, was placed under the direction
of the Coordinator, Treasury Enforcement Agencies, by Treasury
Department Order No. 34 of July 5, 1940. The Coordinator will
assign responsibility for this program to the respective district
coordinators throughout the service, and will issue the necessary
instructions.
Copies of the Treasury orders and the act referred to above will be
found as exhibits 60 and 66, on pages 378 and 393.




68

REPORT OF THE SECRETARY OF THE TREASURY
ESTIMATES OF RECEIPTS

The Secretary of the Treasury is required each year to prepare and
submit in his annual report to Congress estimates of the public revenue
for the current fiscal year and for the fiscal year next ensuing (Public
No. 129, February 26, 1907). These estimates are now made in
December of each year.
Inasmuch as the tax revenue from practically every major source is
directly dependent, although in varying degree, upon business conditions during the period in respect of which the taxes are levied, it is
necessary to forecast the general business situation for a period ending approximately 18 months later. This forecast is based upon the
analysis of a wide variety of, financial and other economic data and
includes a forecast of the direction and the magnitude of the movements of industrial production, profits, security and commodity
prices, employment, pay rolls, and other components of business
activity. In view of the well-recogiiized uncertainty involved in
forecasting the various phases of business activity, accentuated this
year by the dislocations of industry and profits caused by the shifting
from a peacetime to a.wartime economy with its attendant allocations,
price and other control measures, such forecasts, and the concomitant
estimates of future revenues, may be revised from time to time to
take account of changed conditions.
Upon these business forecasts depend the estimates of the aggregate
amounts of corporation and individual incomes as well as the distribution of such incomes among various income classes, and the volume of
consumption of commodities upon which taxes are levied. Consideration must be given to the fact that changes in the various indjcators of
business activity are not reflected immediately or in direct proportion
in the various sources of revenue.' Thus, in periods of rising business
activity profits and taxable incomes usually rise more than proportionately to the increase in the volume of business because of the relative inflexibility of certain costs. In addition, consideration is given
to the fact that the increase in the amount of income tax collections
which will result from a given increase in. individual incomes is accentuated under a progressive rate schedule because not only is the individual taxpayer's income greater but also the taxpayer pays a larger
percentage of the higher income as income tax.
Changes in business conditions, in the amounts of income, and in the
volume of consumption and importation of commodities are reflected
more immediately in the receipts from some taxes than from others
because of the variation in the method of collection of the taxes. For
•example, stamp taxes are collected prior to the ultimate sale of taxed
articles while many of the miscellaneous internal revenue taxes are
collected each month on the tax liabilities of the previous month.




REPORT OF THE SECRETARY OF THE TREASURY

69

However, collections from taxes such as the estate and gift taxes and
the tax under the Federal Unemployment Tax Act, formerly title I X
of the Social Security Act, are made upon liabilities of a much earlier
period and therefore do not respond as promptly to changes in general
business conditions.
The lag between the time income is received by taxpayers and the
time of receipt of income taxes based upon such incomes is particularly
important in its eft'ect upon total tax receipts in any given year.
Thus, in general, the changes in incomes in the calendar year 1941
will not be reflected in income tax receipts until the income tax returns are filed on or before March 15, 1942. Because of the privilege
of making quarterly installment payments of these tax liabilities, the
collections will be received throughout the calendar year 1942, thus
falling into the receipts of the fiscal years 1942 and 1943, Hence the
estimated current income tax receipts, both corporation and individual, for the fiscal year 1942 are made up partly from payments
on calendar year 1940 incomes and partly from payments on calendar
year 1941 incomes. Similarly, fiscal year 1943 estimates of income
tax receipts include payments based upon the incomes of each of the
calendar years 1941 and 1942.
^
The revenue estimates in the table on page 71 contain an adjustment which has been made in total receipts to reflect the changes
brought about by the 1939 amendments to the Social Security Act.
There has been created on the books of the Treasury the ^^Federal oldage and survivors insurance trust fund", to which was transferred on
January 1, 1940, the amounts standing to the credit of the old-age
reserve account. For the fiscal year 1941 and each subsequent fiscal
year there is appropriated to the fund an amount equivalent to 100
percent of the taxes received under the Federal Insurance Contributions Act, with the proviso that the estimated administrative expenses
of the Treasury and the Social Security Board with respect to the
collection of taxes and the payments from the fund shall be repaid to
the Treasury. In order to show the amount of revenue applicable to
the general expenditures of the Government there has been deducted
from total receipts a sum equivalent to the net appropriation to the
Federal old-age and survivors insurance trust fund. The detailed
analysis set forth below is based on total revenues and receipts and not
on the net amount after adjustment.
Total revenues and receipts, general and special accounts, are estimated (on the daily Treasury statement basis, imrevised) in the
amounts of $12,816 millions for the fiscal year 1942 and $17,852 millions for the fiscal year 1943. The estimated amount of total receipts
in the fiscal year 1942 represents an increase of $4,548 millions over
total receipts.of $8,269 millions in the fiscal year 1941, while the estimated amount of total receipts in the fiscal year 1943 represents an



70

REPORT OF THE SECRETARY OF THE TREASURY

increase of $5,036 millions over the estimated total receipts for the
fiscal year 1942.
The percentage distribution of total receipts in the fiscal years 1942
and 1943, as compared with actual receipts in the fiscal year 1941, is
shown in the following table:
Percentage distribution of total revenues and receipts in the fiscal years 19411 194^i
and 1943
Estimated, Estimated,
1942
1943

Source

Actual,
1941

Internal revenue:
Income taxes
Miscellaneous internal revenue taxes.
Employment taxes.._

63.39
S3.56
9.74

55.77
30.14
9.27

41.96
35.88
11.19

Total internal revenue.
Railroad Unemployment Insurance Act'Customs
Miscellaneous revenues and receipts

96.69
.05
1.67
1.59

95.18
.07
2.87
1.88

89.03
.08
4.74
6.16

100.00

100. 00

100.00

Total

Estimated receipts in the fiscal years 1942 and 1943 and actual
receipts in the fiscal year 1941 are presented in summary form in the
table on page 71. A more detailed tabulation of receipts and estimates is shown in table 72 beginning on page 667. All year-to-year
differences and percentages appearing in the text are based on this
detailed table.
Fiscal year 1942
Total receipts in general and special accounts in the fiscal year 1942
are,estimated at $12,816 millions, an increase of $4,548 millions over
actual total receipts of $8,269 millions in the fiscal year 1941. Net
receipts—total receipts less the net appropriation for the Federal
old-age and survivors insurance trust fund—are estimated at $11,944
millions. This is an increase of $4,337 millions or 57.0 percent over
actual net receipts of the previous fiscal year.
Great expansion of incomes and business activity and extensive tax.
legislation which resulted in the introduction of new taxes as well as
substantial increases in tax rates were responsible for the large increase
in receipts of the fiscal year 1942 over the fiscal year 1941. Collections
in the fiscal year 1942 are affected by the two revenue acts of 1940 and
the Revenue Act of 1941 as well as by other less important revenue
legislation. Because of the statutory lag in collection of taxes,
receipts in the fiscal year 1942 do not represent the full effect of legislation in the calendar years 1940 and 1941. This is particularly true
of current income taxes.




EEPORT OF THE SECRETARY OF THE TREASURY

71

fActual receipts in the fiscal year 1941 cirid estimated receipts in the fiscal years 194^
and 1943
[In millions of dollars]
Estimat- Estimated, 1943 ed, 1942

General and special accounts
i. Internal revenue:
(1) Income taxes:
• Corporation:
Normal and surtax, current
Excess-proflts tax
. . . .
Declared value excess-profits tax
Total corporation
Individual, current

__'._

_..
,

_

. .

_.

._

Total income taxes (daily Treasury statement basis
(unrevised))...
(2) Miscellaneous internal revenue:
Capital stock tax
Estate tax
Gift tax
__..
Liquor taxes
_,. .
_ .
Tobacco taxes
Stamp taxes
Manufacturers'excise taxes
.
Retailers' excise taxes
_. _ .
Miscellaneous taxes
-..___.
_

$1,649.0
164.3
28.1

3. 767. 0
3,070. 0

1,841.4
1,314.3

315.0
4.0

305.0
5.0

306.4
9.1

319.0

Total income taxes (collection basis)
Adjustment to daily Treasury statement basis
(unrevised)
;

$3,462.0 $2,509.0
2,691. 0 1, 234.0
51.0
24.0
6,204.0
4,793.0

..

Back taxes:
Corporation (normal and surtax) and individual
Unjust enrichment tax _
...
Total back taxes

Actual,
1941

.
_

. .
. .

Total miscellaneous internal revenue (collection basis)
Adjustment to daily Treasury statement basis
(unrevised)
_
Total miscellaneous internal revenue (daily Treasury
statement basis (unrevised)) .. ... .

310.0

315 4

11,316.0

7,147.0

3,471.1
—1.5

11,316.0

7,147. 0.

3,469.6

239.5
500.0
30.7
1,195.8
841.4
45.0
637.0
, 135.1
581.9

232.0
360.0
150.0
1,095. 0
772.1
42.9720.8
73.2
416. 9

166.7
355.2
51.9
818. 5
693.2
39.1
610.6

4.206.5'

3,863.0

2,954. 6

219. 5

+12.3
4, 206. 5

3,863. 0

2,966. 9

1, 394.1
150.4

900. 4
117. 6

690.6
97.7

1, 544. 5

1,018.0

788.2

194.4

170.7

136.9

Total einployment taxes (daily Treasury statement basis
(unrevised))

1,738.9

1,188. 7

925.2

Total internal revenue (daily Treasury statement basis
(unrevised))-..

17, 261. 4

12,198.7

7,361.7

2. Railroad Unemplojmient Insurance Act (daily Treasury statement
basis (unrevised))-.
.
3. Customs (daily Treasury statement basis (unrevised))
4. Miscellaneous revenues and receipts (daily Treasury statement basis
(unrevised))
.:.

9.5
297.0

8.5.
368.0

6.8
391.9

284.2

240.9

508.2

Total receipts, general and special accounts (daily Treasury statement basis (unrevised))

17, 852.1

12,816.1

8, 268.5

Deduct: Net appropriation for Federal old-age and survivors insurance trust fund representing an amount equal to taxes col.lected and deposited under the Federal Insurance Contributions Act, less reimbursement to General Fund for adm'inistrative expenses
1

1,364.9

872.1

661.3

Net receipts, general and special accounts (daily Treasury
statement basis (unrevised))
.
.
.

16,487.2

11,944.0

7,607.2

(3) Employment taxes:
Taxes on employment by other than carriers:
Federal Insui'ance Contributions Act
. . . .
Federal Unemployment Tax Act

-.

Total
Taxes on carriers and their employees (Ch. 9, subchap. B
of the Internal Revenue Code)
_

, NOTE.—Figures are rounded to nearest tenth of a million and will not necessarily add to totals.




72

REPORT OF T H E SECRETARY OF T H E TREASIJIIY

Income taxes.—Total income taxes in the fiscal year 1942 are
estimated lat $7,147 millions. If this amount is realized, the fiscal
year 1942 receipts will exceed by a considerable margin the collections of any previous fiscal year, being $3,202 millions or 81.2 percent
greater than receipts of the previous record year, the fiscal year 1920.
No detaited break-down of income tax receipts is available for all
fiscal years. However, such data as are available indicate that record
breaking levels should be reached in receipts for the fiscal year 1942
for both the current corporation and individual income taxes.
Total income tax receipts estimated for the fiscal year 1942 exceed
actual collections of the previous year, which amounted to $3,470
millions, by $3,677 millions or 106.0 percent. This is attributable
to an increase in income levels, a broadening of the income tax base
by legislation, and to upward revision in tax rates.
Current corporation income tax collections, normal tax and surtax,
are estimated to amount to $2,509 millions in the fiscal year 1942, and
represent an increase of $860 millions or 52.2 percent over actual fiscal
year 1941 receipts of $1,649 millions. Receipts in the fiscal year 1942
represent liabilities of the calendar years 1940 and 1941, whereas the
fiscal year .1941 receipts reflect liabilities of the calendar years 1939
and 1940. While collections of calendar year liabilities are not divided
evenly between the 2 fiscal years affected, the proportions are such
that for the purpose of simplifying the explanation of results, the
calendar year common to both may be eliminated in comparing receipts of 2 fiscal years. Thus, in comparing fiscal years 1942 and 1941,
the calendar year 1940 may be disregarded and the increase in receipts
of the fiscal year 1942 over those of the fiscal year 1941 attributed
almost entirely to theincrease in estimated income levels in the calendar year 1941 and higher tax rates under the Revenue Act of 1941 as
compared with incomes and tax rates existing in the calendar year 1939.
However, only part of the full calendar year 1941 increase in liabilities, roughly 50 percent, is reflected in the fiscal year 1942 receipts.'
In the calendar year 1939, corporations with net incomes of over
$25,000 were taxed, at rates which varied between 16^2 percent and 19
percent depending on dividends paid. In 1941, the normal tax rate
is 24 percent for this group. In addition, a corporation surtax is
imposed at 6 percent for the first $25,000 or less of net income and
7 percent on the excess. For corporations with net incomes of $25,000
or less, the graduated rates of 12K percent, 14 percent, and 16 percent
existing in 1939 were increased to 15 percent, 17 percent, and 19 percent in the calendar year 1941 and the corporation surtax added. The
potential effect of the substantially higher tax rates and income base
in 1941 as compared with 1939 is offset to some extent by the two-year
operating loss carryover allowed in 1941—none in 1939—and the de-




REPORT OF T H E SECRETARY OF T H E TREAS'URY

73

duction of the excess-profits tax in computing normal and surtax net
income in 1941.
Corporation excess-profits tax receipts are estimated to amount to
$1,234 millions in the fiscal year 1942 and represent an increase of
$1,070 millions or 651.0 percent over receipts in the fiscal year 1941 of
$164 milhons. As excess-profits tax receipts are collected in the same
manner as current corporation income taxesj a comparison of calendar
years 1939 and 1941 explains in the main the increase in the fiscal year
1942 receipts over the fiscal year 1941. No excess-profits tax as the
term is now used applied in 1939. The excess-profits tax effective in
the calendar year 1941 was instituted by the Second Revenue Act of
1940 and was revised by the Excess Profits Tax Amendments of 1941
and by the Revenue Act of 1941. At present corporations are subject
to excess-profits tax rates varying from 35 percent on adjusted excessprofits net income of $20,000 or less to 60 percent on adjusted excessprofits net income in excess of $500,000. Adjusted excess-profits net
income is determined by the difference between earnings in the taxable year and the excess-profits credit computed under either the
average earnings or the invested capital methods. Under the former,
corporations are allowed a credit of 95 percent of the average net
income of the base period 1936-39 inclusive. Under the invested
capital method, the credit is 8 percent on invested capital not in
excess of $5 millions and 7 percent on the excess over $5 millions.
Under either method a specific exemption of $5,000 and a two-year
carryover of unused excess-profits credit of previous years are allowed.
Under the 1941 Revenue Act, the excess-profits tax is computed first
and allowed as a deduction for normal tax and surtax. Except for
the excess profits liability itself, the net income bases of the excessprofits tax and the normal tax are essentially the same although
significant dift'erences are possible under certain circumstances.
The declared value excess-profits tax has been in eft'ect since 1933,
but prior to f940 was known as the excess-profits tax. Receipts from
this source are estimated at $24 millions, a decrease of $4 millions or
14.5 percent as compared with the fiscal year 1941, despite the increase in rates and higher income levels of the calendar year 1941 as
compared with the calendar year 1939.
For the declared value excess-profits tax, taxable excess profits are
those earnings in excess of 10 percent of the capital stock valuation
which is declared by corporations in filing their capital stock tax
returns. Ordinarily capital stock returns must be filed on July 31.
However, the Revenue Act of 1941, which increased the capital stock
tax rate from $1.10 to $1.25 for each $1,000 of such valuation, was
not approved until September 20, 194l,>nd corporations were allowed
to defer the filing date for capital stock returns to October 29. In




74

REPORT OF; THE SECRETARY QF: THE TREAS-URY

1941,. corporations,, in setting capital stock value-so as to avoid deb
dared value excess-profits tax liabilities for the calendar year 1941:
earnings, had 3 months more known earnings than would have been
the case without the extension in the time of filing the capital stock
returns. The consequent increase m accuracy of net income estimates, despite a substantial increase m mcome levels in. 1941, should
reduce the declared value excess-profits tax liability in 1941 as compared with 1939 when the capital stock returns had to be filed August 31.
Some portion of the decrease in the fiscal year 1942 receipts is
attributable to the suspension of the profit limiting provisions of th^
Vinson Act and of certain provisions of the Merchant Marine Act,
1936, during the applicable period of the excess-profits tax. Collections from these sources are included as part of the declared value
excess profits.
Unjust enrichment taxes, which are back taxes principally based on
liabilities incurred in the calendar year 1936, are estimated to decrease
from $9 millions in the fiscal year 1941 to $5 millions as the outstanding claims for these taxes have been decreased, by collections.
;
Current individual income tax receipts for the fiscal year 1942^
estimated at $3,070 millions, are $1,756 millions or 133.6 percent in
excess of actual fiscal year 1941 receipts amounting to $1,314 millions;
As is true for corporation income taxes, individual income tax receipts
for the fiscal year 1942 arise from liabilities of the calendar years 1940
and 1941, while the fiscal year 1941 receipts refiect the calendar years
1939 and 1940. In comparing individual income tax receipts by
fiscal years, the elimination of the yield from the common year 1940
from the explanation of results is not as valid as it is for corporation
income tax receipts because of the much greater proportion of full-paid
individual as compared with corporation income tax liabilities ill
March of the near fiscal year. Nevertheless, the over-simplification
of the explanation is substantially correct as the greater proportion of
the increase in the fiscal year 1942 over the fiscal year 1941 is due to
higher income levels and tax rates and broader tax base in the calendar
year 1941 as compared with the calendar year 1939.
The 1939 personal exemptions of $2,500 for married individuals and
$1,000 for single persons were reduced to $1,500 and $750, respectively,
in 1941. The dependent credit of $400 for the first dependent was
eliminated for persons who are made heads of families only because of
such dependents. Surtax rates were increased throughout the entire
schedule, the greatest increase being made in the low and middle
income groups. Not only were the surtax rates increased but the
exemption therefrom of the first $4,000 of surtax net income was
eliminated. A sirnplified income tax form was adopted for persons
with gross income of $3,000 or less wholly from certain specified



REPORT OF. THE SECRETARY OF THE TREAS'URY

75

sources, the use of such abbreviated form or the regular income tax
form being optional with the taxpayer. In effect the normal tax was
increased by the defense tax of the Revenue Act of 1940. The
defense tax as such was eliminated by the Revenue Act of 1941 and
was integrated into the surtax rate structure. The combined effect
of reduced personal exemptions, the elimination of exempted surtax
net income, and the increase in surtax rates results in increases in tax
liabilities of all classes.
Because of the great increase in the calendar year 1941 liabilities it is
expected that the percent of total liabilities which has been received
in full in March of previous collection years will be decreased in March
1942. The effect of increased calendar year 1941 liabilities oh fiscal
year 1942 collections is therefore somewhat less than would be true
if the full-paid proportion were unchanged.
Total back corporation and individual income tax receipts, which
are not affected by most recent changes in incomes and tax rates, a r c
estimated at $305 milhons in the fiscal year 1942.
Miscellaneous internal revenue.—Miscellaneous internal revenue in
the fiscal year 1942 is estimated at $3,863 millions, an increase of
$896 millions over receipts of the previous fiscal year. Except for
receipts from the capital stock tax, estate tax, and gift tax, which are
estimated to aggregate $742 millions, miscellaneous internal revenue
is derived from levies incident to the sales of goods or services. Ordi-^
narily receipts from these sources a r c principally dependent upon
consumer purchasing power. However, in the fiscal year 1942,
curtailment of production of goods for civilian consumption is necessitated by defense and war activity. Receipts of certain taxes are
expected either to increase less than the estimated income levels of
the fiscal year 1942 warrant, or to decrease. This is particularly true
of taxes based on the sale of durable consumer's goods. Nevertheless,
because of the increases in receipts from taxes unaffected by military
production, because of increases in tax rates, and because of the
introduction of new taxes, miscellaneous internal revenue other than
collections from the capital stock, estate, and gift taxes, is estimated
to increase from $2,381 millions in the fiscal year 1941 to $3,121
millions in the fiscal year 1942. This is an increase of $740 millions
or 31.1 percent.
Capital stock tax receipts are estimated at $232 millions in the fiscal
year 1942 as compared with $167 millions in the fiscal year 1941. The
increase of $65 millions or 39.2 percent results from the increase in tax
rate from $1.10 to $1.25 per $1,000 of valuation and the higher income
levels of the calendar year 1941 as compared with the calendar year
1940 and to the fact that the capital stock declaration made in the fiscal
year 1942 had to be made large enough to cover insurance against the




76

REPORT OF THE SECRETARY OF THE TREASURY

declared value excess-profits tax for 3 'years following the capital
stock valuation.
Estate tax receipts are estimated at $360 millions, an increase of
$5 millions over actual receipts of the fiscal year 1941. This increase
is small in spite of the 10 percent tax rate increase of the Revenue
Act of 1940 which is partially reflected in the fiscal year 1942 receipts
because the fiscal year 1941 receipts included the taxes on two exceptionally large estates. The rate increases of the Revenue Act of
1941 are substantially ineffective with respect to the fiscal year 1942
collections because of the 15-month statutory lag permissible in th^
filing pf estate tax returns.
Gift tax receipts, estimated in the fiscal year 1942 at $150 millions,
are $98 millions or 189.2 percent in excess of actual receipts of the
preceding year. Although the higher estate tax rates contained in the
Revenue Act of 1941 became applicable to, the estates of decedents
dying after September 20, 1941, the increase in the gift tax rates
contained in the Revenue Act of 1941 was not eft'ective on gifts made
prior to January 1, 1942. Thus there was a special tax-saving
incentive to make gifts during the latter months of. the calendar year
1941 not only to reduce an augmented estate tax liability but also to
break up estates so that the income therefrom in subsequent years
would not be subject to as high bracket rates under the increased
individual surtax rates of the Revenue Act of 1941.
Total liquor tax receipts are estimated to aggregate $1,095 millions
in the fiscal year 1942 and represent an increase of $277 millions or
33.8 percent over receipts of the previous fiscal year. Receipts from
taxes on distilled spirits and fermented malt liquors account for $993
millions or 90.7 percent of the total 1942 receipts and for $248 millions
or 89.6 percent of the increase.
The excise tax receipts from distilled spirits are estimated to increase
$212 millions or 49.4 percent to $640 millions in the fiscal year 1942.
This increase is due to the estimated rise in consumer income and
to the increases in the tax rates on distilled spirits from $3 a gallon
to $4 a gallon and on brandy from $2.75 a gallon, to $4 a gallon. Only
9 months' collections in the fiscal year 1942 are at these new rates.
The effect of the increase in rates is lessened by the forward buying
which took place in the first few months of the fiscal year in anticipation of the augmented rates.
Receipts from the tax on fermented malt liquors are estimated at
$353 millions in the fiscal year 1942, an increase of $36 millions or
11.5 percent over the actual fiscal year 1941 receipts. This increase
is due principally to increases in income levels. The excise tax on
wines is estimated to increase 139.9 percent to $27 millions mainly
because of rate increases of the Revenue Act of 1941. Nonrecurring




REPORT OF.THE SECRETARY OF THE TREASURY

>

77

floor stock collections from distilled spirits and wines in the fiscal
year 1942 are estimated at $33 millions.
Total receipts from tobacco taxes are estimated at $772 millions in
the fiscal year 1942, an.increase of $79 millions or 11.4 percent over
actual receipts of the fiscal year 1941. Each of the specific sources
contributed to this increase but the bulk of collections is accounted
for by the tax on small cigarettes, estimated at $694 millions in the
fiscal year 1942. No increase in tax rates is effective in the fiscal year
1942, the increase in receipts being due principally to increases in
consumer income.
Collections of stamp taxes on issues of securities, bond transfers,
stock transfers, etc., and on playing-cards and silver bullion sales or
transfers are estimated to amount to $43 millions in the fiscal year
1942, an increase of $4 millions or 9.9 percent. In this category, only
the tax rate on playing cards, increased from 11 cents to 13 cents a
pack, was changed by the Revenue Act of 1941.
The broad class group, manufacturers' excise taxes, includes the
majority of the specific sources of taxation that will be affected most
by conversion of production to military requirements. Despite the
estimated decline of some tax bases in the face of rising purchasing
power, total receipts of the group are estimated to increase $110 millions or 18.0 percent to $721 millions in the fiscal year 1942. This
increase is achieved by substantial upward revision of tax rates and
by the introduction of new sources of revenue.
The largest receipts from any single tax classified in this category
are produced by the 1}^ cents per gallon tax on gasoline. In the fiscal
year 1942, this tax is expected to yield $373 millions,,an increase of $29
millions or 8.6 percent, due primarily to increases in income levels.
The tax rate on gasoline was raised from 1 cent to IK,cents by the
Revenue Act of 1940, effective July 1, 1940. This rate was unchanged
by the Revenue Act of 1941. However, because of the collection lag,
only 11 months of the fiscal year 1941 receipts are affected by the Iji
cent rate, whereas the fiscal year 1942 receipts represent a full year's
collection at the increased rates.
The receipts from the tax on lubricating oils are estimated to increase
$6 millions or 15.1 percent to $44 millions in the fiscal year 1942.
The tax on electrical energy is estimated to yield $51 millions in the
fiscal year 1942 as compared with actual receipts of $47 millions in the
fiscal year 1941. The tax on firearms, shells, pistols, and revolvers is
estimated to yield $4 millions in the fiscal year 1942. No change was
made in the rate of tax or the tax base of these four tax categories in
the Revenue Act of 1941. For all other specific sources in the manufacturers' excise tax group, changes were made both in rates and scope
of the taxes and many new taxes were introduced.
407631—42

7




78

REPORT OF THE SECRETARY OF THE TREASURY

Tax rates on the automobile and related industries were doubled
by the Revenue Act of 1941, affecting 8 months' tax collections in the
fiscal year 1942. The rate was increased on passenger automobiles
and motorcycles to. 7 percent, on automobile trucks, busses, and trailers to 5 percent, on parts and accessories for automobiles to 5 percent,
and on tires and inner tubes to 5 cents and 9 cents per pound, respectively. Some adjustment was made in classification under
these titles; Bus chassis and bodies and truck and bus trailers, formerly taxed at the same rate as passenger automobiles and motorcycles, are now taxable at the rate applicable to trucks. The base of
the automobile taxes was expanded to include certain types of trailers
formerly exempt. Automobile radios, previously taxable under automobile parts and accessories, were shifted to the radio receiving set
classification. Substantially larger consumer income combined with
doubling the tax rate would imply relatively large increases in tax
yields under ordinary circumstances. However, the automobile
industry is one of the first to feel the impact of war. There are,striking differences in the effect of military necessities on each of the;
automobile taxes. The receipts of the tax on parts and accessories
show slight curtailment of civilian production. In the fiscal year 1942
receipts are estimated at $27 millions, an increase of 102.5 percent over
actual receipts of the fiscal year 1941. Collections of the tax on
trucks and busses are estimated to increase 54.5 percent to $17
inillions in the fiscal year 1942. A substantial cut in the production of
passenger automobiles is indicated by collections of $86 millions in the
fiscal year 1942, only 5.4 percent more than the collections in the fiscal
year 1941 when automobile prices were lower. The most drastic
reduction is in production of tires and tubes for civilian consumption.
Receipts from the taxes on these articles are estimated at $41 millions
in the fiscal year 1942, a decrease of $10 millions or 20.3 percent.
As the Nation continues in its progress toward a full wartime economy, it is to be expected that production of these items for civilian use
will be reduced still further.
Many new taxes based on manufacturers' sales were introduced by
the Revenue Act of 1941. These new taxes and their estimated yield
in the fiscal year 1942 are: Rubber articles—articles of which rubber
is the component m.aterial of chief weight—$8 millions; electric,
gas, and oil appliances, $7 millions; electric light bulbs, $2 millions;
electric signs, $2 millions; washing machines—^commercial^—$0.2
million; business and store machines, $5 millions; photographic
apparatus, $6 millions; optical equipment, $0.3 million; luggage, $3
millions; sporting goods, $6 millions. Only 8 months' collections will
be received in the fiscal year 1942 from these taxes. The rate in each
case is 10 percent, with the exception of the tax on electric light bulbs,
where the rate is 5 percent. Although these taxes are designated as



REPORT OF THE SECRETARY OF THE TREASURY

79^

new taxes, actually most of them were in effect before but had been,
repealed. There were back tax collections from certain of these
repealed taxes in the fiscal year 1941. The potential revenue yield,
of certain of these new taxes, particularly those on rubber articles and.
business and store machines, is limited by curtailed production forcivilian uses.
The Revenue Act of 1940 taxed parts for radio sets at 5K percent..
The 1941 act increased the rate from 5^ percent to 10 percent, revised
the base to include completed sets, and extended the coverage to
include phonographs, phonograph records, and musical instruments' Receipts are estimated at $13 millions in the fiscal year 1942, an
increase of 90.3 percent over the fiscal year 1941 actual receipts.
Under the Revenue Act of 1941, the scope of the tax applicable on
household type refrigerators was broadened to include all types of
refrigerators, refrigerating apparatus, and air-conditioners. At the
same time, the rate was increased from 5}^ percent to 10 percent..
Despite the expanded base and higher rate, receipts from this source
are estimated to increase only $1 million or 5.4 percent from the fiscaL
year 1941 to the fiscal year 1942, because of allocations and enforced
curtailment of production. Total receipts in the fiscal year 1942 areestimated at $14 millions.
Immediately prior to the Revenue Act of 1940, only fancy wooden
matches were taxed, the rate being 5}^ cents per 1,000 matches. T h e
Revenue Act of 1941 also taxes all other types of matches at 2 cents
per 1,000 matches. The fiscal year 1942 receipts from this source are
estimated at $5 millions as compared with $0.1 million in the fiscal
year 1941.
Retailers' excise taxes at the rate of 10 percent on the retail price
of jewelry, furs, and toilet preparations were introduced by the
Revenue Act of 1941. In the 8 months of the fiscal year 1942, in
which collections from this group will be made, receipts are estimated
to be $73 millions. . The tax on jewelry accounts for almost half of
this total. Toilet preparations were taxable on a producers' price
level at the rate of 11 percent in the period immediately prior to the
effective date of the Revenue Act of 1941, October 1, 1941.
Receipts from the miscellaneous tax group under miscellaneous
internal re^^enue are estimated at $417 naillions in the fiscal year 1942,
compared with actual receipts of $220 millions in the fiscal year 1941.
This is an increase of $197 millions or 89.9 percent. Receipts in this,
group are not affected to any great extent by direct governmental:
action, the increase in the fiscal year 1942 reflecting the effect of'
increased consumer income, higher tax rates, and broadened tax bases..
Of the 14 specific sources of tax collections shown in this group, 5^
are unaffecte.d by revisions made by the Revenue Act of 1941. They"




80

REPORT OF THE SECRETARY OF THE TREASURY

are the tax on transportation of oil by pipe line, the tax on coconut
and other vegetable oils processed, special taxes on oleomargarine,
adulterated butter, etc., the bituminous coal tax, and the sugar tax.
Of these, only the tax on sugar is an important revenue producer.
Receipts from this source are estimated at $72 millions in the fiscal
year 1.942, a decrease, because of disruption of transportation facilities,
of $3 millions from actual receipts of $75 millions in the fiscal year
1941.
New tax sources include taxes on local telephone bills, transportation of persons, the use of motor vehicles and boats, coin-operated
amusement and gaming devices, and bowling alleys and billiard and
i pool tables.
The 1941 Revenue Act imposes a tax of 6 percent on the amount
paid by subscribers for local telephone service. Taxes for approximately 8 months' liabilities are expected to amount to $36 millions
in the fiscal year 1942. A tax of 5 percent is imposed on the amount
paid for transportation of persons. The tax does not apply to
amounts of less than 36 cents, to commutation or season tickets
covering single trips of less than 30 miles, or to commutation tickets
of one month or less. Exemption from the transportation tax applies
to the military personnel of the United vStates when traveling under
special tariffs extended by transportation companies to members of
the Army, Navy, Marine Corps, and Coast Guard when on ofiicial
leave, furlough, or pass. Due to administrative procedure, only
5 months' collections are expected in the fiscal j'car 1942. Receipts
in that year are estimated at $21 millions. The same act imposes,
effective February 1, 1942, a tax of $5 per year on the use of each
motor vehicle and taxes at rates graduated by length from $5 to
$200 per year on the use of boats. Five-twelfths of the full rate is
estimated to account for collections of $70 millions in the fiscal year
1942. New taxes are imposed on the use of coin-operated amusement or gaming devices. For each such machine of the so-called
''pinball" type, the rate is $10 per year. If it is of the ^^slot" machine type, .the rate is $50 per year. Only three-fourths of the full
year liability- is applicable in the fiscal year 1942. Receipts in that
year are estimated at $4 millions. The tax of $10 per year on each
bowling alley or billiard or pool table is expected to yield $1 million
in the partial period covered, in the fiscal year 1942.
The tax on telephone, telegraph, radio and cable facilities, leased
wires, and so forth, was revised both as to base and tax rate by the Revenue Act of 1941. The tax on telephone messages or conversations
was extended to include messages for which the charge is more than
24 cents. Previously all charges of less than 50 cents were exempt
from the tax. In addition, the rate was changed to 5 cents for each
50 cents or fraction thereof of the amount paid. Previously the



REPORT OF THE SiECRETARY OF THE TREASURY

81

maximum tax was 20 cents. Prior to the Revenue Act of 1941 telegraph dispatches and messages were taxed at 5 percent of the amount
charged and on cable and radio dispatches the tax was 10 cents per
message. This was revised to make all telegraph, cable, or radio
dispatches or messages subject to a tax of 10 percent of the amount
of the charge. The 5 percent rate on amounts paid for leased wires
and on talking circuit special services was increased to 10 percent and
the coverage of the tax was extended to include teletypewriter
services. A tax of 5 percent is levied on payments made for certain
other wire and equipment services previously exempt from. tax.
Receipts from these sources are estimated at $44 millions in the fiscal
year 1942 and represent an increase of $17 millions or 62.5 percent as
compared with actual receipts of $27 millions in the fiscal year 1941.
Approximately 8 months' collections at the new rates are expected in
the fiscal year 1942.
The 1940 act exemptions from the admissions tax, applying both to
price of admission and types of entertainment, were eliminated by
the Revenue Act of 1941. Previously, admissions of 20 cents or less
were not subject to tax and, regardless of price of admission, exemptions applied to certain religious, educational, and charitable entertainments. Except for the exemption of admissions of less than 10
cents paid by children under 12 years of age, such types of exemptions
were eliminated by the Revenue Act of 1941. Persons admitted free
or at reduced rates are subject to tax at the rate applicable to persons
charged the regular admission cost. Under the Revenue Act of 1940,
this did not apply to bona fide employees, municipal officers on official
business, or children under 12 years of age. The Revenue Act of
1941 extended this provision also to limit to a fractional part of the
price actually paid for admission the tax paid by members of the
mUitary or naval forces of the United States when in uniform or
members of the Civilian Conservation Corps when in uniform. The
rate of 1 cent per 10 cents of the admission, charge was unchanged.
The receipts from the admissions tax are also affected by the elimination of certain exemptions from the tax on cabarets and roof gardens.
The rate of tax was changed from 2 cents for each 10 cents on the
taxable portion under the Revenue Act of 1940 to a flat 5 percent of
all amounts paid. Receipts from the admissions tax are estimated a t
$123 millions in the fiscal year 1942. This is an increase of $52
millions or 72.8 percent over actual receipts in the fiscal year 1941.
About 8 months' collections at the.new rates are estimated for the
fiscal year 1942.
The revenue from the tax on club dues and initiation fees was increased by the reduction of the $25 exemption on dues or membership
fees to $10. The tax on initiation fees now applies if the dues or membership fees are in excess of $10, whereas the tax did not previously



82

REPORT OF THE SECRETARY OF THE TREASURY

apply if the membership fees were more than $25. The term ''dues''
was broadened to include any assessment or charge made for social or
recreational privileges for any period of more than 6 days. Receipts
from the tax on club dues and initiation fees are estimated at $10
millions for the fiscal year 1942. This is an increase of $3 millions or
50.4 percent over actual receipts of the fiscal year 1941.
The only change made in the tax on leases of safe deposit boxes was
to increase the rate from 11 percent to 20 percent. The fiscal year
1942 receipts, which include about 8 months' collections at this in,creased rate, are estimated at $4 millions. This is an increase of 67.0
percent over actual receipts of $2 millions in the fiscal year 1941.
Employment taxes.—Total employment taxes are estimated at
.$1,189 millions, an increase of $264 millions or 28.5 percent over
-actual receipts of $925 millions in the fiscal year 1941.
There has been no change in the rates or coverage of these taxes
:since the Social Security Act Amendments of 1939, approved August
10, 1939. These amendments are fully reflected in the receipts both
of the fiscal year 1941 and the fiscal year 1942. Therefore the estimated increase of receipts results entirely from a higher level of pay rolls.
Receipts under the Federal Insurance Contributions Act are estimated at $900 millions as compared with $691 millions in the fiscal
year 1941, an increase of $210 millions or 30.4 percent.
Receipts under the Federal Unemployment Tax Act are estiihated
at $118 millions as compared with actual receipts of $98 millions in
,the fiscal year 1941. The increase of $20 millions, or 20.4 percent,, is
less than the percentage increase under the Federal Insurance Contributions Act principally because of a difference in the months in
which the respective tax liabilities were accrued. Receipts measured
by compensation taxable under the Federal Unemployment Tax Act in
any calendar year are received throughout the subsequent calendar
year, whereas the lag in the time of collecting the liabilities accruing
,under the Federal Insurance Contributions Act is only three months.
Receipts under the Carriers Taxing Act of 1937 are^ estimated at
„$171 millions as compared with actual receipts in the fiscal year 1941 of
$137 millions, an increase of $34 millions or 24.7 percent. The increase
is partly the result of an increase in work-hours expected to result
from the increase of industrial activity, and is partly the result of two
wage rate increases for railway labor approved by the President's
.•emergency board, appointed September 10, 1941, under section 10 of
t h e Railway Labor Act. The first increase, effective September 1,
1941, is in accordance with the original recommendation of the same
hoard, and the second increase, effective December 1, 1941, is somewhat greater. Average railway wage rates, except for such negotiated
-changes, are relatively stable, so that ordinarily the fluctuation of
receipts under the Carriers Taxing Act is less than under either the



REPORT OF THE SECRETARY OF THE TREASURY

83

Federal Unemployment Tax Act or. the Federal Insurance Contributions Act.
Railroad Unemployment Insurance Act.—Receipts under the Railroad Unemployment Insurance Act are estimated at $9 millions, an
increase of $2 millions over the fiscal year 1941 actual receipts of
$7 milhons.
Customs.^—CMsioras receipts, including any import tax ''levied,
assessed, collected, and paid in the same manner as a duty imposed
by the Tariff Act of 1930 and * * * treated as a duty" are
estimated at $368 millions, a decline of $24 millions from actual receipts
of $392 millions in the fiscal year 1941.
Since 1939, customs receipts have depended less upon business
conditions and more upon the freedom of sources, the availability
of shipping, and the need for materials for defense production. The
existence of a state of war between the United States and the Axis
Powers will result .in the partial closing of some sources previously
open and the imposition of losses and further restrictions upon available shipping. Also, the recent trade agreement with Argentina,
-effective November 15, 1941, while less important than the recent
world-wide spread of war, will result in some reduction of customs
receipts. Except for these two new factors, an increase of receipts
would have been expected.
Miscellaneous revenues and receipts.—Miscellaneous revenues and
receipts in the fiscal year 1942 are estimated at $241 millions. This
is a decrease of $267 millions or 52.6 percent as compared with actual
receipts in the fiscal year 1941 of $508 millions. The receipts in the
•fiscal year 1941 were unusually large because of large repayments of
capital funds by Government corporations.
Fiscalyear 1943
Total receipts in general and special accounts in the fiscal year 1943
are estimated at $17,852 millions, an increase of $5,036 millions as
compared with estimated receipts of the fiscal year 1942. Each of
the major sources of revenue contributes to this increase although
there are certain exceptions, notably the gift tax where special incentives existing in the previous year no longer prevail; manufacturers'
excise taxes, where the transfer from a peacetime to a wartime economy affects certain of the manufacturers' excise tax bases through
allocations and other restrictions; and customs, where the effect of
the entrance of the United States into the World War is reflected for
the first time in a full year's collections of customs receipts. Of the
increase of $5,036 millions in the fiscal year 1943 estimated receipts
over those estimated for the fiscal year 1942, $4,169 millions are
estimated to come from the income taxes and $550 millions from the
employment taxes.



84

REPORT OF THE SECRETARY OF THE TREASURY

Income taxes.—In the fiscal year 1943, the first full year of collections under the Revenue Act of 1941, income tax receipts are estimated
to aggregate $11,316 millions. If realized, this amount will represent
a second successive record breaking year. Available data indicate
that each of the important sources of income tax revenue in the fiscal
year 1943 will be considerably in excess of receipts of any previous
year, estimated or actual.
The 1943 total exceeds by $4,169 millions or 58.3 percent estimated
receipts of the fiscal year 1942 which are estimated at $7,147 millions.
As is the case in the comparison of receipts in the fiscal years 1942
and 1941, the increase of receipts in the fiscal year 1943 over those of
the fiscal year 1942 is due chiefly to a combination of higher income
levels and increased tax rates. As collections arising from liabilities
of the calendar year 1940 are common to both fiscal,years 1942
and 1941, the increase in income tax receipts in the fiscal year 1942
over those of the fiscal year 1941 was explained by comparison of
relative tax rates and income levels in the calendar years 1941 and
1939. The calendar year 1941 receipts are common to both fiscal
years 1943 and 1942. Most of the increase in receipts in the fiscal
year 1943 over those of the fiscal year 1942 is due to tax rates and
income levels in the calendar year 1942 as compared with those in
the calendar year 1940. This is true for the current income taxes—
corporation and individual—for the excess-profits tax, and for the
declared value excess-profits tax.
Current corporation income tax receipts are estimated at $3,462
millions in the fiscal year 1943 as compared with $2,509 millions in the
fiscal year 1942. This is an increase of $953 millions or 38.0 percent.
There is no difference of any consequence in the normal tax rates of the
1940 Revenue Acts, applicable to the calendar year 1940 incomes, and
in the normal tax rates of the Revenue Act of 1941, in effect in the
calendar year 1942. The flat rate of 22.1 percent and the defense tax
rate of 1.9 percent effective in 1940 on corporations with net incomes
tn excess of $25,000 were integrated into a single rate of 24 percent in
the Revenue Act of 1941. The integration of the normal and defense
tax rates for corporations with net incomes of $25,000 or less
resulted in small increases in the graduated rates applicable to
these corporations.
. Under the Revenue Act of 1941, corporations are subject to, a surtax of 6 percent on net income of $25,000 or less and 7 percent on the
excess over $25,000. Surtax net income differs from normal tax net
income by the inclusion of interest on certain Government securities.
No such surtax was in effect in the calendar year 1940.
Under the Revenue Acts of 1940, the normal tax was allowed as a
deduction for the excess-profits tax calculation. Under the Revenue
Act of 1941, the excess-profits tax is computed first and allowed as a



REPORT OF THE SECRETARY OF THE TREASURY

85

deduction for normal tax and surtax purposes. If there had been no
increase in income levels in the calendar year 1942 as compared with
the calendar year 1940, the base of the current corporation income
tax would be less in 1942 because of the reversal in the precedence of
deductions. However, estimated income levels in 1942 as compared
with those of 1940 are sufficiently large to more than offset the excessprofits deduction. The increase in the fiscal year 1943 corporation
income tax receipts is therefore due to an increase in the tax base in
the calendar year 1942 as compared with that of the calendar year
1940 and the introduction of the corporation surtax by the Revenue
Act of 1941 effective in the calendar year 1941 and succeeding years.
Because of its nature the excess-profits tax accentuates any change
in income levels. The considerable increase in income levels estimated for the calendar year 1942 as compared with the calendar year
1940, the higher rates and augmented tax base of the Revenue Act of
1941 result in an expectation of excess-profits tax receipts increasing
118.1 percent in the fiscal year 1943 over estimated recieipts of the
fiscal year 1942. In absolute amounts, collections are estimated at
$2,691 millions in the fiscal year 1943, an increase of $1,457 mfllions
over the fiscal year 1942.
As compared with the law in effect in the calendar year 1940, the
Revenue Act of 1941, effective in the calendar year 1942, broadened
the excess-profits tax base principally by two changes. Prior to the
Revenue Act of 1941 the norma!l tax was allowed as a deduction in
computing excess-profits net uicome. Under the 1941 act the excessprofits tax is calculated first and allowed as a deduction for normal
and surtax computation. The increase in excess-profits tax collections resulting from this reversal in the precedence of deductions,
which affects all corporations subject to the excess-profits tax, is offset
to some extent by a reduction in the tax base of the normal tax and
surtax. The tax base of corporations using the invested capital
method in computing their excess-profits credit was increased by the
reduction of the credit on invested capital in excess of $5 millions from
8 percent to 7 percent. In addition to these base broadening changes
the yield of the excess-profits tax was enhanced by increasing the
graduated rates by 10 percentage points in each tax bracket.
Declared value excess-profits tax collections are estimated at
$51 millions in the fiscal year 1943 as compared with estimated receipts
of $24 millions in the fiscal year 1942. A considerable portion of this
increase is due to the peculiar nature of the declared value excessprofits tax. The calendar year 1940 liabilities of the tax arose from
the excess of corporate earnings over 10 percent of an optional capital
stock upward revaluation made July 31, 1940, the magnitude of the
tax depending on the accuracy with which corporations could estimate




86

REPORT OF THE SECRETARY OF THE TREASURY

earnings for the corporation's fiscal year, which in most cases is the
calendar year.
As calendar year 1942 declared value excess-profits tax liabilities are
based on a capital stock valuation made October 29, 1941, which
valuation must stand for thi:ee years, corporations had to estimate their
net incomes for the entire calendar year 1942. Because of this differ-,
ence in the length of period estimated, it is believed that corporations
were not able to estimate their earnings as accurately so >far in advance
and the excess-profits under the declared value excess-profits tax will
be greater in the calendar year 1942 than in the calendar year 1940^
particularly because of the substantial increase in incomes estimated
for calendar year 1942 as compared with 1940. In contrast to all
other current income taxes, no part of the increase is due to an increase
in tax rates,
Receipts from the unjust enrichment tax are estimated aLt $4
millions, a decrease of $1 million from the $5 millions estimated receipts for the fiscal year 1942, reflecting the decrease in the back
tax liabilities from this source as outstanding cases are settled.
Current individual income tax receipts are estimated at $4,79^
millions. This is an increase of $1,723 millions or 56.1 percent over
estimated receipts of the flscal year. 1942. This increase is due primarily to the increase in income levels, the increases in tax rates and
the broadening of the income tax base of the calendar year 1942 as
compared with the calendar year 1940.
The dependent credit of $400 for the first dependent was eliminated
for persons who are made heads of families only because of such dependents. Surtax rates were increased throughout the entire schedule^
the greatest increase being made in the low and middle income
groups. Not only were the surtax rates increased but the exemption
therefrom of the first $4,000 of surtax net income was eliminated. A
simplified income tax form was adopted for persons, with gross income"
of $3,000 or less wholly from certain specified sources, the use of
such abbreviated form or the regular income tax form being optional
with the taxpayer. In effect the normal tax was increased by the
defense tax of the Revenue Act of 1940. The defense tax as such was
eliminated by the Revenue Act of 1941 and was integrated into the
surtax rate structure. The combined effect of reduced personal
exemptions, the elimination of exempted surtax net income, and the
increase in surtax rates results in increases in tax liabilities of all
classes.
Back income taxes, which are relatively stable as they represent
delinquent collections of liabihties of many tax years, are estimated to
increase to $315 millions from estimated receipts in the fiscal year
1942 of $305 millions. .




REPORT OF THE SECRETARY OF THE TREASURY

87,

Miscellaneous internal revenue.—Capital stock tax collections in the
fiscal year 1943 are estimated at $240 millions, an increase of $8 millions or 3.2 percent over estimated receipts for the fiscal year 1942.
Collections of this tax in the fiscal year 1943 represent liabilities of
the year ended June 30, 1942. No new declaration is allowed for this
year, the increase In receipts being attributable to the valuation as
of June 30, 1941, adjusted to some extent as provided by law.
Estate tax collections for the fiscalyear 1943 are estimated at $500
millions and represent an increase of $140 millions or 38.9 percent
over estimated receipts for the fiscal year 1942. The increase in the
fiscal year 1943 is due to a combination of expected higher property
values of estates on which the fiscal year 1943 collections are based
and to the higher rates of the Revenue Act of 1941 effective September 20,-1941. Because of the 15 months' permissible lag in filing estate
tax returns, the fiscal year 1943 is the first year ih which the bulk of
collections wiQ be based upon the rates specified by the Revenue Act
of 1941.
"
Gift tax receipts are estimated at $31 millions, a decrease of $119
millions or 79.5 percent from the estimated receipts of the previous
fiscal 3^ear reflecting the removal of the special incentives for making
gifts which existed during the first half of the fiscal year 1942 although
the increased gift tax rates included in the Revenue Act of 1941'will
be applicable to gifts on which the fiscal year 1943 collections will be
made.
Total liquor tax receipts in the fiscal year 1943 are estimated a t
$1,196 millions and represent an increase of $101 millions or 9.2 percent over estimated receipts of the fiscal year 1942. The yield of the
tax on distilled spirits is expected to increase $106 mfllions or 16.6
percent to $746 millions m the fiscal year 1943 as compared with the
receipts in the fiscal year 1942, reflecting increased consumer incoine
and the full year efl'ect of the $4 tax rate of the Revenue Act of 1941
which was operative for only 9 months in the fiscal year 1942. Re-^
ceipts from the excise tax on wines, which increased $10 mfllions or
35.0 percent to $37 millions, reflect the same factors—increased levels
of income and higher tax rates. The rectification tax receipts are
expected to decrease $3 millions to $14 millions in the fiscal year 1943,.
as a result of a scarcity of ethyl alcohol for rectification purposes,;
The floor stocks taxes levied by t h e Revenue Act of 1941 on liquor
were non-recurring and show a decrease of $28 mfllions in the fiscal
year 1943 as compared with those estimated to be collected in t h e
fiscal year 1942.
Receipts of total tobacco taxes are estimated at $841 millions in the
fiscal year 1943 and represent an increase of $69 millions or 9.0 percent
over estimated receipts of the fiscal year 1942. This increase may be
ascribed principally to increased consumer income. The revenue from.




S8

REPORT OF THE SECRETARY OF THE TREASURY

small cigarettes, which constitutes the bulk of the tobacco tax receipts,
is expected to increase $70 millions in the fiscal year 1943, total receipts
being estimated at $763 millions.. Despite the increase in consumer
income, the tax receipts from tobacco (chewing and smoking) are
expected to decrease in the fiscal year 1943 because of an expected
transfer of consumer expenditures from chewing and smoking tobacco
to cigarettes.
Total stamp tax receipts are estimated in the fiscal year 1943 at $45
millions, an increase of $2 millions or 4.9 percent over the estimated
total in the fiscal year 1942. Minor increases in the tax on issues of
securities, bond transfers, and deeds of conveyance, and the tax on
stock transfers are responsible for this increase.
There is considerable variation in the receipts from individual
sources of manufacturers' excise taxes in the fiscal year 1943 as compared with 1942. The range of the change varies from a decrease of
^0.8 percent in collections of the tax on passenger automobiles and
motorcycles to an increase of 103.4 percent in the tax on sporting
goods. The increase or decrease of other taxes in this group varies
the entire length of this range. This variation is caused by the limitation through allocations and controls of the effect of higher consumer
income on consumption of taxable products in some cases and the
partially offsetting effect of the increased tax rates. The net result
of these conflicting forces is an estimated decrease in manufacturers'
excise tax receipts from the estimated 1942 level to $637 millions in
the fiscal year 1943. This is a drop of $84 millions or 11.6 percent.
The gasoline tax receipts are expected to increase in the fiscal year
1943 to $385 millions, an increase of 3.5 percent. The tax receipts
from lubricating oils are expected to increase in the fiscal year 1943
by $1 million or 2.3 percent.
•
'
With the exception of the tax on parts and accessories for automobiles, tax receipts based on civilian sales of the automobile and related
industries show the marked effect of military allocations. The tax
receipts from passenger automobiles and motorcycles are estimated at
$8 millions, a decrease of $78 millions or 90.8 percent from estimated
receipts for the fiscal year 1942. The tax receipts from automobile
trucks, busses, and trailers are affected to a lesser degree by allocations, the decrease in receipts being only $2 millions or 12.0 percent.
The tax receipts from tires and iiiner tubes are expected to decrease
to $20 millions, half of the estimated receipts for the fiscal year 1942
and 60 percent less than actual receipts for the fiscal year 1941. The
tax receipts of parts and accessories for automobiles are the only ones
•of this particular group which increase, the fiscal year 1943 receipts
being estimated at $31 millions—$4 millions in excess of estimated
receipts for the fiscal year 1942. In evaluating the effect of curtailed
production, it should be noted that estimated receipts in the fiscal



REPORT OF THE SECRETARY OF THE TREASURY

89

year 1943 represent a full year's collections under the rates of the
Revenue Act of 1941, which are double those previously in effect.
The fiscal year 1942 reflects only 8 months of these collections.
Several of the other manufacturers' excise taxes show the effect of
curtailment of production for civilian consumption. Estimated,
receipts of these taxes, other things being equal, should have been
significantly larger in 1943 than in 1942, as 1943 reflects collections of
12 months' liabilities whereas the fiscal year 1942 shows only 8 months'
collections at the rates specified by the Revenue Act of 1941. Among
these excise taxes are the tax on rubber articles, the receipts from;
which show a decrease of 27.2 percent; electric, gas, and oil appliances,,
an increase of only 3.1 percent; radio receiving sets, phonographs,
phonograph records, and musical instruments,' a decrease of 8.3-.
percent; refrigerators, refrigerating apparatus and air-conditioners,,
a decrease of 59.3 percent; business and store machines, a decrease of
13.2 percent. The yield from the tax on firearms, shells, pistols
and revolvers shows no change in the fiscal year 1943; the rate of
tax was unaffected by the Revenue Act of 1941. By comparison,,
taxes which are relatively unaffected by military requirements show
very large increases. The tax receipts from electric light bulbs are
estimated to increase $2 millions or 66.7 percent, photographic appara*
tus $5 millions or 83.6 percent, matches $3 millions or 60.8 percent,,
luggage $2 mfllions or 60.7 percent, and sporting goods $6 millions
or 103.4 percent.
Total retailers' excise taxes which will be in force for all 12 months
of 1943 are estimated to yield $135 mfllions, an increase of $62 millions
or 84.6 percent over estimated receipts in the fiscal year 1942, which
represent only 8 months' collections a n d ' a r e estimated to be $73
millions. Each of the three sources, namely, jewelry, cosmetics,
and furs, contributes to this increase.
None of the specific sources of miscellaneous tax receipts is expected
to be affected to any extent by military requirements in the fiscal year
1943. As a result of increased income levels and the longer effective
period of the increased tax rates and augmented tax bases of the
Revenue Act of 1941, receipts from this group are estimated a t
$582 mfllions. This is an increase of $165 millions over estimated
1942 receipts of $417 millions. The tax on the use of motor vehicles-.
and boats is responsible for the major portion of this increase. In the
fiscal year 1943 this use tax will be based on the full 12 months'^
period, whereas in 1942 the liabilities are based oil five-twelfths of
the total year. Fiscal year 1943 receipts are estimated at $162;
millions as compared with estimated fiscal year 1942 receipts of $70'
millions. Significant increases are also expected from the tax on.
telephone bills, the receipts estimated to increase $20 millions or 56.4
percent, and from the tax on transportation of persons, the receipts



'QO

REPORT OF THE SECRETARY OF THE TREASURY

'estimated to uicrease $17 mfllions or 82.7 percent. The increase in
the tax receipts from admissions are estimated at $37 millions or
-30.2 percent. Total receipts from the admissions tax in the fiscal
year are estimated at $160 millions.
Employment taxes.—Toidl employment taxes are estimated at
$1,739 millions, an increase of $550 mfllions or 46.3 percent over
estimated receipts.of $1,189 millions in the fiscal year 1942. There
is ho change in the coverage of these taxes, so that the estimated
increase results partly from a higher level of pay rofls and partly
from increased tax rates as of January 1, 1943, affecting receipts of
three months' liabflities in the fiscal year 1943 under the Federa
Insurance Contributions Act and under the Carriers Taxing Act of
1937.
'
Receipts under the Federal Insurance Contributions Act are estimated at $1,394 millions, an increase of $494 millions or 54.8 percent
over estimated receipts of $900 millions in the fiscal year 1942. The
tax rate is to increase from 1 percent to 2 percent on both employer
and employee (total from 2 to 4 percent) beginning with taxable compensation of the calendar year 1943. The increased tax rates wiU
affect three months of tax liability, January-March 1943 (collections
April-June 1943) and the additional receipts on this account are
estimated at $295 millions.
Receipts under the Federal Unemployment Tax Act are estimated
at $150 millions, an. increase of $33 miUions or 27.9 percent over estimated receipts of $118 millions in the fiscal year 1942. The tax rate
is unchanged at 3 percent of taxable wages with credits to the taxpayer for taxes paid to the States not to exceed 90 percent of the
tax, so that the increase of receipts prunarily is due to increased pay
rolls.
Receipts under the Carriers Taxing Act of 1937 are estimated at
$194 millions, an increase of $24 millions or 13.9 percent over estimated
receipts of $171 millions hi the flscal year 1942. , The increase is the
result both of an increase in work-hours expected to result from a
continued increase of industrial activity and of the increased wage
rates for railway labor. For the first time the increased wage rates
are effective for the entire year in the fiscal year 1943.
Railroad Unemployment Insurance Act.—^Receipts under the Railroad Unemployment Insurance Act are estimated at $10 millions, an
increase of $1 million over estimated receipts of $9 millions in. the
fiscal year 1942. '
'
Customs.—Customs receipts are expected further to decluie to
$297 millions from estimated receipts of $368 millions in the fiscal
year 1942. The additional closure of sources and restrictions upon
shippij:ig caused by the recent spread of the war will lower customs




91

REPORT OF THE SECRETARY OF THE TREASURY

receipts throughout the fiscal year 1943 whereas only a part of the
fiscal year 1942 is affected.
Miscellaneous revenues and receipts.—Miscellaneous revenues and
receipts in the fiscal year 1943 are estimated at $284 mfllions and
represent an increase of $43 mfllions or 18.0 percent over estimated
receipts of the fiscal year 1942.
ESTIMATES OF EXPENDITURES

Actual expenditures for the fiscal year 1941 and estimates for the
fiscal years 1942 and 1943 are summarized in the following table.
Further detafls wiU'be found in table 72, beginning on page 667. The
estimates are based upon figures submitted to the Congress in the
Budget for 1943.
Actual expenditures for the fiscal year 1941 and estimated expenditures for the fiscal
years 1942 and 1943, as exhibited in the Budget for 194S
[In millions of dollars]

General Cincluding recovery and relief) . ._ _ .
National defense...
Revolving funds (net)
Transfers to trust accounts, etc
Debt retirements
Total

__

Estimated,
1942

Estimated,
1943

General and special accounts

_

_

Actual,
1941

6,717. 7 6.144.9
62, 786. 2 23,996. 5
2.5
26.3
421.6
408.1
100.0
100.0

_

__!
-

59,028.0

30, 675.8

6 220.7
6.301. 0
a 1S6. 3
325 2
64.3
12, 774.9

0 Excess credits (deduct).
NOTE.—Figures are rounded to nearest tenth of a million and will not necessarily add to totals. .

Attention is invited to the attached reports of bureaus and divisions
of the Treasury Department and to the exhibits and tables accompanying the report on the finances.
H E N R Y MORGENTHAU,

Jr.,

. Secretary oj the Treasury.
T o the SPEAKER OF THE H O U S E OF REPRESENTATIVES.







ADMINISTRATIVE REPORTS OF
BUREAUS AND DIVISIONS

93

407631—42

8







FISCAL SERVICE OF THE TREASURY DEPARTMENT
The Fiscal Service of the Treasury Department was established in
accordance with the provisions of Reorganization Plan No. I l l ,
/wliich were made effective on June 30, 1940, by Public Resolution
No. 75, approved June 4, 1940. Pursuant to these provisions the
Bureau of Accounts (formerly the Office of the Commissioner of
Accounts and Deposits), the Bureau of the Public Debt (comprising
the Public Debt Service and the Division of Savings Bonds), and the
Office of the Treasurer of the United States were consolidated into the
Fiscal Service, at the head of which is the Fiscal Assistant Secretary.
Under an order of the Secretary of the Treasury, the Under Secretary,
in the event of a vacancy in the office of the Fiscal Assistant Secretary,
acts as Fiscal Assistant Secretary and performs all duties and functions
assigned to that office. The activities of the Bureau of Accounts, the
Bureau of the Pubhc Debt, and the Office of the Treasurer of the
United States are discussed hi the following pages.
BUREAU OF ACCOUNTS

The Bureau of Accounts, headed by the Commissioner of Accounts,
was established on June 30, 1940, as a part of the Fiscal Service of the
Treasury Department under the provisions of the President's Reorganization Plan No. I I I . The plan provides that the supervision
of the administration of the accounting functions and activities in the
Treasury Department and all its bureaus, divisions, and offices shall
be exercised under the direction of the Secretary of the Treasury by
the Fiscal Assistant Secretary through the Commissioner of Accounts.
The plan further provides that the function of authorizing the installation, maintenance, revision, and elimination of accounting records,
reports, and proceclures in the Treasury Department (except the
Coast Guard) shall be exercised by the Fiscal Assistant Secretary
through the Commissioner of Accounts.
The Commissioner of Accounts has supervision over the activities
and functions of the Division of Bookkeeping and Warrants, Division
of Disbursement, Division of Deposits, Section of Surety Bonds,
Budget Section, Section of Investments, and over the eiriergency
accounting organization in the several States provided for under the
several Emergency Relief Appropriation Acts.
The duties and functions of these units under the Bureau of Accounts
are discussed in the subsequent pages.
Division oj Bookkeeping and Wari^ants
The Division of Bookkeeping and Warrants, in the name of the
Secretary of the Treasury, issues all warrants on the Treasurer of the
United States, and under section 10 of the act of July,31, 1894 (5
U. S. G. 255).;:maintains the official accounts relating to the receipt,




95

96

REPORT OF THE SECRETARY OF THE TREASURY

appropriation, and expenditure of the public moneys, covering all
departments and establishments of the Government. The Division
makes analyses of acts of Congress carrying appropriations and maintains the necessary appropriation accounts on its ledgers; it issues
warrants for placing disbursing funds to the credit of disbursing oflBicers, for the payment by the Treasury of claims settled by the General
Accounting Office, and for covering into the Treasury the revenues
and receipts of the Government. I t handles the work involved in
connection with the approval of the issuance of duplicate checks (sec.
9 of the Government Losses in Shipment Act), and outstanding lia-.
bility claims; and maintains budgetary accounts relating to apportionments and obligations of funds pertaining to all departments and
establishments of the Government, including governmental corporations operating oii public funds.
In the Division there are compiled and published an annual digest
of the appropriations made by Congress and an annual combined
statement of the receipts, expenditures, and unexpended balances
under each appropriation account, by fiscal years.
In addition to the foregoing publications there are prepared various
financial statements which appear in. the Annual Report of the Secretary of the Treasury, in the monthty Bulletin of the Treasury Department, and monthly in the Congressional Record. Also numerous
statements and reports covering receipts and expenditures and other
data on national defense activities are prepared at various intervals.
During the fiscal year 1940 the appropriation accounts maintained
in the Division of Bookkeepuig and Warrants, which formerly had
been posted manually, were transferred to ledgers posted through the
medium of bookkeeping machines. This change provided a more
modern* and legible record, and also enabled the maintenance of
machine controls and registers of daily transactions.
Further changes in procedure inaugurated diiriug 1941 provided a
predetermined control on a daily basis with which all postings to the
appropriation ledgers were balanced. An internal audit of the
appropriation accounts is also obtained as a byproduct of the new
method of preparing the annual Combined Statement of Receipts,
Expenditures, and Balances by electrical accounting and tabulating
equipment, referred to on page 111.
Division oj Disbursement
The Division of Disbursement, organized December 16, 1933,
under the provisions of section 4 of Executive Order No. 6166, has
absorbed disbursing functions formerly exercised by 584 separatedisbursing offices of the departments and establishments of the Government located in Washington and in the field. This includes disbursements for all departments and establishments with the exception
of the Post Office Department, United States marshals, the Panama
Canal, and that portion of the War and Navy Departments relating
to national defense. I t has also assumed the disbursing functions
which would have been performed by 94 separate disbursing offices
for new agencies created since the Executive order of June 10, 1933.
These functions of disbursement are now performed through the
Central Office of the Division of Disbursement in Washiugtoh, D . C ,
and regional offices. Treasury State disbursing offices were estab-^



REPORT OF THE SECRETARY OF THE TREASURY

97

lished in 1935 for making disbursements under the Emergency Relief
Acts.
Pursuant to requests made by the corporations, the Chief Disbursing
Ofl&cer acts in the capacity of Disbursing Agent for the Federal Crop
Insurance Corporation and the United States Housing Authority. .
This arrangement has proved satisfactory and economical, and avoided
the necessity for the corporations to establish separate disbursing
•offices in Washington and the field.
During the latter part of the fiscal year 1939 the Federal Surplus
Commodities Corporation (the Surplus Marketing Administration
under Reorganization Plan No. I l l , eft'ective June 30, 1940) started
its experimental program of distributing surplus agricultural food
products by the issue of food order stamps to relief clients, and the
Chief Disbursing Officer was selected by the Corporation as its agent
for the purpose of issuing and redeeming these stamps. The plan
was started in Rochester, N. Y., and Dayton, Ohio, and 608 other
localities have now been added to the program. '
Generally, the plan provides that cities which cooperate with the
Surplus Marketing Administration purchase books containing a
number of orange colored 25-cent stamps and one-half as many blue
25-cent stamps, paying for the orange colored stamps and receiving
the blue stamps without cost. The cities sell the books for the price
of the orange colored stamps to persons who are eligible under certain
regulations. of the Administration. The orange colored stamps are
exchangeable at stores for any class of groceries but the blue stamps
are exchangeable only for foods which have been declared surplus by
the Secretary of Agriculture. In lieu of* direct relief, blue stamps are
also issued without the purchase of orange stamps. Moneys received
by the Division of Disbursement from the cities are held for the
Tedemption of the orange colored stamps, and the blue stamps are
redeemed from funds placed, with the Division of Disbursement by the
Administration. The following table shows the total money value
of orange colored and blue stamps issued, redeemed, and outstanding.
Transactions in food order stamps for .the Surplus Marketing Administration from
May 16, 1939, to June 30, 1941
[Money value]

Fiscal year
1939
1940
1941

_

Issued
_

.
.

Total

.:

Eedeemed

Cumulative
amounts outstanding

.

.

$397, 329. 00
44, 309, 859. 50
241, 748, 281. 50

$256, 934. 75
36, 505, 226. 75
215, 513,285. 25

$140,394.26
7, 945, 027. 00
34,180, 023. 25

..

.

286,455,470. 00

252, 275, 446. 75

34,180,023. 25

The $252,275,446.75 of redeemed stamps represents 1,009,101,787
stamps which were presented for redemption to the several offices of
the Division of Disbursement, where they were examined, canceled,
and forwarded to the General Accounting Oflice as vouchers supporting
the payments made therefor. The money value of orange and blue
stamps issued in each State in which the plan was in operation and
in the Virgin Islands and the amounts issued and redeemed by months




98

REPORT OF THE SECRETARY. OF THE TREASURY

during the fiscal year 1941 and by years for 1939 to 1941 are shown in
table 67 on page'662.
During the latter part of 1940 a similar program for the issuance and
redemption of stamps exchangeable for cotton and cotton surpluses
was established in Memphis, Tenn., Springfield, Mass., and Minneapolis and St. Paul, Minn. Since then 31 other localities have been
added to the program. Green stamps are used for the purchase of
cotton products and brown stamps are exchangeable for cotton
products declared surplus by the Secretary of Agriculture.
The volume of transactions under this program is refiected in the
following table.
Transactions in stamps exchangeable for cotton and cotton surpluses, fiscal years
1940 and 1941
[Money value]
Fiscal year

1940
1941

-

-

Issued

Redeemed

$202, 500.00
$48. 263.00
4, 706, 700. 00 ^ 3,874,001. 50

_-__

Total

4,909,200.00

Cumulative
amounts outstanding
$154, 237. O
O
986,935. 50-

•3,922, 264. 50

1 Includes $7.00 of stamps canceled but not redeemed.

The money value of the green and brown stamps issued in each city
in which the program was in operation and the amounts issued and
redeemed by months from May 1940 to June 1941 are shown in
table.68, page 663.
•
During the fiscal year 1941 the Surplus Marketing Administration:
inaugurated a second cotton-stamp program which provides for the
issuance of stamps to cotton producers on account of reduction in
cotton acreage. These stamps are all of 25-cent denomination and
are exchangeable at face value for manufactured cotton products
only.
The volume of transactions under this program since its inception
, is reflected in the following table.
Number and value of stamps exchangeable for manufactured cotton 'products, fiscal
year 1941
'
Atlanta, G a . . .
Los Angeles, Calif
Dallas, Tex.
_
New Orleans, La .
Total




Point of issue
j.

Number
.

Money value

4,127,750
. 35,050
13,047, 700
3, 616, 550

$1,031,937. 50
8, 762. 50
3,261,925.00
904,137 50

20,827,050

5,206,762:5a

REPORT OF THE SECRETARY OF THE TREASURY

99

Consolidations of Treasury State disbursing offices with regional
disbursing oflFices were effected within the States during the fiscal year
1941. On June 30, 1941, the Division maintained the Central Offic^
in Washington, D. C , 19 regional offices (to 12 of which emergency
payments had been transferred), 37 emergency relief ofl&ces, and 6
territorial offices in Alaska, Puerto Rico, Hawaii, t h e Virgin Islands,
the Philippine Islands, and Panama.
Payments under the special programs of the Agricultural Adjustment Administration were continued during the year. The total
number of payments under these programs, including the soil conservation payments, was 12,749,172.
On June 30, 1941, the t o t a l personnel of the Division, including
regular, temporary, and emergency employees, was 2,167, and in
addition there were 107 employees of the Agricultural Adjustment
Administration assigned to ofl&ces of the Division to assist in the disbursing work incident to the special programs of that agency.
During the year the regular and emergency offices of the Division
made 101,958,791 payments by check and made cash payments in
836,540 instances. These payments were supported ih the disbursing
accounts by 9,914,637 vouchers. The Division also received, deposited, and accounted for 6,927,725 collections items. .
'
In order to lessen the difficulties resulting from paying the salaries
of all Government employees in Washington, D . C , on the 15th and
last days of each month, the President, oii June 7, 1941, requestied the
Treasury Department to arrange for the payment of the salaries of
the employees of seven departments and agencies, on the 8th and 23d
days of the month instead of on the 15th and last days as follows:
Department of.Agriculture, Department of Commerce, Navy Department, War Department, Treasury Department (except Bureau of
Printing and Engraving), Federal Security Agency, and Federal Works
Agency, The new schedules -were placed in effect beginning July 1,
1941. The purpose of the change was to spread more evenly over the
month the work load incident to such payments, to level off the semimonthly peak loads in the local banks and stores, and to alleviate the
attendant inconveniences experienced by Government employees and
the public generally.
Division oj Deposits
The Division of Deposits is charged with the administration of all
matters pertaining to the.designation and supervision of Government
depositaries and the deposit of Government funds in such depositaries,
as prescribed by the regulations incorporated in Department Circiflars
Nos. 92 and 176, as amended; the qualification of Federal savings and
loan associations as fiscal agents of the United States under Department Circular No. 568; the designation of issuing agents for the sale
of United States defense savings bonds, series E, under Department
Circular No. 657; and the execution of the duties devolving upon the
Secretary of the Treasury as a result of the enactment of the Government Losses in Shipment Act, as amended.
Depositary junctions.—The folio wing. statement shows the number
and classes of depositaries maintained by the Treasury and the Government deposits held by such depositaries as of June 30, 1941.




100

REPORT OF THE SECRETARY OF THE TREASURY

Number of depositaries and amount of Governrnent deposits held on J u n e 30, 1941.t
by class of depositaries
,
Number

Depositaries
Federal Reserve Banks (including: branches)
Federal Reserve member bank depositaries:''
To credit of Treasurer of the United States
To credit of other Government officers
...•. . . . . . . }
Insular and territorial depositaries (including Philippine treasury):
To credit of Treasurer of the United States
}
To credit of other Government officers .
Foreign depositaries: To credit of other Government officers
Special depositaries
.
Total

_

Amount

12

$1,024,085, 233.63

f
11,013 V

.
15
3 2, 294

67,128,021.01
48,770,325.16

f
1

2 - 2 , 308, 211. 83
10, 225,033.46
283. 471. 68
661,174,000.00

3,356

1,809,357,873.11

1 In addition, 289 branch banks are carried on the depositary list of the Treasury under the designation of
the parent banks.
2 Overdraft.
• 3 Includes 1,310 national banks and 984 State banks and trust companies, of which 1,616 held deposits on
June 30,1941.

During the fiscal year 1941 there were 1,240 changes and adjustments effected in the depositary system of the Treasury. These
changes and adjustments are summarized in the following table.
Member
bank depositaries

Adjustments

Designated
Discontinued
_
Amounts for which qualified:
Increased
• Decreased
i
Miscellaneous changes
Total

_..

._

:
-"

.

78
34

._
'.

.
1

Special depositaries

.__

272
68

310
73
325

78
2

820

420

There were several factors that contributed to the large number of
changes in the depositary system during the year, some of which were:
Continuation of the modernization of the depositary system referred
to in previous administrative reports of the Division of Deposits;
authorization of special depositaries of public moneys qualified under
Department Circular No. 92 to make payment by credit in war loan
deposit accounts for defense savings bonds, series E ; and requests for
the designation of additional depositaries and the use of existing depositaries by agencies established as a result of the national defense
program, and by various branches of the Military Service of the
Government in order to secure pay roll cash for enlisted personnel.
These-requests were first confined to points located in the continental
limits of the United wStates and later extended to those in the Territories and insular possessions. More recently the Treasury has been
called upon to provide depositary facilities for use by disbursing
officers of the Army and Navy loca:ted at our recently established
foreign military and naval bases.
Depositary bonds.—It has been the policy of the Treasury for many
years to maintain with depositaries balances to the credit of the
Treasurer of the United States in direct proportion to the services
rendered by the banks. Banks so designated are required to pledge
collateral security for the balances maintained therewith, and, generally speaking, the only income derived from such balances is the
yield on Government securities purchased in the market for that



REPORT OF THE SECRETARY OF THE TREASURY

101

purpose. The increasing requirements of tbe Government for banking services combined with the current yields of eligible collateral
have necessitated undesirable increases in the amount of balances
necessary for the Treasury to mahitain with banks and, in some instances, these factors have prevented the Treasury from effecting
arrangements for the transaction of essential banking services. To
meet this situation, the Secretary of the Treasury made provision for
a special issue of bonds of the United States, designated 2 percent^
depositary bonds (see Department Circular No. 660, dated May 23,
1941, appearing as exhibit 16 on page 297 of this report). These
bonds, as indicated, bear interest at the rate of 2 percent per annum,
are issued in registered form only, and are not transferable, thus
they are not subject to market fluctuation. The bonds mature 12
years from the date payment therefor is received and are held as
security for Goyernment deposits; however, the bonds may be redeemed
at the option of the United States or the depositary, in whole or in
part, at any time, upon due notice. The issuance ofjbhese bonds will
necessit_ate a p e r i o d i c a l ^ n a J y s i s ^ ^ f j e ^ S t ^
p^^e^I_dgermining2]\^£the^^
„frpm the_^onds ^s'^^oh^ a
nrnfuall^^'sayiMact'o^^
for bandliiigtlie Goverhinen?sJbuSiess'.
The advantages to the Treasury of this special^issue are it (1) estab-,
lishes a uniform basis for offsetting expenses incurred by depositaries
in handling the Government's business; (2) reduces the amount of
balances which the Treasury otherwise would have to maintain with
depositaries; and (3) wfll enable the Treasury to provide depositary
facilities at many points where they are urgently needed for essential •
Government business.
• As of June 30, 1941, 2 percent depositary bonds in the face amount
of $615,000 had been issued, although payments for the bonds had
not cleared through the U. S. Treasurer's accounts in Washington as
of that date.
Designation oj agencies jor the issue oj dejense savings bonds, series
E.—On April 15, 1941, the Treasury issued Department Circular
No. 657, prescribing regulations governing agencies designated for
the sale and issue df United States defense savings bonds, series E.
Under the terms of this circular, a copy of which appears as exhibit 25
on page 316, the Secretary of the Treasury designated for employment as issuing agents for the sale of series E bonds all banks, trust
companies, and mutual savings banks, incorporated by special law or
organized under the general laws of the United States, the District of
Columbia, or any State, all Federal savings and loan associations, and
all other members of the Federal Home Loan Banks, and all instrumentalities of the United States and other agencies which, by the laws
of the United States, are authorized to act as fiscal or financial agents
of the United States Government. Designated agents are required to
comply with the terms of the circular before acting as an issuing agent,
and the circular provides that the details governing qualification, includuig the examination and custody of collateral when necessary, and
the sale and accounting for transactions be handled by the various
Federal Reserve Banks as fiscal agents of the United States. Subsequent to promulgation of this circular, specific designations were made
by the Secretary permitting, subject to qualification, the following
classes of institutions which were not included in the general designation of Circular No. 657, to act as agents for the sale and issue of series E



102

REPORT OF THE SECRETARY OF THE TREASURY

bonds: (1) Certain members of the Morris Plan Bankers Association, (2) cooperative banks operating under the general laws of the
State of Massachusetts, (3) savings aiid loan and building and loan
associations and members of the American Industrial Bankers Association operating under State laws, and (4) credit unions operating
under the laws of any State or the District of Columbia.
The following statement shows the number of designated issuhig
agents which have qualified, as of June 30, 1941, to act in the sale and
issue of defense savings bonds, series E.
Number of qualified issuing agents for defense savings bonds, series E, as of
June 30, 1941
Number

Class of institution
National banks
. .
'
State banks
:
Mutual savings banks .
Building and loan and savings and loan associations
Credit unions
.... . . .
All others..
.
Total .

.
^
. . .
1

...

.-_=...

.
.
..

4,187
4,893
465
1, 297
146
17
11,005

In response to numerous requests the Treasury authorized the pledge
of cash by designated issuing agents in lieu of securities, as specified
in Circular No. 657, for the purpose of assisting such agents to qualify
to sell and issue defense savings bonds, series E. Such cash is held
in trust by the Treasury, separate accounts being maintained by the
Division of Deposits for each issuing agent pledging cash.
In lieu of securities, 404 agents deposited cash in the amount of
$4,264,981.75; 86 agents subsequently withdrew their deposits amounting to $1,138,513.00; leaving on June 30, 1941, 318 agents with cash
deposits of $3,126,468.75.
Federal savings and loan associations and Federal credit unions.—Section 6 of Treasury Department Circular No. 657, daited Aprfl 15,
1941, revoked, effective at the close of business April 30, 1941, the
provisions of Treasury Department Circular No. 568, dated September 15, 1936, covering the emplo3^ment of Federal savings and loan
associations and Federal credit unions as fiscal agents of the United
States for the purpose of takhig applications and forwarding remittances for, and making delivery of, United States savings bonds for
their members. The revocation did not affect the authority of
Federal savings and loan associations under Circular No. 568 to act
as fiscal agents of the United States for the purpose of cohecting
delinquent accounts arising out of insurance and loan transactions
of the Federal Housing Administrator under title I of the National
Housing Act. The revocation affected 140 qualified Federal savings
and loan associations and 8 Federal credit unions. At the close of
business June 30, 1941, 65 of the Federal savings and loan associations
included in such group had requested cancelation of their full authority
provided imder their qualifications as fiscal agents and had requested
the withdrawal of collateral or the termination of the surety bond
given for such qualification; the remaining 75 Federal savings and
loan associations of the group had not so acted and were, therefore,
authorized to continue to perform duties of collecting delinquent



REPORT OF THE SECRETARY OF THE TREASURY

103

accounts arising out of insurance and loan transactions of the Federal
Housing Administrator.
^
On June 30, 1941, the Federal Home Loan Bank Board had reported
to the Treasury that 1,437 Federal savings and loan associations were
eligible to qualify as fiscal agents under Treasury Circular No. 568
for the purpose of collecting delinquent accounts arising out of insurance and loan transactions of the Federal Housing Administrator, and
of this number 116, including the 75 referred to above, had qualified
for this purpose either by the pledge of collateral se()urity or the filing
of an acceptable surety bond.
Social security.—Under arrangements, entered into between the
Treasury and the Social Security Board, various depositaries of
public moneys, designated by the Secretary of the Treasury, were
authorized to carry balances of Treasury fmids as a basis for servicing
• State unemployment compensation benefit payment accounts and
clearing accounts. As of June 30, 1941, 50 banks were designated for
this purpose with authority to maintain Treasury balances totaling
$37,810,000.
Government Losses in Shipment Act.—The Government Losses in
Shipment Act, approved July 8, 1937 (50 Stat. 479), as amended by
an act approved August 10, 1939 (53 Stat. 1358), was designed to
provide within the Government an adequate means of prompt
replacement of losses resulting from the shipment of certain articles,
things, or representatives of value, thus eliminating the necessity of
,the Government's purchasing insurance for such replacements, and
for other purposes.
During the fiscal year the Secretary of the Treasury declared certain
articles, things, or representatives of value to be ^Valuables" within
the meaning of that term in section 7 (a) of the Governrnent Losses in
Shipment Act, as amended, which were in addition to those previously
so declared. A revised list of 'Valuables" including all articles, things,
or representatives of value declared to be valuables up to and including June 30, 1941, appears as exhibit 69 on page 397 of this report.
The amount of 'Valuables," as that term is defined in the act,
reported to have been shipped under the act during the fiscal year
1941, of classes which were covered by the Treasury's contracts with
insurance companies prior to the enactment of the Government
Losses in Shipment Act, amounted to $38,258,915,115. The table
following indicates the premium savings resulting from such shipments to be almost $800,000 for the fiscal year 1941 and savings since
the enactment of the act of over $1,900,000, under each of the three
alternate bases upon which the estimates are made.
Estimated premium savings during the fiscal years 1940 and 1941 and the total estimated savings to June 30, 1941
On basis of premium rates for—
Fiscal year 1938 »
Fiscal year 1937 2
Fiscal years 1936-38 3.

Fiscal year
• 1940
$504,000
675,000
537, 000

Fiscal year
1941

Aug. 15, 1937,
to June 30,1941

$798,000
1,145.000
1,098,000

1 Lowest rates under insurance contract system.
> Rates in effect at time estimates of premium savings were presented to Congress.
« Average based on rates effective in last 3 years of Government insurance contract system.




$1,918,000
2,435, 000
2,330,000

104

REPORT OF THE SECRETARY OF THE TREASURY

Other classes of articles covered under the provisions of the Government Losses in Shipment Act were shipped during the year, having a
total face value of $43,373,956,266, but these have not been included
in the calculation of estimated premium savings in the above table
because, as a practice, the Government did not insure, them .prior to
the effective date of the act.
Following is a table of the loss experience resulting from shipments
of valuables under the act.
Number and value of shipments reported lost, settled, and unadjusted, fiscal year 1941
Number

• Shipments reported lost
Unadjusted July 1, 1940
Reported lost during year

, 10
8
1..

.

Unadjusted June 30,1941

._..

39,498. 63
603.0035,874. 50
36,477! 50'

5

Total-to be siBttled

5
8
13

__.

$28,679. solo, 819.13

18

. _ . .

Settled by replacement out of fund.
Settled without replacement or credit
Total settled

Value

3,021.13

The total payments out of the fund for payment of Government
losses in shipment from August 15, 1937, to June 30, 1941, amounted
to $1,137.29. There were no monetary recoveries during the year of
the shipments reported lost and settled by replacement out of the fund.
For the purpose of establishing the loss experience resulting solely
from shipments of valuables, it should be stated that there is included
in the foregoing stated amount of payments the amount of $64.44
representing an excess recovery previously paid into the- fund for the
payment of Government losses in shipment from the securities trust
fund pursuant to the act of August 10, 1939, and $506.25 paid pursuant to the provisions of section 3 (a) of the Government Losses in
Shipment Act for losses other than those resulting from shipment.
Consequently, the total payments out of the fund from August 15,
1937, to June 30, 1941, as a result of losses in shipment amounted to
$566.60. Section 3 (a) of the act provides for payment of losses
arising from agency functions performed by the Post Office Department for the Treasury, irrespective of the manner in which losses
occurred. Such losses may result from fire, theft, robbery of a post
office, embezzlements, or similar contingencies.
During the fiscal year 1941, pursuant to section 3 (b) of the act, as
amended, there were three agreements of indemnity executed amounting to $372.02 on which no payments were made. The total number
of agreements executed up to and including Jime 30, 1941, were 6,
having a value of $15,719.06.
Statement of balance of fund for payment of Government losses in shipment {revolving
fund) at beginning of fiscal year, additions thereto, payments therefrom, and balance
at close of fiscal year 1941
Balance July 1, 1940.
Appropriated during year
Total available during year
Losses paid during year
Balance June 30, 1941...




•.

Amount
. . . $692,268.84
1,000.00
693, 268.84
603.00
692,665.84

REPORT OF THE SECRETARY OF THE TREASURY

105

Section oj Surety Bonds
The Secretary of the Treasury, under the act of Congress approved
August 13, 1894 (28 Stat. 279), as amended by the act approved
March 23, 1910 (36 Stat. 241), issues certificates of authority to corporate surety companies to qualify as acceptable sureties on bonds
and other obligations in favor of the United States.
On June 30, 1941, there were 79 domestic companies holding cer-,
tificates of authority from the Secretary of the Treasury, qualifying
them as sole sureties on recognizances, stipulations, bonds, and
undertakings permitted or required by the laws of the United States,
to be given with one or more sureties. There were also seven branches
of foreign companies holding certificates of authority authorizing them
to act only as reinsurers on bonds in favor of the United States. During the year three certificates of authority were issued to domestic
companies qualifying them as sole sureties on bonds in favor of the
United States.
The Section of Surety Bonds checks the financial condition of surety
companies authorized to transact business with the United States;
determines their underwriting limitations; reviews their quarterly
financial statements; makes examinations into their financial condition at their home offices, when necessary; and performs other duties
to determine whether the companies observe the requirements of the
law and the regulations of the Secretary of the Treasury issued pursuant thereto.
The Section of Surety Bonds has custody of all fidelity bonds in
favor of the United States, except those filfed with the Post Office
Department and the Federal courts, and notifies the accounting offioers of the receipt and filing of such bonds. I t examines and approves
as to corporate surety all fidelity and surety bonds with a few exceptions as referred to above.
During the year 104,745 bonds and consent agreements cleared
through the Section of Surety Bonds for approval as to corporate
surety. This number i s an increase of more than 38 percent over the
preceding fiscal year. The increase in War Department and Navy
Department bonds over the fiscal year 1940 amounted to more than
82 percent, which is largely due to the expanded activities of the
Government and the national defense program.
Budget Section
The Budget Section, in part, constitutes the operating staff of the
Budget Officer of the Department, coordinating departmental estimates of appropriations, justifications, and reports and performing
related duties in accordance with the requirements of the Budget
Officer, Treasury Department. I t also performs similar duties for the
Commissioner of Accounts, and has administration of special deposit
accounts of the Secretary of the Treasury, which cover alien property
trust funds in the Treasury, offers in compromise under the provisions
of section 3469 of the Eevised Statutes, Philippine trust funds held in
interest-bearing accounts, and accounts pertaining to withheld foreign
check payments.




106

REPORT OF ;THE SECRETARY OF THE TREASURY"

Foreign check control.-—Due to unsettled conditions resulting from
hostilities in Europe, it was necessary beginning in September 1939
to suspend deliveries of checks for certain European countries. I t
was also necessary to withhold from delivery checks for payees resident
in those countries covered by Executive Order No. 8389, as amended.
Pubhc No. 828, approved October 9, 1940 (see exhibit 62, page 382),
provides that no check or warrant drawn against funds of the United.
States or its instrumentalities shall be sent to any foreign country in
any case in which the Secretary determines that there is not a reasonable assurance that such checks will be delivered or, if delivered, the
payee will receive full value therefor. The law also provides that such
checks shall be held by the drawer for one full quarter after the quarter
in which issued and shall then be forwarded tp the drawee for cancelation and deposit of the proceeds in a special deposit account of the
Secretary of the Treasury to be held awaiting claim. The law further
provides that the same procedure shah apply with respect to all checks
or warrants the delivery of which is being withheld or may be withheld
pursuant to Executive Order No. 8389 of April 10, 1940, as amended.
In regulations issued pursuant to the law (Department Circular
655, dated March 19,1941, see exhibit 63, page 383) the Secretary made
a determination as to the countries involved, which included practically
all the countries and their possessions then coming under the purview
of Executive Order No. 8389, as amended, and the countries to which
check deliveries theretofore had been withheld by administrative
action, which action was ratified by Public No. 828.
The special deposit account referred to above and detailed accounts
with each payee are maintained in the Budget Section of the Bureau of
Accounts. Approved claims, after clearance with the administrative
office concerned, are paid from this account.
Section oj Investments
The Section of Investments supervises the collections of principal
and interest on foreign obhgations and on railroad obligations owned
by the United States; collects on other obligations owned by the
United States which have been turned over to the Treasury by other
departments for collection; handles matters relating to the invest-,
ments and securities held in the custody of the Treasurer of the
United States and the Federal Reserve Banks for which the Secretary
is responsible, other than those related to public debt operations; and
makes payments on awards under the Settlement of War Claims Act
of 1928, under the claims agreement of October 25, 1934, between the
United States and Turkey, and under the act of April 10, 1935, covering claims against the Republic of Mexico. In connection with
these activities, accounts are kept and various related matters are
handled by the Section.
Accounting and disbursing oj emergency reliej junds
. Under authority of section I I (A) of Executive Order No. 7034,
dated May 6, 1935, and Department Circular No. 543, approved by
the President, the Commissioner of Accounts continued during the^
year to maintain accounting and disbursing facilities for handling
appropriations made by the Congress for the emergency relief program. The provisions of this Executive order were extended by



REPORT OF THE SECRETARY OF THE TREASURY

107

Executive Orders-Nos. 7396 and 7649, and the provisions of^Departm e n t Circular No. 543 were extended by Department Circulars Nos.
592 and 616, approved by the President, to apply to funds appropriated in the Emergency Relief Appropriation Acts for the flscal years
1935 to 1941.
The Secretary of the Treasury issued Regulation No. 1 on June 18,
1935, covering the administrative and fiscal procedures for the maintenance of a system of accounts under the Emergency Relief Appropriation Acts. The regulation, approved by the President, prescribed
the principles upon which the accounting system is based.
Pursuant to Regulation No. 1 there were established Treasury
central accounts and disbursing offices in Washington, D. C , and
Treasury accounts and disbursing offices in the various States, Territories, and insular possessions. The operations of the central offices
and the field offices are so correlated that a great volume of accounting
and disbursing transactions can be handled expeditiously with a
minimum of expense.
At the beginning of the fiscal year 1941 there were 53 Treasury
State accounts offices, 44 Treasury State disbursing offices, and one
branch accounts office. Duririg the year, due to consolidation of
work in the Treasury State accounts and disbursing offices, a reduction of one Treasury State accounts office and one Treasury State
disbursing office was made. Also 6 Treasury State disbursing offices
were consolidated withfregional disbursing offices. The Treasury
accounts and disbursing offices had 2,462 employees on June 30, 1941,
which was a reduction of 1,214 employees, or 33 percent, since June
30, 1940.
The Treasury State accounts offices have handled more than 300,000
emergency relief project accounts for approximately 80 administrative
agencies. Of these accounts about 28,000 are now active. The disbursing offices during the year issued approximately 51,000,000 checks
payable from emergency relief funds, wliich were verified for accuracy
in the accounts offices.
Funds are made available for work relief projects in the several
States, Territories, and insular possessions, through the use of governmental radio and telegraphic facflities upon approval of the Treasury
warrant and the issuance of appropriate authorization documents by
the administrative agencies. In this manner, projects can.be started
promptly upon fulfillment of all legislative, executive, ajid administrative requirements involving the allocation of money under theEmer*
gency Relief Appropriation Acts.
The examination divisions of the Treasury State accounts • offices
conduct the executive preaudit of vouchers with respect to expenditures made from emergency relief funds. These divisions examine
authorizations for setting up projects according to limitations fixed
by the President or the administrative agencies, and ah obligation
documents such as requisitions, purchase orders, contracts, leases,
etc. They also examine all pay rolls and vouchers prior to payment
to insure that the expenditure is made within the purview of Federal
laws and regulations. The Treasury emergency organization from'
Aprfl 8, 1935, to June 30, 1941, transmitted to the General Accounting
Office accounts covering expenditures totaling $12,691,677,186.58.
Against this amount, the General Accounting Office has issued formal,
certificates of settlement of account for $9,771,484,611.33 or 76.9



108

REPORT OF THE SECRETARY OF THE TREASURY

percent of the expenditures. The total disaUowances by the General
Accounting Office to June 30, 1941, against the accounts that have
been settled amoimt to $679,391.78. After adjustment for collections
and other clearances disallowances now outstanding against the
amount settled are $197,051.09. Of the remaining $2,920,192,575.25
payments awaiting settlement, the tentative disaflowances reported
amount to $14,121.30. These latter disallowances are subject to
further examination and possible clearance.
The Treasury State accounts offices, in their respective accounts
divisions, maintain control accounts showing official project limitations, allotments, encumbrances, and expenditures. These control
accounts are supported by project and allotment ledgers in which are
recorded the detailed accounting transactions. The accounts division
ascertains that afl payments are kept within the limitations fixed by
the President or the administrative agency with respect to each
project.
An important function of the Treasury State accounts offices is to
prepare periodic financial reports from the accounts maintained-in
their respective offices. These reports are verified and tabulated in
the centra] office and comprise the basic data from which statements
are compiled according to act limitations, organization units, States,
administrative programs, types of work, objects of expenditure, and
periods. A consolidated balance sheet is also prepared covering all
work relief funds.
Reports of operations, obligations, and expenditures, as required by
law, are submitted by the President to the Congress before January
15 of each calendar year. Such reports set forth the status of funds
as of the close of the previous calendar year. The following comparative financial statements show summary information relative to ex-pendi tures under the emergency relief and work relief program from
its inception to June 30, 1941.
Expenditures (checks issued) under the emergency relief program, by types of work,
Apr. 8, 1935, to June 30, 1941
T y p e of w o r k

Fiscal vears
1935, 1936,
a n d 1937 i

Fiscal y e a r
1938

Fiscal y e a r
1939

Fiscal y e a r
1940

Fiscal y e a r
1941

Cumulative
to J u n e 30,
1941

Highways,
roads,
streets, etc
,
$1,393,587,979 $595,153 732 $916. 225. 557 $580.101 448 $466,811 644 $3,951,880,360
460.596.894 171,174, 235 218, 240.793 145.967. 559 140, 097, 604 1,136. 077. 085
Public buildings.
1,691:082 123,136,671
2,146, 721
37,471, 980
7,590. 536
H o u s i n g projects
74, 236,352
P u b l i c recreational fa64,016,769 984.121.963
96.972,490
488,305.052 144.889,687 189.937, 965
cilities
Conservation w o r k
80,107,267 . 45,258 840 1, 258,985, 809
865, 243, 279 140,181,442 128,194,981
Electric utilities, w a t e r
a n d sewage s y s t e m s ,
343,497, 750 158,269 725 200,512.028 144, 277. 531 126, 653 385 973, 210,419
etc
59,453 113 360,047,684
27, 530 131
51,245, 093
40,325 249
T r a n s p o r t a t i o n facilities. 181,494,098
E d u c a t i o n a l , professional, a n d clerical
522, 324 855 263.458 275 359, 680,885 336. 503 098 261, 241 547 1, 743, 208,660
projects...
440,619 739 190,466 983 259,144,153 176, 225 420 140,134 677 1, 206,590,972
Miscellaneous
A d m i n i s t r a t i v e ex98, 788,525 780,641,099
313, 652, 656 127,953, 751 129,336, 701 110,909,466
penses
Rural
rehabilitation,
suburban projects,
27,114 431 730,494,660
' loans, relief
279,194,834 131,872,081 157, 766,679 134, 546, 635
G r a n t s to S t a t e s for con2 732
31 869 922,477.197
23 239
922,319, 960
99,397
' t i n n i n g relief
Total..

. 6,285, 073,448 2,001,240,379 2,617,974,768 1,835,290,498 1,431,293,486 14,170,872,579

1 Includes $525,848,046 for fiscal year 1935 (Apr.8 to June 30, 1935), $2,898,716,470 for fiscal year 1936, and
$2,860,508,932 for fiscal year 1937.




REPORT OF T H E SECRETARY OF T H E TEEASTJRY

109

Expenditures {checks- issued) under the emergency relief program, by objects of
expenditure, Apr. 8, 1935, to J u n e 30, 1941
Fiscal years
1935, 1936,
a n d 1937 i

Object of e x p e n d i t u r e

Fiscal year
1938

Fiscal y e a r
1939

Fiscal year
1940

Fiscal y e a r
1941

Cumulative
t o J u n e 30,
1941

P e r s o n a l services (Fed-.
$3,432,644,754 $1,488,419,503 $2,139,113,369 $1,523,498,795 $1,240,561,617 $9,824,238,038
eral p a y roll only)
87,149,310
84,691,313 911;881,187
S u p p l i e s a n d m a t e r i a l s . . 494,968,472 104, 503, 552 140, 568, 540
56,604,849
65,354, 382
29, 753, 511
195, 215, 215
31,435, 217 378,363,174
Construction, mainten a n c e , a n d repair con59,620,275
16,858,149
7, 570, 669
5,744, 518 266, 582, 246
176, 788,635
tracts
68, 739, 705
1, 552, 070,109 157, 623,806
43, 506, 592
28, 424,676 1,850,364,888
Grants.
C o n t r a c t u a l services:
9,452,978
3, 307,881
3,190,954
1,982,181
Communications...
2,405,266
20, 339, 260
Travel,
including
16,116,872
17, 275,359
54,419,696
16,659, 538
subsistence
16,235,148 120, 706, 613
Printing a n d bind2, 510,585
2,468,471
1,830,181
6,014,888
1,575,988
14, 400,113
ing
Other
contractual
46, 500,441
7,980, 937
6, 973, 287
5, 640,843
4,249,137
71, 344, 645
services...
69,585,120
11, 358,128
16, 659, 697
lj:quipment purchased..
11,123, 309
7, 022, 547 115,748,801
60,193,468
15,014,713
10, 738, 782
L a n d acquisition
86, 707,848
284,366
476,519
179,834, 602
73,411, 060 122,401,135
Loans
97, 528,234
1, 719,300 474,894, 331
. E m p l o y e e s ' (accident)
7,-632, 938
8, 339,884
4,768,218
7,175,325 . 35,301,435
7,385, 070
compensation
.

6,285, 073,448 2,001, 240,379 2, 617, 974, 768 1,835, 290,498 1,431, 293,486 14,170,872,579

Total.

1 Includes $525,848,046 for fiscal year 1935 (Apr. 8 to June 30, 1935), $2,898,716,470 for fiscal year 1936, and
$2,860,508,932 for fiscal year 1937.

Expenditures {checks issued) under the emergency relief program, by months, Apr. 8,
1935, to J u n e SO, 1941

Month

Fiscal years
1935, 1936,
and 1937 ^

Fiscal year
1938

Fiscal year
1939

Fiscal year
194

Fiscal year
1941 ^

Amount of expenditures
July
August
September..
October
November..
December..
January....
February...
March
:
April
May.
June
Total expenditures..

$382. 549, 223 $162, 435, 989 $200, 501, 723 $155,842, 701
154, 717,469
224, 398,400
156, 267,880
419,587.016
123, 634, 080
430, 575, 212 145, 631, 306 228,548,380
135,993, 389
454, 363, 084 144, 653, 339 229,881,972
218,820, 722 142, 722, 271
464,477, 210 142, 256,451
553,697, 338 156,-255, 321 243, 806, 203 157, 752, 654
211, 720, 732 148,328, 283
498, 406, 852 144,977,983
150, 327, 963
439, 446, 085 149, 559, 258 194,921,450
193,367, 450 252,689,052
183, 834, 339
550. 064,127
207,154, 675 173,854,722
660,673. 508 186, 392,214
660,448, 669 197, 038, 008 199,075, 346 161, 474,123
223, 955, 591 206,456,113
145, 258,093
770, 785,124
6, 285, 073,448 2,001,240,379

2,617,974,768 1,835,290,498

$122,-.728,121
127, 327,366'
113,447,400
124,488, 081
116, 279,-017
122, 745,254 ,
124,912.524
. 114, 523,.585
,
121,403,855
119,742,482
114,350,853
109.: 344,948
1,431, 293,486

1 Includes $525,848,046 for fiscal year 1935, $2,898,716,470 for fiscal year 1936, and $2,860,508,932 fbr fiscal
year 1937. .

407631—42-




no

REPORT OF THE SECRETARY OF THE TREASURY

Expenditures (checks issued) under the emergency relief program, by months, Apr. 8,
1935, to June SO, i94i—Continued
Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal yeai
1936
1938
1939
1940
1941.
1937
Month
Number of payments
177,277
1, 520, 298
2,010, 599
3,102,294
4, 535,332
7,567,162
8,256,096
7,872,717
9,186. 386
8, 419, 048
7,689, 746
7,424,215

July
..
August.
September..
October.:.-.
November..
December..
January
February...
March
April
May..
June
Total number of pay. ments..

67,761,170

6,853.559
6,454, 427'
6,814,540
7,613, 028
7, 032,860
7,989,478
6, 632,353
6, 218,368
7, 565,657
6, 653, 540
6,392,445
6, 553,932
82,774,187

6,002,874
4,273,789
4, 095,828
4, 271, 291
4, 272,730
5,003,810
4, 847,958
4,941,351
6, 784,986
6,475, 557
6,844, 258
7, 521, 659

6,976,666
7,687, 508
7, 601, 271
8, 214,831
8,195,920
8,934, 048
7.810, 869
6, 915, 252
8,663,956
7, 080, 200
6, 792, 201
6,665, 297

5, 751, 752
5,378,951
4,480,420
4,913,273
5,112,827
5,870,892
5,843,135
6,710.956
6, 521,372
5,990,224
5, 719,132
5,171,977

64,336, 091 91, 538,019 66,464,911

Cumulative total number of payments

4,446,437
4,351,894
3,960,436
4,358,831
4,198,533
4,451,373
4,694,416
4,168,851
4,451, 626
4,121,959
3,870, 648
3, 582,690
50,657,694
423, 532,072

Additional tables showing the status of emergency relief appropriation funds by organizations and by States, may be found on pages
498 to 511 of this report.
Budgetary administration and jinancial reporting
On August 13, 1940, the President issued Executive Order No.
8512 prescribing regulations for the purpose of improving budgetary
administration and financial reporting. This order imposes upon
the Treasury Department several important responsibilities. First,
it must prepare financial reports to make known in all practicable
detail the financial condition and operations of the Government
and its agencies, including corporations. Secondly, it must furnish
such reports as are required by the President or the Bureau of the
Budget for the compilation of the Budget or for other purposes of
budgetary administration.
To accomphsh these objectives the Secretary of the Treasury,
with the approval of the Director of the Bureau of the Budget, is
directed to establish (a) uniform accounting terminology, (6) uniform
classifications of assets and liabihties, and revenues and expenditures,
and (c) uniform standards for the valuation of assets and the determination of liabilities and the treatment of revenues and expenditures
in relation thereto; and to maintain a complete system of summary
accounts through which the financial data.of the various agencies
will be coordinated and integrated.
The order applies to all agencies of the Government, including
corporations. Under section 4 the several agencies are required to
furnish the Secretary of the Treasury such information and data
relating to their financial condition, activities, and operations as may
be required to enable the Treasury Department to maintain the
accounting records and prepare the financial reports necessary for
compliance with the provisions of the order. They are also required
to furnish such information relative to their accounting principles
and practices as the Secretaiy of the Treasury may require for the
proper processing of the data reported by such agencies. The



REPQRT OF. THE SECRETARY OF THE TREASURY

111

reports of financial condition and operations must reflect all uncollected revenues owed, to the Government whether assessed, due, o r
accrued, and also all bonded or other indebtedness of the Government,
whether due or accrued, including all current liabilities. The reports
must also reflect, so far as ascertainable, all contingent liabilities of
the United States and its corporate and other instrumentalities.
The order is designed to pave the way for a current and reliable
system of financial reporting for the entire Government. I t is one
step in a long-range program to improve the budgetary and financial
administration of the Government. The order, together with
Reorganization Plan No. I l l , provides the necessary groundwork
for eliminating present reporting difficulties. Through the establishment of a permanent Fiscal Service in the Treasury and by concentrating in the Fiscal Service central authority over Treasury accounting, Reorganization Plan No. I l l provides the operating center for
the new financial reporting system. The Executive order is printed!
as exhibit 68, page 395.
Daily Statement oj the United States Treasury
In addition to changes in the classification of trust account receipts
and expenditures and transactions in governmental agencies shown on
the Daily Statement of the United States Treasury, effective July 1,
1940, as explained on page 170 of the annual report for 1940, two
further changes have been made in the Daily Statement of the United
States Treasury during the fiscal year.
On January 2, 1941, a segregation was made between trust accounts
and special deposit accounts to eliminate fluctuations in expenditures,
under ^*Other trust accounts'^ caused by transactions in special deposit
accounts; and on April 9, 1941, expenditures on account of national
defense were segregated and shown as a separate group.
Combined statement oj receipts and expenditures
Under the act of July 31, 1894 (5 U. S. C. 264), the Secretary of the
Treasury transmits to the Congress an annual combined statement of
receipts, expenditures, and balances of the United States. Prior to the.
fiscal year 1941 this statement was transmitted to the Congress in
original manuscript form. Under this procedure it was not available
to the public in printed form until about the middle of February. The
report for the fiscal year 1940 was transmitted in tabulated and typewritten form so that, through the use of a photographic or offset
process of printing, it was possible to release the report to the public
in printed form in January, almost simultaneously with its delivery
to the Congress. While the main purpose of the change of procedure'
was to make available to the public a more current report of the
receipts and expenditures of the Government, there also resulted a
small saving in the cost of publication.
Financial statements published monthly in Congressional Record
Under arrangements made with the Chairman of the House
Appropriations Committee, there has been published in the Congressional Record, monthly, since January 1941 a series of statements



112

REPORT OF. THE SECRETARY OF THE TREASURY

showing in summary form the essential facts relating to the financial
situation of the Government. The purpose of these statements, as
indicated by the Chairman of the House Appropriations Committee,
is to bring down to date as at the end of each month the actual receipts
and expenditures of the Government and the condition of the Treasury,
in relation to the Budget estimates, or the latest revisions thereof.
T h e first statements and the remarks of the Chairman of the House
Appropriations Committee in connection with the printing of the
statements were printed in the Congressional Record of February 3,
1941. The statements published are as follows: Statement I, General
Budget summary—Receipts and expenditures on basis of daily
Treasury statements, i. e., checks paid by Treasurer of the United
States; Statement II, Effect of financing the deficit on the public debt;
Statement I I I , Statutory debt limitation; Statement IV, General Fund
balance; Statement V, Obligations of corporations and credit agencies
guaranteed as to principal and interest; and Statement VI, Combined
statement of assets and liabilities of governmental corporations and
credit agencies.
Combined statement oj assets and liabilities oj governmental corporations
and credit agencies
T h e combined statement of assets and liabilities of governmental
corporations and credit agencies, commenced in 1934 under the provisions of Executive Order No. 6869, dated October 10, 1934, is pubhshed in the Daily Statement of the United States Treasury, for the
last day of each month. This statement as of June 30, 1941, will be
found as table 51 beginning on page 613 of this report.
Financial statements oj governmental corporations and agencies compiled
under Senate Resolution No. 292
Under the provisions of Senate Resolution No. 292, agreed to
July 29, 1940, the Secretary of the Treasury transmitted to the
Senate a report for the fiscal year ended June 30, 1940, covering the
financial condition and operations of the - agenaies enumerated in
Seriate Resolution No. 150, agreed to June 27, 1939.
Senate Resolution No. 292 covered pracitically all governmental
corporations and credit agencies ^ in active operation on June 30, 1940.
This resolution called for statements of the same general (character
as those submitted in the report under Senate Resolution No. 150, for
the fiscal year 1939 and prior years. Pursuant to these requirements,
the detailed financial statement of each corporation and agency transmitted to the Senate reflected the amounts of assets and liabilities
based on the latest appraisals or available information; the proprietary
interest of the United States Government; the accounting and other
procedures followed; the financial aid received from the United
States Treasury, and the extent to' which the corporation or agency
was self-supporting; the authority for incurring liabilities; interagency
relationships; and information on loans and other assets. In addition
to these financial statements, the report included a narrative with
respect to each agency covering new developments of special interest
. 1 Although not specified in the resolution, financial statements relating to the Federal land banks were
ieduded in (th.e report for completeness.




REPORT OF THE SECRETARY OF THE TREASURY

113

and changes during the fiscal year in fiscal and accounting policies^
procedures, or functions.
.
The report under Senate Resolution 150 was printed as Senate
Document No. 172, Seventy-sixth Congress, but the report under
Senate Resolution 292 relating to the fiscal year 1940 was not printed.
Appraisal oj assets and liabilHies oj the Commodity Credit Corporation
Under the act approve.d.March 8, 1938 (52 Stat, 107), the Secretary
of the Treasury is required to make, as of March 31 each year, an
appraisal of the assets and liabilities of the Commodity Credit Corporation for the purpose of determining the net worth of the Corporation.
In the event any such appraisal shall estabhsh that the Corporation's
net worth is less than $100,000,000, the Secretary of the Treasury is
required to restore the amount of such capital impairment. Funds
for this purpose are appropriated by the Congress. In the event any
appraisal shall establish that the net worth of the Corporation is in
excess of $100,000,000, such excess must be deposited by the Corporation in the Treasury as miscellaneous receipts.
The following statement shows the results of such appraisals.
Appropriations for restoration of capital impairment:
Second Deficiency Appropriation Act.of June 25, 1938
. Tlvird Deficiency Appropriation Act of Aug. 9, 1939
Second Deficiency Appropriation Act of July 3, 1941

.

Amount
» $94; 285,404.-73';2119^ 599,918. 05
31,637,445. 51

Total
!
215,522,768.29
Less amount returned to Treasury
* 43,756.731.01
Net payment to Corporation through June 30.1941, as a result of capital impairment. 171,766.037.28
1 Appraisal as of Mar. 31, 1938, H. Doc. 670, 75th Congress.
2 Appraisal as of Mar. 31, 1939, H. Doc. 317, 76th Congress.
8 Appraisal as of Mar. 31, 1941, H. Doc. 248, 77th Congress. '
* Appraisal as of Mar. 31, 1940 (not printed as House or Senate Document; see Congressional Record of
Aug. 1, 1940).

Federal savings and loan associations
Under the act of June 13, 1933 (48 Stat. 133), as amended April 27,
1934 (48 Stat. 645), the Secretary of the Treasury was authorized on
behalf of the United States to subscribe for preferred shares and fullpaid income shares in Federal savings and loan associations upon
request of the Federal Home Loan Bank Board. An appropriation
of $50,000,000 to enable the Secretary of the Treasury to purchase,
such shares was reduced by an allocation of $700,000 to the Federal
Home Loan Bank Board. The details concerning the provisions of
law under which these subscriptions were made and the appropriations
are contained in the annual report for 1940, pages 176 and 177.
The Home Owners' Loan Corporation also was authorized to purchase full-paid income shares of Federal savings and loan associations
after the funds available to the Secretary of the Treasury for the
purchase of such shares had been exhausted. The funds available
to the Secretary of the Treasury were exhausted on October 25, 1935.
During the fiscal year 1941 the sum of $10,466,200 was received on
account of shares repaid, making the total shares repaid to June 30,.
1941, $25,629,100.
.
The following statement shows the transactions in connection with
the subscriptions by the Secretary of^ the Treasury to preferred and
full-paid income shares in. these associations dtiring the fiscal year
1941.



114

REPORT OF THE SEGRETARY OF THE TREASURY

^Preferred and full-paid income shares of Federal savings and loan associations sub'
scribed by the Secretary of the Treasury to June SO, 1941, and dividends received
[Par value of shares]

,
Preferred
shares

Full-paid income shares

Total

Shares held on June 30, 1941
Dividends received on preferred and full-paid income shares:
To June 30, 1940 . .
During 1941
To June 30,1941....

$49,300.000.00
34,137,100. 00
10,466,200.00

23,670, 900

Shares held.on June 30,1940
Less shares repaid during 1941__

$48, 662, 200
34,137,100
10,466, 200

$637,800

Total shares subscribed and paid.

23,670,900.00
7,879, 769. 02
1, 003,971. 99
8,883, 741. 01

Federal home loan banks
The Federal Home Loan Bank Act, approved July 22, 1932 (47
Stat, 728), establishing the twelve home loan banks, provides that
the Federal Hoine Loan Bank Board, with the approval of the Secretary of the Treasury, shall determine the minimum capital of each
t a n k , which shall not be less than $5,000,000. I t further provides
t h a t the Secretary of the Treasury shall subscribe, on behalf of the
United States, for such part of the minimum capital of each Federal
home loan bank as is not subscribed for by members w^ithin 30 days
after books had been opened for stock subscriptions.
Tp enable the Secretary of the Treasury to make payments upon
stock of Federal home loan banks, subscribed for by him, the sum of
$125,000,000, was allocated and made available to the Secretary of
the Treasury by the Reconstrucition Finance Corporation.
Pursuant to the act approved February 24, 1938 (52 Stat. 79), the
Secretary of the Treasury canceled notes of the Reconstruction
Finance Corporation aggregating $126,301,906.17, equivalent to the
amount of funds advanced by the Corporation for capital of the
Federal home loan banks, plus interest paid to the Treasury on
account of such notes.
The act of July 22, 1932, provided that the capital subscribed for
by the United States was entitled to receive dividends at a rate of
2 percent per annum cumulative from the date of investment, but in
any case in which the rate of dividend is in excess of 2 percent the
stock subscribed foi* by the United States shall be entitled to dividends
a t a rate not in excess of that paid on other stock. The act of May
28, 1935, amending the act of July 22, 1932, provides, however, that
aU stock of any Federal home loan bank shall share in dividend
•distributions without preference.
Under the provisions of the act of June 25, 1940, the Reconstruction
Finance Corporation was authorized to purchase at par any part of
the stock of any Federal home loan bank owned by the United States,
and the Secretary of the Treasury was authorized on behalf of the
United States to sell such stock to the Corporation. Under the authority of this a*ct and in pursuance of the Budget program stated in
the President's Budget Message of January 3, 1940, the Secretary of




115

REPORT OF THE SECRETARY OF THE TREASURY

the Treasury, on February 20,1941, sold to the Reconstruction Finance
Corporation the entire amount of such stock for $124,741,000, which
is now held by the Reconstruction Finance Corporation.
The dividends received during the year aggregated $1,369,179.89.
The following statement shows the shares of stock subscribed for and
held by the Secretary of the Treasury to February 20, 1941, and the
dividends received and covered into the Treasury as miscellaneous
receipts.
Subscriptions by the Secretary of the Treasury to stock of the Federal home loan banks
to June SO, 1941, and dividends received

F e d e r a l h o m e loan b a n k

Boston..
N e w York
Pittsburgh
Winstoh-Salem.
Cincinnati
Indianapolis.-.
Chicago..
Des Moines
Little Rock
Topeka
Portland
..
Los Angeles
Total....

Shares s u b scribed a n d
held to F e b .
20, 1941 (par
value)

$12,467,500
18,963, 200
11,146,300
9, 208,200
12, 775, 700
6.577,400
14,173,900
7, 394,900
8, 772,'400
7,333, 600
5, 960,000
9,967,900
124,741,000

D i v i d e n d s received

To June 2
1940

Fiscal year
19411

Total
dividends
received

$783,129.61
1, 590, 668. 75
945,574.39
695,907. 29
1, 659.324.54
673', 647. 59
1,590,817.95
726, 749. 57
639,028.56
386. 688. 56
409,390.88
651,332.11

$124,675.00
189,632.00
111,463.00
92,082.00
143, 726. 63
82,217. 60
212,608.60
92,436.26
87,724.00
• 73,336.00
69, 600.00
99,679.00

$907. 804. 61
1, 780,300. 75
1,057,037.39
787.989. 29
1,803,051.17
755, 865.09
1,803,426.45
819,186. 83
, 726, 752. 56
469, 924. 56
468,990.88
661,011.11

10,652,169.80

1,369,179. 89

12,021,339.69

1 D i v i d e n d s received p r i o r t o F e b . 20,1941, t h e d a t e of t h e sale of t h e stock to t h e R e c o n s t r u c t i o n F i n a n c e
Corporation.

Federal land banks
Capital 5]{oc^.—Under the act of January 23, 1932 (12 U. S. C. 698),
amending the Federal Farm Loan Act, it is the duty of the Secretary
of the Treasury on behalf of the United States, upon the request of
the board of directors of any Federal land bank made with the approval of the Farm Credit Administration, to subscribe from time to
time for capital stock of such bank. The act further provides that
such stock may at any time, in the discretion of the directors and
with the approval of the Farm Credit Administration, be paid off at
par and retired in whole or in part and that the Farm Credit Administration may at any time require such stock to be paid off at par
and retired in whole or in part if in its opinion the bank has resources
available for such purpose. The proceeds of all repayments on account
of stock subscribed for by the Secretary of the Treasury are held in
the Treasury and are available for the purpose of paying for other
stock thereafter issued pursuant to said act.
To enable the Secretary of the Treasury to pay for said stock,
$125,000,000 was appropriated under the act approved February 2,
1932. In pursuance of the President's budget program stated in his
Budget Message of January 3, 1940, the Federal land banks retired
a substantial part of the capital stock held by the Secretary of the
Treasury (see p. 50). The following statements show the transactions
in connection with subscriptions to stock of Federal land banks during
1941.




116

REPORT OF THE SECRETARY OF THE TREASURY

Subscriptions by the Secretary of the Treasury to stock of Federal land banks and
repayments thereon, fiscal year 1941
[Par value of shares]
Shares held
J u n e 30, 1940

Federal land bank

Shares repaid
fiscal y e a r
1941

Shares s u b scribed
fiscal year 1941

Shares held
J u n e 30, 1941

c

.$4,128. 690
5, 750, 315
14,.61.d,53'6:
4,064,145
14,'603-, 565

Springfield
Baltimore
C o l u m bia
Louisville
N e w Orleans
St. Louis
St. P a u l . . .
Wichita
Houston
B e r k e l e y ._ .
Omaha
Spokane

$4,128, 690
2, 668,160
9, 661,106'
4,064.145
14, 603, 656
7, 691,435
45,745
64, 980
5.156,235
3, 536, 955
123,340
6,130,020

7, 6 9 1 T 4 3 6

:

.

....
._ ._
._.

Total

$290, 940

126,000,000

.. .

39,815,846
5, 569, 600
6,166, 236
3, 536,955
6, 816, 370
14. 266, 420

290,940

57, 774, 266

$3,182,165
4,949;430.

40,061,040
5, 604,620
5,693,030
8,126,400
67,516,686

Payments on account oj reductions in interest rates 07i mortgages and
subscriptions to paid-in surplus.—The Secretary of the Treasury is
directed, under certain conditions, to make payments to Federal land
banks equal to the amount by which interest payments on mortgages
held by such banks have been reduced pursuant to the Federal Farm
Loan Act, as amended, and he .also subscribes, under specified conditions and in the manner prescribed by the Federal Farm Loan Act, as
amended, to the paid-in surplus of each Federal land bank an amount
equal to the amount of all extensions and deferments of any obligation
that may be or may become unpaid under the terms of any mortgage.
Amendments to the law under which subscriptions are made to the
paid-in surplus of the Federal land banks are contained in the Farm
Credit Act of 1937, approved August 19, 1937. The period for which
payments to Federal land banks on account of reductions in interest
rates may be made was extended to June 30, 1942, pursuant to Public
No. 672,' approved June 29, 1940 (54 Stat. 684).
A statement as of June 30, 1941, of the amounts appropriated on
account of reductions in interest rates on mortgages and of payments
to Federal land banks for this purpose is here set forth:
Appropriations on account of reductions in interest rates on mortgages and payments
to Federal land banks for this purpose to June SO, 1941
1. Amounts appropriated:
To June30, 1940
First Supplemental Civil Functions Appropriation Act, Oct. 9, 1940
Total to June 30, 1941
1
2. Payments to Federal land banks:

$181,100,000.00
28,167,000.00

.-

209,267,000.00

Amount paid to
June 30, 1940

Amount paid fiscal year 1941

Springfield...
Baltimore
Columbia
Louisville
New Orleans.
St. Louis
St. Paul
Wichita
Houston
Berkeley
Omaha
Spokane

$6, 356. 216.09
7,678, 647. 58
7,171, 506. 24
17, 683, 236.99
9,276, 591.04
16,156. 371. 74
24,660, 713.07
14,074, 244.96
19,859, 601.86
10. 212, 844. 60
30,061, 217. 70
10, 774, 861.97

033, 299.13
183,970.11
135,949. 29
774, 735. 38
414,288.45
669,485. 69
146, 943. 22
234,844. 95
118, 258.51
661,146. 30
015, 278. 65
661,166.36

$7,389, SI."). 22
8,862, 617. 69
8,307 455. 53
20. 357,972. 37
10,690, 879.49
17,715, 857.43
28,807, 656. 29
16, 309, L91
22,977, 860. 37
11,873, 990. 80
35,066, 496. 31
12, 426,008. 33

Total..

172,856,043.80

27,929,365.94

200, 785, 399,74

Federal land bank

3. Amount available for expenditure, June 30,1941




Amount paid to
June 30, 1941

$8,481,600,26

117

REPORT OF THE SECRETARY OF THE TREASURY

Appropriations for subscriptions to paid-in sm^plus to June 30,1937,
amounted to $189,000,000. No appropriation for this purpose has
been made since that date. During the fiscal year paid-in surplus
amounting to $42,517,085 was returned to the Treasury in accordance
with the President's budget program (see page 50). A statement as
of June 30, 1941, of the amounts appropriated for subscriptions to the
paid-in surplus of Federal land banks on account of extensions and
deferments, and net repayments by the Federal land banks follows.
Appropriations for subscriptions to the paid-in surplus of Federal land banks on
account of extensions and deferments, and payments for this purpose to June 30,
1941
1. Amoimts appropriated:
To June 30, 1940
Total to June 30,1941__
2, Payments to Federal land banks:

'.

Federal land bank

.

Amount paid to
June 30, 1940

/
$189,000,000.00
189,000,000.00

.

Net amount repaid fiscal year
1941

Sprinpfield—
Baltimore
Columbia
Louisville
New'Orleans
St. Louis
St. Paul......
Wichita
Houston
Berkeley
Omaha
Spokane

$9,953. 548. 66
4, 635. 251.29
9. 653, 953. 42
. 9.833, 517.93
14,852. 030. 41
12. 593.821.57
30, 684, 566.04
16. 506, 220. 21
• 12.880.248. 69
19,572, 843.93
30, 283. 377. 57
16. 948, 384. 78

$1,636.410. 00

Total..

187,296, 764. 50

Amount paid to
June 30,1941

41,671,778.71

$8,317,138.66
4.190.261.29
9,386,953.42

345.000. 00
267, 000.00
833. 617. 93
176,445.00
180, 565.00
443.451.67
344.993. 69
880,248. 69
021.898. 38
456.860. 93
476,000.00

11,675,586.41
11.413,256.57
33.128,017.71
16,850,213.90
4, 660:945. 55
30, 740.238.60
15, 472, 384. 78
145, 724,985. 79

3. Amount available for expenditure, June 30, 1941..

$43,275,014.21

i Excess of payments (add).

Federal Farm Mortgage Corporation
Under section 32 of the Emergency Farm Mortgage Act of 1933,
approved May 12, 1933, as amended (54 Stat. 684), the Secretary of
the Treasury is authorized to pay to the Federal Farm Mortgage Corporation such amount as the Governor of the Farm Credit Administration certifies to the Secretary of the Treasury is equal to the amount
by which interest payments on mortgages held by such Corporation
have been reduced.
A statement of the amounts appropriated and payments to the
Federal Farm Mortgage Corporation follows.
Appropriations on account of reductions in interest rate on mortgages, and payments
to the Federal Farm Mortgage Corporation for this purpose, fiscal years 1938 to 1941
1. Amounts appropriated:
Third Deficiency Appropriation Act, 1937, Aug. 25, 1937
First Deficiency Appropriation Act, 1938, Mar. 5, 1.938._
Treasury Department Appropriation Act, 1939, Mar. 28, 1938-.
Treasury Department Appropriation Act, 1940, May 6, 1939
First Supplemental Civil Functions Appropriation Act, Oct. 9, 1940
Total to June 30, 1941
2. Payments to Federal Farm Mortgage Corporation:
.Fiscal year 1938
Fiscal year 1939
.'
Fiscal year 1940
_.:_...
Fiscal year 1941

.

33.125,000.00
..•

•

$5,726,615.05
7,818.647.62
7,125,158.14
9,340,201.41

Total to June 30, 1941 (deduct)
3. Amount available for expenditure, June 30, 1941




Amount
$5,000,000.00
2, .500.000.00
8,200,000.00
7,425,000.00
10.000.000.00

30,010,422.22
...._.-...-..

_ 3,114,577.78

118

REPORT OF THE SECRETARY OF THE TREASURY

Following the President's budget program stated in his Budget
Message of January 3, 1940, and pursuant to the act approved June
25, 1940, the Federal Farm Mortgage Corporation repaid to the
Treasury $100,000,000 of its capital stock during the fiscal year 1941.
The proceeds of the repayment are to be held in the Treasury as a
fund available for subscription to the capital of the Corporation when
additional subscriptions to its capital are necessary.
Advances to Federal Reserve Banks jor industrial loans, etc.
Advances to Federal Reserve Banks for industrial loans, etc., were
authorized by the act approved Juiie 19, 1934 (48 Stat. 1105), which
amended the Federal Reserve Act, as amended, by adding section
13 (b). The provisions under which the Secretary of the Treasury
makes these advances were described on pages 184 and 185 of the
annual report for 1940.
No advances were made to the banks during the fiscal years 1939,
1940, and 1941, the last advance having been made on October 14,
1937. Payments received by the Treasury during the year aggregated $82,376.28.
The following statement is a summary of the transactions in connection with these advances to Federal Reserve Banks.
Advances to Federal Reserve Banks for industrial loans, and payments received by
the Treasury to June SO, 1941

Federal Reserve Bank.

Atlanta..
Boston
Chicago
..
Cleveland
Dallas
Kansas City..
Minneapolis..
New York
Philadelphia..
Richmond
St. Louis
San Francisco.
Total.--

Payments reAdvances to
Maximum
the
Reserve ceived
advances author- Federal to June Treasuryby June
to
Banks
' ized
30,1941
30,1941
$5,272, 031. 65
10,230, 236. 88
19,748, 616.70
14,146. 863.66
4,369, 338.10
4,131, 276.30
3, 609. 467. 65
42, 529, 210. 65
14,620. 883. 62
6,808, 291. 43
5,093. 112.25
9,860, 328. 30
139,299, 556.1

$756.934.44
2,875,115. 98
1,417,701.33
1,015,671.33
1,261,788. 08
1,145,717.73
1,007,746. 96
7,762.044.63
4,198, 400.60
3,420,662.05
647,832.83
2,156,795.01

$23.875. 56
91,765.48
111, 102.97
62, 200.41
74,116. 50
36,204.38
34,318.46
82,987.08
349.986.2966, 714. 26
6,947. 94

27,546,310. 97

928,218.3$

Appropriations and expenditures under the Social Security Act
The Social Security Act, approved August 14, 1935, as amended
(42 U. S. C , Ch. 7), provides for the establishment of a system of
Federal old-age and survivors benefits, and for grants to the several
States to enable them to make adequate provision for aged and blind
persons; needy, dependent, aiid crippled children; maternal and child
welfare; public health services; and the administration of State
unemployment compensation laws.




119

REPORT OF THE SECRETARY OF THE TREASURY

Section 201 (a) of the Social Security Act Amendments of 1939,
approved August 10, 1939, makes permanent appropriations to the
Federal old-age and survivors insurance trust fund for the fiscal year
1941 and each year thereafter equal to 100 per centum of the employment taxes received imder the Federal Insurance Contributions Act
and covered into the General Fund of the Treasury.
The amounts appropriated to June 30, 1941, under the various
authorizations contained, in the Social Security Act, as amended,
and total expenditures from such appropriations to June 30, 1941,
are shown in table 18 on page 522. The responsibilities of the Treasury
Department and its activities in connection with the Federal old-age
and survivors insurance trust fund and the unemployment trust fund
are described under ^Trust funds,^' beginning on page 144.
Obligations oj joreign governments
The United States received, during the year, payments aggregating
$96,996.16 on account of the indebtedness of foreign governments,
which applied on interest due.
The following statement shows the payments due during the period
July 1 to December 31, 1940, and the amounts actually paid on account
by certain governments. .
AMOUNTS DUE AND PAYABLE, JULY 1 TO D E C . 31, 1940
Funding agreements
Country
Principal
Belgium
Czechoslovakia..
Estonia
Finland
France
Great Britain...
Greece
Hungary
Italy....J
Latvia
Lithuania..
Poland
1
Rumania..
Yugoslavia

$1,.600,000.00
146,000.00
76,000.00
42j 000,000.00
487,000. 00
15, 360. 00
60, 000.00
i,'659,'66o"6o'

Total.

45,943,360.00

$4,168,000.00
265. 00
140, 367. 60
38, 622, 866.00
75,950. 000. 00
217 920. 00
33, 185.08
2,490, 876. 00
119, 609. 00
107, 783. 67
3,582, 810.00
907, 659.81
154. 062. 50
126,671,302.56

AMOUNTS ACTUALLY PAID
Greece
Hungary

_

Total

i.. ...

Moratorium
agreements

Total

Interest
. $484,453.88
182,812. 78
36, 585. 29
19,030. 50
3,046,879. 72
.9,720,765.05
. 67,137.38
4, 226. 58
896,166.88
16, 274. 26
13, 683. 26
456, 229. 71
48,750.08

$4, 642, 463. 88
1, 682, 812. 78
468, 850. 29
235, 398. 00
41, 569, 744. 72
127, 670, 765. 05
772, 057.38
52, 770. 66
. 3,387, 030.88
194, 883. 2ft
121, 466.9 J
5,698, 039. 71
956, 309. 89
154, 062. 50

14,991,983.37

187, 606,645. 9a
o

1 $87,168.00
9,828.16

$87,168.00'
9,828.16

96,996.16

96,996.16

1 Represents payment of 40 percent of interest due on November 10,193S, which was received on September
3,1940.

o The following statement shows payments due during the period'
January 1 to June 30, 1941, during which period no payments werereceived.




120

REPORT OF T H E SECRETARY OF T H E TREASURY
AMOUNTS D U E AND PAYABLE, JAN. 1 TO J U N E 30, 1941
F u n d i n g agreements
Moratorium
agreements

Country
Principal
Belgium
. .
$4,800,000.00
Czechoslovakia
.._ . . . .
1; 600, poo. 00
Estonia
' .
,
_
Finland
.
France
.
51,728,872. 58
G e r m a n y (Austrian-indebtedness) 2
460,093.00
Great Britain
_
1
Greece
.
:
493, 000. 00
Hungary
Italy
_
16,400,000. 00
Latvia..
Lithuania
.
52,425. 00
Poland . . . .
.
.
Rumania
445, 555. 55
Yugoslavia
524,000. 00
Total

76, 403, 390. 68

Total

Interest
$4,158,000.00
286, 265. 00
139, 037. 50
38, 622,865. 00
75, 950. 000. 00
217,920. 00
33,185. 08
2,490,876. 00
119, 609. 00
107, 783. 67
3, 582,810. 00
907, 559.81
154, 062. 60
126, 669, 972. 66

$484,463. 88
182,812. 78
36, 685. 29
1 32, 725. 56
3, 046.879. 72
34, 767. 23
9, 720, 765. 05
67.137. 38
4, 226. 58
896,155. 88
15, 274. 26
13,683.26
456, 229. 71
48, 750. 08
15, 040, 446. 66

$9, 442. 453.88
1, 682,812. 78
322,850.29
171, 763. 06
93, 298.617. 30
494.860. 23
86, 670. 765. 05
778, 067. 38
37,410.66
19, 787, 030. 88
134. 883. 26
173,891. 93
4, 039, 039. 71
1, 401, 309.89
678, 062. 60
218,113,808.80

1 Includes amount due under agreement with Finland dated May 1,1941.
.2 The German Government has been notified that the Government of the United States will look to the
German Government for the discharge of this indebtedness of the Government of Austria to the Government
of the United States..

Press releases of the Treasury Department and correspondence exchanged between the Government of the United States and various
foreign governments regarding the amounts due during the fiscal
year will be found as exhibit 65 on page.388 of this report.
A statement showing the prmcipal of the funded and unfunded
indebtedness of foreign governments to the United States, the accrued
and unpaid interest thereon, and payments on account of principal
and interest as of November 15, 1941, appears as table 49 on page 611.
The total amounts previously due from foreign governments on
account of their indebtedness to the United States under the funding
and moratorium agreements and not paid as of November 15, 1941,
according to contract terms, are shown in the following statement.
TOTAL AMOUNTS DUE AND NOT PAID, AS OF NOV. 15, 1941
F u n d i n g agreements
Principal
Belgium... . . .
Czechoslovakia.
Estonia
.•_
France...
G e r m a n y (Austrian
•Great B r i t a i n
Oreece...
Hungary 2
Italy
.
Latvia
Xiithuania...
Poland
Rumania 3
Yugoslavia

.
indebtedness) ^.
'
.

_.

Total.

I
_.

•

Interest

• Moratorium
agreements
annuities

Total

$40,900.-000. 00
25,170,085.83
1,146,000. 00
490,459, 001. 37
2, 760, 558. 00
281, 000,000. 00
8,167, 00.00
123.385. 00
127,600. 000. 00
463, 700. 00
416, 585. 00
13, 632, 000. 00
12,075, 560.43
3, 737,000. 00

1,273,649,481.58
3,149,347. 50
514,312.13
21, 663,291. 74
2, 017,822.84
1, 769,139.04
63, 978, 760. 00
3,630, 239. 24
539, 218. 78

$7,751,262. 08' $112,797,262.08
28,095,090.31
2,925, 004.48
6,843, 239. 64
585,364. 64
924, 437, 726.89
48, 750. 075. 52
2, 969,161.38
208, 603. 38
155, 532, 240. 80 1,710,181,722.38
12,457, 682.96
1,141,335.46
705, 306. 41
67, 609. 28
14,338,494.08* 163, 601, 785.82
2,725,911.00
244,388.16
2,404, 656. 20
218, 932.16
84,910, 425. 36
7, 299,675.36
16,485, 800. 95
780, 001. 28
4, 276, 218. 78

1,007, 650.875. 63

1, 825, 398,127.85

239,842,986.68 3,072,891,990.16

$64,146,000.00
5, 111, 875. 00
385, 228,650.00

1 The German Government has been notified that the Government of the United States will look to the
Oerman Government for the discharge of this indebtedness of the Government of Austria to the Government
of the United States.
2 The Hungarian Government has deposited with the foreign creditors' account at the Hungarian National
Bank an amount of Hungarian currency equivalent to the interest payments due from Dec. 15, 1932, to
June 15,1937. The debt funding and moratorium-agreements with. Hungary provide for payment in dollars
in the United States.
3 Excludes the amount of $100,000 which the Rumanian Government paid to the United States Treasury
on June 15, 1940, as "a token of its good faith and of its real desire to reach a new agreement" covering
Rumanian indebtedness .to the United States.




REPORT OF THE S-ECRETARY OF THE TREASURY

121

Finland.—Finland exercised its option to postpone payment of the
amount of $235,398, payable December 15, 1940, as provided under
Public Resolution No. 84, approved June 15, 1940. (See exhibit 43
on page 546 of the annual report for 1940.) Under date of May 1,
1941, an agreement was executed between the Minister of Finland and
the Secretary of the Treasury under which the Republic of Finland
would undertake to pay to the'United St'atesnn ten annual payments
with interest at three percent the sum of $235,398 plus interest thereon
at three percent from December 15, 1940, to January^ 1, 1941. (See
copy of agreement on page 389.)
Public Law 110, approved June 12, 1941, gave Finland the option
to postpone the payment of amounts payable to the United States
during the period from January 1, 1941, to December 31, 1942.
Finland accepted the option. This law also authorized the Secretary
of the Treasury on behalf of the United States to make an agreement
with the Republic of Finland for the payment of the postponed
amounts in forty semiannual installments beginning with the calendar
year 1945. (For copy of the act, see page 390.)
Greece.—On September 3, 1940, the United States Governmentreceived a payment of $87,168 from the Greek Government, representing payment of forty percent of the semiannual interest amounting
to $217,920, due on November 10, 1938, on the four percent loan of
1929 mad^ to the Greek Government by the United States under the
agreement of May 10, 1929.
Hungary.—In accordance with its proposal of August 16, 1937>
the Hungarian Government made a payment of $9,828.16 on December
13, 1940, for application on account of the funded indebtedness of the
Hungarian Government to the United States.
When making this payment the Hungarian Minister expressed the
hope of his government that the Congress would give favorable consideration to its offer, made in February 1938, seeking a new debt
arrangement on a permanent basis providing for payment of the original debt, without interest, in equal installments covering approxr
imately 30 years. This proposal (see exhibit 48 on page 297 of the
annual report for 1938) was recommended to the consideration of the
Congress by the President on March 28, 1938, with an expression of
the belief that-it represented a noteworthy wish and effort of the Hungarian Government to meet its obligations to the United States.
Receipts jrom Germany
During the fiscal year 1941 the United States received no payments
from the Government of Germany under the debt funding agreement
of June 23, 1930, covering the costs of the American Army of Occupa^
tion and the awards of the Mixed Claims Commission, United States
and Germany.
Army costs.—Payments of 9,300,000 reichsmarks were due on September 30, 1940, and March 31, 1941, respectively, from the Government of Germany on account of army costs under the provisions of the
debt agreement of June 23, 1930. Interest amounting to 5,645,937.50'
reichsmarks was also due on those dates. There has been no change
in the army cost account from that shown in the statement appearing
onpage39 of the annual report of 1932.
.
Mixed claims J United States and Germany.—Payments of 20,400,000
reichsmarks were due on September 30, 1940, and March 31, 1941,



122

REPORT. OE THE SECRETARY OF THE TREASURY

respectively, from the Government of Germany on account of mixed
claims awards under the provisions of the debt agreement of June 23,
1930. Interest amounting to 18,870,000 reichsmarks was also due on
those dates.
Annuities under moratorium agreement.—The semiannual installments, aggregating 3,058,098.90 reichsmarks (including 339,460.12
reichsmarks of currently accruing interest), of the annuities under
the moratorium agreement with the Government of Germany dated
M a y 26, 1932, wiiich were due during the fiscal year 1941, were not
paid by Germany.
The status of the indebtedness of Germany to the United States as
of June 30, 1941, under the funding and moratorium agreements is.
summarized in the following tables.
A M O U N T OF I N D E B T E D N E S S
Indebtedness
as funded

A r m y costs (reichsmarks)
Mixed claims (reichsmarks)
T o t a l (reichsmarks)
T o t a l (in dollars, a t 40.33 cents t o
t h e reichsmark)

T o t a l indebtedness, J u n e 30,
1941

Principal

1.048,100,000
2.121.600.000

Class

1, 028, 931, 405. 40
2.131,290.000.00

997, 500,000
2,040,000.000

Interest accrued a n d
unpaid
I 31.431,405.40
91,290,000. QO

3,169, 700,000 2 3.160,221,405.40

3,037, 600,000

122,721,405.40

$1,278,340,010 $1, 274, 517, 292.80

$1,226, 023, 750

$49,493,542.80

1 Includes interest accrued under unpaid moratorium agreement annuities.
2 Includes 4,027,611.95 reichsmarks deposited by the German Government in the Konversionskasse fiir
Deutsche Auslandsschulden and not paid to the United States in dollars as required by the debt and moratorium agreements.
PAYMENTS RECEIVED
Total payments
received t o J u n e
30, 1941

Class

A r m y cost*? (r'^ichsmarks)
M i x e d clainis (reichsmarks)

.

T o t a l (reichsmarks)
T o t a l (in dollars)
,-..

. .
.

^
...

P a y m e n t s of
. principal

P a y m e n t s of
interest

51, 456, 406. 25
87,210,000.00

50.600,000.00
81,600,000.00

856,406 25
5,610.000.00

138, 666, 406. 25
$33,687,809.69

132,200,000.00
$31,539,595.84

6, 466,406. 25
• $2,048,213.86

AMOUNTS NOT PAID ACCORDING TO C O N T R A C T T E R M S , J U N E 30, 1941
Funding"^greement
Moratorium
agreement

Date due
Principal
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
^Mar.

30,1933
...reichsmarks..
31. 1934
.
do....
30, 1934
.....do....
31. 1 9 3 5 . . . . . . . . .
do....
30, 19.35
do
31, 1936
...do....
30, 1936
do....
31, 1937..
do....
30, 1937
„...do.-..
31, 1938...
do.. .
30, 1 9 3 8 . . . :
do....
31. 1939
_...do....
30. 1939
do....
31, 1940
do....
30. 1940
do....
31, 1 9 4 1 . . . . .
do....

Total
do.-..
T o t a l (in dollars, ;at 40.33 cents t o t h e
reichsmark)
^

Total

Interest

. 2,498,662.50
122,400.000
20.400.000 '"'3,"855,'687.'50'
82,900,000
4, 634. 250. 00
29, 7.00,000
5, 212. 812. ,50
29, 700,000
5, 891, 375. 00
29, 700.000
6, 569,937. 50
29, 700.000
7, 248, 500. 00
28. 600.000
7,927, 062. 60
8,585,687 50
28. 600. 000
9.244.312.50
28,600.000
9,902.937.50
. 28.600,000
29. 700.000
10,561,562.50
29. 700,000
11,240.125.00
11,918,687.50
29, 700; 000
12. R97. 250.00
29. 700,000

1, 629.049.45
1, 629, 049. 46
1,529,049.45
1, 629.049. 46
1, 529,049.46
1, 629.049. 45
1,529,049.46
1, 629.049. 45
1, 629,049.46
1, 629.049.45
1,529,049. 45
1, 629,049. 45
1, 529.049.45
1,529,049.45
1, 629. 049. 45
1, 529,049. 45

1 4,027,611 96
123.929, 049.45
25. 784, 736. 96
88,963,299. 45
36.441,861.95
37.120. 424. 45
37, 798, 986. 95
38,477, 649. 45
38,056,111.95
38, 714, 736. 95
39, 373. 361. 95
40,031,986. 95
41,790,611.95
42, 469.171 45
43.147, 736.95
43,826, 299. 45

577, 700,000

117, 788, 750. 00

24,464, 791. 20

719,953,541.20

$232,986,410

$47,604,202.88

$9,866, 660. 29

$290,367,263.17

1 Includes 4,027,^11.95 reichsmarks deposited by the German Government in the Konversionskasse fiir
Deutsche Auslandsschulden and not paid to the United States in dollars as required by the debt and moratorium .agreements.




REPORT OF THE SECRETARY OF THE TREASURY

123

Treasury administration oj alien and mixed clainis
The Settlement of War Claims Act of 1928 (45 Stat. 254) authorized
the Secretary of the Treasury to make payments on account of (1)
awards of the Mixed Claims Commission, United States and Germany,
for claims of American nationals against the Government of Germany;
(2) awards of the War Claims Arbiter for claims of German, Austrian,
and Hungarian nationals against the Government of the United States;
and (3) awards of the Tripartite Claims Commission for claims of
American nationals against the Governments of Austria and Hungary.
The time within which claimants could file applications for payment
of awards from the Mixed Claims Commission, United States and
Germany, and the Tripartite Claims Commission, United States,
Austria, and Hungary, has been extended from time to time, and was
further extended until March 10, 1940, under the joint resolution of
Congress approved May 23, 1938, a copy of which will be found as
exhibit 64 on page 346 of the annual report for 1938.
Executive Order No. 6981, dated March 2, 1935, as amended by
Executive Order No. 7111, dated July 22, 1935, removed in certain
cases the restrictions imposed by Public Resolution No. 53 of June 27,
1934, as to payments, transfers, and deliveries of property under the
Trading with the Enemy Act, as amended, and the Settlement of
War Claims Act of 1928, as amended.
Mixed Claims Commission and Private Law No. 509: Claims against
Germany.—Under the Settlement of War Claims Act of 1928 (45
Stat. 254), the Secretary of State on October 31, 1939, certified to
the Secretary of the Treasury for payment additional awards of the
Commission aggregating $21,157,227.01 on account of the so-called
sabotage claims. The interest on claims included in these awards
from various dates to January 1, 1928, aggregates $10,236,826.74,
making the total amount payable on such additional awards as of
January 1, 1928, $31,394,053.75.
These additional awards certified on October 31, 1939, are as
follows:
.
.
Class
1
2
3

Principal a m o u n t
of a w a r d s

I n t e r e s t to J a n .
1,1928

T o t a l a m o u n t of
awards

3—add a d j u s t m e n t a/c of old a w a r d s

$60,000.00
690,634.23
20,406, 692.78

$12,501.37
367,371.00
9,856,964. 37

$72, 601.37
1,058,005.23
30.263, 547.15

21,157, 227.01
230,468.01

10,236,826. 74
104,642.43

31, 394.053. 75
335,110.44

21,387,695.02

. .
.1...

10,341,469.17

31, 729,164.19

The adjustment in Class 3 awards of $230,468.01 with interest to
January 1, 1928, $104,642.43, totaling $335,110.44, covered awards
certified prior to October 31, 1939, and paid as Class 2 awards. The
additional awards certified on October 31, 1939, changed the classification of these awards from Class 2 to Class 3 inasmuch as the individual awards plus interest to January 1, 1928, were in excess of $100,000.
On October 31, 1939, the Z. & F . Assets Realization Corporation
filed a suit (Civil Action No. 4598) in the District Court of the United
States for the District of Columbia to restrain the Secretary of the
Treasury from paying these additional awards. This suit was dis


124

REPORT OF THE- SECRETARY OF T H E TREASURY

missed by the Court on January 6, 1940. The case on appeal was
argued in the Court of Appeals for the District of Columbia on
March 27, 1940. The AppeUate Court on June 3, 1940, handed down
a decision holding that the questions involved in this litigation were
;''clearly within the realm of political as distinguished from judicial
questions'' and therefore did not fall within the jurisdiction of the
Courts of the United States.
Under date of August 29, 1940, the Z. & F . Assets Realization
Corporation filed with the Supreme Court a petition for a writ of
certiorari seeking a review of the decision of the United States Court
of Appeals for the District of Columbia. On January 6, 1941, the
Supreme Court, in an opinion by Mr. Chief Justice Hughes (311 t j . S.
470), affirmed the decision of the Court of Appeals. Following this
decision, the Secretary of the Treasury on January 10, 1941, began
making payments on account of the additional awards in accordance
with the provisions of the Settlement of War Claims Act of 1928 out
of the funds available for that purpose.
Pursuant to the provisions of the act the Class 1 and 2 claimants
were entitled to receive payment in full with interest to date of payment.. The Class 3 claimants were entitled to receive payment on the
amount due January 1, 1928, on the same basis as other Glass 3 clainiants who received awards prior to October 31, 1939. The percentage
payments authorized by the Secretary of the Treasury on this class
of awards certified for payment prior to October 31, 1939, were as
follows:

Date Class 3 payments authorized

Percentage
payment
authorized
on the
unpaid
balance

Date Class 3 payments authorized

Percentage
payment
authorized
on the
unpaid,
balance

Mar. 31, 1930.
Sept. 30, 1930
Mar. 31, 1931.
Sept. 30,1931.

Aus. 22,1928
Jan. 16, 1929July 15, 1929Dec. 16, 1929.

7
12
27

The payments made on the additional sabotage awards to September
30, 1941, were as follows:
Payments
Awards (plus
interest to
Jan. 1,1928)

Class

1
2
3

'
Total

Awards (plus Interest from
Jan. 1,1928 to
interest to
Jan. 1, 1928) date of payment

$72. 501 37
$72,501 37
1,058,005 23 •' 1,063,240 78
30,598,657 59
21, 763, 676 77
31,729,164 19

22,889, 318 92

'

Total

$47,394 01
687, 699 53

$119,895.38
1, 740,840. 31
21, 763, 676. 77

734,993 54

23,624,312.46

After the sabotage claims payments were satisfied, it required
approximately $4,000,000 to complete priority number five to American
nationals.
The balance of $8,835,080.82 payable on Class 3 additional sabotage
awards was consolidated with the balance of $35,541,242.27, payable
on Class 3 awards certified prior to October 31, 1939, making the



REPORT OF THE SECRETARY OF THE TREASURY

125

consohdated balance on all Class 3 awards $44,376,323.09. On March
19, 1941, a further distribution of 5 percent was authorized to be paid
on the unpaid balances, totaling $44,441,252.70, on all Class 3 awards
and the award authorized in Private Law No. 509, approved July 19,
1940. This distribution aggregated approximately $2,200,000.00 of
which payments approximately $31,600.0tf had not been paid as
of September 30, 1941, as satisfactory evidence as to the persons entitled to receive payment had not .been received to that date.
On September 17, 1941, a further distribution of 4.4358855 percent
was autliorized to be paid on or after September 30, 1941, on the
unpaid balance of the Class 3 awards and the award authorized in
Private Law No. 509. When this distribution and the unpaid balance
of the 5 percent distribution authorized March 19, 1941, are paid, the
paynients to American nationals under priority number five, provided
in the Settlement of War Claims Act of 1928, as amended, will be
completed. The unpaid balance due under priority number five as
of September 30, 1941, amounted to $1,901,676.56.
The payments to American and German nationals on account of
the awards of the Mixed Claims Commission and the War, Claims
Arbiter are made out of the German special deposit account established
under the provisions of section 4 of the Settlement of War Claims Act
of 1928. The priorities established in the act and the status as of
September 30, 1941, of such priorities up to the seventh priority are
as follows:
"
Priority
number
1
2
3
4
6
6
7

.

On account of—

Nationals

_
_ .- Administrative expenses
American
Class 1 awards.
Class 2 awards
.
..
do.
Payment $100,000 a/c Class 3 awards
. . do
Paj^ment of 80 percent of (2), (3), and (4) and interdo....L.
est to Jan. 1, 1928.
Tentative awards. War Claims Arbiter
. . German
do...
60 percent of ship and patent claims

Amount due Sept.
30, 1941
Held in reserve.
Completed.
1 $50,869.69.
Completed. •
1 $1,901,676.66.
Completed.
Do.

1 Applications for payment of these amounts to claimants were not received or approved as of Sept. 30,1941.

Up to September 30, 1941, the Treasury has made payments in the
aggregate amount of $161,684,857.27 on account of awards of the
Mixed Claims Commission, from which there has been deducted
$808,622.50 representing one-half of 1 percent authorized by the
Settlement of War Claims Act of 1928, making net payments to claimants of $160,876,234.77. Of the deductions $770,233.47 has been
covered into the Treasury as miscellaneous receipts in accordance
with the provisions of the act as reimbursement to the United States
for expenses incurred; and the balance'of $38,389.03 is payable to the
German Government for defraying such expenses as may be incurred
by that government for the adjudication of claims.
The following summary shows the number and amount of awards
certified to the Treasury by the Secretary of State, the amount paid
on account, and the balance due thereon as of September 30, 1941.
Further details by classes of awards may be found in table 66, page 660.

407631—42-

-10




126

REPORT OF T H E SECRETARY OF T H E TREASURY

Number and amount of awards of-the Mixed Claims Commission, United States
and Germany, certified to the Secretary of the Treasury by the Secretary of
State and the amount paid and balance due, as of Sept. SO, 1941 ^
Total
n u m b e r of
awards

A w a r d s certified

1. A m o u n t d u e on account: Principal of a w a r d s
Less a m o u n t s p a i d b y Alien P r o p e r t y C u s t o d i a n a n d others

7,026

Total amount

$181, 698, 235. 30
187. 226. 85
. 181,511,008.45

I n t e r e s t t o J a n . 1,1928, a t rates specified in a w a r d s
I n t e r e s t thereon t o d a t e of p a y m e n t or, if u n p a i d Sept. 30, 1941, a t
5 percent per a n n u m as specifiedin t h e S e t t l e m e n t of W a r Claims
Act of 1928
Total d u e claimants

81,465,086.36
97,492, 689.89
360.468, 784. 70

.1

2 . i ; P a y m e n t m a d e on account t o Sept. 30,1941:
Principal of a w a r d s
I n t e r e s t t o J a n . 1, 1928, a t rates specified in a w a r d s
I n t e r e s t a t 5 percent per a n n u m from J a n . 1,1928, t o d a t e of p a y m e n t
as diirected b y t h e S e t t l e m e n t of W a r Claims A c t of 1928

6,664

2. 277.881.63
161,684,857.27
808, 622. 50.

T o t a l p a y m e n t s t o Sept. 30, 1941
Less one-half of 1 percent deduction from each p a y m e n t
N e t p a y m e n t s m a d e t o c l a i m a n t s t o Sept. 30,1941
3 . Balance d u e on account:
Principal of a w a r d s
I n t e r e s t t o J a n . 1, 1928, a t rates specified in a w a r d s
Accrued interest a t 5 percent per a n n u m from J a n . 1, 1928, on total
a m o u n t p a y a b l e as of J a n . 1, 1928, t o Sept. 30,4941
Balance d u e c l a i m a n t s as of Sept. 3 0 , 1 9 4 1 . . .

2 160,469:821.12
8, 937,154. 52

160,876. 234. 77
362

103, 559. 904. 58
9,214.59
95.214.808.26
198, 783,927.43

1 Includes payments on account of Private Law. No. 609. approved July 19, 1940.
2 Includes payments on account of interest to Jan. 1, 1928, on Class 3 awards and Private Law No. 509.
Payments on this class of awards are first applied on account of the total amount payable as of Jan. 1, 1928
(which is treated as a principal payment for this purpose), as directed by the Settlement of War Claims
Act of 1928 until total of all payments on the three classes equals 80 percent of the amount payable Jan. 1,.
1928. Payment of accrued interest since Jan. 1,1928, on this class of claims has been deferred in accordance
with act.

War Claims Arbiter.—Under the Settlenient of War Claims Act of
1928, it was the duty of the War Claims Arbiter, within certain limitations, to hear, the claims of German, Austrian, and Hungarian
nationals and to determine the fair compensation to be paid by the
United States for ships seized, patents sold or used by the United
States, and a radio station sold to the United States.
War Claims Arbiter: Claims oj German nationals.—The Treasury
completed up to June 30, 1935, payment of 50 percent of the amount
of all awards made by the War Claims Arbiter in favor of German
nationals as required by paragraph 7 of section 4 (c) of the Settlement
of War Claims Act of 1928. No payments were made on these
awards subsequent to that date.




:REP0RT

OF THE SECRETARY- OF THE TREASURY

127

The following summary shows the. number and amount of awards
in favor of German nationals certified to the Treasury for payment,
the payments made on account, and the balance due thereon as of
September 30, 1941.
Number of awards of the War Claims Arbiter on account of claims of German
nationals for ships, patents, and a radio station and the amount paid and balance
due on each as of Sept. SO, 1941
Awards certified

Total amount
(315 awards)

1. Amount due on account:
Principal of awards including interest to Jan. 1,1929. $86,738,320.83
Interest at 5 percent per annum from Jan. 1, 1929,
on total amount payable as of Jan. 1, 1929, or on
tho. i)rincipal amount remaining unpaid to Sept.
30, 1941...
32,331.772.87
Total due claimants.
2. Payments raade on account to Sept. 30,1941:
Princijial of awards
.
.
Interest at 5 percent per annum froin Jan. 1, 1929,
on total amount payable as of .Ian. 1, 1929, or on
the principal amount remaining unpaid to Sept.
30. 1941....
Total payments to Sept. 30,1941.
3. Balance due on account:
Principal of awards
Interest accrued at 6 percent per annum from Jan.
1, 1929, on total amount payable as of Jan. 1,1929,
or on the principal amount remaining unpaid to
Sept. 30, 1941...J_.
Balance due claimants.

Ships, amount
(27 awards)

Patents and
radio station
(288 awards)

$74,262,933.00

$12,485,387.83

27, 528,034.82

4,803, 738.05

119,070.093. 70

101, 780, 967. 82

17.289.125.88

43, 368,899.24

37,126,205.21

6, 242.694.03

43, 368,899. 24

37,126,205; 21

6,242,694.03

' 43,369,421. 69

37,126,727.79

6,242,693.80

32,331,772.87

27,628,034.82

4,803,738.05

75, 701,194. 46

64,654, 762. 61

11,040, 431.85

' Includes awards amounting to $522 68 to members of the former ruling family of Germany (sec. 3 (j),
Settlement of War Claims Act of 1928. as amended).

War Claims Arbiter: Claims oj Hungarian nationals.—The awards
made by the Arbiter to Hungarian nationals in the sum of $39,125,
with interest at the rate of 5 percent per annum from July 2, 1921,
-to December 31, 1928, amounting to $14,675, have been paid with
the exception of one award amounting to $137.51, together with interest thereon at the rate of 5 percent per annum from December 31,
1928. No payments were made during the year on these awards.
German special deposit account.—The following statement shows the
total amounts deposited in the German special deposit account, the
amounts paid therefrom up to September 30, 1941, and the balance
held in the account.




128

REPORT OF THE SECRETARY OF THE TREASURY

Funds deposited in the German special deposit account and payments made therefrom
up to Sept. SO, 1941
RECEIPTS

From investments by .Alien Property Custodian under Trading with the Enemy Act, as amended:
Unallocated interest fund
Less refunds
....
.
20 percent German property retained
Earnings on 20.percent German'property r e t a i n e d . . . . . . .
From Germany:
.
2H percent of Dawes' annuities available for reparations
(Paris agreement of Jan. 14, 1925)
Under German-American debt agreement, June 23,1930..
Interest on payments postponed under terms of debt
agreement dated June 23,1930
Appropriation for ships, patents, and radio station
Expenses of administration, War. Claims Arbiter, on account German nationals...

$25,000,000.00
4.143, 553. 25
20,866,446. 75
34,347,476. 76
6,564,469.10
—'•
$60,768,392.61
32,183,0^0.87
19,469, 964.00
1,743, 738. 70
86,738,320.83
113,624.20

Deposits by Attorney General of the United States (Alien
Property Bureau) under section 25 (d) of Trading^with the
Enemy Act, as amended:
German Government
....
German nationals

^
137,268.13
394,299.11

Earnings and profits on investments by Secretary of the Treasury
Total receipts....
-

53,396, 763.57

86,851, 945.03

631, 567. 24
6, 632,094. 28
$207,180,762. 73

PAYMENTS ON ACCOUNT

, Awards of the Mixed
Under agreement
Under agreement
Private Law No.

Clairns Commission:
of Aug. 10, 1922
of Dec. 31, 1928
509
.

Awards of War Claims Arbiter:
For ships
.;....
For patents and one radio station...

•_..

_•....

$153,118,063.66
7,639,464.83
118,706.28
$160,876,234.77
37,126,205.21
• 6, 242,694..03

One-half cf 1 percent deducted from Mixed Claims payments covered into
Treasury
..._.
.'
One-half of 1 percent deducted from Mixed Claims payments on account of
awards enteredunder agreement of Dec. 31, 1928 (act of June 21, 1930), and
paid to Germany ($14,238.94 withheld but not paid)
On§-half of 1 percent deducted on account of Private Law No. 509 withheld
and covered into Treasury.!:
Advances to special fund, expenses of administration of the Settlement of War
Claims Actof 1928 (Ofiice of the Secretary of the Treasury)
Expenses of administration. War Claims Arbiter account of German nationals.
Total payments.

43,368,899. 24
769,438.12
24,150.09
795.36
62,175.00
113,624. 20

.

Balance in German special deposit account

$205,205,316.77
...

1,975,445.96

Tripartite^ Claims Commission: CUmms: against Hungary.—The
awards entered by the Tripartite Claims Commission against Hungary,
in favor of American nationals, amounted to $199,975.57. During
the fiscal year 1941 no payments were made on account of such awards.
As of June 3.0, 1941, awards aggregating' $7,257.35 had not been paid
because claimants had not filed applications as required by law.
Claims oj American nationals against Turkey
The Special Claims Commission, United States and Turkey, established under .the agreement of December 24, 1923 (see page .196 of
the annual report for 1940 for further details of this agreement), made
awards in 33 cases aggregating $899,338.09, whichwere reduced by
$70,891.06 on account of expenses incurred by the United States,
leaving net awards amounting to $828,447.03 payable from funds
received from the Republic of Turkey. Under the provisions of the
act of February 27, 1896 (29 Stat. 32), these awards were certified on




REPORT OF THE SECRETARY OF THE TREASURY

129

August 19, 1937, by the Secretary of State to the Secretary of the
Treasury for payment. During the fiscal year 1941 a pro rata payment was authorized to be made to the claimants by the Treasury
from funds amounting to $100,000, available for that purpose. AJI
additional sum of $100,000 was received June 27, 1941, but too late to
enable the Treasury to make payments to claimants in the fiscal year
1941.
•Statements of awards made by Special Claims Commission, United States and
Turkey, as of June SO, 1941
Amount awarded to claimants:
• Amount of claims....
Interest allowed-

J

$539,844.13
369,493.96

Total

899,338.09

Less deductions on account of expenses incurred by the United States.
Amount of awards

•.

Amount received from Republic of Turkey:
To June 30, 1940.
_
During fiscal year 1941
Total....
Less reimbursement for expenses by the United States
Available for payment to claimants
Amount paid to claimants:
To June 30, 1940....
During fiscal year 1941...
1
Total

-:——

-

70,891.06

._..

.-.

500,000.00
100,000.00
600,000.00
70,891.06

$828,447.03

629,108.94

329,036.70
99,621. 56
-

-

-

Balance due claimants for which vouchers have not been received

428,567.26
100,651.68

Claims oj American nationals against Mexico
Under the convention between the United States and Mexico dated
April 24, 1934, covering the settlement of the claims presented by the
Government of the United States to the Commission established by
the Special Claims Convention concluded September 10, 1923, the
amount to be paid by the Government of Mexico to the Government
of the United States was fixed at $5,448,020.14. This amount is to be
paid at the rate of $500,000 per annum, beginning January 1, 1935,
and continuing until the whole amount shall have been paid. Deferred payments, that is, payments made after January 2, 1935, shall
bear interest at the rate of one-fourth of 1 percent per annum for the
first year, counting from January 1, 1935, and an additional onje-fourth
•of 1 percent for each additional year until the maximum of 1 percent is
reached, which shall be applied beginning January 1, 1939. In the
•event of failure to make annual payments when due, this rate shall be
increased at the rate of one-fourth of 1 percent per annum on the
amount of deferred payments during the period of any such delay until
a maximum additional rate of 3 percent on such overdue amounts
is reached.
On June 20, 1938, the Secretary of State certified to the Secretary
of the Treasury for payment a list of awards entered by the Special
Mexican Claims Commission aggregating $9,137,341.79, subsequently adjusted to $9,140,541.89, which were subject to'reduction
on a percentage basis as provided in section 4 of the act approved
April 10, 1935. Thefinal awards as adj usted aggregated $5,210,108.92.
The expenses of the Commission were determined to be $241,549.31,
and this amount was transferred to miscellaneous receipts on December 4, 1940.



130

R E P O R T ; O F : T H E SECRETARY OF T H E ' TREASURY

As of June 30, 1941, there had been received and made available for
distribution to claimants the sum of $3,411,111.59. Amounts aggregating 65.47 percent of the final awards of $5,210,108.92 have beem
authorized to be distributed to the claimants. .
Statement of awards made by Special Mexican Claims Commission, United States
and Mexico, as of J u n e 30, 1941
Amount of final awards to claimants after application of sec. 4 of the act approved Apr. 10,
1935
•• $5, 210,108. 92
Amount received from Government of Mexico:
To June 30, 1940, $3,000,000 principal and $128,180.70 interest
Jan. 2, 1941, $500,000 principal and $24,480.20 mterest

$3,128,180. 70
524,480. 20

Total to June 30, 1941
..........:
'.
Less amount transferred to miscellaneous receipts to cover the expenses of the Commission
Available for payment to claimants
Amount paid to claimants during fiscal year 1939._
Amount paid to claimants during fiscal year 1940.-'.
Amount paid to claimants during fiscal year 1941
Total to June 30, 1941

.--....•.-

Balance due claimants:
For which vouchers have not been received
For subsequent distribution
O

_

2,087,193.47
678,717.90
537,124. 56

".l....".:

3,652,660.90
241,549.31
3,411,111.59"

3,303,035.93

.^.
—

108,022.38
63.28

108,075.66

Railroad obligations
Total receipts during the fiscal year on account of realization on
railrpad securities acquired under section 210 of the Transportation
Act, 1920, as amended, were $316,288.15.
The following statement shows the total amount of railroad obligationg, by classes, originally held by the United States Government
(exclusive of certain miscellaneous obligations acquired by the Director General of Railroads), the amount held on June 30, 1941, and
payiiients received on account.
Sumrnary, of railroad obligations held by the Government as of J u n e SO, 19411 W
^ •• •'•' • • ;•
^ ''
classes
•. . -•
-v
- . ^ l Wi ;Class" : '

Federal Control Act:
Equipment trust notes
Sec. 7
„ '
Sec. 1 2 . . . . . . . . . . .
Transportation Act:
Sec. 207
Sec. 210
.-.Total

'.

Principal
Principal amount " araount held
originally held on June 30.1911

Principal

Interest

$346,556,750.00
98, 401, 756.00
62,103,453.28

$45, 338. 918. 25
23 100,562.27
4,248,171.98

1 277.695.167.90
3 265, 673,986.03

64.360.339. 70
91,168. 985. m

29, 698.177. 88 1,050,431,112. 21

218, 216,977. 37

$346,'556, 750.00
98,401, 755.00
62,103.453.28
282,712.837.36 $5,007.000.00
290,800,667.00' 2 24,691,177.88
1,080, 575,462.64

Total payments received

» stock of the Kansas, Oklahoma & Gulf Ry. Co. in the face amount of $212,500 was sold on the market for
$201,830.54, re.sulting in a difference of $10,669.46 between the receipts and.the principal originally held.
2 Includes loans aggregating $4;485,600.00 to four carriers, the assets of which have been completely liquidated and were insufficient to meet such claims.
3 Notes of Wichita Northwestern Ry. Co. and Virginia Blue Ridge Ry. were sold pursuant to the provisions of act of. Aug. 13, 1940, for $52,246.91, resulting in a difference of $435,603.09 between the receipts and .
the principal originally held.

Section 20/f., Transportation Act, 1920, as amended.—On January 7,
1941, section 204 was amended by Public No. 893, to permit the reopening by certain short-line rail carriers of claims against the United
States before the Interstate Commerce Commission. Under the act




REPORT OF THE S-ECRETARY OF THE TREASURY

131

the Commission is authorized to ascertain and certify to the Secretary
of the Treasury the amounts payable to carriers under this section as
amended. The act provides that no claim certified shall be for an
amount in excess of $150,000. No payments were made during the
fiscal year as no appropriation was available for payment of any
amounts certified for payment.
Under section 204 (g) of the Transportation Act, 1920 (approved
February 28, 1920), an indefinite appropriation was made to pay
claims of this character. The amount previously paid under section
204 was $10,967,801.80, as reported in the Secretary's annual report,
for the fiscal year 1937, page 83. The Permanent Appropriation
Repeal Act of 1934 repealed the indefinite appropriation made for the
payment of this class of.claims. However, a specific appropriation
of $800,000, available for the fiscal year 1942, was made in the Second
Deficiency Appropriation Act, 1941, approved July 3, 1941 (Public
Law 150).
Section 207, Transportation Act, 1920, as amended.—The following
statement shows the amount of obligations of carriers acquired under
section 207 and held on June 30, 1941.
Obligations acquired under the provisions of sec. 207 of the Transportation Act, 1920,.
and held as of June SO, 1941

Carrier

Principal
amount of
promissory Collateral,
note or of
face
directly
amount
held
security

Chicago, Milwaukee, St. $3,207,000
(0
Paul & Pacific R . R . Co.
Minneapolis & St. Louis 1,260,000 $1,500,000
R. R. Co.
Washington, Brandywine
& Point Lookout R. R.
Co.
Waterloo, Cedar Falls &
Northern Ry. Co.
Total

60,000

75,000

600,000

625,000

5, 007,000

•

Class of collateral or of
directly held security

Principal
in default

Interest in
default

5% noncumulative preferred
stock of carrier.
Refunding and extension $1,250,000 $1,350,000.00
mortgage, 5% bonds of
carrier.
60,000
First mortgage, 6% bonds
28,408.98
of carrier.
Temporary general mortgage, 7% bonds of carrier.

500,000

604,931.60.

• 1,800,000 1,983,340.4$

1 Securities directly held.

Section 210, Transportation Act, 1920, as amended.—This section
established a revolving fund of $300,000,000 to be used for loans to
railroads under the conditions set forth in a certificate of the Interstate Commerce Commission authorizing each loan, and also for paying judgments, decrees, and awards rendered against the Director
General of Railroads. No new loans are being made as the time for
making application has expired. No expenditures under this section
were made during the fiscal year. The net expenditures on this
account amounted to $33,640,740.24 to June 30, 1941.
Total loans (including renewal loans and repayments thereof aggregating $59,800,000) to June 30,1941, amounted to $350,600,667; repayments amounted to $1325,473,986.03; and losses on sales under the
act of August 13, 1940, aggregating $435,503.09 reduced the loans
outstanding as of that date to $24,691,177.88.




132

REPORT OF T H E SECRETARY OF T H E TREASURY

^ Pursuant to the act of August 13, 1940 (Public No. 766), and Executive Order No. 8533, dated.September 6, 1940, the Secretary of the
Treasury accepted a cash offer of $50,000 to purchase the promissory
note, dated April 4, 1921, of the Virginia Blue Ridge Railway in the
principal amount of $106,000, acquired under, the provisions of section
210 of the Transportation Act, 1920. Pursuant to the provisions of
Public No. 766 and the Executive order the Secretary of the Treasury
also accepted a cash offer, submitted pursuant to a public invitation to
a number of prospective bidders, of $2,500 to purchase a promissory
note, dated June 1, 1921, of the Wichita Northwestern Railway
Company in the principal amount of $381,750, and a receivers^ certificate of the carrier, dated December 1, 1923, in the principal amount
of $50,000 (reduced to $43,000). The note and receiversVcertificate
were acquired under the provisions of sections 210 and 202 of the
Transportation Act, 1920. The Interstate Commerce Commission
and the Department of Justice advised the Treasury that they had
no objection to the acceptance of these offers..
The following statement shows the amount of obligations held on
June 30, 1941, on account of loans to carriers under section 210, and
the amount of principal and interest in default.
Obligations held on J u n e SO, 1941,, on account of loans to carriers,under sec. 210 of
the Transportation Act, 1920, as amended, and the amount of principal and
interest in default
Carrier

Loans outstanding

Principal in
default

Alabama, Tennessee & Northern R. R. Corporation
$151, 600.00
$151,500.00
Des Moines & Central Iowa R. R. Co. (formerly the Interurban Ry. Co.)
.'.633,600.00
633, 600.00
Fort Dodge, Des Moines & Southern R. R. Co.:
200,-000. 00
200,000.00
'Gainesville & Northwestern R. R. Co
1 75,000.00
•Georgia & Florida Ry. (receiver")...
792,000.00
792.000.00
Minneapolis <e St. I>ouis R. R. Co
f
1,382,000.00 1, 382,000.00
Missouri & North Arkansas Ry. Co
1 3. 500.000. 00
Salt Lake & Utah R. R. Co
-.
.
. 1 872.600.00
•Seaboard Air Line Ry. Co
. . 14, 440, 577. 88 14,440, 577.88
Seaboard-Bay Line Co
1, 256.000.00 1, 266,000.00
Virginia Southern R. R. Co
1 38,000. 00
Waterloo, Cedar Falls & Northern Ry. Co
. _ __ .
1, 260.000. 00 1,.260,000.00
Wilmington, Brunswick & Southern R. R. Co
90,000.00
90,000.00
Total

24, 691,177.88 20, 205, 577.88

Interest in
default
$68,176.00
485,618.16
137,164. 91
646,480.00
1,455, 209. 73
8, 681. 419. 41
615, 920.00
1,421,666. 71
59,400.00
13, 371,042. 92

1 Assets of these carriers have been completely liquidated, and were insuflScient to meet these claims.

Federal control oj railroads
Effective July 1, 1939, under Reorganization Plan No. I I dated
M a y 9, 1939, the office of the Director General of Railroads was
abolished and the functions and duties previously performed by the
•Secretary of the Treasury as Director General of Railroads were
transferred to the Secretary of the Treasury. The last report covering
operations of the former United States Railroad Administration was
for the calendar year 1937. Subsequent reports have been shown in
the Annual Reports of the Secretary of the Treasury.
Administration.—The Treasury continued during the fiscal year
1941 the liquidation of matters growing out of the control of the
American transportation system, which was exercised through the
United States Railroad Administration during the period from December 28, 1917, to February 29, 1920.



133

REPORT OF T H E SECRETARY OF T H E TREASURY

. Finances.—Total receipts on account of the Federal control of
railroads for the fiscal year 1941 were $184,125.67, and expenditures
were $3,509.65, resulting in net receipts of $180,616.02, as compared
with.net receipts of $214,699.00 for 1940.
At the close of business on June 30, 1941, the cash and appropriation balances aggregated $525,262.71 as compared with $344,646.69
at the close of 1940.
A statement of receipts and expenditures follows.
Receipts and expenditures in connection with Federal control of railroads, fiscal years
1940 and 1941
1941

1940
Balances at beginning of year:
Secretary of theTreasury, special deposit account.
Unrequisitioned appropriation balances:
Federal control of transportation systems
Loans to railroads after termination of Federal
control
Total balances
_
_.
Receipts:
Collections of principal on obligations of carriers..,
Collections of interest on obligations of carriers
Income taxes of Federal carriers repaid by Treasury
Collection of miscellaneous claims referred to
Washington from field, including transportation charges, undercharges, etc ..
_. .
Total receipts

. _

.

$78,901.86

$76,233.01

51,045.83

268,413. 68

$129, 947. 69
1,075.99,
215, 971. 03

181,373.37

563. 64

•1,475.54
217, 610. 66

Expenditures:
Employees' compensation liability awards
._
Deposit with the Workmen's Compensation
Board of Ontario, account of compensation
liability
.
Claims for unpaid wages, back-pay awards, and
Liberty bond subscription refunds
Administrative expenses (pay rolls)
_
._

184,125. 67

347, 668. 36

_

Total balances and receipts.

528, 772. 36.

784. 27

782.13
764. 27

387. 39
1, 740. 00

Total expenditures ...•
.
Balances at end of year:
Secretary of the Treasury, special deposit account.
76. 233.01
Federal control of transportation systems
_ _ _ 268,413. 68
Total balances...

$344,646.. 6 &
253. 09
1,023.67

215. 75
1, 747. 60
3, 609. 65.

2, 911. 66
72, 849. 47
462, 413. 24
344, 646. 69

526, 262. 71

347, 658. 36

_.-

' Total expenditures and balances...^.....

528, 772. 35

Securities, etc.—No collections were made since November 24, 1936^
on account of the obligations of carriers acquired under section 207 of
the Transportation Act, 1920, as amended, which are listed on page 131.
The miscellaneous securities acquired under section 202 of the
Transportation Act, 1920, as amended, were obtained from nonFederal controlled railroads and others for indebtedness, such as
interline balances, freight charges, undercharges, etc. During the
year $1,276.76 was collected from this source. A statement of the
amounts carried on June 30, 1940, and June 30, 1941, follows.
Indebtedness
June 30, 1940

• Carrier
Wichita, Northwestern Ry. Co. (receivers' certificate). . .
E. F. Drew and Co., Inc. (stock)
•:
Virginia Blue Ridge Ry. Co. (loans and bills receivable)
Total.

_




.

$43,000.00
4,065.00
16,692.36
63, 657.36

indebtedness
June 30, 1941

.
^
$4,065.00'
16, 592. 3620,-657.'3&-

134

REPORT OF THE SECRETARY OF THE TREASURY

For a report of the sale of the receivers' certificate of the Wichita,
Northwestern Railway Conipany see page 132.
The $600 principal amount of Fourth Liberty Loan bonds of 1933-38
held in custody of the Division of Loans and Currency for account of
employees of carriers formerly imder Federal control were delivered
to the Treasurer of.the United States for redemption and the proceeds,
amounting to $989.27, were deposited in the Treasury in the account
'/Proceeds from redeinption of undelivered Liberty Loan bonds
belonging to subscribers whose whereabouts are imknown.'^
Claims.—The principal claims presented during the period were on
account of refunds of installments paid on subscriptions for Liberty
Loan bonds by employees of carriers during Federal control. Total
payments.on account of allowed claims of this character amounted
to $215.75 during the year.
Compensation payments—United States railroad employees.—Expenditures on account of the compensation award of a railroad
employee residing in the United States amounted to $782.13 during
the year.
Canadian Workmen^s Compensation Board.—The Canadian Workmen's Compensation Board, located at Toronto, Canada, has jurisdiction over certain cases of disability resulting from accidents during
the period of Federal control on those railroads having lines extending
into Canada. Pursuant to the demand of the Michigan Central Railroad Company a further payment of $764.27 was made on April 15,
1941, to the carrier to reimburse it for a deposit made with the Board
to.complete payment pn certain compensation awards. Payments
under Canadian compensation awards, rnade from funds so deposited
with the Board, amounted to $2,706.00 during the calendar year
1940. Interest amounting to $1,493.15 was added to the fimd, leaving
a balance of $26,518.39 to cover awards as of December 31, 1940.
The figures showing the balance as of June 30, 1941, are not available
inasmuch as the Board's reports are on a calendar year basis. However, the status of the fund as of December 31, 1940, was as follows:
Balance Dec. 31, 1939
Payments from Director General of Railroads during 1940
Interest Jan. 1, 1940, through Dec. 31, 1940...
„
Total
Payment of awards by Board during 1940
Balance Dec. 31, 1940.....

:

..-

.

1,493.15

•..-.

.-.:....

_..
'.

$27,731.24

'.

29.224.39
2,706.00
26,518.39

Tax rejunds and other collections.—Under the terms of the Federal Control Act and the standard contract with the carriers, the
Director General paid 2 percent of all Federal income taxes assessed
against carriers formerly under Federal control. Subsequently, the
United States Board of Tax Appeals held that such taxes should not
have been assessed against either the carriers or the Director General.
As a result of further tax adjustments, there.was received during the
year $181,373.37 on account of these items. Further claims for such
paid taxes amounting to $726,757.18 are still pending before the Board
of Tax Appeals and it is anticipated that substantial sums will be
received when such cases are finally adjusted by the Bureau of
Internal Revenue.




REPORT OF THE -SECRETARY OF THE: TREASURY

135

All unpaid judgments whichl have not expired by reason of the
'.statute of limitations, and other claims are being reviewed from time
to time to determine whether any. amounts can be collected thereon.
•Collections from this source amounted to $121 during 1940 and $14
during 1941.
Trust and special junds'invested by the Treasury
Under various provisions of law creating trust and special funds,.the
Secretary of the Treasury or the Treasurer of the United States is
authorized to invest such portions of the funds as are not required to
meet current withdrawals. The following statement shows the
amount of Government and other securities held in these funds at
t h e close of the fiscal year.
-Securities held as investments in trust d'^d special funds at par value, June 30, 1941
[000 omitted]

Fund

.•.••:••..••

Government
securities .

Adjusted service certificate fund
A i n s w o r t h L i b r a r y fund, W a l t e r Reed General
Hospital
_
_
-"• ^
.Alaska Railroad r e t i r e m e n t a n d disability fund
C a n a l Zone r e t i r e m e n t a n d disability fund
C i v i l service r e t i r e m e n t a n d disability fundD i s t r i c t of C o l u m b i a teachers' retiremieht fund--L__"_
D i s t r i c t of C o l u m b i a water fund . _
Districtof Columbia workers'compensation ftind--.
Federal old-age and survivors insurance t r u s t f u n d - _
F'oreign service r e t i r e m e n t a n d disability fuhd
A_
L i b r a r y of Congress t r u s t fund
L o n g s h o r e m e n ' s a n d h a r b o r w o r k e r s ' , compensasatipn fund
JSTational I n s t i t u t e of H e a l t h gift fund
._.__
N a t i o n a l p a r k t r u s t fund
Jslational service life insurance fund
P e r s h i n g H a l l M e m o r i a l fund
Railroad retirement account.
' U n e m p l o y m e n t t r u s t fund
•U.S. G o v e r n m e n t life insurance f u n d . Total

_

:...

Government
guaranteed
securities

Other
securities

Total

$19,300

' $19,300

10
1.005
5,388
645,285
7,713
1,773
27
2,380,600
4,713
4

IC
1,005
5, 388
• 645, 285
9,065
1, 773
38
2,380, 600
4,713
206

$96

11
202

175
•
79
16
2,800
191
74,000
2,273,000
857,842
.

$1,257

10

6,273,921

105

41,999

228
79
16
2,800
191
' 74,000
2,273,000
899,841

43, 612

6,317,638

43

The operations and status of the foregoing funds are ©SGribed in
the following pages.
Adjusted service certificate jund.—Amounts held ior the account of
the adjusted service certificate fund, created by the act of May 19,
1924, were reinvested during the fiscal year 1.941 in special-issues of
Treasury certificates of indebtedness bearing interest at the rate of 4
percent per annum, in accordance with the procedure outlined in the
Annual Report of the Secretary of the Treasury for the fiscal year 1925.
In accordance with the provisions of the Adjusted Compensation
Payment Act, 1936, enacted January 27, 1936, payments were made
irom the fund during the fiscal year 1941 on account of the issuance
•of $2,237,450 of adjusted service b o n d s a n d on account of checks for
amounts less than $50, totaling $83,947.09.
. During the year $2,300,000 net face amount of certificates were
redeemed to meet current payments from the fund.
A statement of the fund as of June 30, 1941 (exclusive of fund assets
held by the Veterians^ Administration on account of bank loans on
:adjusted service certificates redeemed), follows.



136

REPORT OF THE SECRETARY OF THE TREASURY
Adjusted service certificate fund, June 30, 1941 ^

FUND ACCOUNT
Appropriations:
To June 30, 1936 (including ,$2,230,167,966.40 appropriated in the
. independent Offices Appropriation Act, 1937, approved Mar. 19,
1936)
.
.
.$3,626,157,956.40
Independent, Offices Appropriation Act, 1942, approved Apr. 5,
1941
10,000,000.00
•
'
r- $3,636,157, 956.40
interest on investments:
To June 30, 1940
131,436,319.91
July 1, 1940,.to Jilhe 30, 1941-.-2 444, 514.33"
131,880.834.29
'
Total.-.I.."
—Payments under Adjusted Compensation Payment Act, 1936, enacted
Jan. 27, 1936:
Adjusted service bonds
.
Checks for amounts less than $50
. Adjusted service bonds (Government life insurance fund series)

-

3,768,038,790.69

1,839,245,400.00
8.3,514,734.81
500,157,956.40

Total.-....,
.
. . . . . 2,422,918,091.21
Checks paid by Treasurer of the United States other than in final
settlement of certificates under the Adjusted Compensation Payment Act, 1936, less credits on account of repayments of loans.... 1,325, 500, 996. 69
Balance in fund June 30, 1941

-

3 3, 748, 419, 087.80
19,619, 702.89

F U N D ASSETS *
Investments, 4% Treasury certificates of indebtedness
^..
19,300,000.00
Unexpended balances:
To credit of Chief Disbursing Officer, Divisionof Disbursement, and disbursing officers
of the Veterans' Administration with the Treasurer of the United States..-1
288,643. 61
To credit of fund on booksof the Division of Bookkeeping and Warrants. _
5 31,059.38
Total fund assets June 30,1941
_
...,
19,619,702.89
1 On basis of daily Treasury statements (unrevised).
2 Excludes receipt of $0.06 covered as of June 30,1940, but reflected in the dailyTreasury statement in July
of fiscal year 1941.
3 Includes repayment of $60.44 apph'cable to fiscal year 1940 covered in fiscal year 1941.
* Exclusive of assets held by Veterans' Administration.
6 Exclusive of $746.17 representing deposits in transit.

Civil service retirement and disability fund.—In accordance with the
provisions of the act of May 22, 1920"(41 Stat. 614), creating the civil
service retirement and disability fund, the Treasury continued during
the year to make, investments for account of the fund in special issues
of Treasury notes bearing interest at the rate of 4 percent per annum,
in accordance with the procedure outlined in the Annual Report of
the Secretary of the Treasury for 1926.
The act of August 4, 1939 (53 Stat. 1202, sec. 4), made provision
for the acceptance of ^voluntary contributions from, employees in
multiples^of-$25'. Such' contributions which bear interest at the rate
of 3 percent per annum, compounded annually, will be available at
date of retirement for the purchasing of additional annuity. The
voluiitary contributions to June 30, 1941, amounted to $841,925; of
this amount $785,000 has been invested in 3 percent special Treasury
notes. Investments are made at 3 percent per annum, which corresponds to the earning requirements of the act.
The following statement shows the status of the fund as of June 30,
1941, as reflected by the accounts of the Treasury Department.




REPORT OF THE SECRETARY OF THE TREASURY

137

Civil service retirement and disability fund, June 30, 1941 ^
Credits:
.
.
On account of deductions from basic compensation of employees and
service-credit payments:
From Aug. 1, 1920. to June 30, 1940
2 $537,626.224.77
July 1, 1940, to June 30, 1941 3
« 54,193,693. 53
:

On account of voluntary contributions:
From Aug. 4, J.939, to .lune 30,.1940
July 1,1940, to June.30, 1941._.„_..
Appropriations:
To June 30, 1940.
Available .July 1,1940.

246.07.5. 00
695,860.00
_...__._...__._.

Interest and profits on investments:
From Aug. 1, 1920, to June 30, 1940
J u l y l , 1940, to June 30,1941.:
, .

467.293.280.00
* 91, 559,110.00
1.52,718,942.39
26,163,610.35

Total..

$691,819,918.30

841,925.00

568,852,390.00

» 177,882, 552. 74.
1,329,396. 786. 04

Xess checks paid by Treasurer of the United States on account of
•
annuities and refunds, Aug. 1. 1920. to June 30, 194L..._$674,933, 5.53. 86
Transfer to Canal Zone retirement and disability
fund:
On account of deductions
:
$1,314,724.36
Accrued interest on deductions
i__
153,076.68
—
. 1,467,800.94 .
.Transfer to Alaska Railroad retirement and disability,
fund:
On account of deductions
.30,980.06
. .
Accrued interest on"deductions.-.
__
2,170.16
33,150.22
Transfer to policemen and firemen's relief fund, D . C :
On account of deductions
_
19,174.57
Accrued interest on deductions
8,641.06
•
27,715.62
•676,462,220.64
Balance in fund June 30,1941
Assets:
Face amount
'
$122,300,000 4% special Treasury notes payable June 30, 1942
145,400,000 4% special Treasury notes payable June 30, 1943
125,400.000 4% special Treasury notes payable June 30, 1944
151,400,000 4% special Treasury notes payable June 30, 1945
100,000,000 4% special Treasury notes payable June 30, 1946
200,000' 3% special Treasury notes payable June 30, 1944
569,000 3% special Treasury notes payable June 30, 1945
16,000 3% special Treasury notes payable June 30, 1946
:
^
^
646, 285,000
Unexpended balances .Tune 30, 1941:
To credit of disbursing officers
.»...
On books of Division ofjBookkeepingand/.W'arrantS-

^

652,934, 665.40
Principal cost
$122. 300,000.00
145,400,000.00
125,400,000.00
161,400,000.00
100,000,000.00
200,000.00
569,000.00
16,000; 00

:

•7,199,670.61
6 449,-894.79
:

645,285; 000.00

7, 649, 665.40

Total fund assets June 30, 1941.
._
...:-..
652,934,566.40
1 On basis of daily Treasury statements (unrevised).
2 Includes $1,467,800.94 transferred to the Canal Zone retirement and disability fund pursuant to act of
May 2, 1931.
3 Includes $161,305.25 representing 1940 fiscal year deductions, not reflected in prior year statement.
4 Includes $90,754,000 appropriated from the General Fund to cover the liabihty of the United States
and $806,110, appropriated from the revenues of the District of Columbia to cover its liability in connection
with the financing of the fund.
.
. . . . . .
6 Includes $14,606.94 interest on investments of voluntary contributions of which $14,361.04 is applicable
to the. fiscal year 1941.
fi Exclusive of $612,911.90 representing depo.sits in transit.

Canal Zone retirement and disability jund.—Under section 10 of
the act of March 2, 1931 (46 Stat. 1477),' creatin.g the Canal Zone
retirement and disability fund, the Secretary of the Treasury makes
investments of such portion of the fund as in his judgment is not
immediately required for the payment of annuities, refunds, and
allowances, in accordance with the procedure outlined in the Annual
Report of the Secretary of the Treastiiy for 1931.
The following statement shows, the status of the fund as of June
.30, 1941.




138

REPORT OF' THE SECRETARY OF THE TREASURY
Carial Zone retirement and disability fund, June 30, 1941 ^

Credits:
On account of deductions from basic compensation of employees subject
to retirement act:
From July 1, 1931, to June 30, 1940
$4,426. 524. 61
J u l y l , 1940, to June 30, 1941
-..•
2 840,091.74
. •
$6,266,616.25'
Transferred from civil service retirement fund:
On account of deductions
.1,314,724.36
Accrued interest on deductions...._
'.
153,076.58
•
1,467.800.94
Payment by Panama Railroad Co...
...
355,984.00
Appropriations:
To June 30, 1940..
:
2,500,000.00 .
Available July.1,1940
- - 1,177,000.00
•
3,677,000.00Interest and profits on investments:
From July 1, 1931, to .Tune 30, 1940
•
.-.. 1,047.207.96
July 1,1940, to June 30, 1941....
212,812.29
1,260,020.25
Total
12,027,421.44
Less checks paid by Treasurer of the United States on account of annuities and refunds,
J u l y l , 1931, to June 30, ,1941
6,465,551.89
Balance in fund June 30,1941.
Assets:
Face amount
$603.000 4% special
699,000 4% special
624,000 A% special
1,328.000 4% special
2,234.000 4% special

Treasury
Treasury
Treasury
Treasury
Treasury

notes payable
notes payable
notes payable
notes payable
notes payable

5. 561,869.55
Principal cost.
$603,000.00
...
599.000.00
624,000.00
1.328,000.00
2,234,000.00
:
— 5,388,000.00

.Tune 30.1942
.Tune 30.1943
June 30, 1944
June 30, 1945
June 30,1946

6.388.000 : •. .
Unexpended'balances-June 30,1941:
To credit of disbursing officers
On books of Division of Bookkeeping and Warrants

_

171.834.09
2 2,035.46

Tbtal fund assets June 30,1941
1 On basis of daily Treasury statements (unrevised).
2 Exclusive of $111.03 representing deposits in transit.

173,869.55

:,

5,561,869.55

Foreign service retirement and disability fund.—Under section 18 of
the act of May 24, 1924, as amended (22 U. S. C. 21 (g)), establishing
the foreign service retirement and disability fund, the Secretary of
the Treasury invests such portion of the fund as in his judgment is
not immediately required for authorized' payments, in accordance
with the procedure outlined in the Annual Report of the Secretary of
the Treasury for 1927.
The following statement shows the status of the fund as of June 30,
1941.
Foreign service retirement.and disability fund, June 30, 1941 ^
Credits:
On account of deductions from basic compensation and service credit payments:
'
.
From May 24, 1924, to June 30, 1940....
$2,976,365.04
July 1, 1940, to June 30, 1941
__
312,251.84
Appropriations:
To June 30, 1940...._
Available July 1,1940
Interest and profits on investments:
From May 24, 1924, to June 30, 1940
July 1, 1940, to June 30, 1941

__—
_

.__

_

2,650,500.00
609,000.00

__

1,177, 670. 26
186,876.39

$3, 288,616.88

3,259,600.00

1,364,446.65

Totali__
-—'.
7,912,663.63
Less checksvjoaid by Treasurer of the United States on account of annuities and refunds.
May 24, 1924, to June 30, 1941
___
__
3,129,436.86
Balance in fund June 30, 1941
1 On basis of daily Treasury statements (unrevised).




_

4,783,126.67

REPORT OF THE SECRETARY OF THE TREASURY

139

Foreign service retirement and disability fund, June SO, 1941—Continued
Assets:
Face amount
$885,000 4% special Treasury
738.000 4% special Treasury
872,000 4% special Treasury
1,602.000 4% special Treasury
616,000 4% special Treasury

notes payable
notes payable
notes payable
notes payable
notes payable

June
June
June
June
June

30, 1942
30, 1943
30, 1944
30, 1946
30,1946

"
_
_

Principal cost
$885,000.00
738.000.00
872,000.00
1,602,000.00
616,000.00

___.
.

4,713,000
Unexpended balances June 30. 1941:
To credit of disbursing officers
:__i
Or.books of Division of Bookkeeping,and Warrants

69,839. 61
287.06

Total fund assets June 30. 1941

.

$4,713,000.00

.

70.126.67
4,783,126.67

Alaska Railroad retirement and disability jund.—The Alaska Railroad retirement and disability fund was created pursuant to section
9 of the act of June 29, 1936 (49 Stat. 2022), for the retirement of
employees of the Alaska Railroad, Territory of Alaska, who are
citizens of the United States. Under section 10 of the act, the
Secretary of the Treasury invests such portion of the fund as in his
judgment may not be immediately recjuired for the payment of annuities, refunds, and allowances authorized by the act, in accordance
with a procedure similar to that outlined in the Annual Report of the
Secretary of the Treasury for 1931 covering investments for the
Canal Zone retirement and disability fund.
The following statement shows the status of the fund as of
June 30, 1941.
Alaska Railroad retirement and disability fund, June 30,1941
Credits:
On account of deductions from basic compensation of employees subject to
retirement act:
To June 30, 1940
$463,671.86
July 1, 1940, to June 30, 1941
_
2115, 774. 88 •
$579,346.74
Transferred from civil service retirement fund:
On account of deductions
___
30,980.06
Accrued interest on deductions
2,170.16
33,150.22
Appropriations:
To June 30. 1940
___
625,000.00
Available July 1, 1940._
.:.__
175,000.00 '
700.000.00
Interest and profits on investments:
From June 29, 1936, to June 30, 1940
62,053. 98
J u l y l , 1940, to June 30, 1941
38,016.98
—
100,070.96
Total
:
Less checks paid by Treasurer of the United States on account of annuities
and refunds to June 30, 1941....
__
Balance in fund June 30, 1941
AssetsFace amount
$265,000 4% special
, 226,000 4% special
196.000 4% special
229,000 4% special
90,000 4% special

Treasury
Treasury
Treasury
Treasury
Treasury

Total fund assets June 30, 1941
_
1 On basis of daily Treasury statements (unrevised).
2 Exclusive of $8,562.20 representing deposits in transit.

___

, 347,603. 71
_

1,064,964.21

Principal cost •
$265,000.00
225.000.00
196.000.00
229,000.00
90,000.00 •

notes payable June 30,1942
notes payable June 30, 1943
notes payable June 30, 1944.
notes payable June 30. 1946
notes payable June 30, 1946..:

1,005,000
Unexpended balances June 30,1941:
To credit of disbursing officers
On books of Division of Bookkeeping and Warrants




_._

1,412,667.92

1,005.000.00
_

26,469. 66
2 33^ 494. QQ
—

69,964.21
1,064,964. 21

140

REPORT OF THE SECRETARY OF THE TREASURY

District oj Columbia teachers^ retirement fund.—In accordance with
the act of January 15, 1920, as amended by the District of Columbia
Appropriation Act of June 5, 1920 (41 Stat. 852), the Treasurer of
the United States makes investments of the funds derived from
deductions from teachers' compensation. A further amendment of
June 11, 1926, created a reserve fund and provided for annual appropriations to the fund which are also invested by the Treasurer.
During the fiscal year 1941, the Treasurer acquired by purchase
•on the. market and by subscriptions to new issues for account of the
deductions fund $276,000 face amount of 2)i percent Treasury bonds of
1952-54 and $502,000 face amount of 2){ percent Treasury bonds of
1954-56, at a total principal cost of $778,000; and for the Gbvernment
reserve fund $237,000 face amount of 2^2 percent Treasury bonds of
1952-54, $154,000 face amount of 2){ percent Treasury bonds of
1954-56, and $92,000 face amount of 2% percent Treasury bonds of
1960-65, at a total principal cost of $490,072.50. There were redeemed
or sold for account of the deductions fund $142,000 face amount of
2y% percent Treasury bonds of 1941-43 and $385,400 face amount of
4 percent consolidated Federal farm loan bonds of 1944-46; and for
account of the Government reserve fund, $178,000 face amount of
3% percent Treasury bonds of 1941-43 and $52,100 face amount of
4 percent consolidated Federal farm loan bonds of 1944-46.
The following statement shows the assets of the two funds as of
June 30, 1941.
District of Columbia teachers* retirement fund, June 30, 1941
DEDUCTIONS FUND '
Assets:
Face amount
Principal cost
$860, 200 4M% Treasury bonds of 1947-62
$956, 962.07
122,000 4% Treasury bonds of 1944-54
123.387.60
87,000 334% Treasury bonds of 1946-56
87,437.81
48,000 33,^% Treasury bonds of 1943-47
49.500.00
232.000 3M% Treasury bonds of 1943-45..
232,000.00
1,896.850 27,^% Treasury bonds of .1955-60
1,927,412.21
77,000 2%% Treasury bonds of 1951-54
.
79.382.19
105.000 23.4%Treasury bonds of 1956-59
.
.
107,921.63
293,000 234% Treasury bonds of 1958-63
300,245.94
458,000 234% Treasury bonds of 1960-65
483. 302. 82
40,000 2% Treasurv bonds of 1948-50-...
40,000.00
276,000 2H% Treasury bonds of 1952-54
.....
276,000.00
502,000 2H% Treasury bonds of 1954-56...
.
502,000.00
182,000 41^% Philippine Islands bonds
197,669.56
16,000 Ay>% Puerto Rican bonds
15,962.57
72,000 3M% Federal Farm Mortgage Corporation bonds of 1944-64
73. 785. 00
177.000 3% consolidated Federal farm loan bonds of 1945-55
173.460.00
466,000 3% consolidated Federal farm loan bonds of 1946-56.....
464. 835. 00
70, 500' 3% consolidated Federal farm loan bonds of 1946-56._
69. 795.00
6,980,550

$6,161,068. 30

GOVERNMENT RESERVE FUND

Assets:
Face amount
Principal cost
$282,000 4M%Treasury bonds of 1947-52....
$313,717.51
12,000 4% Treasury bonds of 1944-54
'
12,285.00
31,000 334% Treasury bonds of 1946-56
' 31,145.31
199,000 33-i% Treasury bonds of 1943-47
204,701.25'
1,085,000 27^% Treasury bonds of 1955-60
1,097.915.94
17,000 234% Treasury bonds of 1951-54
17,.525.94- '
126,000 2%% Treasury bonds of 1956-59
...'. . 128,283.76
313,000 234%Treasury bonds of 1958-63
318, 227. 20
235,000 234% Treasury bonds of 1960-65
.
249,540.32
2.5,000 2% Treasury bonds of 1948-50
:....
25.000.00
237,000 21^% Treasury bonds of 1952-54.....
237,000.00
154.000 2H% Treasury bonds of 1954-56
. 154.000.00
55,000 41/^% Puerto Rican bonds
.
55,109.56
23,000 SH% Federal Farm Mortgage Corporation bonds of 1944^64
23, 565. 25
290, 200 3% consolidated Federal farm loan bonds of 1946-56
1
289, 474. 50
.
3,157,491.64
3,084,200
•
Total
J
..._
.-.:..
9,318,549.94
Unexpended balance June 30, 1941, on books of Division of Bookkeeping and Warrants .
Total fund assets June 30, 1941




.....

363, 583.18
9, 682.133.12

REPORT OF THE SECRETARY OF THE TREASURY

141

Longshoremen^s and harbor workers^ compensation jund.—This fund
was established under the act of March 4, 1927 (44 Stat. 1444, sec.
44), to provide for the payment of compensation for disability or
death resulting from injury to employees in certain maritime employments, and for the maintenance of employees undergoing vocational
rehabilitation.
The fund is administered by the United States Employees^ Compensation Commission. Moneys not required for immediate disbursement are invested by the Treasurer of the United States. During the fiscal year 1941, the Treasurer acquired by subscription to
new issues for account of the fund $35,000 face amount of 2K percent
Treasury bonds of 1952-54.
The following statement shows the assets of the fund as of June 30,
1941.
Longshoremen*s and harbor workers* compensation fund, June 30, 1941

Asse\s:
Face amount
$15,600 3M% Treasury bonds of 1944-46
34,500 4:H% Treasury bonds of 1947-52
11,560 3 ^ % Treasury bonds of 1943-46
10,000 3% Treasury bonds of 1961-66_.
14,800 2K% Treasury bonds of 1956-60.
14,850 2 ^ % Treasury bonds of 1956-59
_
16,600 2 ^ % Treasury bonds of 1958-63.......
10,000 2% Treasury bonds of 1948-50
13,900 2M% Treasury bonds of 1960-65
35,000 2 ^ % Treasury bonds of 1952-54
9,700 334% Federal Farm Mortgage bonds of 1944-64
9,700 3K% consolidated Federal farm loan bonds of 1945-56
22,000 3% consolidated Federal farm loan bonds of 1945-65
11,000 3% consolidated Federal farm loan bonds of 1946-56
228, 200
Unexpended balances:
To credit of disbursing officers
On books of Division of Bookkeeping and Warrants
Total fund assets June 30,1941

_

Principal cost
$15,600.00
38,646.66
11,550.00
9,969.38
. - . - - . 14,920.26
14,976.20
15,936.38
10,000.00
14,985.94
35,000.00
9,963.46
9,901.74
21,560.00
10,972.60
$233, 962.41
4,130.70
6,247.95
._

10,378.66
244,341.06

District oj Columbia workers^ compensation j u n d . ^ T h i s fund was
established under the act of May 17, 1928 (45 'Stat. 600), which
extended the provisions of the Longshoremen^s and Harbor Workers'
Compensation Act, approved March 4, 1927, including all amendments thereto, to apply in respect to the injury or death of an employee
of an employer carrying on certain employments in the District of
Columbia, irrespective of the place where the injury or death occurs.
The fund is derived from collections of awards against employers
made by the United States Employees' Compensation Commission,
as compensation for death of employees resulting from injuries, in
each case where no person is found to be entitled to such compensation. Any portion of the fund which, in the opinion of the Commission, is not needed for current requirements is invested by the
Treasurer of the United States. During the fiscal year 1941, the
Treasurer acquired by subscription to new issues $5,000 face amount
of 2K percent Treasury bonds of 1952-54.

407631—42

11




142

REPORT OF THE SECRETARY OF THE TREASURY

The following statement shows the fund assets as oi June 30, 1941.
District of Columbia workers* compensation fund, June 30, 1941
Assets:
^Face amount
$10,000 2K% Treasury bonds of 1965-60
12,000 2%Treasury bonds of 1948-50...
5,000 2H%Treasury bonds of 1952-54.
11,000 3% consolidated Federal farm loan bonds of 1946-66
.
38,000
Unexpended balances:
To credit of disbursing officers
On books of Division of Bookkeeping and Warrants
Total fund assets June 30,1941

Principal cost
$10,165.63
12,000.00
6,000.00
10,972.60

.1

3,601.39
4,127.67

$38,138.13

7,729.06
45,867.19

District oj Columbia water jund.—The District of Columbia Appropriation Acts of July .15, 1939 (53 Stat. 1039), and June 12,. 1940 (54
Stat. 340), authorized the Secretary of the Treasury to invest in
United States or District of Columbia securities, for account of the
water fund of the District of Columbia, such funds as may be determined by the Commissioners of the District of Columbia to be available for that purpose. This was in addition to previous authorizations
under which securities were acquired for the water fund. During the
year the Secretary acquired by subscription to new issues for account
of the fund $100,000 face amount of 2 ^ percent Treasury bonds of
1952-54.
The following statement shows the securities held for account of the
District of Columbia water fund as of June 30, 1941.
Face amount
$736,000 234% Treasury bonds of 1958-63
937,000 2%% Treasury bonds of 1960-65
lOO.-QOO 21.^% Treasury bonds of 1952-54
1,773,000

_

Principal cost
$749,110.01
987,611.66
100,000.00
1,836,621.67

United States Government lije insurance jund.—The^^ United States
Government life insurance fund was estabhshed under the World War
Veterans' Act, 1924, approved June 7, 1924 (43 Stat. 607), which,
among other things, consolidated, codified, revised, and reenacted the
laws affecting the administration of the War Risk Insurance Act, as
amended. Under section 17 of the World War Veterans' Act, 1924,
as amended, the Secretary of the Treasury is authorized to invest and
reinvest the United States Government life insurance fund, or any
part thereof, in interest-bearing obligations of the United States or
bonds of the Federal farm loan banks and to sell such investments for
the purposes of the fund. The fund is also available to the Administrator of Veterans' Affairs for making loans upon the security of
Government life insurance policies. The act approved March 3, 1927,
as amended by the Emergency Adjusted Compensation Act of February 27, 1931 (38 U. S. C. 641), authorized the Administrator of Veterans' Aft'airs to make loans to veterans upon their adjusted service
certificates out of the United States Governm.ent life insurance fund.
All of the funds available for investment during the fiscal year 1941
were invested in obligations of the United States. The amount of
policy loans outstanding increased $972,133.37 during the fiscal year.




REPORT OF THE SECRETARY OF THE TREASURY

143

The Administrator of Veterans' Affairs reported outstanding loans
from this fund on June 30, 1941, aggregating $151,132,077.95 to veterans on policies. On June 30, 1941, the principal of and accrued interest
on outstanding loans made subsequent to the enactment of the Adjusted Compensation Payment Act, 1936, upon adjusted service
certificates amounted to $3,035,627.24.
Monthly reports are made by the Treasury to the Veterans' Administration of all securities in the fund and the principal cost thereof as
the result of investments made by the Secretary of the Treasury, and
periodic verifications of the security holdings are made through
reports rendered to the Administrator by the safekeeping offices. The
investments as of June 30, 1941, were as follows:
United States Government life insurance fund, June SO, 1941
Investment
4M% Treasury bonds of 1947-52
.
.
4% Treasury bonds of 1944-54
35^% Treasury bonds of 1946-56.
3% Treasury bonds of 1951-55
2K% Treasury bonds of 1955-60
:
2M% Treasury bonds of 1948-51
2H% Treasury bonds of 1951-54
2H% Treasury bonds of 1956-59
2M% Treasury bonds of 1958-63....-.
2M% Treasury bonds of 1960-65
21.^% Treasury bonds of 1950-52
."
21^^% Treasury bonds of 1952-54...
2M% Treasury bonds of 1954-56
3% consolidated Federal farm loan bonds of 1945-55
3% consolidated Federal farm loan bonds of 1946-56
ij/2% adjusted service bonds. Government life insurance fund series,
1946
2% special Treasury notes. Government life insurance fund serieSj
payable June 30, 194.3-45
."
Total investments made by Secretary of the Treasury
Policy loans outstanding '
...-.
Adjusted service certificate loans outstanding 1
Total outstanding loans made by Administrator of Veterans'
Affairs
Total investments in fund.

Par value

Principal cost

$40, 772, 000. 00
14,106, 000.00
2, 200, 000.00
5; 900, 000. 00
122, 559, 250.00
6, 300, 000. 00
17, 745, 000.00
36, 824, 300.00
8,840, 000.00
25, 078, 000.00
24, 600, 000.00
3,000, 000.00
20,000, 000.00
19, 280, 000.00
22, 719, 000. 00

$42, 234,926. 78
15,078, 333.48
2, 384,625.00
6, 051,109. 38
124,639, 946. 36
5, 315,
000.01
17,979, 950.02
37,173, 874. 80
9,017, 525. 05
26,151, 381. 34
24, 710,960. 64
3,000, 000.00
20,000, 000.00
18, 894,400. 00
22, 662,202. 50

500,157.956. 40

600,157, 9.56. 40

30, 759,000.00

30, 759,000.00

899,840, 506; 40

906,211,180.66

161,132, 077. 95
3, 035, 627. 24

161,132,077. 95
3,036, 627. 24

154.167, 705.19

164,167, 705.19

1,054,008, 211. 59

1,060,378,885.86

I Includes interest accrued to anniversary dates of loans.

National service lije insurance jund.—The national service life
insurance fund was established under title VI of Public No. 801,
approved OctobeT8, 1940, which provides for a system of life insurance
for persons in active service in the land or naval forces of the United
States. Section 605 (b) of the act authorized the Secretary of the
Treasury tp invest or reinvest such fund, or any part thereof, in
interest-bearing obligations of the United States, or in obligations
guaranteed as to principal and interest by the United States, and to
sell such obligations for the purposes of the fund. Special issues of
obligations, authorized under the Second Liberty Bond Act, as
amended, are issued to the fund at 3 percent per annum.




144

REPORT OF THE SECRETARY OF THE TREASURY

• ; The following statement'shows the status of the fund as of June
30,, 1941.
. National service life insurance fund, June 30, 1941 ^
Ciredits:
Premiums
'.
Interest on investments

$3,497,788.18
15,425. 35

Total credits

1. $3,513,213.53

Less benefit payments and refunds

31,041.83

Balance in fund June 30, 1941

3,482,171.70

Assets:
"
,
•
Investments:
3% national service life insurance fund series 1945, bonds
.'
Unexpended balances:
To credit of disbursing officer
."
To credit of fund on books of Division of Bookkeeping and Warrants
Total assets
.1 On basis of daily Treasury statements (unrevised).
2 Excludes receipts in tbe amount of $3,816.76 in transit on June 30, 1941, and includes an
applicable to fiscal, year 1941, whicb were covered in fiscal year 1942.

2,800,000.00
18,958.17
2 663, 213.53
3,482,171.70
item of $7.50

Federal old-age and survivors insurance trust jund.--UB.deT section
201 (a) of the Social Security Act Amendments of 1939, approved
August 10, 1939 (53 Stat. 1362), the Federal old-age and survivors
insurance trust fund was created, consisting of the securities held by
the Secretary of the Treasury for the old-age reserve account and the
amount standing to the credit of the old-age reserve account on the
books of the Treasury on January 1, 1940. T h ^ e w e r e appropriated
to the trust fund for the fiscal year 1941, and for'each fiscal year
jbheriLafter, amounts equiyalenTto"^ 100 percehtrof the. taxes (including
interest, penalties, and additions to the taxes) received under the^
E^eralJQisurance Contributions Act and coveredlnto^the Treasury.
The Secretary of The Treasury was designated as the Managing Trustee
of the Board of Trustees, and he is requhed to invest such portion of
the trust fund as is not, in his judgment, required to meet current
withdrawals in accordance with the procedure outlined on page
«2.12 of the Annual Report of the Secretary of the Treasury for 1940.
" ' T ' h e following statement shows the cumulative transactions (including the former old-age reserve account) to June 30, 1940, and for the
fiscalyear 1941, and the status of the fund as of June 30, 1941.
Federal old-age and survivors insurance trust fund, June SO, 1.941 ^
Credits:
Appropriations:To June 30, 1940-.
Fiscal year 1941
Interest on investments:
To June 30,1940
Fiscal year 1941..

.
.

...•

Total
Less payments on account of benefits:
To June 30, 1940
Fiscalyear 1941...

.
.

$1,705,000,000.00
688,140,728.28
87,113,926.62
56,968,278.12

$2,393,140,728.28
.

143,072,204.64
2,536,212,932.92

.

35,127,704.00
64,341,884.66
99,469,588.66

Reimbursements for administrative expenses under sec. 201 (f) of
the Social Security Act, 1939:
To June30, 1940
Fiscalyear 1941....

12,288,267.00
26,839,994.86
39,128^ 261. 86
138,597,850.52

Balance in account June 30, 1941..
1 On basis of daily Treasury statements (unrevised).




^ 2,397,615,082.40

REPORT OF THE SECRETARY OF THE TREASURY

145

Federal old-age and survivors insurance trust fund, June 30, 1941—Continued '
Assets (purchased at par value):
3% special Treasury notes payableJune 30, 1942
June 30,. 1943
June 30,1944

•.

$382,000,000.00
497,400,000.00
173,100,000.00

J..

2H% special Treasury notes payable—
•June30. 1944
June 30, 1945
June 30, 1946...

.

1,328,100,000.00
2, 380, 600,000. 00

Unexpended balances June 30, 1941:
To credit of Chief Disbursing Officer
Onbooksof Division of Bookkeeping and Warrants..:
Total assets June 30, 1941

$1,052,600,000.00
, •

283,000.000.00
725,900,000.00
319,200,000.00

10, 777, 606. 45 •
2 6^237,575.95
.

17,015,082.40

, 2,397,615,082.40

2 Excludes $249, 259. 63 representing deposits in transit.

Unemployment trust jund.—The unemployment trust, fund was
established pursuant to section ,904 (a) of the Social Security Act,
approved August 14, 1935, as amended (42 U. S. C. 1104). The
Secj;etoyjof^he X x ^ ? ^ ^ ^ J § - ^ ^
directed to receive and
hold inT-he fund all moneys^^ deposited therein by a State agency from
a Sta^t^e uhemplbynienj^^^
and 90 percent of the contributions
collected pursuant to section 8 of the Railroad Unemployment
Insurance Act, approved June 25, 1938 (railroad unemployment
insurance account), and to invest such portion of the fund as is notin his judgment, required to meet current withdra^vals, in accordance
with the procedure outlined in the Annual Report of the Secretary
of the Treasury for 1937.
•
,,
"'
The^^mal„S.e.cuTH
that th^innd^jhalL
b£^inyestedjLS_^single^u^^^
rQaintainTaTseparate book account for each State agency^hrthie m^
road unemployrnentjnsurance^
March 31, June 30, September! 30, and December 31 of ^^^e^
to each account, on the basis of the. average daily balance of such
account, a proportionate part of the earnings of the fund for the
quarter ending on such date.
The Railroad Unemployment Insurance Act, approved June 25,
1938, established, effective July 1, 1939, an unemployment insurance
system for individuals employed by certain employers engaged in
interstate commerce. Under this-act the Secretary of the Treasury
is required to maintain in the unemployment trust fund an account
known as the railroad unemployment insurance account. This
account shall consist of 90 per centum of all contributions collected
pursuant to section 8 of the act, all amounts transferred to the account
from State unemployment compensation funds, and funds from
certain other sources. Under the act of October 10, 1940, the Railroad
Retirement Board was authorized, when the balance in the railroad
administration fund was in excess of $6,000,000 on June 30 of each
year, to transfer the excess to the railroad unemployment insurance
account. Moneys in the account are to be used solely for the payment of benefits and refunds.
Under the provision of the act of June 25, 1938, the Social Security
Board is directed to determine for each State, after agreement with
the Railroad Retirement Board, and after consultation with such




146

REPORT OF THE SECRETARY OF THE TREASURY

State, the amount in the State unemployment compensation fund
representing the balance collected from employers and employees
who come within the purview of the Railroad Unemployment Insurance Act. These amounts are to be transferred to the railroad unemployment insurance account in the unemployment trust fund.
During the fiscal year, $104,099,950.87 was transferred to the railroad
unemployment insurance account under this provision.
Under section 13 (d) of the act, it is provided that the Social
Security Board shall withhold from certification to the Secretary of the
Treasury grants to States for administrative expenses under section
302 (a) of the Social Security Act from States which failed to pass
laws authorizing the Secretary of^the ^^reasurj^ to make transfers to
the railroad unemployment insurance account. ^ Section 13 (f) directs
the Social Security Board to certify to the Secretary of the Treasury
for payment into the railroad unemployment insurance account the
amounts withheld from any State. The State of Connecticut failed
to amend its law authorizing the Secretary of the Treasury to make
these transfers. The Board accordingly withheld from Connecticut
and deposited in the railroad unemployment insurance account during
the fiscal year grants for administrative expenses aggregating
$8,996.24 which is included in the amount of $104,099,950.87.
The following statements show the status of the account as of June
30, 1941, and a summary of receipts and expenditures for the fiscal
years 1936 to 1941.
Unemployment trust fund, June 30, 1941
Credits:
On account of deposits by State agencies:
To June 30, 1940.
J u l y l , 1940, to June 30, 1941_
/,

$2,729,335,298.63
892,023,224.27

Pro rata share of earnings to June 30, 1940
$82,361,460.42
Pro rata share of earnings July 1, 1940, to
June 30, 1941...
46,893,117.10

3 621 358 622 90

128,264,577.52

On account railroad unemployment insurance account:
Deposits made by Railroad Retirement Board on account of
contributions:
To June 30, 1940
July 1, 1940, to June 30, 1941.
Transfers from States on account of railroad unemployment
insurance account:
To June 30, 1940
:.
J u l y l , 1940, to June 30, 1941

$3,749,613,100.42

44,248,66L68
61,347,27L64
1,800,818.02
104,099,950.87
211,496,702.21

Advances from appropriation to the railroad unemployment
insurance account (act of June 25, 1938)
Transfers from railroad unemployment administration
fund(actof October 10, 1940).--.

16,000,000.00 ,
7,500,000.00
233,996,702.21

Pro rata share of earnings:
To June 30, 1940
July 1, 1940, to June 30, 1941..

201,846.66
3,069,432.54
—:

Total
:....--.
Less withdrawals, by State agencies:
To June 30, 1940
J u l y l , 1940, to June 30, 1941....
._..:
Transfers to railroad unemployment insurance account:
To June 30, 1940
July 1, 1940, to June 30,1941
'.--.
Total

.....

.

J On basis of daily Treasury statements (unrevised).




'

3,261,278.10
•
..--

1,116,733,000.00
,433,242,840.99
1.800.818.02
104,099,950.87
1,655,876,609.88

237,257,980.31
3.986,871,080.73

147

REPORT OF THE SECRETARY OF THE TREASURY
Unemployment trust fund, June so, 1941—Continued
Credits—Continued.
Less withdrawals from railroad unemployment insurance account:
Repayment of advances froin appropriations to railroad unemployment insurance account
Railroad unemployment benefit payments:
To June 30, 1940
.
.
July 1, 1940, to June 30, 1941

$15,000,000.00
14,552,465.95
17,784,319.08

Total

47,336,775.03
$1,703,213,384.91

Balance June 30, 1941.

2,283,657,695.82

Assets:
$2,273,000,000 face amount 2y2% Treasury certificates of indebtedness, unemployment
trust fund series, maturing June 30, 1942
2,273,000,000.00
Unexpended balances June 30,1941:
Unemployment trust fund
.
.
7,994,470.85
Chief Disbursing Officer
2,663,224.97
10,667,696.82
Total fund as.sets June 30, 1941...
2,283,657,695.82

Summary of receipts and expenditures for the period 1936 to 1941
Deposits by States and pro rata share of earnings
$3,749,613,100.42
Less withdrawals and transfers to railroad unemployment insurance account
1,656,876,609.88
Balance to credit of States in the unemployment trust fund
Deposits in railroad unemployment insurance account, transfers from
States, and pro rata share of earnings
.
Advance from appropriation.
Transfer from administration fund

$2,093, 736,490.64
214,757,980.31
16,000,000.00
7,600,000.00

Less repayment of advance from appropriation

237, 267,980. 31
, 16,000,000.00

Less railroad unemployment benefit payments

222, 257,980.31
i 32,336,775.03
189,921,206.28

Total fund liabilities June 30, 1941

:

2,283,657,696.82

1 Net transfers to Chief Disbursing Officer for benefit payments amounted to $35,000,000.00; railroad
unemployment benefit payments amounted to $32,336,776.03; leaving|a balance of $2,663,224.97.

The following statement shows the amounts deposited, earnings, and
withdrawals from the inception of the fund to June 30, 1941, and the
amounts to the credit of State agencies and of the railroad unemployment insurance account as of June 30, 1941.
Amounts of unemployment trust fund, cumulative to June 30,1941 y credited to account
of each State agency and of the railroad unemployment insurance account
Total deposits
Alabama
Alaska
Arizona
Arkansas
__.
California
Colorado..
Connecticut
Delaware
District of Columbia.
Florida
1...
Georgia
Hawaii
Idaho.._
Illinois
Indiana
^
Iowa
Kansas..
Kentucky
Louisiana-•Maine. _
u..
Maryland
..
Massachusetts




Net earnings
credited to account

$39,229, 843.42
$1,127, 640.46
2,266, 624. 61
73, 197.90
9,147, 621.78
236, 471.13
602, 310.08
13,783, 920.66
323, 704,623.32
11,856, 958. 68
849, 385. 70
20,829, 283. 22
2,624, 414.14
76,900, 000.00
9,912,814.47
426, 960.34
27,670, 451.48
1,343, 270.16
942, 060. 29
26,910, 820.77
766.92
36,737, 192.82
1, 549,
8,039, 262.99
377, 713. 61.
8,478, 063. 67
247, 438.00
290,848, 013.81
12,569, 159.40
405.98
92,763, 112. 61
3, 280,
33,484, 000.00 , 1,198,949.30
22,600, 696.73
1,016, 574.89
46,184, 000.00
2,080, 792.08
•1,348, 187.17
39,146, 000.00
328, 986. 50
17, 227,000. 00
61,393, 000. 00
1,363, 163. 99
174,665, 000.00
6,093, 118. 22

Total withdrawals from
account
$19, 010,000. 00
1,113, 378. 48
234.97
5, 553,
7, 357,846.36
169, 613,779.44
10, 773,040.19
24,841, 996. 24
2,408, 069. 61
7,330, 229. 25
13, 633,660. 60
12,938, 698.83
766, 881. 25
6, 233,013.78
90,814, 013.81
42,039, 692. 27
15,832, 341.32
8,054, 508. 29
13,992, 978. 21
21,164, 639.06
12,256, 337.04
26,370, 347.37
90,712, 725.57

Balance June
30, 1941
$21,347, 383.88
444.03
1, 225,
3,830, 757.94
6,928, 384.28
165,947, 802. 56
10,905, 628.73
53, 682,417.90
7,931, 706.30
21, 683,492.38
14,319, 320.46
25,348, 260.91
7,650, 096.35
2,492, 487.89
212,603, 169.40
53,993, 926.32
18,850, 607.98
16, 562,663.33
34, 271,813.87
19, 338,648.11
5,300, 649.46
26,385, 806. 62
90,045, 392.65

148

REPORT OF THE SECRETARY OF T H E TREASURY

Amounts of unemployment trust fund, cumulative to June SO, 1941, credited to account
of each State agency and of the railroad unemployment insurance account—Con.
Total deposits
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska.
Nevada
New Hampshire.
New Jersey.
New Mexico
New York
...
North Carolina.North D a k o t a . - .
Ohio..
Oklahoma.
Oregon.^
Pennsylvania
Rhode Island
South Carolina...
South Dakota
Tennessee
Texas..
Utah
Vermont
Virginia.
..
Washington
West Virginia..-.
Wisconsin
Wyoming

$204, 214, 674. 56
55, 736, 762.76
11, 024,978. 76
83, 919, 668. 20
11, 577, 697. 20
14, 644,135. 90
3, 879, 820.17
14, 374, 068. 01
187, 595,000. 00
5, 966, 000. 00
533, 034, 263. 74
49, 636, 000. 00
3, 998, 257. 84
242, 438, 574. 72
27, 911,000. 00
27, 768, 219. 86
346, 125, 000. 00
39, 950, 727. 96
19, 605, 000. 00
4, 562,000.00
36, 645, 000.00
93, 483, 000.00
11, 609, 367. 70
6, 478,474. 26
41, 786, 000. 00
602. 61
44, 276, 467. 76
44, 053, 664. 37
616,
79, 543, 655. 32
6,

Total
3, 622,061, 227.95
Deposits not cleared by the Treasurer
of the United States
-702,705.06
Outstanding checks
Total.
Railroad unemployment insurance
account:
Deposits and transfers
Appropriation: Advance and repayment
Transfer from administration
fund
.
Unexpended balance in Disbursing Office account available for
railroad unemployment benefits
Total, railroad unemployment insurance account
Total..

3, 621, 358, 522. 90

211,496, 702. 21

Net earnings
credited to account

Total withdrawals from
account

$5,175, 364. 87 $112, 831, 485. 64
33, 311,982. 32
1, 754,466.11
412. 60
6, 627,
343, 681. 21
3, 700,407. 01
20, 346,464. 25
432, 632. 52
7,171,104. 06
681, 897. 43
5,796,585.10
116, 945. 77
2,961,735.18
487, 181. 39
8, 018,106. 20
42,193,521. 02
8, 078,400. 72
223, 074. 27
3, 509,544. 78
312,157,977. 24
15, 703,073. 25
403. 33
1, 542,
20, 903,334. 43
2,158,479. 75
165, 707.96
64, 678,005. 70
10,981, 984. 88
10, 619,133.15
1, 267,682.10
735, 324. 23
16,510,392. 41
9,104, 742.12
193,198,998. 97
25, 226,992. 23
880, 793. 36
6, 690,743. 96
835, 644. 05
804. 23
1, 416,
222, 178. 73
20,981, 440.15
1,073, 330. 38
37, 627,030. 42
3,801, 615.40
7, 036,975. 53
296, 445.12
3, 007,074. 06
225, 062.82
1,393, 050.12
20, 228,850. 22
21,319, 678. 53
1, 655,510.01
23, 211,586. 39
1,102, 701. 80
23, 014,429. 67
4, 750,860. 34
711.29
3, 542,039.86
186,

Balance June
30, 1941
$96, 558,553.79
24,179, 246. 55
4, 741,247. 37
67, 273,610.96
4, 839,225. 66
9, 529,
448. 23
030. 76
1, 035,
6, 843,143. 20
153, 479,879. 70
2, 678,529. 49
236, 579,359.75
30,175, 068. 90
2, 005,486. 05
188, 742,553.90
18, 559,548.95
11,993, 151. 68
162, 030,743.15
15, 604,529. 08
13,749, 800.09
3,367, 374. 50
16, 736,890. 23
59, 657,584.98
4, 767,837. 29
463. 02
3, 696,
22,950, 199.90
24, 611,434.09
21,944, 683.17
61,353, 095.04
2,188, 326. 76

128, 264, 677. 62 1,658,998,109.88 2, 091,317, 695. 59
-3,121,500.00

-702,705.05
3,121, 500. 00

128, 254, 677. 52 1, 655,876,609. 88 2, 093, 736, 490. 54

3, 261, 278.10

35, 000, 000. 00

179, 757, 980. 31

15, 000, 000. 00

16, 000, 000. 00

7, 500, 000. 00

7, 600, 000.00
-2,663,224.97
233,996, 702. 21
3,855, 365, 225.11

3, 261, 278.10

2, 663, 224. 97

47, 336, 775. 03

189,921, 205. 28

131, 515, 865. 62 1, 703, 213, 384. 91 2, 283, 657, 695.82

Railroad retirement account.—The railroad retirement account was
established pursuant to section 15 (a) of the Railroad Retirement Act
of 1937 (50 Stat. 316), approved June 24, 1937. The Railroad Retirement Board is required to submit annually to the Bureau of the
Budget an estimate of the appropriation to be made to the account
for each fiscal year, beginning with the fiscal year 1937, in an amount
as an annual premium sufficient, with a reasonable margin for contingencies, to provide for the payment of all annuities, pensions, and
death benefits, and all amounts credited to the account are available
for such purposes.
I t is the duty of the Secretary of the Treasury, at the request and
direction of the Railroad Retirement Board, to invest such portion of
the amounts credited to the account as, in the judgment of the Board,
is not immediately required for the payment of annuities, pensions, and




REPORT OF THE SECRETARY OF THE TREASURY

149

death benefits, in interest-bearing obligations of the United States
or in obligations guaranteed as to both principal and interest by the
United States. Investments may be made in the following manner:
(1) Purchase of original issues at par; (2) purchase of outstanding
obligations at the market price; and (3) the issuance at par of special
public debt obligations exclusively to the account. Such special obligations shall bear interest at the rate of 3 per centum per annum and
obligations other than special obligations may be acquired only on such
terms as to provide, an investment yield of not less than 3 per centum
per annum.
The following statement shows the cumulative transactions since
the establishment of the account.
Railroad retirement account, June 30, 1941 ^

Credits:
Appropriations:
To June 30, 1940
July 1, 1940, to June 30, 1941

$374,150,000.00
124,350,000.00

Interest on investments:
To June 30, 1940
July 1, 1940, to June 30, 1941

5,895,215.03
2,533,857.53

Total...
Less payments on account of benefits:
To June 30, 1940
July 1, 1940, to June 30, 1941

Treasury
Treasury
Treasury
Treasury

notes
notes
notes
notes

8, 429, 072. 56
• 506,929,072.66

298,722,206.99
121,173,514.47
:

Balance in account June 30, 1 9 4 1 . . . . . . .
Assets:
Face amount
$43,600,000 3% special
12,200,000 3% special
10,000,000 3% special
8,200,000 3% special

2 $498. 500,000. 00

payable June
payable June
payable June
payable June

419, 895, 721. 46
87,033,351.10
Principal coH
$43,600,000.00
12,200,000.00
10,000,000.00
8,200,000.00

30, 1942
30, 1943
30, 1944
30, 1945

74,000,000
Unexpended balances June 30,1941:
To credit of Chief Disbursing Officer
On books of the Division of Bookkeeping and Warrants

74,000,000.00
10, 530,217. 56
2,503,133. 54

13,033.351.10

Total assets June 30, 194-1
„.
87,033,351.10
1 On basis of daily Treasury statements (unrevised).
.. 2 Includes $10,750,000 unexpended balance of General Fund which was not transferred until fiscal year 1941,
and excludes $9,000,000 which was deleted from the api5ropriation covering transfer for acquisition of service
and compensation data, in accordance with Public Resolution No. 102, approved October 9, 1940.

Library oj Congress trust jund.—Under the act of March 3, 1925, as
amended (2 U. S. C. 154-161), the Library of Congress Trust Fund
Board, consisting of the Secretary of the Treasury, the chairman of the
Joint Committee on the Library, the Librarian of Congress, and two
persons appointed by the President, is authorized to accept, receive,
hold, and administer such gifts or bequests of personal property for the
benefit of or in connection with the Library, its collections, or its service as may be approved by the Board and by the Joint Committee on
the Library. The moneys or securities given or bequeathed to the
Board are required to be receipted for by the Secretary of the Treasury,
who is authorized to invest, reinvest, or retain investments as the
Board may determine.
The act approved June 23, 1936, amended section 2 of the act of
March 3, 1925, so as to authorize the Board in its discretion, unless
prevented by the terms of a gift or bequest, to deposit the principal
of any gift or bequest with the Treasurer of the United States as a
permanent loan with interest at the rate of 4 percent per annum,




150

REPORT OF T H E SECRETARY OF T H E TREASURY

payable semiannually, provided that such principal sums held by the
Treasurer shall not exceed $5,000,000 at any time. The Board continued during the fiscal year 1941 its authorization to seH from time to
time certain securities held under various donations and to deposit
the principal proceeds of such sales in the permanent loan account.
Total deposits in the permanent loan account from this source during
the year amounted to $22,931.24. All investments during the year
were made by deposits in the permanent loan fund.
The following statement shows the earnings credited to each donation as of June 30, 1941.
Library of Congress trtst fund earnings to June 30, 1941
Total to
J u n e 30, 1940

Donation-

Fiscal year
1941

T o t a l to
J u n e 30, 1941

I n c o m e account, securities,, real estate, e t c .
Babine..
.
.
Beethoven
Benjamin
..
. . .
Bowker
Carnegie
. . .
Coolidge
Guggenheim
_. . . .
Huntington
Longworth
Pennell
Porter.
.._
Wilbur
Total .

.
.
. .

.

.
. . . . . .

... . . ...

.
.

. . . . . ... . . ...
.
.• .

• 1 $1,786.68
4, 429. 73
31, 762.90
1, 253. 79
36, 713. 36
95, 705. 38
32, 759. 36
97, 291. 25
757.02
41, 788. 77

.

$1,352.00
•
192.67
2, 822. 80
2 2, 927. 27
7,048. 65
500.00

107, 345. 09
. . .

451, 592. 23

14,843. 29

$1, 785. 68
4,429. 73
33,114.90
1,446.36
36, 713.36
98, 628.18
32, 759. 36
100,218.52
757.02
48, 837.42
500.00
107, 345. 09
466, 435. 52

I n c o m e account, p e r m a n e n t loan fund
Babine
Beethoven
Bowker...
.
Carnegie
Coolidge.
.
Guggenheim
Huntington
Longworth
Pennell .
Whittall
Wilbur

$796. 72
916.70
.

. .
-

. -

. . . . . . .
...

1 .

:....

Total

.

...•

9, 670. 63
10,001. 65
6, 894. 26
13, 607.64
914. 69
12, 265. 2 1 .
26, 379. 26
31,946. 32

$267. 38
483. 52
1 94
3, 534; 62
4, 323. 22
3,626.16
4, 535.88
307. 66
7,146. 37
11,400. 00
12, 232. 56

$1,064.10
1, 400. 22
1.94
13, 205. 25
14, 324.87
10, 520. 42
18,143. 52
1, 222. 35
19, 411. 68
37, 779. 26
44,178.88

113, 393.08

47,859.31

161, 252.39

564, 985. 31

Grand total.

62, 702.60

627, 687.91

»Iricreased by adjustment of $2.50 not reported previously.
2 Includes income under deed of trust dated November 17, 1936, administered by designated trustees,
including Bank of New York.

The status of the permanent loan account as of June 30, 1941, is as
follows:
Library of Congress Trust Fund Board, permanent loan account, June SO, 1941
Donation
Babine
Beethoven..
Bowker
Carnegie
Coolidge
Guggenheim.
Huntington.




Amount
$6, 684. 74
12,088.13
1,109.06
88, 365. 58
108,080.32
90, 654. 22
113,396.99

Donation

Amount

Longworth.
Pennell
Whittall....
Wilbur

$7,691.59
196,079.69
285,000.00
305, 813.57

Total

1,214,963. S

151

REPORT OF THE SECRETARY OF THE TREASURY

The fohowing statement shows the securities held by the Board for
account of each donation as of June 30, 1941. The securities are held
in safekeeping by the Treasurer of the United States and certain
Federal Reserve Banks, subject to the order of the Secretary of the
Treasury, for account of the Board.
Securities held by the Library of Congress Trust Fund Board, June SO, 1941 ^
Face
amount
or par
value

Name of security

William E. Benjamin donation

Rate of
interest

Class of security

Percent

Standard Oil Co. of California

Common stock, 1,352 shares.

$33,800.00

R. R. Bowker donation
2,000.00
2,000.00
4,800.00

German external loan.
7
6H Sinking fund gold bonds.
Common stock, 48 shares.

6,000.00

5

First and refunding
bonds.

3, 750.00
2,000.00

5
5

First mortgage bonds.
First and refunding mortgage
bonds.
Common stock, 100 shares.
Common stock, 171 shares.
Common stock, 7 shares.
Common stock, 496 shares.

49, 500.00

5

First and refunding
bonds.

Lehigh Valley R. R. Co

5, 000.00

4

Great Northern Ry. Co
National Railways of Mexico
Do
Pennsylvania R. R. Co
Do.:
Pennsylvania and New York Canal & Railroad
Co.
Reading Co
•....
,
Erie Lighting Co
Penn Central Light & Power Co
Consolidation Coal Co
Do
Do
:
Philadelphia & Reading Coal & Iron Co
U. S. Government
Uhited States of Mexico
Do...
I/ehigh Valley Coal
Pennsylvania R. R. Co
...
Westmoreland Coal Co
Westmoreland, Inc.
.

2,000.00
45.00
3,000.00
6,000.00
6,000.00
1,000.00

5H
6
43^
4H
4M

General -consolidated mortgage
gold bonds.
General mortgage gold bonds.
Secured gold note.
Prior lien gold bonds.
General mortgage bonds.
Do.
Consolidated mortgage bond.

German Government.
Japanese Government

2

...L..

American Telephone & Telegraph Co
Carnegie donation
Missouri Pacific R. R. Co
Elizabeth Sprague Coolidge donation
Chicago Railways Co
Missouri Pacific R. R. Co...^
American Ship Building C o . . . .
.
American Telephone & Telegraph Co
Board'of Trade Building Trust of Boston
Commonwealth Edison Co..-

6,000.00
17,100.00
700.00
12 400.00

mortgage

Archer M. Huntington donation
Missouri Pacific R. R. Co

mortgage

Joseph Pennell donation

Total

11,000.00
5,000.00
10,000.00
900.00
900.00
1,200.00
1,000.00
4,200.00
429. 30
810.00
300.00
6, 700.00
2,100.00
1,050.00

5

4M General and refunding mortgage
bonds*
Sinking fund gold bonds.
5
First mortgage gold bonds.
•4M
Preferred stock, 9 shares.
Common stock, 36 shares.
Sinking fiind bonds.
5
Sinking fund gold bonds.
6
Treasury notes, due Sept. 16,1942.
2
Rights to interest in arrears.
Do.
Common stock, 6 shares.
Common stock, 134 shares.
Common stock, 105 shares.
Do.'

1205,684.30

iDoes not include 60 shares of Bowden Wire, Ltd., par value £1 per share, and 30 shares of Syndicat
Francois des Brevets E. M. Bowden, Ltd., par value £1 per share.




l52

REPORT OF THE SECRETARY OF THE TREASURY

Mortgages, real estate,, etc., held by the Library of Congress Trust Fund Board, J u n e
. '
.;;,••
•
so, 1941 .^

Pennell donation:
' Mortgages:
"^ • '•
'
W. Norris St., Philadelphia, Pa
Spruce St., Stonehurst, Delaware County, Pa
.:
Osage Ave., Philadelphia, Pa
Chestnut St., Philadelphia, Pa
South St. and rear 2108 Rodman St., Philadelphia, Pa
N. 31st St.,.Philadelphia, Pa
.

.

Real estate, etc.:
West Drexel Rd., Lansdowne, Pa
Delancey Si.. Philadelphia, Pa
.
Pine St., Philadelphia, Pa
N. Frazier St., Philadelphia, Pa
Ritner St., Philadelphia, Pa
.
Reese St., Philadelphia, P a _
Boston Ave., Philadelphia, P a . . . .
.
Poplar St., Philadelphia, Pa. (ground rent)
Porter donation:.
Real estate located at 16th and Eye Sts. NW., Washington, D. C

1

...'

Face value
$3,500.00
4,300.00
2,300.00
918.40
1.400.00
4,700.00
Book value
$5,984.17
4,197.35
13,496.66
7,364.16
. . 5,759.19
2,316.45
2,686.79
1,500.00
0)

Total mortgages, real estate, etc
60,423.16
J Upon sale of premises, one-half of proceeds to go to Library of Congress Trust Fund Board and one-half
to the Smithsonian Institution.

National Cancer Institute gijtjund.—Under section 6 of the National
Cancer Institute Act of August 5, 1937 (50 Stat. 559), the Secretary
of the Treasury may accept unconditional gifts for study, investigation, or research into the cause, prevention, and methods of diagnosis
and treatment of cancer, or for the acquisition of grounds or for the
erection, equipment, and maintenance of premises, buildings, and
equipment for the National Cancer Institute. Conditional gifts
may be accepted if recommended by the Surgeon General of the Public
Health Service and the National Cancer Advisory Council. Any
such gifts, if in money, shall be held in trust and shall be invested by
the Secretary of the Treasury in securities' of the United States.
There was received from the American Society for the Control of
Cancer, on March 31, 1938, a conditional gift of $120 for the preparation of educational posters on cancer. In April 1940 an unconditional
gift of $100 was received from Lt. Col. Stanley C. Ramsden. To
June 30, 1941, no expenditures from these gift funds have been made.
National Institute o'f Health g i j t j u n d . ^ B y the act of May 26, 1930
(46.Stat. 379), the Secretary of the Treasury is authorized to accept
unconditional gifts for study, investigation, and research in the fundamental problems of the diseases of man, and for other purposes. I t
is also provided that he may accept conditional gifts upon the recommendation of the Surgeon General of the Public Health Service and the
National Institute of Health. Any such gifts are to be held in trusts
and invested by the Secretary of the Treasury in securities of the
United States.
The receipts and expenditures of the conditional gift fund during the
year were as follows:




REPORT OF THE SEORETARY OF THE TREASURY

153

National Institute of Health conditional gift fund, receipts and expenditures,fiscal
year 194t
Unexpended cash balance June 30,1940
-.^-Receipts:
Donations:
Corn Industries Research Foundation
Josiah Macy, Jr., Foundation
The National Foundation for Infantile Paralysis, I n c . .

$8,521.30
$5,000.00
2,400.00
7,500.00

Proceeds of sale of $2,000 414% Treasury bonds of 1947-52, Chemical Foundation
Net earnings collected on investment account of Chemical Foundation
Total...
Expenditures, advances to institute (warrants-issued basis):
Chemical Foundation donation
:..
Corn Industries Research Foundation...
Infantile paralysis fund
Josiah Macy, Jr., Foundation
...J

14.900.002,231.35
3,607.25
29,259.90

5,416. 58
4,166.40
3,465.00
5, 600.00

.•

Unexpended cash balance June 30, 1941

18,647.98
10,611.92

The following statement shows the cumulative transactions since
inception of the fund and its status as of June 30, 1941.
National Institute of Health conditional gift fund, June 30, 1941
Credits:
Donations:
Chemical Foundation
Corn Industries Research Foundation
Josiah Macy, Jr., Foundation
Rockefeller Foundation
The National Foundation for Infantile Paralysis, Inc

$100,000.00
15,000.00
6,600.00
22,000.00
17,600.00

Net earnings on investments, Chemical Foundation
Total
Less advances to meet expenditures on account of the institute:
Chemical Foundation
'
Corn Industries Research Foundation
Josiah Macy, Jr., Foundation
Rockefeller Foundation, dental survey
.
Rockefeller Foundation, county health work
The National Foundation for Infantile Paralysis, Inc
Balance in fund June.30, 1941

1

198,649..33
..

-=

48,732.50
14,166.40
5,600.00
15,000.00
7,000.00
9,400.00

^

Assets:
$79,000 face amount 414% Treasury bonds of 1947-52, principal cost
Unexpended cash balance on books of Division of Bookkeeping and Warrants:
• Chemical Foundation
Corn Industries Research Foundation
The National Foundation for Infantile Paralysis, Inc
Total fund assets June 30, 1941

$160,100.00
38,549.33

99,898.90
98,750.43
88,138.61

1,678.32
833.60
8,100.00
10,611.92
98,750.43

National park trust jund.—Under the act of July 10, 1935. (49 Stat.
477), the National Park Trust Fund Board, consisting of.the Secretary
of the Treasury, the Secretary of the Interior, the Director of the
National Park Service, and two persons appointed by the President,
was created and established and is authorized to accept, receive, hold,
and administer such gifts or bequests of personal property for the
benefit of, or in connection with, the National Park Service, its
activities, or its service, as may be approved by the Board, but no
such gift or bequest which entails any expenditure not to be met out
of the gift, bequest, or the income thereof shall be accepted without
the consent of Congress. The moneys or securities given or bequeathed to the Board are required to be receipted for by the Secretary
of the Treasury, who is authorized to invest, reinvest, or retain investments as the Board may determine. Income from investments
shall be covered into the national park trust fund. No expenditures
have been made from this fund except for investments.



154

REPORT OF THE SECRETARY OF THE TREASURY

The following statement shows the cumulative transactions since
the inception of the fund and its status as of June 30, 1941.
National park trust fund, June SO, 1941
Credits:
Donations:
, AlexanderKordaProductions
Kodak Hawaii, Ltd
Loew's, Inc
Metro-Goldwyn-Mayer Corporation
Metro-Goldwyn-Mayer Pictures
Newton B. Drury
Paramount Pictures, Inc
Twentieth Century Fox Film Corporation..
Universal Pictures Corporation
Warner Bros. Pictures, Inc

_.

i

'

.
:.

Interest earned on investments

$ 250.00
84.00
1,000.00
3,000.00
5,009.00
10.00
304.00
1,175.00
3,000.00
1,050.00
...

Total...

$14,873.00
1,483.48

-

Assets:
Face amount
$14,200 2%% Treasury bonds of 1955-60
1,700 21.^% Treasury bonds of 1962-54

16,356.46

'
...

15,900
Accrued interest paid on investments
Unexpended balance to credit of disbursing officer...

Principal cost
$14,548.54
1,700.00

16,248.54
1.04
106.88

.

Total fund assets June 30, 1941

16,356.46

Ainsworth Library jund, Walter Reed General Hospital.—Under the
joint resolution of Congress approved May 23, 1935 (49 Stat. 287),
the adjutant, Wialter Reed General Hospital, was authorized to accept
the bequest of the late Maj. Gen. Fred C. Ainsworth, as contained in
his last will and testament, and to receipt therefor on behalf of the
United States, and to deposit the funds so received in the Treasury
of the United States as a special fund dedicated to the purpose of
establishing a permanent library at the Walter Reed General Hospital,
to be known as the ^Tred C. Ainsworth Endowment Library," said
fund to be subject to disbursement for such purpose upon vouchers
submitted by the adjutant, Walter Reed General Hospital, and to be
available until expended. The administration, control, and expenditure of the fund and its application to the purposes intended shall
be according to the sole discretion of the adjutant, Walter Reed
General Hospital.
The Treasurer of the United States, upon the written request of the
adjutant, Walter Reed General Hospital, is authorized to invest
and reinvest any part or all of the corpus of the bequest, as well as
any income therefrom, in interest-bearing United States Government
bonds, and to retain custody thereof.
The following statement shows the cumulative receipts and expenditures of the fund and its status at the close of the fiscal year.
Ainsworth Library fund, Walter Reed General Hospital, June 30, 1941
Receipts:
Bequestof Maj. Gen. Fred C. Ainsworth
Net earnings on investments
Expenditures

li..
---

-•-

Balance in fund June 30,1941

$.10,700.00
1,237.90
11.937.90
,.- 1,927.05
10,010.85

A c;cpf o •

$9,700 2ji% Treasury bonds of 195.5-60, principal cost
Unexpended balance on books of Division of Bookkeeping and Warrants
Total fund assets June 30, 1941




9,972.81
38.04
10,010.85

REPORT OF THE SECRETARY OF THE TREASURY

155

Pershing Hall Memorial jund.—The act of June 28, 1935 (49 Stat.
426), authorized the appropriation of $482,032.92 of the Recreation
fund—Army, created by the War Department Appropriation Act,
approved March 4, 1933, for effecting a settlement of any indebtedness connected with Pershing Hall, a memorial already erected in
Paris, France, under the auspices of the American Legion, Inc., to
the commander-in-chief, officers, men, and auxiliary services of the
American Expeditionary Forces, I t provided that this amount
would not be used for the purposes set forth in the act until legal title
to Pershing Hall had been vested in the United States Government
for the use and benefit of all American officers and enlisted men of the
World War. I t further provided that the balance remainmg after
settlement of the indebtedness would be retained in a special fund
to be known as the Pershing Hall Memorial fund. Under the terms
of the act, the Secretary of the Treasury is authorized (a) to invest
and reinvest the corpus of this fund in interest-bearing United States
Government bonds, and (6) upon request of the American Legion,
Inc., to pay to the national treasurer of the Legion any part of the
earnings upon the fund for use in the maintenance and/or perpetuation
of Pershing Hall. An appropriation for those purposes was provided
by the act of August 12, 1935 (49 Stat. 594).
On August 3, 1936, the Secretary of the Treasury, acting in
conjunction with the Attorney General, completed acquisition of
Pershing Hall for the United States. Liquidation of the mortgage
on Pershing Hall required an expenditure of $213,643.28. An
additional $74,986.42 has been expended for the payment of contractors^ and other claims constituting indebtedness connected with
Pershing Hall.
During the fiscal year 1939 the American Legion took over the
maintenance and perpetuation of Pershing Hall. Accumulated
earnings on investments amounting to $23,784.75 have been paid to
the national treasurer of the American Legion for that purpose.
The following statement shows the cumulative transactions since
the inception of the fimd and its status as of June 30,1941.
Pershing Hall Memorial fund, June 30, 1941
Credits:
Appropriation by Congress.
Profits-on investments...
Interest earned on investments

•..

Total
Less:
Disbursements on account of current claims and expenses
Disbursements on account of National Treasury, American Legion.
Total

-

Balance in fund June 30, 1941

.

$482,032.92
673.20
26,306.11
$508,912.23
288,629. 70
23, 784.75

,-...
.

'.

312,414.45
^

Assets:
$191,300 2%% Treasury bonds of 1951-54, principal cost...
Balance to credit of fund on books of Treasury and in the hands of disbursing officers.....
Total-.

196,497.78
193,480.46
3,017.32
196,497.78

Alien property trust fund.—Under the act of October 6, 1917, as
amended, and the Settlement of War Claims Act of 1928, approved
March 10, 1928 (45 Stat. 254), as amended, securities previously
held by the Secretary of the Treasury for account of the Attorney
General, Alien Property Bureau, were all sold duririg the fiscal year



156

REPORT OF THE SECRETARY OF T H E TREASURY

1940 in anticipation of the investment of such funds in participating
certificates issued uhder section 25(e) of the Trading With the Enemy
Act in connection with the payment of awards of the Mixed Claims
Commission, United States and Germany (seep. 123). A statement
of the alien property trust fund as of June 30, 1941, follows.
Alien property trust fund. June SO, 1941

Credits:
Trusts
.
Earnings on investments, etc
Total

$37,397,795.99
29,688,260.43
-

66,986,056.42

Assets:
Participating certificates issued under sec. 25 (e) ofthe Trading With the Enemy Act:
Noninterest-bearing
.
$19,832,055.63
5% interest-bearing
..
33,565,476.76
Cash balance..'
Total fund assets June 30, 1941

.....

53,397,532.39
13,688,524.03
66,986,056.42

Checks were issued by the Treasury Department during the year
to the Attorney General, Alien Property Bureau, on account of the
alien property trust fund for the following purposes:
Distribution of income
Distribution of Government earnings
Administrative expenses
Total

..:

-

$230,000.00
35,000.00
190,000.00

.-

.

:

465,000.00

Philippine junds in the United States Treasury.—Under the act of
March 8, 1902 (32 Stat. 54), reenacted m section 3343 (b) of the Internal Revenue Code, approved February 10, 1939, it was provided
that all duties and taxes collected in the United States upon articles
coming from the Philippine Archipelago and upon foreign vessels
coming therefrom were to be held as a separate fund and paid into the
treasury of the Philippine Islands to be expended for the government
and benefit of the Islands.
A summary follows showing customs duties, tonnage taxes, and
internal revenue taxes, exclusive of taxes with respect to coconut oil,
appropriated to Philippine accounts and payments therefrom during
the fiscal years 1933 to 1941.
Receipts '
appropriated

Fiscal year

1933
1934
1935
1936 -1937
1938
1939..
1940
1941

...
L

$381,500.46
527,426. 40
491,458. 50
645,890.13
755,865.76
813,852.30
569,468.06
703, 874. 28
538, 089. 63

P a y m e n t s to
Philippine
Government 2
$59.67
813, 371. 78
502, 551. 53
745, 957. 75
891, 725. 93
934,689.47
626,347.68
482,106. 02
6, 080. 84

U n p a i d balance

3 $854, 698.97
568,653. 59
557,660. 56
457,492. 94
321,632 77
200, 795.60
143,915. 98
365, 684. 24
897,693 03

1 Reduced by amounts carried to surplus fund as follows: 1936, $17,540.28; 1937,3 ),783.75; 19.39, $15,151.70;
1940, $957.78; and 1941, $36,822.72.
2 Includes certain refunds and adjustments.
3 Includes balances of $473,158.18 in Philippine accounts as of July 1, 1932.

Under the act of June 11, 1934 (48 Stat. 929; 48 U: S. C. 1157), the
Secretary of the Treasury was authorized to accept, upon such conditions as he might prescribe, deposits of public moneys of the Philippine
Government. The act provided an indefinite appropriation for the




REPORT OF THE SECRETARY OF THE TREASURY

157

payment of interest on such deposits other than demand deposits at
such rates not in excess of 2 percent per annum as the Secretary might
prescribe.
Thereafter, the Secretary of the Treasury agreed to accept not to
exceed $55,000,000 of Philippme moneys in a time deposit account,
amounts deposited with the Treasury by the Philippine Government
in excess of that sum to be maintained in a demand deposit account.
Since December 10, 1934, the balance in the time deposit account has
been maintained at $55,000,000. The balance in the demand deposit
account as of June 30, 1941, was $50,867,338.34.
Section 602^ of the act of May 10, 1934 ( U . S . C , title 26, sec. 999),
provided that taxes collected with respect to coconut oil wholly of
Philippine production or produced from materials wholly of Philippine
growth or production should be paid to the treasury of the Philippine
Islands subject to certain conditions. An agreement was consummated between the Secretary of the Treasury and the Philippine
Government under which coconut oil moneys payable to the Philippine treasury would be transferred on periodic settlements of the
General Accounting Office to a special deposit account in the name of
the Secretary of the Treasury subject to withdrawal by the Philippine Government on ninety days' notice in writing. Interest at the
rate of 2 percent per annum is paid on the daily balances in this
account. A summary of transactions in the account from the time of
its establishment to date follows.
Fiscal year
1938
1939
1940
1941

.

Deposits
---

$56, 854, 779.06
20,355,455. 65
4, 559,016.46
72, 850. 76

Withdrawals

Balance at end
of year

$32, 000,000.00
1 17, 564,016.41

$56,854, 779.06
45, 210,234. 71
32, 205,234. 76
32, 278, 085. 72

1 Includes $7,564,016.41 transferred to new account established under act of August 7,1939.

Section 6 of the act of August 7, 1939 (53 Stat. 1232), provided
that collections on or after January 1, 1939, on account" of the excise
taxes imposed by section 2470 of the Internal Revenue Code, and the
import taxes imposed by sections 2490 and 2491 of the Internal
Revenue Code and any moneys hereafter appropriated in accordance
with the authorization contained in section 503 of the Sugar Act of
1937 (50 Stat. 915) shall be held as separate funds and paid into the
treasury of the Philippines to be used for the purpose of meeting new
or additional expenditures which will be necessary in adjusting PhUippine economy to a position independent of trade preferences in the
United States and in preparing the Philippines for the assumption of
the responsibilities of an independent state.
A new account was established for the deposit of the funds referred
to in section 6 of the act of August 7, 1939. Withdrawals by the
Philippine Government from this account are subject to ninety days'
notice in writing. Interest at the rate of 1 percent is paid on the
daily balances in this account.

407631—42-

-12




158

REPORT OF THE SECRETARY OF T H E TREASURY

A summary of transactions in the account from the time of its
establishment to date follows.
Fiscal year
1940
1941

:

-_ - .

Deposits
$17, 274,092.01
15, 258, 938.13

Withdrawals
0.

$20,000,000.00

Balance at end
of year
$17, 274,092. 01
12, 533,030.14

Supplementary sinking jund for the payment oj bonds oj the Philippines.—Under section 6 of the act of March 24, 1934, entitled ''An
Act to provide for the complete independence of the Philippine Islands,
to provide for the adoption of a constitution and a form of government
for the Philippine Islands, and for other purposes," as amended by
the act of August 7, 1939, it was provided that on and after January 1,
1941, the Philippine Government shall impose'and collect an export
tax on every Philippine article shipped from the Philippines to the
United States, except as otherwise specifically provided. I t was
further provided that the Philippine Government shall pa}^ to the
Secretary of the Treasury of the United States, at the end of each
calendar quarter, all of the moneys received during such quarter from
export taxes (less refunds), imposed and collected in accordance with
the provisions of this section, and said moneys shall he deposited in
an account with the Treasurer of the United States and shall constitute a supplementary smking fund for the payment of bonds of
the Philippines, its provinces, cities, and municipalities, issued prior
to May 1, 1934, under authority of acts of Congress..
Accordingly, there was established with the Treasurer of the United
States a special deposit account in the name of the Secretary of the
Treasury entitled ''The Secretary of the Treasury for Account of the
Philippine Government—Supplementary Sinking Fund for the Payment of Bonds of the Philippines, its Provinces, Cities, and Municipalities, Issued Prior to May 1, 1934, under Authority of Acts of
Congress (Symbol 891-855)."
On June 23, 1941, there was deposited in this account the sum of
$558,061.15, representing the export tax collections during the
quarter ended March 31, 1941. There were no other transactions in
the account during the fiscal year 1941.
Miscellaneous trust junds.—Under the provisions of Public Law 62,
approved May 9, 1941, the Secretary of the Treasury was authorized
and directed to carry to the surplus fund of the Treasury the balances
outstanding to the credit of the "Philippine trust fund (processing
taxes, miscellaneous)" and other trust funds. The full text of the
authorizing act may be found as exhibit 71 on page 400.
Special j u n d
Colorado River Dam jund.—The Colorado River Dam fund was
established under the act of December 21, 1928, which provided for
the construction of works commonly referred to as the Boulder Canyon
project. All revenues and expenditures pertaining to the fund are
under the direction of the Secretary of the Interior.




REPORT OF THE SECRETARY OF THE TREASURY

159

Under an act of Congress (see page 398) approved July 19, 1940
(54 Stat. 774), the Secretary of the Interior was authorized to promulgate and to p u t into effect charges for electrical energy generated
at the dam site. The act further provides that the receipts from these
charges be used to meet costs of operation and maintenance; to repay
to the Treasury, with interest, the advances made to the fund for the
project; to provide $300,000 annually to each of the States wherein
the project is located, namely, Arizona and Nevada, beginning with
the year of operation ending M a y 31, 1938; and to transfer $500,000
annuaUy to the Colorado River development fund beginning with the
year of operation ended M a y 31, 1938.
The act states that the first $25,000,000 of advances made by the
Treasury to the Colorado River D a m fund is an allocation for flood
control, and repayment may be deferred for 50 years after date of
receipt by the fund of such advances, that is, to July 1, 1987, and
repayments shall be made at that time in the manner Congress shall
determine. For this reason, this sum of $25,000,000 is not included
under the caption "Advances" in the statement below.
The act further stipulates that interest charges for purposes of
advances and reimbursements shall be computed at the rate of 3
percent, in lieu of the 4 percent rate specified in previous legislation.
The statement which follows is on an operating year basis and has
taken into account the necessary revisions required under the act
approved July 19, 1940.
Status of Colorado River Dam fund as of close of each operating year, 1933 to 1941
Operating
year ending
M a y 31

Advances i

Interest
on a d vances

Advances
a n d interest
on a d v a n c e s

I n t e r e s t on
amount
i b s
o u t s t a n d - R emmn tusr 2e e
ing preceding year

Interest
on reimbursements

Total amount
due

$11,992,062.67
1933
- — $11,890,532.62 $101,529.96 $11,992,062.57
18,424,397. 76 249,674.11 18, 674,071. 87 $359, 761. 88
1934
19,033 833 75
23,607, 521.44 399,464.48 24,006,986. 92 930, 776. 89
24, 937, 762.81
1935
19,976,009.81 319,761. 45 20, 296, 771. 26 1, 678,909. 77
1936 _—
21,974,681.03
7,410. 641. 30 147,073.83 7, 557, 715.13 2, 338,160. 21
9, 895,865 34
1937
5, 685,000.00 88,848. 90 5, 773,848. 90 2, 635,026.17 $1,100,000. 00 $30,221.91
7, 278, 663.16
1938
1939
. . . . 5, 590, 265. 49 74,926.12 6.665,191. 61 2,853, 385. 76 4,600,000.00 67,101.35
3,861, 476.02
4,050,000. 00 67, 278.68 4,117, 278. 68 2, 968, 930. 04 3, 500,000.00 66, 377. 05
3, 529,831. 67
1940_._4,800, 000.00 87, 875. 34 4,887, 875. 34 3,074,824. 99 7,000,000.00 93,780. 80
1941
868, 919. 53
Total

101, 434, 368. 42 1,536,432.86 102,970, 801, 28 16,839,765.71 16, 200,000.00 247,481.11 3103, 363,085. 88

1 Excludes $25,000,000 of advances allocated to flood control, repayment of which is deferred to July 1,
1987..
,
2 Reimbursements have been applied toward reduction of "Interest on advances."
3 Includes $1,928,717.46 representing unpaid interest.




160

REPORT OF THE SECRETARY OF THE TREASURY
BUREAU OF THE PUBLIC DEBT

The Bureau of the Public Debt, in the Fiscal Service, is charged
with the conduct of transactions in the public debt securities of the
UnitedStates, and in securities of the Insular Governments and of
Government-owned corporations, for which the Treasury Department
acts as agent. The Bureau is also charged with the verification of
United States currency redeemed by the Treasurer of the United
States and of imperfect securities delivered by the Bureau of Engraving and Printing, the destruction of redeemed currency and other
securities authorized to be destroyed, and the procurement of distinctive paper for currency and public debt securities.
The Bureau organization comprises the Office of the Commissioner,
the.Division of Loans and Currency, the Office of the Register of the
Treasury, the Division of Public Debt Accounts and Audit, the
Division of Savings Bonds, and the Division of Paper Custody. The
Federal Reserve Banks, as fiscal agents of the United States, function
as a field service for transactions in public debt issues, and the Postal
Service functions in like manner for the sale of United States savings
bonds. • ,
'
The following statements, submitted by units of the Bureau, generally indicate their functions and summarize the transactions
conducted during the year.
Division oj Loans and Currency
The Division of Loans and Currency is the active agent of the
Secretary of the Treasury for the issue of all public debt obhgations
of the United States and for conducting transactions in such obligations
after issue. I t is also responsible for the issue of bonds or other
obligations of Puerto Rico and the Philippine Islands, for which the
Treasury Department acts as agent, and of the securities of various
Government corporations and credit agencies. The Division undertakes the safekeeping of these securities for certain Government
offices. I t also counts and delivers to the Destruction Committee
the United States currency canceled as unfit and mutilated paper
(spoilage, etc.) received from the Division of Paper Custody and the
Bureau of Engraving and Printing.
Issue and retirement oj securities.—The following is a summary of
the issue and retirement of securities conducted through this Division
during the fiscal year 1941. Detailed accounts of all transactions
in public debt securities of the United States are presented in formal
statements elsewhere in the report.




161

REPORT OF T H E SECRETARY OF THE TREASURY

Transactions in United States and insular securities and in securities of various
Government corporations and credit agencies, fiscal year 1941
[Principal a m o u n t ]
Transaction
P u b l i c d e b t securities: i
On h a n d J u n e 30, 1940..
U n i s s u e d stock r e t u r n e d to Division
Spoiled u n i s s u e d stock r e t u r n e d to D i v i s i o n . .
Received from B u r e a u of E n g r a v i n g " a n d
Printing.

Bearer

Registered

Total

$15,600,417,100

$3, 700, 650, 460
330,146, 900
2 72, 793, 875

$19,301,067, 560
330,146,900
2 72, 793,876

34, 707, 618, 500

10, 555, 799, 720

45, 263, 418,220

50, 308,035, 600

14, 659, 390, 955

64, 967,426, 665

21,087,313,550
48, 953, 650

3,614;433,425
4, 902,871, 095

24,701,746,975
4, 951, 824,746

50,000

50,000

135, 723,600

2,822, 235

139, 545,835

58, 054, 650

58, 054, 650

T o t a l disposals..

21, 272,990, 800

8, 578, 231,405

29,851, 222, 205

On h a n d J u n e 30, 1941..
Retired and redeemed.

29, 036, 044, 800
281,032, 270

2 6,081,159, 550
3, 583,020, 710

2 35,116, 204,350
3, 864, 052, 980

4, 932, 936, 250
72, 500

1,217,319,150

6,150, 255, 400
72, 500

T o t a l to be accounted for.
Stock s h i p m e n t s to Federal R e s e r v e B a n k s
a n d post offices
:
Issued b y Division
Delivered to B u r e a u of E n g r a v i n g a n d P r i n t mg..
U n i s s u e d stock delivered to Register of t h e
Treasury
Spoiled unissued stock delivered to Register
of t h e T r e a s u r y

I n s u l a r securities a n d securities of G o v e r n m e n t
corporations a n d credit agencies:
O n h a n d J u n e 30, 1940
-..
U n i s s u e d stock r e t u r n e d to Division
R e c e i v e d from B u r e a u of E n g r a v i n g a n d
Printing
T o t a l to be accounted for.
Stock s h i p m e n t s to F e d e r a l R e s e r v e B a n k s
a n d post offices
Issued b y Division
.
U n i s s u e d stock delivered to Register of t h e
" Treasury

3, 273, 550,000

200,350, 000

3,473, 900, 000

8, 206, 558, 750

1, 417, 669,150

9, 624, 227, 900

2,440, 968, 650
1,764,300

, 53,216,600

2, 440, 968, 650
54, 980, 900

108, 437, 900

108,447, 900

T o t a l disposals..

2,442, 742, 950

161,654,500

2,604,397,450

On h a n d J u n e 30, 1941.
Retired and redeemed.

5,763,815,800
23,131,125

1, 256,014, 650
67,028, 400

7, 019, 830, 450
90,169, 525

1 I n c l u d e s adjusted service b o n d s a n d U n i t e d States savings b o n d s .
2 I n c l u d e s $7,906,975 received in 1940 b u t n o t r e p o r t e d .

United States savings, bonds.—Original registration stubs from
United States savings bonds sold which were received and audited,
savings bonds redeemed prior to maturity which were received and
registration discharged before payment, and savings bonds redeemed
prior to maturity which were received and registration discharged after
payment, during the fiscal year 1941, are shown in the following table.




' Transactions concerning United States savings bonds, fiscal year 1941
N u m b e r of pieces
Series .

M a t u r i t y value

Sales price
$25

"$100

$60

$500

$1,000

$5,000

$10,000

Total

•

•^^^^».

Original registration s t u b s from savings b o n d s sold—received a n d a u d i t e d
C-1937.
C-1938
-.:
D-1939
D-1940
D-1941
E-1941, defense
F - l 9 4 1 , defense
G-1941, defense

5
744,867
412,414
370, 304

T o t a l registration s t u b s

1, 527, 590

1
-7
484,806
268, 708
171,888-

925, 396

9
17
761,958
446,134
300, 420
10,052
. 46,688

2
1
181,039
149,689
67,405
5,063
22,036

10
6
38
381,029
400,349
82,062
17,136
81,118

3,321
14,466

• 1, 665, 278

425,225

961, 748

17, 777

6,486
23,567

10
18
64
2, 553, 699
1, 677,294
992,079
41, 048
187,865

$7,500.00
5,962. 50
29,981. 26
442,954,706. 26
407, 664,487. 60
122, 743,875.00
68,178,198.00
404, 754,800.00

$10,000.00
7,950.00
39,975.00
.590, 606,275. 00
.543,552,660.00
163,668,500.00
92,132, 700.00
404, 764,800.00

29,053

6, 452, 067

1, 446, 339, 510. 50

1, 794, 762,850. 00

o
O

W
W

Savings b o n d s r e d e e m e d prior to m a t u r i t y — r e c e i v e d a n d registration discharged before p a y m e n t
A-1935
B-1936
C-1937
C-1938
D-1939
D-1940
D-1941
E-1941, defense
F - l 941, defense
G-1941, defense

. . .

.

_.

Total

-

819
1,207
1,817
2,292
3,017
1,942
148
5

l i ; 247

723
1,152
1,659
2,011
2,763
1, 748
75
1

10,132

2,149
2,580
3,481
4,332
6,816
4,643
300
12
2
21

830
1, 111
1,161
1,204
1,862
1,499
84
22
14

806
1,816
2,496
3,016
8,158
4,602
303
26
1
73

11
28

24,336

7, 787

21,297

39

O

1
32

6,327
7, 866
10, 614
12,856
22, 616
14, 434
910
66
15
168

$1,492, 526.00
• 2,717,275.00
3,652, 976.00
4,209,050.00
9,984,175.00
6, 951* 750.00
382,450.00
38,376.00
66,200.00
542,100.00

33

74,871

28,936, 876.00

Savings b o n d s r e d e e m e d prior to m a t u r i t y — r e c e i v e d a n d registration discharged after p a y m e n t
A-1935
B-1936
C-1937
C-1938
D-1939
D-1940
D-1941

---.

Total
Gran
FRASER d t o t a l savings b o n d s

Digitized for


6,916
15,223
30, 569
48, 969
88,823
110, 062
1,724

5, 261
12, 698
22, 244
32, 677
48, 328
49, 330
694

11, 240
22, 000
33,166
44,413.
69, 067
70, 293
1,030

3, 619
6,339
8,138
10,028
15,080
15, 298
322

3,460
7,853
10,259
13,807
23, 903
24,420
620

302,286

171,132

251,199

58,824

181,264

275,535

66,611

10.5. 519

867, 663
39

33

, 942,634

'

Pi

o

>
$6,829,450.00
14, "237,976.00
19, 520,025.00
26,115, 375.00
42, 986, 675.00
44,316,350.00
861,800.00

30, 496
64,113
104, 366
149, 794
245, 201
269, 403
4,290

84, 222

313,633

w
w

154,867,650.00
183,804, 525.00

REPORT OF THE SECRETARY OF THE TREASURY

163

Individual registered accounts.—Individual accomits are main-,
tained in connection with registered issues of the United States and
of securities of various Government corporations and credit agencies;
and interest is paid periodically in the form of checks on the interestbearing debt. The accounts open on June 30, 1941, were as follows:
Number of
accounts

Registered issues
Public debt:
Interest-bearing loans..
Matured loans (Liberty, Victory, pre-war, postal savings, and Treas
ury bonds)
Total public debt issues
Others:
Interest-bearing loans:
Home Owners' Loan Corporation bonds
Federal Farm Mortgage Corporation bonds
Consolidated Federal farm loan bonds
Federal Housing Administration debentures
_
Matured loan. Home Owners' Loan Corporation bonds
Total other issues
Grand total

...^

591, 551

Principal

I, 441, 355,986.40

12,659

8,146,180.00

604, 210

9,449, 502,166.40

3,028
15,317
7,464

217,196, 000.00
139, 250,900.00
37, 615, 500.00
17,378, 955.28
166,000.00

784
52
26, 645

411, 607, 355. 28

630, 856

9, 861,109, 521.68

There were 56,031 individual accounts closed for registered Liberty
bonds. Victory notes, special Treasmy notes, pre-war and postal
savings issues, and Treasury bonds; and 8,617 accounts were decreased,
representing retirements of securities in the amount of $2,731,124,210
par value. In connection with the same loans, 229,752 new accounts,
involving $3,905,124,920 of principal, were opened. During the
year 20,098 changes of address for mailing of interest checks were made.
Interest on registered Treasury bonds was paid on due dates in the
form of 749,054 checks amounting to $79,767,148.65; on registered
securities of the pre-war and postal savings loans, 63,868 checks for
$4,225,291.25 were issued; and on registered Treasury notes and certificates of indebtedness, interest payable by 8 checks amounting to
$25,793,942.63 were issued. Also 1 check was issued in payment of
interest amounting to $22,507,108.04 on the 4}^ percent adjusted
service bonds—United States Government life insurance fund series.
There were received from the Bureau of Engraving and Printing
861,900 checks as stock.




164

RE.PORT OF THE SECRETARY OF THE TREASURY

Claims.—Claims for relief on account of lost, stolen, destroyed, and
mutilated securities handled by the Division of Loans and Currency
within the fiscal year were as follows:
N u m b e r of
securities

N u m b e r of
claims

Claims

P a r a m o u n t of
securities

P u b l i c d e b t issues
11,350
3,384

$7, 083, 775. 75
1, 812, 854. 58

48,071

8, 896, 630. 33

1,737
1,032
161
583

T o t a l to be accounted f o r . .
Settled b y :
Reissue or r e d e m p t i o n of securities
^
R e c o v e r y of securities Disallowance of claims a n d credit allowed
o t h e r dispositions

37, 846
10, 225

14, 734

O n h a n d J u n e 30, 1940
Received-

5,058
3,404
2,038
1,658

796, 534.08
719, 615.00
1, 225,105.00
7,059. 75

i

3, 613

12,158

2, 748, 313. 83

11, 221

35,913

6,148,316. 60

T o t a l disposals
On h a n d J u n e 30, 1941

.....

H o m e O w n e r s ' L o a n Corporation, Federal
F a r m M o r t g a g e Corporation, a n d consolid a t e d F e d e r a l farm loan b o n d s
On h a n d J u n e 30, 1940
Received.. . . .

271
41

1,251
146

$464, 850.00
70, 283. 71

T o t a l to be accounted for
Settled b y reissue, r e d e m p t i o n , recovery, or no relief

312
37

1,397
181

635,133. 71
100, 483. 71

On h a n d J u n e 30, 1941

275

1, 216

434, 650.00

Sajekeeping oj securities.—During the fiscal year transactions in
securities held in safekeeping were as follows:
On h a n d J u n e
30, 1940

Issues

Received a n d receipts issued

Released

On h a n d J u n e
30, 1941

P u b l i c d e b t issues
.
$4, 649, 344, 806. 40 $4, 365, 759, 000.00 $3, 028,145, 600.00 $5, 986, 958, 206. 40
2,050.00
1,050.00
Adjusted service b o n d s
3,100.00
6, 601, 600. 00
I n s u l a r securities
2, 226, 500. 00
6, 642, 500. 00
2,185, 500.00
H o m e O w n e r s ' L o a n Corporation b o n d s 20, 000,875. 00
20,000,875. 00
Total

..

. .

4, 387, 948, 475. 00

4, 655, 987, 306. 40

3, 050, 374,026.00

5, 993, 561, 756. 40

Mutilated paper and redeemed currency.—Mutilated paper verified
and delivered to the Destruction Committee consisted of 41,842,060
sheets and coupons, of which 41,379,313 sheets and coupons were
received from the Bureau of Engraving and Printing and 462,747 sheets
from the Division of Paper Custody.
Redeemed currency, unfit for circulation, counted and delivered to
the Destruction Committee during the year amounted to 928,499,874
pieces, representing $1,737,962,737.67, detailed as follows:
Pieces

Currency
U n i t e d States notes
Silver certificates
Gold certificates.
T r e a s u r y notes
F r a c t i o n a l currency
Total




.

. . . . . - . _ .
. -

.

.

.

...
.

. '_

F a c e value

48,857,984 $196, 327,600.00
879,477, 277 1, 538,244, 750.00
142,010
3,383,110.00
457
1,900.00
22,146
6,377.67
928,499,874

1, 737,962,737.67

165

REPORT OF THE SECRETARY OF THE TREASURY

In addition to the securities which were delivered to the Register of
the Treasury, the Division canceled and dehvered to the Register
2,907,904 coupons amounting to $252,324,385.63. Of these, 2,522,155
were pubhc debt coupons amounting to $223,757,881.76, and 385,749
amounting to $28,566,503.87 were coupons from securities of Government corporations and credit agencies.
Register oj the Treasury
The Register of the Treasury conducts the final audit and has custody of all retired pubhc debt securities, including interest coupons
and checks, and performs a like function with respect to the securities
of the Home Owners^ Loan Corporation, Federal Farm Mortgage
Corporation, Federal Housing Administration, Reconstruction Finance
Corporation, Federal National Mortgage Association, Commodity
Credit Corporation, United States Housing Authority, and the consolidated obligations of the Federal home loan banks and the Federal
land banks. The Register also retires bonds of the insular possessions
which are exchanged for other securities.
The Register renders monthly certification to the Comptroller
General of all public debt securities redeemed by the Treasurer of
the United States, and establishes credits due the Federal Reserve
Banks and the Division of Loans and Currency for securities forwarded
by them on account of exchanges, replacements, transfers of registration, etc.
The following statement sets forth, by class of security, the total
number and face value of documents which were received by the
Register's Office on account of transactions during the fiscal year 1941.
Summary of securities received by the Register of the Treasury on account of transactions, fiscal year 1941
Registered

Bearer,
Security
Pieces

Amount

Pieces

Amount

Redeemed
Public debt securities:
Pre-war and postal savings bonds
Liberty loans
Treasury bonds
..
Treasury notes
United States savings bonds
Adjusted service bonds
Certificates of indebtedness
Treasury bills
Treasury (war) savings securities
Interest coupons
Other securities:
Home Owners' Loan Corporation:
Bonds
Interest coupons. . . .
-. . . . .
Interest checks
^.
Federal Farm Mortgage Corporation:
Bonds
Interest coupons
Interest checks
-..
Consolidated Federal farm loans of the Federal
land banks:
Interest coupons
Interest checks
.. . .
Federal Housing Administration:
Debentures
Interest checks
' June 1941 settlement subject to audit.




71
$41, 590.00
12,372
4, 227, 250.00
186, 734 1, 310, 363,350. 00
113, 629 1,914,492,600. 00
181
683,850.00
102,417 6,496,438,000.00
42, 379
59,197. 25
11,416,002 1783,671,271:01
• 60,026
1, 513, 584

211, 301, 350.00
49,645, 218. 99

211, 300.00
58
1, 285, 474 ' 33,759,017.61

938, 279

30, 267,494. 85

173
$277, 770.00
2,084
931,200.00
31,672
41,495,000.00
218 516, 505,000.00
978,670 1 148,033,729. 50
22, 707,400.00
454,148
159 2, 379,100,000.00
1,773

43,800.00

81

20,112,000.00

6,220

6,163,752. 60

31, 635

4, 282,878. 79

16,004

1, 324,134.49

3,702
3,155

2,562,450.00
399,002.18

166

REPORT OF THE SECRETARY OF THE TREASURY

Summary of securities received by the Register of the Treasury on account of transactions, fiscal year 1941—Continued
Registered

Bearer
Security
Pieces

Pieces
Redeemed—Continued

Other securities—Continued.
Federal home loan banks:
Consolidated debentures
Interest coupons
Reconstruction Finance Corporation interest
coupons
Commodity . Credit Corporation interest
'coupons.
Federal National Mortgage - Association
interest coupons
United States Housing Authority interest
coupons..---.
Total

9, 703
34,605

$39,671,000.00
920,801.96

101,895

9,939,621.29

87,.. 769

4,932,681.59

24, 373

1,495, 732.88

42,938

1, 709, 774. 37

16,972,389 9,893, 731,001'. 701 1, 629,694 $3,143,928,117. 46
Retired on account of exchanges for other securities, etc.

Public debt securities:
|
Pre-war and postal savings bonds
Liberty loans
-.
_
Treasury bonds...
_.
Treasury notes
United States savings bonds
Adjusted service bonds
•.
1...
Certificates of indebtedness. _.
Treasury bills
..;
First ZH% Liberty loan interim certificates....
Other securities:
Insular possessions loans
.
..
Home Owners' Loan Corporation bonds
Federal Farm Mortgage Corporation bonds...
Consolidated Federal farm loans of the Federal
land banks, bonds.
Federal Housing Administration debentures_.
Federal home loan banks, consolidated debentures
Reconstruction Finance Corporation notes
Commodity Credit Corporation notes
Federal National Mortgage Association notes. United States Housing Authority notes
Total.

662
$265,080.00
1,234
97,650.00
588,317 2,173,207,200.00
135,697 1,842,760,100.00

10,500

$6,014,040.00

88,426
7
66,162
972
1

261,091.060.00
151,040,000.00
28,636,300.00
48,600.00
600,000.00

6

685,095,000.00
300.00

500
71, 772
41, 664

600,000.00
142,705,350.00
48,180, 500.00

834
1,266
6,205

1,464,000.00
26,607,000.00
7,726,100.00

22,309

49,861,000.00

4,766
2,140

6,699,000.00
1,604,650.00

193
11,937
5,095
114
1, 231

440,000.00
514,469, 333. 34'
37,610,000. OOl
662,000.00
6,686,000.00
180,278

480,130,740.00

9, 556
•

1,185 5,502,638,413.34

Unissued stock retired
Public debt securities:
Pre-war and postal savings bonds
Treasury bonds
Treasury notes
United States savings bonds
Adjusted service bonds
Treasury bills
Interest coupons
Other securities:
Insular possessions loans
'
Home Owners' Loan Corporation:
Bonds
Interest coupons..
Federal Farm Mortgage Corporation:
Bonds
Interest coupons
Consolidated Federal farm loans of the Federal
land banks:
Bonds
Interest coupons




$90, 768, 600.00
465, 058, 600.00

1, 900
268

$424,960.00
2, 261, 750.00

213, 978
15

33,922
62, 069

58, 231, 325. 00
750.00

33,876 3,838,139,000.00
; 643, 000 325, 024, 218.40
,
1, 968|

7,117, 000.00
101,022,000.00

5,(
240,9221

55, 432, 800.00
19,037,006.67

654
272,886

494, 000. OOi
13,007,046.03

16, 300.00

29, 352
188,1821

29, 370,000.00
10, 502, 664.46

19,100.00

41

167

REPORT OF THE SECRETARY OF THE TREASURY

Summary of securities received by the Register of the Treasury on account of transactions, fiscal year 1941—Continued
Bearer

Registered

Security
Pieces

Amount

Pieces

Amount

Unissued stock retired—Continued
Other securities—Continued.
Federal Housing Administration debentures
Federal home loan banks:
Consolidated debentures
Interest coupons
.
Reconstruction Finance Corporation interest
coupons
Commodity Credit Corporation interest
coupons...
Federal National Mortgage Association interest coupons
.1.
United States Housing Authority interest
coupons
Total.

^

120
21,992
14, 595
46, 716

$263, 500.00

218,321

169,366,685.00

$62,130, 000.00
736,119.81
2,798,414.60

, 42, 396

1,437, 673.87

87,177

2, 714, 657.11

14,119

543, 331. 65

4, 727, 556 4, 917,193, 932. 60

Recapitulation
Public debt securities:
Pre-war and postal savings bonds..
Liberty loans...
.
Treasury bonds.
Treasury notes....
United States savings bonds
Adjusted service bonds
..
Certificates of indebtedness..
'
Treasury bills
First ZH% Liberty loan interim certificates
Treasury (war) savings securities
Interest coupons
.
Other securities:
Insular possessions loans.Home Owners' Loan Corporation:
Bonds
Interest coupons
Interest checks
Federal Farm Mortgage Corporation:
Bonds
Interest coupons
Interest checks
1• . '
Consolidated Federal farm loans of the Federal land banksBonds
Interest coupons
Interest checks .
Federal Housing Administration:
Debentures
Interest checks
1
..
Federal home loan banks:
Consolidated debentures
Interest coupons
Reconstruction Finance Corporation:
Notes
Interest couDons
Commodity Credit Corporation:
Notes
Interest coupons
Federal National Mortgage Association:
Notes
Interest counons
United States Housing Authority:
Notes
Interest coupons
Total




$306,670.00
733
4, 324,800.00
13,606
808,973 3, 674, 339,050.00
301,395 4, 222, 311, 300. 00

$5,716,770.00
12,573
2,084
931,200.00
120, 366 294,847,800. 00
225 667, 546,000. 00
1, 268,810 234,801, 364. 60
22, 756, 760. 00
466,135
683,850. 00
181
160 2,379,600,000.00
146,848 10,019,672,000.00
300.00
43,800.00
42, 379
59,197. 25
16,069, 002 1,108, 595,489.41
1,773
2,802
500; 000.00
8,681,000; 00
500
137,496
1,754, 506

409, 439, 500.00
68, 682, 225. 66

42, 276
1, 558, 360

48,885,800.00
46, 766,063. 54

51, 661
1,126,461

79, 231, 000. 00
.40,770,169.31

1,388

147,641,000. 00

6, 220

6,163, 762. 60

6,226

7,742,400.00

31, 635

4,282,878.79

37, 610, 000.00
6, 370,165.46

114
111, 650

4, 320, 600.00
399,002.18

102,241,000.00
1. 656, 921.77
514, 469, 333. 34
12, 738, 036.89

6,095
130,165

6,718,100.00
, 1,324,134.49

6,962
3,155

11,937
148, 611

4,776
16, 004

662.000.00
4, 210, 389. 99

31,888
49,100

6, 685,000.00
2, 253,106.02
21, 590,130 20, 313,463, 347.64 1,928,193 3,793,415, 542.46
1, 231
67, 067

168

REPORT OF THE SECRETARY OF THE TREASURY
Division oj Public Debt Accounts and Audit

This Division maintains administrative control accounts for all
oflBcial transactions in the public debt conducted by the various
Treasury ofiices and the Federal Keserve Banks as fiscal agents of
the United States, and also for transactions involving paper used for
printing public debt and other securities, United States currency,
stamps, etc., and miscellaneous securities and documents in the
Bureau of Engraving and Printing. Also included in the administrative control accounts of this Division are transactions in bonds of the
Home Owners' Loan Corporation and the Federal Farm Mortgage
Corporation, in consolidated Federal farm loan bonds of the Federal
land banks, in notes of the Commodity Credit Corporation, Reconstruction Finance Corporation, and United States Housing Authority,
and in debentures of the Federal home loan banks and the Federal
Housing Administration, conducted by the Treasury and Federal
Reserve Banks, similar to those in public debt securities. Numerous
administrative audit functions are performed in connection with the
foregoing. The Division maintains control accounts for various
classes of unissued currency in reserve stocks of the Treasurer of the
United States, and conducts administrative examinations and physical
audits of such unissued stocks of currency and of cash balances in
custody, and of collateral securities held in trust in the offices of the
Treasurer of the United States.
During the fiscal year, 210 audits were conducted, involving
physical counts of securities, currency, distinctive and nondistinctive
paper, interest checks, etc., amounting to about $62,992,000,000 in
face value and 117,255,000 in number of pieces; an examination and
audit of 5,500,000 individual accounts of holders of registered bonds;
and an audit of the numerical registers involving an examination of
8,000,000 spaces representing bonds retired or outstanding. Other
special audits under instructions of the Secretary of the Treasury
were also conducted.
The Division determined and certified credits to the cumulative
sinking fund and amounts in the sinking fund available for expenditure from time to time, interest on all classes of public debt securities
and securities of various Government corporations and credit agencies
which became due and payable on their respective interest-payment
dates, and the amount of each form of such securities and unpaid
interest outstanding each month. I t prepared estimates of interest
to become payable on public debt securities in future fiscal years,
and of expenditures to be made on account of retirements for the
sinking fund and other special accounts, and prepared statements
showing the accountability of Federal Reserve Banks for public debt
and other securities for the use of Federal Reserve Board examiners
in their periodical examinations of those banks. Numerous data
pertaining to public debt and other transactions for various interested
offices and individuals were also compiled.
Division oj Savings Bonds
The Division of Savings Bonds originally was charged with the
primary function of promoting the sale of United States savings bonds.
When the new defense savings bonds and stamps were developed



REPORT OF THE SECRETARY OF THE TREASURY

169

under authority of the Public Debt Act of 1941, approved February
19, 1941, the Defense Savings Staff was established on March 19,
1941, to carry on an intensive campaign for the promotion of the sale
of these new securities. At the same time, the sale of the earlier
issues of United States savings bonds was suspended.
Accordingly, the functions of the Division of Savings Bonds were
somewhat modified. The preparation of publicity material was
taken over by the Defense Savings Staff, as was also the statistical
work relating to the new defense savings bonds and stamps.
Aside from the preparation of publicity material during 8 months
of the year, the Division of Savings Bonds during the year compiled
statistics from the returns of sales of United States savings bonds
and prepared numerous reports. A large volume of correspondence
was carried on in reply to requests for information concerning the
savings bonds and the conduct of the Regular Purchase Plan, which
encouraged systematic savings for old-age retirement, education of
children, creation of cash estates, emergencies, travel, and other
future needs.
The Division maintained a plate file of about 7,000,000 active and
prospective purchasers, to whom savings bond literature was sent at
given intervals; and a file of about 100,000 purchasers under the
Regular Purchase Plan, to whom remittance envelopes were sent in
advance of the purchase periods designated by the purchasers.
Approximately 30,000,000 pieces of mail were distributed during 1941,
Division oj Paper Custody
The Division of Paper Custody receives from the contractors all
distinctive paper used in printing pubhc debt obligations and paper
currency of the United, States, Cuba, and the Philippine Islands,
issues such paper to the Bureau of Engraving and Printing against
orders to print, and certifies to public vouchers in payment of the
paper. The Division also maintains records of all receipts and issues
of Federal Reserve notes stored in the Federal Reserve vault.
The following tables summarize the operations of this Division
during the fiscal year 1941.
Receipts and issues of distinctive and nondistinctive paper, fiscal year 1941
[In sheets]

Kind

On h a n d
Julyl,
1940

Received

Issued

On h a n d
J u n e 30,
1941.

DISTINCTIVE

U n i t e d States c u r r e n c y a n d F e d e r a l Reserve notes
U n i t e d States b o n d s
. - - -^
C u b a n currency
Philippine currency
----

22, 388, 389 89, 231, 508
2,138, 727
9, 223, 064
22, 203
637, 657 • 1,496,148
25,186, 976

92,181, 210
8, 595, 632
1, 478, 412

19, 438, 687
2, 766,159
22, 203
655, 393

99, 950, 720 102, 255, 254

22, 882, 442

NONDISTINCTIVE

P a r c h m e n t , artificial p a r c h m e n t , a n d p a r c h m e n t d e e d . .
P h i l i p p i n e I s l a n d s postal card
Miscellaneous
--^--




194, 244
28,091
881, 400

• 315,132
25, 718
1, 963, 369

301, 856
44, 620
994, 883

207, 520
9,189
1, 849, 886

1,103, 735

2, 304, 219

1, 341, 359

2, 066, 595

170

REPORT OF THE SECRETARY OF THE TREASURY
Federal Reserve notes, series 1934, received and issued, fiscal year 194i

Onhand July 1, 1940
Received
Total
Issued
On hand June 30, 1941

---

-

----

'

:.-- $3,091,860,000
2,274,960,000
- . 5,366,820,000
2,952,220,000
2,414,600,000

During the year 102,529,014 sheets of paper were counted prior to
issue to the Bureau of Engraving and Printing for authorized work.
There were no transactions duririg the year in Federal Reserve
notes, series 1928, or in Federal Reserve Bank notes, series 1929, of
which $2,813,100,000 and $450,800,000, respectively, were on hand.
Destruction Committee
The following table summarizes the securities (including redeemed
canceled currency) and miscellaneous items received from the various
offices and destroyed by the Destruction Committee during the year.
Number and face amount of securities and miscellaneous items destroyed by the
• Destruction Committee, fiscal year 1941
Number of pieces

Office making delivery, and items
Division of Loans and Currency and Treasurer of the United States:
United States notes. _
Silver certificates
Gold certificates
Treasury notes
.
. . .
Fractional currency

927,494, 594

1,107,831
3,193,086
104,305,835

-

Total
Bureau of Internal Revenue, miscellaneous stamps
Farm Credit Administration, canceled coupons .. .
.....

..

:...

Division of Loans and Currency:
For Bureau of Engraving and Printing—mutilated w o r k . . .
Registered proof sheet numbers
Photostats
Void coupons. . . •
Nondistinctive coupons
.
Treasury Archivist—Forms T. F. E. L. 2
Total
1 Sheets.
2 Parts of sheets.




/
I

8, 367, 993, 500.74
352, 533, 652.79
8, 720, 527,153. 53
85, 856,917. 97
109, 365,446. 67

1,060,126,125

-

1,436,678, 839.00

3,530,795

Total
Register of the Treasury:
Principal pieces
Coupons

15,303,064. 00
50,267,705.00
1, 371,108,070.00

20,493,986

--

1, 735, 998,337. 67

15, 756, 824
4,737,161

:.

$195,899,100.00
1,636,708,860.00
3,383,110.00
1,900.00
5,377. 67

108, 606,761

Total

48,747, 664
878i 582,417
142,010
457
22,146

Comptroller of the Currency, national banks, and Federal Reserve
Bank agents:
National bank notes
.
JFederal Reserve Bank notes
Federal Reserve notes

Grand total..

Face value

12,088, 416, 694. 74

» 27, 576,842
1 19, 915
1 462,747
.
2 25
1,533
13,798,162
4,309
6,026
41, 869, 559

171

REPOBT OF T H E S-ECBETARY OF T H E TREASURY
TREASURER OF T H E UNITED STATES

Public moneys are received and disbursed through the accounts of
the Treasurer of the United States. Depositary accounts are carried
with several hundred designated Government depositaries. Checking
accounts with disbursing officers of the Government are maintained
on the books of the Treasurer. Funds appropriated by Congress for
the use of the various departments and establishments of the Government are advanced to disbursing officers as required through credits.
to their accounts with the Treasurer, and disbursements are made by
checks drawn by disbursing officers against such accounts. The
Treasurer is the official custodian of the public money; he is also fiscal
agent for the payment of the principal of and interest on the public
debt, for the issue and redemption of United States paper currency,
for the redemption of Federal Reserve notes, Federal Reserve Bank
notes, and national bank notes,* and is treasurer of the Board of Trustees of the Postal Savings System and trustee and custodian of miscellaneous securities and trust funds. He acts as special agent for
the payment of the principal of and interest on bonds and other obligations of the insular governments and of governmental corporations
and agencies.
The figures in this report of the Treasurer (pp. 171 to 175) are on
the basis of the daily Treasury statements (unrevised) .^
A comparison of the receipts and expenditures of the Government
for the fiscal years 1940 and 1941, exclusive of postal revenues and
expenditures payable therefrom, is shown in the following table.
Summary of receipts and expenditures, general and special accounts, fiscal years
1940 and 1941
1940

1941

Increase or
decrease (—)

Receipts. ___
. . __ _ $5,924,836,402.76 $8, 268, 612, 585. 50 $2, 343, 676,182. 74
Deduct:
Net appropriations to Federal old-age and
survivors insurance trust fund
_.
537, 711, 733.00
661, 300, 733. 42
123, 689, 000. 42
• •

Netreceipts

._ _ _

Expenditures:
General
_
. . .
National defense
Revolving funds (net)
Transfers to trust accounts, etc
Subtotal
Public debt retirements

5,387,124, 669.76

_.

Net deficit . .

2, 220,087,182. 32

' 7,078, 984, 905.'53 1 6, 632, 267, 391. 60
. . 11, 657, 432, 455. 90 1 6,080, 083, 536. 31
53,918, 945. 04
21S6,286,103.94
207,853, 400. 00
234, 565, 000. 00

—546, 717, 513. 93
4, 422, 651,080. 41
-190, 205, 048. 98
26, 711, 600. 00

—_ 8, 998,189, 706. 47 12,710,629,823.97
129,184,100.00
64, 260, 500. 00

3, 712, MO, 117. 50
-64,923 600.00

9,127, 373. 806. 47 12, 774, 890, 323. 97

_ _

3, 647, 516, 517. 50

3, 740, 249,136. 71 5,167, 678, 471. 89
129,184,100. 00
64, 260, 500. 00

1,427,429 335 18
-64,923.600.00

3, 611, 065,036. 71

1, 492, 352,935.18

Total
Gross deficit
Deduct: Public debt retirements

7, 607, 211', 852. 08

. _ ___

5,103, 417, 971. 89

1 Revised to make classification of expenditures for 1940 and 1941 on the same basis including the transfer
of expenditures of the United States Maritime Commission from the classification "General" to "National
defense."
2 Excess credits.(deduct).
a Funds for the retirement of Federal Reserve Bank notes and national bank notes have been deposited
in the Treasury.
b For a description of the bases used in the tables in this'report and of the accounts through which Treasury transactions are effected, see pp. 405 and 406.




172

REPORT OF THE SECRETARY OF THE TREASURY

• A comparison of the receipts and expenditures in trust accounts,
increment on gold, etc., follows.
Summary of receipts and expenditures, trusts accounts, fiscal years 1940 and 1941
Increase or
decrease ( - ) .

1940

Net appropriations
_
Interest on investments

$550,000,000.00
12, 288, 267.00

$688,140, 728. 28
26,839,994.86

$138,140, 728. 28
14, 561, 727.86

537, 711, 733.00
42, 488, 827.85

Receipts: i
Federal old-age and survivors insurance trust
fund:
Appropriations
Less: Reimbursements to General Fund..

1941

661, 300, 733.42
66, 958, 278.12

123, 589,000.42
13,469,450.27

Expenditures: 2
Federal old-age and survivors insurance trust
fund
Unemployment trust fund
Railroad retirement account
Another 3
Total
Excess of receipts
Excess of expenditures

137, 058,450.69
155, 283, 833. 62
3, 951, 341.14
130,461, 794. 29
426, 756, 419.74

576, 705,'088. 55
706,841,884. 66
957, 316, 273. 97 1,118,127,110.94
125, 299, 073. 50
115, 773, 514.47
281, 633, 289. 61
710, 614, 259. 63

130,136,796.11
160,810,836.97
—9, 625, 569.03
428,980, 970.02

1, 940, 953, 725. 63 2, 651, 356, 769. 70

.

Total

717, 259, Oil. 54
580, 200, 560. 85
958, 639,162.80 1,113,922,996.42
126,883; 857. 53
122,932,516.39
545, 227, 298.84
414, 765, 604. 65
2,076, 637, 744. 59 -2, 503, 293.164. 33

Net
Unemployment trust fund..
Railroad retirement account
All other

710,403,044.07

135, 684,018. 96

283, 647, 624. 33

148,063, 605.37

»Includes transfers from General Fund.
2 Includes investments.
3 Includes net transactions in checking accounts of governmental agencies, etc.

Total public debt receipts during the year amounted to
$17,846,730,897.45; retirements chargeable against ordinary receipts
amounted to $64,260,500.00 and other retirements $11,788,557,899.42,
o r a totalof $ll,852,818,399.42;making an increase of $5,993,912,498.03
in public debt obligations outstanding. The details with respect to
the receipts and expenditures are shown in the table on page 556.
Public debt retirements chargeable against ordinary receipts
included in the total public debt expenditures are classified as follows:
Cumulative sinking fund
_
Retirements from excess capital of Commodity Credit Corporation
Forfeitures, gifts, etc
Total

.

$37,010,900
25,363,900
1,885,700
-

64,260,500

The amount of interest paid on the public debt during the year is
classified as follows:
Class of interest payment
Interest coupons paid
Registered interest checks paid
.
Accrued interest paid in cash on obligations at redemption
Discount on Treasury bills sold
Discount accrued on United States savings bonds
^
Interest paid on obligations, special series (transfer-counter warrant transactions)
Total paid...
Less repayments
Net payments




.-.

Amount
$783, 896,607. 91
132, 304, 531. 67
44,466, 437. 87
613, 314. 30
66,007,746.76
84, 650, 378. 59
1,110,838,015.99
145, 204.08
1,110, 692,811.91

REPORT OF T H E SOECRETARY OF THE. TREASURY

173

The number of pieces of public debt principal obligations examined,
verified, and redeemed during the year was 1,914,738 compared with
1,762,701 pieces for the previous year. Checks in payment of interest
. on the registered obligations of the United States verified and paid
numbered 812,576, and the matured interest coupons of Government
obligations examined, verified, and paid numbered 11,416,026.
The gold holdings of the Treasury as of June 30, 1941, valued at
$35 an ounce, were $22,624,083,167.18, an increase of $2,661,008,•654.56 over the previous year. The details of these gold holdings are
shown in the table on page 605 of this report. The increase in gold
holdings was made up as follows: Net acquisitions by mints and assay
offices on account of imports, etc. (valued at $35 an ounce), $2,660,034,962.81; received uncier the order of the Secretary of the Treasury
of December 28, 1933 (paid for at $20.67+ an ounce), $575,085.48;
and increment resulting from reduction in the weight of the gold
dollar, $398,606.27.
Paper currency of each class issued and redeemed during the year
and the amounts outstanding, including Treasury and Federal Reserve
Bank holdings, on June 30, 1940 and 1941, were as follows:
O u t s t a n d i n g J u n e 30,1941
Outstanding
J u n e 30, 1940

Class

Issued

Redeemed
In
Treasury

$2,882, 889. 319
$3,383,610
O o l d certificates.
1,832, 214, 328 $1,741,000,000 1, 644, 981, 300
Silver certificates
346,681,016
209,168,000
U n i t e d States notes
. . . .
209,168,000
1,163, 948
T r e a s u r y notes of 1890
1,900
5,'481, 778. 345 2,993,970,000 1,474, 227, 720
Federal Reserve notes
2; 106, 042
22,808, 746
F e d e r a l Reserve B a n k notes
15, 281, 277
Tslational b a n k notes . 167,190, 377
10, '734, 726, 079

Total

4, 944,138,000 3, 349,148, 749

Outside
Treasury

$1,134, 760 $2,878,371 049
13,802,941 1, 914,430, 087
2, 553,062
344,127 954
1,426
1,160, 622
13,156, 702 6,988,363 923
348, 514
20 355 190
441.900
151,467,200
31, 439, 306 12, 298, 276 025

United States paper currency shipped during the year from the
Treasury in Washington to Treasury offices. Federal Reserve Banks
and branches, arid others amounted to $1,884,305,759, an increase of
$17,625,199 over the previous year. The Treasurer's Ofiice directed
shipments of current silver and minor coins between the UnitedStates
Treasury, the United States mints, and the Federal Reserve Banks
and branches for use in pubhc disbursements, etc., as follows:

Kind

Silver:
s t a n d a r d dollars
Half dollars.
Q u a r t e r dollars
Dimes
Minor:
Nickels.
Cents

S h i p m e n t s from
m i n t s to Treasu r y a n d Federal
Reserve B a n k s
and branches

S h i p m e n t s bet w e e n Federal
Reserve B a n k s
and branches

$6,484, 888
12,844,350
18,403, 400
17,928,000

$1, 770,000
2,060,000
165, 000
931,000

297,000

15, 648, 450
9,568,300

10,000

407, 000

80, 777, 388

4.936,000

$110,000

Total

407631—42-

S h i p m e n t s from
T r e a s u r y to
Federal Reserve
Banks and
branches

-13




174

REPORT OF

THE; SECRETARY OF T H E TREASURY

Shipments and transfers of gold coin and bullion and of uncurrent
silver arid minor coins to the mints from the Treasury and the Federal
Reserve Banks and branches were authorized in the amounts of
$596,730 and $4,921,831, respectively.
The proceeds of currency received into the Treasurer's cash by the
Currency Redemption Division during the year ainounted to $23-9,-.
732,794, of which $151,554,418 was in Federal Reserve notes,
$2,232,729 iri Federal Reserve Bank notes, $15,204,846 in riational
bank notes, and $70,740,801 in United States currency.
Canceled Federal Reserve notes amounting to $1,347,601,000 were
received from Federal Reserve Banks and branches for credit of
Federal Reserve agents. These notes are not taken into the Treasurer's cash because settlement therefor is made between the Federal
Reserve Banks and the Federal Reserve agents.
Public moneys ori deposit in designated Government depositaries
on June 30, 1941, to the credit of the Treasurer and to the credit of
other Government officers amounted to $1,750,079,043 and $59,278,830,
respectively, including items in transit. The table on page 605 shows
the amounts in the various depositaries on June 30 of the last two
years.
Principal obligations of governmental corporations and agencies and
insular governments redeemed by the Treasurer during the year
amounted to $276,210,400.00; checks issued by the Treasurer in payment of interest on such registered obligations paid during the year
amounted to $12,732,423.99; interest coupons on such obligatioris
paid amounted to $134,359,131.91; and interest paid in cash when such
obligations were redeemed amounted to $49,641.74.
Funds were advanced to United States disbursing officers by accountable warrants issued in an aggregate amount of $14,574,041,193.56. Warrants aggregating $13,761,381,524.65 were also issued
covering public debt transactions, represented by principal amounting
to $11,852,772,562.42, public debt interest amounting to $1,110,350,537.95, and the purchase by the Secretary of the Treasury of obligations of governmental corporations and agencies amounting to
$798,258,424.28. Treasurer's checks aggregating $38,972,609.04 were
issued on settlement warrants in payment of claims settled by the
Comptroller General.
Checks drawn on the Treasurer by Government disbursing officers
and agencies paid during the year numbered 131,851,141, or 1,272,652
more than, were paid during 1940. Of the number paid in 1941,
49,183,138 were for work relief payments and were paid by the Federal
Reserve Banks acting as agents for the Treasurer.
The aggregate amount of balances to the credit of disbursing
officers and agencies on June 30, 1941, was $2,714,787,075.69 in 3,900
accounts, compared with $1,842,920,753.58 in 6,496 accounts on
June 30, 1940, an increase of $871,866,322.11 in balances and a
decrease of: 2,596 in the number of accounts. The.decrease in the
number of ^ accounts is due to a large number of inactive accounts
having been closed by transfer of the inactive balances to the credit
of the outstanding liabilities appropriation. However, the number
; of active disbursing accounts increased during the year.
Drafts in different kinds of foreign currencies, aggregating 2,123 in
number, were purchased, during the year by the Treasurer for various
agencies of the Government at a cost of $88,365.98.



175

REPORT OF THE S'ECRETARY OF: THE. TREASURY

Personal checks, drafts, and postal and express money orders,
aggregating 2,515,363 items and amounting to $488,038,330.66, were
deposited by Government officers with the Treasurer for collection.
The Treasurer is custodian of securities pledged for the safekeeping
and prompt payment of Government deposits in bank depositaries, of
postal savings funds in depositaries designated to receive such funds,
and, under provisions of law or by direction of the> Secretary of the
Treasury, of various trust funds comprised of bonds and other obligations and of securities placed in safekeeping by various Government
executive departments and bureaus. The face value of such securities held on June 30, 1940, and June 30, 1941, classified according to
the purpose for which held, is shown in the following table.
Purpose for which held
To secure deposits of public moneys in depositary banks
To secure deposits of postal savings funds....
For District of Columbia:
Teachers' retirement fund.
^..
Water fund
Other
United States savings bonds held for various depositors
For the Board of Trustees, Postal Savings System
For the Secretary of War
.._.._
For the Secretary of the Treasury:
Foreign obligations
-.-.
.
Obligations on account of sales of surplus property
Capital stock of governmental corporations and agencies
Obligations of governmental corporations and agencies...
Other...:
.:...
For Federal Deposit Insurance Corporation
.•
For Federal Savings and Loan Insurance Corporation
For Federal Farm Mortgage Corporation...^
For Alien Property investment account
^
Miscellaneous
_.

J u n e 30, 1940

J u n e 30, 1941
$34,539,375• 28,629,500'

8,561,250
1, 673, 000
330, 620
7, 661, 200
1,110, 000, 010
9, 020, 330

9,064,750
1,773,000
370, 620
10, 518,400
1,138, 555, 840
9,320, 330

12,072, 487, 622
46, 737, 095
1,271,741,000
265, 569,178
• 160,820, 254
117, 672, 350
100, 034, 600
761,129,840
19, 832, 056
144,116,931

12, 072,484, 767
46, 737, 095
914,516,685
. 217,139,107
•
367,646,220
. 178, 746; 350
100, 034, 500
715, 229,840
19,832, 056
116,476,107

16,164,816, 356

Total

$36, 393, 975
42,035,145

15,981, 613. 632

.

BUDGET AND IMPROVEMENT COMMITTEE

The Budget and Improvement Committee is responsible, under the
direction of the Budget Officer, for the preparation and review of estimates submitted by Treasury bureaus and divisions for annual or
deficiency appropriations. I t is also responsible, under the direction
of tbe Budget Officer, for the investigation of administrative methods
and procedure in their relation to appropriation estimates and for
other investigations upon assignment by the Administrative Assistant
to the Secretary. To facilitate the investigations, a Subcommittee
on Investigations is assigned the responsibility for determining,
through the inspection of field as well as departmental activities, the
justification for proposed increases in appropriations.
The review of appropriation estimates includes a thorough examination of the items by the individual committee members to whom
respective bureaus or divisions are assigned. The entire committee
then conducts formal hearings at which the bureau or division heads, or
their representatives, present oral testimony in further support of the
estimates. The committee, after deliberation, submits its recommendations to the Budget Officer for his guidance in determining the items
which should be approved for transmittal to the Bitreau of the Budget.




176

REPORT OF THE SECRETARY OF THE TREASURY

In addition to the regular estimates of appropriations for the fiscal
year 1942, supplemental and deficiency estimates aggregating $224,411,476 were received during the fiscal year.
Reserves amounting to $273,509 were set aside from the ordinary
appropriations for the fiscal year 1941 by the bureaus and offices of
the Department. , During the year, reserves amounting to $45,000
were released by the Director of the Bureau of the Budget after
approval of the committee, leaving a reserve of $228,509 at the end
of the year. Of the appropriations made to the Treasury Department for the fiscal year 1942, $92,941 has been set aside as reserves
for savings and contingencies.
For the fiscal year 1943, estimates aggregating $5,005,109,488 were
approved by the Departmental Budget Officer and submitted to the
Director of the Bureau of the Budget. Such estimates included
$237,646,329 for annual appropriations; $18,113,566 for.permanent
and indefinite appropriations and special funds; $2,708,059,593 for
trust funds; $1,450,000,000 for interest on the public debt; and $591,^
290,000 for public debt retirements chargeable against ordinary
xeceipts.
COAST GUARD

Efect oj national emergency upon the Coast Guard
I n view of the prevailing emergency, the normal peacetime duties
of the Service have been subordinated, wherever necessary, to the
interest of national defense. This situation has resulted in the
temporary discontinuance or reduced activity in patrols by cutters in
some of the customary protective and law enforcement duties, such as
winter cruising, Bering Sea Patrol, International Ice Patrol, and
patrols of regattas. The withdrawal of vessels from their noririal
assignments to shipyards for reconditioning and" rearmament, the
diversion of others to missions incident to the national emergency, and
also the transfer of certain cutters for operations under the Navy for
special defense tasks and of ten cutters to the British Government
under the Lend-Lease Act were contributing factors. All cutters of
the 100-foot and 125-foot class—11 in all—on the Great Lakes were
transferred to the Atlantic Coast to meet an urgent defense need for
their service in that region. The effect, however,«has been of a
limited and restricted nature, for generally the normal peacetime
duties of the Service have been carried forward without interruption.
On the other hand, a large expansion has taken place in activitiss of
the Service, which do not constitute a new field of work, but rather
represent an extension of the normal peacetime operations of the
Coast Guard into related national defense and emergency activities.




REPORT OF: THE SECRETARY OF THE .TREASURY

177

General operations
, The following table summarizes several of the principal operations
of the Coast Guard for the fiscal year 1941, iricluding comparison with
the preceding year.
Activity

1940

1941

Increase or
icreas

(-)
Instances of Jives saved and vessels assisted
9,330
9,185
Value of vessels assisted (including cargoes)...
$88,016, 268 $107, 664, 558
Persons on board vessels assisted
32, 084
31,911
Lives saved or persons rescued from peril
9,249
8,364
Persons in distress cared for
410
680
Instances of miscellaneous assistance
4,055
3,554
Vessels boarded and papers examined
.
39,450
36,027
Vessels seized
.,.
21
20
Vessels reported
1,300
803
$235,459
Fines and penalties incurred by vessels reported...
$130, 593
Derelicts and other obstructions to navigation removed or de219
193
stroyed
$32,650
$82,945
Value of derelicts and other obstructions recovered.
Regattas and marine parades patrolled
.
431
481
2,527
Persons examined for certificates as lifeboat m e n . . .
2,836

-145
9,648,290
-173
-885
270
-501
-3,423;
-1
-497
-$104,866.
26;
-$50,395
-50

The decrease in the number of lives saved or persons rescued from
peril may be attributed partly to greater safety-mindedness on the
part of those who operate motorboats upon our navigable and coastal
waters. A greater portion of assistance to vessels relates to motor
craft up to 20 tons in size, and a major cause of casualties among this
class of boats was that of engine trouble. An approach to this problem is afforded through the operation of the Coast Guard Auxiliary^
a voluntary organization of owners of motorboats and yachts, which
carries on a constant educational program of promoting efficiency in
the operation of motorboats and for furthering a knowledge of, and a
better compliance with, the laws, rules and regulations governing the
operation of motorboats and yachts—-all in the interest of safety to
life. The diversion of cutters for rearmament and for special national
defense tasks is reflected in the decrease m vessels boarded and papers
examined, in the number of regattas and marine parades patrolled;,
and in the instances of assistance rendered.
In cooperation with the State Department, vessel facilities of the
Coast Guard were employed extensively in operations in Greenland
waters. The experience of the officers and the adaptation of the
vessels to operations in northern waters,especially fitted them for this
service. Cruises to Greenland were made by the Comanche, Campbell, Northland, Duane, Cayuga, and Modoc, and, except during th©
months of January, February, and March, one or more cutters were
on duty in that region. On June 1, 1941, five cutters, including the
cutter North Star which was transferred to the Coast Guard upon
her return from the Antarctic expedition, reported to the Navy
Department for duty in these northern waters.
In October 1940 the cutter Campbell, under the direction of thef
Navy, took station at the European gateway to Europe—Lisbon^
Portugal—in furtherance of our national interests. She was relieved
by the cutter Ingham on April 25, 1941.
Assistance was afforded the Department of the Interior in the
transportation of supplies and material, officials, employees, and
colonists from Honolulu to the United States possessions in the



178

REPORT-OFTHE SECRETARY OF THE TREASURY

South Pacific—Baker, Howland, Jarvis, Canton, Palmyra, Edenbury,
and Samoa. Quarterly cruises were made on this undertaking by
the cutter stationed at Honolulu, The services of cutters were
UtUized in the towing of fifteen vessels of the Maritime Commission
between ports on the Gulf and Atlantic Coasts.
The cutter Redwing^ with representatives of the Fish and Wildlife
Service of the Department of the Interior, was detailed to special cruises
intoBermg Sea and Bristol Bay during the period July-August 1940 and
M a y - J u n e 1941, in connection.with a study of fisheries in those waters.
Cutters of the tender class have cooperated extensively with the
Army and Navy tn connection with national defense measures for
which their particular type of construction makes them especially
well suited.
Assistance to marine . commerce in opening ice-bound channels
was rendered throughout the winter season, wherever required, but
the major operations were .along the Maine coast and in the Hudson
River, the Chesapeake Bay, and the Great Lakes, particularly in
the vicinity of the approaches to the United States canals at Sault
Ste. Marie, Mich., and the Straits of Mackinac. In order to expedite
the movement of iron ore from Lake Superior ports, of urgent importance to the defense industry, it was necessary to charter for a
short period an ice-breaking car ferry to assist the efforts of the
Coast Guard cutters operating in the St. Marys River and Whitefish
Bay. This resulted in the opening of navigation through the United
States canals on March 28, 1941, the earliest date since records were
established in 1855.
Administrative organization
During 1941 the reorganization of the Coast Guard, which was
initiated following the merging of the former Lighthouse Service with
the Coast Guard on July 1, 1939, was completed. This reorganization
embraced Headquarters at Washington, the district commanders'
offices, and units in the field. Administration has been facilitated
through a uniform system of organization in all district headquarters;
and the consolidation of lifeboat stations, lighthouses, bases, depots,
and servicing bases in proximity to each other into one integral unit
has contributed to effi^ciency a n d ' economy, and resulted in coordination in performance of all the Coast Guard duties in those respective
localities.
In furtherance of national defense activities and cooperation with
the Navy, the limits of several Coast Guard districts were changed
and three new districts added, viz, the Philadelphia and Los Angeles
districts on November 30, 1940, and the Charleston district on March
1, 1941; and on June 30, 1941, the continental limits, Territories, and
possessions of the United States were divided into. 16 Coast Guard
districts, which include Service activities in the new United States
Atlantic and Pacific defense bases.
r To effect standardization in the numerous existing designs of buoys
in the buoyage system of the United States and to conduct studies in
connection with their modernization and adaptation to changing
conditions, a Buoy Section was established at Headquarters.
Promoting sajety oj marine commerce and lije and property at sea
The safety of marine commerce upon our navigable and coastal
waters is a trust to which the Service has given unremitting attention.



REPORT OF THE SECRETARY OF THE TREASURY:

179

Existing facilities such as lifeboat^ stations, air stations, emergency
forces and equipment for flood and hurricane relief, and cutters have
been maintained at a high state of efficiency to respond promptly to
calls for assistance from ships and communities. Widespread coastal
and harbor patrols by cutters, particularly accentuated by neutrahty
duty, and lookouts and patrols along the beach by shore stations
have assured to the mariner the fullest measure of security in the
event of casualty. This humanitarian duty has sent available Coast
Guard cutters to the rescue of the crews of foreign merchant ships
sunk in the North Atlantic in war operations. The cutter Duane,
while on North Atlantic Weather Patrol, in June 1941 rescued 46
officers and men from a torpedoed steamship, and in May 1941 the
General Greene, while on Ice Patrol duty, rescued 39 survivors from a
torpedoed steamship.
Prepared at all times to meet emergencies involving rescue operations, the safe-guarding of property, and establishment of communication with the outside world in storm and flood stricken areas,
Coast Guard forces consisting of trained and disciplined personnel,
boats, mobile radio stations, and aircraft were dispatched on several
emergency missions of this nature during the year in cooperation
with the American Red Cross.
In the heavy inundation of southwestern Louisiana in August
1940, approximately 3,083 refugees were moved to places of safety,
60 doctors and nurses and medical supplies were rushed into the
stricken area by aircraft, emergency food was dropped by parachutes,
tons of food supphes transported by boats and trucks, 6,000 cattle
fed, emergency radio facihties established, and patrols maintained
for the security of property. In the flood which crippled the area in
the region of Sealy, Tex., in November 1940, 340 persons were evacuated by the Coast Guard. Coast Guard relief forces were also dispatched t o . the areas on the coast of Georgia and South Carolina
stricken by the tropical hurricane of August 1940.
Wliile prepared to dispatch aid in the event of casualty, the Coast
Guard has likewise exerted its energies in those fields designed to
prevent accidents or to safeguard commerce. Among them may be
mentioned sea patrols for warning ships of the location of icebergs
in the North Atlantic and for giving advice of weather conditions;
radio broadcasts from coastal stations of hydrographic and weather
reports; law enforcement to insure compliance, with the safety provisions of the navigation and dangerous cargo laws; training of
merchant marine personnel to increase their efficiency; operation of
the Coast Guard Auxiliary; and maintenance of an efficient system
of aids to navigation.
Aids to navigation.—The establishment and maintenance of aids to
navigation in United States waters, which were the functions of the
former Lighthouse Service prior to its consolidation with the Coast
Guard in July 1939, are now among the principal activities of the
Coast Guard in the promotion of safety at sea and upon our navigable
waters. The full-time services of some 68 cutters of the tender class
have been engaged upon this work. There exists continuing demand
for new establishments arising from the improvement and extension
of navigable channels by the Army engineers, the establishment in
various coastal and off-shore localities of Army and Navy bases with
approaches which have to be suitably marked, and the constantly



180

REPORlT OF T H E SECRETARY OF T H E TREASURY

increasing activity in navigation by small craft which frequent many
sections heretofore unmarked.
Within the past year 1,483 new aids to navigation were established
and 897 aids to navigation were discontinued, leaving a net increase
of 586 aids, and bringing the total number of aids to navigation
maintained by the Coast Guard to 31,006 at the close of the year.
Important extensions of the system of minor aids to navigation
have been made in the Intra-coastal Waterway along t h e Gulf of
Mexico. One of the important. new improvements of the Army
engineers is the 30-foot dredged channel from the Gulf of Mexico to
the Calcasieu River in Louisiana, involving some 15 lighted and unlighted buoys, 42 lights on fixed structures, nearly 100 unlighted
beacons, a radiobeacon, and a set of range lights.
Arrangements have been instituted for the installation of aids t o
navigation authorized in connection with naval bases in numerous
localities, including Squantum, Mass.; Quonset, R. I.; Charleston, S. C.;
Jacksonville and Banana River, Fla.; Corpus Christi, Tex.; San Juan
and Vieques Sound, P. R.;" Newfoundland; Bermuda; Antigua^
St. Lucia, Trinidad, and Jamaica, British West Indies; British Guiana;
San Pedro, San Diego, San Francisco, and Oakland, Calif.; Kodiak,
Alaska; Kaneohe Bay, T. H . ; and Wake Island, Palmyra Island,
Johnston Island, Guam, and Samoa in the Pacific. An extensive
system of aids to navigation has already been installed at Midway
Islands in the Pacific. These new establishments, when completed^
will greatly increase the work of the Service because of the geographical location of many of them.
The following table gives general information as to the status of t h e
system of aids in various categories at the close of the fiscal years
1940 and 1941.
Summary of aids to navigation and changes during the fiscal year 1941
Total
J u n e 30 .

1941
Types
Established

Discontinued

Increase
or
decrease

1940

1941

(-)
L i g h t e d aids:
L i g h t s , 200 candlepower a n d a b o v e . . .
L i g h t s , below 200 candlepower
L i g h t s h i p stations '
::..
Lighted b u o y s (including float lights)
Lighted t r u m p e t buoys
Lighted whistle b u o y s L i g h t e d bell b u o y s
L i g h t e d gong b u o y s
T o t a l lighted a i d s . . . .

7

1
23
2

1,830
6,379
29
1,288
8
172
480
39

1,860"
6,561
29'
1,354
8;
173
503.
41

376

304

10,196

10, 500

6
18

1
12
6

5
6
-6

141
674
8

146
680'
2'

34
5

8
10.
37

26
-5

699
.368

725
363:

1.790

1, sm

13, 601
6,532
19,133

13, 727
5.688
19,416.

30, 420

3i, 006'.

76
432
.

..

F o g signals:
Radiobeacons 2
Sound fog signals (in air)
S u b m a r i n e fog signals
L i g h t e d b u o y s w i t h whistles, bells, gongs, or
trumpets 3
_
..
U n l i g h t e d b u o y s , w i t h whistles, bells, or g o n g s . .
T o t a l fog s i g n a l s . . ^ . . .

46
. 250

30
182

139
1
1
30
2

73
1

66

680

•

63
26
U n l i g h t e d aids:
400
274
126
Buoys
374
: Daymarks..
218
156
282
774
492
T o t a l silent a n d u n l i g h t e d aids
.
G r a n d total
897
1,483
586
1 Lightship stations not counted in totals. Signals maintained thereon are counted.
2 Includes auxiliary warning radiobeacon on iSTantucket Shoals Lightship.
3 Lighted sound buoys counted only once in grand total.




REPORT OF THE SECRETARY OF. THE TREASURY

181

The requests for information with respect to aids to navigation for
the guidance of mariners increased during the year. Six light lists,
covering the North Atlantic coast. South Atlantic coast, Intracoastal Waterway, Mississippi and Ohio Rivers, Pacific coast, and
Great Lakes, were published as in previous years and sold to mariners
and others, and free distribution was made to Federal agencies.
A weekly notice relative to aids to navigation and other hydrographic matters in all the navigable waters of the United States, except
the Great Lakes, is printed in Washington and distributed free to
mariners; and a similar notice is published by the district commander,
Cleveland, Ohio, for the Great Lakes area. Local notices in mimeographed form are prepared from time to time in the district offices of
the Coast Guard and distributed when the safety of navigation.
warrants immediate information, and are supplemented in certain
cases by radio broadcasts. In addition three radiobeacon charts
covering the Great Lakes and Atlantic, Gulf, and Pacific coasts
are prepared annually and distributed to vessels equipped with radio
direction finders.
Continuous attention is being given to improvements of aids
through the application of scientific developments in related fields.
The system of radiobeacons—for which a remote control of broadcasting periods has been developed—has been augmented by the
installation of a number of radiobeacon buoys, some of which were
completed and placed in operation near the end of the fiscal year.
These aids provide the niariner with a dependable signal which can
be heard under all weather conditions for a distance of five miles or
more, and is capable of being accurately located by direction finder
observations. The need for such supplemeritary radio aids is extensive. The number of such units now being placed in service is such
as to develop thoroughly their possibilities as well as any operational
difficulties which must be corrected before the system can be widely
'extended.
Study has also proceeded with, respect to the remote control of the
lighting and darkening of aids to navigation, which is of particular
importance in wartime; and tests are under way of lighting apparatus
for use on buoys and at stations of such design as to be of added value
to aircraft without detriment to the service to marine traffic.
Winter cruising.—Vessels from the Boston, New York, Philadelphia, Norfolk, Charleston, and Jacksonville districts maintained a
•special winter cruising patrol of vessels of their respective districts
to afford aid and succor to distressed mariners during the season of
severe weather on the North Atlantic coast. While only a limited
number of cutters were available for this customary annual service
no calls for assistance were left unanswered.
Weather and marine injormation.—In furtherance of its program of
security to marine commerce, including air commerce over the water,
an expansion was made in the number of stations displaying stormwarning signals in cooperation with the Weather Bureau, such units
now totaling 102. To assure prompt assistance in the event of casualty to aircraft engaged in transoceanic and coastwise flights, shipposition offices were established at Norfolk, Jacksonville, New
Orleans, San Francisco, Seattle, Ketchikan, and Honolulu, supplementing the only one. previously in service at New York. These
offices are engaged in keeping a continuous current record of the




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REPORT OF THE SECRETARY OF THE'TREASURY

positions of all vessels at sea in the Atlantic and Pacific, insofar as
available information will permit.
At the 22 strategically located radio stations along the coast of the
United States and the Great Lakes, daily broadcasts of weather
conditions and forecasts furnished by the Weather Bureau and of
marine information furnished by the Navy Hydrographic Office and
the Coast Guard were made by radiotelephone. These broadcasts
were primarily for the benefit of small craft, of which increasing
numbers are being radio-equipped. Protection to yachts, tugs, and
other small craft along the coast has been greatly increased by requiring lifeboat stations and other units to maintain a continuous watch
on the Coast Guard radio calling frequency, which is available to
small craft for calling the Coast Guard to their aid.
Throughout the year the Coast Guard, in cooperation with the
Weather Bureau, has maintained two weather observation stations
along the course of the southern North Atlantic air route between
the United States and Europe, primarily as a public safety service.
The arrangement provides for the continued presence of a cutter on
each one of these two stations and for the collection of meteorological
data and its transmittal to the Weather Bureau and air commerce.
Radio direction jinder stations.—Preparations were made for the
operation by the Coast Guard, beginning July 1, 1941, of 22 radio
direction finder stations along the coast of the United States, transferred from the Navy. This involved a six months' training period
for the radio personnel concerned, as well as other details necessary
for the efficient operation of these stations in the interest of safety to
navigation.
International service oj ice observation and ice patrol.-T-'Dnrmg the
season of 1941 the Coast Guard maintained this international service
on a limited scale. The military operations of warring nations in
the North Atlantic had its effect upon the routes followed by shipping
and reduced considerably the availability of radio reports from shipping as to ice conditions sighted.
Only one cutter—the General G^reene^opcrated in the Ice Patrol
area, carrying out a program of ice observation and of oceanographic
studies bearing particularly upon ocean currents with relation to the
drift of ice. Between March 22 and August 3, 1941, the cutter made
four ice observation and oceanographic survey cruises in the Grand
Banks area and a post-season cruise in the area between southern
Labrador and southerri Greenland. The cutter cruised 18,084 miles,
and occupied 231 oceanographic stations and 1,509 bathy-thermographic stations. Throughout the season the reports of ice sighted
and reports received from marine commerce were transmitted by radio
to the Navy Hydrographic Office at Washington, D. C , for broadcasting to shipping.
The observations of the cutter during the season indicated that the
number of icebergs drifting towards the customary North Atlantic
steamship lanes was much lighter than normal. In May the cutter
responded to an S O S call from a torpedoed steamship, rescuing the
survivors.
As a part of the program for studies of ice conditions in the North
Atlantic, the cutter Northland returned to Boston on December 28,'
1940, upon completion of a 3,300-mile ice observation and oceanographic cruise to Baffin Bay and Davis Strait. In the course of the



REPORT OF THE SECRETARY OF THE TREASURY

183

cruise 3,289 icebergs were plotted, and 5" priricipal producing glaciers
on the west Greenland coast were visited.
Maritime training .—This service has been administered by the
Coast Guard for the United States Maritime Commission pursuant
to the Merchant Marine Act, 1936, as amended, and has for its purpose
the maintenance of a trained and efficient merchant marine personnel.
The training program, as originally conceived, emphasized training
for licensed officers and experienced unlicensed men of the merchant
marine. .However, the greatly expanding merchant shipbuilding
program and the drift of a large number of skilled seamen into the
shipbuilding trades and other industries has made it necessary to
provide training for inexperienced personnel. The probationary
training course of these apprentice seamen has been fixed at 6 months,
and those being trained for merchant marine radio operators are given
a 10-month course. Upon completion of the probationary training
course, the previously inexperienced enrollees become eligible for the
same annual active duty training and retainer pay benefits as are
provided for experienced regular enrollees.
Training stations for officers have been maintained at Fort Trumbull, New London, Conn., and at Government Island, Alameda,
Calif.; and for unlicensed experienced seamen at Government Island
and at Hoffman Island, New York Harbor. .Instruction of apprentice
seamen has been conducted aboard the training ship American
Seaman and at the training stations at Hoffman Island, at Gallups
island, Boston, Mass., and at St. Petersburg, Fla.
The trainee capacity of the service has been increased during the
past year to provide training for approximately 600 licensed officers
and 4,000 unlicensed men a year. Additional training ships and
stations nearing completion will increase these figures to 1,000 licensed
officers and 6,000 unlicensed men.
During the year 2,253 licensed officers and unlicensed men, upon
satisfactory completion of the training courses, were regularly enrolled, making a total of 5,082 who enrolled sirice September 1, 1938,
when the Maritime Service was established.
On June 30, 1941, 1,591 enrollees were under training, of whoni
1,378 ,were apprentice seamen. On the same date 43 commissioned
officers, 41 chief warrant and warrant officers, and 257 enlisted men
of the Coast Guard were on detail to the Maritime Service, and 47
licensed and 303 unlicensed enrollees were on active duty in connection with the administration of the Service.
Coast Guard Auxiliary.—The act of February 19, 1941, repealed the
Coast Guard Reserve Act of 1939, and, in lieu of the Coast Guard
Reserve provided for in that act, established a Coast Guard Auxiliary,
the purposes of which were (a) to further interest in safety of life at
sea and upon the navigable waters, (6) to promote efficiency in the
operation of motorboats, (c) to foster a wider knowledge' of and
better compliance with laws and regulations governing'the operation
of motorboats and yachts, and (d) to facilitate operations of the
Coast Guard. The act provided that the Auxiliary shall be a nonmilitary organization composed of owners of motorboats or yachts
and shall be administered by the Commandant of the Coast Guard
under the direction of the Secretary of the Treasury. The act also
provided for the establishment of a new Coast Guard Reserve. (See




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REPORT OF THE SECRETARY OF THE TREASURY

p. 190.) A copy of the act of February 19, 1941, will be found as
vcxhibit 60, page 378.
. . .
. Units of the Coast Guard Auxiliary have been established in 14
of the 16 Coast Guard districts, and on June 30, 1941, the approximate enrollment was .4,500 members and 4,000 vessels. A program
of instruction to members of the Auxiliary in the operation and upkeep of vessels as well as in standard Coast Guard practices has been
carried on, and Coast Guard Institute courses in navigation, engine
operation, etc., have been made available to members. Cruises
aiboard cutters of the Service have also been afforded them for instructional purposes.
The operations of the Auxiliary have been reflected in reduced
casualties upon navigable waters, and numerous reports have been
received during the past year of assistance rendered to vessels and
persons in. distress at sea and upon navigable waters.
Under the act of February 19, 1941, the Coast Guard is authorized
to accept for service duty vessels of the Auxiliary offered and found
satisfactory for such, purposes, paying the actual necessary expenses
of operation. At the end of the j&scal year 55 such vessels had been
accepted, and in general they were assigned to duty incident to the
patrol of coastwise and inland waters.
Maritime law enjorcement
The Coast Guard, with its broad statutory law enforcement powers
upon the sea and navigable waters and acting as the Nation's maritime police, has carried on throughout the year not only its normal
activities of this nature, but also the important and extensive law
enforcement duties arising from the national emergency, particularly
those pertaining to neutrality and the control, anchorage, and
movements of vessels.
Customs and antismuggling laws..—During the year there was a
complete absence of organized liquor smuggling by sea. World conditions which have brought about strict control of shipping by foreign
countries, and the difficulties to be encountered in obtaining stocks of
cheap alcohols and liquors from Europe for the smuggling trade have
been factors contributing to this situation. Nevertheless, the Service
has not relaxed its endeavors to keep informed of the disposal of liquor
shipments which might be diverted to the smuggling trade.
In the prevention of smuggling of narcotics the Coast Guard has
played a somewhat obscure but active part. For a number of years
. Coast Guard patrols have intercepted merchant vessels considered to
be potential carriers of narcotics upon their approach to our coasts,
and have trailed these vessels into port under constant surveillance to
prevent transfer of contraband to small '^contact" boats off the harbor
entrance before the larger vessels are taken in charge by the Customs.
In continuance of this policy, 3,595 vessels were trailed during the year.
Coast Guard aircraft, in cooperation with the Alcohol Tax Unit,
located 708 illicit stills; and the Coast Guard cooperated in the seizure
of 92 stills, 3,860 gallons of non-taxpaid liquor, and 246,320 gallons
of mash. The effectiveness of the air reconnaissance riiethod of
locating illicit stills has caused the illicit operators to resort to the
study of tire art of modern wartime camouflage with a view to adoption of new means of concealing their operations.



REPORT OF THE SECRETARY OF THE TREASURY

185

Navigation laws.—^In the enforcement of the navigation laws of the
United States, 431 regattas were patroled, 36,027 vessels were boarded
and examined, and 803 vessels were reported for violations pertaining'
to the operation, equipment, and documentation of motorboats.
Neutrality laws.—The Coast Guard has continued to conduct sea,
air, and beach patrols to detect and prevent violations of the neutrality
laws of the United States by merchant vessels. As a part of this program, radio apparatus on merchant vessels of belhgerent countries
was sealed to prevent unauthorized radio transmissions while the
vessels were in ports of the United States. During the year 9,098;
such sealings of radio apparatus were performed.
Coast Guard personnel inspected the armaments on 3,420 merchant
ships for the purpose of determining whether such vessels were armed
for defense or offense, and thereby establishing whether the vessels
should be treated as commercial vessels or ships of war.
. In the widespread surveillance of merchant shipping maintained
by the Coast Guard in our ports and coastal waters, there were
269,531 cases of foreign and domestic vessels sighted and identified
by Service units throughout the year.
. Anchorage and movements oj vessels.—Pursuant to the Espionage
Act of June 15, 1917, and regulations issued thereunder, officers of the
Coast Guard, designated captains of the port, have enforced throughout the year the rules and regulations governing the anchorage and!
movements of vessels, foreign and domestic, in the territorial or
navigable waters of the United States. The efforts of these officers
have also been directed towards insuring compliance with the rules
and regulations issued by the Secretary of Commerce under the act;
of October 9, 1940, governing the transportation, stowage, and
storage of explosives, inflammable material, and other dangerous'
cargo aboard vessels. The organization of the captains of the port'
was expanded from 28 to 37 captains of the port in order to more
effectively cover continental United States, Puerto Rico, and the
Territories of Hawaii and Alaska. Within this organization are^
embraced all of the principal and several subsidiary ports of the
United States, together with their adjacent navigable waters. Thus
there is a system of control which is exercised at all ports where there
is an appreciable amount of maritime activity to insure an orderly
and well-regulated movement of marine commerce, as well as the safety
and security of our harbors against acts of sabotage or acts which
might endanger the safety and well-being of shipping. At the larger
ports, and in localities where water front national defense industrial
plants are located, systematic patrols have been carried on. There
were 3,009 instances of vessels loading or discharging explosives or
other dangerous cargo, which required the assignment of Coast Guard
personnel to insure that all safety measures and regulations were
followed.
The Office of Merchant Ship Control in the Coast Guard, charged
with immediate supervision of the prosecution of the regulations
issued by the Secretary of the Treasury pursuant to,the Espionage
Act of 1917, granted, by direction of the Secretary, 19,826 individual
departure, permits for merchant vessels leaving p.orts of the United
States; 3,004 repeat departure permits for merchant vessels of United
States registry engaged in trade between ports of the United States
and within the Western Hemisphere. Departure permits were denied



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REPORT OF THE SECRETARY OF THE TREASURY

in several instances after investigation disclosed that to grant them
would be inimical to the best interests of the United States. Departure permits for a large number of merchant vessels of foreign registry
or flag were temporarily withheld, but later granted, pending investigation of certain details regarding ownership, operation, control,
cargo, and destination.
Following discovery of widespread sabotage aboard Italian and
German merchantmen immobilized in ports of the continental United
States, 26 Italian, 2 German, and 35 Danish vessels, aggregating
approximately 271,000 tons, were taken into possession and control
by the Coast Guard on March 30, 1941, pursuant to direction by the
Secretary of the Treasury. The Danish vessels were not sabotaged,
and possession and control were taken as a precautionary measure.
B y June 30, 1941, 3 Italian and 8 Danish merchant vessels of this
group had been formally transferred to the title and possession of
the United States Maritime Commission in accordance with law.
To insure the safety of harbors and to protect shipping from damage,
guards Lave froiri time to time been placed aboard other vessels.
Thus on May 15, 1941, guards were placed on 11 French merchant
vessels immobilized in United States ports and in the Virgin Islands.
These vessels aggregated approximately 139,386 tons.
Patrol in North Pacijic waters and Bering Sea.—The patrol of the
North Paciflc Ocean, Bering Sea, and waters of southeastern Alaska
has for its mission the assistance to persons and vessels in distress;
protection of the seal herd, sea otter, walrus, and sea lions; assistance
to Alaskan natives; law enforcement generally; and cooperatiori and
assistance to other Government departments. The patrol which was
in progress at the beginning of the fiscal year and which terminated
on November 1, 1940, comprised six cutters which cruised 64,943 miles.
The patrol boarded nine vessels, assisted four vessels in distress,
seized one vessel for law violation, transported 259 passengers, afforded
medical relief to 675 patients and dental treatment to 651 persons, took
the census for the Bureau of the Census of 47 towns and villages in
Alaska, transported several tons of mail for the Post Office Department
to and from Alaskan points, and assisted other Government departments generally. The 1941 Bering Sea Patrol was in progress at the
end of this fiscal year.
In the enforcement of law and rules and regulations issued pursuant
to the International Convention for the preservation of the halibut
fishery in the Northern Pacific Ocean and Bering Sea, eight cutters
were employed m making periodic patrols.
Aviation
On Jmie 30, 1941, air stations in commission were located at Salem
Mass.; New York, N. Y.; Elizabeth City, N. C ; Charleston, S. C.
Miami, Fla.; St. Petersburg, Fla.; Biloxi, Miss.; San Diego, Calif.
-San Francisco, Calif.; and Port Angeles, Wash. The San Francisco
and Elizabeth City stations were commissioned during the year; the
air patrol detachment at Cape May, N. J., was discontinued; and at the
close of the year the station at Charleston, S. C , was in process of
being decommissioned.
;
At the close of the year the Coast Guard a h force consisted of. 14
seaplanes, 26 amphibians, and 10 land planes. On, active flying duty
were 59 oommissioned officer pilots and 19 aviation pilots.



REPORT OF THE SECRETARY OF THE TREASURY

187

For the purpose of determining difficulties and needs peculiar to the
regional operation of Coast Guard aircraft on the Great Lakes, an air
patrol detachment was established at Traverse City, Mich., on March
1, 1941. Upon the opening of navigation in the early spring season,
this detachment rendered particularly opportune service in observing
ice conditions over an extensive area, reporting results to the shipping
interests and communicating the perils of ice-bound vessels to the
Coast Guard cutters engaged in ice-breaking and assistance operations.
Two overhaul bases for aircraft were established at San Diego,
Calif., and Elizabeth City, N. C , which effected more expeditious
repairs, and also savings to the Government.
In addition to rescue and assistance operations, Coast Guard aircraft during the year participated in numerous flights for the enforcement of Federal laws in cooperation with other branches of the
Government, particularly with the Alcohol Tax Unit in locating illicit
distilleries; for detection of violations of the Oil Pollution Act; in neutrality patrols; and for ice observations in Greenland waters, while
the cutter Northland was on duty. In cooperation with the Coast and
Geodetic Survey an aerial photographic survey of Alaska was undertaken which is expected to be completed early in the fall of 1941.
The following statistics for the flscal year indicate certain phases of
aviation activities:
Number
Flights
5,607
Miles cruised..
1,317,588
Area searched (square miles)
7,698,901
Time in flight (hours).'
13,796
Instances of assistance
583
Emergency medical cases transported
83
Persons transported from disabled vessels.'
5
Persons assisted
246
Persons warned of impending danger
66
Persons otherwise transported
912

Vessels warned of impending danger
_^
Disabled vessels located
:
Vessels identified
1
Smuggling vessels located
Obstructions to navigation reported
Law enforcement flights
Illicit distilleries located
Instances of assistance to other Government departments.

Number
8
97
22,780
6
41
334
778
791'

Communications
On June 30, 1941, the Coast Guard owned and operated a coastal
telephone system of 217 telephone lines consisting of upwards of
1,660 miles of pole lines carrying 3,130 miles of open wire metallic
circuits, and 858 miles of submarine and underground cables containing
1,437 miles of metallic circuits. Most of these lines are connected
with central office exchanges of commercial telephone -systems,
thereby affording telephone and telegraph service to Coast Guard
units, and to certain Navy direction finder stations, Weather Bureau
offices, and other Government agencies in. various localities.
This extensive telephone and cable system provides instant communication between isolated and outlying sections of our coast with
the control centers of national defense; and the 23 shore radio traffic
stations and 10 aeronautical radio stations having direct connections
with district headquarters and operating bases by teletype and telephone are in constant and dependable communication with the cutters
and picketboats at sea as well as with aircraft in ffight.
In view of the increased activities of the Government in the Alaska
area, steps are being taken for equipping certain of the strategically
located lighthouses along this section of the coast with radio facilities
to report weather conditions for greater safety for aircraft. Also
large purchases of radio equipment are being made for installation
a t light stations along other sections of the coast and in small craft



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REPORT OF THE SECRETARY OF THE TREASURY

to provide emergency communications in connection with national
defense.
The radio laboratory facilities formerly at the Lazaretto Base^
Baltimore, Md., and at the Submarine Cable Laboratory, New
London, Conn., were transferred to the new Washington Radio,,
located near Alexandria, Va., which was placed in commission on
February 25, 1941. ^
Funds were provided in the First Supplemental Civil Functions
Appropriation Act, 1941, for the construction of nine new primary
radio stations upon which progress is proceeding as rapidly as possible.
These stations will provide a long-felt need in the Coast Guard and
will greatly improve communications.
The Chief Communication Officer of the Coast Guard continues t o
act as representative of the Treasury Department on the Interdepartmental Radio Advisory Committee, and was appointed the Treasury
member of the Coordinating Committee of the Defense Communications Board and alternate to the Assistant Secretary of the Treasury,,
who is a member of this Board.
.,
Personnel and training
Personnel strength.—There were on the active list of the regular
Coast Guard on. June 30, 1941, 613 commissioned officers, 418 chief
warrant and 346 warrant officers, 17,450 enlisted men, 199 cadets,
3 civihan instructors at the Academy, 4,754 civilian field, employees
including 1,253 per diem employees at the Coast Guard Yard, CurtisBay, Md., 454 civilian employees at Coast Guard Headquarters, and
92 civilian employees payable from Public Works Administration
funds.^
The First Supplemental Civil Functions Appropriation Act of
October 9, 1940, made provision for 1,500 additional men for captain
of the port duties, and a further increase of 775 men was provided for
in the regular appropriation act approved May 31, 1941. In accordance with the act of August 5, 1939, 219 civilian employees of the
former Lighthouse Service were inducted into the Coast Guard, 12 as
chief warrant officers, 26 as warrant officers, and 181 as enlisted men.
Pursuant to Executive Order No. 8767, dated June 3, 1941, approximately 2,100 officers and men were assigned to operate as a part of
the Navy, their services being required to fully man and operate
four Navy transports and to provide small boat crews for 22 larger
transports.
Postgraduate instruction.—Postgraduate trainmg of commissioned
officer personnel was continued during the year, involvmg such,
subjects as radio engineering, marine engineering, naval construction,,
law, and business administration. Resident school courses in foreign
languages and special subjects were taken during the summer months,
by several officers.
Specialty training.—Special emphasis has been placed on matters,
pertaining to ordnance and underwater sound, and all subjects which
heretofore have been followed were continued during the year.
Coast Guard schools for instruction in various subjects were maintained at New London, Conn.; Norfolk, Va.; and Curtis Bay, Md.
Graduates from the radio schools numbered 266; from the yeoman,
school, 30; from cooks and bakers schools, 57; from gas and Diesel



REPORT OF THE SECRETARY OF THE TREASURY

189

engine operation and maintenance, 63; and from aviation engine
operation and maintenance, 35; course in gunner's mate school com-^
pleted by 86 men; flight training at the Naval Ah Station, Pensacola,.
Fla., by 4 enlisted men, who were designated aviation pilots. To>
msure the selection of officers and men considered adequately qualified for completion of the course of flight training at the Naval Air
Station at Pensacola, there was inaugurated the practice of giving
prelim.inary flight training and indoctrination to prospective student
aviators and aviation pilots at Coast Guard air stations prior to assignment to the Naval Air Station. Eleven commissioned officers were
graduated from the Naval Air Station at Pensacola during the year.
The radio engineering arid maintenance school was reorganized and 21
radiomen graduated during the year. Army and Navy schools were
utilized in training men in certain specialties, such as aircraft welding
and kindred subjects, parachute maintenance, and underwater sound
and underwater sound materiel training, electrical interior communication and wire communication.
The Coast Guard Institute, at New London, Conn., provided correspondence courses to enlisted men in a wide range of subjects to
increase their proficiency and capacity for advancement. During
the year 74 diplomas of the International Correspondence Schools and
26 diplomas of the Capitol Radio Engmeering Institute were awarded
by the Coast Guard Institute to Service'students.
Coast Guard Academy.—There were 145 cadets under instruction a t
the Academy at the beginning of the fiscal year. During the year
147 cadets were appointed, 71 resigned, and 22 were graduated^
leaving 199 cadets at the close of the year.
The 1940 annual cadet practice cruise wdiich terminated at New
London on August 10, 1940, was made by the first and third class
aboard two cutters, the itinerary including the Panama Canal and ports
on the Pacific coast of Mexico and the United States. The 1941
cruise which started on May 31, 1941, and which was in progress a t
the close of the year, included calls at ports in the West Indies, Cuba,
and on the United States Atlantic coast. During the year cadets of
the second class remained at the Academy for a summer course upon
completion of which they made short cruises on several cutters.
On November 16, 1940, the Association of American Universities
formally recognized the high standards of the course of instruction
at the Academy, placing the institution among the accredited universities of the United States, affording graduates eligibility for the degree
of Bachelor of Science, pursuant to the. act of Congress of May 25,
1933. The Advisory Committee of the Coast Guard Academy, a
group of distinguished educators appointed by the Secretary of the
Treasury, held ' meetings throughout the year in connection with
improvements in the curriculum and facihties at the Academy.
The Congressional Board of Visitors met at the Academy on May
3, 1941, and in its report commended the administration of the
Academy, the curriculum so ably and intelligently supervised by the
Advisory Committee, the maintenance of the grounds and buildings,
and the splendid type of American youth comprising the cadet corps.
Among the Board's recommendations were the acquisition of the
Danish training ship Danmark and the construction of a suitable and
appropriate chapel.
407631—42

14




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REPORT OF THE SECRETARY OF THE TREASURY

Oh April 1, 1941, the three-masted 185-foot schooner Atlantic was
presented as a gift to the Academy by Mr. Gerald B. Lambert, and
is being used in conjunction with seamanship training.
Coast Guard Reserve.—The new Coast Guard Reserve, a inilitary
organization administered by the Commandant of the Coast Guard
under the direction of the Secretary of the Treasury, was established
by the act of February 19, 1941, to provide a trained force of officers
and men which, added to regular personnel of the Coast Guard, will
be adequate to enable the Coast Guard to perform such extraordinary
duties as may be necessitated by emergency conditions. The Reserve
shall be composed of men between the ages of 17 and 64. .The act
also established a Coast Guard Auxiliary. (See page 183.) For a copy
of the act, see exhibit 60, page 378.
Members of the Reserve, who are appointed pursuant to regulations
promulgated by the Secretarjr.of thie Treasury, obligate themselves
to serve in the Coast Guard in time of war, or during any period of
national emergency declared by the President to exist.
The norriial period of appointment and enlistment in the Reserve,
except for temporary riiembers, is three years. Temporary members
of the Reserve, who are owners, officers, and members of the crew pf
any vessel of the Auxiliary placed at the disposal of the Coast Guard
and who are physically and otherwise deemed eligible, serve for such
period as their motorboat or yacht is utilized in the service of the
Coast Guard.
As of June 30, 1941, 101 commissioned officers and 96 enlisted men
were enrolled in the Reserve as regular or temporary members, with
the membership increasing at a satisfactory rate and in accordance
with the ability of the various Coast Guard units to facilitate their
enrollment, training, and assignment to duty. Thirty-four chief
warrant; and warrant officers of the Regular Coast Guard received
commissions in the Reserve.
Gunnery and small arms instruction.—In furtherance of preparedness
and efficiency, the customary gunnery exercises were held by cutters,
and service-wide, small arms instruction was given as a part of the
established , training program. - In the national matches at Camp
Perry, Ohio, members of the Coast Guard rifle and pistol detachment set a new record in the National Trophy Infantry Match and
stood high in most of the competitions in which the Service was
represented.
The Coast Guard was relieved of the training of armed civilian
personnel of the Treasury Department, except in Washington, D. C ,
such training having been assumed by the respective agencies for
their own men.
Recruiting and recruit training.—Recruiting was continued on an
increased scale during 1941, and new recruiting stations were opened
in Fort Worth, Tex.; Buffalo, N. Y.; and Nashvihe, Tenn. The
station at Atlanta, Ga., was closed. Recruiting trucks provided
satisfactory results in contacting recruits in outlying sections of the
country. During the year there were 29,295 applicants for enlistment. Of this number 6,267 were enlisted, 6,400 were rejected for
physical defects, and 16,628 were rejected for various other reasons.
With the increase of enlistments, it has been necessary to expand
facilities for recruit training, which is carried on at the training stations at Port Townsend; Wash.; New Orleans, La.; and Ellis Island,




REPORT OF THE SECRETARY OF THE TREASURY

191

N. Y.; and at the Coast Guard Yard, Curtis Bay, Md. Training was
discontinued at the Base at Fort Lauderdale, Fla., upon the commis^
sioning of the training station at New Orleans.
Engineering competition.—Due to transfers of certain cutters outside the jurisdiction of the Coast Guard, only 22 cutters finished in
class A competitiori and 47 in class B. This competition, which has
for its basis of award the performance of the vessels in respect to
efficient and economical machinery maintenance and operation, promotes a spirit of friendly rivalry and maintains personnel and materiel
in a high state of efficiency and readiness. The officers responsible for
achieving first and second places in the respective competitive classes
receive commendatory letters, arid money allowances are made to
the enlisted men concerned.
Floating eguipment
On June 30, 1941, the following cutter t5^pes of vessels were in commission: 327-foot class, 7; 240-foot class, 4; 165-foot class, 22; 125-foot
•class, 33; 100-foot class, 1; 80-foot class, 11; 70-foot class, 54; miscellaneous class, 68; tender class, 68; and tug class, 14. There were 10
auxiliary craft; 39 lightships; 2,904 ship and station boats, embracing
craft assigned to ships, stations, and Maritime Service training stations,
including 161 motor lifeboats, 188 motor surfboats, and 395 pulling
surfboats designed and maintained especially for rescue missions.
^Eleven Maritime Service training vessels and training ships were under
the administration of the Coast Guard, and 55 boats of the Coast
Guard Auxiliary had been inducted into the Coast Guard Reserve on
J u n e 30, 1941.
The rearmament program for Coast Guard cutters initiated at the
end of the last fiscal year was given priority and 147 cutters involved
were rearmed to the extent that deliveries of equipment'and material
permitted. The national defense alterations on these vessels provided for their classification into two groups—gunboats and submarine
-chasers. The gunboats, comprising the larger cutters, were fitted,
with broadside guns and antiaircraft guns as well as antisubmarine
depth-charge tracks and depth-charge projectors where space and
.arrangement permitted. The smaller vessels were altered as submarine chasers and armed with dual antiaircraft and broadside guns,
..and certain of the vessels were fitted with depth-charge tracks and.
projectors where space permitted. The mcrease in the number and
size of guns installed on these vessels required modification in existing
.magazines and provision of new ammunition spaces as well as the
ifitting of range finders, rangekeepers, fire control telephone systems,
plotting boards, signal alarms, pyrotechnic lockers, etc. Visual
'Communication facilities were increased on all vessels by providing
larger high-intensity and incandescent searchlights, as well as smaller
Tsignaling searchlights.- Temporary and permanent magnetic mine
protection facilities were provided on all vessels rearmed. Preliminarywork in connection with installing mine-sweeping gear on approximately 40 ^•^cutters was instituted. In addition to the above, 34
cutters df the tender class were provided with limited armament and
:Were altered t o :accommodate an increase in the personnel.




192

REPORT OF THE SECRETARY OF THE TREASURY

Ten of the above cutters, comprising the 250-foot class, which were
armed as gunboats, were transferred to Great Britain under the provisions of the Act to Promote the Defense of the United States.
There were placed under the temporary operational direction of the
Navy during the year the following cutters: Three 327-foot cutters,
Taney,, Campbell, and Ingham; 240-foot cutter Adodoc; 225-foot
cutter North Star; 216-foot cutter Northland; five 165-foot cutters,
Thetis, Galatea, Triton, Comanche, £ii\d Pandora; two 125-foot cutters,
Faunce and Travis; and tug class cutter Raritan.
• Under contract or construction at the close of the year were one
cutter of the 230-foot class for duty in Arctic waters, 11 cutters of the
tender class, and 40 cutters of the 80-foot class.
In May 1941, 12 cutters of various classes were ordered to the Coast
Guard Yard for conversion to buoy tenders in order to meet the
urgent need for additional vessels equipped for servicing aids to
navigation. I t is expected, when conversion work is completed on
these vessels, that they will be able to carry out normal patrol duties
in addition to servicing aids to navigation.
.Stations, bases, etc.
On June 30, 1941, the field shore establishment of the Coast Guard
consisted of 16 district administrative headquarters; Academy, New
London, Conn.; Coast Guard Yard, Curtis Bay, Md.; Coast Guard
Stores at Brooklyn, N. Y., and Alameda, Calif.; 4 training stations;
10 air stations; 20 bases; 43 depots; 199 lifeboat stations; 529 resident
light stations; 16 primary radio stations; and 5 Maritime Service
training stations.
Coast Guard Yard.—^This industrial establishment, located at Curtis
Bay, Md., and formerly known as the Repair Depot, operated a t
maximum capacity during the year in connection with the rearmament
program of cutters and boats, as well as routine repair and alteration
of cutters and construction of standard service lifeboats. In addition,
a large amount of repair work was performed for other Government
agencies, including destroyers and patrol craft for the Navy and vessels
of the Maritime Commission. Its completed boat construction program included four motor lifeboats, 9 motor surfboats, 10 motor
launches, 36 pulling surfboats, and 19 cargo boats for the Coast
Guard; and 14 motor whaleboats, 6 motorboats, and 17 motor launches
for the Navy.
To meet the expanding and urgent needs of the service, there were
under construction at the close of the year two shipways, each capable
of accommodating vessels up to 350 feet in length, and one fioating
drydock of 3,000-ton capacity.
.

^ Aivards oj lifesaving medals

The Secretary of the Treasury, under the provisions of law, awarded
during the year 3 gold and 16 silver medals of honor in recognition of
heroism or bravery exhibited in rescue or attempted rescue of persons
from drowning in waters over which the United States has jurisdiction, or upon an American vessel.




193

REPORT OF THE SECRETARY OF THE. TREASURY
Legislation and Executive order

.

During the fiscal year the following laws relating to the Coast
Guard were enacted, and the following Executive order affecting
the administration and organization of the Coast Guard was issued.
Public No. 809, October 9, 1940, charged the Coast Guard and the
Bureau of Marine Inspection and Navigation of the Department of
'Commerce with the enforcement of regulations promulgated by the
Secretary of Commerce for the safe carriage of explosives or other
dangerous articles on board vessels.
Public No. 810, October 9, 1940, authorized the Secretary of the
Treasury to order retired commissioned and warrant officers of the
Coast Guard, with their consent, to active duty during time of national
emergency.
Public Law 8, February 19, 1941, repealed the Coast Guard Reserve
Act of 1939, and provided for the establishment of a Coast Guard
Auxiliary and a new Coast Guard Reserve.
Public Law 38, April 12, 1941, authorized the conveyance to the city
•of Biloxi, Miss., of a portion of the Lighthouse Reservation at Biloxi.
Public Law 100, June 3, 1941, authorized overtime rates of compensation for certain per annum employees of the Coast Guard, and
provided additional pay for certain field employees who forego vacations.
Public Law 104, June 6, 1941, authorized the Secretary of the Treasury to exchange certain equipment in part payment for new equipment
<of the sairie or similar character.
Executive Order No. 8767, June 3, 1941, directed that such personnel
-of the Coast Guard as were assigned to man and operate certain naval
vessels shall operate as a part of the Navy.
Funds available, obligations, and balances
The following table shows the amounts available for the Coast
Guard for the fiscal year 1941. The amounts of obligations and
unobligated balances are also shown.
Available funds, obligations, and unobligated balances, fiscal year 1941
Source of funds

Appropria t e d or
allotted

Appropriations:
Salaries, Office of C o m d t . , C. G., 1941
$735, 260
P a y a n d allowances, C. G., 1941
26, 513,158
P a y a n d allowances, C. G., 1940-41
2, 356, 000
Civilian employees, C. G., 1941
3,113.117
ORebldg. a n d rep. stations, etc., C. G., 1939-41
...
180, 527
A d d i t i o n a l airplanes, C. G., 1941-42
500, 000
'General expenses, C. G., 1941
.
12, 026.180
' G e n e r a l e x p e n s e s , . C . G., 1941-42
4,546,620
O e n e r a l expenses, C. G., 1940-41
8, 361, 040
S i t e a n d const, of C. G. sta,, act of J u n e 29, 1936
291, 000
E m e r g e n c y const., vessels a n d shore facilities, C. G
10, 345, 800
C o n s t , of vessels a n d shore facilities, C. G
114,481, 000
A i d s to navigation, L . H . S., C. G
:
306
A i d s to n a v . , L . H . S., G. G., act, J u l y 21, 1932
9,554
Vessels for L . H . S., C. G., act, J u l y 21, 1932 . .
.
1,921
Vessels for L . H . S., a p p r o p r i a t i o n
15, 254
Special proj., vessels, L. H . S., C. G., Reorganization Act, 1939.
731, 614
14, 372
Special proj., L . H . S., C. G
:..-.
Special proj., aids to n a v . , L . H . S., C . G., 2nd Def. A c t , 1940:..
1, 588,181
Special proj., vessels, C. G., A p p r . Act, 1 9 4 1 . . .
..__--.. 2 6, 950, 000
1 C o n t r a c t authorization, $6,370,000.
2 C o n t r a c t authorization, .$500,000.




Obligated

$718, 892
26, 254, 728
2, 355, 755
3,042, 935
171,357
482, 740
11, 989, 188
1, 349, 377
8, 353, 995
99, 265
6, 473,102
641, 466
306
5, 676
1,821
15, 234
718. 488
10.709
1,028,494
3, 742, 954

Unobli- •
gated balance

$16,368
258, 430
245
70,182
9,170
17, 260
36, 992
3,197, 243
7, 045
191,735
3, 872, 698
13,839, 534
0
3,878
100
20
15,126
3,663
559, 687
3. 207,046

194

REPORT OF THE SECRETARY OF THE TREASURY

Available funds, obligations, and unobligated balances, fiscal year 1941—Continued
Appropriated or
allotted

Source of funds

Appropriations—Continued.
Special proj., aids to n a v . , C. G., A p p r . Act, 1941
E s t . a n d i m p . aids to n a v . , C. G., A p p r . Act, 1942
R e t i r e d p a y . F o r m e r L. H . S., C. G., 1941
E m e r g e n c y fund for t h e P r e s i d e n t , w a r (allotment to T r e a s u r y ,
C. G . ) . . . . . . .
Defense aid, vessels a n d other watercraft (allotment to T r e a s u r y ,
C. G.)
A d d i t i o n a l airplanes, C. G., 1940-41
•.
,.
Total.-

•

G r a n d total

$4, 506, 600
950,000
885,000

$310, 939
163, 390
882, 745

$4,195, 66r
786, 610'
2, 255^

90, 500

27, 032

63,468:

450, 000
23, 246

43, 316
20, 551

406, 684
2, 695

68, 902, 455

30, 763, 795-.

75, 215
47, 074

63, 262
38, 609
41

11, 953;
8, 465-.
27-

, 526, 428
623, 985
, 750, 942
8,800
10, 000
394
9,84.8

3, 401, 365
620, 259
1, 657, 960
8,800
8,000
394
. 9,846

125, 063'.
3, 726'

129, 240

85, 634

43, 606--

5,794

5,336

458:

5, 899, 506

288, 782-

74, 801, 961

31,052, 577-

500

..-.:
:

Unobligated b a l ance

99,666,250

:

Other available funds:
P . W . A. A c t of 1938 (Allot. Treas., L . H . S.)
P . W . A. A c t of 1938 (Allot; T r e a s . , C. G.)
N . I. R . A., T r e a s u r y , L . H . S
. , Foreign service p a y a d j u s t m e n t , appreciation of foreign currenc i e s : . .11 r..'
..
".
.
W o r k i n g fund. T r e a s u r y , C. G., t r a i n i n g of personnel (const.
fund, U . S. M a r i t i m e Com.)
W o r k i n g fund. T r e a s u r y , C. G
W o r k i n g fund. T r e a s u r y , C. G., 1941
W o r k i n g fund. T r e a s u r y , C. G., 1940-41
W o r k i n g fund. T r e a s u r y , C. G., 1940
Golden G a t e I n t e r n a t i o n a l E x p o s i t i o n :
E m e r g e n c y relief, T r e a s u r y , C. G. (transfer from W . P . A.)
E m e r g e n c y relief. T r e a s u r y , C. G., F e d e r a l n o n c o n s t r u c t i o n
projects (transfer from W . P . A.)
E m e r g e n c y relief. T r e a s u r y , C. G., a d m i n i s t r a t i v e expenses
(transfer from W . P . A.)
Total

Obligated

.

105, 854, 538

2, 000'

-.

BUREAU OF THE COMPTROLLER OF THE CURRENCY i

The Bureau of the Comptroller of the Currency is responsible for
the execution of all laws relating to the supervision of national banking
associations and all banks and building and loan associations in the
District of Columbia. The Bureau is also responsible for the liquidation of suspended national banl^s placed in charge of receivers. Under
the Emergency Banking Act of March 9, 1933, approval of the Comptroller of the Currency is required for the issuance and retirement of
preferred stock of national banking associations. Other duties include
those incident to the formation and chartering of ne\v national banking^
associations, the establishment of branch banks, the consolidation of
banks, and the conversion of State banks into national banks.
Changes in the condition oj active national banks
The total assets of the 5,136 active national banks on June 30,1941,.
iamounted to $41,315 millions, an increase of $4,430 millions since
June 29, 1940, when $36,885 millions was reported by 5,170 banks.
The deposits of the active banks in 1941 totaled $37,351 millions,
which was $4,277 millions more than in 1940. The total assets and
total deposits in 1941 were greater than on any previous call date in
the history of the National Banking System. The loans and mvestments totaled $25,877 millions, representing an increase of $3,792'
millions during the yeair.
1 M o r e d e t a i l e d j n f o r m a t i o n concerning t h e B u r e a u of t h e Comptroller of t h e C u r r e n c y is contained in the,a n n u a l report of t h e C o m p t r o l l e r .




REPORT OF THE SECRETARY OF THE TREASURY

195

The.assets and liabilities of active national banks on the date of each
report from June 29, 1940, to June 30, 1941, are shown in the followingstatement.
Abstract of reports of condition of active national banks on the date of each report
from J u n e 29, 1940, to J u n e SO, 1941
[In t h o u s a n d s of dollars]
Apr. 4
J u n e 30,
J u n e 29, Dec. 31
1940 (5,170 1940 (5; 150 1941 (5,144 1941(5,136banks)
banks)
banks)
banks)
ASSETS

L o a n s a n d discounts, including overdrafts.
_
U . S. G o v e r n m e n t securities, direct obligations
Obligations guaranteed b y U . S. G o v e r n m e n t
._.
Obligations of States a n d political subdivisions
O t h e r b o n d s , notes,, a n d d e b e n t u r e s
---.
C o r p o r a t e stocks, including stock of Federal Reserve B a n k s

9,179, 227
7, 219,1
1, 891, 336
1, 928, 352
1, 648, 245
217, 452

10,027, 773
7, 6-58, 549
2, 094, 056
2,008, 472
1, 694, 058
212, 905

10,427,466 10,922,4838, 482,114 8, 856, 499"'
2,279,453
2,113,!
2,147, 574 2, 020, 242:.
1, 634, 616 1. 590,191
208, 409^
209. 456

Total loans and investments
28,084,502 23, 695, 813 25,015,102 25,877,27r
C a s h , balances w i t h other b a n k s including reserve balances, a n d
cash i t e m s in process of collection
13,877,104 15.120, 067 14,243,808 14, 521, 6.58594, 398
598, 722 592, 897
597, 251
B a n k premises owned, furniture a n d fixtures
96, 568.
108,197
103, 068
119, 515
Real estate owned other t h a n b a n k premises
I n v e s t m e n t s a n d other assets indirectly representing b a n k
62, 439
61, 764'65, 392
62,415
premises or other real estate
49, 977'
42, 339
47,154
45,736
C u s t o m e r s ' l i a b i l i t y on acceptances o u t s t a n d i n g
Interest, commissions, rent, a n d other income earned or accrued
60, 399
68, 289
61, 469
. 58,672
b u t not collected
1
53,025
55, 857
45, 519
40, 305
Other a s s e t s . - . : . . .
40,193, 021
36,885, 080 9, 733, 962

T o t a l assets
LIABILITIES

D e m a n d deposits of individuals, p a r t n e r s h i p s , a n d c o r p o r a t i o n s .
T i r a e deposits of i n d i v i d u a l s , p a r t n e r s h i p s , a n d corporations
Deposits of U . S. G o v e r n m e n t , including postal savings
Deposits of s t a t e s a n d political subdivisions
Deposits of b a n k s
:
Other deposits (certified a n d cashiers' checks, etc.)

15, 976, 786
7, 875, 792
564, 997
2, 270, 856
6,084, 051
301, 925

17, 939, 33118, 070, 367
7, 954, 096 8,050,125
478, 412
506, 7G9
2, 358, 230 2, 530, 319
6, 575, 298 6, 751,121
518, 760 407,137

Total deposits
J
S3,074, 407 35,
Bills p a y a b l e , rediscounts, a n d other liabilities for borrowed
money
.•
.
:
2, 910
Mortgages or other liens on b a n k premises a n d other real e s t a t e . .
117
Acceptances executed b y or for account of reporting b a n k s a n d
o u t s t a n d iilg._
:
„_..
50, 641
I n t e r e s t , discount, rent, a n d other income collected b u t not
41, 376
earned
.
.'_,._
49, 741
Interest, taxes, a n d other expenses accrued a n d u n p a i d
189. 447
O t h e r liabilities

19,194, 051'
8, 042, 313:
540, 937
2, 529,179'
6, 591, 645
453,178-

852, 424 36,287,481 37,351,303'
3,127
110

2,430
101

2,00559^

54, 489

52,. 371

59, 379^^'

46, 395
48, 082
192, 937

51, 299
59, 775
167,198

55, 644:
56, 215
191,889^

33,408, 639 36,197, 56436, 620, 655 37, 716, 494:

T o t a l liabilities
CAPITAL ACCOUNTS

C a p i t a l stock (see m e m o r a n d a below)
Surplus
U n d i v i d e d profits
_
•
Reserves (see m e m o r a n d a below)
T o t a l capital accounts

1, 534, 649 1, 527, 237 1,
1, 249, 961 1, 309, 533 1,
467. 984
468. 203
223, 628
231, 644
..

.1

3, 476, 441 3, 536, 398 3, 572, 366 3,, '8,141

-.i:

T o t a l liabilities a n d capital accounts

526,939 1, 523. 383319, 321 1, 336,090^
498, 376491, 310
240, 292:
234, 796

£....

41,314,635'

36, 885, 080 9, 733, 962

MEMORANDA

P a r value of capital stock:
Class A preferred stock
Class B preferred stock
C o m m o n stock

.__
_
.

1, 536, 943 1, 529, 473 1, 528, 919 1, 525,146^

Total
R e t i r a b l e value of preferred capital stock:
Class A preferred stock
Class B preferred stock
.'
Total




171, 260182. 019
193, 904
175, 651
13,181
13, 374
14.859
13,638
1, 328; 180 1,333,816 1, 339, 894 1, 340, 705-

__

245,165
17,144

233, 2S0
15, 523

224, 711
15,290

219, 90815,129--

262, 309

248,803

240, 001

235,037-

196

REPORT OF THE SECRETARY OF T H E TREASURY

Abstract of reports of condition of .active national banks on the date of. each report
from June 29, 1940, to June 30, 1941—Continued
[In thousands of dollars]
June 29, Dec. 31, Apr. 4, June 30,
1940 (5,170 1940 (5,150 1941 (5,144 1941 (5,136
banks)
banks)
banks)
banks)
MEMORANDA—Continued
"Reserves:
Reserve for dividends payable in common stock
Reserve for other undeclared dividends
Retirement account for preferred stock.
Reserves for contingencies, etc
_^
Total

.

-

.

._-

Pledged assets and securities loaned:
, "U. S. Government .obligations, direct and guaranteed,
pledged to secure deposits and other liabilities
Other assets pledged to secure deposits and other liabilities,
including notes and bills rediscounted and securities sold
under repurchase agreement..
.:
Assets pledged to qualify for exercise of fiduciary or corporate powers, and for purposes other than to secure liabilities
.
1...
Securities loaned...
Total...

,

5, 4561
9,116
19, 581
189,4751

5,381
8,571
•21,3961
196, 296

223, 62S

231, 644

6.667
8,494
20, 503
204, 628
234,796

2, 397, 7021 2, 457,149 2,477, 773 2,673,112
593, 565

644, 363

629, 253

601,405

93, 990
7,929

89, 741
13, 3721

89,113
14,437

100, 882
19, 344

3, 093,186 3, 204, 625 3, 210. 576

3, 394, 743

.'Secured liabilities:
Deposits secured by pledged assets pursuant to requirements of law
.
2, 522, 681 2, 630,4481 2, 659, 791
Borrowings secured by pledged assets, including rediscounts
2,0641
2, 553
and repurchase agreements
_.
2,558
492
Other liabilities secured by pledged assets
.
508
.485
Total

240, 292

1,984
521

2, 525, 726 2, 633, 514 2, 662, 340 2, 748, 722

Summary oj changes in the National Banking System
The authorized capital stock of the 5,141 national banks in existence
on June 30, 1941, consisted of common capital stock aggregating
$1,340 millions, an increase during the year of $12 millions, and
preferred capital stock aggregating $186 millions, a decrease during
the year of $24 millions. The total net decrease of capital stock was
:$12 millions. During the year charters were issued to 20 national
banking associations, which had common capital stock aggregating
:$6 millions, and preferred capital stock of over a quarter of a million
dollars. There was a net decrease of 33 in the number of national
banks in the system by reason of receiverships, voluntary liquidations,
:and consolidations under the act of November 7, 1918, as amended.
Changes in the number and capital stock of national banks during
. t h e fiscal year 1941 are shown in the following summary.




197

REPORT OF THE SEORETARY OF THE TREASURY

Organization, capital stock changes, and liquidations of national banks, fiscal year
1941

'

Number
of banks

Issues of preferred capital stock, 16 banks
Increases of common capital stock:
43 banks, by regular increases.
_
549 banks, by common capital stock dividends.
2 banks, by conversion of preferred capital stock
2 banks, by consolidation under act of Nov. 7, 1918, as
amended
Total increases

{

1

Common
$3, 675,000.
2,100,000

Preferred

$295,000>
1 3,907, 357

2, 675,400
10,845, 263
604, 500
175, 000

_ ...

20

19, 975,163

4, 202, 357'

44
3

Voluntary liquidations..
_. .
Receiverships
. . . . .
Decreases of capital stock:
23 banks, by reduction of common capital stock
1,015 banks, by retirement of preferred capital stock..
4 banks, by decrease of par value of preferred capital stock
Closed under consolidation (act of Nov. 7,1918) and capital stock
decreases incident thereto
_

3, 230, 600
187, 000

742, OSO*
95,000^

4, 935, 500
26,435, 477
978, 357"

6

25,000

53

8, 378,100

28, 250, 914

-33
5,174

- f l l , 597, 063
1,328,543,803

-24,048,557
210, 092, 524-

2 5,141

1, 340,140, 866

186, 043, 967

Total decreases
Net changes during the year..
Charters in force June 30, 1940..
Charters in force June 30, 1941

Capital stock

L

1 Includes one increase in par value of preferred capital stock of $384,000 previously reported as a decrease.
2 These figures differ from those shown in the table on p. 195. Banks that have discontinued business:
although not in formal liquidation do not submit reports of condition but are included in this table.

Administration oj unlicensed national banks
During the fiscal year 1941, liquidating dividends a.mounting t o
$83 millions were paid by receivers and trustees fox waiving creditorsof banks unlicensed on March 16, 1933, the close of the bankingholiday. As of June 30, 1941, a total of 91 percent of the aggregateunsecured liabilities of these banks on March 16, 1933, had been,
released; 760 banks released 100 percent of unsecured liabilities.
BUREAU OF CUSTOMS

Collections
Customs collections during the fiscal year 1941 amounted to^
$392,233,153, which was 11.8 percent larger than in 1940. This was
the second successive year m which collections exceeded those of the
previous year. At the beginning of the fiscal year diminished collections were anticipated in view of the further curtailment of importsdue to the spread of the European conflict, which during 1940 had
already adversely affected man}^^ sources of revenue; and as the yearadvanced this expectation appeared to be confirmed. For 6 of the
first 7 months, customs collections for each successive month werelower than for the corresponding month of the previous fiscal year,,
and at the end of January 1941 customs receipts had declined b y
$22,154,786, or 10.3 percent, from the year before.




198

REPORT OF THE SECRETARY OF THE TREASURY

In February, however, a very definite upturn took place and collections continued a t a high level during each of the remaining months.
Daring this 5-month period, customs collections aggregated $200,279,999, or 51.1 percent of the year's total, and were 67.3 percent
greater than for the period from February to, June of 1940. The
increase was almost entirely confined to duties collected on commercial
importations and recorded either as consumption entries or as warehouse withdrawals. Most other types of collectiiDhs declined as
indicated in the following table.
Customs collections ^ and refunds, fiscal years 1940 and 1941
•

[On basis of accounts of Bureau of Customs]

Type

1940'

1941 •

Percentage
increase or
decrease

(-)
'Collections:
• - Duties:
C o n s u m p t i o n entries •..-.
W a r e h o u s e w i t h d r a w a l s . _• _ .
M a i l entries
Baggage entries
Informal entries
- A p p r a i s e m e n t entries
Increased a n d a d d i t i o n a l d u t i e s . . .
Other d u t i e s . . .
_
T o t a l duties

..: . . _
_
•

2$190, 975, 004
151, 029,141
• 2,098,-094
537, 533
:.
689, 326
143, 788
4,187, 897
2150, 334

1...

_ .

_
._

. _

11.9

722,658
105, 873
49, 856

612, 044
106, 997
30,182

-15.3
1.1
-39.5

70, 792
91, 276

50, 211
. 113.217

-29.1
24.0

1, 040, 455

T o t a l customs collections

391, 320, 502

912, 651

-12.3

2 350, 851, 573 , 392, 233,153

T o t a l miscellaneous.

T o t a l refunds

10.3
15.2
-39. 9
-42.3
.5
-42.6
-2.3
22.1

2 349, 811,118

Miscellaneous:
F i n e s a n d forfeitures
Liquidated damages
_
Sale of seizures
^
•.
Sale of G o v e r n m e n t p r o p e r t y , u n c l a i m e d a n d a b a n d o n e d
merchandise
._
All other customs receipts
. •

.Refunds:
Excessive d u t i e s : . . . .
Drawback payments
Other
_..:_...

$210. 724, 762
173, 976, 473
• 1, 260, 477
310, 343
692,847
82, 536
4, 089, 543.
183, 522

11.8

2 4, 941, 367
14, 041, 580
, 12,908

8, 503, 960
16,932,341
20, 047

72.1
20.6
55.3

18, 995, 855

25, 456, 348

34.0

1 Excludes customs duties of Puerto Rico, which are deposited to the credit of the Government of Puerto
;Rico, but includes fines and other minor collections of Puerto Rico.
2 Revised.

Despite the total increase in customs collections in 1941, 12 of the 15
ischedules of.the tariff act yielded smaller revenue than during 1940.
The 3 dutiable schedules in which increases occurred were wool,
metals, and wood. Collections of $96,296,000. on imported wool
were more than double the amount of duties collected during the
previous year and exceeded the.collections for any, previous yea-r for
which figures are available. One-fourth of the total customs collections during the fiscal year 1941 was derived from duties on wool.
.Imports of metals and metal manufacsres also yielded a greatly
increased revenue during 1941, derived mostly from importations of
ores and semimanufactured metals, such as manganese, nickel, lead,
:zinc, and aluminum, imported in connection with the national defense
program. An increase in imports of dutiable lumber during the




REPORT OF; THE-SEORETARY' :0F THE' TREASURY

199

closing months of the year caused larger duty collections uhder.'the
wood schedule than in 1940.
Duties and taxes collected on sugar were smaller than in 1940 when
receipts were augmented by the suspension from September: 13 to
December 26, 1939, of all quotas established under the Sugar Act of
1937, and the assessment during that period of duties in effect prior
to the trade agreement with.Cuba. Taxes specified iii the various
revenue acts on imported merchandise, which were free under the
Tariff Act of 1930, also yielded greatly increased returns. The tax on
copper alone yielded $17,002,000 in revenue, or more than 16 times
that of 1940, while taxes collected on crude petroleum and its products
aggregated $10,130,000 as compared with $8,001,000 in 1940.^ \
T h e adverse eft'ect of the European war caused revenues derived
from importations of merchandise from this region to decline to a little
more than $80,256,000 as compared with $130,709,000 in 1940 and
$148,650,000^ in 1939. Only.two countries in Europe were of irhportance in 1941 as sources of customs revenue, the United Kingdom and
Switzerland., British goods jdelded $40,063,000 and Swiss goods
$11,877,000, which represented a decline from 1940 of 9 percent and
an increase of three-tenths of 1 percent, respectively. Larger revenues accrued on imports from Spain, Portugal, Bulgaria, Ireland, and
the Azores, which were of minor importance as sources of customs
revenue. With the exception of Greece, none of the countries' of
continental Europe furnished dutiable merchandise hi sufiicient
-quantities to constitute a substantial source of customs revenue, and
the duties on goods from this area progressively diminished a s ' t h e
year advanced and warehouse stocks were depleted.
Each of the five continental areas outside Europe, however, were
the sources of larger revenues than during the preceding year. Collections on goods from Oceania more than trebled, those on South
American imports more than doubled, and those on importations from
North and Central America, Asia, and Africa increased approximately
15, 9, and 3 percent, respectively.
Canadian imports yielded one-third more revenue than in 1940
and duties on Mexican goods more than doubled, these increases
serving to more than offset the decline in duties derived from Cuban
;sugar.
'
' •
As a result of heavy importations of wool and metals, duties collected on goods of South American origin were almost without exception greatly in excess of those during the previous year. Duties on
Argentine products ($45,513,000) more than doubled and those on
Uruguayan goods ($21,162,000) almost trebled in 1941. In conse-quence, Argentina ranked second and Uruguay sixth as the leading
sources of customs revenue. Duties on imports from Chile (chiefly
copper) showed an even greater relative increase, providing more than
nine times as much revenue as during the previous year.
Imports from Asia yielded a moderate increase in duties, a substantial increase in duties on Chinese products being more than suffi(cient to offset the decline in duties on goods of Japanese origin.
The value of dutiable imports and the estimated duties collected
•are shown for the principal countries for the fiscal years 1940 and 1941
an table 62 oh page 644.
> Reyised.

'

.




200

REPORT OF THE SECRETARY OF THE' TREASURY

' I t will be observed that the. aggregate of duty collections as estimated by^tariff schedules is soinewhat less than the actual collections
reported by collectors of customs. This is in part due to the fact
that the computations are necessarily based upon the data reported,
at the time of original entry and do not take into consideration the-,
increased and additional duties levied as a result of the final deter-^
mination of the correct quantity by the weighers and gagers, changes'in classification or rates of duty, or clerical errors found upon liquidation of the entry. Furthermore, the import documents, from which
the statistics used in the computation of duties are compiled, do n o t
include .baggage, mail, and informal entries on which the duties collecte'd amount to a considerable sum.
Four-fifths of the duties collected during 1940 were reported by
9 customs districts, and 57 percent of the total by 2 districts, New York
and Boston. A statement of the duties collected for each customs
district appears in table 13 on page 496.
Volume oj business
In order to present statistics of the volume of customs businesswhich are analogous to collections, the data which follow are limited
to the area in which all collections are turned into the Treasury of
the United States. Since all customs receipts in the Virgin Islands
and all except fines and other minor collections in Puerto Eico are
deposited to' the credit of those respective governments, none of the
data for the former and none except those on seizures for the latter
are included below.
Entries oj merchandise.—There were fewer entries of merchandise
during 1941 than during the previous year, all types of entries except
those included in the miscellaneous group declining numerically from
1940. The decline in the number of consumption entries, warehouse:
withdrawals, and informal entries, however, was in each case accompanied by an increase in revenues. In the first two cases, this represented a continuation of the tendency observed during the preceding
year of a reduction.in the number of entries of those commodities
imported in small quantities and yielding only a limited revenue per
entry accompanied by an increase in the importation of such commodities as wool and metals which were handled in large quantities
and yielded large amounts of duty per entry. The decline in the
number of those types of entries used for commercial importations
continued to parallel the decline in duties collected for those tariff
schedules under which the individual importations were comparatively
small in quantity and in revenue yield.
The restriction of tourist travel to the Western Hemisphere accounted for the further decline in the number of baggage entries, and
the almost complete cessation of communication with continental
European countries for the decline in the number of mail entries.
Formal mail entries (those having a value of $100 or more per entry),
which were included with other consumption entries, on the other handy
were more numerous and yielded larger revenues than in 1940.
Appraisement entries also continued the decline begun during the
previous year from the high levels of 1938 and 1939 due to the comparatively small number of refugees who reached this country with
personal effects which requhed appraisement prior to entry. The



201

REPORT OF T H E SECRETARY OF T H E .TREASURY

increase in the number of miscellaneous entries was due largely to the
inclusion of drawback notices of intent which continued to increasein 1941 with the further expansion of exports. The number of entries
of merchandise during the past 2 years is shown in the fohowing table:
Number of entries of merchandise, fiscal years 1940 and 1941
Percentage
increase or
decrease ( - )

1940

Oonsumption entries.:
W a r e h o u s e a n d rewarehouse entries
Warehouse withdrawals
TMail entries
Baggaeeentries
I n f o r m a l entries
A p p r a i s e m e n t entries
All other
_
_

:..
._.

Total

--

1941

465, 988
68, 469
360,039
423, 000
535. 468
191,167
16, 721
620, 648

Type

389,125
62, 914
327, 707
294, 513
465, Oil
179, 328
12,177
644,192

-16.5
—8.1
-9.0
—30.4
-13.2
-6.2
-27. 2
3.8

2, 681, 500

2, 374,967

— 11.4

Vessel, airplane, and highway traffic.—All types of vessel and vehicular traffic except that by plane declined to lower levels in 1941 than
in any of the previous 13 years during which traffic records have been
kept. Although more documented vessels arrived at United States
ports than during several of the years prior to 1940, fewer passengers
used this method of transportation. Ferry and passenger train
traffic merely continued the downward trend prevalent during recent
years. The following statement covers the leading classes of traffic
for the last 2 years.
Number of vehicles and persons entering the United States from abroad, fiscal years
1940 and 1941
K i n d of e n t r a n t

Vehicles:
A u t o m o b i l e s and b u s s e s .
D o c u m e n t e d vessels
.
U n d o c u m e n t e d Tessels-. .
Ferries
Passenger t r a i n s .
Aircraft
.
O t h e r vehicles . .
Passengers by:
A u t o m o b i l e s a n d busses
D o c u m e n t e d vessels
U n d o c u m e n t e d vessels
Ferries
.
.
Passenger t r a i n s
Aircraft
_
Other v e h i c l e s . . . . '
Pedestrians

. .
.

1940

._
'.

. ...
.

T o t a l passp.ngp.rs and p e d e s t r i a n s

.
. .._
.__..

1941.

_. 11, 508,907
34, 331
29, 946
..
114,041
33, 502
..
8,359
438, 964

8,910,950
. 33,639
20, 821
86, 818
32,155
10, 565
395. 761

32, 256, 533
733. 338
116,628
2, 042. 528
. . 1,094,023
78., 542
. . 1,633,277
10, 597, 458

23, 525, 373
44.3, 238
73, 804
.1,475,719
852, 416
•93,969
1,611,237
7,933,828

48, 552, 327

36,009. 584

Percentage
increase or
decrease ( - )

-22.6
—2.0
-30.5
-23.9
-4.0
26.4
-9.8
,

-27.1
-39. 6
-36.7
-27.8
-22.1
19..6
-1.3
-25.1
—25.8

Airplane traffic on international lines continued its expansion, showing for the tenth consecutive year an increase in the number of airplanes used. The number of passengers arriving by air from abroad
was almost 20 percent larger than during the previous year. Almost
•one-half of the airplane passengers who reached the United States
o n the international lines arrived in the Florida customs district.




202

REPORT OF .THE SEGRETARY OF THE;TREASURY

most of these at the port of Miami. Large, gains over the previous
year were also recorded at Brownsville, Tex.; Burlington, Vt.; Fairbanks and Juneau, Alaska; and New York City, the increase at the
last named port being due to the discontinuance of Newark, N. J.y
as the terminus for planes from abroad. The following table shows
the number of airplanes and ahplane passengers entering the United
States during the past 2 fiscal years.
Number of airplanes and airplane passengers entering the United States,
fiscal years 1940.and 1941
A i r p l a n e passengers Percentage-increase
or decrease ( - )

Airplanes
District
1941

1940

Noi-thern border:
Maine
Vermont
. New York
Maryland
Rochester
BufTalo
Michigan
Dakota
Washington
Montana
o t h e r districts

63
1,107
890
19
24
203
95'
742
1,254
. 17
99

.

.
.-

- ..

^^.f.
J..

•

185
105
33
11
503

. 1941

Airplanes

Passengers

.23
218
149
712
1,530
63
70
'

131
6,253
11,890
324
45'
444
158
' 3,642
4,617
52
312

481
11,089
11, 204
575
57
621
305
3,573
4, 428
.
353
210

398.4
50.6
.-4.2
115.8
-4.2
7.4
56.8
-4.0
22.0
270.6
-29. 3

5,640

•

4, 513

Total.-----.
Southern border:.
Los Angeles'.
' - - San Diego
.Arizona
E l Paso
.
- Laredo.....---:.-

27,868'

32,896

25.0

18.0

12.4
-66. 7
-57.6
127.3
82.3

• 12.4
-69.5
-52.9
133.3
45.5

.

Ml

• ' • • • 2 0 8 ' -

35
14
25
. 917.

••

• 1,811
2,036
187
57
. 70
33
18
42
.: 6,517.. • ,9, 483.

267.2
77.3
—5 8
77 5
26.7
39.9
93.0
— 1.9
, —4.1
578.8
-32.7

837

Total
Alaska:
Hawaii
Florida

314
1, 667
853

1940

^

-..

-..--....----.-.

Total
G r a n d total

__.._'.

.

1,199

8,603

11, 6 5 r

43, 2

35.4

672
52
2,285

1,048
76
2,602

2,212
340
39,519

3, 781
965
44,676

56.0
46.2
13.9

70.9
183.8
13.0

3,009

3, 726

42,071-

• 49,422

23.8

17.5

8, 359

10, 565

78,542

93,969

26.4

19.6

Neutrality and national dejense activities.—The continuation and
spread of t h e European war caused numerous problems during the
year in the interpretation and enforcement of the Neutrality Act of
1939 and other laws relating to neutrality and national defense.
Among these were the seizure of various European vessels for violation
of the so-called Espionage Act of June 15, 1917; the supervision of
the exports made necessary by the export licensing requirements for
strategic materials; the enforcement of the President's proclamations
concerning the control of foreign credits and shipments to certain
blocked nationals and many problems in connection with the entry,
duty status, and warehousing of imports of materials necessary for the




REPORT OF THE SECRETARY OF THE TREASURY

203

promotion of the national defense program. A partial indication of
the volume of work connected with the exports is provided by the fact
that 4,397,350 export declarations were filed in 1941 as compared with
4,280,109 in 1940, an increase of 2.7 percent, and the value of exports
aggregated $4,050,000,000 as compared with $3,829,000,000 hi 1940,,
an increase of 5.8 percent. An examination of both the documents
and the actual shipments was required in order to prevent the exportation of commodities prohibited by the Export Control Act.
Drawback transactions.-^The number of drawback entries received
was slightly smaller than in 1940 but as a concomitant of the expansion in exports the amount of drawback paid increased by $2,890,761.
The actual payments were considerably in excess of the total allowed
under the various provisions of the Tariff Act of 1930, due to the
payment during the current year of vouchers certified during the
previous year. About 99 percent of the drawback allowed consisted
of drawback on merchandise manufactured from imported materials,
the most important of which were sugar, copper, and raw wool and
mohair. The number of notices of intent to export with benefit of
drawback during 1941 was 7,550 greater than during the previous
year. A comparison of these transactions during the past 2 years is
presented in the following table.
Drawback transactions, fiscal years 1940 and 1941
Transaction

Drawback entries received
Drawback notices of intent:
Originating in the district
Received from other districts
Forwarded to other districts for disposition
Certificates of manufacture received
Import entries used in drawback liquidation
Certificates of importation issued
Drawback allowed:
Manufactures from imported merchandise
.
Duty paid on merchandise exported from continuous
customs custody _ . . . - .
_
Merchandise which.did not conform to sample or
specifications and-'returned to-customs custody and
exported
Imported materials used in construction and equipment of vessels built for foreigners
Salt used in curing fish "
Total drawback allowed
.
. . .__.
Internal revenue refund on account of domestic alcohol. _.
Total

1940

• 1941

Percentage
increase or
decrease ( - )

Number
19,974

Number
19,573

244,428
119,400
114, 309
12,212
• 22,318
5,029

251,978
143, 474
135, 507
12,409
23,106
6,073

Amount
$13,886,813.71

Amount
$16, 790,804. 02

22,151. 37

51,109. 96

130.7

84, 628.14

35,476. 88

-68.1

4, 708. 31

353.77
3, 287. 63

—30. 2

13, 998,301. 53 . 16,881,032.26
183,149.73
217, 2.30. 98

20.6
18.6

14,181, 451. 26

-20.6

17, 098, 263. 24

—2.0
31
20 2
18.5
16
3.5
20. &

20. &

The following table shows the principal commodities on which
drawback was paid:




204

REPORT OF THE SECRETARY OF THE TREASURY

P r i n c i p a l commodities on which drawback was paid, fiscal years 1940 and 1941

Commodity

Sugar..
Copper
Raw wool and mohair
A-luminum, crude
Plaxseed
Lead ore, matte, pigs
Petroleum, crude
.
Tungsten ore
Zinc ore
•Cottonseed oil
Manganese ore
Burlap
Zinc blocks....
....
Nickel
...-•
Motion picture films. -.
Tobacco, unmanufactured
Soybean oil

1940

Percentage
increase or
decrease (—)

1941

,$5, 397,723.23
521, 013.16
22, 838. 76
223, 856. 53
2, 549,366.48
381, 953. 69
804, 398. 26
151, 367. 04
197, 529. 53
119, 215. 50
127, 433. 74
131, 182. 38
323, 357. 90
98, 751. 63
227, 940.66
240, 147. 66
68, 247.08

5.1
370.1
8,192. 5
294.7
-67.4
78.9
-26.2
288.4
110.5
154.1
125.2
100.0
-22.4
143.9
4.4
-1.3
115.3

$5, 673,168. 36
2, 449,215.16
1,893, 899. 80
883, 653.60
831, 033.28
683, 466.33
593, 975. 91
587, 931.04
415, 809.12
302, 837.42
286, 921. 49
262, 375. 75
250,
.43
240. 899. 90
238; 020. 62
237; 122.12
146, 930.89

Protests and appeals.—A smaller number of protests were filed
during 1941 than during the previous year and there were also fewer
appeals for reappraisement. Tliis condition is in line with the
decline in imports of those types of goods which involve difficulties in
classification and appraisement. The following statement shows the
progress of this work during the past 2 years.
Number of protests and appeals, fiscal years 1940 and 1941

1940

Protests:
.
,
Filed with colle.c_t'ors by importers L
Allowed by collectors
.
...
Denied by collectors and forwarded to customs court
Appeals for reappraisement filed with collectors
J

41, 547
1,828
40, 807
5, 332

1941

Percentage
decrease

35,589 1
1, 002 1
31,479
3,266

14.3
45.2
22.9
38.7

Law enforcement activities
Seizures.—The pronounced decrease in border traffic was reflected
. in a sharp decline in the number of seizures for violations of the
customs laws. All the important classes of seizures participated in
this decline. The value of goods seized by customs officers during the
year also was slightly smaUer than during 1940 despite a few large
seizures of jewelry and of textiles, which represented more than half
of the total value of all goods seized.
One of the important seizures of the year consisted of 57 bars of
gold bullion valued at over $52,000, at Blaine, Wash.
Narcotic seizures, although somewhat fewer in number, were more
than double the 1940 value. The quantity seized during 194:1
amounted to 8,589 ounces of marihuana and 4,020 ounces of other
narcotic drugs, as compared with 956 ^ ounces of marihuana and
2,775 ounces of other narcotic drugs during the previous year. The
largest single seizure of marihuana in 1941 was made by immigration
patrolmen near Laredo, Tex., and weighed 3,425 ounces, which was
1 Revised.




205

REPORT OF THE SECRETARY OF THE TREASURY

greatly in excess of the aggregate weight of all marihuana seizures in
1940. The largest seizure of raw opium (305 ounces) was effected at
Seattle during the routine search of a vessel from the Orient, and the
largest seizure of smoking opium (over 800 ounces) was made at
Baltimore in March when customs guards searched the baggage of
a seaman who was attempting to remove a part of the contraband
from the vessel.
Liquor seizures continued to decline in number, although a slightly
larger quantity was seized than in 1940, due to a single seizure of
960 gallons of brandy at Chicago.
'
The number and principal types of seizures made by the customs
service and other governmental agencies during the past 2 years are
shown in the following table.
Seizures for violations of the customs laws, fiscal years 1940 and 1941

Seizure

1940

Merchandise:
Number
Value:
Jewelry, precious-metals and stones, watches and p a r t s . . .
Wearing apparel and luggage
...
Toilet articles and medicine
. ...
Textiles and raw wool
Furs—skins and manufactured
Edibles and farm produce
..
• House furnishings, including rugs
.
Guns and ammunition
.
Cameras, binoculars, and ship's instruments..
Hardware and sport goods
...
Cigars, cigarettes, and tobacco...
Books and stationer's supplies
Prohibited articles..
.
Livestock, etc. (excluding horses) . . __
Colors, dyes, etc.
Miscellaneous (including whale oil)

-.

Percentage
increase or
decrease (—)

5, 433

4,223

$284,569
106,149
8.054
16, 245
' 56,411
24, 771
54,161
747
21,842
12, 516
5,444
1,991
8,628
6,234
356, 531
33,413

$462, 029
47,432
5,009
229,130
23,849
8, 719
27,179
602
4,137
•4,236
4,825
2,358
11,849
12, 982
• 903
. 8,621

62.4
—55 3
—37.8
1,310 5
-57. 7
-64 8
-49.8
-19 4
-81.1
-66.2
— 11.4
18.4
37.3
108. 2
-99 7
-74. 2

997, 706

853, 860

-14.4

788
194

433
150

-45.1
— 22.7

859
$20, 857

789
$43, 821

-8.1
110 1

3,114

2, 778

-10.8

2,673
299
660
$26, 922
$208, 849

2,994
117
682
$38,154
$240, 232

12.0
-60.9
3.3
41.7
17.9

8, 373.
10, 388
...
$1, 254. 334 $1,182, 067
-

-19.4
-5.8

Total value of merchandise
Prohibited articles:
Obscene, number . .
.
Lottery, number.
Narcotics:
Number
_:
Value
1
Liquors:
Number . . .
Quantity (gallons):
Distilled liquors and wines
Malt
Alcohol
-. Value, all liquors
... .
Boats, automobiles, airplanes, and horses, value
Grand total:.
Number
Value.-

1941

..

-

..

•

.-

-22.3

In addition to the goods that were seized, claims aggregating
$18,347,274 were initiated by the customs service against importers
in connection with various irregularities and frauds w^hich did not
necessitate a seizure or were discovered after the goods had gone into
consumption.
The following table presents the record of customs seizures classified
according to the various agencies which were instrumental in apprehending violators of customs laws.
407631—42-

-15




206

REPORT OF THE SECRETARY OF THE TREASURY

Seizures and arrests for violations of customs laws, classified according to agencies
participating, fiscal year 1941
Seizures

Total

Agency
Number 1
Customs Agency Service:
Investigative Unit
Enforcement Unit
Customs Service, exclusive
Agency Service.

of

489
409

'

Value

Narcotics

Liquor

Num- Value Num- Value
ber
ber

Lottery Merchandise
and •
obscene,
num- Num- Value
ber
ber

$474,540
52,478

26 $3,866
15 $16,911
101 6,184
35' 1,370
618,918 1 697 1 28, 788 2,589 11,452

7,259

Total Customs Service
8,157 1,145,936 1
Immigration
103 • 14, 275
Customs Service assisted by other
42
9,155
services
..
.
71
12,701 .
Other Federal and local officers
8,373 1,182,067
Grand total

758 34, 024 2,705
11 9,234
55

1
1

580 3,393

34,547
2,579

473
17
10
1
90
10
789 43, 821 2,778

421,917

582 4,112 1 852, 724
1
36
477

986
42 1
38,154

447 $423, 549
272
7,25&

15

566
93

583 4,223

853,860

60 1

Seizures—Continued

Agency

Total
Boats
Automobiles
Airplanes
Horses
value
Numboats,
ber of
automoarrests
biles,
air- Num- Value Num- Value Num- Value Num- Value
planes, ber
ber
ber
.ber
and
horses

Customs Agency Service:
$30. 214
Investigative Unit
37, 666
Enforcement Unit
Customs Service, exclusive of
156, 761
Agency Service
Total Customs Service.. 224, 641
Immigration
1,985
Customs Service assisted by
7,130
other services
Other Federal and local offi12, 476
cers
Grand total

246, 232

1
13

$100
2,695

28 121, 789

69 $28,764
105 31, 767
92

27,752

42. 124, 584 1 266 88, 283
29
1,910
8
7
2,115
2
5,005
9'
1
12,466
10
42
53 129, 628 324 104,774

2 $1,000
1

'5
125

$350
3,204

57
226

7,000

27

220

129

3 "8,000

157
3

3,774
46

412
69

1 1

10

17
28

3

8,000

161

3,830

526

1 Excludes number of boats, automobiles, airplanes, and horses, as they were seized in- connection with
narcotics, etc., seizures.

Fewer automobiles were seized in 1941 than in any previous year
for which a record was kept. This was in part due to the discontinuance during the previous year of the practice of having the Customs
Service adopt for forfeiture automobiles seized by ofRcers engaged in
the enforcement of the narcotic laws. No such automobiles were
included as customs seizures during 1941 as compared with 58 automobiles, valued at $18,539, in 1940. Since September 12, 1939, on
the other hand, seizures by Secret Service officers in connection with
violations of counterfeiting laws were adopted by collectors of customs
for forfeiture. During the fiscal year, 41 automobiles and trucks
valued at $12,391 seized by Secret Service officers were delivered to
the Customs Service for forfeiture, as compared with 31 automobiles
valued at $10,245 during the previous jesn.




207

REPORT OF THE SECRETARY OF THE TREASURY

The following table summarizes the number of boats, automobiles^
etc., seized for customs violations during the past 2 years.
Boats, automobiles , airplanes, and horses seized, fiscal years 1940 and 1941
F o r liquor violations

F o r narcotic
violations

F o r other violations

Total

Seizure
1940
Boats:
Number...
Value...... . .
Automobiles:
Number . :
Value _
Airplanes:
Number.
Value
Horses:
Number
:
Value
Total value

.

1941

1
$10

3
$103

93
$18,031

53
$9,106

.

82
$25, 939

1941

1940

1941

1940

1
$9, 500

1940

1941

31
$69,835

49
$120, 025

32
$69,845

53
$129, 628

37
$10, 730

257
$83, 609

234
$84,938

432
$127,579

324
$104, 774

. a-

3
$1,300
2
$68

2
$26

$18,109

$9, 235

•

$25,939

$20,'230

3
$1,300

$8, OOO

341
$10,057.

•

3
$8, 000.
159
$3,804

343
$10,125

161
$3,830<

$164,801

$216,-767

$208,849

$246,232:

During the year, 251 seized automobiles and trucks were returned'
to petitioners because the violations were not sufficiently flagrant t o
warrant forfeiture. Of the 127 automobiles forfeited, 46 were assigned
for official use either to the Customs Service or to some other governmental agency, and 81 were sold at public auction.
In the course of" their regular duties, customs officers often apprehend violators of laws other than those relating to customs. D u r i n g
the year, 698 seizures were made for other departments or agencies,,
all but 89 of which were for the Department of Agriculture. There
were 235 persons apprehended, of whom 187 were for the Immigration Service. In addition, 7,539 violations of the Department of
Agriculture laws were detected.
Legal proceedings.—As the result of narcotic seizures, 207 defendants were presented for prosecution. Including the cases pending
from the previous year, those which were concluded resulted in 146
convictions and only 26 acquittals. Prison sentences aggregating;
over 164 years and fines amounting to $9,233 were imposed by the/
court on convicted offenders. I n addition, penalties aggregating:
$70,494 were assessed against the masters of 109 vessels on which n a r cotic drugs were found concealed; many of these cases have not beeni
concluded, only $38,099 having been collected from the masters of
vessels.
In connection with all seizures there were 526 arrests, an increase
of 27 during the year. The high ratio of convictions in the number
of cases disposed of continued: Of the 587 cases disposed of in 1941,
403 convictions were secured, or 69.percent; of the 577 cases disposed
of in 1940, 352 convictions were secured, or 61 percent. Prison
terms to which customs violators were sentenced, aggregated morethan 308 years in 1941 as compared with 155 years in 1940, while
the total amount of fines imposed by the courts was $37,660 in 1941
and $51,035 during the previous year.
Fines, penalties, etc.—^Collections from fines, penalties, liquidated,
damages, and sales of seizures aggregated $749,224 in 1941, a decrease
of $129,163 from the previous year. This decrease may be dhectly
attributed to the decline in tourist travel, only $71,897 being collected



208

REPORT OF T H E SiECRETARY OF T H E TREASURY

during 1941 as the result of undeclared articles in baggage of passengers arriving from abroad as compared with $311,630 during 1940.
More than half the total collections in 1941 were the result of false
invoicing and undervaluation of legitimately imported merchandise,
the $403,900 collected from this source being 70 percent larger than
that collected in 1940. Collections for liquor violations were almost
three times those for the previous year due to the collection of $37,650
on cases which involved the smuggling of illicit liquors prior to the
repeal of the eighteenth amendment. In 1940 only a single collection of $7,917 was of this type.
The net proceeds from the sale of seized and forfeited articles aggregated only $30,182 during 1941, of which $19,846 represented sales
by the collectors and $1.0,336 sales by court order. In 1940 the proceeds of these sales aggregated $20,944 and $28,912, respectively.
Included in the sales in 1941 were 94 automobiles for $3,535, 3 boats
for $19, and 1 airplane for $130, as compared with 123 automobiles
for $5,534 and 1 boat for $275 in 19.40. :
The following table presents a summary of the amounts collected
for the last 2 years in fines, penalties, and forfeitures, and from the
sale of seizures, classified according to the type of violation.
Collections for violations of the customs laws, fiscal years 1940 and 1941

Violation

1940

Undeclared articles in baggage of passengers arriving from abroad. $311, 629.84 $71,897.46
105,872.46 106, 997.11
Irregularities in bonded importations (liquidated damages)
False invoicing, including undervaluation
'
237,631.30 403, 900.48
46, 493.33
15,742.61
Liquor
.
15, 442.77
44, 414. 77
Smuggling (including conspiracy), mostly criminal cases
Failure of masters of vessels to make complete manifest of imported
13,491.73
10,927. 22
. merchandise...
.
.
26, 774. 09
8, 241. 90
Unlading foreign merchandise without customs supervision
Narcotic:
46,128. 06 • 38,169. 94
By masters of vessels on which violations occur
4, 256.81 \ 2,804.39
Other offenders
2,800.57
4,181. 25
Irregularities in mail importations
5, 209.14
6, 957.86
Failure to report arrival in United States
14,578.97
3, 027.84
Miscellaneous
,
...
Net proceeds from sale of goods seized and forfeited for all viola49,856.38
30,182.05
tions
Total

..:

Percentage
increase or
decrease (—)
-76.9
1.1
70.0
195. 3
-65.2
-19.0
-69.2
-17.3
-34.1
49.3
33.6
-79.2
-39.5

, 878,386. 73 749, 223. 60

Coordination with other agencies.—The coordination plan adopted
in August 1934, which developed closer cooperation between the
Coast Guard, Alcohol Tax and Intelligence Units of the Bureau of
Internal Revenue, Bureau of Narcotics, Secret Service, and Customs
Service, remained in operation. The continued effectiveness of the
law enforcement branches of these agencies, as a result of this coordination, has been most gratifying.
Tarif administration
During the year one finding of dumping was issued and two findings
revoked. The finding issued applied to glass frostings from Germany
(T. D. 50233). Those revoked applied to celluloid-covered thumbtacks from Germany (T. D, 50234) and to lighting carbons from
France (T. D. 50408).
.



REPORT OF THE SEORETARY OF THE TREASURY

209

A finding was promulgated under the provisions of section 307 of
the Tariff Act of 1930 (T. D. 50323), that convict labor was used in
the manufacture of cotton work gloves in the locality of Nagoya,
Japan. This finding necessitated the production of a certificate of
origin oii importations of gloves originating in this area on and after
February 13, 1941, the date of publication of this finding.
Prize-fight films or other pictorial representations of any prize
fight or encounter of pugilists, the importation of which was prohibited
by the act of July 31, 1912, were removed from the prohibited class'
of importations by Public No. 673, approved June 29, 1940, which
repealed the earher act.
Two new quotas were added during the year and three quotas
already in effect were modified or supplemented. The quota on
coffee, effective April 16, 1941, was announced in the President's
proclamation of the Inter-American Coft'ee Agreement on April 15.
Quotas on wheat and wheat flour, effective May 29, 1941, were provided in the President's proclamation of May 28. . The quota on
silver and black foxes, furs, and articles was modified, effective
December 20, 1940, by a supplementary trade agreement with Canada,
signed December 13. The quota on cotton also was modified by the
President's proclamation of December 19, 1940, by excluding from
the quota cotton having a staple of PKe inches or more in length. A
duty-free quota on red cedar shingles was provided in the President's
proclamation of August 26, 1940, pursuant to the act approved on
July 1, 1940 (Pubhc No. 698). The following table's show imports of
commodities under quota provisions during the quota periods ended
during the fiscal year 1941.
Commodities {other than cotton and cotton waste) imported under quota provisions
during quota periods ended in the fiscal years 1940 and 1941

Commodity

Cattle weighing less
than 200 pounds each.
Cattle weighing 700
pounds or more each.
other than cows imported specially for
dairy purposes.

Whole mUk, fresh or
sour.
Cream, fresh or sour

Quota period
and country
of origin

Established
quota

Cal. year 1940
Cal. year 1940:
Canada
:._.
Other countries.
1st quarter:
Canada
Other countries.
2d quarter:
Canada
Other countries.
3d quarter:
Canada
Other countries.
4th quarter:
Canada.
Other countries.
Cal. year 1940
Cal. year 1940




Unit of
quantity

PerTotal
imports
cent Date quota
within
of
filled
quota
quota
limitaWon filled

100,000 Head

100,000 100.00 Nov. 6,1940

193,950 . . . . . d o
31,050 . . . l . d o
do
do

19,706 38.10
8,280 100.00 Jan. 2, 1940

51,720 . - . . d o
8,280 - — d o

37, 517 72.54
8,280 100. 00 Apr. 1, 1940

51,720
8,280

51,720
8,280

do
do

51,720
6, 210

do
do

'

30, 588 59.14
8,280 100.00 July 10,1940

•
•

3,000, 000 Gallon
1, 500,000

do

37,335 72.19
6,210 100. 00 Oct. 1,1940
7,492

.25

976

.07

210

REPORT OF T H E SEGRETARY OF T H E

TREASURY

Commodities {other than cotton and cotton waste) imported under quota provisions
during quota periods ended in the fiscal years 1940 and i^4-^"""Continued

Commodity

Quota period
and country
of origin

Established
. quota

Unit of
quantity

PerTotal
cent Date quota
imports
of
within
filled
quota
quota
limitation filled

Fish, fresh or frozen, fil- Cal. year 1940-15,000,000 Pound.
9,934,179 66.23
leted, etc., n. s. p. f.,
cod, haddock, hake,
pollock, c u s k , a n d
rose-fish.
White or Irish potatoes: 12 m o s . f r o m
90,000,000 . . . . d o .
73,978,284 82.20
Sept. 15,1939-.Certified seed
..
60,000,000 - . . . d o 35,708. 309 59.51
Sept. 15,1930-.
Other....
2, 371, 544 Square.
• 2, 371, 544 100.00
Cal. year 1940
Red cedar shingles
Silver and black foxes 12 mos. from Dec.
1, 1939: •
and furs.
1 58,300 Unit.,
58,300 100.00
Canada
1 41, 700 — d o , .
41, 700 100. 00
Other
countries.
, 500,000
1, 500, 000 Gallon
Molasses and sugar Cal.year 1940..-sirups, n. s.p. f., containing soluble nonsugar solids equal to
more than 6% of total
soluble solids. .
Crude
p e t r o l e u m , Cal. year 1940:
1,869,014,616
Venezuela
topped crude petrod o - . . . 1,738,600,492 93.02
527,691,192
499,296,135 94.62
leum, and fuel oil
Netherlands
do.-..
derived from petro(including
overseas ter, leum, including fuel
ritories) .
oil known as gas oil.
21,995,331 21.15
103,978,560 ...-do
Colombia
98,779,632 100.00
98,779, 632 ...-do
Other countries.
22, 000,000 Pound (un19, 565,842' 88.94
Cuban filler tobacco, Cal. year 1940,
stemmed
.Cuba.
n. s. p. f., unstemmed
equiva-or stemmed (other
lent).
than cigarette leaf to.bacco), and s c r a p
tobacco.
370,901, 567 82.79
Cal. year 1940,
-Coconut oil
.
448, 000,000 Pound.
Philippine Islands.
111, 925,935 99.93
Cal. year 1940, 3112, 000, 000 . . . - - d o .
Refined sugar
Philippine Islands."
1,791,279,588 99.96
Cal. year 1940, 31, 792,000,000 . . . . . d o .
Unrefined sugar. 1
Philippine Islands. •
6,000, OOP 100.00
Yarns, twines, cords, 12 mos. from May
6,000,000 . . . . . d o 1, 1940, Philipcordage r o p e , a n d
pine Islands.
cable, tarred or untarred, wholly or in
chief value of manila
(abaca) or other hard
fiber.
688, 212 80.97
850,000 Gross
Buttons of pearl or Cal. year 1940,
Philippine Isshell.
lands.
199, 220, 565 99.61
200, 000,000 NumberCal. year 1940,
Cigars.
Philippine Islands.
4,441,898 98.71
4, 500, 000 P o u n d . . .
Scrap t o b a c c o , and Cal. year 1940,
Philippine Isstemmed and unlands.
stemmed filler t o b a c c o d escribed in
par. 602 of the Tariff
Act of 1930.

Oct. 9,1940

Jan, 2, 1940

Apr. 6,1940

Mar. 16,1941

1 Not to exceed during any month 25 percent of annual quota.
2 The annual quotas, were filled during first 5 months ol 1940.
3 The duty-free quota on Philippine sugars applies to 850,000 long tons, of which not to exceed 50,000 long
tons may be refined sugars.




REPORT

OF T H E

SECRETARY

OF T H E

I'REASTJRY

211

Cotton^ imported under quota provisions during the twelve-month quota period
ended September 19, 1940
[In pounds]
s t a p l e length less t h a n
. I H inches

. s t a p l e length I H inches
or m o r e

C o u n t r y of origin
Established
quota •
E g y p t a n d the. A n g l o - E g y p t i a n S u d a n
.-...
Peru... .
...
British India
China
Mexico
Brazil
U n i o n of Soviet Socialist Republics
Argentina
_ .
- . - .
. .
Haiti
Ecuador . . .
_ _ _
. _
Honduras
..
^
^
Paraguay
Colombia
.
. .
Iraq.I
.
British E a s t Africa
N e t h e r l a n d s E a s t Indies
Barbados
O t h e r British W e s t Indies 2
Nigeria
O t h e r British W e s t Africa 3 . .
Algeria a n d T u n i s i a
Other F r e n c h Africa 4 .'_
.
Total---...

783,816
247. 952
2,003,483
1, 370, 791
8,883, 259
618, 723
475,124
5,203
237
9, 333
752
871
124
195
2,240
71, 388

Established
quota

Imports

80 '
78, 705
1, 012, 941
3, 522, 778
328, 510
2,315

Imports

43,451,566
2,056, 299
64, 942
2,626

31,169, 340
466, 879

3,808

3,808

435
506

30

29,909
8,967
12, 554
30,139

21, 321
• 5,377
16,004

12,554

2,002
1,634

689
14, 516, 882

4,954, 296

45, 656,420

31,652, 611

1 Cotton other than harsh or rough cotton of less than H inch in staple length and chiefly used in the manufacture of blankets and blanketing, and other than linters.
2 Other than Barbados, Jamaica, Trinidad, and Tobago;-and Bermuda.
3 Other than Gold Coast and Nigeria.
* Other than Algeria, Tunisia, and Madagascar.
Cotton waste^ imported under quota provisions during the twelve-month quota
period ended September 19, 1940
[In pounds]

Established
total q u o t a

C o u n t r y of origin

United Kingdom
Canada
France
British I n d i a . . .
Netherlands
..
Switzerland
Belgium .
China
Egypt
Cuba
Germany .
.
Italy '
Japan

_
.

. . .

.
_
'
.
_

Total

.

Total
imports

4, 323, 457
239, 690
227,420
69. 627
68,240
44, 388
38, 559
17, 322
8,135
6,544
76, 329
21, 263
341, 535

3,487, 573
• 239,690
9,255
69, 627

5,482, 509

3, 812, 689

Established
331.^ percent I m p o r t s 2
of total q u o t a
1,441,152

133,176

75,807
22, 747
14, 796
12,853

6,544
25,443
7,088
1, 599,886

133,176

1 Cotton card strips, comber waste, lap waste, sliver waste, and roving waste, whether or not manufactured
or otherwise advanced in value (not more than 33^^ percent of the quotas may be filled by cotton wastes
other than card strips and comber wastes made from cottons of IMe inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany,
and Italy).
2 Included in total imports, column 2.




212

REPORT OF THE SEGRETARY OF THE TREASURY

Customs Agency Service
The investigative unit of the Customs Service, the Customs Agency
Service, is charged primarily with the duty of preventing and detecting
frauds in customs revenue. This Service conducts all investigations
involving fraud or violations of the customs laws, and investigates
and reports upon all matters brought to its attention by the Secretary
of the Treasury, Department officials, the Commissioner of Customs,
collectors, and other customs administrative ofiicers, with respect tO'
undervaluation, drawback, classification, smuggling, personnel, customs procedure, and other related subjects. All seizures of any
consequence and all reported or suspecteci violations, except those pf
minor importance, come ultimately within its purview, irrespective
of who made the seizure or originally discovered the violation. T h e
value and accomplishments of the Agency Service, therefore, cannot
be measured satisfactorily by the number or.value of seizures ascribed
to them. At the close of the year 678 persons were in the Agency
Service, a reduction of 22 from the previous year. Following is a
partial summary of its activities during the year, exclusive of seizures^
arrests, and actions connected therewith.
Investigationsof violations of customs laws:
'
Undervaluation
Marking violations
Diamond and jewelry smuggling
Narcotic smuggling
other smuggling
Touring permits
.
Other investigations:
Alleged erroneous customs procedure
Drawback
.--.
Classification and market value
.
Customs bonds to determine solvency and sufficiency
Applications for customhouse brokers' licenses.
..:
Applications for bonded truckmen's licenses
Petitions for relief—*.
Personnel....
Navigation violations
^
Pilferage of merchandise...
Foreign; by members of domestic service
Examinations of customhouse brokers' records...

...-.

Number
965
130^
384
1,054
1,113"
550'

_

•
'......
1
.
•.

.
:

• 150>
" 1,209*
1, 273
17062"
84
376
3601, 289^
221
541
205'

In addition to the law enforcement work in which customs agents
and patrolmen, as well as other customs officers, participate, other
important accomplishments of this Service are outlined in the following paragraphs.
Undervaluation.-—^The number of investigations of undervaluation,
false invoicing, false descriptions, and other practices designed.todeprive the Government of its lawful revenue was practically the
same as during the previous year. Unsettled world conditions
rendered extremely difficult the determination of the true value of
imported merchandise and the restrictive laws and regulations governing the transfer of funds from one country to another added to the
difficulties experienced by importers with the best of intentions tocomply with all the regulations governing the importation of merchandise into the United States. A number of investigations during
the past year, therefore, developed slight iiifractions of the customs
laws without indicating any intent of the importer to defraud the
customs revenue. In such cases importers were merely required to;
deposit the estimated loss of revenue as withheld duties, the amount




REPORT. OF THE SEGRETARY OF THE TREASURY

213

of which in 1941 was substantially greater than during the previous
year. In far too many instances, however, investigations disclosed
deliberate attempts to defraud the United States of its proper revenue.
The successful culmination of many of these cases during the past
fiscal year resulted in collections for fraud, undervaluation, and false
invoicing, which were greater than for any year in the past decade
with the single exception of 1938.
Drawback investigations.—The importance of the investigation of
the claims of manufacturers desiring to establish a rate of drawback is indicated by the fact that $16,932,341 was paid as drawback
during the, year. In addition to the preliminary investigations prior
to the establishment of the drawback rate, frequent examinations
were made to determine that no fraud or misrepresentation existed
in connection with drawback payments and claims, that the records
were kept in such a manner as to insure the actual use of the imported materials in the exported products and that the products
exported with the benefit of drawback were correctly described by
the exporter. Although drawback investigations look to the prevention rather than the detection and punishment of frauds, a few
irregularities were discovered during the fiscal year which resulted
either in the denial of claims for drawback or in prosecution for fraud.
Foreign investigations.—Almost all of the European representatives
•of the Customs Agency Service were withdrawn during the fiscal year
and transferred to the domestic service. A new office was opened in
J u n e 1941 at Mexico City and this together with the offices at
Montreal, Toronto, Habana, and in the Orient comprised the entire
foreign service at the end of the year. Although the chief duty of the
foreign representatives was to secure reports of foreign value for the
use of appraising officers in the United States, they frequently secured
.fidvance information regarding attempted smuggling which made
possible important seizures in this country.
Other investigations..—As the result of investigations of the records
•of licensed customhouse brokers, several licenses were revoked or
suspended during the year and a formal reprimand given in one case.
iSeveral rather fiagrant violations of the marking laws were discovered
as the result of 130 marking investigations conducted during 1941.
'Customs agents also performed many duties in connection with the
investigation ol neutrality violations, espionage, sabotage, etc., as a
part of the national defense program.
Miscellaneous
Appraisement Unit.—The determination of the correct value of
merchandise imported from Europe was greatly hampered by the with•drawal during the year of the remaining customs agents stationed
there. Appraisers were also confronted with many classes of South
American merchandise not previously imported. These factors
together with the additional research and inquiry necessitated by
fluctuating market conditions increased the work of the Appraisement
Unit despite the decline in the number of importations.




214

REPORT OF THE SECRETARY OF THE TREASURY

The activities of the Customs Information Exchange, which acts
as a clearing house for the Appraisement Unit, are summarized as
follows:
Appraisers' reports of value or classification received...
Differences in classification reported
_
•
Differences in value reported
Appraisement appeals reports received
Chaliges in-value circulated
.
Reports and price lists affecting values circulated
Requests for foreign investigation

_
•
i...

_.
.-

..:

.

.

Number
21,226
1,169
1,950
2,584
1,420
1,710
451

Customs. School oj Instruction.—Particular emphasis was placed by
the Customs School of Instruction during the year on the promotion
and organization of local training classes and discussion groups,
which supplemented the correspondence course of instruction by the
discussion of the lesson papers and the application of them to local
problems. As a result, the number of classes increased, the attendance
was larger, and new and more effective training methods were devised.
Division oj Laboratories.—An additional laboratory was established
during the year at Honolulu, increasing to 10 the number of laboratories maintained. These tested 103,541 samples during the year,
an increase of 11,564 over 1940. The analyses included 46,834
samples of sugar, 18,223 samples of ores, metals, etc., 5,200 samples
of petroleum products, 4,801 samples of alcoholic products, 2,860
samples of opium and suspected narcotic drugs, and 1,318 samples of
wool.
The defense program is reflected in some measure in these increases.
Samples of imported strategic materials, such as ores, metals, etc.,
showed an increase of 21.7 percent. As a result of customs activities
resulting from the Presidential proclamations under the Export Control Act, the number of samples of petroleum products tested increased
almost fourfold', from 1,333 to 5,200. The new wool section of the
Boston laboratory tested 1,318 samples of wool, most of these coming
from greatly increased importations resulting from the defense program. The Boston laboratory is being expanded to enable it to
handle an even larger number of samples of wool and other
commodities.
Several new official methods of analysis were prepared and issued,
continuing the program begun last year. The Gauging Manual, 1941,
was completed and distributed.
Division oj Engineering and Weighing.—In maintaining and improving the equipment used by customs officers for the ascertainment
of the weight, gauge, and measure of imported merchandise, 41
heavy duty scales were remodeled during the year at various sugar
refineries and outworn weighing equipment at various ports was
replaced. New truck scales were installed at Calexico, Calif., and
Highgate Springs, Vt. Under the supervision of the Division border
stations were completed at El Paso, Tex., and Sonoyta, Ariz., and
living quarters at Sells, Ariz. Plans for border stations at a number
of other locations have been drawn and provisions made for construction after the expiration of the present emergency.
Changes in ports and stations.—During the year a port of entry
was established at Sonoyta, Ariz., and a new station at Lopeno, Tex.




REPORT OF THE SECRETARY OF THE TREASURY

215

The ports of Ajo, Ariz., Unalaska, Alaska, and Molson, Wash., and
the stations of Columbia Falls, Mont., and Guayanilla and Jobos,
P. R., were abolished.
Cost oj administration.—The total revenues collected by the Customs
Service, including collections for other departments and Puerto
Rican collections other than duties, amounted to $429,544,621 as
compared with $383,279,575 in 1940, an increase of 12.1 percent
during the year. The expenses, however, were decreased by $504,250
to $20,623,423 in 1941 and the cost to coUect $100 was only $4.80 in
1941 as compared with $5.51 in 1940.
DEFENSE SAVINGS STAFF

Under the Public Debt Act of 1941, approved February 19, 1941 ^
the Secretary of the Treasury was authorized, with the approval of
-the President, to issue, through the Postal Service or otherwise,
United States savings bonds and United States Treasury savings
certificates, the proceeds of which should be available to meet any
public expenditures authorized by law or to retire outstanding
obligations of the United States. Under this authorization new issues
of United States savings bonds and stamps were developed to help
in financing the national defense program. In order to promote the
sale of these bonds and stamps throughout the nation, the Defense
Savings Staff was established in the Office of the Secretary in accordance with Treasury Department Order No. 39, dated March 19,
1941. (For copy of the order, see p. 394.)
The Defense Savings Staff took over those functions formerly
performed by the Division of Savings Bonds in connection with the
preparation of publicity material, and expanded these activities into
an intensive campaign to encourage citizens to make wise investments,
while at the same time supplying the Government with some of the
tremendous sums of money needed for national defense. The Staff
is composed of two divisions: a Field Division and a Division of I n formation.
The Field Division has the task of aiding in the establishment, in each
State and Territory, of a State defense savings committee, which,
in turn, has the duty of promoting the organization of county, city,
and other local defense savings committees.
The Division of Information is charged with the task of communicating to the people, through the various existing channels, adequate
information about the new bonds and stamps, the purposes of the
program, and the progress of the campaign.
BUREAU OF ENGRAVING AND PRINTING

The deliveries of currency, securities, stamps, and miscellaneous
printings by the Bureau during 1941 amounted to 460,614,558 sheets,
an increase of 13,768,308 sheets over the previous year.
A comparative statement of deliveries of finished work in the fiscal
years 1940 and 1941 follows.




216

REPORT OF THE SECRETARY OF THE TREASURY
D e l i v e r i e s of f i n i s h e d work, fiscal y e a r s 1 9 4 0 a n d 1 9 4 1 ^
Sheets
F a c e value,
1941

Class
1940
Currency:
U n i t e d States notes
Silver certificates
Federal Reserve n o t e s .
Specimens...
Total.
B o n d s , notes, bills, certificates, etc.:
Bonds:
Pre-war
Treasury
U n i t e d States savings
Consolidated Federal farm loan for t h e F e d e r a l l a n d
banks
:
Depositary
.
...
F a r m loan
F e d e r a l F a r m M o r t g a g e Corporation
Home Owners' Loan Corporation..
Insular:
Philippine...
Puerto Rican
:
1......
Notes:
Treasury
C o m m o d i t y C r e d i t Corporation
•.
Reconstruction F i n a n c e C o r p o r a t i o n . . .
U n i t e d States H o u s i n g A u t h o r i t y . .
T r e a s u r y bills.
Certificates:
Indebtedness
Philippine treasury
Debentures:
Consolidated collateral t r u s t for t h e F e d e r a l interm e d i a t e credit b a n k s
Federal h o m e loan b a n k s j3onsolidated
Federal H o u s i n g A d m i n i s t r a t i o n :
H o u s i n g insurance fund
M u t u a l mortgage insurance fund
I n t e r i m certiflcates
Interim' transfer certificates for postal savings b o n d s
Specimens:
Bonds
Notes and bills...---•
Debentures.
I n t e r i m certificates
Total-

1941

4,025,000
75, 975, 000
8,983,950
40

3, 650, 000
76, 775, 000
11,362,950
33

$168, 600, 000
1, 551, 300, 000
2, 274, 960, 000

8,983, 990

91,787,983

3, 994,860, 000

1,340
530,163
5, 514, 000

881
985,056
11, 852, 000

841, 000
8,946,806, 400
5, 399, 300, 000

13, 700
25, 996
3,550
62,155

9,800
2,000
17,383
4,500
1,055

29, 721, 000
40, 500, 000
185,000, 000

1,075
2,841

7,850
13,856

1, 005, 000
5, 492,000

159,195
65, 000
48,000
20,482

138,900
38,750
136,900
27, 800
82,030

3, 065,100, 000
571, 550, 000
2, 206,900, 000
260,000, 000
23, 456, 276,000

2,195, 600

. 300
32, 000

4,000, 000

39, 000
23, 860

505, 000, 000
121,000,000

500
8,200
250
1,000

10,000,000
13,400,000

16,000

571
12

279
24

. 8, 660,680

13,424, 214

Sheets

Total.

44, 885,441, 400

N u m b e r of
s t a m p s , etc.,
1941

1940
Stamps:
- Customs
Internal revenue:
U n i t e d States
District of C o l u m b i a
Federal m i g r a t o r y - b i r d h u n t i n g
Philippine
P u e r t o Rican
Virgin I s l a n d s .
s p e c i m e n s , U n i t e d S t a t e s . . '.
F o r experimental purposes. U n i t e d States
Postage:
United States-.
U n i t e d States postage surcharged " C a n a l Z o n e " ^ .
C a n a l Zone
-.-.
Philippine.
-.-.
Specimens, U n i t e d States
'
P o s t a l savings
Specimens-.

63, 550, 000

136, 599

101,875

2, 026, 250

,226,135
.142, 686

149,712.063
139,340
23, 489
250, 300
1,164; 300

13,976,014,881
27,868,000
2, 630, 740
21,025. 200
76, 353, 500

145

21,240

160, 508,890

16, 584, 731, 670

150, 239
895, 661
113
1, 349,189
6

• 15, 085,060
86,871, 944
7,251
106, 232, 750
425

55, 225
,244, 096
650
18
164, 912, 027
12, 200
164,851
1, 024, 592
95
19, 628
4
314, 938,80.6

30,898,868, 919

1 F r a c t i o n a l p a r t s of sheets of one-half or m o r e h a v e been included as whole sheets; w h e r e less t h a n onehalf, fractions h a v e been disregarded.




REPORT OF THE SECRETARY OF THE TREASURY

217

Deliveries of finished work, fiscal years 1940 and, 1941 —Continued
Sheets

Number of
stamps, etc.a
1941

Class

Miscellaneous:
Checks
Warrants
Commissions
_
Certificates
_
.Drafts.. _•
Transportation requests
Nontransferable food order and nontransferable surplusfood order stamps...
Nontransferable cotton order and nontransferable surplus-cotton order stamps
Other miscellaneous
_
_.
Specimens
Blank paper..-_-_.
..-.
Total
Grand total

-

J.
_._

—
,

27,501,995
44.104
193,869
4,202, 281
6,500
327, 299

27,386,154
62, 377
521, 075
4,936,972
25, 775
1, 316, 751

136, 983,170
237,927
287.826
19,043, 377
51, 550
6, 583,755

1, 635, 721

5,906, 963

21,170,801,000

17,090
319,^932
11, 508
2,475

299,085
587, 369
2,324
61,905

8 59,817,000
4,100,958
128,256

34, 262, 774

41,106, 750

1, 398. 034,819

446,846, 250

460,614,658

2 Excludes 11,398,000 blank fillers.
3 Excludes 783,000 blank fillers.

Dies were engraved for the following new issues of postage stamps.
Denomination
Issue
'
(cents)
National Defense, series 1940
,
.
1,2,3
Seventy-fifth Anniversary of the Thirteenth Amendment to the Constitution, series 1940
3
One-hundred-fiftieth Anniversary of Vermont Statehood, series 1941
.
3
Air Mail", series 1941..
....J
6,10,15,20,30,50
Canal Zone, postage due
.
15
Canal Zone Air Mail
.
.
30
Philippine postage, series 1941 (centavos)
_
2
Philippine Air Mail, series 1941 (centavos)
•
8,20,60
. Philippine Air Mail, series 1941 (peso)
•.
1

Dies and plates were prepared for various classes of bonds, revenue
stamps, and miscellaneous printed work. The principal items included Treasury bonds, bills, and notes; Puerto Rican bonds and
interim certificates; Philippine Islands currency, bonds, and revenue
stamps; documentary, stock transfer, and silver tax stamps; rectified
and distilled spirits stamps; certificates for the purchase of wine tax
stamps; and migratory-bird hunting stamps.
In connection with the defense program, the printing of new issues
of United States savings bonds and postal savings stamps was authorized in March 1941. The savings bonds comprised three series,
designated as series E, F, and G, respectively, and were in denominations of $25, $50, $100, $500, and $1,000 for series E ; and denominations of $100, $500, $1,000, $5,000 and $10,000 for series F and G.
The postal savings stamps, designated series 1941, included lOjzS, 25^,
50{i, $1, and $5 denominations. Dies and plates were prepareci and
by June 30, 1941, deliveries of the printed securities aggregated over
eight million bonds and one hundred and five million stamps.
At the beginning of the fiscal year the number of employees on the
pay roll was 5,649, while at the end of the year the total number was
6,345, an increase of 696 persons, or 12.3 percent. This additional
personnel was occasioned by the increased volume of plate-printed
work required, particularly with respect to Federal Reserve notes,
United States savings bonds, postal savings stamps, distilled spirits
bottled strip stamps, and food order and cotton order stamps.




218

REPORT OF THE StECRETARY OF THE TREASURY

Due to the insufficient number of eligibles on the Civil Service
registers, considerable difficulty was experienced in obtaining plate
printers, printers' assistants, and skilled helpers. In some instances
it was necessary to make temporary appointments of qualified persons outside the register. In. anticipation of future production requirements, the Civil Service Commission was requested to. conduct
ah examination for apprentice plate printers. I t was also requested
that the minimum age of the applicants be lowered from sixteen to
fifteen years, and that eligibles be retained on the register until they
have reached their twenty-second year.
The unit prices for most of the major items of materials purchased
. during the fiscal year 1941 were considerably higher than the previous
year. The price of unbleached wiping paper for flatbed printing
increased 71.79 percent; bleached wiping paper, 36.58 percent;
wiping paper for rotary printing, 15.03 percent; revenue paper,
26.47 percent; postage stamp paper, 16.63 percent; dextrine, 15.89
percent; rubber drilling, 16.92 percent; and certain items of dry
colors, 4 to 18 percent. Materials oh which price decreases were
jioted included check paper, 19.54 percent; light separator paper,
3.99 percent; and mixed black, 8.91 percent.
. Expenditures for the year amounted to $13,203,911.53, an increase
'Over the previous year of approximately 8.74 percent. The following
:statement shows the appropriations, reimbursements, and expenditnres for-the fiscal years 1940 and 1941, respectively.
1940
Appropriations:
Salaries a n d expenses
..Deficiency
R e i m b u r s e m e n t s to a p p r o p r i a t i o n from other b u r e a u s
for work completed 1 . .
Total
.--E x p e n d i t u r e s , salaries a n d expenses 2
U n e x p e n d e d balance

-_

_

'--.-

1941

$8,450,000.00

$8,450,000.00
260,000.00

Increase

$260,000.00

3, 718, 888. 9l'

4,562,477.23

843, 588. 32

12,168, 888.91
12,142, 741. 25

13, 272, 477. 23
13, 203, 911. 53

1,103v 588. 32
1,061,170. 28

26,147.66

68, 565. 70

42, 418. 04

1 An additional amount of $191.75, received from employees for lost identification cards, locker keys,
package-booth checks and badges, was, deposited to the credit of the Treasurer of the United States as
miscellaneous receipts; and $37.50, received from reimbursements for jury service by employees, was deposited to general fund receipt account.
2 Includes $11,300 transferred to Bureau of Standards for research work; $40,000 transferred to salaries
and expenses, guard force. Treasury Department, for service rendered in connection with the protection of
currency, bonds, stamps and other papers of value, in each of the fiscal years 1940 and 1941; and $1,776 transferred to "United States Oflicial Mail and Messenger Service, Post Office Department" in the fiscal year
1941. The amounts of $374,718.79 and $377,132.19 were transferred to the retirement fund in the fiscal years"
1940 and 1941, respectively.

COMMITTEE ON ENROLLMENT AND DISBARMENT.

The Committee on Enrollment and Disbarment is an administrative and judicial body. • I t has charge of the enrollment of attorneys
and agents for practice before the Treasury Department and conducts
hearings in disbarment proceedings. An attorney, not a member of
the committee, represents the Government before .the committee. All
complaints are filed with the attorney for the Government, who institutes proceedings in disbarment or suspension if the charges warrant
such action. The committee also issues licenses to customhouse
brokers and makes findings of fact and recommendations to the Secretary in proceedings for the revocation or suspension of such licenses.




REPORT OF THE SECRETARY OF THE TREASURY

219

The following statement summarizes the work of the committee for
the year 1941.
Attorneys and agents:
Apphcations for enrollment approved
Applications for enrollment disapproved
Applications withdrawn on advice of committee
Formal hearings on applications.-

Number
. - . 2, 294
11
133
5

.
.'

Complaints against enrolled persons:
Pending July 1, 1940
Filed during the year
.-.

.

:

41
22

Disposed of:
Disbarred
Stricken from the rolls in the course of disbarment proceedings
Suspensions
Reprimands
-v
Dismissed
Respondent died in course of'disbarment proceedings

14
5
2
2
6
1

...

.
-.

Pending June 30, 1941
i
Charges made, names stricken from the rolls
Cases of minor infractions of the regulations in which enrollees were given an opportunity to
show cause why proceedings should not be instituted....
._
Customhouse brokers:
Applications for licenses approved
Applications withdrawn
...-.
Licenses canceled-.
Licenses revoked
Suspensions
Reprimands

.
.

.
.

.

'-

•.

.-

'

63

30
33
3
12
29
3
19
1
1
1

Since the organization in 1921 of the Committee on Enrollment and
Disbarment, 59,179 applications for enrollment have been approved
and 751 disapproved. Two hundred and twenty-six practitioners
have been disbarred from further practice before the Treasury Department, 136 have been suspended from practice for various periods,
and 176 have been reprimanded.
FOREIGN FUNDS CONTROL

The Foreign Funds Control was established in the Office of the Secretary to administer the functions prescribed in Executive Order
No. 8389, dated April 10, 1940, as amended.
Applications to engage in any of the transactions designated in the
Executive order are executed under oath before an officer authorized
to administer oaths and are filed in duplicate with the Federal Reserve
Bank of the district or the Governor or High Commissioner of the
Territory or possession of the United States m which the applicant
resides or has his principal place of business or principal office or agency.
If the applicant has no legal residence or principal place of business
or principal office or agency in a Federal Reserve district or a Territory
or possession of the United States, apphcations may be filed with the
Federal Reserve Bank of New York. Such applications are forwarded
to the Treasury Department by the Federal Reserve Bank or other
agency with which they are filed, and the applicant receives through the
same channel the license as granted, or is informed of the denial thereof.
Pursuant to Executive Order No. 8389, as amended, 8 general rulings
and 51 general licenses (of which, a number have expired or-have
been revoked or amended) have been issued by the Secretary of the.
Treasury.
Between July 1, 1940, and June 30, 1941, 170,000 applications for
license to engage in designated transactions were ffied. Of these
approximately 87 percent were approved in whole or in part, and
approximately 13 percent were denied.
A discussion of "foreign funds control will be found on page 66.



220

REPORT OF T H E

SECRETARY

BUREAU OF I N T E R N A L

OF T H E

TREASURY

REVENUEi

General
Internal revenue collections.—During the fiscal year 1941 internal
revenue collections totaled $7,370 millions, an increase of $2,030 millions over collections for 1940. The total amount collected included
back income taxes of $306 millions, which is approximately $53
milhons more than back income tax collections for 1940. The
increase in total collections is attributable chiefly to increases in
income taxes, liquor taxes, and manufacturers' excise taxes.
Miscellaneous internal revenue collections amounted to $2,973
millions, which is an increase of $596 millions over collections for 1940.
The largest increases were as follows: Capital stock tax, $34 millions;
estate taxes, $24 millions; gift taxes, $23 millions; liquor taxes, $196
millions; tobacco taxes, $89 millions; and manufacturers' excise taxes,
$170 millions. These increases are attributable chiefly to increased
rates of taxes levied by the Revenue Act of 1940 and to floor stocks
taxes on liquors and cigarettes.
Employment tax collections totaled $926 inillions, an increase of
$92 millions over the preceding year. Total collections under the
Federal Insurance Contributions. Act were $687 millions; collections
under the Federal Unemployment Tax Act, $101 millions; and collections of carriers taxes, $138 millions.
Total collections of internal revenue during the flscal years 1940
and 1941 are shown in the following sumraary, classifled according
to the administrative organization responsible for the tax. A detailed
statement of collections appears in table 9, page 482 of this report.
S u m m a r y of internal revenue collections, fiscal years 1940 and 1941
[On basis of reports of collections, see p. 406]
Administrative unit

Income T a x U n i t '
Alcohol T a x U n i t
Miscellaneous T a x U n i t
A c c o u n t s a n d Collections U n i t ( e m p l o y m e n t
tax activities)
T o t a l collections

. ..

1940

' 1941

$2,129, 609, 307. 07
624, 253,156.11
1, 753, 068, 908. 09

$3, 471,123, 930. 57
820,056,178.33
2,153, 071, 808. 38

Increase or
decrease (—)
$1, 341, 514, 623. 50
195, 803, 022. 22
400, 002, 900. 29

833, 520, 975. 51

925, 856, 460. 38

92 335 484 87

5, 340,452, 346. 78

7, 370,108, 377. 66

2, 029, 656, 030.88

1 Includes collections from the tax on unjust enrichment and the repealed tax on dividends.

Refunds, drawbacks, and stamp redemptions.—During the yearrefunds of tax collections, together with interest, were made from the
following appropriations:
Refunding internal revenue collections, 1940 and prior years..
Refunding internal revenue collections, 1941 and prior years
Refunds and payments of processing and related taxes, 1939-1941
Total, interest included

.--_

,, $2, 206, 211. 37
51, 800, 671.81
8,125, 017. 63
-

62,131, 900.81

1 More detailed information concerning the activities of the Bureau of Internal Revenue will be found
In the Annual Report of the Commissioner of Internal Revenue.




REPORT OF THE SECRETARY OF THE TREASURY

221

The following is a summary of the refunds, showing the number of
schedules and claims, the amount of refunds and repayments allowed,
and the total amount refunded, including interest, on each class of
tax during the fiscal year 1941, with a comparison of the totals for
1940.
Number of schedules and claims, amount of refunds and repayments, and total refunds,repayments, and interest, by class of tax, fiscal year 194-1, and totals for 1940
Number
of schedules

Class of tax

B i t u m i n o u s coal
C a p i t a l stock
..
Carriers
Distilled spirits
.
Distilledspirits stamps redeemed
Distilled spirits d r a w b a c k s (294 certificates).
Estate..Gift..
Income
1
Miscellaneous
Miscellaneous s t a m p s r e d e e m e d
i..
Narcotics
•
Narcotic stamps redeemed
Sales
Federal Insurance Contributions Act.
F e d e r a l U n e m p l o y m e n t T a x Act
Sugar
Tobacco
Tobacco stamps redeemed
Tobacco drawbacks
T o t a l income a n d
revenue
Agricultural adjustment

miscellaneous

A m o u n t of
refunds a n d
repayments

T o t a l refunds,
repayments,
a n d interest

1,027
323
6,146
-58
57
35
35
126
2,451
2,599
56
32
24
5

2,854
127
7,681
1,865
450
1,513
• 411
117,851
198
2,176
317
68
2,120
10, 868
15, 448
996
365
2,010
7

$7, 078. 90
519, 462. 56
69, 910. 72
294, 383. 60
112, 242. 74
222, 437.10
3, 884,179. 85
560, 131. 28
31, 273,134.97
107, 189. 60
273, 648. 94
751.41
587. 76
2, 033,992. 46
608, 506. 08
1, 890,644. 58
628. 70
1, 749,
5, 649.12
2,112,618.81
1,136.74

$7, 643. 00
601, 165. 49
76, 689. 43
296, 715. 93
112, 949. 77
222, 437.10
4, 544, 329. 56
662, 027. 37
38, 328, 418. 77
127, 554. 68
295, 292.03
757. 62
587. 76
2, 240, 748.33
665, 703. 50
1, 954, 427. 75
1, 749, 925. 85
5, 753. 69
2,112, 618.81
1, 136. 74

13, 564
1, 329

167, 393
12, 864

45, 727, 315. 92
6, 871, 008. 69

54, 006, 883.18
8,125, 017. 63

14, 893

180, 257

52, 598, 324. 61

i 62,131,900.81
>

12, 527
3,177

173, 476
49, 027

54, 215, 841. 79
10, 085, 660. 54

65, 226, 738. 23
11, 503, 970. 56

222, 503

64, 301, 502. 33

2 76, 730, 708. 79

269
100

internal

G r a n d total, fiscal year 1941.
Fiscal year 1940:
I n c o m e a n d miscellaneous i n t e r n a l r e v e n u e . .
Agricultural a d j u s t m e n t
G r a n d total, fiscal year 1940.

17
106

Number
of claims

1 E x c l u d e s refunds from t r u s t fund set u p for P h i l i p p i n e coconut oil, P h i l i p p i n e t r u s t fund, a n d P u e r t o
R i c o t r u s t fund.
T h e a m o u n t s refunded from these a c c o u n t s were $985,008.34, $1,457.49. a n d $1,933.48,
respectively-.
2 Excludes refunds of $175,292.66 from t h e t r u s t fund set u p for P h i l i p p i n e c o c o n u t oil t a x collections.
N O T E . — T h e figures in t h i s t a b l e will n o t agree w i t h those given in later sections of t h i s r e p o r t for t h e reason
t h a t t h e a m o u n t s s h o w n in t h e later sections relate to claims disposed of b y t h e u n i t s , whereas t h i s t a b l e
shows t h e actual p a y m e n t s m a d e .

If'the tax refunds made during the fiscal year 1941 on account of
erroneous or illegal collections of internal revenue and agricultural
adjustment taxes and payments for export drawbacks and redemption
of stam.ps, amounting to $63,120,300, were deducted frqm the gross
collections of $7,370,108,378, the net collections for the fiscal year
1941 would be $7,306,988,078. The gross cohections, however, are
used for comparative purposes in these reports.
Additional assessments.—The additional assessments resulting from
office audits and field investigations made during the fiscal years
1940 and 1941 were as follows:
407631—42-

-16




222

REPORT OF T H E SECRETARY OF T H E TREASURY
Additional assessments, fiscal years 1940 and 1941, by class of tax
Class of tax

Income 1

1940

__ _ - - - »

Miscellaneous internal r e \^enue:
Estate
Gift
C a p i t a l stock
..
Sales
Liquors
Miscellaneous
Tobacco
Coal
Silver
Sugar
.
-

_ __

$291,198, 664. 00

.

.

. . . .
. .-

T o t a l miscellaneous internal r e v e n u e

1941
$269, 725,157.00

52, 350, 04.5.30
6,354,319.72
1,732,327.10
4, 561, 082. 62
3,854, 693. 05
7, 943, 709. 74'
. 122, 703. 57 .
424, 504. 29
26, 925. 90
197,251.35

55. 539,688. 33
9, 263, 764. 22
994,812.55
3, 003, 389. 26
5, 476,957.12
6,591,263.80
82,428.18
• 659,393.18

77, 567, 562. 64

81, 850, 773. 88

239, 077.24

25,143, 458. 86

•Grand total

31, 744, 653. 82

393, 909, 685. 50'

E m p l o y m e n t taxes

383, 320, 584. 70

1 Includes assessments of $28,727,135 for 1940 and $23,049,262 for 1941 made under the jeopardy provisions
of section 279 of the Revenue Act of 1926 and section 273 of subsequent revenue acts.

Cost oj administration.—The amount of $66,414,910 was appropriated for the fiscal year 1941 for salaries and expenses in connection
with the assessment and collection of internal revenue taxes and the
administration of the internal revenue laws. The expenditures and
obligations against this appropriation were $65,289,527, leaving an
unexpended balance of $1,125,383. The expenditures do not include
amounts expended for refunding taxes illegally or erroneously collected and for redeeming stamps.. The cost of collecting a total of
$7,370,108,378 during 1941 was $0.89 per $100, compared with $1.12
per $100 for 1940.
The amount of $2,800,000 was appropriated for the fiscal year 1941
for salaries and administrative expenses in connection with making
refunds authorized by titles IV and V I I of the Revenue Act of 1936.
The amount expended and obligated from this fund amounted to
$2,110,466, leaving an unexpended balance of $6819,534.
Income Tax Unit"
General junctions:—The Income Tax Unit is charged with the administration of the internal revenue laws with reference to taxes on
income, excess profits of corporations, and refunds of certain processing taxes, and the laws limiting profits on certain Army and Navy
contracts. The administration includes the preparation of regulations and interpretative and procedural rulings and instructions
regarding such laws and the examination and adjustment of returns
filed thereunder, through office audits and field investigations for the
purpose of determining the correct tax liability as required by law.
Returns jiled.—The number of all types of income and excess-profits
tax returns filed during the fiscal year 1941 on which tax was reported
and assessed was 7,867,319 as compared with 4,324,275 returns filed in
1940,^ an increase of 3,543,044 or 81.9 percent. I n addition, 8,283,177
taxpayers filed returns during the fiscal year 1941 showing no income
subject to tax, compared with 4,664,137 such returns fbr the preceding
fiscal year. The total number of income tax returns filed by individuals was 14,877,544, which is nearly double the number received
1 Including in each fiscal year the delinquent returns filed during that year relating to prior years.




REPORT OF THE SECRETARY OF THE TREASURY

223

in the preceding year and is by far the largest number of income tax
returns filed for any one year in the history of Federal income taxation.
Three factors accounted, in a large measure, for the increased number of individual income tax returns: (1) The reduction of the personal
exemption; (2) the use of gross income rather than net income to
determine liability for filing; and (3) increased income payments to
individuals and more widespread employment. Contributory factors,
not measurable but of undoubted significance, are: (1) The public
response to the national emergency and willingness to support the
defense program by paying taxes; and (2) more widespread publicity
as to the income tax changes affecting smaller taxpayers.
Examination oj income and excess projits tax returns upon receipt
by the Washington office.—-As of June 30, 1941, the work to be done by
the Income Tax Unit had been completed on substantially all the returns filed by taxpayers within the fiscal year which had been transmitted to the Washington office by the collectors, except with respect
to those not accepted as filed and certain of the nontaxable individual
returns. Of 2,912,344 returns of individuals, taxable fiduciaries, and
corporations examined to June 30, 789,057 were not accepted as filed.
The returns not accepted as filed are transmitted to the field offices
of the Income Tax Unit for further consideration. In the main, this
represents the work load of the field offices for the fiscal year 1942.
The work load is appreciably heavier for 1942 than for 1941; first,
because there is a larger number of higher bracket returns which
generally requhe more time for investigation on account of the larger
number of transactions; and second, because of the levying of an
excess profits tax.
Prior to shipment of the returns to the field offices, various information-at-the-source forms and other documents bearing upon the audit
are associated with them for use in the investigative work. The
number of information-at-the-source forms filed during the fiscal year
showing income payments was approximately 25,347,000.
Investigation ojtax returns by the jield offices.—The number of income
tax returns, including partnerships and fiduciaries, investigated during
the fiscal year 1941 was 470,876 as compared with 424,072 for the
previous year, an increase of 11.0 percent. These figures include all
returns for which the examiner's report has been submitted, whether
or not the case has been finally disposed of by the reviewing officer.
Estate and gift tax returns investigated by field offices during the
fiscal year numbered 17,355 as compared with 17,881 for the previous
year, a decrease of 2.9 percent.
'
The total number of individual, taxable fiduciary, and corporation
income tax returns disposed of by the field offices during the fiscal year
1941, with and without investigation, was 924,358. I n addition, the
field offices disposed of 395,591 partnership and nontaxable fiduciary
income tax returns and 20,579 estate and gift tax returns. ^ .
Efforts made by agents to expedite the closing of examined cases met
with greater success in the fiscal year 1941 than in 1940, as evidenced
by the fact that during 1941 the examiners' proposals were concurred
in by the taxpayers without formal protest in a higher percentage of
the cases than in the previous year. (See discussion of stage at which
additional tax was assessed appearing on page 224.)
Petitions to the Board of Tax Appeals filed during 1941 involved
5,891 returns and proposed tax deficiencies of $117,927,968, compared
with 5,386 returns and tax deficiencies of $69,970,847 for 1940.



224

REPORT OF T H E SECRETARY OF THE TREASURY

Revenue results oj investigation oj income and declared value excessprofits tax returns.—The total amount of additional assessments made
during the fiscal year 1941 was $262,730,729. Excluding jeopardy
and duplicate items, the amount was $236,815,872, or a decrease of 2.5
percent from the preceding year.
Stage at which additional tax was assessed.—During the year further
progress was made in settling cases of proposed additional tax liability
by agreements with taxpayers, without issuing formal notices of
deficiency which are otherwise required by 'aw as a basis for assessment, and from which taxpayers may appeal to the Board of Tax
Appeals. Of the totah number of 235,255 returns on which regular
additional assessments (including duplicate-regular) were made,
221,800 additional assessnients, or 94.3 percent, were made by agreement with the taxpayers without the necessity of a statutory notice.
Of the total regular additional tax assessed (including duplicateregular), aggregating $200,234,414, the amount assessed bv agreement
was $156,215,263, or 78.0 percent.
The following table shows, by stage at which additional assessment
was made, the number and amount of additional assessments made
during the fiscal years 1940 and 1941.
Number and amount of additional income tax assessments made during the fiscal
years 1940 and 1941, by stage at which assessment was made
A d d i t i o n a l tax

Returns
s t a g e a t which additional assessm e n t was m a d e

Number

Percent
of
total

Percent
of
total

Amount

Interest

Total

Penalty

Fiscal year 1941
O n agreements executed prior to
mailing of 90-day letter
Default or agreement after issuance of 90-day letter . . .
I n appealed cases, after trial o.n t h e
m e r i t s a n d decision b y t h e
Board of T a x Appeals, or u p o n
stipulation before t h e Board of
cases settled b y Technical Staff
and/or Chief Counsel

221,800
9,305

4,150

.Total 1
i_. 235, 255
1,355
J e o p a r d y provisions of t h e C o d e . . .
G r a n d total . . .

...

94 $156, 215, 263
4

15, 439, 313

2

28, 579, 838

78 $23,479, 384 $1,710,899 $181,405, 546
2,838, 208

835,678

19,113,199

14 10,104,026

482,242

39,166,106

8

100 200, 234,414
17, Oil, 127

100 36, 421, 618 3,028,819 239, 684, 851
3, 595, 071 2,439, 680 23, 045,878

217, 245, 541

40,016,689 5,468,499 262, 730,729

236,610

Fiscal year 1940
On agreements executed prior t o
mailing of 90-day letter
Default or agreement after issuance'of 90-day letter
. . . .
I n appealed cases, after trial on
t h e merits a n d decision b y t h e
Board of T a x Appeals, or u p o n
s t i p u l a t i o n before t h e Board of
cases settled b y Technical Staff
and/or Chief Counsel ._

199,044
. 10,522

93 165,810,823
5

12, 714, 788

78 25, 386, 376 1, 259,158 192, 456, '357
6

2, 500, 731

821,881

16,037, 400

•

3,773

2

32, 949, 759

16 13, 314, 964

900,490

47,165, 213

Total 2
. 213, 339
1,568
J e o p a r d y provisions of t h e C o d e . . .

100 211, 475, 370
19, 676, 342

100 41, 202, 071 2, 981, 529 255, 658, 970
4, 307,076 4,800, 345 . 28,783,763

214, 907

231,151, 712

45, 509,147 7, 781, 874 284,442, 733

G r a n d total

1 Including duplicate assessments involving 469 returns, $2,177,606 of additional tax, $667,210 of interest,
and $24,163 of penalties.
2 Including duplicate assessments involving 542 returns, $11,132,999 of additional tax, $1,570,829 of interest,
and $98,632 o'f penalties.




REPORT OF THE SECRETARY OF THE TREASURY

225

Rejunds, abatements, and credits.—The number of income tax cases
which involved refunds or credits of tax or interest to taxpaj^ers or
abatement of tax audited and closed by the Income Tax Unit during
the fiscal year 1941 was 73,627, compared with 82,078 ^ such cases
closed during the fiscal year 1940, a decrease of 8,451, or 10.3 percent.
Of the total of 73,627 overassessments for 1941, 39,730 were made to
taxpayers without the necessity for filing claims. This compares with
38,771 in the previous year.
Of the overassessments settled by the Income Tax Unit in 1941,
57,511 represented refunds or credits of tax or interest involving
$50,438,931, compared with 71,648 involving $55,810,102 in 1940.
The amount involved in overassessments of all types for 1941
represented by refunds, credits, interest, and abatements for income
tax cases audited in the collectors' offices as well as bv the Income
Tax Unit was $113,600,916, as compared with $185,936,641 the
previous year.
The following table shows a comparison of claims and certificates
of overassessment issued for the fiscal years 1940 and. 1941 by thp.
Income Tax Unit.
Number of certificates of overassessment issued and claims disposed of, fiscal years
1940 and 1941
1940
Allowances:
Certificates of overassessment issued when no clairns had been
Claim allowed in full or in part

.

.

39, 730
33, 897

1 82,078

73, 627

..

40,140
53, 080

1 33,138
47, 598

93, 220
^..

... .. .

Pending att end of year

38, 771
1 43,307

...-.

.

.':

.
..

80, 736

1 43, 307
16, 775

Total to be disposed of.^
Allowed in full or in part
Rejected ..

^.
.

filed

Total allowances
status of claims:
Pending at beginning of year
. ..
Filed during year (new claims). . .
i

Total disposed of

19^1

33, 897
14,020

1 60,082

47, 917

1 33,138

32, 819

1 Revised.

There were also allowed 21,342 collectors' claims, of which 9,270^
recommended abatements or credits and 12,072 recommended refunds.'
These claims were largely multiple-item claims, i. e., claims for refund
to numbers of taxpayers, and involved 20,440 items for abatement or
credit and 65,282 items for refund.
The following table shows the amounts involved in tax overassessments settled during the years 1940 and 1941 resulting from audit of
income tax returns, including cases settled by the collectors' offices
as well as the Income Tax Unit.
1 Revised.




226

REPORT OF T H E SECRETARY OF T H E TREASURY

Amounts of overassessment, by method of settlement, and interest allowed on all income
tax cases closed, fiscal years 1940 and 1941
1940
Overassessments settled b y Abatement:
Regular
Duplicate
Credit
Refund
Total
Interest

.

1941

. . . . '$98,764,513
29, 527, 955
11, 711,124
36, 824, 426

$27, 074,085^
33,826,883.
14,241,700'
31,425,457

176,828, 018
9,108, 623

106, 568,1257,032,791

185, 936, 641

:...

.

113, 600,91(>

.:._.

Grand total

The amount involved in claims filed during 1941 was $120,817,115
compared with $156,272,676 the preceding year. Of the claims disposed of during the year, the amount rejected totaled $138,842,462,
compared with $143,847,884 the preceding year.
Inventory oj returns on hand in the field offices as oj June 30, 19^1.—
There was a net improvement in the position, of the field offices as of the
close of the fiscal year 1941 as compared with 1940. The number of
open income tax returns on hand in the field offices as of June 30, 1941,
was 373,889, as compared with 406,616 on June 30, 1940. The net
reduction as between the ends of the two fiscal years was 32,727, or
8.0 percent. The net reduction during 1941 in prior-year work was
850 in number of returns, or 1.5 percent. T h e ratio of open prioryear work tp open current-year work at the end of 1941 was 17.1
percent, as compared with 15.8 percent for 1940. As of June 30,
1941, the number of examined income tax returns involving adjustments not agreed to by the taxpayers and pending action by the
Bureau and its field offices was 27,031, as'compared with 31,507
returns in such status at the close of the previous year.
Miscellaneous Tax Unit
The Miscellaneous Tax Unit is concerned with the administration
of all internal revenue taxes except the income and excess-profits
taxes, the taxes applicable to alcoholic beverages, and those relating
to employment. Detailed statements concerning the particular
taxes administered in each of the five divisions of the Miscellaneous
Tax Unit are set forth below under the appropriate caption.
The collections of miscellaneous taxes for the fiscal year 1941
amounted to $2,153,071,808, representing an increase of $400,002,900
as compared with collections from these sources for the preceding
year.
Estate Tax Division.—Collections of estate tax for the year amounted
to $355,194,033, representing an increase of $24,307,984 over the
collections for the' preceding year. Collections of gift tax amounted
to $51,863,714, which exceeded the coUections for the preceding year
by $22,678,596.
The assessment and collection of additional taxes amounting to
$39,701,646 proposed in 356 estate tax and gift tax cases were postponed pending the adjudication of appeals filed with the United States
Board of Tax Appeals.
There were 19,044 estate tax returns and 17,369 gift tax returns
filed during the year.



227

REPORT OF T H E SECRETARY OF- THE TREASURY

As a result of Bureau and field investigations and audits there were
assessed deficiencies in tax amounting to $50;333,057 in estate tax and
$8,014,664 in gift tax.
The following table presents a summary of the estate tax and gift
tax cases received and audited in the Bureau.
Number of estate tax and gift tax returns received and audited, fiscal years 1940 and
1941
Estate tax

Gift tax

Returns in Bureau
1940

1940

On hand at beginning of year
Received

14,173
18,908

12,907
19,044

4,814
14,435

5,592
17, 369

Total to be disposed of.
Disposed of...

33, 081
20,174

31, 951
18,090

19, 249
13, 657

22, 961
16,168

On hand at end of year.

12, 907

13,861

5,592

6,793

During the year 2,517 claims for refund of estate tax and gift tax
were received as compared with 1,186 claims received during the preceding year. The marked increase may be attributed to a decision of
the United States Suprenie Court holding that certain rents, dividends,
and interest are not part of the gross estate in those cases where the
executors elect to value the estates as of a date subsequent to the date
of death. Refunds of estate tax and gift tax, with interest thereon,
were allowed in the total amount of $5,216,105 in 1,924 cases. Included in this amount are refunds of $530,277 authorized as a result of
court decisions in 21 cases.
The following table summarizes the action taken in connection
with, estate tax and gift tax claims received and disposed of during
the year.
Estate tax and gift tax claims received and disposed of, fiscal year 1941 •
E s t a t e t a x claims
Refund

Claims

Number • A m o u n t

Gift t a x claims
Refund

Abatement
Number

Amount

Number

Amount

Abatement
Number

Amount

Claims filed:
O n h a n d J u l y 1,
1940
Received
Reopened

437 $12,068, 552: 71
2,176 13,857, 014. 75
494, 613. 78
50

$42,152. 71
28
363 5, 744, 022. 20

177 $3,843,954.41
341 1, 519, 489.63
40
148, 878. 81

5
84

$38,899.06
822, 960. 25

T o t a l t o b e disposed o f . . .

2,663 26,420,181. 24

391 5; 786,174. 91

558 5,512,322.85

89

861, 859. 31

561
366

2, 608, 210.14
5, 301,106. 69

371 4, 771,852. 37
12
193, 332. 35

303,165. 95
198
178 3, 652, 386. 65

81
1

721, 015.15
139,162.00

927

7, 909, 316. 83

383 4, 965,184. 72

376 3, 955, 552. 60

82

860,177.15

1,736

18,510,864.41

182 1, 556, 770. 25

7

1, 682.16

. Allowed
' Rejected
T o t a l disposed, of..
O n h a n d J u n e 30,
1941
No
claims
filed,
overassessments allowed..
1 _•
I n t e r e s t allowed

952

T o t a l allowed, including i n t e r e s t . 1,513

8

820,990.19

1, 282, 296. 55
660,149. 71

202 3, 383, 548. 63

213

260, 387.05
101,896. 09

12 1,823, 948. 72

4, 550, 656.40

573 8,155,401.00

411

665, 449. 09

93 2, 544, 963.87




228

REPORT OF T H E SECRETARY OF T H E

TREASURY

Tobacco Division.—The collections of tobacco taxes for the year
amounted to $698,076,891, the largest annual collection from this
source since the taxes were first imposed, and .representing/an increase
of $89,558,447 over the collections for the preceding year. The tax
on small cigarettes yielded $616,745,234, which does not include the
fioor stocks tax on cigarettes imposed under the act approved June
25, 1940.
A detailed comparison of the tobacco taxes collected during the
fiscal years 1940 and 1941 is shown in table 9, page 482 of this report.
Sales Tax. Division.—The collections of taxes administered by the
Sales Tax Division amounted to $806,449,691, an increase of
$222,854,288 as compared with collections for the preceding year.
The increase in collections is refiected principally in the manufacturers' excise taxes, the taxes on admissions, and the tax on electrical
energy.
A summary of the collections of the taxes administered by the Sales
Tax Division for the years 1940 and 1941 follows. A more detailed
comparison of the collections of taxes for these years is shown in
table 9, page 482.
Summary of taxes collected by the Sales Tax Division, fiscal years 1940 and 1941
Increase or
decrease (—)

1940

1941

stamps

$38, 681, 345. 32

$39, 056, 966. 09

$375, 620. 77

M a n u f a c t u r e r s ' excise taxes (title I V , R e v e n u e Act of
1932, as a m e n d e d , a n d s u b t i t l e C, c h a p t e r 29, I n t e r n a l
R e v e n u e Code, as a m e n d e d )
Electrical e n e r g y l l
Pistols a n d revolvers

404, 298, 499. 35
42, 338, 501. 94
89, 508. 54

570, 035, 996. 98
47, 021, 015. 62
85, 301.13

165, 737,497. 63
4, 682, 513. 68
—4, 207.41

446, 726, 509. 83

617,142, 313. 73

170,415,803.90

97, 685, 225. 57
502, 322.11

150, 016, 758. 84
233, 651. 85

52, 331, 533. 27
- 2 6 8 , 670. 26

583,595,402.83

806,449,690.51

222, 854, 287. 68

Source of taxes

T o t a l m a n u f a c t u r e r s ' excise
Miscellaneous
Repealed

L

Total-.-

.

The claims for refund and abatement of the taxes and for the redemption of stamps received and disposed of during the years 1940
and 1941 are shown in the following; table.
Claims for refund and abatement of taxes and for redemption of stamps received
and disposed of, fiscal years 1940 and 1941
1940

Claims

O n h a n d at beginning of year '
Received or reopened

..-

..

.

T o t a l disposed of

. .




12,485

-..

.

13, 528
9,271
2,113

10, 462

11,384

2,023

O n h a n d at e n d of y e a r .
Allowed

Number
2,023
11, 505

8, 466
1,996

T o t a l to be disposed of
Allowed
Rejected

Number
2, 664 '
9,821

•

1941

-

2,144

Amount
$8,164, 587. 56

Amount
$7, 347, 014.89

229

REPORT OF THE SECRETARY OF THE. TREASURY

During the year 7,079 field reports and 616,784 returns were examined in the Sales Tax Division. Assessments totaling $1,406,815,951, representing 1,638,279 items, were approved on the 2,378
miscellaneous assessment lists, which included original and additional
assessments..
The Sales Tax.Division completes assessments, schedules claims and
overassessments, and passes on offers in compromise not only for
this Division but also for the Estate Tax, Tobacco, and Capital Stock
Tax Divisions and for the Processing Tax Division with respect to the
tax on manufactured sugar.
The number and amount of offers in compromise submitted in
settlement of liabilities incurred in connection with the various miscellaneous taxes and the number and amount disposed of during the
year are shown in the following table.
Ofers in compromise received and disposed of by the Sales Tax Division, fiscal
years 1940 and 1941
1941'

1940
0fl!ers in compromise
Number

Amount

Number

Amount

553
6, 206

$463, 036. 24
994, 286. 59

518
12,294

$610,862.82
1,439,487.15

6,759

1,457,322.83

12, 812

2, 050, 349. 97

. 5,971
- 234
36

744,904.53
89,397. 31
12,158.17

11,361
287
39

1, 233,126. 47
57,879.14
241,747.47

Total disposed of

6,241

846, 460. 01

11, 687

1, 532, 753. 08

On hand at end of year

518

610,862.82

1,125

517, 596.89

On hand at beginning of year
Received during year

..

Total to be disposed of
Accepted
Rejected
Withdrawn

.

.

.

.

'

Capital Stock Tax Division.—Collections from the capital stock tax
during the year amounted to $166,652,640 as compared with collections of $132,738,537 in 1940, an increase of $33,914,103, or 25.5
percent.
•
A total of 535,159 returns were filed by domestic and foreign corporations. As a result of the review and audit of capital stock tax
returns, 19,921 assessments were made, involving tax, penalties, and
interest in the amount of $994,813.
The claims for refund and abatement of capital stock tax, penalties,
and interest, received and adjusted in the Capital Stock Tax Division,
are shown in the following table.
Claims for refund and abatement received and disposed of by the Capital Stock Tax
Division, fiscal years 1940 and 1941

*

Claims

1940

1941

Number '
704
22,239

Number
1,241
10,633

22,943

11,874

4,129
17, 673

5,770
4, 635

Total disposed of

21, 702

10, 405

On hand at end of year

1,241

1,469

Amount
$604,737. 93

Amount
$815, 729.07

On hand at beginning of yearl
Received and reopened
Total to be disposed of
Allowed^
Rejected

-

. _

Allowed...




230

REPORT OF THE SECRETARY OF THE TREASURY

Processing Tax Division.—The Processing Tax Division is concerned with the administration of the tax imposed on manufactured
sugar under Chapter 32 of the Internal Revenue Code, and the adjustment of the several types of claims arising as the result of the invalidation of the Agricultural Adjustment Act and the repeal of related
legislation.
There were 1,727 returns filed during the year by manufacturers
subject to the tax on manufactured sugar, and the total collections
of tax from this source amounted to $74,834,840, representing an
increase of $6,689,482 over the collections for the prior year.
The following table shows the claims in respect to the tax on manufactured sugar received and disposed of during the year.
Sugar tax claims received and disposed of by the Processing Tax Division, fiscal year
1941
Overpayment and
livestock feed

Export

Abatement

Total

•

Claims
Number «
42
796
70

$10, 666. 64
1, 364,454. 31
3,340.57

. 908

Amount

Number

Amount

$6,481.91
18,172. 71
350. 24

6 $153, 017.52

$17,148. 55
47
867 1, 535, 644. 54
3, 690. 81
73

1, 378,461. 52

73

25, 004. 86

6

153,017.52

987 1, 556,483. 90

1,335,781.78
7, 522. 35

42
20

9,197.18
13, 610. 52

4
2

29.99
152,987.53

894 1,345, 008. 95
65
174,120.40

1,343, 304.13

62

22,807.70

; 6

153,017.52

959 1,519,129.35

17

.. -

5
65
3

891

T o t a l to b e disposed of

Total
of

Number

Amount

848
43

On h a n d J u l y 1, 1940..
Received _
Reopened
:

Allowed
Rejected

Num.ber

Amount

35,157. 39

11

• 2,197.16

"

disposed

On h a n d J u n e 30,1941.

28

37,354. 55

The following table shows the claims for the refund of processing
and related taxes received and disposed of during the year.
Claims for refund of processing and related taxes received and disposed of by the
Processing Tax Division, fiscal year 1941
R e v e n u e Act of 1936
Sections 601 a n d 602

Claims

Number.
On h a n d J u l y
1940
:
Received
Reopened

Amount

Title V I I
Number

Amount

total

Cotton Ginning,
Tobacco, and
P o t a t o Acts. .

Number

Number •

Amount

Amount

1,

T o t a l to b e
disposed of.Allowed
Rejected
Transferred to I n come T a x U n i t

342 $1, 603,283. 24
12
11,105. 46
257
678,673.59

2,319 $9, 516, 111. 83 1,011 $27,477. 02 3,672 $11,146,872.09
119 10,357,375.66 10,212 .223,523.40 10,343 10,,592, 004..52
321
1, 214,393. 92
3,917.33
726
531, 803. 00
148

611

2, 759, 20,405, 290.49 11,371

254,917.75 14, 741

22, 953, 270. 53

1,350
1,236

1,174,962. 95
6,329, 218.75

112,813.69 11, 002
140,243.58 3,505

2,175,462.13
7, 562,887.71

37

9, 947, 243.47

37

9,947, 243.47

253, 057.27 14, 544

19, 685, 593.31

197

3, 267, 677. 22

2, .293, 062. 29

396.
887, 685.49
198 1,093,425.38

T o t a l dis.posed of

594

1,981,110.87

On h a n d J u n e 30,
. 1941

17

311,951.42




9,256
2,071

2,623 17,451,425.17

11,327

2,953, 865.32

44

136

1,860.48

REPORT OF THE SECRETARY OF THE TREASURY

231

Alcohol Tax Unit
The collections from the liquor taxes amounted to $820,056,178
in the fiscal year 1941, as compared with $624,253,156 in 1940, an
increase of.$195,803,022, or 31.4 percent. This increase in collections
is principally the result of the higher rates iniposed by the Revenue
Act of 1940. The largest increase was in distilled spirits, for which
collections increased 39.6 percent. The collections from the excise
tax on wines increased 36.7 percent, while the collections from the
excise tax on fermented malt liquors increased 20.5 percent.
Of the total liquor taxes collected, $484,163,478 came from distilled
spirits, $13,186,464 came from wines, and $322,706,236 came from
fermented malt liquors. Taxes collected from distilled spirits constituted 59.0 percent of the total in 1941, compared with 55.6 percent
in the previous year. Details of these collections will be found in the
table on page 482.
On June 30, 1941, the following premises and proprietors, qualified
under internal revenue laws and engaged in the production, distribution, or use of alcohol and alcoholic liquors, were under the supervision
of the Alcohol Tax Unit.
Under permit requirements of the Federal Alcohol Administration Act: i
Number
Importers 2 . . .
:
1,014
Distilleries:
Alcohol 3
.
39
Brandy
:
134
Registered
121
Warehousing and bottling:
Bonded warehouses: ^
Alcohol
...
60
Internal revenue.-.
:
274
Tax-paid bottling houses
.
126
- Wine producers and blenders:
Wineries
...-.
.
1,017
Bonded wine storerooms
i
.
89
Rectifying plants
.
.237
Wholesalers: fi
Wholesale liquor dealers
. . 5,550
Wholesale malt liquor dealers
.
.
10,306
Not under permit requirements of the Federal Alcohol Administration Act:
Breweries
537
Denaturing plants ^
.1
.
41
Bonded dealers in specially denatured alcohol
.
60
•Bonded manufacturers using specially denatured alcohol
.
. 4,199
Hospitals, laboratories, and educational institutions using tax-free alcohol
.
6,576
Vinegar plants using vaporizing process
13
Bottle manufacturers
.
.' 66
Retail liquor dealers
:.
:
256,653
Retail malt liquor dealers
...
147,063
1 Separate permits are required for lessee operations. In addition to the number of premises shown, the
lessees are as follows: Registered distilleries, 62; tax-paid bottling houses, 13; rectifying plants, 19. A lessee
authorized to operate two or more premises is counted once for each premise.
2 An importer is required to hold only one permit regardless of the number of his premises.
3 Permits are required only where alcohol is produced for nonindustrial use.
4 Permits are required only if the proprietor conducts bottling operations.
* Total number of premises. Permits are required for those making sales to trade buyers. A wholesaler
is required to hold only one permit regardless of the number of his premises,
fi Includes 3 distillery denaturing bonded warehouses.

Several new regulations were issued during the year^ The regulations relating to distilled spirits, ,wines, and fermented malt liquors
are now complete with the exception of regulations concerning alcohol,
which will be issued in the near future.
Procedure Division.—This Division is responsible for planning and
developing procedure for the headquarters and field offices of the
Alcohol Tax Unit; assists in drafting regulations. Treasury decisions,
mimeographs, and circulars; reviews for revision all forms prescribed
by the Alcohol Tax Unit; and is charged with the administration of




232

REPORT OF T H E SECRETARY OF T H E

TREASURY

regulations relating to traffic in containers of distilled spirits and the
supervision of the Statistical Section.
Enjorcement Division.—The activities of the Enforcement Division
include the investigation, detection, and prevention of willful and
fraudulent violations of the internal revenue laws relating to distilled
spirits, wines, and fermented malt liquors.
During the fiscal year 11,826 stills were seized, having an aggregate
mash capacity of 2,056,230 gallons,^ and in connection therewith
6,868,078 gallons of mash were seized and destroyed. Investigators
also seized 275,396 gallons of spirits and 4,752 automobiles and
trucks. The total appraised value of the property seized amounted
to $2,424,565. A total of 26,010 persons was arrested for Federal
liquor law violations.
The enforcement of Regulations 17 and Regulations 92 has been
increasingly effective. Because of the voluntary cooperation of dealers
in this program, illicit distillers have found it necessary to go far afield
for supplies and purchase them in small quantities, thus materially
increasing their cost of operations. The reports received from dealers
have led to the seizure of 497 illicit distilleries and 148 vehicles, with
692 arrests. The preventive and enforcement program under these
regulations has substantially aided in reducing the number and size
of illicit distilleries.
During the fiscal year, 215 cars and 12,150 gallons of tax-paid liquor
were seized and 332 persons were arrested in connection with the
enforcement of the Liquor Enforcement Act of 1936 for illegally
introducing tax-paid spirits into dry States; 273 indictments were
returned and 196 persons convicted in such cases.
A total of 266 applications for pardon and 3,970 applications for
parole were received during the year. Of the applications on hand for
disposal, 268 applications for pardon and 3,886 applications -for
parole were examined and reports submitted.
Field Inspection Division.—This Division plans, coordinates, and
supervises the permissive functions in the field offices of the 15 field
districts. Techihcally trained field inspectors, who serve as representatives of the Alcohol Tax Unit in maintaining an efficient permissive organization in the field offices, make frequent examinations by
actual inspection of records, documents, and otherwise to determine
whether law, regulations, established policy, and procedure are being
followed; devise and recommend plans and methods for greater efficiency and economy in the conduct of the work; supervise the installation of new procedures which have been approved by the headquarters
office; coordinate and standardize the functions and work in the various
units of the permissive divisions; determine the adequacy and efficiency
of the personnel and suitability of space and equipment and the practicability of its reallocation for the proper handling of the work; make
recommendations relative to the judicious expenditure of public funds;
and confer with district supervisors on problems of organization,
management,^ and service.
The Division maintains general supervision over the activities of
inspectors and storekeeper-gangers in the field districts and provides
1 Represents the cubic capacity of still pots and cookers. Column stills which operate without a still
pot or cooker are not reflected in this total. The size of illicit stills is reflected more properly by the mash
facilities. The cubic measurement of the mash fermenters of all the illicit stills seized during the fiscal year
was 10,036,163 gallons.
'




REPORT OF THE SECRETARY OF THE TREASURY

233

tor the general instruction of these groups. A total of 72,189 inspections of plants and permittees was made during this period by general
inspectors in the supervisory districts. Inspections of retail dealers
were conducted by junior inspectors, and the following statement
shows the results accomplished by this group.
• ^^^^ber
Number of inspections made
Number of dealers found violating
Number of violations found
Percent of dealers found violating
Amount collected

a

^
.

'.

'...
..

239,139
24,012
27,459
10.04%
$518,710.46

This Division is also responsible for the final approval or disapproval
of applications for the establishment of industrial alcohol plants,
alcohol bonded warehouses and denaturing plants, distilleries, fruit
distilleries, distillery denaturing bonded warehouses, internal revenue
bonded warehouses, and rectifying plants. Final review of qualifying
documents submitted in connection with the establishment of bonded
field warehouses, bonded storerooms, bonded wineries, and breweries
is handled by the Division.
Many changes were made in the premises, construction, and
equipment of established plants during the fiscal year, requiring examination of applications, notices, bonds, consents of surety, plats,
plans, and other documents submitted in connection with such changes.
The total number of such examinations, including those covering 122
new plants and 205 discontinued plants, was 21,885.
Laboratory Division.—The Laboratory Division comprises a central
laboratory in Washington, D. C , with 13 branch laboratories located
throughout the country, and one in San Juan, Puerto Rico.
The Laboratory Division performs all the chemical work for the
Bureau of Internal Revenue and the Bureau of Narcotics; it frequently
assists the Bureau of Customs, Secret Service, Coast Guard, Federal
Bureau of Investigation, Post Office Department, State Alcoholic
Beverage Control Boards, and Police Departments. The greater
part of the work, however, has to do with the internal revenue and
narcotic laws.
.
The Washington laboratory is primarily concerned with basic
problems, such as the development and modification of methods of
analyses for the great variety of products submitted and the formulation of denatured alcohol. This necessitates intensive research as to
the actual components for all alcoholic products, a knowledge of the
effect of diverse manufacturing processes on related products, abstracting current technical publications, and the testing of proposed denaturants.
Satisfactory progress has been made in the application of spectrographic and chromatographic absorption methods to the analyses of
wines and distilled spirits.
Audit Division.—This Division is responsible for the tax accounting,
assessment, claim, and compromise work of the Alcohol Tax Unit.
I t administers the provisions of internal revenue laws and regulations
pertaining to the manufacture, storage, tax payment, exportation,
sale, and use of alcohol, denatured alcohol, distilled sphits, wines, and
malt liquors.
During the fiscal year, 28,026 reports of violations of the internal
revenue laws pertaining to alcoholic liquors were received from the
field offices, reviewed and audited, and tax liability disclosed thereby
was assessed, including ad. valorem penalties. There were certified



234

REPORT OF THE SECRETARY OF THE TREASURY

to the Commissioner for assessment 21,529 items, totaling $5,476,957,
listed m the Bureau, and 292,177 items, aggregating $140,469,958,
listed by collectors.
At the beginning of the fiscal year there were on hand 583 offers in
compromise, aggregating $15,448, submitted in settlement of liabilities incurred in connection with the liquor taxing laws. During
the year 7,788 offers, amounting to $347,514, were received, of which
231 were forwarded to the Department of Justice and 194 were returned to the field offices; 6,640 offers, aggregating $201,225, were
accepted, and 564 offers, totaling $47,952, were rejected, leaving
742 offers on hand at the end of the year.
During the year 43 offers in compromise, aggregating $5,330, were
submitted in settlement of liabilities incurred under the Federal
Alcohol Administration Act. Of these, 33, J^otaling $4,740, were
accepted, and 7 offers, totaling $430, were rejected, leaving 3 oft'ers
on hand at the close of the year.
Basic Permit and Trade Practice Division.—This Division is charged
with administering the provisions of the Federal Alcohol Administration Act and regulations which have been issued pursuant to its authority. Its activities involve the enforcement of the trade practice
provisions of the act aimed at the prevention of certain unfair trade
practices on the part of alcoholic beverage producers, importers, and
wholesalers, including exclusive retail outlets, so-called ^'tied-house"
relationships, commercial bribery, consignment sales, false and misleading labeling and advertising, bulk disposition of distilled spirits,
and interlocking directorates in the distilling and rectifying fields.
The broad purpose of the statute is the regulation df the conduct of
the legitimate liquor industry.
The Federal Alcohol Administration Act requires that all producers
(other than brewers), importers, and wholesale distributors of alcoholic beverages secure basic permits. The issuance, denial, revocation, suspension, and annulment of basic permits have been delegated
to district supervisors, a small staff being retained in the Washington
office for the purpose of directing and coordinating such activities.
The experience of one year under the decentralized system has shown
it to be a definite improvement over the centralized system, since there
have been more complete facilities for investigations of applicants and
of violations, and it has been possible to hold hearings where the parties
in interest were located. .
The Federal Alcohol Administration Act provides that no bottler
or importer shall bottle or remove from customs custody for consumption distilled spirits, wine, or malt beverages, unless the bottler
or importer has obtained and has in his possession a certificate of label
approval or a certificate of exemption from label approval covering
such distilled spirits, wine, or malt beverages. The number of
applications for label approval filed was approximately the same as
the number filed the preceding year, and a total of 78,989 applications .
was acted upon.




REPORT OF THE SECRETARY OF THE TREASURY

235

The following table refiects the permit activity under the Federal
Alcohol Administration Act during the year and the number of permits of each class outstanding on June 30, 1941.
Permit activities, fiscal year 1941
New
permits
issued 1
Distillers
Rectifiers
Im porters
Wine producers and blenders
Warehousing and bottling .
Wholesalers
Total

2,424

-

58
39
86
66
841
1, 334

Amended
permits
issued
314
33
89

Permits
terminated 2
54

Permits in
efl[ect June
30, 19413

56
1,245

103
149
212
1,785

354
314
1,014
1,130
627
12, 042

1,803

2,344 1

15, 481

6b

4]

1 Includes permits issued to lessee operators, alternating proprietorships, changes in ownership, manage"
ment, control, etc., which do not involve the establishing of additional premises.
. 2 Includes permits surrendered for cancelation, automatically terminated, or revoked.
3 Represents active permits and includes lessee operators, also permits in Puerto Rico. Data on outstanding permits heretofore published included inactive permits.

In connection with the enforcement of the advertising regulations
the Division reviewed 76,859 advertisements appearing in 24,787
publications, representing a slight increase over similar activities for
the preceding year, and took appropriate regulatory action in 887
cases which involved various types of hregularities. There were also
reviewed 4,803 radio programs and 4,250 pieces of point of sale advertising. Particular attention was given to advertisements containing
patriotic themes, references to the Army or Navy, or appeals to the
defense forces, the regulations being amended during the year to give
the Bureau more authority to deal with any objectionable advertisements of this nature. Special attention was also necessary in connection with advertisements of domestic products designed to replace
former imported items and advertised in some instances in a misleading manner.
Violations of the trade practice provisions of the Federal Alcohol
Administration Act have involved the furnishing to retailers of equipment such as electric mixers, heating devices, dispensing equipment,
signs, etc.; exclusive sales agreements; paying retailers for window,
displays; and making sales on consignment or with the privilege of
return. These practices result in pressure selling, which constitutes
unfair competition and results in advantages to the larger companies
which have sufficient capital to subsidize their customers in this manner. There were 199 such cases handled during the year, the penalties
imposed including permit suspensions for as long as sixty days and the
acceptance of substantial offers in compromise.
Accounts and Collections Unit
The Accounts and Collections Unit is the central administrative
organization for the 64 internal revenue collection districts and makes
the administrative audit of all .expenditures for the Internal Revenue
Service. The Unit also administers the employment taxes imposed
under chapter 9 of the Internal Revenue Code, the taxes under subchapter A (Federal Insurance Contributions Act) relating to employment by others than carriers, subchapter B relating to employment by
carriers, and subchapter C (Federal Unemployment Tax Act) relating



236

REPORT OF THE SECRETARY OF THE TREASURY

to the tax on employers of eight or more. Prior to enactment of the
Internal Revenue Code the provisions of subchapters A, C, and B of
chapter 9, were contained in titles VIII and I X of the Social Security
Act and in the'Carriers Taxing Act of 1937, respectively.
There were 28,077,237 tax returns filed in collectors' offices during
the fiscal year 1941, an increase of 8,877,305 over the previous year.
Of the total returns filed, 16,150,496 were income tax returns,, an
increase of 7,162,084 during the year. The increase in tax returns
filed may be largely attributed to the reduced exemptions provided by
the Revenue Act of 1940.
During the fiscal year 40,604 income tax,. 13,807 miscellaneous tax,
and 218,177 employment tax returns were investigated by field
deputy collectors, and 10,869,458 information returns were verified.
At the close of business June 30, 1941, there were outstanding in the 64
collection districts 4,868 income tax returns, and 1,729,903 information returns were on hand.
Deputy collectors of internal revenue served 407,667 warrants for
distraint, which resulted in the collection of $54,353,624. • An average of 3,732 deputy collectors made 2,220,467 revenue-producing investigations, including the serving of warrants for distraint, compared
with 1,622,104 revenue-producing investigations made by an average
of 2,718 deputy collectors in the preceding year. The total amount
collected and reported for assessment by deputy collectors was $90,285',877 compared with $84,566,072 in the previous year. The average number of investigations made per deputy and the average amount
of tax collected and reported for'assessment were 595 and $24,192,
respectively, compared with 597 and $31,113, respectively, in 1940.
There were 183,594 warrants for distraint in custody in the collectors'
field forces on June 30, 1941, as compared with 212,701 on hand June
30, 1940.
A total of 13,878,586,593 revenue stamps, valued at $1,455,156,314,.
was issued to collectors of internal revenue and the Postmaster General during the year, compared with 13,351,512,052 stamps, valued at
$1,188,107,282, issued during 1940. Revenue stamps returned by
collectors of internal revenue and by the Postmaster General, and
credited to their accounts, amounted to $50,905,319. There were 318
applications allowed for restamping packages from which the original
stamps had been lost, mutilated, or destroyed, compared with 390
apphcations in the preceding year.
The Disbursement Accounting Division administratively examined
and recorded 1,540 monthly accounts, comprising 132,020 vouchers,
of collectors of internal revenue, internal revenue agents in charge,
heads of staff divisions, district supervisors, including the Philippine
branch of the District of Maryland, and the internal revenue salary
payments made by the special disbursing agent, San Juan, Puerto
Rico. In addition, 6,990 expense vouchers of employees and 17,954
vouchers covering passenger and freight transportation and miscellaneous expenses were audited and passed to the Chief Disbursing
Officer, Treasury Department, or General Accounting Office for payment.
Taxes under the Federal Insurance Contributions Act.—Collections
of taxes imposed under the Federal Insurance Contributions Act
amounted to $687,327,551 for the year, as compared with $605,350,176
for 1940, an increase of $81,977,375. These amounts include both the



REPORT OF THE SECRETARY OF THE TREASURY

237

'employees' tax and the employers' tax, each of which was imposed a t
the rate of 1 percent of taxable wages paid. Returns under the act
are required on a quarterly basis, 8,684,639 being filed during the fiscal
year, as compared with 7,868,402 filed in the preceding year. The
complete and final audit of returns under the act is conducted in the
•offices of collectors of internal revenue.
The following table sets forth information relative to claims disposed of under the Federal Insurance Contributions Act and/or title
VIII of the Social Security Act.
Clairns under'the Federal Insurance Contributions Act and/or title V I I I of the Social
Security Act {except special refunds under sectiofi I4OI {d) of the former act),
received and disposed of, fiscal year 1941
•Claims:
Pending at beginning of year..
Filed during year (new claims)
Received from other sources. _

~
'.

Total to be disposed of-..-

-

Allowed in full or in part
Rejected
Canceled

21,064
12,759
3,190
70

..

Total disposed of._

.

Pending atend of year
'Cert'ificates;of;allowa4ce'issued-.^
'Overassessments settled by—
Abatement..
Credit
...J....
Refund-..
Total
Interest

Number
2,644
18,134
286

'.

16,019
:

no claims were
'

filed
:

j>-

.

.

...

G.randtotal

.

5,045
4,787
Amount
.- $850,480.45
14,801.42
481,658.17
.-

.

1,346,940.04
58,450.28

:

°

1,405,390.32

The amount involved in claims filed during the year was $3,000,404.
Included in the allowed claims shown above were 7,091 collectors'
claims for abatement, of which 347 were multiple-item claims involving
'9,204 items. There were also allowed 524 collectors' claims recorrimending refunds of $8,839, plus interest of $440. T h e amount involved in the claims rejected during the year totaled $855,742.
Effective with the ^calendar year 1940, the Social Security Act
Amendinents of 1939 added a new provision to the Federal Insurance
Contributions Act, section 1401 (d), whereby an employee, performing
services for more than. one employer during a calendar year, may
obtain a refund of the amount of employee's tax deducted from his
wages which is in excess of the tax on the first $3,000 of such wages.
To obtain such a refund the employee must file a claim after the
calendar year in which the services were performed. The calendar
year 1941 was the first year during which such claims could be properly
filed.
Claims for special refund under section I4OI {d) of the Federal Insurance Contributions Act received and disposed of, fiscal year 1941
Claims:
Number
Filed during year (new claims)
.
._ 16,960
Received from other sources
Total to be disposed of

3
'.

,---

Allowed in full or in part
Rejected
.
Canceled
Total disposed of
Pending atend of year


407631—42
17


.
.

16,963
8,389
30
2

.

..

- 8,421
8,542

238

REPORT OF THE SECRETARY OF THE TREASURY

The amount involved in claims filed during the year 1941 was
$392,283. I n connection with the claims allowed, $191,834 was
recommended for refund, and the amount involved in the claims
rejected was $705.
The following table shows the status of the offers in compromise
submitted in settlement of tax liabilities incurred under the Federal
Insurance Contributions Act and/or title V I I I of the Social Security
Act.
Offers i n compromise under the Federal Insurance Contributions Act and/or title V I I I
of the Social Security Act received and disposed of, fiscal year 1941
Number of
offers

Offers in compromise

Amount
offered

Tax liability
involved

129
564
. 693

Total disposed of
Pending at end of year _

.--

104, 917

352, 504

35,463
- 18,091

87, 25392,929'

53, 554

180 182

253

-

$71,464
281,040.

440

Total to be disposed of
Accepted
Rejected

$26, 827
78,090-

320
120

Pending at beginning of year
Received during year--.

51,363

172, 322"

Tax under the F^ederal Unemployment Tax Act.—The tax under the
Federal Unemployment Tax Act is imposed on employers of eight or
more. The rate is 3 percent on taxable wages paid during 1940 with
respect to employment. Collections amounted to $100,657,721, as
compared with $106,123,156 for" the fiscal year 1940, a decrease of
$5,465,435. There were 368,639 returns filed during the fiscal year,
as compared with 367,670 ffied during the preceding fiscal year. T h e
returh for each calendar year, is due on January 31 following the close
of the year unless an extension of time for filing is granted.
The number of returns under the Federal Unemployment Tax Act
received and disposed of by the Accounts and Collections Unit are as
follows:
Number of Federal unemployment tax returns {annual) received and disposed of,
fiscal year 1941, by tax years
On hand
July 1,
1940

Tax year

1936
1937
1938
1939
1940

_- ---

-

---

-.-

Total




Received
during
year

Reopened
during
year

Total

Disposed
of during
year

On hand
June 30,
1941

1,561
12,269
24,643
326, 757
None

3,086
6,551
9,554
17,191
332, 257

6,058
12,419
17,626
12,664
None

10,705
31, 239
51,823
356,612
332, 257

10,132
28,381
44,171
330,914
None

673
2,858
7,652
25,698
332, 257

,365,230

368,639

48,767

782,636

• 413,598

369,038

239

REPORT OF THE SECRETARY QF THE' TREASURY

The Bureau submitted 468 returns to the field for investigation
during the fiscal year. Independent of these cases, the field force
submitted reports, prepared in connection with income tax investigations, for the years 1936 to 1939, which are included in the following
table.
Reveriue agents^ reports received 'and disposed of, fiscal year 1941, by tax years
On hand
July 1,
1940

Tax year

1936 .
1937
1938
1939

Received
during
year

Disposed
• of during
year

Total

On hand
June 30,
1941

70
397
840
None

Total

680
1,226
2,957
4,606

750
• 1,623
3,797
4,606

721
1,468
3,389
3,960

29
155
408
646

1,307

-

9,469

10, 776

9,538

1,238

Of the 9,538 revenue agents' reports disposed of, 1,493 showed no
change in tax liability, 7,119 showed deficiencies in tax amounting to
$1,428,413, and 926 showed overassessments of $344,222.
The following table sets forth information relative to claims adjusted
and certificates of overassessment or of allowance issued under the
Federal Unemployment Tax Act and/or title I X of the Social Security
Act.
Claims under the Federal Unemployment Tax Act and/or title I X of the Social Security
Act received and disposed of, fiscal year 1941
Claims:
Pending at beginning of year
Filed during year (new claims)
Received from other sources
Total to be disposed of-

-

.-.

Allowed in full or in p a r t . .
Rejected
Canceled.
Total disposed of.-.

_

:

._

Number
8,618
25,367
57
34,042

•

19, 724 •
4,630
119

.
-

24,473

Pending at end of year
9,569
Certificates of overassessment and certificates of allowance issued when no claims were
filed..
8,791
Overassessments settled by—
Amount
Abatement
:..L
.._•.. $3,451,776.43
Credit
93,234.27
Refund
1,982,796.42
Total.-.1
Interest
Grand total

::..
...1

5,527,807.12
67,351.09
6,595,158.21

The amount involved in claims filed during the year 1941 was
$5,641,383. Included in the allowed claims shown above were 4,015
collectors' claims for abatement, of which 55 were multiple-item claims
involving 976 items. There were also allowed 5,077 collectors' claims
recommending refunds of $112,651, plus interest of $3,881. The
amount involved in the claims rejected during the year totaled
$841,407.
The following table shows the status of the offers in compromise
submitted in settlement of tax liabhities incurred under the Federal
Unemployment Tax Act and/or title I X of the Social Security Act.




240

EEPORT OF T H E

SECRETARY OF T H E

TREASURY

Offers in compromise under the Federal Ummployment Tax Act and/.or title I X of the
Social Security Act, received and disposed of, fiscal year 1941
Number of
offers

'Offers'in compromise
Pending at beginning of year
Received during year

102
466

Total disposed bf.
Pending at end of year

539, 550

19,714
22,144

108,304
190, 336

41,858

298.640

207

1
__

71,152

361

_

$105,483
434,067

160
201

. ..'.

$16, 508
64, 644

668

.

Total to be disposed of.Accepted
Rejected

Tax liability •
involved

Amount
offered

29, 294

240,910

Carriers taxes.—The collections of carriers taxes under Chapter 9,
subchapter B, of the Internal Revenue Code aggregated $137,871,188
for the fiscal year 1941, as compared with $122,047,644 for the previous
year, an increase of $15,823,544. The amount for 1941 includes
$137,850,549 of collections from the employers' tax and the employees'
tax, both of which were imposed at the rate of 3 percent of the taxable
compensation; during the previous fiscal year the collections aggregated $1-22,037,661, and the rates were-2% percent during the first
half of the year and 3 percent during the latter half. Collection of
the employee representatives' tax for 1941, which was imposed at the
rate of 6 percent of the taxable compensation, amounted to $20,639,
as compared with $9,983 for the previous year when the rate was 5^
percent during the first half of the year and 6 percent during the latter
half. Returns are required on a quarterly basis, 30,994 being filed
by employers and 1,540 by employee representatives, a decrease of
921 and 158, respectively, from the previous year. The complete
and final audit of these returns is conducted in the offices of collectors
of internal revenue.
The following table sets forth information relative to claims disposed of under Chapter 9, subchapter B, Internal Revenue Code,
and/or the Carriers Taxing Act of 1937.
Claims under Chapter 9, subchapter B , Internal Revenue Code,. and/or the Carriers
Taxing A c t o f 1937 received and disposed of, fiscal year 1941
Claims:
Number
Pending at beginning of year
.._•
44
Filed during year (new claims)
297
Received from other sources

1

Total to be disposed of

•

Allowed in full or in part
. Rejected
Canceled

'.

, 342
203
74

.
.

--..

r

Total disposed of-Pending atend-of year
.
Certificates of allowance issued when no claims were
Overassessments settled by—
^
Abatement.
..:
,
Credit
Refund
Total
Interest
Grand total

5
-

.

.-....•_
filed.
.
.
'
-,
--...

282
60
4
Amount
$4,486.90
100.440.14
70,542.68
175,469.72
6,779.71
182,249.43

The amount involved in claims filed during the year was $661,191.
Included in the allowed claims shown above were 43 collectors'



REPORT OF THE SECRETARY OF THE TREASTTRY

241

claims for abatement. There were also allowed 2 collectors' claims
recommending refunds of $9.44, plus interest of $0.10. The amount
involved in the claims rejected during the year totaled $137,044.
Technical Staff
Under the decentralized plan of administering income, profits,
estate, and gift taxes, the Technical Staff is the appellate agency
within the Bureau of Internal Revenue for the determination of tax
liability in contested cases involving these classes of taxation. I t is
directly responsible to the Commissioner of Internal Revenue and
performs its work under his supervision. The Staff organization
consists of an administrative office in Washington and 10 field divisions comprising 37 local offices. Representatives of the Chief
Counsel for the Bureau are attached to these divisions and serve as
counsel to the division heads.
The heads of the Staff field divisions, within their territorial jurisdiction, have exclusive authority to represent the Commissioner (a)
in the determination of tax liability in disputed cases not before the
Board of Tax Appeals, whether before or after the issuance of a statutory notice of deficiency, and (b) in the settlement by stipulation of
cases docketed by the Board, subject, however, to concurrence of
division counsel in all such stipulations. The division counsel also
advise the division heads in the making of statutory determinations in
unagreed cases, as well as in other matters, and have exclusive author-^
ity to represent the Commissioner in the trial of docketed cases.
The Staff also considers offers in compromise in certain classes of
cases and applications for extensions of time within which to pay
income taxes. Final closing agreements under section 3760 of the
Internal Revenue Code are also reviewed by the Staff for the Commissioner.
The operations of the Staff field divisions during the fiscal year 1941
show a decrease in pending balances of both docketed and nondocketed cases. The decentralized procedure has. been in operation
throughout the country for the entire fiscal years 1940 and 1941 and
the work of the Staff field divisions is current.
A brief analysis of the work of the Staff field divisions is shown in
the following table.
Analysis of the work of alt field divisions of the- Technical Staff, fiscal year 1941
Docketed
cases

Cases

4, 355
4,731
. . .

Closed b y stipulation or a g r e e m e n t
.-....Dismissals a n d defaults
U n a g r e e d cases s u b m i t t e d t o B o a r d - .
Cases appealed t o B o a r d . _
Unagreed action on overassessment.and claims cases
T o t a l disposed of
On h a n d J u n e 30, 1941.

-

-

-

^-

1 5,043
6,651

9,086

On h a n d J u l y 1,1940.. . . . . .
Received (transfers, etc., d e d u c t e d )
T o t a l t o b e disposed o f - ^ . - . . .

11,594

3,072
239
1, 522

4,614
934'
2,205
617

4,833-

8,-270

4,253

2 3, 324

J Includes 1,556 cases awaiting taxpayers' action on statutory notices directed or sustained.
2 Includes 678 cases awaiting taxpayers' action on statutory notices directed or sustained.




Nondocketed
cases

242

•REPORT/ OF T H E ; SECRETARY , OF THE. TREASURY

The nondocketed cases closed by agreement, by default, and b y
unagreed action on claims involved asserted deficiencies in tax and
penalties amounting to $58,355,712 and tentatively determined overassessments of $3,119,659. The amount agreed to consisted of
$21,499,745 in deficiencies in tax and penalties and $2,171,431 in overassessments allowed, with defaults aggregating $4,320,4,32 in tax and
penalties and $82,894 in overassessments. In addition overassessments of $692,900 were allowed by the Staff in unagreed claims
cases.
The docketed cases closed by stipulated'agreement involved asserted
deficiencies in tax and penalties amounting to $79,220,575 and overassessments of $832,660 shown for other years in the same statutory
notices or in associated cases. The amount agreed to consisted of
$28,794,681 in deficiencies in tax and penalties and $955,202 in overassessments.
An analysis of the work of the Staff on compromise, extension of
time, and final closing agreement cases is shown in the following table.
Analysis of work of the Staff on compromise, extension of time, and final closirig
agreement cases, fiscal year 1941
Cases
On hand July 1,1940
Received (net)
Total to be disposed of....

Compromise Extension of Final closing
agreement
time cases
cases
cases
609
1, 233

1
187

60
507

23
163

463
25

1,842
504
620
133
40

Accepted, granted, or approved
Rejected
Withdrawn
Transferred.....
^
Total disposed of
..
On hand June 30, 1941

186
645

79

Office oj the Chiej Counsel
The activities of the Office of the Chief Counsel for the Bureau of
Internal Revenue include the defense of all Federal tax cases appealed
to the United States Board of Tax Appeals; the review of refunds,
credits, and abatements in excess of $20,000; consideration of various
administrative and.internal revenue tax matters referred to that office
by the Secretary, the Under Secretary,- an Assistant Secretary of the
Treasury, the General Counsel for the Department of the Treasury,
the Commissioner, the assistant to the Commissioner, the heads of
units of the Bureau, collectors of internal revenue, and other branches
of the Department. They include also the preparation, at the request
of the Department of Justice or of the United States attorneys, of
data for use in the prosecution or defense of tax cases (civil and
criminal) in suit, and compliance with requests for assistance in such
cases; and the preparation, revision, and review of regulations. Treasury decisions, mimeographs, and rulings for the guidance of the officers
and employees of the Bureau of Internal Revenue and others con-




REPORT OF.THE SECRETARY OF THE TREASURY

.

243

cerned. The office is divided into seven divisions, viz. Appeals, Civil,
Interpretative, Penal, Review, Legislation and Regulations, and
Alcohol Tax.
The Chief Counsel's Committee, consisting of three members,
serves iri an advisory capacity to the Chief Counsel, Assistant Chief
Counsel, general assistants, and special assistants, who refer to the
•committee cases .from all divisions of the office. The committee considers these cases and makes written recommendations as to their
proper disposition. The committee is also charged with the final review of cases involving compromises and closing agreements, previous
to their being sent to the Secretary of the Treasury for his approval.
At the beginning of the fiscal year 1941 the committee had On hand
63 cases; during the year it received 2,072 and closed 2,115, leaving 20
cases pending at the close of the year.
The Reorganization Section is charged with the duty of protecting
the interests and claims of the United States in bankruptcy and receivership proceedings, including particularly proceedings instituted
under sections 77, 77B, and chapters X, X I , X I I , X I I I , and XV of
the National Bankruptcy Act.
'
In the 1,016 corporate reorganization and arrangement cases disposed of during the year, claims were filed in the amount of $6,872,•987.94 and were settled for $2,813,511.00.' In addition, there were
323 cases closed in which no tax claims were filed.
In the 5,752 cases closed relating to bankruptcy and receivership,
•claims were filed in the amount of $5,106,261.49, and the sum of
$1,717,618.37 was collected.
Appeals Division.—This division has charge of all cases involving
income, excess-profits, unjust enrichment, estate, and gift taxes
pending before the United States Board of Tax Appeals. Counsel
a,ssigned to the various field offices, which were created under the
decentralization program of the Bureau of Internal Revenue, prepare
answers to petitions filed with the Board of Tax Appeals and advise
the various Staff divisions upon legal questions arising in the determination of income, profits, estate, and gift tax liability. All proposed
settlements are concurred in by counsel. Counsel also have exclusive
authority to represent the Commissioner of Internal Revenue in the
defense of all cases set for hearing before the Board of Tax Appeals.
The Division has immediate charge of all cases involving refunds
of amounts collected under the Agricultural Adjustment Act pending
before the United States Processing Tax Board of Review. I t prepares ah pleadings in such cases and appears for and represents the
Commissioner of Internal Revenue at the trial thereof. In addition,
the Division has the same jurisdiction, duties, and activities in matters
involving titles I I I , IV, and VII of the Revenue Act of 1936, as have
the Civil, Interpretative, Legislation and Regulations, and Review
Divisions and the Reorganization, Bankruptcy and Receivership
Section with respect to questions involving income, excess-profits,
capital stock, estate, gift, and miscellaneous taxes.
This Division also has a general supervision of the preparation of
the contents of the records on review in all cases wherein are filed
petitions for review by the United States Circuit Courts of Appeals
of final decisions of either the United States Board of Tax Appeals




244

REPORT OF THE SECRETARY OF THE TREASURY

or the Processing Tax Board of Review. In such procieedings wherethe Commissioner of Internal Revenue is petitioner, this duty isperformed in the Division subject to approval by the Department
of Justice; in cases where a taxpayer is petitioner, the Division hassole charge of the preparation of the record.
Of the appeals taken to the United States Board of Tax Appeals,5,099 were closed during the year. The methods by- which'suchcases were closed are as follows:
Disposition of cases closed before the United States Board of Tax Appeals, fiscal year
J941
Number
of cases

Character of closing

Amount in
dispute

Amount
. recovered
by Government

Percentage
of recovery
by Government

Washington oflBce
Decision on merits
Agreed settlement

464
11

$17, 731, 987
15, 636, 501

$9, 289. 234
8, 854, 688

.52.4
57.0'

Total

475

33, 268,488

18,143, 922

54.5'

Field oflQces
Default
Decision on merits
Agreed settlement.
Total
Grand total

239
1,313
3,072

$935, 768
31, 603,144
86, 327, 221

$931, 673
16, 238, 548
35, 632, 836

99.651.4
41.3^

^.-

4, 624

118, 866,133

62, 803, 057

44.4

'...

:.

5,099

152,134, 621

70, 946, 979

46.6>

Of the appeals taken to the United States Processing Tax Board
of Review, 93 cases were closed during the year. The method by
which such cases were closed is as follows:
Disposition of cases closed before the Processing Tax Board of Review, fiscal year 1.941'
Number
of cases

Character of closing

Dismissals
.
Agreed settlement
Decision on merits
Total

. . . .

Amount in
dispute

Amount re- Percentage
covered by recovered by
taxpayer
taxpayer

61
8
24

$363, 723
11,826,801
2, 563,813

$8,400
363, 516

0.00071
. 14179*

93

14, 754, 337

371,916

.02521

Civil Division.—This Divisiori, in cooperation with and at therequest of the Department of Justice, assists in the handling and
preparation for trial of civil internal revenue cases arising in the
Federal district courts, the United States Court of" Claims, and theSupreme Court of the District of Columbia, together with a limited
number of cases originating in State courts. The trials of such cases
and arguments upon appeals are conducted by the Departni'^rit of




245

REPORT OF THE SECRETARY OF THE TREASURY

Justice, with the assistance of this Division, pursuant to the President's
Executive order of June 10, 1933.
The Division's major activities during the year are shown in the
fohowing tables.
Number of cases pending, received, and disposed of by the Civil Division, fiscal year
1941 ^
Number

Cases
Pending July 1, 1940:
Not involving liens, in court
'
> Not involving liens, not in court.
Lien cases in court
Lien cases not in court
.-

2,724
234
657
45

Total:

3.660

Received during the year:
. . Suits by taxpayers.For suit by the United States..
Suits involving liens
Lien cases not in court
Total

674
244
971
337
2,226

,

Total to be disposed of..
Olosed during the year:
Not involving liens..
, Lien cases

1,290
1,193

Total
Pending June 30,1941.

3,403

} Excludes compromise cases.

Number of civil cases pending in the Civil Division at the beginning and end of the
fiscal year 1941 ^
Pending
June 30,
1941

Cases
Not involving liens:
In district courts
In circuit court of appeals
In Court of Claims
In Supreme Court
In state and miscellaneous courts
Pending payment of judgment claims..
Not in court
tovolving liens:
In court...:.
Not in court
Total..
»Excludes compromise cases.

The amounts in the cases involving no liens are as follows:
Pending July 1, 1940....
Received during year
Total
Closed during year
'Pending June 30,1941




:

$204,664,199.21
27,303,091.65
231,967.290.86
47,606,236.06
184,461,054.80

246

REPORT OF T H E SECRETARY OF T H E

TREASURY

Results obtained in cases closed by the Civil Division, fiscal year 1941
. Number
of cases

Cases
Not involving liens: 1
Suits instituted by taxpayers
.
Suits and claims by the United States
Injunctions, social security taxes
. .
Total
.-.:
Involving liens:
In court
Not in court

Amount
claimed

1,012
276
2

$36,843,219.39
10,301,791.67
10,691.63

$1,089,309.13

1,290

47,155, 702.49

".

Total

Amount
refunded

1,089,309.13

.857
336

$7, 330, 733.12*

7,330, 733.12*

^

105,496.17
112, 350. 00

1,193

:..

.

Amount
collected

217, 846.17

1 Excludes compromise cases.

The number of Civh Division cases tried by the Department of
Justice and the number decided by the courts during the year are
shown in the following table.
Number of Civil Division tax cases tried by Department of Justice and decided by the
Federal courts, fiscal year 1941
Cases decided by courts
Cases
tried

Court

District courts.
Circuit court of appeals _
Court of Claims
Supreme Court
Total

"

For the
Government

Against
the Government

179
63
18
10

217
141
33
9

107
38
• 16
3

270

400

164

Partly for
and partly
against the
Government
11

Total

0
0

•

.

335
181
4&
12

13

577

2

The Compromise Section is charged with the prosecution of claims
filed by collectors (a) against the. estates of deceased taxpayers; (b)
against insolvent banks; and (c) in liquidation proceedings, including
assignments for the benefit of creditors.
The following table shows the cases on hand at the beginning of the
year, those received and disposed of, and those on hand at the close
of the year.
Cases:
Pending July 1, 1940
Received during year
Total
1
Closed or in process of closing
Pending June 30, 1941
Tax liability involved.......
.
'.
Amount finally collected by payment or acceptance of offers..^




Number
2,933
2,127
5,060
2,023
. 3,037
Amount
$7,653,644
6,329,168

247

REPORT OF THE SECRETARY OF THE TREASURY

The number of cases pending June 30, 1941, and the tax liability
involved are shown in the following table.
Number of cases pending and tax liability involved, June 30, 1941
Pending

In process of closing

Cases
Liability

Number
Decedent estates . .
Insolvent banks
Miscellaneous cases
''
Cash offers in compromise

......

LiabUity

.

-

.

1,562
27
• 1,369
57
32

$20,092,072
108,321
3,056,616
302,051
1,466,350

76
25

$851,889
1,171,473

3,037

. .

TjistallmftTit offftrs in conipromi.9P,

Total

Number

26, 014,410

101

2,023,362

Interpretative Division.—The functions of this Division consist of
the preparation of letters and memoranda, for the signature of the
Head of the Division, the Chief Counsel, or the Commissioner; interpreting internal revenue statutes, when so requested by the administrative branches and units of the Bureau of Internal Revenue or by
other divisions of the General Counsel's office; the review of all
correspondence, for the signature of the Commissioner or of the
Secretary or of an official of his office, containing a ruling or opinion
regarding internal revenue laws prepared in the administrative
units of the Bureau and routed through the Chief Counsel's office
for approval; assisting in the preparation and review of briefs to be
filed with the United States Board of Tax Appeals in key cases;
reviewing actions on decisions in special cases; reviewing closing
agreements covering proposed transactions; editing the material
submitted for publication in the Internal Revenue Bulletin; and the
preparation of opinions and rulings in special cases assigned by the
Chief Counsel.
'
Included in this Division is the Digest Section, the functions of
which are to preserve, digest, and make readily avahable to the
members of the Chief Counsel's staff all opinions, rulings, and other
documents which have been prepared or reviewed by the Chief
Counsel's office.
A statistical summary of the work accomplished during the fiscal
year 1941 is as follows:
Cases:
(
Onhand July 1, 1940.
Received during the year
Total to be disposed.of.
Disposed of
On hand, June 30, 1941

.

_
_
..._

„.

_...

Number
298
: . 2,367,
2,665
2,406
259

Penal Division.—The Penal Division deals with practically all classes
of internal revenue tax cases when criminal liabihty is alleged, including income and profits, miscellaneous, and social security tax cases;
considers offers in compromise of liability where criminal proceedings
have been instituted or recommendations for prosecution have been
made to the Bureau or by the Bureau to the Department of Justice;
and prepares opinions construing the criminal and percentage penalty




248

REPORT OF T H E

SECRETARY OF T H E

TREASURY

statutes. I t also considers claims for reward under section 3463 of the
Revised Statutes or section 3792 of the Internal Revenue Code, and
whether cases closed by agreement under section 606 of the Revenue
Act of 1928, and similar provisions of other reveriue acts and the Internal Revenue Code, should be reopened because of ''fraud or m d feasance, or misrepresenta-tion of a material fact." Whenever requested by the Department of Justice, an attorney from this Division
assists in the prosecjution of criminal cases.
The following tables summarize the work of the Division during the
last two years.
Number of cases pending, received, and disposed of by the P e n a l Division, fiscal years
1940 and 1941
1940

Cases

1941

--

. . .
^ -

Total to.be disposed of
Disposed of

_ ..

-

.

Pending at end of year^...

1,254
1,049

1,441
958

_

. . .
^^

_ ..
V /

2,303
862

2,399
879

\

Pending at beginning of year.
Received during year

1,441

1,620

Number of claims for reward pending, received, and disposed of by the P e n a l Division,
fiscal year 1941
Formal
claims

Claims

Informal
claims

Pending at beginning of year
Received.during year

633
. 265

111
124

Total to be disposed of

798

235

87
184

0
• 119

Allowed...
Rejected

.- -

Total disposed.of- . - . .
Pending atvcnd of yvear

. .

-

--.

271 i

119

627

116

Review Division.—This Division reviews overassessments of income,
excess-profits, war-profits, estate, gift, .and miscellaneous taxes proposed for allowance (also deficiencies when coupled with overassessments) , where the amount of the overassessments in any case exceeds
$2.0,000, and proposed refunds of any tax in excess of $20,000. I t
prepares reports to the Joint Committee on Internal Revenue Taxation required by section 3777 of the Internal Revenue Code, where
the overpayments of income, excess-profits, war-profits, estate, or gift
taxes exceed $75,000; and prepares public decisions where the overassessments exceed $20,000,




REPORT OF THE SECRETARY OF THE TREASURY

249

The work of the Division is summarized as follows:
Number of cases pending, received, and disposed of by the Review Division and
amounts involved, fiscal year 1941
Estate and other
miscellaneous
taxes

On hand at beginning of year
Received
.................................
Total to be disposed of..
DisDosed of

Income tax

Total

Number

Cases

Number

Number

21
87

....

108
84

,^- •

24

On hand at end of year
Claimed by taxpayer
Approved by Review Division

_.

Amount
$5,140,908.40
3,310,311.44

113
460
673
604
69

Amount
$57,970,081.76
36, 660, 737. 62

134
647
681
688
93
Amount
$63,110,990.16
39,871,049.06

Legislation and Regulations Division.—The regulations issued under
the internal revenue laws, including tax conventions with foreign
countries, the profit-limiting provisions of the act of March 27, 1934,
relating to certain Army and Navy construction contracts, and the
reports on legislation introduced in Congress affecting the internal
revenue, except as they relate to taxes on alcoholic beverages, are
prepared or reviewed iri this Division. In addition, the Division
considers suggestions for amendments of arid additions to the various
internal revenue laws and prepares reports thereon for the consideration of the Commissioner and the General Counsel. I t participates iri
the preparation of income tax forms and assists in the drafting of tax
conventions.
Alcohol Tax Division.—This Division handles the legal work arising
in connection with the administration and enforcement of the internal
revenue liquor laws.
During the year there were prepared 7,312 memoranda, 342 briefs,
5,550 opinions, 3 parole cases, 269 libels, and 17 indictments. Review
work included 6,788 case reports, 72 claims of over $5,000 each, and
7,586 compromise cases. Iri addition, 9 revocation cases were haridled,
and 909 petitions for. remission or mitigation of forfeiture were examined and finally passed upon.
Intelligence Unit
The Intelligence Unit is principally concerned with the investigation of tax fraud cases in cooperation with internal revenue agents
and deputy collectors. During the year 871 investigations were made
of alleged evasion of income and miscellaneous taxes, and of this number 239 cases, involving 446 individuals, were recommended for prosecution. On this charge there were convictions of 156 individuals, and
36 acquittals. Investigations of these cases resulted in recommendation for assessment of additional taxes and penalties amounting to
$33,810,418.30.
In addition to collections by the Bureau of Internal Revenue of
taxes, penalties, arid interest, amounts are covered into the Treasury
as a result of fines iniposed in criminal cases. In some jurisdictions
the courts have imposed ari additional penalty by requiring the


250

REPORT: OF: T H E SECRETARY OF T H E TREASURY

defendants to pay. the costs of the investigations, that is, the salaries
and expenses of the agents during investigations.
There were 2,411 investigations of apphcations of attorneys and
agents to practice before the Treasury Department and 57 investigations of charges against enrolled agents and attorneys, resulting in the
disbarment of 14, the suspension of 2, and the rejection of applications
of 11. There were 5 names stricken from the rolls during the course of
disbarment proceedings, and 2 resignations were, accepted ^Vith
prejudice."
The investigations in 87 cases of charges against employees of the
Bureau of Internal Revenue resulted in the separation from the
Service of 44 employees and the prosecution of 13, of whom 12 were
convicted.
There were 7,535 cases of miscellaneous character investigated,
including investigations for the Bureau of Narcotics and the Customs
Service, and of persons under consideration for appointment to various
positions in the Treasury Department and national defense agencies.
LEGAL DIVISION

The General Counsel, chief law officer of the Department and in
charge of all legal activities thereof, heads a Legal Division composed
of the Office of the General Counsel and the legal staffs in all branches
of the Department. The work of the Division in the field of national
defense and in connection with matters arising out of the present war
has this year assumed even greater proportions than before. Important in such activity was the Division's work in relation to foreign funds
control and control over vessels in territorial waters. Extension of the
foreign funds control system over all financial and import and export
trade transactions in which certain foreign interests are involved necessitated the drafting of executive orders, regulations, forms, instructions, authorizations, and licenses, and the preparation of numerous
interpretative memoranda and opinions. The General Counsel represents the Department on a committee of representatives of the
Departments of State, Justice, and the Treasury which decides policy
questions relating to foreign funds control. The Division performed
work in connection with the exercise of the powers of the Secretary of
the Treasury under title I I of the act of June 15, 1917, by drafting
anchorage regulations for vessels in territorial waters of the United
States, deciding cases arising thereunder, and assisting ih litigation;
when certain foreign vessels were taken into possession and control by
the Secretary under that act, the Division prepared orders and instructions and handled legal problems arising from such possession. Problenas regarding the interpretation and enforcement of the Neutrality
Act of 1939 and other laws relating to neutrality were also of importance in the Division's activities. The Division has worked in connection with certain committees, manj^ of which are of a defense character. Members of the Division serve on the Price Administration
Committee established by Executive Order No. 8734; on the TreasuryBritish Committee, which deals with problems affectiiig supplies to
Great Britain; and on the Law Committee of the Defense Communications Board. The General Counsel is a member of the Board of
Legal Examiners created by Executive Order No. 8743 to promote the
(development of a merit system for the recruitment, selection, appoint-




REPORT OF THE SECRETARY OF THE TREASURY

251

nient, promotion, and transfer of attorneys in the classified civil
service.
The Division prepared 33 formal opinions and many informal opinions, studies, and memoranda for the guidance of the administrative
officers of the Department; the informal opinions and memoranda far
exceeded the number rendered in former years. Statistical reports of
judicial and enforcement activity in criminal cases relating to the
Department were compiled; and 35 legislative proposals considered
desirable for the efficient functioning of the Department were drafted.
Representatives of the Division frequently appeared before Congressional committees to furnish technical assistance and to explain the
purpose, effect, and legality of legislation concerning the Department.
The Division assisted in preparing 4.53 reports on legislation and in
drafting numerous executive orders and proclamations. Action was
taken on offers to compromise claims of the United States and in suits
filed against officers of the Department and the United States.
The Division assisted in drafting the Public Debt Act of 1941, did
work in preparation of the issuance of defense savings bonds, revised
regulations governing savings bonds, drafted regulations under the
act of October 9, 1940, relating to delivery of Government checks outside the United States, passed upon the legal sufficiency of 81 assignments executed under the Assignment of Clahns Act of 1940 involving
contracts entered into by the Department, examined 5,643 indemnity
or officialbonds, aided in drafting legislation and legislative reports hi
the field of banking and credit, performed legal functions in connection with the Comptroller of the Currency's supervision of national
banking associations, aiding in litigation involving receivership banks
ih liquidation, and did other legal work relating to monetary, fiscal,
and public debt matters.
The Division approved 1,100 cases for settlement without adminis-'
tration arising under the Adjusted Compensation Payment Act, 1936,
and under certain regulations, and handled a number of escheat cases.
Assistance was rendered to the Department of Justice in numerous
cases" in various courts involving matters affecting the Treasury
Department. In connection with the liquidation of indebtedness of
certain carriers under the Transportation Act, 1920, representatives of
the Division participated in the equity receivership proceedings of
one of the country's major carriers and continued participation in the
reorganization proceedings of three other carriers under section 77 of
the Bankruptcy Act.
The Division's work in cooperation with the Temporary National
Econoniic Committee was concluded in April 1941, when the Committee completed its study of the concentration of control of economic
power and related problems.
The Division furnished advice concerning the award, execution, and
performance of procurement contracts; examined surety bonds in
connection therewith; rendered services in connection with the revision of, and approval of deviations from, various standard contract
forms; and furnished legal advice on procurement problems involved
in the lend-lease program.
In addition to furnishing legal advice to the Bureau of Customs, the
Division maintained liaison with the Assistant Attorney General in
charge of customs litigation and^ made numerous studies in connection with pending litigation. Drafts of trade agreements affecting



252

REPORT OF THE SECRETARY OF THE TREASURY

the collection of revenue were studied, and consideration was given to
proposed legislation revising and clarifying customs laws. Drafting
and review work was done on a new edition of the customs regulations.
In relation to the activities of the Coast Guard, the Division performed the legal work, including examinations, reviews, and pertinent
correspondence, incidental to 527 court-martial cases, 77 retiring board
cases, 301 boards of investigation cases, 19 lifesaving medal cases, 240
formal contracts, 375 leases, and 25 acquisitions of real estate sites.
The Division considered questions concerning Federal narcotic drug
and marihuana laws, prepared legislation relating to the traffic in
narcotic drugs, and assisted States in the adoption or amendment and
eriforcement of the Uniform Narcotic Drug Act.
In the field of taxation, the Division handled 5,099 income, excessprofits, unjust enrichment, estate, and gift tax appeals involving
$152,134,621 and recoveries of $70,946,979; closed 93 appeals to the
United States Processing Tax Board of Review involving $14,754,337,
of which $371,916 was recovered by .claimants; handled 2,023 claims
against estates of deceased taxpayers, insolvent banks, and in liquidation proceedings, the total payments received being $6,329,168; disposed of 2,483 civil and 879 criminal cases; handled 390 claims for
reward under section 3792 of the Internal Revenue Code; reviewed
588 claimed overassessments of income, excess-profits, war-profits,
estate, gift, and other taxes, approving refunds in the amount of
$39,871,049; and disposed of 2,115 cases involving compromises and
closing agreements. In 1,016 corporate reorganization cases closed
under sections 77 and 77B and chapters X, X I , X I I , X I I I , and XV
of the Bankruptcy Act, claims in the amount of $6,872,988 were
settled for $2,813,511; 323 cases under that act were closed in which
no tax claims were filed. In banlo-uptcy and receivership cases the
sum of $1,717,618 was collected on claims amounting to $5,106,261.
In connection with the administration and enforcement of the internal revenue liquor laws, the Division prepared or reviewed 7,312
memoranda, 342 briefs,. 5,550 opinions, 3 parole cases, 269 hbels, 17
indictments, 6,788 case reports, 72 claims of oyer $5,000 each, 7,586
compromise cases, 9 revocations, and 909 petitions for remission and
riiitigatiori of forfeiture. The Division drafted numerous regulations
under the internal revenue laws, tax conventions with foreign countries, arid the profit-limiting provisions of the act of March 27, 1934,
and its amendments, relating to certain Army and Navy construction
contracts; and rendered legal opinions on interpretative questions
arising under internal revenue laws.
OFFICE OF THE LEGISLATIVE COUNSEL

The Office of the Legislative Counsel assists the Assistant Secretary
in Charge of Internal Revenue in planning and coordinating the
legislative recommendations of the Treasury Department with
respect to internal revenue and in drafting internal revenue legislation. This Ofl&ce represents the Department before the congressional committees in matters involving internal revenue legislation.
The analysis of excess-profits taxation and of the problem of
amortization, of emergency facilities required for the national defense,
which was begun by the Office in the fiscal year 1940, was continued
during the current year. This study was utilized in assisting con


REPORT OF THE SECRETARY OF THE TREASURY

253

gressional committees in the drafting of the Second Revenue Act of
1940, which included an excess-profits tax and provision for the
amortization of defense facilities. Further study of excess-profits
taxation indicated the need for affording relief to corporations confronted with abnormal income experience, and this was provided
under the Excess Profits Tax Amendments of 1941. The Office also
began in the fiscal year 1941 a comprehensive study of the fiscal .
structure in preparation for the current revenue revision to be enacted
as the Revenue Act of 1941.
The Public Debt Act of 1941, the act amending the Merchant
Marine Act of 1936, as amended, the act extending the time for
certification of national defense facilities, and the act amending the
Bankruptcy Act with respect to the basis of property for purposes of
the income tax, and other acts affecting the internal revenue were
drafted with the assistance of the Office of the Legislative Counsel.
The Office supervised the preparation of reports by the Treasury
on about 100 bills and represented the Department at committee
hearings on many of the bills. Other* duties of the Legislative
Counsel included assistance in the preparation of regulations interpreting the Internal Revenue Code and the handling of a large
volume of correspondence consisting of suggestions for improvement
of the fiscal structure and inquiries concerning existing provisions
of the tax law. The Office reviewed 15 new sets of regulations,
including Regulations 109, relating to the excess-profits tax and
Regulations 110 with respect to consolidated returns of affiliated
corporations under the excess-profits tax. Approximately 75 Treasury decisions amending existing regulations were also passed upon
by the Legislative Counsel.
BUREAU OF THE MINT i

Institutions oj the Mint Service
During the-fiscal year 1941, seven mint institutions were in operation: Coinage mints at Philadelphia, San Francisco, and Denver;
assay office at New York, which handles the major portion of the gold
imported, and exported, and its auxiliary silver bullion depository at
West Point; gold buhion depository at Fort EJIOX, Ky.; mint at New
Orleans, conducted as an assay office; and assay office at Seattle.
The two- last-named institutions are, in^ effect, merely bullion-purchasing agencies and also serve the public by making assays of ores
and bullion. Electrolytic refineries are maintained at the New York,
Denver, and San Francisco institutions.
Coinage
Domestic coin manufactured during the fiscal year 1941, totaling
1,599,349,007 pieces, exceeded the production of any previous fiscal
year in the history of the Government. The nearest approach to this
production was 768,090,830 pieces in 1940. As in previous years,
the coin most largely produced was the 1-cent piece. The production
m 1941, in amount $74,987,420, consisted of 282,675,357 subsidiary
silver coins, $49,211,552; 315,228,278 nickel coins, $15,761,414; and
1,001,445,372 bronze coins, $10,014,454.
1 More detailed information concerning the activities of the Bureau of the Mint is contained in the annual
report of the Director of the Mint.
407631—42
18




254

REPORT OF THE SECRETARY OF THE TREASURY

Coinage for foreign governments totaled 170,672,500 pieces, compared with 35,695,000 pieces during the prior year. The foreign
coinage consisted of silver, nickel, and bronze coins for the Netherlands
East Indies, Dominican Republic, Indo-China, and Liberia.
The grand total of domestic and foreign coins made in 1941
amounted to 1,770,021,507 pieces, an increase of 966,235,677 over the
prior year.
Bullion deposit transactions
The number of bulliori deposit transactions during the year totaled
48,147, including 75 inter-mint-service transactions, as compared with
51,780 and 75, respectively, during the prior year. The deposit transactions required 74,716 assay determinations, which compares with
81,425 assay determinations during the prior year.
Transjers oj bullion jor long-term stoi^age
Refined gold bullion having a value of approximately $9,056,000,000
was transferred during the fiscal year 1941 from the New York Assay
Office to the bullion depository at Fort Knox, Ky., and approximately
$317,600,000, in refined gold bullion was transferred from the mint at
San Francisco to the mint at Denver for long-term storage.
During the year 97,372 bars containing 101,970,173 fine ounces of
silver were transferred from the New York Assay Office to the silver
bullion depository at West Point, N. Y., for long-term storage. The
depository now contains a total of 1,542,694,885 fine ounces of silver
bullion, all of which was transferred from Government buildings and
rented.quarters in New York City since completion of the depository
in 1938.
.
Gold operations
Gold acquisitions by the mints and assay offices during the year,
stated on the usual basis of classified melted receipts, amounted to
$3,529,187,190; receipts from other Treasury offices of domestic coin
melted during the year amounted to $793,132; and transfers between
mint-service institutions amounted to $9,408,295,799. These transactions totaled $12,938,276,121, compared with $3,235,067,233 for the
prior year.
The acquisitions include $166,877 of gold received at $20.67-|- per
fine ounce, which had not been previously surrendered uhder the
nationalization orders. The increment on this gold amounted to
$115,663.
Silver operations
The Government's acquisitions of silver during the year totaled
163,328,911 fine ounces, at an average cost of 51.1 cents per fine ounce
aind a total cost of $83,464,650. The acquisitions consist oi the
followine::
, Amount
(fine ounces)

Item
Newly mined domestic silver
Purchase Act silver
Silver contained in gold bullion deposits, etc
Silver received in exchange for Oovernment stamped bars . .
Total




i

..

.'-.

Cost

71,933,816.47
90, 221,115. 33
577, 319. 45
596, 660. 20

$51,116,087.80
31,949, 309. 33
200, 031. 29
199, 221. 77

163, 328. 911.45

83, 464, 650.19

REPORT OF THE SECRETARY OF THE TREASURY

255

• United States coin received for recoinage totaled 2,727,908 fine
ounces, with a recoinage value of $3,771,085. Silver deposited by
other governments for foreign coinage totaled 5,854,031 fine ounces.
Silver transfers between mint-service institutions totaled 102,063,704
fine ounces. These items plus the shver acquhed during the year
brought the total transactions in silver to 273,974,554 fine ounces,
compared with the prior year's total of 262,269,416.
During the year 1941, $82,747,474 of silver certificates were issued
against 64,000,000 fine ounces of silver bullion valued at $1.29+ per
fine ounce, the.-statutory monetary value of silver. Such silver had
been acquired at an average iprice of 62 + cents per ounce. The
difference between the cost of the silver held to secure such certificates
and the monetary value of such silver is $43,027,216, and this amount
constitutes seigniorage.
The open-market price of silver in New York (mean of bid and
asked) during the fiscal year averaged $0.35062, which price prevailed
during the enthe fiscal year.
For newly mined domestic silver a return to the depositor of
$0.7111+ per. fine ounce, established by the act of July 6, 1939,
prevailed during the fiscal year.
Rejineries
The electrolytic refineries produced during the year 7,508,837 fine
ounces (257.4 tons) of electrolytically refined gold bullion and 5,073,331
fine ounces (173.9 tons) of silver bullion. During the prior year the
quantities produced were 5,060,586 fine ounces (173.5 tons) of gold
and 2,253,971 fine ounces (77.3 tons) of silver.
Stocks of unrefined gold and silver bullion in mint institutions
increased during the fiscal year 1941 by approximately 78.1 tons, to
2,151.1 tons. The increase in 1940 was about 309 tons.
Stock oj coin and monetary bullion in the United States
On June 30, 1941, the estimated stock of domestic coin in the
United States was $1,193,690,047, of which $547,077,816 was standard
silver dohars, $447,247,860 subsidiary silver coin, and $199,364,371
minor coin.
The stock of gold bullion, including coin, held in the Treasury
on the same date was valued at $22,624,197,712, an increase of
$2,661,106,843, and the stock of silver bullion was 2,491,134,457
fine ounces, an increase of 125,965,283.
Production oj gold and silver
Domestic gold production during the calendar year 1940 was
6,003,105 fine ounces, with a monetary value of $210,108,700,
compared with 5,611,171 fine ounces, with a monetary value of
$196,391,000 in 1939, which was the previous year of largest production.
Domestic silver production during the calendar year 1940 totaled
69,585,734 ounces. This compares with 65,119,513 ounces for 1939
and with the record production of 74,961,075 fine ounces for 1915.
. Industrial consumption oj gold and silver
Gold consumption in tbe industrial arts during the calendar year
1940 is estimated at $41,178,387. Gold returned from industrial use



256^

REPORT OF THE SECRETARY OF THE TREASURY

amounted to $27,872,355. These items give a net industrial consumption of new gold during the year of $13,306,032, compared with
$7,460,600 during the'calendar year 1939.
Silver used in the arts is estimated at 67,062,632 fine ounces, of
which 22,563,729 fine ounces were new material.
Compared with the prior year, there was an increase in gold consumption of approximately 68,000 ounces and a decrease in silver consumption in industry of about 2,500,000 ounces.
Appropriations J expenses j and income
Regular appropriations avahable for the Mint Service during the
fiscal year 1941 totaled $2,720,540; the Second Deficiency Act of
June 27, 1940, provided $1,608,000 for special movements of bullion
during the fiscal year 1940, to remain available until June 30, 1941,
none of which was obligated during the fiscal year 1940, leaving the
entire amount available for the fiscal year 1941; the First Supplemental
Civil Functions Appropriation Act, approved October 9, 1940, provided $1,335,380; the Additional Urgent Deficiency Appropriation
Act, approved M a y 24, 1941, provided an additional $270,500; and
reimbursements to appropriations for services rendered amounted to
$773,233, making a total of $6,707,653.
Expenses amounted to $6,871,717, of which $6,642,675 was chargeable to appropriations and $229,042 chargeable to income.
The regular income realized by the Treasury from the Mint Service
aggregated $51,653,974, of which $46,467,922 was seigniorage. The
seigniorage on subsidiary silver coin was $23,346,561, and on minor
coin, $23,121,361. Extraordmary income aggregated $43,142,879, of
which $43,027,216 was seigniorage on silver bullion revalued to $1.29+ ,
per ounce, and $115,663 was the increment to $35 per ounce on
revalued gold.
.
General activities
The number and value of deposits, transfers, gross income, and expenses for the fiscal year 1941 and the number of employees on
June 30, 1941, at each institution are shown in the following table.Deposits of gold and silver, income, expenses, and employees, by institutions, fiscal
year 1941

Institution

Number
of bullion
deposit
transactions- 1

Number
of assay M o n e t a r y value
of gold a n d
determiGross regun a t i o n s silver receipts, lar income
including transon bullion
fers i
. deposits

5.864
20,039
5,084
11, 335
1,608
4,227

7,973
23,934
8,524
27, 594
1,606
5,085

Total
B u r e a u of t h e M i n t

48,147

74,716

13,153, 340,866

48,147

74, 716

13,153. 340,866

51, 780

81,425.

3, 674,430, 723

Grand total...
P r i o r fiscal y e a r

Excess of
income or
of expenses ( - )

$28, 519, 529 $32.695,012 $2.325,908 $30,369,104
401, 685 472
8,680,624 1,106, 289
7, 474, 335
764, 438
386, 677, 368
6, 752,142
7, 616, 680
2, 393, 603
3, 249, 912, 476
2, 762, 959
369. 356
26, 770
701,170
5,318
- 2 1 , 452
49, 655
30,060, 200
93, 481
43. 826
74, 627
9,056,884, 662
- 7 4 . 627

Philadelphia...
S a n Francisco
Denver..
New York
N e w Orleans
Seattle.Fort Knox

.

Gross expenses

51, 663, 974

Number
of e m ployees,
J u n e 30,
1941

1,207
487
392
222
10
19
38

6,741,190
130, 527

44, 912, 784
-130,627

2,375
63

51, 653, 974

6, 871, 717

44, 782, 257

2.428

30,166, 882

2, 783, 988

27, 382,894

1.048

1 Includes 75 inter-institution transactions amounting to $9,408,416,726. Omits silver having a monetary
value of $131,840,224 transferred from the New York Assay OflQce to its auxiliary silver bullion depository
at West Point, N. Y.
_ .




REPORT OF THE SECRETARY OF THE TREASURY

257

DIVISIOIs[ OF MONETARY RESEARCH

The .Division of Monetary Research in the Office of the Secretary
provides iriformat^ion, economic analyses, and recommendations for
the use of the Secretary of the Treasury and other Treasury officials
to assist in the formulation and execution of the monetary 'policies of
the Department in connection with the stabilization fund, other operations under the Gold Reserve Act, operations under the Silver Purchase
Act, and control over foreign funds. Analyses are made pertaining
to gold and silver, the fiow of capital funds into and out of the United
States, the position of the dollar in relation to foreign currencies,
monetary, banking, and fiscal policies of foreign countries, exchange
and trade restrictions abroad, and similar problems. Analyses are
also prepared relating to the customs activities of the Department
and to the duties of. the Secretary of the Treasury under the Tariff
Act and on other matters pertaining to international trade., including
the trade agreement program,
BUREAU OF NARCOTICS i

The Bureau of Narcotics continued the established policy of
directing its principal enforcement activities against major narcotic
law violators, giving primary attention to the elimination of the sources
of supply of illicit narcotic drugs. As a result of this policy, augmented by the restricted shipping facilities incident to the war which
has made the smuggling of narcotics from abroad more difficult, the
steady reduction in the supply of narcotics available to the domestic
ilhcit traffic continued during 1941. The prices of drugs in the illicit
market, accordingly, have not only remained high but increases have
been noted in several localities. The drugs seized in the illicit traffic
showed a higher degree of adulteration than in 1940, much of the
alleged heroin coming into possession of enforcement officers containing only one to five percent of the drug.
The decrease in the supply of narcotics available to the illicit traffic
has forced peddlers and addicts to turn even more aggressively to the
channels of legitimate distribution for their supply. The forgery and
false execution of narcotic prescriptions and the improper prescribing
and dispensing of narcotics continue and the robberies of wholesale
and retail stocks have become significant as an enforciement problem.
The number of thefts and the quantities of narcotic drugs stolen have
again increased over those reported during the previous year.
The activities of the .Bureau resulted in 1,809 arrests for violations
of the Federal narcotic laws and the seizure of 1,852 ounces of narcotic
drugs and 185 automobiles during the year, as compared with 2,796
arrests, and seizures of 2,970 ^ ounces of narcotic drugs and 188 automobhes during 1940. There was a decrease in the total number of
violations reported under the narcotic laws, an increase in the registered
and a decrease in nonregistered classifications, a total of 2,424 violations having been reported for 1.941 compared with a total of 3,806
during the previous year.
There were 1,010 arrests under the Federal marihuana laws and
s.eizures of 699 pounds of bulk marihuana., 3 pounds of marihuana
seeds, 16,509 marihuana icigarettes, /and 56-9 growing plants, as com» Further information concerning narcotics is .available in tbe separate .report of ithe Oommissioner of
Narcotics.
> Revised.



258

REPORT OF THE SECRETARY OF THE TREASURY

pared with 788 arrests, and seizures of 1,347 pounds of bulk marihuana,.
4 pounds of marihuana seeds, 18,533 marihuana cigarettes, and 6,947
growing plants during 1940. In addition to these seizures of marihuana in connection with prosecutions under the law, the Bureau of
Narcotics, in cooperation with State and local authorities, conducted
a campaign of marihuana eradication in which the Alcohol Tax Unit
of the Bureau of Internal Revenue participated. I t involved growths
of varying density on 64,792 acres of land, of which that growing on
33,235 acres of land was definitely reported to have been destroyed
during the year. A total of 1,111 violations under the Federal Marihuana Law was reported during the year, only 2 of which were against
registered persons, as compared with 871 violations reported during
1940, of which 3 were against registered persons.
The tables following show the number of cases of violation, by registered and nonregistered persons, of the narcotic and marihuana laws
and the cases disposed of during the fiscal year as reported by Federal
narcotic enforcement officers.
Violations of the narcotic laws and the cases disposed of, fiscal year 1941
Registered persons

Nonregistered persons
•

'Federal court
Pending July 1,1940
Reported during 1941:
FederaL.
Joint-

state court

state court

Federal court

435

1,450
•

691
46

1,332
355

1,172

3,137

--

Total to be disposed
of
Convicted:
Federal
Joint
Acquitted:
Federal.
Joint
Dropped:
Federal
Joint—
Compromised:»
Federal
Joint

122
8
2
1

2
4

967
162

176
109
6
9

'343
21

4
5

15
7
491
66

166
13

1
1

Total disposed of...

693

>
^

Fines imposed:
Federal.
Joint
Total

2,076
1,061
XI

1 i
fi

"a

Total

1

479

Pending June 30, 1941

Sentences imposed:
Federal
Joint

47
20

.^

224
10

8
3

234

fi

1

1

Xi

1

OQ

.1 ' 1

fi

P

'"is"

2
3

2,148
360

7
2

15
23

141
75

8
8

21
12

15

5

2, 508

10

8

217

5

3

11

$41, 946.00
750.00
. 42,696.00

$32, 253.00
11. 281.87

$600.00
125.00
625.00.

.

i;i,654.00
2.688. 50

43,534.87

4,342.60-

f 1 Represents 11 cases involving tax liability, which were closed on payment of taxes and penalties in the
sum of $106.72; and 171 cases which were compromised in.the sum of $18,789.60.
, NOTE.—Federal cases are made by Federal officers working independently, .while joint cases are made.b'y
Federal and State officers working in cooperation with'each other.




REPORT OF THE SECRETARY OF THE TREASURY

259

Violations of the marihuana laws and the cases disposed of, fiscal year 1941
Nonregistered persons

Registered persons
•

Federal court

Federal court

state court

state court

1

745
364

3

Total to be disposed
of...

220

2

Pending July 1,1940
Reported during 1941:
Federal
Joint

1, 329

Convicted:
Federal.
Joint
Acquitted:
Federal _
Joint
Dropped:
Federal
Joint
Compromised: i
Federal
•Joint •

432
263
8
16

1
3

121
70

-"

41
28

9
14

"i
1,007

Totaldisposed of...
Pending June 30,1941

322

3
m

Kl

o

1

OT

fi
Sentences imposed:
Federal
Joint
Total

Total

Xi
fl

"fl
o

fi

1

o

fi

fi

621
390

6
1

14
28

77
27

1,011

. .

Fines imposed:
Federal . .
Joint-

1

"fl
o

8

12

105

9
3

13
13

$7,185.00
6,610.00"

1

$1.087. 50

13. 795.00

_

1.087. 50

> Represents a compromise in the sum of $250.
NOTE.—Federal cases are made by Federal officers working independently, while joint cases are made by
Federal and State officers working in cooperation with each other.

Registrations under the Federal narcotic and marihuana laws, June 30, 1941
Registrants
Importers, manufacturers, producers, and compounders
Importers, manufacturers, and compounders
Producers (growers)
'.
Dealers
Wholesale
..
'.. .
Retail
Practitioners . . .
,
Dealers in and manufacturers of untaxed preparations
Users for purposes of research,'instruction, or analysis
Total . . .

.1

.-

Narcotic law

_

_.
i...

.

164

1,276
51, 301
161, 039
1 164, 246
94
368,120

Marihuana
law

14
566
256
903
95
1,834

1 Includes registrations for which payment of occupational tax is not required under the act, because also
registered in some other class.

During the year 215,541 pounds of opium were imported. Of these
imports 178,539 pounds were released to manufacturers for use and
sale and 37,002 pounds were added to the opium reserve. A total of



260

REPORT OF THE SECRETARY OF THE TREASURY

453,783 pounds of this strategic material, or approximately a threeyears' supply for normal domestic requirements, remained in customs
bond at the close of the year.
Coca leaves were imported both for medicinal purposes and for
the manufacture of nonnarcotic flavoring extracts. The medicinal
leaves imported amounted to 280,901 pounds, a decrease of 27,240
pounds from the previous year. Imports of such leaves for the
manufacture of nonnarcotic flavoring extracts amounted to 535,453
pounds.
Exports of narcotic chugs of all kinds amounted to 23,157 ounces
in 1941, an increase of 588 ounces over the previous year. The drugs
exported during 1941 involved 133,557 taxable ounces of products.
The net quantity of pure drugs of all kinds sold to domestic purchasers by manufacturers amounted to 547,979 ounces, an increase
of 54,904 ounces over the previous year.
DIVISION OF PERSONNEL

The Division of Personnel was established in the Office of the Secretary on July 1, 1940, by Treasury Department Order No. 32, pursuant
to section 6 of Executive Order No. 7916; and the Division of Appointments and the office of Classification Officer, Treasury Department,
were consolidated with the Division of Personnel. The Division of
Personnel is charged with the supervision of the personnel activities
of the entire Department, and its general functions include initiating,
planning, and formulating personnel policies, procedures, practices,
and programs; and coordinating and exercising control over the
Department's personnel operations so that they will conform to approved policies and procedures. The functions of the Division are
principally in the nature of advisory and control activities, with the
personnel operations of the Department being actually carried out
in the personnel units of the several branches, bureaus, and offices.
This decentralization of personnel work, with control being retained
in the central personnel office, is in line with the Department's policy
of facilitating and strengthening the functioning of the operating
organizations.
The Division, headed by the Director of Personnel for the Treasury
Department, has been organized to include activities relating to position classification, salary administration, recruitment, appointment,
placement, promotion,' separation, retirement, discipline, investigation, efficiency rating, employee relations, leave, forms and records,
and civh service rules and regulations.
On June 30,- 1941, there were 20,483 employees in the departmental
service and 64,501 employees in the field service of the Treasury Department, as compared with 18,859 employees in the departmental
service and 54,312 employees in the field service on June 30, 1'940.
The number of employees in the departmental service, classified according to bureaus and offices, at the end of each quarter from June
30,1940, to June 30, 1941, is shown in table 69, page 664 of this report.
A comparison of the" number of employees in the-d?epM*tmentrf"<aiiid
field services of the Treasury Department on June 30, 1940, and June
30, 1941, is contained in table 70, page 66:5.




261

REPORT OF THE SECRETARY OF THE TREASURY

During the year 499 employees retired from the departmental and
field services of the Treasury Department. As of June 30, 1941, the
Department carried on its rolls 11 employees (5 in the departmental
and 6 in the field services) whose retention beyond the retirement age
had been authorized by Executive order. Retirement figures for the
Treasury Department, covering the period from August 20, 1920 (the
effective date of the Civil Service Retirement Act), to June 30, 1941,
are shown in table 71 on page 666.
A total of 10,275 classification sheets, describing the current duties
and responsibilities of employees occupying the positions concerned,
were acted upon during the year. This figure represented an increase
of 4,333 over the number of classification sheets acted upon during
1940.
Efficiency ratings were made during the year for both the departmental and the field employees. The average efficiency rating for a
Treasury Department employee is '^Very Good." This adjective
rating is defined as ^'Degree of efficiency represented by unusual or
outstanding achievem'Cnt with respect to some phases of the work,
with fuhy satisfactory performance with respect to all other efficiency
rating factors." The standard of performance by Treasury Department employees as a whole was high.
There were 375 personnel cases during the year requiring disciplinary action in the Treasury Department. Ninety-eight of these resulted in separations from the service, and suspensions were made or
other appropriate action was taken in the remaining 277 cases.
The total number of personnel actions of all types taken during the
year amounted to 66,455, as compared with 38,438 for 1940. The
following table shows the number of personnel actions taken during
each month of the past two years.
Number of personnel actions taken, by months, fiscal years 1940 and 1941
Month
July..
August
September.
October
Noveraber.
December..
January...
February..
March
April
May
June
Total

1940

, 1941

1, 728
2,332
2, 252
2,732
2,560
2,010
3,136
2,717
2,151
2,893
3,562
10, 365

7,980
3,851
3,735
5,661
4,109
4,669
4,926
4„567
4,591
4,934
7,669
9,773

38,438

66,455

Percentage
increase or
decrease (—)

(0

66
66

107
61
132
57
68
113
71
115
-6
73

^ Not susceptible to accurate comparison as figure for July 1940 includes several blanket approvals covering many actions, whereas the July 1941 and other figures represent individual actions.

The outlook for next year points to a very decided increase in the
volume of personnel actions, particularly because of the passage of
the Ramspeck Act extending the classified civil service and the
Ramspeck-Mead Act providing for automatic within-grade compensation increases.




262

REPORT OF T H E SEGRETARY OF T H E

TREASURY

DIVISION OF PRINTING

. The Division of Printing transacts all of the Treasury Department's
printing and binding business with the Government Printing Office
and outside contractors; approves requisitions for and makes purchases
of stationery supplies used by the Department; authorizes engraving
work to be done by the Bureau of Engraving and.Printing for all
Government departments and establishments, unless money, securities, or postage stamps are involved; and has control over newspaper
and periodical advertising for the Treasury Department, the binding
of confidential Department records, and the warehousing and distribution of blank books and forms for Washington and field offices of
the Department. The Division^also edits and prepares copy for.
weekly issues of Treasury Decisions under customs, internal revenue, narcotics, and other laws; and prepares annual and semiannual
bound volumes thereof and maintains a mahing list for their distribution. Appropriations to the Department for printing and binding
and for purchases of stationery supplies are under the administrative
control of the Division.
Printing and binding
. During the year $2,404,822 was made available to the Division for
printing and binding. Of this amount $2,380,148 was expended,
leaving an unobligated balance of $24,674. The following table
summarizes the appropriations and funds from other sources, the
expenditures therefrom, and balances.
Appropriations, additional funds, expenditures, and balances, fiscal years 1940 and
1941

Appropriation, printing and binding, Treasury Department .
_ .
Deflciency appropriations, printing and binding. Treasury Department
Receipts from sales of customs forms
Transfers from other appropriations
1
Total
Expenditures.

. 1941

1940

•

Unobligated balance

$466,000
64, 500
13,305
33,190

622, 750
522,360

_

$438,050
50,000
25,000
9,700

576,995
1 559, 211

.'

390

17,784

Allotment from salaries and administrative expenses for refunding processing
and related taxes and administering title III, Revenue Act of 1936..
Allotment from collecting the internal revenue
1
Printing and binding, other appropriations
. .. _

9,600
625,000
561,965

1,500
689, 850
1,136,477

1,096,465
1,085, 669

1,827,827
1,820,937

10, 796

6,890

Total
Expenditures

1

Unobligated balance

.

1 Figures for 1941 subject to slight variations due to necessary delays in receiving bills from the Public
Printer for certain items until pending, work is completed after the close of each fiscal year.




REPORT OF THE SECRETARY OF THE TREASURY

263

The detahs of the expenditures are shown in the following table.
Expenditures for printing and binding, by bureaus, offices, and divisions, fiscal years 1940 and 1941
E X P E N D I T U R E S FROM APPROPRIATIONS FOR P R I N T I N G AND BINDING

Bureau of Accounts
Chief Clerk
Coast Guard
Bureau ofthe Comptroller ofthe Currency
Bureau of Customs .
_
.
Division of Disbursement
Bureau of Engraving and Printing
Federal Alcohol Administration
Bureau of the Mint
. . .
Bureau of Narcotics
.
National bank depositaries
Personnel Division
Division of Printing:
Procurement Division
._
.
Public Debt Service
Division of Research and Statistics
Secret Service Division
Secretary and General Counsel..
Department stock and miscellaneous
Superintendent of Treasury Buildings
Treasurer ofthe United Stat-es
~
Transportation
1
_

._

1941 1

1940

Bureau, oflQce, or division

_
_

. . .

_.__

_.
-_._

$35, 843
1,074
94, 302
24,821
59, 675
2 56, 856
5,242
902
5,959
7,972
95
736
2,454
39, 380
10, 702
3,343
1,798
10, 570
101, 042
146
* 22, 598.
611,850

$24, 701
1,731
108, 545
25, 774
42, 536
86,825
4,689
(3)

8,243
4,624
89
434
1,465
66, 010
11,148
4,222
3,927
17, 526
92, 774
116
8 28,848
611, 780

Total..-.:...

497,360
25, 000

645,906
13, 305

522,360

Total expenditures from regular printing and binding appropriations:.
Customs blank forms..
_.
_
._

659, 211

E X P E N D I T U R E S R E I M B U R S E D FROM OTHER APPROPRIATIONS
Bureau of Accounts
._.
Chief Clerk
.
Coast Guard
Bureau of the Comptroller of the Currency
Division of Disbursement
Bureau of Engraving and P r i n t i n g . . . . . .
Personnel Division
Procurement Division: 1
Processing Tax Board of Review
Public Debt Service
Secret Service Division
Secretary and General Counsel
Treasurer of the United States

$66,606
7,484
6, 569
176, 954
569
1,784
71, 580
564
229,450
510
188
707

_

.

. . .

Total expenditures reimbursed from other appropriations
Bureau of Internal Revenue:
Allotment from collecting the internal revenue
Allotment from salaries and administrative expenses.for refunding processing and related taxes and administering title III, Revenue Act of
1936 . . :

Grand total expenditures
Total available funds

...1.....
.

77, 969
102
773, 076
6,892
69
1,682

561, 965

1,136,477

522, 962

684, 350

.

.

...

742

110

1,085,669

Total expenditures reimbursed, i

Balance . . . . . .

$107,434
514
13,144
3,552
151,320
233

1,820,937

1, 608,029
1, 619, 216

2,380,148
2,404,822

11,186

24,674

1 Figures for 1941 subject to slight variations due to necessary delays in receiving bills from the Public
Printer for certain items until pending work is completed after the close of each fiscal year.
2 Includes $20,000 in transfers from other appropriations.
3 Included under Bureau of Internal Revenue.
* Includes $9,700 in transfers from other appropriations.
8 Includes $13,190 in transfers from other appropriations.
fi Partly estimated.




264

REPORT OF THE SECRETARY OF THE TREASURY
Stationery supplies

During the year the Division approved 13,585 requisitions for
stationery supplies for the Treasury Department compared with
13,572 in 1940, an increase of 13 over the previous year. The available funds and expenditures for stationery during the last two years
and the balances of available.funds-are shown in the following table.
Available funds and expenditures for stationery, fiscal years 1940 and 1941
1940 ,

Appropriation, stationery, Treasury Department
Deficiency appropriations, stationery, Treasury Department
Reimbursement for stationery furnished other ofl3.ces
^
Transfers from other appropriations

, 1941

'

713,034
711, 704

339

Unobligated balance

$614, 20O
85.000
4,494
9, 340

597,090
696, 751

Total
Expenditures

$570,115
20,000
1, 660
6,316

1,330

Engraving work
Certificates, checks, commissions, drafts, transportation requests,
and warrants totaling 163,187,605 were approved by the Division for
execution by the Bureau of Engraving and Printing for the several
departments and establishments of the Government during the fiscal
year 1940, compared with 156,695,000 in the preceding year.
PROCESSING TAX BOARD OF REVIEW
ft

The Processmg Tax Board of Review was established in the Treasury
Department pursuant to title VII of the Revenue Act of 1936 and is
independent of other bureaus and divisions in the Department. The
Board has jurisdiction to review the allowance or disallowance by the
Commissioner of Internal Revenue of claims for refund of processing
tax paid under the Agricultural Adjustment Act and to determine
the amount of refund due any claimant with respect to such claim.
The decisions of the Board are reviewable by the Circuit Courts of
Appeals of the United States and the United States Court of Appeals
for the District of Columbia and subject to further review by the
Supreme Court of the United States, upon certification or certiorari as
provided in the Judicial Code, as amended. The Secretary of- the
Treasury designates the members of the Board and assigns to it such
personnel in the Treasury Department as may be necessary to perform
its functions.




265

REPORT OF THE SECRETARY OF THE TREASURY

The following table summarizes the work of the Board during the
fiscal years 1940 and 1941.
1941

1940
Cases
Number
Before the Board of Review:
On hand at beginning of year
Filed during year
..
Reconsidered during year
Total to be reviewed
Decided

Refund
claimed

Number

Refund
claimed

...
.

...,.,

39 $4, 299,867. 71
119 6,695, 560.34
11
15.971.40

59
103
3

$6,993, 216.08
23, 472, 557.76
162, 598.25

.

'. . .

169 10, Oil, 399.46
110 3,018,183. 37

165
103

30,628,372.09
18,676, 225. 02

59

On hand at end of year
Before the Supreme Court:
Filed during year for writ of certiorari
Certiorari denied...

•_.

.

11,952,147.07

440,236. 46
1,373,032.07

12
17

981,081.16
1,113,633. 23

24
12

'.

62

1,813, 268. 53
832,187. 37

29
120

2 094,714.39
1, 756,052. 80

12

Total to be reviewed
Decided by Circuit Courts

6,993,216.08

12
12

On hand at end of year '..
Decisions appealed to Circuit Courts of Appeals:
On hand at beginning of year..
Filed during year
._

981,081.16

9

338,661. 59

6
6

265,193. 91
265,493.91

2
2

262,229.66
- 262,^229.66

Pending in Supreme Court
' 17 affirmed, 1 reversed, and 2 dismissed.

PROCUREMENT DIVISION

The facilities of the Procurement Division were uthized to a greater
extent during the fiscal year 1941 than ever before by both regular and
emergency activities of the Government.
Purchases made by the Division during the year totaled $308,946,431, of which $15,430,464 W2i's, for regular activities of the departments and agencies, $219,287,390 for emergency relief activities,
$29,378,252 for strategic and critical materials, $21,037,555 for lendlease purposes, $5,360,572 for defense housing projects, and $18,452,198 for the American Red Cross refugee relief program.
Purchases made from General Schedule of Supply term contracts
by the departments and agencies reached a new high df $119,000,000 as
compared with $64,000,000 in the preceding year, an increase of $55,000,000. In connection with term contracts, studies of items on
schedule were continued, and deletions and additions were made to
meet changing conditions. Under a program initiated in 1941, the
Division whl undertake a study to place on a planned basis the contracting and purchasing of commercial items in common use by the
Government agencies. This will enable the Division to better determine pohcies and methods for Federal purchasing; increase the
efficiency of buying while effecting substantial economies in over-all
Government purchasing; and aid private industry by reducing lags in
its production cycles.
The Procurement Warehouse, in which is stocked commodities in
common use in the Government, had record sales during the year of
$5,017,224 compared with $3,724,304 in 1940.




266

REPORT OF THE SECRETARY OF THE TREASURY

Purchases o i gasoline and fuel oil under Procurement Division consolidated contracts—expanded to include Puerto Rico—continued to
increase mainly because of additional requirements of the Army.
During the last quarter of the fiscal year, purchases of gasoline were
approximately 150 percent higher than in the like period in the preceding year, while purchases of fuel oil in the same period increased more
than 75 percent.
Fuel deliveries, to the departments and agencies in and adjacent to
the District of Columbia, of 372,192 tons of coal and 12,107,526
gallons of fuel oh were effected during, the year as compared with
362,956 tons of coal and 10,137,063 gallons of fuel oil in the preceding
year.
In May 1941, the Division instituted a nation-wide survey of motor
petroleum carriers to insure deliveries of gasoline and fuel oil to
Government agencies during the national emergency. At the close of
the fiscal year, the survey was more than 50 percent complete.
During the year, the field procurement offices issued 894,178 purchase orders representing purchases of $219,287,390, which were
primarUy for the Work Projects Administration and the National
Youth Administration. The purchase of textiles for the Work
Projects Administration continued in importance, 68,751,970 yards
of material having been purchased at a cost of $8,296,177. Substantial savings were effected because of consolidated purchase procedure. Included in purchases for the National Youth Administration was more than $5,000,000 in new and used machine shop equipment for its defense training program.
In the disposition of surplus and forfeited personal property, the
Division arranged for the transfer between Government agencies of
approximately 8,300 individual items valued in excess of $4,781,000.
Sales of surplus and waste property, determined^ to be of no further
use, resulted in a return to the Government of approximately $502,000.
The Division reconditioned surplus chairs, desks, and other equipment, valued at $60,000, which were transferred to agencies in the
District of Columbia. This activity was of significant assistance to
defense agencies which required immediate delivery of office equipment
not otherwise obtainable. Under the Federal Alcohol Administration
Act, an estimated 4,000 gallons of alcohol, wines, and malt beverages
were distributed by gift among 200 charitable institutions.
In an effort to conserve certain materials strategic to national
defense and in which acute shortages exist, the Division issued 137
emergency alternate Federal specifications. The purpose of these
specifications is to minimize and, where possible, eliminate the use
of these materials in commodities purchased by the Government.
The program is a continuing one. In addition, 50 revisions were made
to existing specifications and 53 new Federal specifications were promulgated, bringing to 1,351 the number in effect as of June 30, 1941.
As a result of the rigid inspections and tests given to purchases,
improvement in the quality of commodities supplied on Government
order continued. Out of 13,610 inspections and tests, rejections
amounted to approximately 4 percent, the lowest percentage ever
occurring.
•
^
Expert assistance in designing and selecting furnishings was given
in connection with the furnishing of Federal buildings and executive
offices. This is iUustrated in the recent treatment of the National




REPORT . OF THE SECRETARY OF THE, TREASURY

267

Gallery of Art and the Washington National Airport. Studies were
started to determine the feasibility of placing under General Supply
contracts household furniture used by Government activities.
Overhauls and adjustments of typewriters for various agencies
totaled 24,907. Savings on this work indicated an economy of approximately $26,000 to the using offices.
Approximately 3,000 new leases and 1,830 renewals of leases covering
space for field offices for emergency relief work were effected and
several hundred agreements were executed for space requirements on
a rent-free or one dollar per annum basis.
The Federal agencies in the District of Columbia continued to
utilize the facilities of the Procurement Division garage which issued
254,657 gallons of gasoline and 4,478 gallons of oh, made 31,223
vehicle servicings, and completed 2,691 repair jobs.
The sale t a Government agencies of products of 53 institutions for
the bhnd continued to be coordinated by the Procurement Division.
Because of the defense program, the War and Navy Departments
made increased use of these products, and purchases by the Government departments and agencies approximated $2,157,000. In the
15. months prior to March 15, 1940, Federal purchases were only
about $300,000.
.
Federal Business Associations acting under the direction of the
Director of Procurement continued their activities of promoting economy and efficiency in the conduct of Federal business within the
particular localities of the 114 associations. Free use of Governmentowned trucks was obtained by the associations for the Post Office
Department in handling mail during the 1940 Christmas period, representing a saving to that Department of $138,997.
During the fiscal year, contracts and purchases of strategic and
critical materials under the act of June 7, 1939 (Public No. 117),
totaled $29,378,252. For a discussion of activities of the Division in
connection with strategic and critical materials, see page 64.
Upon passage of the Lend-Lease Act, the Procurement Division was
designated to purchase industrial products under this law—its most
important task in the national defense program. Cooperating with
lend-lease authorities, the Division was active in the formulation of
a purchase procedure for this project. The nucleus of a unit to specialize in lend-lease purchases began operating when the first requisition
w:as received in April 1941.
Among the special activities of the Division was the purchase of
household equipment to be installed in national defense housing projects. Purchases were made at the request of the Public Buildings
Administration of the Federal Works Agency. Consolidated purchases
of $5,360,572 were made, representing a saving to the agency of approximately $1,000,000. I t has been indicated that other departments
and agencies in the 1942 fiscal year will request the Division to make
similar purchases.
Early in the year the Division was charged with the task of purchasing clothing, medical supplies, textiles, and hospital apparatus for
refugee relief. Approximately 48,300,000 units costing $18,452,198
were purchased and directed to the American Red Cross for shipment
abroad. Included in the program were purchases of 37,299,459 yards
of fabric costing $9,613,236 and 2,864,112 pounds of worsted yarns ,




268

REPORT OF THE SECRETARY OF THE TREASURY

costing $4,051,575. The textiles were shipped under direction of the
Red Cross to their sewing chapters throughout the country.
DIVISION OF RESEARCH AND STATISTICS

The Division of Research and Statistics in the Office of the Secretary
serves as a research staff for the Secretary and other Treasury officials
on matters relating to fiscal operations and policies, the estimated
volume and source of future revenues, actuarial considerations involved in certain Treasury functions, and various general economic
problems arising in connection with Treasury activities.
Current aiid prospective conditions in the money and capital markets are studied in relation to both longer-term programs of Federal
financing and to the types of securities, the coupon rates, and the
maturities to be employed in particular financing operations. The
effects of actual and proposed fiscal operations on the credit structure
and general economy of the country are analyzed and long-range trends
are appraised. Studies are made of existing laws and of legislative
proposals in their relation to Treasury financing and Federal fiscal
policies.
Estimates of Federal receipts from internal revenue taxes and from
customs duties under existing laws are prepared for the Bureau of the
Budget for use in all regular and interim Budget reports, and for
such other purposes as may be required. Special revenue estimates
are prepared for Treasury ojOBicials and for congressional committees
working on tax legislation.
Reports are prepared on the actuarial status of pension and trust
funds for which the Treasury is responsible. In connection with retirement legislation, estimates are made of probable cost of existing
and proposed plans. Other actuarial analyses are made as required.
The Government Actuary, who is on the staff of the Division, is a
member of the Board of Actuaries, established under the Civil Service
Retirement Act, and is the Treasury Department's representative on
the Actuarial Advisory Committee of the Railroad Retirement Board.
He serves in a consulting capacity on actuarial matters for governmental agencies outside the Treasury Department.
In addition to the preparation of memoranda and reports for the
confidential use of Treasury officials, the Division performs research
services of a general nature, including the preparation of replies to
inquiries from outside the Treasury for information of a more or less
technical nature, the preparation of publications within the field of its
activities, the editing of the Annual Report of the Secretary and the
Bulletin of the Treasury Department, and the review of other Treasury
publications of an economic or statistical nature.
SECRET SERVICE DIVISION

The three outstanding accomplishments of the United States Secret
Service during the fiscal year 1941, in its efforts to suppress counterfeiting, were (1) the adoption as a permanent program of education of
the public in the detection of counterfeit money, (2) the continued
decrease on a large scale of losses to the public through the accepta;nce
of counterfeit bills, and (3) the successful prosecutions of dealers in
and manufacturers of worthless slugs.




REPORT OF THE SECRETARY OF THE TREASURY

269

As a result of the '^Know Your Money'' educational campaign, the
losses to the public through acceptance of counterfeit notes in the
fiscal year 1941 were reduced to $91,097, whereas the average annual
loss for a 4-year period (1933-36) previous to the start of the campaign
was $771,000. The 1941 losses represented a decrease of $54,547
from those in 1940.
Secret Service personnel exhibited sound motion pictures and
lectured on the detection of counterfeit money to 2,749,044 retail
merchants, school students, and civic organizations, bringing to
5,509,989 the total of persons directly reached by this method. A 32page booklet entitled ^'Know Your Money," illustrated with actual
photographs of counterfeit currency, was produced and distributed by
the Secret Service to police departments, merchants, banks, and high
schools throughout the country. The booklet whl be widely used in
high school classrooms beginning with the 1941 fall term.
With the advent and ever-increasing use of coin-operated merchandise vending machines, this form of business is suffering heavy
monetary losses from a growing evil akin to counterfeiting. In place of
genuine coins, millions of worthless coin slugs have been used to operate vending machines. Telephone and traction companies, cigarette
vendors, and others are the victims of this widespread fraud, which
has resulted in the startling yearly loss of some $5,000,000. This
loss exceeds by far any annual losses from counterfeit nbtes and coins,
and, since it accrues from the use of worthless slugs the size of 5ji,
10^, and 25ji coins, the scope of this growing evil is readily apparent.
After months of effort the Secret Service succeeded in obtaining an
interpretation of the counterfeiting laws which would permit Federal
prosecution of slug manufacturers and dealers. In December 1940,
a slug dealer was convicted in Federal Court in Omaha, Nebr., and,
in March 1941, Secret Service agents arrested the owners of two slug
factories at Dayton, Ohio. Agents seized at the plant 415,000 completed slugs, 26 dies for making slugs, and 4,000 pounds of metal.
Investigation disclosed that slugs were sold from that one source at
the approximate rate of 30,000 daily. Acting upon information gleaned
from seized records, agents in quick succession arrested other slug
makers and dealers in Minnesota, Wisconsin, Michigan, New York,
Kentucky, and Texas. I t is expected that the prompt action of the
Secret Service will soon end this nation-wide and pernicious fraud.
The White House Detail of Secret Service agents assigned to protect
the President has of necessity been augmented because of the existing
national emergency. An improved classification and identification
unit of the Secret Service at the White House, which reviews threatening letters addressed to the Chief Executive, has increased the efficiency of field agents in investigations relating to Presidential protection.
From September 16, 1940, to June 30, 1941, the Secret Service
gymnasium has been used to train personnel from the Secret Service
units, including field agents, the White House Detail, the White House
Police Force, and the Uniformed Force. In addition, the instructors
have trained agents of the Bureau of Narcotics, officers of the Montgomery County (Md.) Police Department, and game management
agents of the Fish and Wild Life Service, Department of the Interior.
During, the year 452 men received training at the Secret Service
gymnasium.
407631—42

19




270

REPORT OF THE SECRETARY OF THE TREASURY

The White House Police Force during the year added new laurels to
its reputation in expert marksmanship. Seven matches were, won by
its pistol team, most important being the championship of the United
States, Canada, Mexico, and Cuba, at the Ninth Annual International
Police Pistol Tournament in Teaneck, N. J., in August 1940. Scoring
1,196 out of a possible 1,200, the White House Team outclassed 134
competing teams and was congratulated by the President for this outstanding exhibition of. marksmanship.
The Uniformed Force of the Secret Service efficiently performed its
protective duties. In addition to the safeguardmg of Treasury buildings in Washington, and the protection of vast sums of currency and
securities, the Uniformed Force in March 1941 took the lead among
Government agencies in beginning three courses in standard and advanced first aid, under the auspices of the District of Columbia Chapter of the American Red Cross. The enrollment aggregated 75 and
the enrollees worked 1,632 hours on their o^vn time. At a meeting of
Red Cross first aid instructors on April 29, the Uniformed Force was
selected to demonstrate new teclmiques in transportation of the injured and were highly commended for their skill.
There were 16 new counterfeit note issues detected during the year,
two of which warranted the distribution of descriptive warning circulars.
Agents captured 106 metal plates and 37 film and glass negatives for
printing counterfeit obligations; 7 steel dies, 298 plaster molds, and 21
metal molds for counterfeit coins; and other counterfeiting parapher- •
nalia.
During the year there were 2,876 cases disposed of. In the 2,648
cases brought to trial, convictions were obtained in 97.1 percent of the
cases, which is the same percentage of convictions as in the previous
year.. Fines in criminal cases totaled $102,420.79, and imprisonments
totaled 2,719 years, 3 months, 23 days, and 10 hours. Additional
sentences totaling 2,901 years, 6 months, 26 days, were suspended or
probated.
Reimbursements to the Government obtained in forged check investigations totaled $15,544.49, and other collections and recoveries for
the Government aggregated $40,537.24.
The following tables present data on the seizure of counterfeit
money, the investigations of criminal and noncriminal activities, and
the number of arrests and cases disposed of during the fiscalyear 1941
as compared with the previous year. The decreased activity of
counterfeiters and forgers this year is indicative of the steady decline
which has continued since the inauguration of the '^Know Your
Money" program and conclusively proves the value of ''Crime Prevention Through Education."




REPORT OF THE SECRETARY OF THE TREASURY

271

Counterfeit money seized, fiscal years 1940 and 1941
Decrease

1940
Counterfeit and altered notes seized:
After being circulated
_.
Before beiris circulated
Total

...1

Counterfeit coins seized:
After being circulated
Before being circulated .

$146,644
91,691

:

$91, 097
18, 314
109,411

Percentage
decrease

$54,547
73,377

237, 335

-

1941.

127, 924

37.5
80.0
63.9

61, 737
3,060

.

49,866
2,427

1,871
623

3.6'
20.4

54, 787-

Grand total

..

..

62, 293

2,494

4.6

292,122

Total-_-

161, 704

130,418

44.6.

Number of investigations of criminal and noncriminal activities, fiscal years 1940^
and 1941
1940

1941

Increase
or decrease

(-)
Criminal cases:
Making or passing:,
Counterfeit notes
..
Counterfeit coins
Altered currency
Theft or forgery of Government checks
Stolen or altered bonds
..1
Violation of Gold Reserve ActViolation of Farm Loan Act
Miscellaneous offenses
.
.

.

811
748
105
.18,766
142
172
62
1,122

752
761
147
14,161
88
152
32
2,002

-59
13
42
- 4 , 695
-54
-20
-20
880

-7.3
1.7
40 0
—24.6
-38.0
—11.6
-38.5
78 4

..

Total
Noncriminal cases:
Personnel (applicants)
Miscellaneous

Percentage
increase or
decrease (—)'

21, 908

18,095

-3,813

-17.4

1572
465

2,987
548

2,415
83

422.2
17.8

. . .
• _

.

..

..

Total--.:.
Grand total

1,037

'3, 535

2,498

240.8

22,945

21, 630

-1,316

-6.7

1 Revised.

Number of arrests and cases disposed of, fiscal years 1940 and 1941
1940
Arrests for—
Making or passing:
Counterfeit notes
Counterfeit coins
_.
Altered obligations
Theft or forgery of Government checks
__
Violation of Gold Reserve Act
1
Violation of Farm Loan Act
Miscellaneous offenses
.
Total arrests
Cases disposed of:
Convictions in connection with:
Counterfeit notes
..
. Counterfeit coins
Altered obligations
..
Theft or forgery of Government checks
Violation of Gold Reserve Act
...
Violation of Farm Loan Act
Miscellaneous offenses
..
Total convictions
Acquittals._
Dismissed, not indicted, or died before trial
.^
Total cases disposed of




1941

303
475
71
2, 222
28
19
163
3,281

198
554
64
1,859
26
7
242
2,949

252
464
60
2,020
32
13
164
3,005
89
256
3,350

189
396
62
1,736
16
6
167
2,572
76
228
2,876

Increase
or decrease

(-)

Percentage
increase or
decrease (—)

-105
79
-7
-363
-3
-12
79
-332

-34.7
16,6
-9.9
—16.3
—10.7
-63.2
48.6
-10.1

-63

.-25.0
-14.7
3.3
-14.1
-50.0
-53.8
1.8
— 14.4
-14.6
-10.9
— 14.1

. -284
-1
-16
-7
3
-433
-13
-28
-474

272

REPORT OF THE SECRETARY OF THE TREASURY
DIVISION OF TAX RESEARCH

The Division of Tax Research in the Office of the Secretary analyzes
taxes and tax systems and prepares studies on the economic aspects
of tax matters for the use of the Secretary, the Under Secretary, and
other Treasury officials, and, upon request, for the Congressional Joint
Committee on Internal Revenue Taxation.
Surveys of the Federal tax structure are made in the light of immediate and contemplated revenue needs and deal with the effectiveness,
equitableness, and economic effects of the existing Federal tax system
and of proposed changes in it. Studies are made of the distribution
of the tax load, both for specific taxes and for the tax system as a
whole. The operation of certain State and local taxes is studied in
(Connection with related problems of Federal taxation. As a further
basis for the study of the Federal tax structure comparative analyses
:are made of selected taxes in foreign countries and of foreign tax
rsystems as a whole.
The Division also is responsible for the assembly and publication of
:aU statistical information pertaining to Federal taxation, and in this
connection exercises general supervision over the work of the Statistical
Section of the Income Tax Unit in the Bureau of Internal Revenue.
Estimates of the extent and nature of the Federal, State, and local
tax-exempt debt are furnished annually to the Secretary. Replies to
correspondence dealing with taxation are prepared and other functions
of similar nature are performed.







EXHIBITS

273




PUBLIC DEBT
Issues and redemptions of Treasury bonds, Treasury notes, and depositary bonds
Exhibit 1
Offering of 2% percent Treasury bonds of 1954-56
On July 11, 1940, Secretary of the Treasury Morgenthau offered to the public
or cash subscription 2J4 percent Treasury bonds of 1954-56, in the amount of
$600,000,000, or thereabouts. In addition, $50,000,000, or thereabouts, of these
bonds could be allotted to Government investment accounts.
[Department Circular No. 637. Public Debt]
TREASURY DEPARTMENT,

Washington, July 11, 1940,
I. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions,
at par and accrued interest, from the people of the United States for 2)4 percent
bpnds.of. the.United States, designated Treasury bonds of 1954-56. The amount
of the public offering is $600,000,000, or thereabouts. In addition to the amount
offered for public subscription, $50,000,000, or thereabouts, of these bonds may be
allotted to Government investment accounts.
II. DESCRIPTION OF BONDS

1. The bonds will be dated July 22, 1940, and will bear interest from that date
at the rate of 2J4 percent per annum, payable on a semiannual basis on December
15, 1940,.and thereafter on June 15 and December 15 in each year until the principal amount becomes payable. They will mature June 15, 1956, but may be
redeemed at the option of the United States on and after June 15, 1954, in whole
or in part, at par and accrued interest, on any interest day or days, on 4 months'
. notice of redemption given in such manner as the Secretary of the Treasury shall
prescribe. In case of partial redemption the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury.
From the date of redemption designated in any such notice, interest on the bonds
called for redemption shall cease.
2. The bonds shall be exempt,,both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority, except (a) estate
or inheritance taxes, or gift taxes, and (6) graduated additional income taxes,
comriionly known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits of individuals,
partnerships, associations, or corporations. The interest on an amount of bonds
authorized by the Second Liberty Bond Act, approved September 24, 1917, as
amended, the principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be exempt from the
taxes provided for in clause (6) above.
3. The bonds will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege and will not be entitled to any privilege of conversion.
4. Bearer bonds with interest coupons attached, and "bonds registered as to
principal and interest, will be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000 and $100,000. Provision will be made for the interchange of
bonds of different denominations and of coupon and registered bonds, nd for the
transf er of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
275



276

REPORT OF THE SECRETARY OF THE TREASURY
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions
except for their own account. Subscriptions from banks and trust companies for
their own account will be received without deposit but will be restricted in each
case to an amount not exceeding one-half of the combined capital and surplus
.of the subscribing bank or trust company. Subscriptions from all others must
be accompanied by payment of 10 percent of the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to-allot less than the amount of bonds applied for, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Subscriptions for amounts up to
and including $5,000 where the subscribers specify that delivery be made in
registered bonds 90 days after the issue date will be given preferred allotment.
In each such case a subscriber may not enter any other subscription, and payment
must be made as provided in section IV of this circular. Allotment notices will
be sent out promptly upon allotment, and the basis of the allotment will be publicly
announced.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder
must be made or completed on or before July 22, 1940, or on later allotment. In
every case where payment,is not so completed, the payment with application up
to 10 percent of the amount of bonds applied for shall, upon declaration made by
the Secretary of the Treasury in his discretion, be forfeited to the United States.
Any qualified depositary will be permitted to make payment by credit for bonds
allotted to it for itself and its customers up to any amount for which it shall be
qualified in excess of existing deposits, when so notified by the Federal Reserve
Bank of its district.
.
~
V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis a;nd up \
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive payment
for bonds, allotted, to make delivery of bonds on full-paid subscriptions allotted,
and tliey may issue interim receipts pending delivery of the definitive bonds.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations, go verning, the offering,
which will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU,

Jr.,

Secretary of theTreasury.

Exhibit 2
Subscriptions and allotments. Treasury bonds of 1954-56 {from press releases, July
12, 17, and 22, 1940^)
On July 11, 1940, Secretary of the Treasury Morgenthau announced that the
subscription books for the offering of 2)4 percent Treasury bonds of 1954-56
closed at the close of business July 11, 1940.
Subscriptions aggreg&^ted $6,605,071,550, of which allotments on subscriptions
amounted to $630,692,350. Subscriptions in amounts up to and including $5,000,
where the subscribers specified that delivery be made in registered bonds 90 days
after the issue date, were allotted in full. All other subscriptions were allotted
9 percent, on a straight percentage basis, with adjustments "where necessary to the
$100 denomination. In addition, $50,000,000 of the bonds were allotted to Government investment accounts.
1 Revised Aug. 10 and Oct. 30, 1940.




REPORT OF THE SECRETARY OF THE TREASURY

277

Subscriptions and allotments were divided among the Federal Reserve districts
and the Treasury as follows: Federal Reserve
district
Boston
New York...
PhiladelE)hia
Cleveland ._
Richmond
Atlanta _.
St. Louis..:
Minneapolis

_

Subscriptions

Allotments

$628,019,500 $58,328,050
2,924, 302,650 270, 506,400
393,641,000
38, 626,150
449,152,250
42,974,200
221, 241, 700 22, 349, 350
204, 688,950 20.114,450
771,165,850
75,606,150
156, 315, 200 17, 325,600
89, 506, 900
9, 717,100

Federal Reserve
district

Subscriptions Allotments

Kansas City
--.
Dallas
San Francisco.-Treasury
.. .
Government investment accounts
Total

$113,212,450 $13,200,360
143,390,750
14, 506,050
502, 503,150 46, 526,600
7,931,200
911,900
ar:
50,000,000

. — 6,605,071, 550 680,692,350

Exhibit 3
Offering of 2 percent Treasury bonds of 1953-55
On September 25, 1940, Secretary of the Treasury Morgenthau offered to the
public 2 percent Treasury bonds of 1953-55, dated October 7, 1940, in exchange
for 1J4 percent Treasury notes of series C-1940, maturing December 15, 1940.
The amount of the offering was limited to the amount of maturing notes tendered
and accepted in exchange. In the related press release it was stated that $737,161,600 of these maturing notes were then outstanding.
[Department Circular No. 641. Public Debt]
TREASURY

DEPARTMENT,

Washington, September 25, 1940,
I.. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions, at par, from the people of the United States for 2 percent bonds of the
United States, designated Treasury bonds of 1953-55, in payment of which only
Treasury notes of series C-1940, maturing December 15, 1940, may be tendered.
The amount of the offering under this circular jvill be limited to the amount of
Treasury notes of series C-1940 tendered and accepted.
II. DESCRIPTION OF BONDS

1. The bonds will be dated Octobex 7, 1940, and will bear interest from that
date at the rate of 2 percent per annum, payable on a semiannual basis on December 15, 1940, and thereafter on June 15 and December 15 in each year until the
principal amount becomes payable. They will mature June 15, 1955, but may
be redeemed at the option of. the United States on and after June 15, 1953, in
whole or in part, at par and accrued interest, on any interest day or days, on 4
months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe- In case of partial redemption the bonds to be redeemed will
be determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice, interest
on the bonds called for redemption shall cease.^ * * *
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
1 Omitted portion similar to corresponding section of Department Circular No. 637, p. 275.




278

REPORT OF THE SECRETARY OF THE TREASURY
IV. PAYMENT

1. Payment at par for bonds allotted hereunder must be made or completed
on or before October 7,' 1940, or on later allotment, and may be made only in
Treasury notes of series C-1940, maturing December 15, 1940, which will be
accepted at par, and should accompany the subscription. Coupons dated
December .15, 1940, must be attached to the notes when surrendered, and accrued
interest from June 15, 1940, to October 7, 1940 ($4.67213 per $1,000), will be
paid following acceptance of the notes.
V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions^ * * *^
HENRY MORGENTHAU,

Jr.,

' Secretary of the Treasury.

Exhibit 4
Allotments, Treasury bonds of 1953-55 {from press releases, September .26 and
October 1, 1940^)
On September. 26, 1940, Secretary of the Treasury Morgenthau announced
, that the subscription books for the offering of 2 percent Treasury bonds of 1953-55
would close at the close of business September 2,7, 1940. A total of $724,677,900
of IH percent Treasury notes of series C-1940 had been exchanged for the Treasury bonds of 1953-55. Allotments were divided among the Federal Reserve
districts and the Treasury as follows:
Federal Reserve district
Boston
New York.-,
Philadelphia
Cleveland..Richmond-.
Atlanta
Chicago
St. Louis

Subscriptions
received and
allotted
$15, 348,000
452, 510,900
19, 477, 600
15, 494, 300
45, 037,800
14, 004, 500
100, 937, 900
12,914, 300

Federal Reserve district

Subscriptions
received and
allotted

Minneapolis..
Kansas City..
Dallas
San Francisco.
Treasury

$11,320,50O
12.263,900
6,475,600
18,061, 200
" 831,400

TotaL _.

724, 677,90O

Exhibit 5
Redemption of 3 % percent Treasury bonds of 1941-4^
y
On November 14, 1940, Secretary of the Treasury Morgenthau announced that
all outstanding 3% percent Treasury bonds of 1941-43, .dated March 16, 1931,
were called for redemption on March 15, 1941. On February 25, 1941, holders
of these bonds were offered the privilege of exchanging them for 2 percent Treasury bonds of 1948-50 or % percent Treasury notes of series D-1943, both bonds
and notes being dated March 15, 1941. In the related press release it was stated
that about $545,000,000 of Treasury bonds of 1941-43 were outstanding on
February 25, 1941.
The text of the notice of call and the circular relative to the presentation a,nd
redemption of the bonds follow:
NOTICE OF CALL FOR REDEMPTION OF

PERCENT TREASURY BONDS OF 1941-45

To Holders of 3 % percent Treasury Bonds of 1941-43, and Others Concerned:
y
1. Public notice is hereby given that all outstanding 3 ^ percent Treasury bonds
of 1941-43, dated March 16, 1931, are hereby called for redemption on March 15,
1941, bn which date interest on such bonds will cease.
1 Omitted portion similar to corresponding section of Department Circular No. 637, p. 275.
« Revised Nov. 9,1940.




REPORP OF THE SECRETARY OF THE TREASURY

279

2. Full information regarding the presentation and surrender of the bonds for
redemption under this call will be given in a Treasury Department circular to be
issued later.
3. Holders of these bonds may, in advance of the redemption date, be offered
the privilege of exchanging all or any part of their called bonds for other interestbearing obligations of the United States, in which event public notice will hereafter be given.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
TREASURY

DEPARTMENT,

Washington, November 14^ 1940.

Redemption of 3% percent Treasury bonds of 1941-43
[Department Circular No. 648. Public Debt]
,

TREASURYDEPARTMENT,

Washington, February 25, 1941*
To Holders of 3y^ percent Treasury Bonds of 1941-4^1 ^^^ Others Concerned:
I. NOTICE OF CALL FOR REDEMPTION BEFORE MATURITY

On November 14, 1940, the following public notice of call for redemption was
given:
[Notice of call omitted here, see above]
II. OPTIONAL EXCHANGE OFFERING

1. Holders of 3 ^ percent Treasury bonds of 1941-43 are today offered the
privilege of exchanging all or any part of their called bonds for 2 percent Treasury .
bonds of 1948-50 or for ^ percent Treasury notes of series D-1943, both bonds
and notes being dated and bearing interest from March 15, 1941. Full information concerning the exchange offering is contained in Treasury Department
Circular No. 649 and in Treasury Department Circular No^ 650, both circulars
dated February 25, 1941. As the exchange privilege may be terminated at any
time without notice, holders of 3 ^ percent Treasury bonds of 1941-43 who
desire to take advantage of the offering should act immediately, following the
instructions given in Treasury Department Circulars No. 649 and No. 650.
III. RULES AND REGULATIONS GOVERNING REDEMPTION OF 3 ^ PERCENT TREASURY
BONDS OF 1941-43

Pursuant to the call for redemption, as set forth in section I of this circular,
the following rules iand regulations are hereby prescribed to govern the presentation and surrender for cash redemption on March 15, 1941, of 3 ^ percent Treasurybonds of 1941-43:
1. Payment of called bonds on March. 15, 1941.—holders of any outstanding
Treasury bonds of 1941-43 will be entitled to have such bonds redeemed and
paid at par on March 15, 1941, with interest in full to that date. After IMarch
15, 1941, interest will not accrue on any such bonds.
2. Presentation and surrender of coupon bonds.—Treasury bonds of 1941-43 in
coupon form should be presented and surrendered to any Federal Reserve Bank
or branch, or to the Treasurer of the United States, Washington, D. C , for redemption on March 15, 1941. The bonds must be delivered at the expense and
risk of holders (see par. 9 of this section) and should be accompanied by appropriate written advice (see Form P D 1669 attached hereto). Checks in payment
of principal will be mailed to the address given in the Form of Advice accompanying the bonds surrendered.
3. Coupons dated March 15, 1941, which become payable on that date, should
be detached from any Treasury bonds of 1941-43 before such bonds are presented for redemption on March 15, 1941, and such coupons should be collected




280

REPORT OF THE SECRETARY OF THE TREASURY

in regular course when due. All coupons pertaining to such bonds bearing dates
subsequent to March 15, 1941, must be attached to any such bonds when presented for redemption, provided,^ however, if any such coupons are missing from
bonds so presented for redemption the bonds nevertheless will be redeemed, but
the full face amount of any such missing coupons will be deducted from the payment to be made on account of such redemption, and any amounts so deducted
will be held in the Treasury to provide for adjustments or refunds on account
of such missing coupons as may subsequently be presented.
4. Presentation and surrender of registered bonds.—Treasury bonds of 1941-43
in registered form must be assigned by the registered payees or assignees thereof,
or by their duly constituted representatives, in accordance with the general
regulations of the Treasury Department governing assignments, in the form indicated in the next paragraph hereof, and thereafter should be presented and surrendered to any Federal Reserve Bank or branch, or to the Division of Loans and
Currency, Treasury Department, Washington, D. C , fpr redemption on March
15, 1941. The bonds must be delivered at the expense and risk of holders (see
par. 9 of this section) and should be accompanied by appropriate written advice (see Form P D 1670 attached hereto).
In all cases checks in payment
of principal and final interest due will be mailed to the address given in the Form
of Advice accompanying the bonds surrendered.
5. If the registered payee, or an assignee holding under proper assignment from
the registered payee, desires that payment of the principal and final installment of
interest be made to him, the bonds should be assigned by such payee or assignee,
or by a duly constituted representative, to "The Secretary of the Treasury for
redemption". If it is desired, for any reason, that payment be made to some other
person, without intermediate assignment, the bonds should.be assigned to "The
Secretary of the Treasury for redemption for the account of
. ", inserting
the name and address of the person to whom payment is to be made. A representative or fiduciary should not assign for payment to himself individually, unless
expressly authorized to do so by court order or by the instrument under which he
is acting; he may, however, assign for payment to himself in his representative or
fiduciary capacity.
6. Assignment in blank, or other assignment having similar effect, will be recognized, but in that event payment will be made to the person surrendering the bond
for redemption, since under such assignment the bond becomes in effect payable
to bearer. Assignments in blank or assignments having similar effect should be
avoided, if possible, in order not to lose the protection afforded by registration.
7. A bond registered in the name of, or assigned to, a corporation or unincorporated association will ordinarily be redeemed for the account of such corporation
or unincorporated association upon an appropriate assignment for that purpose
executed on behalf of the corporation or unincorporated association by a duly
authorized officer thereof, without proof of the officer's authority. In all such
cases payment will be made only by check drawn to the order of the corporation
or unincorporated association.
8. Final interest due on March 15, 1941, on registered Treasury bonds of
1941-43 will be paid with the principal in accordance with the assignments on
the bonds surrendered.
9. Transportation of bonds.—Bonds presented for redemption under this circular
must be delivered to a Federal Reserve Bank or branch, or to the Treasury
Department, Washington,.D. C , at, the expense,and risk of the holder. Coupon
bonds should be forwarded by registered mail insured, or by express prepaid.
Registered bonds bearing restricted assignments may be forwarded by registered
mail, but registered bonds bearing unrestricted assignments should be forwarded
by registered mail insured, or by express prepaid. Facilities for transportation
of bonds by registered mail insured may be arranged between incorporated banks
and trust companies and the Federal Reserve Banks,. and holders may take
advantage of such arrangements when available, utilizing such incorporated banks
and trust companies as their agents. Incorporated banks and trust companies
are not agents of the United States under this circular.




281

EEPORT OP THE SECRETARY OF THE TRE'ASURT
IV. PRESENTATION OF CALLED BONDS FOR REDEMPTION

1. Treasury bonds of 1941-43 should be presented and surrendered in the manner herein prescribed, and redemption will be expedited if the bonds are presented
to Federal Reserve Banks, or branches, and not direct to the Treasury
Department.
V. GENERAL

PROVISIONS

1. Any further information which may be desired regarding the redemption of
Treasury bonds of 1941-43 under this circular may be obtained from any Federal
Reserve Bank or branch, or from the Treasury Department, Washington, D. C ,
where copies of the Treasury Department's regulations governing assignments
also may be obtained.
2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the matters covered by this circular,,
which will be communicated promptly to the Federal Reserve Banks.
HENRY MQRGENTHAUJ

Jr.,

Secretary of the Treasury^.
FOR COUPON BONDS
[For registered bonds use Form PD 1670]

TREASURY DEPARTMENT
Fiscal Service
BUREAU OF THE PUBLIC D E B T .
Form PD 1669

Form of Advice io accompany 3yz percent Treasury bonds of 1941-43 in coupon
form presented for redemption on March 16^ 1941
To the FEDERAL RESERVE BANK OF

,

or
. TREASURER OF THE UNITED STATES, Washington, D. C :

Pursuant to the provisions of Treasury Department Circular No. 648, dated
February 25, 1941, the undersigned presents and surrenders herewith for redemption on March 15, 1941, $
, face amount of 3% percent Treasury bonds
of 1941-43 in coupon form, with coupon due September 15, 1941, and all subsequent coupons attached, as follows:
Denomination

Number of bonds

Serial numbers of bonds

$

$50
100
500
1,000
5, 000
10, 000
100, 000 '
Total

Face amount

...

$

-

.

and requests that remittance covering payment therefor be forwarded to the
undersigned at the address indicated below.
Signature
Name
(Please print)

Date




;

Address in full

^
-

282

REPORT OF THE SECRETARY OF THE TREASURY
FOR REGISTERED BONDS

[For coupon bonds.use Form PD 1669]

TREASURY DEPARTMENT
Fiscal Service
BUREAU OF THE PUBLIC D E B T
Form PD 1670

Form of Advice to accompany 3% percent Treasury bonds of 1941-43 in registered
form presented for redemption on March 15, 1941
To the FEDERAL RESERVE BANK OF

,

or
TREASURY DEPARTMENT, DIVISION OF LOANS AND CURRENCY,

Washington, D . C :
Pursuant to the provisions of Treasury Department Circular No. 648, dated
February 25, 1941, the undersigned presents and surrenders herewith for redemption on March 15, 1941, $
, face amount of 3% percent Treasury bonds of
1941-43 in registered form, inscribed in the name of
and duly assigned for redemption, as follows:
Number of bonds

Denomination

Serial numbers of bonds

$50
100
500
1,000
5,000
10, 000
50,000
100, 000

Face amount

$

$

Total

and requests that remittance covering payment of principal and final interest be
forwarded to the undersigned at the address indicated below.
,
Signature
Name
(Please print)

Address in full
Date
Exhibit 6
Offering of ^ percent Treasury notes of series B-1945, national defense series
On December 11, 1940, Secretary of the Treasury Morgenthau offered to the
public for cash subscription 5 year, % percent Treasury notes of series B-1945,
in the amount of $500,000,000, or thereabouts. The issue was the first offering
of national defense series Treasury notes authorized by the amendnient to the
Second Liberty Bond Act contained in section 302 of the Revenue Act of 1940,
and this was the first occasion on which Treasury notes had been issued subject to
all Federal income taxes.
'
[Department Circular No. 646. Public Debt]
TREASURY

DEPARTMENT,

Washington, December 11, 1940.
I. OFFERING OF NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approve4 September 24, 1917, as amended, invites subscriptions, at par and accrued interest, from< the people of the United States for %
percent notes of the United States, designated Treasury notes of series B-1945,
national defense series. The amount of the offering is $500,000,000, or thereabouts.



REPORT OF THE SECRETARY OF THE TREASURY

283

I I . DESCRIPTION OF NOTES

1. The notes will be dated December 18, 1940, and will bear interest from that
date at the rate of % percent per annum, payable on a semiannual basis on June
15 and December 15 in each year until the principal amount becomes payable.
They will mature December 15, 1945, and will not be subject to call for redemption
prior to maturity.
2. The notes shall be exempt, both as to principal and interest, from all taxation
now or hereafter imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, or gift taxes, and {b) all income, excess-profits, and war-profits
taxes, now or hereaifter imposed by the" United States, upon the income or profits
of individuals, partnerships, associations, or corporations.
3. The notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury in
payment of income and profits taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
5. Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,00.0, $10,000 and $100,000. The notes will not be issued
in registered form.
6. The notes will be subject to the general regulations of the Treasury Departnient, now or hereafter prescribed, governing'United States notes.
I I I . SUBSCRIPTION. AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions
except for their own account. Subscriptions from banks and trust companies
for their own account will be received without deposit.but will be restricted in
each case to an amount not exceeding one-half of the combined capital and surplus
of the subscribing bank or trust company. Subscriptions from all others must be
accompanied by payment of 10 percent of the amount of notes applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be publicly announced.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for notes allotted hereunder
must be made or completed on or before December IS, 1940, or on later allotment.
In every case where payment is not so completed, the payment with application
up to 10 percent of the amount of notes applied for shall, upon declaration made
by the Secretary of the Treasury in his discretion, be forfeited to the United
States. Any qualified depositary will be permitted to make .payment by credit
for notes allotted to it for itself and its customers up to any amount for which
it shall be qualified in excess of existing deposits, when so notified by the Federal
Reserve Bank of its district.
V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive payment
for notes allotted, to make delivery of notes on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental^ or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve Banks.




HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury,

284

REPORT OF T H E SEGRETARY OF T H E TREASURY
Exhibit?

Subscriptions and allotments. Treasury notes of series B-1945, national defense
series {from press releases, December 12, I 4 , and 17, 1940)
On December 12, 1940, Secretary of t h e Treasury Morgenthau announced t h a t
t h e subscription books for t h e offering of ^ percent Treasury notes of series
B-1945, national defense series, h a d closed a t t h e close of business December 11,
1940. Subscriptions aggregated $4,071,277,000, of which allotments a m o u n t e d
to $530,838,700. All subscriptions were allotted 13 percent, on a straight percentage basis, b u t not less t h a n $100 on a n y one subscription.
Subscriptions a n d allotments were divided among t h e Federal Reserve districts,
a n d t h e Treasury as follows:
Federal Reserve
district
Boston
.
New York
Philadelphia
Cleveland
Richmond _
Atlanta
Chicago
St. Louis

. -_.

Subscriptions

Federal Reserve
district

Allotments

$330,135,000 $43,000, 700
2, 053, 372, 300 267,119, 700
193,188,000
25,181,900 .
274,123,300
35,811, 500
134,068,900
17,497, 700
144, 626,400
19,171, 600
513,660,500
67, 008, 300
77,447,900
10,187,100

Minneapolis
Kansas City
Dallas
San Francisco
Treasury

-

Total

Subscriptions

Allotments

$38,846,000
67, 699, 700
71, 756,000
167, 603,000
4,950,000

$5,103,100
8,867,500
9, 443, 600
21,802, 600
643, 500

4,071, 277,000

530,838, 700

Exhibit 8
Offering of % percent Treasury notes of series D-1944, natiorial defense series
On J a n u a r y 23, 1941, Secretary of t h e Treasury Morgenthau offered to t h e
public for cash subscription ^ percent Treasury notes of series D-1944, in t h e
a m o u n t of $600,000,000, or thereabouts. This was t h e second offering of national
defense series Treasury notes a n d was also subject to all Federal income taxes.
[Department Circular No. 647. Public Debtl
TREASURY DEPARTMENT,

Washingtori, J a n u a r y 23, 1941'
I. OFFERING OF NOTES

1. T h e Secretary of t h e Treasury, p u r s u a n t to t h e a u t h o r i t y of t h e Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions, a t par a n d accrued interest, from t h e people of t h e United States for y^
percent notes of t h e United States, designated Treasury notes of series D-1944,
national defense series. T h e a m o u n t of t h e offering is $600,000,000, or thereabouts.
I I . DESCRIPTION

OF NOTES

1. T h e notes will be dated J a n u a r y 3 1 , 1941, a n d will bear interest from t h a t
d a t e a t t h e r a t e of % percent per a n n u m , payable on a semiannual basis on March
15 a n d September 15 in each year until t h e principal amp;unt becomes payable.
T h e y will m a t u r e September 15, 1944, a n d will not be subject t o call for redemption prior to m a t u r i t y . ^ * * *
,
I I I . SUBSCRIPTION

AND

ALLOTMENT

1. Subscriptions will be received a t t h e Federal Reserve Banks a n d branches
a n d a t t h e Treasury D e p a r t m e n t , Washington. Subscribers m u s t agree not to
sell or otherwise dispose of their subscriptions, or of t h e securities which m a y be
allotted thereon, prior to t h e closing of t h e subscription books. Banking institutions generally m a y submit subscriptions for account of customers, b u t only t h e
Federal Reserve Banks a n d t h e Treasury D e p a r t m e n t are authorized to act as
official agencies. Others t h a n banking institutions will npt be permitted to enter
subscriptions except for their own account. Subscriptions from b a n k s a n d t r u s t
companies for their own account will be received without deposit b u t will be
restricted in each case to an a m o u n t not exceeding one-half of t h e combined
1 Omitted portion similar to corresponding section of Department Circular No. 646, p. 282.




285

REPORT OP THE SECRETAEY OF THE TREASURY

capital and surplus of the subscribing bank or trust company. Subscriptions
from all others must be accompanied by payment of 10 percent of the amount
of notes applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, and to close
the books as to any or all subscriptions at any time without notice; and any action
he niay take in these respects shall be final. Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be publicly announced.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for notes allotted hereunder
must be made or completed on or before January 31, 1941, or on later allotment.
In every case where payment is not so completed, the payment with application
up to 10 percent of the amount of notes applied for shall, upon declaration made
by the Secretary of the Treasury in his discretion, be forfeited to the United
States. Any qualified depositary will be permitted to make payment by credit
for notes allotted to it for itself and its customers up to any amount for which it
shall be qualified in excess of existing deposits, when so notified by the Federal
Reserve Bank of its district.
v . GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *^
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury,
Exhibit 9
Subscriptions and allotments. Treasury notes of series D-1944, national defense
series {from press releases, January 24, 28, and 30, 1941 ^)
On January 24, 1941, Secretary of the Treasury Morgenthau announced that
the subscription books for the offering of % percent Treasury notes of series
D-1944, national defense series, had closed at the close of business January 23,
1941. Subscriptions aggregated $2,756,463,500, of which allotments amounted
to $635,064,400. All subscriptions were allotted 23 percent, on a straight percentage basis, but not less than $100 on any one subscription.
Subscriptions and allotments were divided among the Federal Reserve districts
and the Treasury as follows:
Federal Eeserve
district
Boston
New York
Philadelphia
Cleveland
..'.
Richmond
Atlanta
Chicago
St. Louis

Subscriptions Allotments
$221, 579, 300 $51,010,600
1,287,474,100 296, 224, 600
131, Oil, 500 30,173.000
188, 419, 200 43, 404, 500
91,106,800
21, 008,000
134, 625, 600 31, 281, 200
360, 353, 600 83, 038,800
67, 750, 300 15, 665,000

Federal Reserve
district
Minneapolis
Kansas City.
Dallas. San Francisco
Treasury .
Total-

Subscriptions Allotments
$30,500,500
. 37,491,100
• 69,463,400
135, 688,100
1,100, 000

$7,055, 500
8,669,000
16,081,800
31,199, 500
253,000

2, 766,463, 500 636,064,400

Exhibit 10
Offering of 2 percent Treasury bonds of 1948-50 and % percent Treasury notes of
series D-1943
On February 25, 1941, Secretary of the Treasury Morgenthau offered to the
pubhc 7-9 year, 2 percent Treasury bonds of 1948-50 and 2 year, % percent
Treasury notes of series D-1943, both in exchange for 3)^ percent Treasury bonds
of 1941-43 called for redemption on March 15, 1941, and 1% percent Treasury
» Omitted portion similar to corresponding section of Department Circular No. 646, p. 282.
a Revised Feb. 13.1941.
407631—41- -20




286

REPORT OF THE SECRETARY OF THE TREASURY

notes of series A-1941 maturing on the same day.. In the related press release it
was stated that $544,870,050 of Treasury bonds of 1941-43 and $676,707,600 of
Treasury notes of series A-1941 were then outstanding.
[Treasury bonds of 1948-60. Department Circular No. 649. Public Debt]
TREASURY DEPARTMENT,

Washington, February 25, 1941 *
I. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions, at par, from the people of the United States for 2 percent bonds of the United
States, designated Treasury bonds of 1948-50, in payment of which only Treasury
bonds of 1941-43, called for redemption on March 15, 1941, or Treasury notes of
series A-1941, maturing March 15, 1941, may be tendered. The amount of the
offering under this circular will be limited to the amount of Treasury bonds of
1941-43 and of Treasury notes of series A-1941 tendered and accepted.
II. DESCRIPTION OF BONDS

1. The bonds will be dated March 15, 1941, and will bear interest from that
date at the rate of 2 percent per annum, payable semiannually on September 15,
1941, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15, 1950, but may be
redeemed at the option of the United States on and after March 15, 1948, in
whole or in part, at par and accrued interest, on any interest day or days, on 4
months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In cas'e of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redeinption designated in any such notice, interest on
the bonds called for redemption shall cease.
2. The incoine derived from the bonds shall be subject to all Federal taxes, now
or hereafter imposed. The bonds shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or
any of the possessions of the United States, or by any local taxing authority.
3. The bonds will be acceptable, to secure deposits of public moneys, but will
not bear the circulation privilege and will not be entitled to any privilege of
conversion.
4. Bearer bonds with interest coupons attached, .and bonds registered as to
principal and interest, will be issued in denominations of $50, $100, $500, $1,000,
$5,000, $10,000, and $100,000. Provision will be made for the interchange of
bonds of different denominations and of coupon and registered bonds, and for the
transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. '
5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
IV. PAYMENT •

1. Payment at par for bonds allotted hereunder must be made or completed on
or before March 15, 1941, or on later allotment, and may be made only in Treasury
bonds of 1941-43, called for redemption on March 15, 1941, or in Treasury notes
of series A-194i, maturing March 15, 1941, which will be accepted at par, and
should accompany the subscription. Payment of final interest due March 15,
1941, on securities exchanged hereunder will be effected, in the case pf coupon



REPORT OF THE SECRETARY OF THE TREASURY

287

bonds or notes, by payment of March 15, 1941, coupons, which should be detached
by holders before presentation of the securities for exchange, and in the case of
registered bonds, by checks drawn in accordance with the assignments on the
bonds surrendered.
V. SURRENDER OF CALLED BONDS

1. Coupon bonds.—Treasury bonds of 1941-43 iri coupon form tendered in
payment for bonds offered hereunder should be presented and surrendered with
the subscription to a Federal Reserve Bank or branch or to the Treasurer of the
United States, Washington, D. C. Coupons dated September 15, 1941, and all
coupons bearing subsequent dates, should be attached to such bonds when surrendered, and if any siich coupons are missing, the subscription must be-accompanied by cash payment equal to the face amount of the missing coupons. The
bonds must be delivered at the expense and risk of the holder. Facilities for
transportation of bonds by registered iriail insured may be arranged between
incorporated banks and trust companies and the Federal Reserve Banks, and
holders may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents.
2. Registered bonds.—Treasury, bonds of 1941-43 in registered form tendered
in payment for bonds offered hereunder should be assigned by the registered
payees or assignees thereof, in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange, in one of
the forms hereafter set forth, and thereafter should be presented and surrendered
with the subscription to a Federal Reserve Bank or branch or to. the Treasury
Department, Division of Loans and Currency, Washington, D. C. The bonds
must be delivered at the expense and risk of the holder. If the new- bonds are
desired registered in the same name as the bonds surrendered, the assignment
should be to **The Secretary of the Treasury for exchange for Treasury bonds of
1948-50''; if the new bonds are desired registered in another name, the assignment should be to "The Secretary of the Treasury for exchange for Treasury
bonds of 1948-50 in the name of ^
"; if new bonds in coupon form are
desired, the assignment should be to ''The Secretary of the Treasury for exchange
for Treasury bonds of 1948-50 in coupon form to be delivered to
".
VI. GENERAL

PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive payment
for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
and they.may issue interim receipts pending delivery of the definitive bonds.
2. The Secretary of the Treasury may at. any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
[Treasury notes, series D-1943. Department Circular No. 650. Public Debt]
TREASURY

DEPARTMENT,

Washington, February 25, 1941I. OFFERING OF NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions, at par, from the people of the United States for % percent notes of the
United States, designated Treasury notes of series D-1943, in payment of which
only Treasury bonds of 1941-43,. called for redemption on March 15, 1941, or
Treasury notes of series A-1941, maturing March 15, 1941, may be tendered.
The amount of the offering under this circular will be limited to the amount of
Treasury bonds of 1941-43 and of Treasury notes of series A-1941 tendered and
accepted.
II. DESCRIPTION OF NOTES

1. The notes will be dated March 15, 1941, and will bear interest from* that
date at the rate of % percent per annuni, payable semiannually on Septembei 15,



288

REPORT OF THE SECRETARY OF THE TREASURY

1941, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15," 1943, and will
not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes,
now or hereafter imposed. The notes shall be, subject to estate, inheritance,
gift, or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing
authority.
3. The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
5. Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000 and $100,000. The notes will not be issued
in registered form.
6. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes.
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment.
IV.

PAYMENT

1. Payment at par for notes allotted hereunder must be made or completed on
or before March 15, 1941, or on later allotment, and may be made only in Treasury bonds of 1941-43, called for redemption on March 15, 1941, oi* in Treasury
notes of series A-1941, maturing March 15, 1941, which will be accepted at par,
and should accompany the subscription. Payment of final interest due March
15, 1941, on securities exchanged hereunder will be effected, in the case of coupon
bonds or notes, by payment of March 15,1941, coupons, which should be detached
by holders before presentation of the securities for exchange, and in the case of
registered bonds, by checks drawn in accordance with the assignments on the
bonds surrendered.
V. SURRENDER OF CALLED BONDS

1. Coupon bonds.—Treasury bonds of 1941-43 in coupon form tendered in
payment for notes offered hereunder should be presented and surrendered with
the subscription to a Federal Reserve Bank or branch or to the Treasurer of the
United States, Washington, D. C. Coupons dated September 15, 1941, and all
coupons bearing subsequent dates, should be attached to such bonds when surrendered, and if any such coupons are missing, the subscription must, be accompanied by cash payment equal to the face amount of the missing coupons. The
bonds must be delivered at the expense and risk of the holder. Facilities for
transportation of bonds by registered mail insured may be arranged between
incorporated • banks and trust companies and the Federal Reserve Banks, and
holders may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents.
2. Registered bonds.—Treasury bonds of 1941-43 iri registered form tendered
in payment for notes offered hereunder shduld be assigned by the registered payees
or assignees thereof to "The Secretary of the Treasury for exchange for Treasury
notes of series D-1943 to be delivered to
", in accordance with the
general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the
subscription to a Federal Reserve Bank or branch or to the Treasury Department, Division of Loans and Currency, Washington, D. C. The bonds must be
delivered at the expense and risk of the holder.




289

REPORT OF THE SECRETARY OF THE TREASURY
VI. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment, notices, to receive payment
for notes allotted, to make delivery on notes on full-paid subscriptions allotted,
and they may issue interim receipts pending.delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental- or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treaisury.
Exhibit 11
Allotments, Treasury bonds of 1948-50 and Treasury notes of series D-1943 {from
press releases, February 25 and March 3, 1941 0
On February 25, 1941, Secretary of the Treasury Morgenthau announced that
the subscription books for the offering of 2 percent Treasury bonds of 1948-50
and of % percent Treasury notes of series r)-1943 would close at the close of
business February 26, 1941, except for the receipt of subscriptioiis from holders
of $10,000 or less of the securities eligible for exchange. This offering was open
only to the holders of Treasury bonds of 1941-43 called for redemption on March
15, 1941, and;;'of Treasury notes of series A-1941 maturing March 15, 1941.
The subscription books for the receipt of subscriptions from holders of $10,000
and under were closed at the close of business February 27, 1941.
Exchanges of the called Treasury bonds of 1941-43 and of the maturing Treasury notes of series A-1941 for the new issues aggregated $1,147,768,800, all of
which were allotted in full. This amount includes $486,542,600 of called bonds
and $661,226,200 of maturing notes.
Allotments were divided among the Federal Reserve districts and the Treasury
as follows:
Federal Reserve district

Called bonds Maturing notes Total exchanges
exchanged
exchanged
Treasury bonds of 1948-50

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago.St. Louis
Minneapolis. _
Kansas City..
Dallas
San Francisco
Treasury......
Total...

$42, 944, 000
329, 311,160
16, 231, 000
17,461, 700
8, 991, 600
1, 616,850
38, 366, 700
6,109,800
4, 369, 960
7, 395,600
3,483, 550
6, 647, 260
936,850

$15, 417,700
439, 693,100
8,906, 900
11, 872,400
38, 992,300
9, 117,000
57, 167,700
6, 605,200
6, 626,100
11, 584,100
6, 378,500
19, 844, 900
1,516, 500

$68, 361, 700
769,004,260
25,137, 900
29, 324,100
47, 983,900
10,633,860
95, 624,400
11, 716, 000
10, 996, 050
18, 979, 700
9,862, 050
25,392,150
2,453,360

481,656,000

633, 712, 400

1.115, 368,400

Treasury notes of series D-1943

Boston.-.,
New York
Philadelphia..
Cleveland-.,..
Richmond.-I.
Atlanta..
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Treasury

$126,000
1,816,000
1,630.000
37,200
14,100
369, 000
271, 700
263.400
68, 200
222,000
102,000
68,000
10,000

$543,000
22, 360, 300
85,000
326, 000
358,000
170,900
1, 770,400
604,700
226,500
725,000
317,000
72.000
56,000

. $669,000
24,175,300
1,615,000
363, 200
372,100
539,900
2,042,100
768,100
284, 700
947,000
419,000
140,000
65,000

Total...

4,886, 600

27, 513,800

32,400,400

1 Revised M a y 10,1941.




290

REPORT OF THE SECRETARY OF TTIE TREASURY
Exhibit 12

Offering of 2% percent Treasury bonds of 1952-54 drid y^ percent Treasury notes of
series D-1943 {additional)
On March 19, 1941, Secretary of the Treasury Morgenthau offered to the
public for cash subscription 11-13 year, 2}^ percent Treasury bonds of 1952-54,
in the amount of $500,000,000, or thereabouts, and at the same time offered the
holders of 1% percent Treasury notes of series B-1941, maturing June 15, 1941,
the privilege of exchanging such notes for additional amounts of the Treasury
bonds or for 2 year, ^ percent Treasury notes of series D-1943, which were part
of the series issued pursuant to Department Circular No. 650, dated February 25,
1941. In addition to the public offering, $50,000,000, or thereabouts, of the bonds
could be allotted to Government investment accounts.
In the related press release it was stated that $503,877,500 of Treasury notes of
series B-1941 were then outstanding.
[Treasury bonds of 1952-54. Department Circular No. 651. Public Debt]
TREASURY

DEPARTMENT,

Washington, March 19, 1941.
1. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for 2}4 percent bonds of the United States,
designated Treasury.bonds of 1952-54. The amount of the public, offering is
$500,000,000, or thereabouts, with the right reserved to the Secretary of the
Treasury to increase the offering by an amount sufficient to accept all subscriptions for which Treasury notes of series B-1941, maturing June 15, 1941, are
tendered in payment and accepted. In addition to the amount offered for public
subscription, $50,000,000, or thereabouts, of these bonds may be allotted to
Government investment accounts against cash payment.
II. DESCRIPTION OF BONDS

1. The bonds will be dated March 31, 1941, and will bear interest from that
date a,t the rate of 2}i percent per annum, payable on a semiannual basis on
September 15, 1941, and thereafter on March 15 and September 15 iri each year
until the principal amourit becomes payable. They will mature March 15, 1954,
but may be redeemed at the option of the United States on and after March 15,
1952, in whole or in part, at par and accrued interest, on any interest day or days,
pn 4 months' notice of redemption given in such manner as the Secretary of the
Treasury shall prescribe. In case of parti alredemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of the
Treasury. From the date of redemption designated in any such notice, interest
on the bonds called for redemption shall cease. 1 * * *
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Subscribers must agree not to
sell or otherwise dispose of their subscriptions, or of the securities which may be
allotted thereon, prior to the closing of the subscription books. Banking institutions generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act
as official agencies. Others than banking institutions will not be permitted to
enter subscriptions except for their own account. Cash subscriptions from banks
and trust companies for their own account will be received without deposit but
will be restricted in each case to an amount not exceeding one-half of the com1 Omitted portion similar to corresponding section of Department Circular No. 649, p. 286.




REPORT OF THE SECRETARY OF THE TREASURY

291

bined capital and surplus of the subscribing bank or trust company. Cash subscriptions from all others must be accompanied by payment of 10 percent of the
amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of bonds applied for, and to
close the books as to any or all subscriptions at any time without notice; and
any action he may take in these respects shall be final. Cash subscriptions for
amounts up to and including $5,000 where the subscribers specify that delivery
be made in registered bonds 90 days after the issue date will be given preferred
allotment. In each such case a subscriber ma}^ not enter any other cash subscription, and payment must be made as provided in section IV of this circular.
Subject to these reservations, subscriptions in payment of which Treasury notes
of series B-1941 are tendered will be allotted in full. Allotment notices will be
sent out promptly upon allotment, and the basis of the allotment will be publicly
announced.
IV. PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted to the public
on cash subscriptions hereunder must be made or completed on or before March
31, 1941, or on later allotment. In every case where payment is not so completed, the payment with application up to 10 percent of the amount of bonds
applied for shall, upon declaration made by the Secretary of the Treasury in his
discretion, be forfeited to the United* States. Any qualified depositary will be
permitted to make payment by credit for bonds allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its district. Treasury
notes of series B-1941, maturing June 15, 1941, with coupon dated June 15,
1941, attached, will be accepted at par in payment for any bonds subscribed for
and allotted, and should accompany the subscription. Accrued interest from
December 15, 1940, to March 31, 194i ($4.00412 per $1,000), will be paid following
acceptance of the notes.
V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *^
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.

[Treasury notes, series D-1943. Department Circular No. 652. Public Debt]
TREASURY

DEPARTMENT,

Washington, March 19, 1941I. OFFERING OF NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for % percent notes of the United States,
designated Treasury notes of series D-1943/in payment of which only Treasury
notes of series B-1941, iriaturing June 15, 1941, may be tendered. The amount
of the offering under this circular will be limited to the amount of Treasury notes
of series B-1941 tendered and.accepted.
II. DESCRIPTION OF NOTES

1. The notes now offered will be an addition to and will form a part of the series
of % percent Treasury notes of series D-1943 issued pursuaint to Department
1 Omitted portion similar to corresponding section of Department Circular No. 649, p. 286.




292

REPORT OF THE SECRETARY OF THE TREASURY

Circular No. 650, dated February 25,. 1941, will be freely interchangeable therewith, are identical in all respects therewith, and are described in the following
quotation from Department Circular No. 650:
[Description omitted here, see p. 287]
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks-and branchesand at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full. Allotment
notices will be sent out promptly upon allotment.
IV. PAYMENT

1. Payment at par and accrued interest for notes allotted hereunder must be
made or completed on or before March 31, 1941, or on later allotment, and may
be made only in Treasury notes of series B-1941, maturing June 15, 1941, which
will be accepted at par, and should accompany the subscription. Coupons dated
June 15, 1941, should be attached, and accrued interest from December 15, 1940,
to March 31, 1941 ($4.00412 per $1,000), on the maturing notes will be credited,
and accrued interest from March 15 to March 31, 1941 ($0.32609 per $1,000), on
the new notes will be charged, to subscribers. The difference ($3".67803'per $1,000)
will be paid following acceptance of the notes.
V. GENERAL PROVISIONS

t. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions]^ * * *^
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
Exhibit 13
Subscriptions and allotments. Treasury bonds of 1952-54 cind Treasury notes of
series D-1943 {additional) {from press releases, March 20, 25, and 31., 1941 ^)
On March 20, 1941, Secretary of the Treasury Morgenthau announced that
the subscription books for the cash offering of 2}^ percent Treasury bonds of
1952-54 had closed at the close of business March 19, 1941, except for the receipt
of subscriptions for amounts up to and including $5,000 where the subscribers
specified that delivery be made in registered bonds 90 days after the issue date.
Subscription books for the latter class were closed at the close of business March
20, 1941. Subscriptions totaled $6,144,786,150, of which $526,146,250. were
allotted. Subscriptions in amounts up to and including $5,000, totaling $37,-.
277,400, where the subscribers specified delivery in registered bonds in 90 days,
were allotted in full. All other subscriptions were allotted 8 percent, on a straight
percentage basis, with adjustments where necessary to the $100 denomination.
An additional $49,998,900 of the bonds were allotted to Government investment
accounts.
The subscription books for the receipt of Treasjiiry notes of series B-1941,
maturing June 15, 1941, in payment for Treasury bonds of 1952-54 and for
Treasury notes of series D-1943 closed at the close of business March 20, 1941.
Exchanges of 1^8 percent Treasury notes of series B-1941 for the new issues aggregated $480,062,500, all of which were allotted in full. These include $32,639,300
of maturing notes exchanged for Treasury notes of series D-1943 and $447,423,200
of maturing notes exchanged for Treasury bonds of 1952-54.
» Omitted portion similar to corresponding section of Department Circular No. 650, p. 287.
2 Revised May 10 and July 22,1941.




293

REPORT OF THE SECRETARY OF THE TREASURY

Subscriptions and allotments were divided among the Federal Reserve districts
and the Treasury as follows:
C a s h subscriptions received

Federal Reserve district

Cash subscrip- Exchange subscriptions
tions allotted
allotted

T o t a l subscriptions allotted

T r e a s u r y b o n d s of 1962-54
$479,191, 750
Boston.New York
3, 043, 206. 550
Philadelphia
_
364, 963, 200
Cleveland..
_
•
369, 307. 650
Richmond
_-___.
201, 579, 400
236, 579. 460
Atlanta
---.
_.
681, 248, 700
Chicaeo
- .
. .
130, 326.800
St. Louis
Minneapolis , .
84, 341.150
Kansas City
101. 665. 850
138. 829.900
Dallas
.308, 321,150
San Francisco
Treasury
15.224,600
Government investment accountsTotal.

$40, 912.800
251,628, 450
32. 661, 950
31.141. 200
17, 905. 500
19. 970, 000
> 69.401,900
12. 674, 250
8,914, 800
10. 814, 700
12, 513. 300
26, 344, 200
1, 263, 200
49, 998, 900

$68,864. 600
668, 261, 060
40, 748. 350
48. 872. 700
35, 980,400
28. 332. 000
90, 964,100
19.645, 660
11, 780. 800
20,142, 600
14,840,800
33, 288,900
1,847, 700
49,998, 900

576,146,160

6.144, 786,150

$17,961, 700
316, 632,600
8,086,400
17. 731, 600
18,074,900
8, 362. 000
31, 562, 200
6, 971, 400
2. 866, 000
9, 327, 800
2. 327. 600
6.944, 700
684, 500
447,423, 200

1, 023, 668. 350

T r e a s u r y notes of series D-1943
Boston '. . .
NewYork
Philadelphia
Cleveland
Richmond.-.
Atlanta
Chicago
St. L o u i s . . . .
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$160, 000
30, 797,600
65, 600
155.900
111, 500
5.000
582, 300
135. 500
122, 500
101.000
197, 000
105, 500
100. 000

..

.

. . . . ._
_

_.
--

Total.

$160, 000
30, 797,600
65. 600
155, 900
111, 500
5,000
582, 300
135. 600
122, 500
101. 000
197. 000
105, 500
100.000

32, 639, 300

1

32, 639,300

Exhibit 14
Offering of 2y2 percent Treasury bonds of 1956-58 and % percent Treasury notes of
series D-1943 {additional)
On May 22, 1941, Secretary of the Treasury Morgenthau offered to the public
for cash subscription 2J4 percent Treasury bonds of 1956-58, in the amount of
$600,000,000, or thereabouts, and at the same time offered the holders of 3J4
percent Treasury bonds of 1941, maturing August 1, 1941, the privilege of exchanging such bonds for additional amounts of the new bonds or for 2 year,
% percent Treasury notes of series D-1943, which were part of the series issued
pursuant to Department Circulars No. 650, dated February 25, 1941, and No.
652, dated March 19, 1941.
In the related press release it was stated that $834,435,200 of Treasury bonds
of 1941 were then outstanding.
[Treasury bonds of 1956-58. Department Circular No. 661. Public Debt]
TREASURY

DEPARTMENT,

Washington, May 22, 1941,
I. O F F E R I N G OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for 2}^ percent bonds of the United States,
designated Treasury bonds of 1956-58. The amount of the offering is




294

REPORT OF THE SECRETARY OF THE TREASURY

$600,000,000, or thereabouts, with the right reserved to the Secretary of the
Treasury to increase the offering by an amount sufficient to accept all subscriptions
for which Treasury bonds of 1941, maturing August 1, 1941, are tendered in payment and accepted.
II. DESCRIPTION OF BONDS

1. The bonds will be dated June 2, 1941, and will bear interest from that date
at the rate of 2)^ percent per annum, payable on a semiannual basis on Septeniber
15, 1941, and thereafter on March 15 and September 15 in each year until the
principal amount becomes payable. They will mature March 15, 1958, but may
be redeemed at the option of the United States on and after March 15, 1956, in
whole or in part, at. par and accrued interest, on any interest day or days, on
4 months' notice of redemption given in such manner as the Secretary of the
Treasury shall prescribe. In case of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of t|ie
Treasury. From the date of redemption designated in any such notice, interest
on the bonds called for redemption shall cease.^ * * *
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received, at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Subscribers must agree not to
sell or otherwise dispose of their subscriptions, or of the securities which may be
allotted thereon, prior to the closing of the subscription books. Banking institutions generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized to act as
offieial agencies. Others than banking institutions will not be permitted to enter
subscriptions except for their own account. Cash subscriptions from banks and
trust companies for their own account will be received without deposit but will be
restricted in each case to an amount not exceeding one-half of the combined
capital and surplus of the subscribing bank or trust company. Cash subscriptions
from all others must be accompanied by payment of 10 percent of the amount
of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amo.unt of bonds applied for, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Subject to these reservations, subscriptions in payment of which Treasury bonds of 1941 are tendered will be allotted in full. Allotment notices will be sent out promptly upon allotment, and
the basis of the allotment will be publicly announced.
IV. PAYMENT

1. "Payment at par and accrued interest, if any^ for bonds allotted on cash subscriptions hereunder must be made or completed on or before June 2, 1941, or
on later allotment. In every case where payment is not so completed, the payment with application up to 10 percent of the amount of bonds applied for shall,
upon declaration made by the Secretary of the Treasury in his discretion, be
forfeited to the United States. Any qualified depositary will be permitted to
make payment by credit for bonds allotted to it for itself and its customers up to
any amount for which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its district. Treasury bonds of 1941,
maturing August 1, 1941, will be accepted at par in payment for any bonds sub, scribed for and allotted, and should accompany the subscription. Coupons
dated August 1, 1941, must be attached to coupon bonds when surrendered.
Accrued interest from February 1, 1941, to June 2, 1941 ($10.86326 per $1,000),
will be paid following acceptance of the bonds. In the case of registered bonds,
checks will be drawn in accordance with the assignments on the bonds surrendered.
V. SURRENDER OF MATURING BONDS

1. Coupon bonds.—Treasury bonds of 1941 in coupon form tendered in payment
for borids offered hereunder should be presented and surrendered with the subscription to a Federal Reserve Bank or branch or to the Treasurer of the United
1 Omitted portion similar to corresponding section of Department Circular No. 649, p. 286.




REPORT OF THE SECRETARY OF THE TREASURY

295

States, Washington, D. C. The bonds must be delivered at the expense and risk
of the holder. Facilities for transportation of bonds by registered mail insured
may be arranged between incorporated banks and trust companies and the Federal
Reserve Banks, and holders may take advantage of such arrangements when
available, utilizing such incorporated banks and trust companies as their agents.
2. Registered feon<is.—Treasury bonds of 1941 in registered form tendered in
payment for bonds offered hereunder should be assigned by the registered payees
or assignees thereof, in accordance with the general regulations of the "Treasury
Department governing assignments for transfer or .exchange, in one of the forms
hereafter set forth, and thereafter should be presented and surrendered with the
subscription to a Federal Reserve Bank or branch or to the Treasury Department,
Division of Loans and Currency, Washington, D. C. The bonds must be delivered at the expense and risk of the holder. If thie new bonds are desired
registered in 'the same name as the bonds surrendered, the assignment should be
to "The Secretary of the Treasury for excha,nge for Treasury bonds of 1956-58'';
if the new bonds are desired registered in another name, the assignment should
be to "The Secretary of the Treasury for exchange for Treasury bonds of 1956-58
in the name of
"; if new bonds in coupon form are desired, the assignment should be to "The Secretary of the Treasury for exchange for Treasury
bonds of 1956-58 in coupon form to be delivered to
T---.".
VI. GENERAL PROVISIONS

i. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions V * * *•
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
[Treasury notes, series D-1943. Department Circular No. 662. Public Debt]
TREASURY

DEPARTMENT,

Washington, May 22, 1941.
I. OFFERING OF NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the
United States for ^ percent notes of the United States, designated Treasury notes
of series D-1943, in payment of which only Treasury bonds of 1941, maturing
August 1, 1941, may be tendered. The amount of the offering under this circular
will be limited to the amount of Treasury bonds of 1941 tendered and accepted.
II. DESCRIPTION OF NOTES

1. The notes now offered will be an addition to a,nd will form a part of the series
of % percent Treasury notes of series D-194^3 issued pursuant to department
Circulars No. 650, dated February 25, 1941, and No. 652, dated March 19, 1941,
will be freely interchangeable therewith, are identical in all respects therewith, and
are described in the following quotation from Department Circular No. 650:
[Description omitted here, see p. 287.]
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches and
at the Treasury Department, Washingtori. Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as oflicial agencies.
2. The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, and to close the books as to any or all subscriptions at any time
without notice; and any action he may take in these respects shall be final. Subject
to these reservations, all subscriptions will be allotted in full. Allotment notices
wiU be sent out promptly upon allotment.
» Omitted portion similar to corresponding, section of Department Circular No. 649, p. 286.




296

REPORT OF THE SECRETARY OF THE TREASURY
IV. PAYMENT

1. Payment at par for notes allotted hereunder must be made or completed on
or before June 2, 1941, or on later allotment, and may be made only in Treasury
bonds of 1941, maturing August 1, 1941, which wiU be accepted atopar, and should
accompany the subscription. Coupons dated August 1, 1941, must be attached to
coupon bonds when surrendered. Accrued interest from February 1, 1941, to
June 2, 1941 ($10.86326 per $1,000), on the maturing bonds will be credited, and
accrued interest from March 15, 1941, to June 2, 1941 ($1.61005per $1,000), on the
new notes will be charged, to subscribers. The difference ($9.25321 per $1,000)
will be paid following acceptance of the bonds. In the case of registered bonds,
checks will be drawn-in accordance with the assignments on the bonds surrendered.
V, SURRENDER OF MATURING BONDS

1. Coupon bonds.—Treasury bonds of 1941 in coupon form tendered in payment
for notes offered hereunder should be presented and surrendered with the subscription to a Federal Reserve Bank or branch or to the Treasurer of the United
States, Washington, D. C. The bonds must be delivered at the expense and risk
of the holder. Facilities for transportation of bonds by registered mail insured
iriay be arranged between incorporated banks and trust companies and the Federal
Reserve Banks, and holders may take advantage of such arrangements when
available, utilizing such incorporated banks and trust companies as their agents.
2. Registered bonds.—Treasury bonds of 1941 in registered form, tendered in
payment for notes offered hereunder should be assigned by the registered payees
or assignees thereof to "The Secretary of the Treasury for exchange for Treasury
notes of series D-1943 to be delivered to
", in accordance with the
general regulations of the Treasury Department governing assignments for transfer
or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or branch or to the Treasury Department,
Division of Loans and Currency, Washington, D. C. The bonds must be delivered
at the expense and risk of the holder.
VI. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions i * * *^
HENRY

MORGENTHAU,

Jr.

Secretary ofthe Treasury.

Exhibit 15
Subscriptions and allotments. Treasury bonds of 1956-58 and Treasury notes of
series D-1943 {additional) {from priess releases. May 23 and 27, and June 3,
1941 2)
On May 23, 1941, Secretary of the Treasury Morgenthau announced that
subscription, books for the cash offering of 2}^ percent Treasury bonds of 1956-58
had closed at the close of business May 22, 1941. Cash subscriptions aggregated
$8,268,254,250, of which $661,750,800 were allotted. All subscriptions were
allotted 8 percent, on a sti\aight percentage basis, with adjustments where necessary to the $100 denomination.
The subscription books for the receipt of Treasury bonds of 1941, maturing
August 1, 1941, in payment for Treasury bonds of 1956-58 and for Treasury
notes of series D-1943 closed at the close of business May 23, 1941, except for the
J Omitted portion similar to corresponding section of Department Circular No. 660, p. 287.
2 Revised, Aug. 21,1941.




297

EEPORT OF THE SECRETARY OF THE TREASURY

receipt of subscriptions from holders of $15,000 or less of the maturing bonds.
The subscription books for the receipt of subscriptions from holders of $15,000
and under were closed at the close of business May 24, 1941. Exchanges aggregated $787,920,850, all of which were allotted in full. These include $786,996,850
of bonds exchanged for the new bonds.and $924,000 of bonds exchanged for
the new notes.
Subscriptions and allotments were divided among the Federal Reserve districts
and the Treasury as follows:
Federal Reserve district

Cash
subscriptions
received

Cash
subscriptions
allotted

Exchange
subscriptions
allotted

Total
subscriptions
allotted

Treasury bonds of 1956-68
.Boston
NewYork
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.Kansas City..
Dallas
San Francisco.
Treasury

489,060
4,012. 804,''350
472, 606,360
619, 213, 650
307, 800,150
341, 838,450
878. 371,900
183, 499, 500
370,600
. 110,
123, 704, 300
206, 646, 350
371, 686,100
40, 325, 500

$55, 971,300
321, 030,450 i
37, 898,300
41, 571, 600
24, 650,100
27. 366,400
70, 320,160
14, 726, 300
8, 838, 300
9, 918,400
16, 546. 300
29, 698,800
226,600

$65,898, 950
625,'669,800
27,031,000
20,969,650
43, 030. 400
6,995,950
68,288,750
8,464, 750
6,023.200
11.406,100
2,917.000
9, 240, 660
1, 070, 650

Total...

8, 268, 254, 250

661, 750,800

786, 996,850

$121, 870, 250
846; 690,250 •
64,929,300.
62, 541,160
67,680, 600
34,361,350
128, 608, 900
23,191,050
14, 861, 500
21,324, 500
19,462, 300
38,939,450
4,297,150
1, 448, 747, 650

T r e a s u r y notes of series D-1943

Boston
Now York
Philadelphia.Cleveland
Richmond
Atlanta
Chicago.---—
St. Louis
Minneapolis...
Kansas C i t y . .
Dallas
....
San FranciscoTreasury

$20.000
170,000
310, 500
86,600
53, 200
23,000
38, 700
68,000
1,000
78,000
60,000
15,000

924, 000

Total.

$20,000
170,000
310, 600
86,600
53, 200
23,000
38, 700
68,000
1,000
78, 000
60,000
15,000
924,000

Exhibit 16
Offering of 2 percent depositary bonds
On May 23, 1941, Secretary of the Treasury Morgenthau gave notice of a
special'issue of bonds of the United States, designated 2 percent depositary bonds,
which might be subscribed for by depositaries and financial agents of the Treasury
in such amounts as would be required to provide an income to the banks necessary
to offset the cost of service rendered to the Government.
[Department Circular No. 660. Public Debt]
TREASURY

DEPARTMENT,

Washington, May 23, 1941.
I. OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, gives notice of a special issue of bonds of the
United States, designated 2 percent depositary bonds. These bonds may be




298

REPORT OF THE SECRETARY OF THE TREASURY

subscribed for, at par, by depositaries and financial agents designated under the
provisions of section 5153 of the Revised Statutes of 1873, as amended (U. S. C ,
title 12, sec. 90); the act of May 7, 1928, 45 Stat. 492 (U. S. C , title 12, sec. 332);
and the act of June 19, 1922, 42 Stat. 662 (U.S. C , title 31, sec. 473), which have
executed a depositary, financial agency and collateral agreement satisfactory to
the Secretary of the Treasury. The bonds will be sold to such depositaries and
financial agents iii an amount not exceeding in any case the amount for which
the depositary and financial agent is qualified, which qualification may be
adjusted on a quarterly basis in direct proportion to the amount and character
of essential Government business transacted.
II. DESCRIPTION OF BONDS

1. The bonds of this issue will be dated June 1, 1941. They will bear interest
at the rate of 2 percent per annum, payable on a semiannual basis on June 1
and December 1 in each year until the principal amount becomes payable. Each
bond will be issued as of, and will bear interest from, the date payment therefor
is received, and will mature twelve years from such date, but may be redeemed
at the option of the United States or the depositaries and financial agents, in
whole or in part, at par and accrued interest, at any time, upon not less than 30
nor more than 60 days' notice in writing given by either party to the other.
From the date of redemption designated in any such notice, interest on the bond
or bonds or any part thereof to be redeemed shall cease, and the unredeemed
portion, if any, shall be reissued bearing the same issue date as the bond surrendered. Any such notice of redemption given by a depositary and financial
agent shall be addressed to the Secretary of the Treasury, Washington, D. C.
2. The income derived from the bonds shall be subject to all Federal taxes
now or hereafter imposed. The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing authority.
'
3. The bonds will be acceptable to secure deposits of Federal funds with, and
the faithful performance of duties by, depositaries and financial.agents designated
under the provisions of section 5153 of the Revised Statutes of 1873, as amended
(U. S. C , title 12, sec. 90); the act of May 7, 1928, 45 Stat. 492 (U. S. C , title 12,
sec. 332); and the act of June 19, 1922, 42 Stat. 662 (U. S. C , title 31, sec. 473),
and may not be obtained or used for any other purpose. They will be issued in
registered form only in the name of the Treasurer of the United States in trust
for the depositaries and financial "agents to which they are allotted, and they
will not be transferable. They will be subject to the general regulations of the
Treasury Department with respect to United States bonds, so far as applicable.
III. GENERAL PROVISIONS

1. The Secretary of the Treasury may, at any time, or from time to time*
prescribe supplemental or amendatory rules and regulations with respect to this
issue of bonds, and he may terminate the issue at any time without notice.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
Treasury bills
Exhibit 17
Inviting tenders for Treasury bills dated July 3, 1940 {press release, June 28, 1940)
TREASURY DEPARTMENT,

' Washington, June 28, 1940.
The Secretary of the Treasury gives notice that tenders are invited for Treasury
bills to the amount of $100,000,000, or thereabouts. They will be 91-d'ay bills;
and will be sold on a discount basis to the highest bidders. Tenders will be
received at the Federal Reserve Banks, or the branches thereof, up to 2 o'clock




REPORT OF THE SECRETARY OF THE TREASURY

299

p . m., eastern s t a n d a r d time, on Monday, July 1, 1940. Tenders will not be
received a t t h e Treasury Diepartment, Washington.
T h e Treasury bills will be dated July 3, 1940, and will m a t u r e on October 2,
1940, and on t h e m a t u r i t y date the face a m o u n t will be payable without interest.
T h e y will be issued in bearer form only, and in amounts or denominations of
$1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
I t is urged t h a t tenders be made on t h e printed forms and forwarded in t h e
special envelopes which will be supplied by the Federal Reserve Banks or branches
upon application therefor.
No tender for an a m o u n t less t h a n $1,000 will be considered. Each tender m u s t
be in multiples of $1,000. T h e price offered m u s t be expressed on the basis of
100, with not more t h a n three decimal places, e.g., 99.125.- Fractions m u s t not
be used.
Tenders will be accepted without cash deposit from incorporated banks and
t r u s t companies and from responsible and recognized dealers in investment
securities. Tenders from others m u s t be accompanied by a deposit of 10 percent
of t h e face, a m o u n t of Treasury bills' applied for, unless t h e tenders are accompanied by a n express g u a r a n t y of p a y m e n t by an incorporated b a n k or t r u s t
company.
Immediately after t h e closing hour for receipt of tenders on July 1, 1940, all
tenders received at t h e Federal Reserve Banks or branches thereof up to the
closing hour will be opened and public announcement of the acceptable prices will
follow as soon as possible thereafter, probably on t h e following morning. T h e
Secretary of the Treasury expressly reserves the right to reject any or all. tenders
or p a r t s of tenders, and to allot less t h a n t h e a m o u n t applied for, and his action
in any such respect shall be final. Those submitting tenders will be advised, of t h e
acceptance or rejection thereof. P a y m e n t a t t h e price offered for Treasury bills
allotted m u s t be rnade a t t h e Federal Reserve Banks in cash or other immediately
available fiinds on July 3, 1940.
T h e Treasury bills will be exempt, as t o principal and interest, and any gain
from t h e sale or other disposition thereof will also be exempt, from all taxation,
except estate and inheritance taxes. (Attention is invited to Treasury Decision
4550, ruling that" Treasury bills are not exempt from t h e gift tax.) No loss from
t h e sale or other disposition of t h e Treasury bills shall be allowed as a deduction,
or otherwise recognized, for t h e purposes of any tax now or hereafter irnposed by
t h e United States or any of its possessions.
Treasury D e p a r t m e n t Circular No. 418, as amended, and this notice prescribe
t h e terms of t h e Treasury bills and govern t h e conditions of their issue. Copies
of t h e circular m a y be obtained from any Federal Reserve Bank or branch thereof.'

Exhibit 18
Acceptance of tenders for Treasury bills dated J u l y 3,1940 {press release, J u l y 2,1940)
TREASURY

DEPARTMENT,

Washington, J u l y 2, 1940.
T h e Secretary of t h e Treasury announced last evening t h a t the tenders for
$100,000,000, or thereabouts, of 91-day Treasury bills, to be dated July 3 and to
m a t u r e October 2, 1940, which were offered on June 28, were opened a t t h e Federal Reserve Banks on July 1. '
T h e details of this issue are as follows:
T o t a l applied for
•
_ . $337, 958, 000
T o t a l accepted100, 294, 000
Range of accepted bids:
High
. . 100.
Low__
99.994 Equivalent rate approximately 0.024 percent.
Average price
99.994 Equivalent rate approximately 0.024 percent.

Exhibit 19
Press releases pertaining to Treasury bill issues during t h e fiscal year 194.1
were similar in form to t h e foregoing and are, therefore, not here reproduced,,
T h e essential details regarding each issue are summarized in t h e following table.




CO
O
O

Summary of information contained in press releases issued in connection with Treasury bills offered during the fiscal year 1941
B i d s accepted

D a t e of issue

Total
amount
D a y s to
applied
maturity
for (in
thousands)

D a t e of m a turity

1940
July 3 — .
July 10...
July 17...
July 24...
July 3 1 . . .
Aug. 7 . . .
A u g . 14-_
Aug. 21-_
Aug. 28-.
.Sept. 4 . . .
•Sept. 1 1 . .
Sept. 1 8 - .
Sept. 26-.

1940
Oct. 2
Oct. 9
Oct. 16.
Oct. 2 3 - . . —
Oct. 30
Nov. 6
:
N o v . 13
N o v . 20
N o v . 27
Dec. 4 . .
D e c . 11.
D e c . 18
D e c . 26
-

Oct. 2
Oct. 9
Oct. 16....
Oct. 23--..
Oct. 30--.
Nov. 6 . -'.
Nov. 13 9Nov. 20 6 .
Nov. 27 6 .
.
Dec. 4 8-..
Dec. 116..
Dec. 18 8..
Dec. 26 8..

1941
Jan. 2
Jan.8
Jan.16.
J a n . 22
J a n . 29Feb. 5
F e b . 13
F e b . 19
F e b . 26
Mar. 5
M a r . 12
M a r . 19
M a r . 26




Highest

^

1

Price^Cper
hundred)

9:
9
9]
9]
9]
9]
9]
91
91
9]
9]
9]
92

$337, 958
287, 791
247, 377
259, 942
237, 621
208, 966
166, 332
211,381
235. 835
212, 900
265, 618
283, 273
322, 058
372, 466
600, 748
476, 559
413, 289
383, 907
236,456
285, 555
280, 833
298,636
374, 376
406, 052
397, 913
422, 280

100. 000
100. 001
100. 001
100.011
100. 010
100. 001
100. 000
7100.000
100. 000
«100.001
10100. 001
1 100.000
2
100.003

Equivalent
rate i (percent)

Price'(per
hundred)

99.994
99.995
99.997

100. 000
100.000
100. 000
100. 000
100. 000
100. 000
100. 000
100. 000
100. 000
100. 000
100. 000
100.000
100. 000

90 1

Average
D a t e of press releases

92
9]
9]
9:
9:'
9:
92
9:
9:
9:
9:
9:

•

Lowest

99. 998
99.995
99.990
99. 990
99. 988
99.988
99.990
99. 995

Negative
Negative
Negative
Negative
Negative

Negative
Negative
Negative

100. 000
100. 000
100. 000
100. 000
100.000
.99. 999
99. 999
99. 999
99. 999
99. 999
99.999
100. 000
100.000

A m o u n t (in
E q u i v a l e n t thousands)
r a t e i (percent)

0.024
.020
.012
.008
.008
.008
. .020
.040
.040
.047
.047
.040
.020

.004
.004
.004
.004
.004
.004

D a t e of
closing

Price (per
hundred)

Equivalent
r a t e i (percent)

$100, 294
100, 384
100,098
100, 407
100, 424
100, 372
100,071
100,166
100, 026
100,100
100,120
100, 298
100,019

99.994
99.996
99. 998
99.998
99.999
99. 999
99.998
99.995
99.993
99.991
99. 990
99. 992
99.997

0.024
.017
.008
.006
.004"
.004
.007
.021
.028
.036
.038
.032
.013

1940
J u n e 28 a n d J u l y 2 .
July 5 and 9
J u l y 12 and 16
J u l y 19 a n d 23
J u l y 26 a n d 30
Aug. 2 and 6
A u g . 9 a n d 13
A u g . 16 a n d 20
A u g . 23 a n d 27
A u g . 2S a n d 3 1 . . . . - Sept. 6 and 1 0 . . . . . .
S e p t . 13 a n d 17
S e p t . 20 a n d 24

1940
July 1
July 8
J u l y 15
J u l y 22
J u l y 29
Aug. 5
A u g . 12
A u g . 19
A u g . 26
A u g . 30
Sept. 9
Sept. 16
Sept. 23

101, 450
2 101, 946
3 100, 561
< 100, 604
«100, 912
100,130
100,411
• 100,302
101, 266
9100, 971
1 101, 205
1
13100, 278
1 100,429
*

100.000
100.000+
100.000+
100.000+
100.000+
100. 00099. 999
99.999
99.999
99. 999
100.000100.000+
100.000+1

.000
Negative
Negative
Negative
Negative
0.002
.003
.003
.004
.002
.001
Negative
Negative

S e p t . 27 a n d Oct. 1.
Oct. 4 a n d 8 Oct. 11 a n d 15Oct. 18 a n d 22Oct. 26 a n d 29
Oct. 30 a n d N o v . 2.
Nov. 7 and 9
N o v . 15 a n d 19
N o v., 22 a n d 26
N o v . 29 a n d D e c . 3.
D e c . 6 a n d 10
D e c . 13 and 17
D e c . 20 a n d 24

Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

O

30
7
14
21
28
1
8
18
25
2
9
16
23

o

CQ

O

o

1941
J a n . 2 6..
j^
°
Oi
^
I
i.
«p

J a n . 8 8..
J a n . 15 6.
J a n . 22 e.
J a n . 29 6.
F e b . 5 8..
F e b . 13 8.
F e b . 19 8.
F e b . 26 6.
Mar. 5-10 M a r . 12-,
*-" M a r . 19-.
M a r . 26Apr. 2-.Apr. 9 . Apr. 1 6 Apr. 23-.
Apr. 3 0 M a y 7-_.
M a y 14 _.
May 21..
M a y 28-.
J u n e 4- _.
June 11-J u n e 18-J u n e 25--

Apr. 2 -

90

Apr. 9 A p r . 16A p r . 23A p r . 30M a y 7_.
M a y 14.
M a y 21.
M a y 28June 4-.
J u n e 11J u n e 18.
J u n e 25.
July. 2 July 9 J u l y 16.
J u l y 23J u l y 30Aug.. 6 . .
A u g . 13.
A u g . 20.
Au.g. 27.
Sept. 3Sept. 10.
Sept. 17.
Sept. 24.

1 B a n k discount basis.
2 Revised Oct. 9, 1940.
3'Revised Oct. 16, 1940.
< Revised Oct. 23, 1940.
« Revised Oct. 30, 1940.
8 N a t i o n a l defense series..
7 E x c e p t for one t e n d e r of $128,000.
8 E x c e p t for one t e n d e r of $100,000.




648,182
560, 547
398, 849
303, 957
^63, 061
312, 345
227, 631
209, 830
258, 063
625. 347
452, 601
442,380
308, 808
290, 755
208, 941
252, 594
247, 429
301, 690
315, 843
374, 651
301, 533
260, 380
334, 889
439, 503
398, 064
267, 792

100.010
100. 018
100. 010
100. 015
100. 010
100.001
100. 002
8100. 001
8100. 000
100. 000
100. 000
100.000
9100.000
99. 998
20 99. 995
99. 990
99. 990
100. 000
100. 000
100.000
100.000
100. 000
100. 000
100.000
23 99. 990
100. 000

Negative

100.003

Negative
Negative
Negative
Negative
Negative
Negative
Negative

!040
.040

.040

99. 970
99. 971
99. 978

9 Revised D e c . 4, 1940.
10 E x c e p t for one t e n d e r of $5,000.
n Revised D e c . 11, 1940.
>2 E x c e p t for one t e n d e r of $30,000.
13 Revised D e c . 18, 1940.
1 Revised D e c . 26, 1940.
4
16 Revised J a n . 22,a941.
18 Revised J a n . 29, 1941.

100. 003
100.003
100.003
100. 001
100. 000+
100. 000+
100.00099. 998
99.989
99. 978
99. 970
99. 971
99. 984
99. 986
99. 980
99. 976
99. 976
99. 976
99. 976
99. 983
99. 982
99. 983
99. 973
99. 975
99. 974
99. 983

Dec. 27 a n d 31
1941
Jan. 3 and 7
Negative
J a n , 10 a n d 14
Negative
Negative
J a n . 17 a n d 21
Negative
J a n . 24 a n d 28Negative
J a n . 31 a n d F e b . 40.000+ F e b . 7 a n d 11
.007
F e b . 14 a n d 18
.043
F e b . 21 a n d 25
.086
F e b . 28 a n d M a r . 4
.120
M a r . 7 a n d 11
.117
M a r . 14 a n d 18
.065
M a r . 21 a n d 25
M a r . 28 a n d A p r . 1
.056
.079
A p r . 4 and 8 - . .
.093
A p r . 11 a n d 15
.097
A p r . 18 and 22
.097
A p r . 26 a n d 29
.096
M a y 2 and 6 . .069
M a y 9 a n d 13.070
M a y 16 a n d 20
.069
M a y 23 a n d 27
.107
M a y 30 a n d J u n e 3.
.100
J u n e 6 a n d 10
.103
J u n e 13 a n d 1 7 . _ . . .
J u n e 20 a n d 24
.066

17 Revised F e b . 5, 1941.
18 E x c e p t for one t e n d e r of
19 E x c e p t for one t e n d e r of
20 E x c e p t for one t e n d e r of
21 Revised A p r . 23, 1941.
22 Revised J u n e 11, 1941.
23 E x c e p t for one t e n d e r of

Dec.

30

1941
Jan.
6
J a n . 13
J a n . 20
J a n . 27
Feb.
3
F e b . 10
F e b . 17
F e b . 24
Mar. 3
M a r . 10
M a r . 17
M a r . 24
M a r . 31
Apr. 7
A p r . 14
A p r . 21
A p r . 28
May 5
M a y 12
M a y 19
M a y 26
June 2
June 9
J u n e 16
J u n e 23

O

o
*^
M
w

o

>
K|

O
$50,000.
$3,000.
$10,000.
$6,000.

H9

>
Xfl

d

td

CO
O

302

REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 20

Amendment, February 28, 1941j of the general circular governing the offerings of
Treasury bills
[Department Circular No. 418, as amended. Public Debtl
TREASURY DEPARTMENT,

Washington, February 28, 1941Department Circular No. 418, as am.ended, dated May 3, 1934, is hereby
further amended, with respect to all issues of Treasury bills dated on or after
March 1, 1941, to read as follows:
1. The Secretary of the Treasury is authorized by the Second Liberty Bond Act,
approved September 24, 1917, as am.ended, to issue Treasury bills of the United
States on a discount basis and payable at maturity without interest, and to fix
the form., term.s, and conditions thereof, and to offer them, for sale on a competitive
basis, under such regulations and upon such term.s and conditions as he may
prescribe. Pursuant to sa;id authorization, the Secretary of the Treasury m.ay,
• from tim.e to tim.e, by public notice,^ offer Treasury bills for sale, and invite tenders
^
therefor, through the Federal Reserve Banks. The Treasury bills so offered^
and the tenders m.ade, will be subject to the term.s and conditions and to the
general rules and regulations herein set forth, and also to the term.s and conditions
stated in the public notices issued by the Secretary of the Treasury in connection
with particular offerings.
DESCRIPTION OF TREASURY BILLS

2. Treasury bills are bearer obligations of the United States, issued on a discount basis, and prom.ising to pay a specified . amount without interest on a
specified date. They will be payable at m.aturity upon presentation to the
Treasurer of the United States, in Washington, or to- any Federal Reserve Bank. '
Treasury bills are issued only by Federal Reserve Banks pursuant to tenders
accepted by the Secretary of the Treasury, and shall not be valid unless the issue
date and the ma;turity date are entered thereon. Treasury bills bearing the same
issue date and the same maturity date shall constitute a series.
3. Treasury bills will be issued in denom.inations (maturity value) of $1,000^,
$5,000, $10,000, $100,()00, $500,000 and $1,000,000. Exchanges from, higher to
lower denominations of the same series (bearing the same issue and m.aturity
dates) will, be permitted at Federal Reserve Banks. . Insofar as applicable, the
general regulations of the Treasury Department governing transactions in bonds
and notes will govern transactions in Treasury bills.
4. The income derived from. Treasury bills, whether interest or gain from, the
sale or other disposition of the bills, shall not have any exemption, as such, and
loss from, the sale or other disposition of Treasury bills shall not have any special
treatment, as such, under Federal tax acts now or hereafter enacted. The bills
shall be subject to estate, inheritance, gift, or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions of the United
States, or by any local taxing authority. For purposes of taxation the amount
of discount at which Treasury bills are originally sold by.the United States shall
be considered to be interest.
5. Treasury bills will be acceptable at maturity value to secure deposits of
public moneys; they will not bear the circulation privilege. Treasury bills will
be acceptable at maturity, but not before, under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury, in payment of
income and profits taxes payable at the maturity of the Treasury bills. Notes
secured by Treasury bills are eligible for discount or rediscount at Federal Reserve
Banks by member banks, as are notes secured by bonds and notes of the United
States, under the provisions of section 13 of the Federal Reserve.Act. They
will be acceptable at maturity, but not before, in payment of interest or of principal on account of obligations of foreign governments held by the United States.




REPORT OF THE SECRETARY OF THE TREASURY

303

PUBLIC NOTICE

6. When Treasury bills are to be offered, tenders therefor will be invited through
•public notice given by the Secretary of the Treasury. In such public notice there
will be set forth the amount of Treasury bills for which tenders are then invited,
the date .of issue, the date or dates when such bills will become due and payable^
the date and closing hour for the receipt of tenders at the Federal Reserve Banks
and branches, and the date on which payment for accepted tenders must be
made or completed.
TENDERS

7. Tenders in response to any such public notice will be received only at the
Federal Reserve Banks, or branches thereof, and unless received before the time
fixed for closing will be disregarded. Tenders will not be received at the Treasury Department. Each tender must be for an amount in an even multiple of
$1,000 (maturity value). The price or prices offered by the bidder for the amount
or amounts (at maturity value) applied for must be stated, and must be expressed!
on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions
may not be used.
8. Tenders should be submitted on the printed forms and forwarded in the
special envelopes which will be supplied on application to any Federal Reserve
Bank or branch. If a special envelope is not available, the inscription ^*Tender
for Treasury Bills" should be placed on the envelope used. The instructions of
the Federal Reserve Banks with respect to the submission of tenders should be '
observed. Tenders from incorporated banks and trust companies, and frora
responsible and recognized dealers in investment securities will be received without
deposit.. Tenders from all others must be accompanied by a payment of 10
percent of the face amount of the Treasury bills applied for: Provided, however^
That such deposit will not be required if the tender is accompanied by an express^
guaranty of payment in full by an incorporated bank or trust company. Forfeiture of the 10 percesnt payment may be declared by the Secretary of the Treasury if payment is not completed, in the case of accepted tenders, on the prescribed date.
9. At the time fixed for closing, as specified, in the pubhc notice, all tenders
received by the Federal Reserve Banks, or branches, will be opened. The
Secretary of the Treasury will determine the acceptable prices offered and will
make public announcement thereof. Those submitting tenders will be advised
by the Federal Reserve Banks of the acceptance or rejection thereof, and payment on accepted tenders must be made or completed on the date specified in the
public notice.
10. In considering the acceptance of tenders, the highest prices offered will be
accepted in full down to the amount required, and if the same price appears in
two or more tenders and it is necessary to accept only a part of the amount
offered at such price, the amount accepted at such price will be prorated in
accordance with the respective amounts applied for. However,, the Secretary
of the Treasury expressly reserves the right on any occasion to reject aiiy or all
tenders or parts of tenders; and to award less than the amount applied for; and
any action he may take in any such respect or respects shall be final.
11. All payments which may be due on account of accepted tenders must be
made or completed to the appropriate Federal Reserve Bank in cash or other
immediately available funds on or before the date specified, provided, however,.
the Secretary of the Treasury, in his discretion, when inviting tenders for Treasury
bills, may provide that any qualified depositary may make pa5^ment by credit
for accepted tenders, on.behalf of itself and its customers, up to any amount for
which it shall be qualified in excess of existing deposits, when so notified by the
Federal Reserve Bank of its district.
LOST, STOLEN, DESTROYED, MUTILATED, OR DEFACED TREASURY BILLS

12. Relief on account of the loss, theft, destruction, mutilation or defacement
of Treasury bills may be given only under the authority of, and subject to the
conditions set forth in section 8 of the Government Losses in Shipment Act^
approved July 8, 1937, and the regulations pursuant thereto in Treasury Depart- '
ment Circular No. 300, dated July 31, 1923, as amended, insofar as applicable.
13. In case of the loss, theft, destruction, mutilation or defacement of Treasury
bills, immediate advice, with a full description of the bill or bills involved, should!




304

REPORT OF THE SECRETARY OF THE TREASURY

be sent to the Division of Loans and Currency, Treasury Department, Washington,
D. C , either direct or through any Federal Reserve Bank, and, if relief under the
statutes may be given, instructions and necessary blank forms will be furnished.
14. Federal Reserve Banks, as fiscal agents of the United States, are authorized
to perform all such acts as may be necessary to. carry out the provisions of this
circular and of any public notice or notices issued in connection with any offering
of Treasury bills.
15. The Secretary of the Treasury reserves the right further to amend, supplement, revise or withdraw all or any of the provisions of this circular at any time,
or from time to time.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
United States savings bonds
Exhibit 21
Offering of United States defense savings bonds of series E, and defense postal savings
stamps for installment payments
[Department Circular No. 653. Public Debt]
TREASURYDEPARTMENT,

Washington, April 15, 1941I. OFFERING OF DEFENSE SAVINGS BONDS

SERIES E

1. The Secretary of the Treasury, pursuant to the authority of the Second.
Liberty Bond Act, as amended, offers for sale, to the people of the United States,
through the Postal Service and other designated agencies, an issue of United
States savings bonds, designated defense savings bonds—series E. The bonds,
hereinafter fully described, will be issued on a discount basis, in denominations of
$25 (maturity value), and multiples thereof, the issue price of each bond being
75 percent of its maturity value. The bonds will mature and be payable at face
value 10 years from their respective issue dates, but will be redeem^able before
maturity, at the option of owners, at fixed redemption values. The bonds will be
placed on sale beginning May 1, 1941, and their sale will continue until terminated
by the Secretary of the Treasury.
II. DESCRIPTION AND TERMS OF BONDS

1. Defense savings bonds of series E will be issued only in registered form, in
denominations of $25, $50, $100, $500, and $1,000 (maturity values), at prices
hereinafter set forth. Each- bond will bear the facsimile signature of the Secretary of the Treasury, and will bear both an imprint (in red) and an impression
of the Seal of the Treasury. At the time of issue, the issuing agent will inscribe
the name and address of the owner on each bond, will enter the date as of which
the bond is issued in the upper right corner, and will imprint his dating stamp
(with current date) in the circle in the lower left corner. Defense savings bonds
shall be valid only if duly inscribed and dated, as above provided, and delivered
by an authorized agent following receipt of payment therefor.
2. The bonds will, in each instance, be dated as of the first day of the month
in which payment of the issue price (or, i-n the case of bonds purchased by mail,
the application accompanied by remittance to cover the issue price) is received
by an agent authorized to issue the bonds; the bonds will mature and be payable
at face value 10 years from such issue date. The bonds may not be called for
redemption by the Secretary of the Treasury prior to maturity, but they may be
redeemed prior to maturity, after 60 days from the issue date, at the owner^s
option, at fixed redemption values. No interest as such will be paid on the
bonds, but they will increase in redemption value at the end of the first year from
issue date, and at the end of each successive half-year period thereafter until their
maturity, when the face amount becomes payable. The increment in value will
be payable only upon redemption of the bonds. A table of redemption values
for each bond appears on its face. The purchase price of defense savings bonds



REPORT OF THE SECRETARY OF THE TREASURY

305

of series E has been fixed so as to afford a n investment yield of a b o u t 2.9 percent
per a n n u m compounded semiannually if t h e bonds are held to m a t u r i t y ; if t h e
owner exercises his option to redeem a bond prior to m a t u r i t y the investment
yield will be less. T h e table a t the end of this circular shows: (1) How defense
savings bonds of series E, by denominations, increase in redemption value during
t h e successive half-year periods following issue, a n d (2) t h e computed investment
yields (a) on the issue price from issue date to the beginning of each half-year
period, a n d {b) on the current redemption value from the beginning of each halfyear period to m a t u r i t y a t t h e end of t h e 10-year period.
3. T h e bonds will n o t be transferable, a n d will be payable only to t h e owner
n a m e d thereon, except in case of death or disability of the owner or as otherwise
specifically provided in t h e regulations governing savings bonds, and in any e v e n t
only in accordance with such regulations. Accordingly they m a y not be sold,
a n d m a y n o t be hypothecated as collateral for a loan.
4. T A X A T I O N . — F o r t h e purpose of determining taxes a n d tax exemptions, t h e
increment in value represented by the difference between t h e price paid for
United States savings bonds and the redemption value received therefor (whether
a t or before m a t u r i t y ) shall be considered as interest, a n d such interest on defense
savings bonds is not exempt from income or profits taxes now or hereafter imposed
by t h e United States. T h e bonds shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, b u t shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or a n y
of the possessions of t h e United States, or by a n y local taxing authority,
III. PURCHASE OP BONDS

1. AGENCIES.—Defense savings bonds of series E m a y be purchased, while
this offer is in effect, as follows:
(a) Over-the-counter for cash:
(1) At United States post offices of t h e first, second, a n d third classes, a n d a t
selected post offices of t h e fourth class, a n d generally a t classified stations a n d
branches.
(2) Postal savings.—Subject to regulations prescribed by the Board of Trustees
of t h e Postal Savings System, the withdrawal of postal savings deposits will be
p e r m i t t e d for the purpose of acquiring defense savings bonds.
(3) At such incorporated banks, t r u s t companies, m u t u a l savings b a n k s a n d
other agencies as have been designated and have duly qualified as sales agents
p u r s u a n t to t h e provisions of Treasury D e p a r t m e n t Circular No. 657, d a t e d
April 15, 1941.
(6) On mail order.—Defense savings b o n d s m a y be purchased by mail upon
application to t h e Treasurer of the United States, Washington, D.- C., or to anyFederal Reserve Bank, accompanied by a remittance to cover the issue price.
Any form of exchange, including personal checks, will be accepted, subject t o
collection. Checks,- or other forms of exchange, should be drawn to the order
of t h e Treasurer of t h e United States or t h e Federal Reserve Bank, as t h e case
m a y be.
(c) Other agencies.—The Secretary of the Treasury, in his discretion, m a y design a t e agencies other t h a n those herein designated for the sale of, or for the handling
of applications for, defense savings bonds of series E .
2. D E F E N S E P O S T A L SAVINGS STAMPS FOR INSTALLMENT

PAYMENTS.—Postal

savings s t a m p s of a special defense series in denominations of 10, 25, and 50 cents,
a n d $1 a n d $5, m a y be purchased a t any post office where defense savings b o n d s
are on sale, a n d a t such other agencies as m a y be designated from time to time.
These s t a m p s m a y be, used to accumulate credits for the purchase of defense
savings bonds. Defense s t a m p albums, for affixing t h e stamps, will be available
w i t h o u t charge, a n d such albums will be receivable, in the a m o u n t of t h e affixed
s t a m p s , on t h e purchase price of defense savings bonds.
3. I S S U E P R I C E S . — T h e issue prices of t h e various denominations of defense
savings bonds of series E follow:
DENOMINATION (maturity value)
ISSUE (purchase) PEICE

$25.00 $60.00 $100.00 $500.00 $1,000.00
$18.75 $37.50 $75.00 $375.00 $750.00

IV. LIMITATION ON HOLDINGS

1. -The a m o u n t of defense savings bonds of series E originally issued during
a n y one calendar year to any one person, including those registered in the n a m e
of t h a t person alone," a n d those registered in t h e name of t h a t person with a n o t h e r
n a m e d as coowner, t h a t m a y be held by t h a t person a t a n y one time shall n o t




306

REPORT OF THE SECRETARY OF THE TREASURY

exceed $5,000 (maturity value). Any bonds acquired on original issue which
create a n excess m u s t immediately be surrendered for refund of t h e issue price,
^ s provided in t h e regulations governing savings bonds.
V. AUTHORIZED FORMS OF REGISTRATION

1. Defense savings bonds of series E m a y be registered only in t h e n a m e of
n a t u r a l persons (that is, individuals) whether adults or minors, in their own right,
w h o a r e residents of t h e Continental United States, t h e Territories a n d Insular
Possessions of t h e United States, t h e Canal Zone,, t h e Philippine Islands, or
citizens of t h e United States temporarily residing abroad, a s follows: {a) I n t h e
n a m e of one person, (b) in t h e names of,two (but n o t more than two) persons a s
coowners, a n d (c) in t h e name of one person payable on death t o one (but n o t
more t h a n one) other designated person. Full information .as t o authorized forms
of registration will be found in t h e regulations governing savings bonds.
VI. DELIVERY AND SAFEKEEPING

OF DEFENSE SAVINGS BONDS OF SERIES E

1. P o s t m a s t e r s a n d other authorized sales agents from whom defense savings
b o n d s m a y be purchased are authorized t o deliver such bonds duly inscribed a n d
d a t e d upon receipt of t h e issue price. Bonds issued upon mail order applications
m a d e to a Federal Reserve Bank or t o t h e Treasurer of t h e United States will be
delivered by registered rnail within t h e Continental United States, t h e Territories
a n d I n s u l a r Possessions of t h e United States, t h e Canal Zone a n d t h e Philippine
Islands. N o deliveries elsewhere will be made. If purchased by citizens of t h e
United States temporarily residing abroad, bonds will be delivered in t h e United
States, or held in safekeeping, as t h e purchaser m a y direct. Delivery should n o t
be accepted by a n y purchaser until he h a s verified t h a t t h e correct name a n d a d dress a r e duly inscribed on t h e face of t h e bond, t h a t t h e bond is duly dated as of
t h e first d a y of t h e m o n t h in which p a y m e n t of t h e issue price was received ,by
t h e agent, a n d t h a t t h e dating s t a m p (with current date) of t h e postmaster or
other issuing agent is imprinted in t h e circle in t h e lower left corner of t h e bond.
2. A defense savings bond will be held in safekeeping without charge by t h e
Secretary of t h e Treasury if t h e holder so desires, a n d in such connection t h e facilities of t h e Federal Reserve Banks, as fiscal agents of t h e United States, will be
utilized. Arrangements m a y be made for such safekeeping a t t h e time of purchase,
or subsequently. Postmasters generally, a n d branches of Federal Reserve Banks,
will assist holders in arranging for safekeeping, b u t will n o t a c t as safekeeping
agents.
VII. PAYMENT AT MATURITY OR REDEMPTION

PRIOR TO MATURITY

1. G E N E R A L . — A n y defense savings bond will be paid in full a t m a t u r i t y , or, a t
the option of t h e owner, after 60 days from t h e issue date, will be redeemed in
whole or in p a r t a t t h e appropriate redemption value prior t o ' m a t u r i t y , following
presentation a n d surrender of t h e bond, with t h e request for.payrnent properly
executed, all in accordance with t h e regulations governing savirigs bonds.
2. E X E C U T I O N O F R E Q U E S T F O R P A Y M E N T . — T h e registered owner, or o t h e r

person entitled t o p a y m e n t under t h e regulations governing savings bonds, m u s t
a p p e a r before one of t h e officers authorized by t h e Secretary of t h e Treasury t o
witness and certify requests for p a y m e n t , establish his identity, and in the presence
of such ofliicer sign t h e request for p a y m e n t , adding t h e address t o which t h e check
is t o be mailed. After t h e request for payment has been so signed, t h e witnessing
officer should complete and sign t h e certificate provided for his use. Unless otherwise authorized in a particular case, t h e form of request appearing on t h e biack of
t h e bond m u s t be used.
3. O F F I C E R S A U T H O R I Z E D TO W I T N E S S AND C E R T I F Y R E Q U E S T S FOR P A Y M E N T ; —

T h e officers authorized to witness a n d certify requests for p a y m e n t of savings
bonds a r e fully set forth in t h e regulations governing savings bonds, such ofiicers
including United States postmasters a n d certain other post office oflicials, a n d t h e
executive officers of all banks or t r u s t companies incorporated in t h e United States
or its organized Territories, including officers a t domestic and foreign branches who
are certified t o t h e Treasury D e p a r t m e n t as executive officers.
P 4. PRESENTATION AND SURRENDER.—After t h e request for p a y m e n t h a s been
duly executed by t h e person entitled a n d by t h e certifying oflPicer, t h e bond m u s t
be presented a n d surrendered t o t h e Treasury D e p a r t m e n t , Washington, or t o a




REPORT OF THE SECRETARY OF THE TREASURY

307

Federal Reserve Bank, at the expense and risk of the owner. For the owner^s
protection, the bond.should be forwarded by registered mail, if not presented in
person.
<
5. DISABILITY OR DEATH.—In case of the disability of the registered owner, or
the death of the registered owner not survived by a coowner or a designated
beneficiary, instructions should be obtained from the Treasury Department,.
Division of Loans and Currency, Washington, D. C , before the request for payment is executed.
6. METHOD,OF PAYMENT.—The only agencies authorized to pay or redeem
savings bonds are the Treasury Department and the Federal Reservie Banks.
Postmasters are not authorized to make payment, but generally they will assist
owners in securing payment, at or before maturity. Payment in all cases will be
made by check drawn to the order of the registered owner or other person entitled
.to payment, and mailed to the address given in the request for payment.
7. PARTIAL REDEMPTION.—Partial redemption of a defense savings bond of a
denomination higher than $25 (maturity value) at current redemption value is
permitted, but only in multiples of $25 (maturity value). In case of partial redemption the remainder will be reissued in authorized denominations bearing the
same issue date as the bond surrendered. .
VIII. SERIES DESIGNATION

1. Defense savings bonds of series E, offered hereunder, to be issued during the
calendar year 1941, will be designated series E-194i, and those which may be
issued in subsequent calendar years will be similarly designated by the series better
followed by the year of issue.
IX. GENERAL PROVISIONS

. 1. All defense savings bonds of series E, issued pursuant to this circular, shall
be subject to the regulations prescribed from time to time by the Secretary of the
Treasury to govern United States savings bonds. Such regulations may require,
among other things, reasonable notice in case of presentation of defense savings
bonds for redemption prior to maturity. The present regulations governing savings bonds are set forth in Treasury Department Circular No. 530, Fourth Revision, dated April 15, 1941, copies of which may be obtained on application to
the Treasury Department, or to any Federal Reserve Bank.
2. The Secretary of the Treasury reserves the right to reject any application for
defense savings bonds of series E, in whole or in part, and to refuse to issue or
permit to be issued hereunder any such defense savings bonds in any case or any
class or classes of cases if he deems such action to be in the public interest, and his
action in any such respect shall be final.
3. Postmasters in charge of post offices where defense savings bonds are on sale,
under regulations promulgated by the Postmaster General, and Federal Reserve
Banks, as fiscal agents of the United States, are authorized to perform such fiscal
agency services as may be requested of them by the Secretary of the Treasury in
connection with the issue, delivery, safekeeping, redemption, and payment of
defense savings bonds. Other sales agencies will be subject to the provisions of
Treasury Department Circular No. 657, dated April 15, 1941.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this circular, or of any. amendments or supplements
thereto, information as to which will be promptly furnished to the Postmaster
General, the Federal Reserve Banks and other sales agencies.
5. The offering of defense savings bonds of series E, pursuant to this circular,
is separate and distinct from the concurrent offei'ings of United States savings
bonds of defense series F and of defense series G, pursuant to Treasury Department Circular No. 654, dated April 15, 1941.
6. By notice heretofore given to the Postmaster General and to other designated
sales agencies, the sale of United States savings bonds of series D, pursuant to
Department Circular No. 596, dated December 15, 1938, as amended, will terminate at the close of business on April 30, 1941. Unless otherwise instructed, all
applications for savings bonds of series D received by mail subsequent to April 30,
1941, will be considered as applications for defense savings bonds of series E.




HENRY MORGENTHAU, Jr.,

Secretary of the Treasury,

308

REPORT OF T H E SECRETARY OF T H E TREASURY
OTHER S E R I E S

T w o additional issues of United States savings bonds, designated defense series
F a n d defense series G, are also offered for sale concurrently with defense savings
bonds of series E, T h e bonds of series F will be issued on a discount basis, with
a 12-year m a t u r i t y , a t 74 percent of their m a t u r i t y value; if held t o m a t u r i t y t h e
yield will approximate 2.53 percent per a n n u m . T h e bonds of series G, likewise
with a 12-year m a t u r i t y , will be issued a t par, a n d will bear interest a t t h e r a t e
of 2 ^ percent p e r a n n u m payable semiannually. T h e bonds of both series will
be redeemable before m a t u r i t y , a t t h e option of owners, a t fixed redemption values.
These bonds are intended t o provide facilities for t h e larger investors, a n d regist r a t i o n will n o t be restricted t o individuals. T h e aggregate a m o u n t of bonds of
either series, or of t h e two series combined, originally issued to a n y one person
during a n y one calendar year t h a t m a y be held by t h a t person a t a n y one time
m a y n o t exceed $50,000 (issue price). Full particulars regarding these bonds
are set forth in Treasury D e p a r t m e n t Circular N o . 654, d a t e d April 15, 1941,
copies of which m a y be obtained from t h e T r e a s u r y D e p a r t m e n t , Washington,
or from a n y Federal Reserve B a n k .
DEFENSE SAVINGS BONDS SERIES E
Table of redemption values and investme'nt yields

Table showing {1) how defense savings bonds of series E , by denominations, increase
i n redemption value during successive half-year periods following issue; {2) the
approximate investment yield on the purchase price from issue date to the beginning
of each half-year period; and {3) the approximate investment yield on the current
redemption value from the beginning of each half-year period to maturity. Yields
are expressed i n terms of rate percent per annum, compounded semiannually.

Period after issue date

First yi year
H to 1 year..
1 to IM years . •
IM to 2 years
2 to 2}4 years . . .
2M to 3 years
3 to 3J^ years
3H to 4 years.
4 to 4H years
43/^ to 5 years...
6 to 5M years
5}^ to 6 years
6 to 63^ years
6H to 7 years
7 to 7}4 years
7M to 8 years
8 to S}4 years
8V^ to 9 years
9 to 9H years
9M to 10 years

$500
$375

$1, 00b (2) Approxi- (3) Approxi$750 mate invest- mate investment yield
ment yield
on current
on purchase redemption
price from
value from
issue date to beginning
Redemption values during each half-year period
beginning
of each half- of each halfyear period
year period to maturity
$25. 00
$18. 76

Maturity value
Issue price

_.

Maturity value (10
years from issue date).

$50.00
$37. 50

$100
$76

$18.75
18.75
18.87
19.00
19.12
19.25
19.50
19.75
20.00
20.25
20.50
20.75
2L00
21.50
22.00
22.60
23.00
23.50
24.00
24.50

$37. 50
37.50
37.75
38.00
38.25
38.50
39.00
39.50
40.00
40.50
41.00
41.50
42.00
43.00
44.00
45. 00
46.00
47.00
48.00
49.00

$75. 00
75. 00
76.50
76.00
76.50
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
86.00
88.00
90.00
92.00
-94. 00
96.00
98. 00

$375. 00 $750. 00
750. 00
375. 00
755. 00
377. 50
760. 00
380. 00
765. 00
382. 50
770. 00
385. 00
780. 00
390. 00
790. 00
395. 00
800. 00
400. 00
810. 00
405. 00
820. 00
410. 00
415. 00 . 830.00
840. 00
420. 00
860. 00
430. 00
880. 00
440. 00
900. 00
450. 00
920. 00
460. 00
940. 00
470. 00
960. 00
480. 00
980. 00
490. 00

$25. 00

$50. 00

$100. 00

$500. 00 $1, 000. 00

» Approximate investment yield for entire period from issuance to maturity.




Percent
0.00
.67
.88
.99
1.06
1.31
1.49
1.62
1.72
L79
1.85
L90
2.12
2.30
2.46
2.67
2.67
2.76
2.84
• 2.90

Percent
1 2.90
3.05
3.15
3.25
3.38
3.52
3.58
3.66
3.75
3.87
4 01
4.18
4 41
4.36
4.31
4.26
4.21
4.17
4.12
4.08

REPORT OF T H E SECRETARY OF T H E TREASURY

309

Exhibit 22
Offering of United'States savings bonds, defense series F and defense series G
[Department Circular No. 664. Public Debt]
TREASURY DEPARTMENT,

Washington, April 15, 1941'
I. OFFERING OF UNITED STATES SAVINGS BONDS OF DEFENSE SERIES-F AND DEFENSE
SERIES G,

1. T h e Secretary of t h e Treasury, p u r s u a n t to t h e a u t h o r i t y of t h e Second
Liberty Bond Act, as amended, offers for sale, to the people of the United States,
through t h e Federal Reserve Banks, two issues of tFnited States savings bonds,
designated defense series F a n d defense series G, hereinafter referred to as series
F a n d series G. T h e bonds of series F will be issued on a discount basis, t h e issue
price of each bond being 74 percent of its m a t u r i t y value; they will m a t u r e a n d
be payable a t face value 12 years from their respective issue dates, b u t will be
redeemable before m a t u r i t y , a t t h e option ofowners, a t fixed redemption values.
T h e bonds of series G will be issued a t par, a n d will bear interest a t t h e r a t e
of 2y2 percent per a n n u m , payable semiannually; they will m a t u r e and be payable
a t face value 12 years from their respective issue dates, b u t will be redeemable
before m a t u r i t y , a t t h e option of owners, a t fixed redemption values. Descriptions of t h e bonds of both series, their terms, and t h e conditions of their issue and
redemption are hereinafter fully set forth. T h e bonds will be placed on sale
beginning M a y 1, 1941, and the sale will continue until terminated, as to either
or both' series, by t h e Secretary of t h e Treasury.
II. DESCRIPTION A N D T E R M S OF BONDS

1. T h e bonds of series F a n d series G will be issued only in registered form, in
denominations of $100, $500, $1,000, $5,000, a n d $10,000 (maturity values), a t
prices hereinafter set forth. E a c h Joond will bear t h e facsimile signature of t h e
Secretary of t h e Treasury, and will bear both an imprint in color (brown for series
F and blue for series G) and an impression of t h e Seal of t h e Treasury. At t h e
time of issue, t h e issuing agent will inscribe t h e n a m e a n d address of t h e owner
on each bond, will enter t h e d a t e as of which t h e bond is issued in t h e upper
right corner, a n d will imprint his dating s t a m p (with current date) in t h e circle
in t h e lower left corner. T h e bonds shall be valid only if duly inscribed and dated,
as above provided, a n d delivered by an authorized agent following receipt of
p a y m e n t therefor.
2. T h e bonds of each series will, in each instance, be d a t e d as of t h e first day
of t h e m o n t h in which p a y m e n t of t h e issue price (or, in case of bonds purchased
by mail, t h e application accompanied by r e m i t t a n c e to cover t h e issue price) is
received by an agent authorized to issue t h e bonds; t h e bonds will m a t u r e a n d
be payable a t face value 12 years from such issue d a t e . T h e bonds of either series
m a y not be called for redemption by t h e Secretary of t h e Treasury prior to m a t u r i t y , b u t t h e y m a y be redeemed prior to m a t u r i t y , after six m o n t h s from the"
issue date, a t t h e owner's option, a t fixed redemption values, as hereinafter
provided.
3. Bonds of series F will be issued on a discount basis a t 74 percent of their
m a t u r i t y value. N o interest as such will be paid on t h e bonds, b u t they will
increase in redemption value a t t h e end of the first year from issue date, and a t
t h e end of each successive half-year period thereafter until their m a t u r i t y , when
t h e face a m o u n t becomes payable. T h e increment in value will be payable only
upon redemption of t h e bonds. A table of redemption values for each bond
appears on its face. T h e purchase price of bonds of series F has been fixed so as
to afford an investment yield of about 2.53 percent per a n n u m compounded semiannually if the bonds are held to m a t u r i t y ; if. t h e owner exercises his option to
redeem a bond prior to m a t u r i t y the investment yield will be less.
4. Bonds of series G will be issued at par, and will bear interest at the r a t e of
2}^ percent per annum, payable semiannually from date of issue. Interest will
be paid by check drawn to the order of t h e registered owner and mailed to his
address. Interest will cease a t m a t u r i t y , or, in case of redemption before m a t u r i t y , a t the end of t h e interest period next preceding t h e date of redemption.
A table of redemption values for each bond appears on its face, and the difference
between t h e face a m o u n t of t h e bond and t h e redemption value fixed for any
period represents an adjustment (or refund) of interest. Accordingly, if t h e




310

REPORT OF THE SECRETARY OF THE TREASURY

owner exercises his option to redeem a bond prior to maturity, the investment
yield will be less than the interest rate on the bonds. Bonds of series G may be
redeemed at par (1) upon the death of the owner, or a coowner, if a natural person,
or (2), as to bonds held by a trustee or other fiduciary, upon'the death of any
person which results in termination of the trust, in whole or in part. If the trust
is terminated only in part redemption at par will be made only to the extent of
the pro rata portion of the trust so terminated, to the next lower multiple of $100.
In any case request for redemption at par must be made within 4 months after
the date of death and in accordance with the regulations governing savings bonds.
5. Tables at the end of this circular show separately for bonds of series F and
those of series G: (1) the redemption values, by denominations, during the successive half-year periods following issue, and (2) the computed investment yields
(a) on the issue price from issue date to the beginning of each half-year period,
and {b) on the current redemption value from the beginning of each half-year
period, to maturity at the end of the 12-year period.
6. The bonds will not be transferable, and will be payable only to the owner
named thereon, except in case of death or disability of the owner or as otherwise
specifically provided in the regulations governing savings bonds, and in any event
only in accordance with such regulations. Accordingly they may not be sold,
and may not be hypothecated as collateral for a loan.
7. Taxation.—;For the purpose of determining taxes and tax exemptions, the
increment in value of savings bonds of series F represented by the difference between the price paid and the redemption value received therefor (whether at or
before maturity) shall be considered as interest, and such interest on such bonds
of series F, and interest on bonds of series G, is not exempt from income or profits
taxes now or hereafter imposed by the United States. The bonds shall be subject
to estate, inheritance, gift, or other excise taxes, whether Federal or State, but
shall be exempt from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the United States, or
by any local taxing authority.
III. PURCHASE OF BONDS

1. Agencies.—Savings bonds of series F and series G may be purchased, while
this offer is in effect, upon application to any Federal Reserve Bank or to the
Treasurer of the United States, Washington, D. C. Sales agencies, duly qualified
under the provisions of Treasury Department Circular No. 657, and banking institutions generally, may submit applications for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act
as official agencies.
2. Payment for bonds.—Every application must be accompanied by payment in
.full of the issue price. Any form of exchange, including personal checks, will be
accepted, subject to collection. Checks, or other forms of exchange, should be
drawn to the order of the Federal Reserve Bank, or the Treasurer of the United
• States, as the case may be. Any qualified depositary, pursuant to the provisions
of Treasury Department Circular ISFo. 92 (Revised February 23, 1932, as supplemented), will be permitted to make payment by credit for bonds applied for on
behalf of its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of its district.
3. Postal savings.—Subject to regulations prescribed by the Board of Trustees
of the Postal Savings System, the withdrawal of postal savings deposits will be
permitted for the purpose of acquiring savings bonds.
4. Other agencies.—The Secretary of the Treasury, in his discretion, may designate agencies other than those herein designated for the sale of, or for the handling
of applications for, savings bonds of series F and series G.
5. Form of application.—In applying for bonds under this circular, care should
be exercised to specify whether those of series F or series G are desired, and there
inust be furnished: (1) Instructions for |registration for the bonds to be issued,
which must be in one of the authorized forms; (2) the post office address of each
person (or other entity) whose name appears in the registration; (3) address for
dehvery of the bonds; and (4), in case of bonds of series G, address for mailing
interest checks. The use of an official application form is desirable, but not
necessary. The application should be forwarded to the Federal Reserve Bank of
the district, accompanied by remittance to cover the purchase price ($74 for each
$100, face amount of bonds of series F, or $100 for each $100 face amount of
bonds of series G).




REPORT OF THE SECRETARY OF THE TREASURY

311

6. Issue prices.—The issue prices of the various denominations of bonds of
series F and series G follow:
•ISSUE (purchase) PRICE

SERIES F
$100

$600

$1,000

$5,000

$10,000

$74

DENOMINATION (maturity value)...

$370

$740

$3,700

$7,400

$1,000
$1,000

$5,000
$6,000

$10,000
$10,000

SERIES G
DENOMINATION (maturity value)
ISSUE (purchase) PRICE

$100
$500
$100
$600
IV. LIMITATION ON HOLDINGS

1. The amount of United States savings bonds of series F, or of series G, or
the combined aggregate amount of both series, originally issued during any one
calendar year to any one person, including those registered in the name of that
person alone, and those registered in the name of that person with another named
as coowner, that may be held by that person at any one time shall not exceed
$50,000 (issue price). Any bonds acquired on original issue which create an exrcess must immediately be surrendered for refund of the issue price, as provided
in the regulations governing savings bonds.
V. AUTHORIZED FORMS OF REGISTRATION

1. United States savings bonds of series F and series G may be registered a®
follows:
(1) In the names of natural persons (that is, individuals) whether adults or
minors, in their own right, as follows:
(a) In the name of one person.
(b) In the names of two (but not more than two) persons as coowners, and
(c) In the name of one person payable on death to one (but not more than one)
other designated person;
(2) In the name of an incorporated or unincorporated body, in its own right
(except a commercial bank, which, for this purpose, is defined as a bank that
accepts demand deposits);
(3) In the name of a fiduciary; and
(4) In the name of the owner or custodian of pubhc funds.
2. Restrictions.—Registration is restricted, in the case of individuals, to those
who are residents of the Continental United States, the Territories and Insular
Possessions of the United States, the Canal Zone, the Philippine Islands, or citizens of the United States temporarily residing abroad. The same restrictions
will apply to the registration of bonds in any other authorized form.
3. Full information regarding authorized forms of registration will be found in
the regulations governing savings bonds. In every form of registration, the post
office address must be given, and if more than one name appears the post office
address of each must be furnished.
VI.

DELIVERY AND SAFEKEEPING OF BONDS

1. Federal Reserve Banks are authorized to deliver bonds of series F and
series G.duly inscribed and dated upon receipt of the issue price. Unless delivered
in person, bonds issued will be delivered by registered mail within the Conti.nental United States, the Territories and Insular Possessions of the United States,,
the Canal Zone and the Philippine Islands. No deliveries elsewhere will be rnade.
If purchased by citizens of the United States temporarily residing abroad, bonds
will be delivered in the United States, or held in safekeeping, as the purchaser
may direct. Delivery should not be accepted by any purchaser until he has
verified that the correct name and address are duly inscribed on the face of the
bond, that the bond is duly dated as of the first day of the month in which payment of the issue price was received by the agent, and that the dating stamp
(with current date) of the issuing agent is imprinted in the circle in the lower
left corner of the bond.
2. Savings bonds of series F or series G will be held in safekeeping without
charge by the Secretary of the Treasury if the holder so desires, and in such connection the facilities of the Federal Reserve Banks, as fiscal agents of the United
States, will be utilized. Arrangements may be made for such safekeeping at
the time of purchase, or subsequently.
VII. P A Y M E N T AT MATURITY OR REDEMPTION BEFORE MATURITY

1. General.—Any savings bond of series F or series G will be paid in fuU at
maturity, or, at the option of the owner, after 6 months from the issue date,
will be redeemed in whole or in part at the appropriate redemption value prior
to maturity, on the first day of any calendar month, on one month's notice in



312

REPORT OF THE SECRETARY OF THE TREASURY

writing, following presentation and surrender of the bond, with the request for
p a y m e n t properly executed, all in accordance with t h e regulations governing
savings bonds.
2. Notice of redemption.—When a savings bond of series F or series G is to be
redeemed prior to m a t u r i t y , a notice in writing of the owner's intention m u s t be
given to a n d be received by a Federal Reserve Bank or the Treasury D e p a r t m e n t
n o t less t h a n one calendar m o n t h in advance. A duly executed request for p a y m e n t will be accepted as constituting t h e required notice.
3. Execution of request for payment.—-Tho, registered owner, or other person
entitled to p a y m e n t under t h e regulations governing savings bonds, m u s t appear
before one of t h e officers authorized by the Secretary of the Treasury to witness
a n d certify requests for payinent, establish his identity, and in the presence of
such officer sign the request for payment, adding the address to which t h e check
is to be mailed. After t h e request for p a y m e n t has been so signed, t h e witnessing
officer should complete and sign the certificate provided for his use. Unless
otherwise authorized in a particular case, the form of request appearing on t h e
back of the bond m u s t be used.
4. Officers authorized to witness and certify requests for payment.—The officers
authorized to witness and certify requests for p a y m e n t of savings bonds are fully
set forth in t h e regulations governing savings bonds, such officers including
United States postmasters and certain other post office officials, and the executive
officers of all banks or t r u s t companies incorporated in the United States or its
organized Territories, including officers a t domestic and foreign branches who are
certified to the Treasury D e p a r t m e n t as executive officers.
5. Presentation and sur r e n d e r . ^ After the request for p a y m e n t has been duly
executed by t h e person entitled and by the certifying officer, t h e bond m u s t
be presented and surrendered to a Federal Reserve Bank, or to the Treasury
D e p a r t m e n t , Washington, a t t h e expense and risk of the owner. For the owner's
protection, t h e bond should be forwarded by registered mail, if not presented
in person.
•
6. Disability or death.—In case of the disability of the registered owner, or t h e
d e a t h of t h e registered owner not survived by a coowner or a designated beneficiary, instructions should be obtained from the Treasury D e p a r t m e n t , Division
of Loans and Currency, Washington, D . C , before the request for p a y m e n t is
executed.
7. Method of payment.—The only agencies authorized to pay or redeem savings bonds are the Federal Reserve Banks and the Treasury D e p a r t m e n t . P a y m e n t in all cases will be m a d e by check drawn to the order of the registered
owner or other person entitled to p a y m e n t , a n d mailed to the address given in
t h e request for p a y m e n t .
8. P a r t i a l redemption.—Partial redemption of a savings bond of series F or
series G, of a denomination higher t h a n $100 (inaturity value) a t current redemption value is permitted, b u t only in multiples of $100 (maturity value). I n case
of partial redemption t h e remainder will be reissued in authorized denominations
bearing t h e same issue date as the bond surrendered.
VIII. SERIES DESIGNATION

1. Savings bonds of series, F , offered hereunder, to be issued during the calend a r year 1941, will be designated series F - l 9 4 1 , and those of series G will be
similarly designated series G-1941. Bonds of either series which m a y be issued
in subsequent calendar years will be similarly designated by the series letter followed by the year of issue.
IX. GENERAL PROVISIONS

1. All savings bonds of series F and series G, issued p u r s u a n t to this circular,
shall be subject to the regulations prescribed from time to time by the Secretary
of the Treasury to govern United States savings bonds. T h e present regulations
governing savings bonds are set forth in Treasury D e p a r t m e n t Circular No.
530, F o u r t h Revision, dated April 15, 1941, copies of which m a y be obtained on
application to t h e Treasury D e p a r t m e n t , or to any Federal Reserve Bank.
2. T h e Secretary of the Treasury reserves the right to reject any application
for savings bonds of either series F or series G, in whole or in part, and to refuse
to issue or p e r m i t to be issued hereunder any such savings bonds in any case or
a n y class or classes of cases if he deems such action to be in the public interest,
a n d his action in any such respect shall be final.
3. Federal Reserve Banks, as fiscal agents of the United States, are authorized
to perform such services as m a y be requested of t h e m by the Secretary of t h e
T r e a s u r y in connection with the issue, delivery, safekeeping, redemption, a n d
p a y m e n t of savings bonds of series F a n d series G.



313

REPORT or THE SECRETARY OF THE TREASURY

4. The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this circular, or of any amendments or supplements
thereto, information as to which will be promptly furnished the Federal Reserve
Banks.
5. The offerings of United States savings bonds of defense series F and of defense series G, pursuant to this circular, are separate and distinct from the concurrent offering of defense savings bonds of series E pursuant to Department
Circular No. 653, dated April 15, 1941.
6. By notice heretofore given to the Postmaster General and to other designated sales agencies, the sale of United States savings bonds of series D, pursuant to Department Circular No. 596, dated December 15, 1938, as amended,
will terminate at the close of business on April 30, 1941.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury,
OTHER SERIES

Defense savings bonds of series E are also offered for sale concurrently witb.
those of series F and series G. They are intended primarily to provide for the
investment of small or moderate amounts saved from current income by individuals, and their issue is restricted to individuals in their own right, with the
amount originally issued to any one person during any one calendar year that
that person may hold limited to $5,000 (maturity value). Full particulars
regarding defense savings bonds of series E are set forth in Treasury Department
Circular No. 653, dated April 15, 1941, copies of which may be obtained from the
Treasury Department, Washington, or from any Federal Reserve Bank.
UNITED STATES SAVINGS BONDS—-DEFENSE SERIES F
Table of redemption values and investment yields

Table showing {1) how United States savings bonds of defense series F, by denominations, increase in redemption value during successive half-year periods following
issue; {2) the approximate investment yield on the purchase price from issue date
to the beginning of each half-year period; and {3) the approximate investment
yield on the current redernption value from the beginning of each half-year period ta
maturity. Yields are expressed in terms of rate percent per annum, compounded
semiannually.
Maturity value.
Issue price

Period after issue date

$500
$370

;l, 000
$740

$5,000
$3,700

$740

$3, 700
3,710
3,725
• 3, 746
3,770
3,800
3,836
3,880
3,930
3,985
4,045
4,110
4,175
4,240
4,305
4,370
4,435
4,500
4,570
4,645
4,725
4,810
4,900

$10, 000 (2) Approxi- (3) Approxi$7; 400 mate invest- mate investment yield ment yield
on current
on purchase redemption
price from
issue date to value from
beginning
Redemption values during each half-year period
beginning
of each half- of each halfyear period
year period to maturity
$100
'$74

Not redeemable..
First H y e a r . $74. 00 $370. 00
H to 1 year371. 00
74.20
1}4 to 1 years.372. 50
74. 50
1}4 to 2 years
374. 50
74.90
'2 to 23^ years
76.40
377. 00
2}4 to 3 years
76.00
380. 00
3 to 3K years
76.70
383. 50
3H to 4 years
77.60
388. 00
4 to 4H years
—
78.60
393. 00
43^ to 5 years
79.70
398. 50
5 to 53^ years
—
80.90
404. 50
63^ to 6 years
82.20
411. 00
Oto 63^ years
83.50
417. 50
63^ to 7 years
—
84.80
424. 00
7 to 73^ years
86.10
430. 50
73^ to 8 years
87.40
437. 00
8 to 83^ years
88.70
443. 50
83^ to 9 years
90.00
460. 00
9 to 93^ years
91.40
457. 00
93^ to 10 years
92.90
464. 50
10 to lOM years
94.50
472. 50
103^ to 11 years
96.20
481. 00
11 to 113^ years..
98. 00
490. 00
113^ ot 12 years ---.
Maturity value (12
years from issue
date)
$100.00 $500. 00

Percent
742
745
749
754
760
. 767

776
786
797
809
822
835
848
861
874
887
900
914
929
945
. 962

980
$1,000

$5, 000

$7, 400
7,420
7,450
7,490
7,540
7,600
7,670
7,760
7,860
7,970
8,090
8, 220
8,350
8,480
8,610
8,740
8,870
9,000
9,140
9,290
9,450
9,620
9,800

0.00
.27
.45
.61
.75
.89
1.03
1.19
1.34
1.49
1.63
1.76
1.87
1.96
2.03
2.09
2.14
2.19
2.242.29
2.34
2.40
2.46

$10, 000

2.53

I Approximate investment yield for entire period from issuance to maturity.




Percent
1 2.-53
2.64
2.7a
2.82
2.91
2.99
3.07
3.15
3.2a
3.24
3.27
3.29'
3.29'
3.31
3.32
3.35
3.40'
3.46
3.54
3.63
3.72;
3.81
3.91
4.08:

314

REPORT OF THE SECRETARY OF THE TREASURY
UNITED STATES SAVINGS BONDS
'

DEFENSE SERIES G

Tableof.redemption values .and investment yields

Table showing {1) how United States savings bonds of defense series G {paying a
current return at the rate of 2y2 percent per annum on the purchase price, payable
semiannually) change in redemption value, by denominations, during successive
half-year periods following issue; {2) the approximate investment yield on the
purchase price from issue date to the beginning of each half-year- period; and .
{8) the approximate investment yield on the current redemption value from the
beginning of each half-year period to maturity. Yields are expressed in terms of
rate percent per annum, compounded semiannually, and take into account the
current return.
Maturity value .
Issue price

Period after issue date

$100
$100

$500
$500

$1,000
$1,000

$10,000 (2) Approxi- (3) Approxi$10,000 mate invest- mate investment yield ment yield
on current
on purchase redemption
price from
issue date to value from
beginning
Redemption values during each half-year period
beginning
of each half- of each halfyear period
year period to maturity

Not redeemable..
First 3^ year
$98.80 $494.00
K to 1 year..
489. 00
97.80
1 to 13^ years
484. 50
96.90
13^ to 2 years
.96. 20
481. 00
2 to 23^ years
478.00
95.60
23^ to 3 years—476. 50
95.10
3 to 33/^ years
474. 03
94.80
33^ to 4 y e a r s —
473.63
94.70
4 to 43^ years
473.63
94.70
43^ to 5 years
474. 60
94.90
5 to 53^ years
476.03
95. 20
63^ to 6 years
477.63
95.60
6 to 63^ years
479. 00
95.80
63^ to 7 years
480. 60
96.10
7 to 73^ years.
-.
482. 00
96.40
7}i to 8 years.—
483. 50
96.70
8 to 83^ years
486. 00
97.00
8H to 9 years...
486. 60
97.30
9 to 93^ years
488.00
97.60
93^ to 10 years
489. 50
.97.90
10 to 103^ years—
491. 00
98.20
103^ to 11 years
493. 00
98.60
11 to 113^ years
496. 00
99.20
113^ to 12 y e a r s . . . —
Maturity value (12
years from issue
date)
$100. 00 $500.00

$5,000
$5,000

Percent
$988

978
969
962
956
951
948
947
947
949
952
955
968
961
964
967
970
973
976
979
982
986
992
$1,000

$5,000

9,780
9.690
9,620
9,560
9,610
9,480
9,470
9,470
9,490
9. 620
9,650
9,580
9,610
9,640
9.670
9,700
9.730
9.760
9,790
9,820
9,860
9,920

0.10
.30
.44
.61
.75
.88
1.04
1.20
1.35
1.61
1.66
1.79
1.89
1.98
2.05
2.12
2.18
2.23
2.27
2.31
2.35
2.39
2.44

$10,000

$4,940 1
4.890
. 4,846
4,810
4,780
4,765
4, 740
4,735
4,735
4,745
4,760
4,776
4,79 3
4,806
4,820
4,836
4,850
4.865
4.883
4,895
4,910
4,930
4,960

Percent
i 2. 60
2.62
2.73
2.84
2.94
3.04
3.13
3.20
3.26
3.30
3.32
3.33
3.33
3 34
3.35
3.37
3.39
3.42
3.46
3.61
3.60
3.75
3.94
4.13

2.60

» Approximate investment yield for entire period from issuance to maturity.

Exhibit 23
Second amendment, February 20, 1941, to Department Circular No. 596, as amended,
relative to the tax exemption and limitation on holdings of United States savings
bonas of series D
TREASURY DEPARTMENT,

Washington, February'20, 1941.
1. Paragraph 5 of Department Circular No. 596, dated December 15, 1938
(sec. 314.105 of sub-title B of title 31, Code of Federal Regulations, Supp. I), is
hereby amended, effective March 1, 1941, to read as follows:
"5. Each of the savings bonds, of series D issued hereunder will be entitled to
such exemption from taxation as may be authorized by the law in effect on its issue
date. Bonds of series D, issued before March 1,1941, are exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States or by any local taxing
authority, except (a) estate or inheritance taxes, or gift taxes, and (6) graduated
additional income taxes, commonly known as surtaxes, and excess-profits and
war-profits taxes, now or hereafter imposed by the United States, upon the income
or profits of individuals, partnerships, associations, or corporations; the interest



REPORT OF THE SiECRETARY OF THE TREASURY

315

on an amount of bonds authorized by the Second Liberty Bond Act, approved'
September 24, 1917, as amended, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in clause {b) above. Bonds of
series D, issued on and after March 1, 1941, are subject to the same provisions,
except that interest upon such bonds shall not have any exemption, as such, under
Federal tax acts now or hereafter enacted. For purposes of taxation any increment in value represented by the difference between the price paid and the
redemption value received (whether at or before maturity) for savings bonds shall
be considered as interest."
2. Paragraph 7 of Department Circular No. 596, dated December 15, 1938
(sec. 314.107 of sub-title B of title 31, Code of Federal Regulations, Supp. I), as
amended on March 27, 1940 (sec. 314.107 of sub-title B of title 31, Code of Federal Regulations, Supp. I l l ) , is hereby further amended, effective March 1, 1941,
to read as follows:
"
"7. Section 22 of the Second Liberty Bond Act, as added February 4, 1935,
provided that it shall not be lawful for any one person at any one time to hold
savings bonds issued during any one calendar year in an aggregate amount
exceeding $10,000 (maturity, value). This provision applies to sayings bonds
issued before March 1, 1941. The Public Debt Act of 1941 amended said section
22, effective March 1, 1941, to authorize the Secretary of the Treasury by regulation to fix the amount of savings bonds issued in any one year that may be held by
any one person at any one time. Pursuant to such authority, it is hereby provided
that the amount of savings bonds of series D issued, pursuant to Department
Circular No. 596, as amended, during any one calendar year ^including those issued
before March 1, 1941, as well as those issued on and after March 1, 1941) that may
be held by any one person at any one time, shall not exceed $10,000 (maturity
value) of bonds originally issued to such person. For method of computation of
holdings, see Department Circular No. 530, Third Revision, as amended."
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
Exhibit 24
First amendment, February 20, 1941, to Department Circular No. 530, Third Re^
vision,^ relative to the limitation on holdings of United States savings bonds
TREASURY

DEPARTMENT,

Washington, February 20, 1941*
To Owners of United States Savings Bonds, and Others Concerned:
1. Paragraph 1 of section IV of Department Circular No. 530, Third Revision,
dated March 27, 1940 (sec. 315.3 of sub-title B of Title 31, Code of Federal Regulations, Supp. I l l ) , is hereby amended, effective March 1, 1941, to read as follows:
"IV. LIMITATION ON HOLDINGS

' ' 1 . (a) Amount which may be held.—Section 22 ofthe Second Liberty Bond
Act, as added February 4, 1935, provided that it shall not.be lawful for any one
person at any one time to hold savings bonds issued during any one calendar
year in an aggregate amount exceeding $10,000 (maturity.value). This provision
applies to savings bonds issued before March 1, 1941. The Public Debt Act of
1941 amended said section 22, effective March 1, 1941, to authorize the Secretary
of the Treasury by regulation to fix the amount of savings bonds issued in any
one year that may be held by any one person at any one time. Pursuant to such
authority, it is hereby provided that the amount of savings bonds of series D
issued, pursuant to Treasury Department Circular No. 596, as amended, during
any one calendar year (including those issued before March I, 1941, as well as
those issued on and after March 1, 1941) that may be held by any one person at
any one time shall not exceed $10,000 (maturity value) of bonds originally issued
to such person.
"(6) Computation of amount.—In determining whether the limitation is exceeded
by any one person at any oiie time there must be taken into account the aggregate
maturity value of all savings bonds issued during any one calendar year, as shown
by the issue dates thereof, including (1) bonds originally issued to and registered
1 See Fourth Revision, Apr. 16, 1941, p. 320.




316

REPORT OF THE SECRETARY OF THE TREASURY

in t h e name of t h a t person alone, a n d (2) those originally issued to and registered
in t h e n a m e of t h a t person wiih another as coowner. Bonds of which such person
is merely t h e designated beneficiary in the case of t h e death of the owner, and
bonds of which he m a y hereafter become the owner on t h e death of another or
t h e happening of any other event, need not be included. Nothing herein contained shall be construed to validate any holdings heretofore acquired in excess
of t h e lawful limit as computed under t h e regulations in force a t t h e time of such
acquisition.
" 2 . T h e above a m e n d m e n t is published for the information and guidance of all
concerned."
HENRY

MORGENTHAU,

Jr.,

Secretary of the Treasury.
Exhibit 25
Regulations governing agencies for the issue of United States defense savings bonds of
series E, April 15, 1941
[Department Circular No. 657. Deposits]
TREASURY

DEPARTMENT,

. Washington, April 15, 1941.
1. A U T H O R I T Y TO D E S I G N A T E I S S U I N G A G E N T S .

Section 22 (a) of t h e Second Liberty Bond Act, as amended by t h e Public D e b t
Act of 1941 (Public No. 7, 77th Congress), provides, in. partj as follows:
"22 .{a). T h e Secretary of the Treasury, with the approval of the President, is
authorized to issue, from time to time, through t h e Postal Service or otherwise,
United States savings bonds * * *."
2.

D E S I G N A T I O N OF I S S U I N G A G E N T S .

All banks, t r u s t companies and m u t u a l savings banks incorporated by special
law or organized under the general laws of the United States, the District, of Columbia, or any State, all Federal savings and loan associations and all other
members of the Federal H o m e Loan Bank System, and all instrumentalities of
the United States a n d other agencies which, by the laws of the United States,
m a y be employed to act as fiscal or financial agents of the United States Government, are hereby designated, subject to t h e provisions of this circular, for employm e n t as issuing agents for the sale and issue of United States defense savings
bonds of series E, issued p u r s u a n t to Treasury D e p a r t m e n t Circular No. 653,
dated April 15, 1941. Provided, however, T h a t no issuing agent shall perform or
m a k e any effort to perform any of the acts included in such employment, or
advertise in any m a n n e r t h a t it is authorized to perform such acts until it has
been duly certified by t h e Federal Reserve Bank of t h e district as having qualified
so to act.
3. Q U A L I F I C A T I O N OF I S S U I N G

AGENT.

(a) Declaration of intent.—Any issuing agent designated hereunder, desiring t o
qualify for employment as such an agent, shall file an Application and Pledge
Agreement on F o r m No. 384 with t h e Federal Reserve Bank of the district, and
pledge collateral security of the amoimt and classes and a t the rates set forth in
subsection (6) hereof: Provided, however. T h a t each institution, other t h a n a
banking institution, organized under State law will be required to transmit with
its Application and Pledge Agreement to qualify hereunder, a certification by t h e
duly designated agent or representative of the appropriate Federal supervising
agency to .the effect t h a t the institution desiring to qualify possesses appropriate
authority under relevant State law and its charter, to act as an issuing agent
under the terms of this circular. T h e a m o u n t of the qualification shall be based
upon the m a t u r i t y valu6 of the aggregate a m o u n t of defense savings bond stock,
series E, which the issuing agent desires to have on hand a t any one time.
(6) Security required.—
(1) Banking institutions which are, and continue to be, insured by ,the
Federal Deposit Insurance Corporation m a y qualify to obtain an aggregate
of defense savings bond stock, series E, of not more t h a n $6,500, m a t u r i t y
value, a t any one time, without the pledge of collateral security. T h e
a m o u n t of $6,500, m a t u r i t y value, referred to represents $4,875, issue price,
the latter a m o u n t approximating the Federal Deposit Insurance Corporation
g u a r a n t y . If qualification is desired in excess of $6,500, m a t u r i t y value.




REPORT OF THE SECRETARY OF THE TREASURY

317

eligible collateral in t h e a m o u n t of 75 percent of t h e m a t u r i t y value of such
excess m u s t be pledged.
(2) Designated issuing agents which .are not insured by the Federal D e posit Insurance Corporation m a y qualify to obtain such stock by pledging
eligible collateral (except as m a y be otherwise specifically authorized by t h e
Secretary of the Treasury) in t h e a m o u n t of 75 percent of the approved
qualification.
(3) Collateral security eligible for pledge hereunder shall consist of United
States bonds or other direct public debt obligations of the United States, or
obligations which are unconditionally guaranteed as to both principal a n d
interest by t h e United States. All of such securities pledged m u s t be in
negotiable form and will be "accepted a t face value.
United States savings bonds of a n y issue registered in t h e name of t h e
issuing agent p u r s u a n t to the provisions of Treasury D e p a r t m e n t circulars
governing t h e registration thereof will, notwithstanding any provisions of
such circulars restricting the pledge thereof, be eligible as collateral security
hereunder and will be acceptable a t the issue price of such bonds. In all
such cases an irrevocable power of attorney shall be executed on behalf of t h e
issuing agent by a duly authorized officer thereof authorizing the Secretary
of the Treasury to request payment, and p a y m e n t of the bond, or bonds, will,
if it becomes necessary, be m a d e upon such request a t the then appropriate
redemption value.
All of t h e foregoing security shall be pledged under the terms and conditions
of the Application and Pledge Agreement, F o r m No. 384, and all collateral
required to be pledged m u s t be delivered to the Federal Reserve Bank of t h e
district or, with t h e approval of such bank, to any branch thereof, before or
. upon delivery of the bond stock to the issuing agent.
Upon approval of the Application and Pledge Agreement, the Federal
Reserve Bank will issue a certificate of qualification to t h e issuing agent on
F o r m No. 385. T h e Federal Reserve Bank, as fiscal agent of the United
States, m a y certify, in whole or in part, t h e qualification applied for. If t h e
qualification applied for is not certified, appropriate notice thereof will b e
t r a n s m i t t e d to the issuing agent making application.
4. ACCOUNTS, F O R M S AND D E T A I L S OF O P E R A T I O N .

(a) Each banking institution qualified as an issuing agent will be required to
open and maintain or continue for t h e account of the Federal Reserve Bank of
t h e district, as fiscal agent of t h e United States, a separate deposit account for t h e
proceeds of all sales of defense savings bonds, series E, to be known as the ''Series
E, Bond Account." Each such issuing agent shall be required to remit the balance
of such account or any p a r t thereof and render reports of transactions in accordance
with instructions issued directly by the Secretary of the Treasury or through t h e
Federal Reserve Bank of the district, as fiscal agent. All remittances m u s t b e
made in funds immediately available a t the Federal Reserve Bank point.
Any incorporated bank or t r u s t company qualified as a special depositary under
t h e provisions of Treasury Circular No. 92, revised February 23, 1932, as supplemented, m a y be authorized by the Federal Reserve Bank of the district, as fiscal
agent, to make p a y m e n t by credit in t h e " W a r Loan Deposit Account" up to a n y
a m o u n t for which it shall be qualified in excess of existing deposits.
{b) All other qualified issuing agents, except as they m a y be otherwise specifically authorized from time t o time by the Secretary of t h e Treasury or t h e Federal
Reserve Bank of the district as fiscal agent, shall remit daily to such F e d e r a l
Reserve Bank the entire proceeds of sales of defense savings bonds of series E,
received by such issuing agents, and shall render reports of transactions in accordance with instructions issued directly by the Secretary of the Treasury or through
the Federal Reserve Bank of the district, as fiscal agent.
(c) Application forms, bond stock, report forms and all regulations and necessary instructions relating thereto will be furnished by the Federal Reserve Bank,
of the district as fiscal agent to qualified issuing agents.
5. T E R M I N A T I O N OR M O D I F I C A T I O N OF T H E QUALIFICATION OF I S S U I N G AGENTS..

T h e Secretary of the Treasury, or the Federal Reserve B a n k of the district as.
fiscal agent, m a y modify or terminate t h e qualification of any issuing agent atany time, without previous demand or notice, and require the immediate surrender
of any part, or all of t h e bond stock, held by such issuing agent for sale to t h e
public and not theretofore issued or sold and any p a r t or all of t h e proceeds duefrom such bond stock issued or sold.
407631—42

22




318

REPORT OF THE SECRETARY OF THE TREASURY.

. Any qualified issuing agent which shall have fully complied with the terms of its
employment may at any time request the Federal Reserye Bank of the district to
modify or terminate its qualification. _
6.

MISCELLANEOUS.

^

No issuing agent shall have authority to sell any defense savings bond hereunder
otherwise than as provided in Treasury Department Circular No.- 653. Issuing
agents must follow all regulations and instructions issued directly by the Secretary
of the Treasury or through the Federal Reserve Bank of the district as fiscal agent,
covering the sale, issue, inscription and validation of the bonds and the disposition
of registration stubs.
Great care must be exercised in the inscription of the bonds, both as to correctness ,and legibility of the name (or names) in which inscribed, the address (or
addresses), the date as of which issued and, finally, the imprint of the dating stamp
of the issuing agent.
Nothing herein shall be held to apply to the Post Office Department or the
Postal Service.
The provisions of Treasury Department Circular No. 568 dated September 15,
1936, governing the employment of Federal savings and loan associations and
Federal credit unions as fiscal agents of the United States for the purposes of
taking applications and forwarding remittances for, and making delivery of.
United States savings bonds, for their members, are hereby revoked, effective
at the close of business April 30, 1941.
As fiscal agents of the United States, Federal Reserve Banks are authorized to
perform any necessary acts under this circular. The Secretary of the Treasury
may, at any time, designate issuing agents other than those hereunder designated,
the employment of which shall be subject to qualification as herein provided, except
as may be otherwise specifically authorized by the Secretary. The Secretary of
the Treasury may, at any time, withdraw this circular as a whole, or from time to
time, supplement or amend any of the terms hereof, or of any amendments or
supplements thereto, withdraw from sale, refuse to issue or to permit to be issued,
any defense savings bonds, series E, and refuse-to sell or permit to be sold, any
such bonds to any person. Information in connection with any of the foregoing
will be promptly furnished to issuing agents through the Federal Reserve Banks.
HENRY MORGENTHAU, Jr.,

Secretary of the Treasury,
Form No. 384

TREASURY DEPARTMENT
Fiscal Service
BUREAU OF ACCOUNTS
Division of Deposits
APPLICATION—PLEDGE

AGREEMENT

[Issuing agent—defense savings bonds, series E]
To the FEDERAL RESERVE BANK OF

as Fiscal Agent of the

United States.
The undersigned hereby makes application to qualify for employment as an
issuing agent for the sale of United States defense savings bonds of series E in an
amount of $
(maturity value).
.
The undersigned agrees, if and when qualified, to faithfully perforrn such employment strictly in accordance with the provisions of Treasury Department
Circulars numbered 653 and 657, dated April 15, 1941, or any amendments or
supplements thereof, or any instructions issued pursuant thereto; and, for the
purpose of insuring and guaranteeing the faithful performance of and accounting
for all obligations resulting therefrom further agrees to give security in accordance
with the requirements of said circular numbered 657.
The undersigned agrees that before or upon delivery to it of any series 'E bond
stock, it will deliver to and pledge, and maintain with the Federal Reserve Bank'
of
^_, as.Fiscal Agent of the United States, eligible collateral
security to the extent required by Treasury Department Circular numbered 657;
In the event of any default in the performance of any of the obligations of the
undersigned hereunder, the Federal Reserve Bank of _.
as
Fiscal Agent of the United States shall have full power, without prior notice or




REPORT OF THE SECRETARY OF THE TREASURY

319

demand, forthwith to sell or otherwise dispose of any collateral now or hereafter
pledged or any substitution therefor, or any part thereof, free from any equity
of. redemption and without appraisal or valuation, and apply the proceeds of such
sale or other disposition to the satisfaction of any damages, demands, or deficiency
arising by reason of such default (including expenses incident to such sale or other
disposition). Any surplus shall be paid to the undersigned.
So long as it faithfully performs and accounts for its obligations arising from
employment hereunder the undersigned will be entitled to collect from time to
time and to retain any and all. interest on any collateral pledged pursuant to this
agreement.
In witness whereof, the undersigned has caused this agreement to be executed
under seal by the officer below named, thereunto duly authorized by a resolution
of its governing board adopted on the day of
194__.
• Dated
194
By
.
._.
(Signature of ofBcer)
(Title of officer)
(Address)
[SEAL]
ACKNOWLEDGMENT
STATE OF

:__

County of
On this
,

:

:__, ss.*
day of
, 194.., before me appeared
, t o me personally known, who, being by me duly sworn, did say
that he is the
of
and that the seal affixed to
the above instrument is the oflScial seal of said
, and that
the above instrument was signed and sealed in behalf of said
by authority of its governing board, and said
acknowledged
said instrument to be the free act and deed of said _.i
_.
Notary Public.
(In case the applicant iias no official seal, omit the words—"the seal affixed to the above instrument is the
official seal of said
and that" and add at the end of.the affidavit clause the words—
"and that said
has no official seal.")
Form No. 385

TREASURY DEPARTMENT
Fiscal Service
BUREAU OF ACCOUNTS

Division of Deposits
C E R T I F I C A T I O N O F QUALIFICATION O F ISSUING A G E N T FOR S A L E O F U N I T E D STATES
D E F E N S E SAVINGS B O N D S
SERIES E

To:

-

Your apphcation and pledge agreement. Form No. 384, has been approved and
you are hereby notified that you are qualified to act as an issuing agent for the
sale of United States defense savings bonds of series E, pursuant and subject to
the provisions of Treasury Department Circulars numbered 653 and 657, dated
April 15, 1941, as from time to time amended or supplemented, and instructions
issued pursuant thereto.
The maximum amount of such bond stock which you may obtain on your requisition therefor at any one time will be $
(maturity value). This
amount, subject to the provisions of Treasury Circular numbered 657, may be
modified from time to time.
FEDERAL RESERVE BANK OF

By
Dated

-




, 194...

.

,

Fiscal Agent of the United States.
.
.

320

REPORT OF T H E SECRETARY OF T H E

TREASURY

Exhibit 26
Regulations governing United States savings bonds, April 15, 1941
[Department Circular No. 530, Fourth Revision.

Public Debt]

TREASURY

DEPARTMENT,

Washington, April 15, 1941»
To

O W N E R S OF U N I T E D S T A T E S SAVINGS B O N D S , AND O T H E R S

CONCERNED:

D e p a r t m e n t Circular No. 530, Third Revision, dated March 27, 1940 (Part 315
of sub-title B of Title 31, Code of Federal Regulations, Supp. I l l ) , as amended,
is hereby further, amended a n d issued as a F o u r t h Revision, effective M a y 1,
1941, to read as follows:
T h e following regulations governing United States savings bonds are published
for t h e information a n d guidance of all concerned: ^
SEC. 315.1. APPLICABILITY

(a) Applicability of these regulations.—These regulations apply generally to all
United States savings bonds of all series whatever a n d bearing any issue dates
whatever except as otherwise specifically provided herein. Defense savings bonds
of series E, savings bonds of defense series F and savings bonds of defense series G
m a y hereinafter be referred to as savings bonds, or bonds of series E, F , a n d G,
respectively.
SEC. 315.2.

REGISTRATION

(a) General.—United States savings bonds will be issued only in registered
form. T h e n a m e a n d complete post office address of t h e owner a n d t h a t of.the
coowner or designated beneficiary, if any, and t h e date as of which t h e bond is
issued will be inscribed thereon a t t h e time of issue by an authorized issuing
agent .2 T h e form of registration used m u s t express t h e actual ownership of an
interest in t h e bond and, except as otherwise specifically provided in these regulations, t h e Treasury D e p a r t m e n t will t r e a t as conclusive t h e ownership of a n d interest in t h e bond so expressed. No designation of an attorney, agent or other
representative to request or receive p a y m e n t on behalf of t h e owner, nor a n y
restriction on t h e right of such owner to receive p a y m e n t of t h e bond, other t h a n
as provided in these regulations, may be m a d e in t h e registration or otherwise.
(5) Restrictions on registration.—The following restrictions on t h e registration
of savings bonds shall apply whether on original issue or on authorized reissue:
(1) Registration of savings bonds sold on a n d after April 1,1940, shall be restricted
to residents (whether individuals or others) of t h e Continental United States, t h e
Territories and Insular Possessions of t h e United States, t h e Canal Zone a n d t h e
Philippine Islands, or 'to American citizens temporarily residing abroad, a n d this
restriction applies to owners, coowners a n d designated beneficiaries; (2) registration of savings bonds of series D sold on and after April 1, 1940, a n d of savings
bonds of series E sold on a n d after May 1, 1941, shall be restricted to n a t u r a l
persons (that is, individuals), whether adults or minors, in their own right; a n d
(3) savings bonds sold on a n d after May 1, 1941, m a y not be registered in t h e
name's of commercial b a n k s which, for this purpose, are defined as b a n k s t h a t
accept demand deposits.
(c) Forms of registration.—Subject to t h e restrictions a n d exceptions set forth
in t h e next preceding p a r a g r a p h t h e following forms of registration are authorized:
(1) In t h e names of n a t u r a l persons (that is, individuals), whether adults or
minors, in their own right as follows:
(i) In t h e n a m e of one person, for example, " J o h n A. J o n e s . "
(ii) In t h e names of two (but not more t h a n two) persons in t h e alternative
as coowners, for example, " J o h n A. Jones OR Mrs. Ella S. Jones.'*
No other form of registration, establishing coownership is authorized,
(iii) In t h e n a m e of one (but not more t h a n one) person, payable on death to
one (but not more t h a n one) other person, for example, " J o h n A.
Jones, p a y a b l e on death to Miss Mary E. J o n e s " ; t h e first person
n a m e d is hereinafter referred to as t h e owner or registered owner a n d
t h e second named as t h e beneficiary or designated beneficiary.
1 Sees. 315.1 to 315.20, inclusive, are prescribed under the authority of R. S. 161 (5 U. S. G. 22), the Second
Liberty Bond Act, as amended, and the Public Debt Act of 1941, sec. 3.
2 The date of matmity is also inscribed on savings bonds of series A, series B and series D.




REPORT OF THE SECRETARY OF THE TREASURY

321

The full nanie of the owner and that of the coowner or beneficiary, if any, should
be used, except that if there are two given names, the initial of one may be used.
The name may be preceded by any applicable title such as "Dr.," "Rev.," etc.,
and in the case of women must be preceded by "Mrs.," "Miss," or other appropriate title. A married woman's own given name should be used, not that of
her husband, for example, "Mrs. Mary A. Jones," not "Mrs. Frank B. Jones."
A minor, whether or not under legal guardianship, may be named as sole owner,
•coowner, or beneficiary, except that if the funds used for the purchase of the
bonds already belong to the minor he may be named only as owner, without
•coowner or beneficiary. Jf a person named in the registration of a bond is under
legal disability and a guardian or similar legal representative of his estate has
been appointed, or is otherwise legally qualified, the registration should indicate
such facts by the addition of appropriate words, for example, "Frank Jones, a
minor under legal guardianship," or ''Henry Jones, an incompetent under legal
/guardianship." Bonds should not be registered in the name of a person under
disability for reasons other than minority, unless a legal representative of his.
•estate has been appointed.
IMPORTANT.—^The above forms of registration are the only ones authorized for
bonds of series E; for series F and G the above forms are authorized, and in addition
the forms set forth in the following subparagraphs. .
(2) In the names of fiduciaries of a single duly constituted and wholly independent trust estate, considered as an entity, in the forms ^ set forth in the following subparagraphs: Provided, however, TYioX if two or more trusts (other than
trusts under wills) have been, or are, established by the same grantor substantially similar in terms and for the benefit of the same person, such trusts will be
<;onsidered together as an entity, and not as distinct and independent trusts:
Provided, further. That bonds will not be registered in the name of a trustee of a
trust established for the benefit of the grantor and revocable by him.
(i) Executors, administrators, etc.—In the names of executors, administrators,
or other similar legal representatives of the estate of a single decedent
appointed by a court of competent jurisdiction, or otherwise legally
qualified, followed by adequate identifying reference to the estate, for
example, "John A. Smith, administrator of the estate of Henry J.
Smith, deceased," or "First National Bank and Mrs. Mary C. Jones,
executors of the will of Alfred Jones,.deceased."
(ii) Guardians, conservators, curators, etc.—In the names of guardians or
similar legal representatives appointed by a court of competent
jurisdiction or otherwise legally qualified, of the estate of any one
minor or incompetent, for example, "William C. Jones, guardian of
the estate of James B. Brown, a minor," or "Alfred Smith, committee
of the estate of John Smith, an incompetent." If a guardian or other
legal representative holds a common fund for the account of two or
more estates, bonds should be registered in the name of the representative separately for the estate of each ward even though the representative was appointed in a single proceeding. Registration in the
names of natural or voluntary guardians is not authorized,
(iii) Trustees, by name.—Subject to the limitations of subparagraph (vi), in
the names of trustees under wills, agreements, or similar written
instruments, followed by adequate identifying reference to the instrument establishing the trust, for example, "John C. Brown and the
First National Bank of Boston, trustees under paragraph 3 of the will
of Henry C. Brown, deceavsed," or "The Second National Bank of
Salem, trustee under agreement with George E. White, dated February 1, 1935.'.' The names of beneficiaries need not be given unless
necessary to an adequate description of the trust.
3 Revised June 26, 1941, see p. 337.




322

REPORT OF THE SECRETARY OF THE TREASURY

The names of all executors, administrators, guardians, trustees, etc., must beincluded in the registration.
(iv) Trustees, by title alone.—Subject to the limitations of subparagraph (vi):.
{ad) In the titles of public oflficers, public corporations or similar
public bodies expressly authorized to act as trustees under a
constitutional provision, statute, city ordnance or similar enactment by a legislative body, followed by a reference to the;
proper provision of law and, if necessary, adequate identification of the trust involved, for example, "Treasurer of the State
of Wisconsin, trustee under Section 223.02 Wise. Stats., for •
holders of X Title Company securities," or "City of Miami,
trustee under ordinan,ce passed
,
, of
sinking fund for holders of General Improvement Bonds of
(bb) In the titles of trustees of unincorporated lodges, churches,
societies, or similar unincorporated associations, title to whose
property is duly held by trustees in accordance with the constitution or bylaws of the organization; the titles of such trustees,
should be followed by the name of the organization, the words
"an unincorporated association," and a reference to the appropriate authorizing provision, for example, "Trustees of the
Soroptimist Society, an unincorporated association, under
Section X of the bylaws."
(v) Boards of trustees.—In the name of boards of trustees, duly authorized
to act as a board rather than as individual trustees, followed by appropriate reference to the trust instrument or similar authority (agreement, statute, etc.) under which they are acting and, if necessary,
adequate identification of the trust, for example, "Board of Trustees
of the Police Pension Fund of the City of Burlington, Iowa, under
Sections 6310-11 Iowa Code."
(vi) Pension or retirement funds, etc.—Registration may be made in the names
and title or titles alone, of trustees of a pension or retirement fund or
of an investment, savings, insurance, annuity, or similar fund or trust,
but in air such cases the fund will be regarded as an entity regardless
of the number of beneficiaries or the manner in which their respective
interests are established or determined. Segregation of individual
shares as a matter of bookkeeping or as a result of individual agreements with beneficiaries will not operate to constitute separate trusts
under these* regulations.
In any case the Treasury Department may require a copy of the instrument
establishing and governing a trust. Registration may not be made in the namesof trustees under an agreement or other governing authority which purports to
create a trust, where the funds used represent merely security for the proper performance of an obligation, except under a statute the terms of which expressly
create an actual trust.
(3) Private corporations and associations.—In the names of any private organizations whether incorporated or unincorporated, as follows:
(i) A private corporation, followed by the words "a corporation," for example,.
"Smith Manufacturing Company, a corporation."
(ii) An unincorporated association, such as a lodge, church, society, or similar
body, followed by the words "an unincorporated association," for
example, "The. Lotus Club, an unincorporated association." Theterm "an unincorporated association" should not be used to describe
a trust fund, a partnership, or a trade name.
(iii) A partnership, considered as an entity, followed by the words "a partnership," for example, "Smith and Brown, a partnership."
The full legal name of the corporation, unincorporated association, or partnership, as the case may be, should be'given in the-registration. No officer or member
of the organization may be named in the registration. Reference may be made,
if desired, to a particular bookkeeping fund or account (not a trust), for example,,
"Lafayette Post No. 1, The American Legion, an unincorporated association;
(Building Fund)."




REPORT OF THE SECRETARY OF THE TREASURY

323

(4) States and public corporation.—In t h e n a m e of t h e owner or custodian of
public funds, other t h a n t r u s t funds, as follows:
(i) Any sovereignty, as a State, or any public corporation, as a county, city,
town, viUage, or school district, for example " C o u n t y of Middlesex,
Massachusetts," or " T o w n of T a k o m a Park, M a r y l a n d . "
(ii) Any duly constituted public body, as a board or commission, for example,
" M a r y l a n d State Highway Commission."
(iii) Any public officer, designated by title only, for example, "Treasurer,
City of B o s t o n . " '
T h e registration should include t h e full n a m e of t h e sovereignty or public
corporation owning the bonds and m a y include reference to a particular account,
if desired, for example, "Treasurer, School District No. 2 of Morris County,
Kansas, a P u b h c Corporation (Cafeteria F u n d ) . " A savings bond registered in
either of t h e forms authorized in (ii) or (iii) above will be considered as owned by
the sovereignty or p u b h c corporation concerned for the purpose of applying t h e
limitations set forth in section 315.4 hereof.
(5) Unauthorized registration.—A savings bond inscribed in a form substantially
different from those authorized in this section for bonds of t h a t particular class
will n o t be considered as validly issued a n d will be accepted only for a refund of
the purchase price, unless reissue can be m a d e under the provisions of these
regulations.
S E C . 315.3. L I M I T A T I O N

ON

TRANSFER

(a) Not transferable.—United States savings bonds are not transferable and are
payable only to t h e owners named thereon except in t h e case of the disability or
death of t h e owner or as otherwise specifically provided herein, b u t in any event
only in accordance with the provisions hereof. Accordingly, savings bonds m a y
n o t be sold and m a y not be hypothecated as collateral for a loan and may not be
used to secure t h e performance of an obligation except as expressly provided by
section 315.18 hereof.
S E C . 315.4. L I M I T A T I O N

ON

HOLDINGS

(a) Amount which may be held.—
(1) Savings bonds issued before March 1, 1941-—Section. 22 of t h e Second Liberty
Bond Act, as added February 4, 1935, provided t h a t it should n o t be lawful for
any one person a t any one time to hold savings bonds issued during any one calendar year in an aggregate a m o u n t exceeding $10,000 (maturity value). This
limitation applies to all savings bonds issued before March 1, 1941.
(2) Savings bonds of series D issued on or after March 1, 1941-—The Public
D e b t Act of 1941, effective March 1, 1941, amended section 22 of the Second
Liberty Bond Act, as amended, to authorize t h e Secretary of the Treasury by regulation to fix the amount.of savings bonds issued in any one year t h a t m a y be held
by any one person a t any one time. By virtue of such authority, t h e Secretary of
t h e Treasury has provided by regulation effective March 1, 1941, t h a t the a m o u n t
of savings bonds of series D originally issued to any one person during any one
calendar year (including those issued between J a n u a r y 1, 1941, and February 28,
1941, inclusive), t h a t m a y be held by t h a t person a t any one time shall not exceed
$10,000 (maturity value). This paragraph, together with the one next preceding, establishes a limitation of $10,000 (maturity value) upon savings bonds of
series D originally issued to any one person between J a n u a r y 1, 1941, and April
30, 1941 (inclusive), t h a t m a y be held by t h a t person a t any one time.
(3) Defense savings bonds of series E . — P u r s u a n t to the a u t h o r i t y of the Second .
Liberty Bond Act, as amended, it is hereby provided t h a t the a m o u n t of defense
savings bonds of series E originally issued to any one person during any one calendar year t h a t m a y be held by t h a t person a t a n y one time shall n o t exceed $5,000
.(maturity value).
'
.
(4) Savings bonds of defense series F and defense series G.—Pursuant to t h e a u thority of the Second Liberty Bond Act, as amended, it is hereby provided t h a t t h e
a m o u n t of savings bonds of defense series F or of defense series G, or of the combined aggregate amoujit of both series, originally issued to any one person during
a n y one calendar year t h a t m a y be held by t h a t person a t any one time shall n o t
exceed $50,000 (issue price).
(b) Calculation of amount.—In determining whether the prescribed limit with
respect to savings bonds of any one series issued during any one calendar year is
exceeded by a n y one person a t a n y one time, there m u s t be taken into account t h e




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REPORT OF THE SECRETARY OF THE TREASURY

aggregate maturity value (or, in the case of series F and G, the a,ggregate issue
price) of all savings bonds of that series issued during that calendar year as shown
by the issue dates thereon, including (1) bonds originally issued to and registered
in the name of that person alone, (2) those originally issued to and registered in
the name of that person with another as coowner, and (3) in the case of bonds of
series A, B, C, or D, those acquired before March 1, 1941, on the death of another
or the happening of any other event. Bonds of which such person is merely the
designated beneficiary, in case of the death of the owner, those acquired on or
after March 1, 1941, on the death of another or the happening of any other event,
those held by him in a fiduciary capacity only, and those in which his interest is
only that of a beneficiary of a trust heed not be included. Nothing herein contained shall be construed to validate any holdings theretofore acquired in excess
of the authorized limit as computed under the regulations in force at the time of
such acquisition, which must be surrendered for redemption in accordance with
such regulations.
(c) Meaning of terms.—For the purpose of applying the limitation on holdings,
the term "person" shall include, but not be limited to, an individual, a partnership,
a corporation, an unincorporated association, a trust estate, or any other legal
entity.
{d) Disposition of excess.—If any person at any time acquires savings bonds
. issued during any one calendar year in excess of the prescribed amount the bonds
€0 acquired must be immediately surrendered for refund of the issue price.
SEC. 315.5. LOST, STOLEN, MUTILATED, DEFACED, OR DESTROYED BONDS

(a) Relief.—A substitute may be issued for, or payment made of, an unmatured
savings bond, and payment made of a matured savings bond, upon proof of the
loss, theft, mutilation, defacement, or destruction of the bond. Relief will be
granted in such cases only in accordance with the provisions of applicable statutes
and will be governed in general by the regulations contained in Department Circular No. 300, as amended. Application for relief on account of loss, theft, mutilation, defacement, or destruction should be made only on a form which may be
obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C , or from any Federal Reserve Bank. In cases of mutilation, defacement, or partial destruction the bond or so much thereof as remains should be
carefully packed and forwarded to the Treasury Department, Division of Loans
and Currency.
(6) Notice of loss, etc.—The Treasury Department, Division, of Loans and Currency, should be immediately notified of the loss, theft, or destruction of any savings bond, reference being made to the series, year of issue, date and serial number
of the bond, and the name and address of the registered owner. If such bond is
subsequently recovered, immediate notice of recovery should be given to the
Department in order that delay may be avoided should the recovered bond be
presented for payment, and if a substitute bond has been issued in lieu thereof, the
recovered bond should be surrendered immediately to the Department.
SEC. 315.6. SAFEKEEPING FACILITIES

{a) Safekeeping of bonds.—A savings bond will be held in safekeeping without
charge by the Secretary of the Treasury if the holder so desires, and in such connection the facilities of the Federal Reserve Ba^nks as fiscal agents of the United
States will be utilized. Postmasters will not act as safekeeping agents. Arrangements for safekeeping may be made at the time of purchase or subsequently, and
postmasters, upon request, will furnish appropriate application blanks and envelopes to be used in forwarding bonds for safekeeping. The forwarding will be
at the risk of the owner and the use of registered mail is recommended (postage
and registration fee to be paid by the sender). A savings bond purchased by mail
upon application to the Treasurer of the United States or to any Federal Reserve
Bank may be placed in safekeeping when issued. All safekeeping transactions
are subject to the provisions of the next succeeding paragraph.
(b) Receipt and redelivery.—Upon receipt of the savings bolnd the Federal.
Reserve Bank will place, it in safekeeping and issue a receipt, which, unless delivered in person, will be mailed to the depositor at the' address given in the
application. The Federal Reserve Bank will at any time deliver the bond to the
owner or person entitled to possession thereof at his risk and expense upon his
application and upon such identification through the return of the safekeeping
receipt or otherwise, a,s may be required.




REPORT OF THE SOECRETARY OF THE TREASURY

325

SEC. 315.7. INTEREST

(a) General.—United States savings bonds are issued in two forms: (1) appreciation bonds, issued on a discount basis and redeemable before maturity at increasing
fixed redemption values; and (2) current income bonds, bearing interest payable
semiannually and redeemable before maturity at fixed redemption values less than
the face amount of the bond. At present series G constitutes the only issue of
current income savings bonds.
(6) Appreciation bonds.—No interest as such is paid on savings bonds issued on
a discount basis. Such bonds increase in redemption value at the end of the first
year from issue date and at the end of each successive half-year period thereafter
until their maturity, when the full amount becomes payable. The increment in
value represents interest and is payable only on redemption of the bonds whether
at or before maturity.
(c) Current income bonds.-—Each such bond bears interest at a specified rate
computed on the face amount thereof and payable semiannually.
(1) Time and method of interest payments.—Interest at the rate specified in
savings bonds of series G will be paid semiannually by check drawn as the bonds
are inscribed (except in case of bonds in the form "A, payable on death to B"),
and mailed to the address of the owner or, in case of coowners, unless otherwise
specifically directed, to the owner first named on the face of the bonds. Checks
for interest on bonds inscribed in the form "A, payable on death to B " will be
drawn payable to A. The'first check will be issued six months from the issue date
appearing on the bonds and subsequent checks each six months thereafter. Full
advantage of interest at the rate specified may be secured only if the bonds are
held to maturity; if savings bonds of series G are redeemed before maturity in
accordance with the provisions of section 315.8 {b) (2) hereof, the difference
between the face or full maturity value and the redemption value then payable
as shown in the table of redemption values on the face of each bond will represent
an adjustment of the interest to the rate appropriate for the shorter term, as set
forth in the tables attached to the circular of issue.
(i) Reissue during interest period.—If a savings' bond of series G is reissued
for any reason between interest payment dates, interest for the entire
period will be paid, on the next interest payment date, by check drawn
to the order of the person in whose name the bond is reissued.
(2) Change of address.—In case the owner of savings bonds of series G changes
his address, a notice of the change should immediately be forwarded to the
Treasury Department, Division of Loans and Currency, Washington, D. C.
Such notice should refer to all bonds for which it is desired that the address for
dehvery of interest checks be changed and should describe each bond by denomination, serial number, series designation (including year of issue), and inscription
appearing on the face of the bond.
(3) Termination of interest.—In case of redemption prior to maturity of savings
bonds of series G in accordance with the provisions of section 315.8 (6) hereof,
interest will cease on the last day of the interest period next preceding the date
of redemption. In case of partial redemption, interest on the amount redeemed
will cease on the last day of the interest period next preceding the date of partial
redemption, and thereafter will be paid only on the lower amount remaining after
partial redemption.
(4) Consolidation of checks.—Whenever possible a single check will be issued
on each interest payment date for interest on all savings bonds of defense series G
due to any owner on that date.
(5) Endorsement of checks.—Checks for interest must be endorsed in accordance
with the requirements of the Treasurer of the United States, by the payees, either
personally or by an attorney-in-fact. Forms for the appointment of such attorney
may be obtained from the Treasurer of the United States, Washington, D. C , or
from any Federal Reserve Bank.
SEC. 315.8. G E N E R A L P A Y M E N T A N D REDEMPTION PROVISIONS

(a) Payment at maturity.^—A savings bond of any series will be paid at or after
maturity at its full face or maturity value, but only following presentation and
surrender of the bond for that purpose with a request for payment properly signed
and certified as provided herein.
{b) Redemption before maturity.—A savings bond may not be called for redemption by the Secretary of the Treasury prior to maturity, but may be redeemed in




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REPORT OF THE SECRETARY OF THE TREASURY

whole or in part at the option of the owner, prior to maturity under the terms
and conditions set forth in the offering circular of each series and in accordance
with the provisions of these regulations, but only following presentation and
surrender for that purpose with a request for payment duly signed and certified
as provided herein.
(1) Series A, B, C, D, and E.— A savings bond of series A, B, C, D, or E^ will
be redeemed, in whole or in part, at any time after 60 days from the issue date,
at the appropriate redemption value as shown on the face of the bond.
(2) Series F and series G.— A savings bond of series F or G will be redeemed,
in whole or in part, at the option of the owner, on one month's notice in writing,
on the first day of any month after six months from the issue date, at the appropriate redemption value as shown on the face of the bond. The notice of the
owner's intention to redeem must be received by a Federal Reserve Bank or the
Treasury Department not less than one calendar month in advance of the day
payment is desired, and may be in the form of a duly -executed request for pay-,
ment. The bond, with the request for payment duly signed and certified as
hereinafter provided, should be surrendered with the notice, if separate notice
is given, and to the same agency to which the notice is given. (See sec. 315.7
(c) (1) for provisions as to interest in the case of bonds of series G redeemed
prior to maturity.)
(3) Defense Series G—redeemable before maturity at par on death.—A savings
bond of series G. will be redeemed at par before maturity, in whole or in part,
but only after six months from the issue date, (1) upon the death of the owner,
or a coowner, if a natural person, or (2) as to bonds held by a trustee or other
fiduciary, upon the death of any person which results in the termination of the
trust, in whole or in part. If the trust is terminated only in part, redemption
at par will be made only to the extent of the pro rata portion of the trust so
terminated, to the next lower multiple of $100. In any case,notice of desire to
redeem at par before maturity must be given in accordance with the provisions
of the next preceding subparagraph and must be received by the Treasury Department or a Federal Reserve Bank within four months after the date of death.
(c) Form and date of requests.—Requests for payment must be executed within
six months of the date of receipt of a bond by a. Federal Reserve Bank or the
Treasury Department, and unless otherwise authorized in a particular case the
form of request appearing on the back of the bond must be used. Payment of a
savings bond pursuant to a duly executed request will be made on the earliest
day consistent with these regulations unless otherwise specifically requested.
• {d) Execution of request for payment.—
(1) Identification of owner: signature.— The registered owner in whose name the
bond is inscribed, or such other person as may be entitled to payment under the
provisions of these regulations, must appear before one of the officers authorized
by the Secretary of the Treasury to certify requests for payment (see paragraph
(e) of this section), establish his identity, and in the presence of such oflScer sign
the request for payment in ink, addihg, in the space provided, the address to
which the check, issued in. payment, is to be mailed. A signature to a request
for payment made by mark (X) must be witnessed by at least one person in addition to the certifying officer and must be attested by an endorsement on the blank
line, substantially as follows: "Witness to the above signature by mark" followed by the signature and address of the witness. If the name of the registered
owner or other person entitled to payment, as it apjpears in the registration or in
evidence on file in the Treasury Department, Division of Loans and Currency,
has been changed by marriage or in any other legal manner, the signature to the
request for payment should show both names and the manner in which the change
was made, for example, "Miss Mary T. Jones, now by marriage Mrs. Mary T.
Smith," or "Jung Smelt, now by court order John Smith." In the case of a
change of name other than by marriage, the request must be supported by satisfactory proof of such change, unless already on file. No request signed in behalf
of the owner by an agent or a person acting under a power of attorney will be
recognized by the Treasury Department except as specifically provided in section
315.18 hereof.
(2) Certification of request.— After the request for payment has been signed by
the owner, the certifying officer should complete and sign the certificate provided
(see par. (/) of this section), and the bond should then be presented and surrendered as provided in paragraph {h) of this section.




REPORT OF THE SECRETARY OF THE TREASURY

327

{e)' Certifying officers.— The request for payment must be signed in the presence
of, and be certified by, one of the following officers, who are hereby authorized to
-certify requests for payment:
(1) At United States post offices.—
(i) At any post office of any class: The postmaster, acting postmaster, or
inspector in charge; and in addition
(ii) At any post office of the first class {main office): The assistant postmaster,
superintendent of mails, the postal cashier, superintendent of money
orders, money-order cashier, assistant cashier, bookkeeper, or foreman, or clerk temporarily in charge of the post office; and
(iii) At any post office of the second or third.class: The assistant postmaster
or, if there is none, the clerk temporarily in charge of the post office
in the absence of the postmaster; and
.'
(iv) At any classified branch or station: The superintendent, assistant superintendent, assistant cashier, bookkeeper, or foreman, or, in the
absence of all such officials, the clerk temporarily in charge of the
branch or station.
. '(For instructions see par. (/) (1) and (2) of this section.)
<2) At banks, trust companies, branches thereof and authorized sales agencies.—
(i) Any executive officer of any bank or trust company incorporated in the
United States or its organized territories, including officers at domestic or foreign branches who are certified to the Treasury Dejpartment
as executive officers;
(ii) Any executive ofl&cer of incorporated banks and trust companies in the
organized territories and insular possessions of the United States and
in the commonwealth of the Philippines doing business under Federal
charter or organized under Federal law;
(iii) Executive oflScers of Federal Reserve Banks and branches thereof,
including managing directors, assistant managers, cashiers and
assistant cashiers; and Federal Reserve agents and assistant Federal
Reserve agents;
(iv) Executive officers of Federal Land banks;
(v) Executive officers of Federal Home Loan banks;
(vi) Executive officers of corporations not included in the preceding paragraphs, and of other organizations, which have qualified under the
provisions of Department Circular No. 657 as issuing agents for bonds
of series E, provided that the signatures and titles of such oflScers
shall have been properly certified to the Treasury Department; and
further provided that all certifications to requests for payment shall
be authenticated by a legible Impression of the corporate seal, if any,
otherwise by a legible imprint of said issuing agent's dating stamp.
(For general instructions to such oflScers see par. (/) (1) and (3) of this section.)
(3) United States officials.—Judges, clerks, and deputy clerks of United States
•courts, including United States courts for the organized territories, insular possessions, and the Canal Zone; United States attorneys; United States collectors of
'Customs and their deputies; United States cohectors of internal revenue and
their deputies; commanding officers of the United States Army, Navy, Marine
'Corps, and Coast Guard, but only for members of their respective commands,
members of their families and- civilian employees at Army Posts or Naval Bases
'Or stations (such officer should indicate his rank, the organization which he
-commands, and state that the person signing the request is one of the class whose
requests he is authorized to certify); the officer in charge of any home, hospital,
or other facility of the Veterans' Administration, but only for patients and members of such facilities.
(For instructions to such officers see par. (/) (1) of this section.)
(4) Officers authorized in particular localities.—In addition to the officers listed
^abo've, the following officers are authorized to certify requests for payment of
United States savings bonds in the localities specified:
(i) Washington, D. C : Certain officers of the Treasury Department;
. (ii) Alaska: Governor, Treasurer, and United States Commissioners;
(iii) Canal Zone: Governor, paymaster or acting paymaster, collector or
acting collector, the Panama Canal, and also postmasters and acting
postmasters in the Bureau of Posts;



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REPORT OF THE SECRETARY OF THE TREASURY

(iv) Commonwealth of t h e Philippines: T h e United States High Commissioner, his Executive Assistant, a n d t h e Chief Clerk in his office;
Treasurer of t h e Commonwealth and t h e city treasurers of Manila,
and Baguio; judges and clerks of courts of record whose signatures
and official positions are certified by the Secretary of Justice;
(v) G u a m and American Samoa: Governors, and naval and m a r i n e officers
authoHzed to administer oaths for n a v a l justice and administration;
(vi) Hawaii: Governor and Treasurer;
(vii) Puerto Rico: Governor and Treasurer;
(viii) Virgin Islands: Governor and Commissioner of Finance.
(For instructions to such officers see par. (/) (1) of this section.)
(5) I n foreign countries.—In a foreign country requests for p a y m e n t m a y be
signed in t h e presence of and be certified by any United States diplomatic o r
consular representative, or manager (or other executive officer in charge) or assista n t manager of a foreign branch of a bank or t r u s t company incorporated in theUnited States, who is certified to t h e Treasury D e p a r t m e n t as an .executiveofficer. If such an officer is not available, requests for p a y m e n t m a y be signed in
the presence of and be certified by a notary or other officer authorized to administer
oaths, b u t his official character and jurisdiction m u s t be certified by a U n i t e d
States diplomatic or consular officer under t h e seal of his office.
(For instructions to such officers see par. (/) (1) of this section.)
(6) Special provision.—In t h e event none of t h e officers authorized to certify
requests for p a y m e n t of savings bonds is readily accessible, t h e Commissioner of
t h e Public D e b t is authorized to m a k e special provision for any particular case.
(/) Instructions to certifying officers.—
(1) I n general.—Certifying officers should require positive identification of theperson signing t h e request for p a y m e n t , and will be held fully responsible therefor.
In all cases t h e certifying officer m u s t affix to t h e request for p a y m e n t his official
signature, title, address and seal, and t h e date of execution. If t h e officer does
not possess an official seal, t h a t fact should be m a d e known a n d attested. (Seesubpars. (2) and (3) below for special instructions to post office officials and b a n k
officials respectively.)
(2) Post office officials.—If any designated post office official other t h a n a postmaster, acting postmaster, or inspector in charge of an office certifies a request
for p a y m e n t , he should certify in t h e n a m e of t h e postmaster, acting postmaster,
or inspector in charge, followed by his own signature and official title, for example, " J o h n Doe, postmaster, by Richard Roe, postal cashier." I n the caseof a clerk in charge of an office, branch, or station, t h e official title should be*
followed by t h e n a m e of such office, branch, or station, for example, " J o h n Doe,
postmaster, by Richard Roe, clerk ih charge. Main Street S t a t i o n . " Thecertification of any post office official m u s t be a u t h e n t i c a t e d by a legible i m p r i n t
of a dating s t a m p of his post office.
(3) Bank officers.—(1) At t h e principal office of an incorporated b a n k or t r u s t
company, t h e signature of t h e certifying officer should be a u t h e n t i c a t e d by a
legible impression of t h e seal of t h e b a n k or t r u s t c o m p a n y ; (2) a t a branch, if
the corporate seal is n o t available," t h e signature of t h e certifying officer a n d
his official title should be certified to t h e Treasury D e p a r t m e n t , Division of
Loans and Currency, by t h e p a r e n t b a n k or t r u s t company u n d e r its seal, unlesssuch certificate is already on file in t h a t division.
{g) Interested person not to certify.—No person authorized to certify r e q u e s t s
for p a y m e n t m a y certify a request for p a y m e n t o f . a bond of which he is theowner, or in which he has an interest, either in his own right or in any representative capacity.
{h) Presentation and surrender.—After t h e request for p a y m e n t has been duly
signed by t h e owner and has been certified as above provided, t h e bond m u s t
be presented and surrendered as follows:
(1) If a bond is registered in t h e n a m e of an individual in his own right or in
t h e n a m e of (1) a,private organization in its own right, (2) a State, (3) a publiccorporation, (4) a public board or commission, or (5) a public officer, and p a y m e n t is to be m a d e to t h e registered owner or coowner, t h e bond should bepresented and surrendered to a Federal Reserve B a n k or to t h e Treasurer of
t h e United States, Washington, D . C.
(2) If a bond is registered in t h e n a m e of a fiduciary or if p a y m e n t is to bem a d e to any person other t h a n t h e registered owner or coowner, t h e bond
should be presented and surrendered to t h e T r e a s u r y Department,- Division of
Loans and Currency, Washington, D . C , or to a Federal Reserve B a n k .



REPORT OF T H E SiECRETARY OF T H E TREASURY

329

(3) I n all cases presentation will be a t the expense and risk of t h e owner, and,
for his protection, t h e bonds should be forwarded by registered mail if n o t
presented in person. P a y m e n t will be m a d e by check drawn to the order of
t h e registered owner or other person entitled and mailed to him a t t h e address
given in his request for p a y m e n t .
{i) P a r t i a l redemption.—A savings bond of any series in a denomination other
t h a n t h e lowest authorized for t h a t series, m a y be redeemed in p a r t , b u t only
in multiples of t h e lowest authorized denomination, a t the appropriate current
r e d e m p t i o n value, upon presentation ^rid surrender of t h e bond in accordance
with t h e provisions of this section. I n any such case, before the request for
p a y m e n t is signed, there should be added to t h e first sentence of t h e request
for p a y m e n t , on t h e line provided, t h e words " t o t h e extent of $
( m a t u r i t y value), and reissue of t h e remainder." Upon partial redemption of
a savings bond t h e remainder will be reissued as of t h e original issue date,
subject to t h e provisions of section 315.19 hereof. (As to interest on. bonds of
defense series G in case of partial redemption see section 315.19 (c) (3).)
S E C . 315.9

MINORS

(a) Payment to legal guardians.—-If the owner of a savings bond is a minor
for whose estate a guardian or similar legal representative has been appointed
b y a court of competent jurisdiction or is otherwise legally qualified, and if the
T r e a s u r y D e p a r t m e n t is properly advised of such fact, p a y m e n t will be m a d e
only to such guardian, or similar legal representative. I n any such case the
r e q u e s t for p a y m e n t appearing on t h e back of t h e bond should be signed by t h e
g u a r d i a n or similar representative as such, for example, " J o h n A. Jones, guardian of t h e estate ,of H e n r y W. Smith, a m i n o r . " T h e request for p a y m e n t
m u s t be supported by proof df t h e representative's a u t h o r i t y . Such proof m a y
consist of a court certificate or a certified copy of t h e representative's letters of
a p p o i n t m e n t , issued b y t h e court having jurisdiction. T h e certificate, or t h e
certification to the letters, m u s t be under t h e seal of the court, m u s t contain a
s t a t e m e n t t h a t t h e a p p o i n t m e n t is in full force, and should be dated within six
m o n t h s of the date of presentation of the bond for p a y m e n t . A request for
p a y m e n t before m a t u r i t y executed on behalf of a corporate fiduciary m u s t be
authorized by a resolution of the governing body of t h e corporation or by a
standing bylaw, a certified copy of which m u s t be furnished t h e T r e a s u r y
D e p a r t m e n t , Division of Loans and Currency, Washington, D . C , unless already
on file.
{b) Payment to minors.—rlf t h e T r e a s u r y D e p a r t m e n t is not properly advised
t h a t a guardian or similar legal representative of the estate of a minor owner
of a savings bond has been appointed or is otherwise legally qualified, p a y m e n t
will be m a d e direct to such minor owner, provided such minor is, a t t h e time
p a y m e n t is requested, of sufficient competency and understanding to sign his
n a m e to t h e request and to comprehend the n a t u r e of such act. I n general t h e
fact t h a t t h e request for p a y m e n t has been signed by t h e minor and duly certified in accordance with section 315.8 hereof will be accepted as sufficient proof
of such competency a n d understanding.
(c) Payment to parents.—If t h e T r e a s u r y D e p a r t m e n t is not properly advised
t h a t a guardian or similar legal representative of t h e estate of a minor owner
of a savings bond has been appointed or is otherwise legally qualified, and if
such minor owner is n o t of sufficient competency and understanding to execute
t h e request for p a y m e n t , p a y m e n t will be m a d e to either p a r e n t of t h e minor
with whom he resides, or if t h e minor does not reside with either parent, t h e n
to t h e person who furnishes his chief support. T h e p a r e n t or such other person
should sign t h e request for p a y m e n t in his own name, on behalf of the minor,
in t h e form " M r s . M a r y Jones, on behalf of John C. J o n e s , " and should sign a
certificate, in substantially t h e following form, which m a y be t y p e d on t h e back
of t h e b o n d :
" I certify t h a t I am the
(relationship) of John C.
J o n e s ' a n d the person with whom he resides. H e i s
years of age
and is not of sufficient competency and understanding to sign this request."
If a person other t h a n a p a r e n t signs the request on behalf of the minor he should
also certify t h a t t h e minor does not reside with either and t h a t he furnishes his
chief support. T h e Treasury D e p a r t m e n t m a y in any particular case require
further proof t h a t the minor is not. of sufficient competency and understanding
to execute the request for p a y m e n t and of the right of the person executing the
request to act on behalf of the minor.



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REPORT OF THE SECRETARY OF THE TREASURY
S E C . 315.10. D I S A B I L I T Y O T H E R T H A N M I N O R I T Y

(a) Payment to legal guardian.—If the owner of a savings bond has been judicially declared to be incompetent to manage his affairs and the Treasury Department is properly advised that a guardian or similar legal representative of his
estate has been appointed by a court of competent jurisdiction, payment will be
made only to such guardian or similar legal representative. In this case the
request for payment should be signed: "Thomas S. Gray,, guardian (curator,
conservator, or committee, as the case may be) of the estate of Benjamin S.
Smith, an incompetent." The request for payment must be supported by proof
of the representative's authority. Such proof may consist of a court certificate
or a certified copy of the reiDresentative's letters of appointment, issued by the
court having jurisdiction. The certificate, or the certification to the letters, must
be under the seal of the court, must contain a statement that the appointment is
in full force, and should be dated within six months of the date of presentation of
the bond for payment. A request for payment before maturity executed on
behalf of a corporate fiduciary must be authorized by a resolution of the governing
body of the corporation or by a standing bylaw, a certified copy of which must be
furnished the Treasury Department, Division of Loans and Currency, Washington, D. C , unless already on file.
(5) Payment to voluntary guardian.—In any case where the owner of a savings
bond has been judicially declared incompetent, or his incompetency, in the opinion
of the Secretary of the Treasury, is otherwise established and no guardian or other
legal representative of his estate has been appointed or is otherwise legally qualified, and the entire gross value of his personal estate does not exceed $500, payment will be made to a member of his family, or other person, standing in the position of voluntary guardian, upon presentation of proof satisfactory to the Secretary
of the Treasury that the proceeds of the bond are required, and are to be used, for
the purchase of necessaries for the incompetent or for his wife or minor children
or other persons dependent upon hini for support. Applications for such payment
should be made only on appropriate forms which may be obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C.,-or any
Federal Reserve Bank. The request for payment should not be executed, nor
the bond presented, until the application has been approved and instructions
have been given by the Treasury Department.
' S E C . 315.11.

COOWNERS

(a) Payment or reissue.—A savings bond registered in the names of two persons
as coowners, for example, "John A. Jones OR Mrs. Mary C. Jones," will be paid
or reissued as follows:
(1) During the lives of both coowners.—During the lives of both coowners the
bond will be paid to either coowner upon his separate request without requiring
the signature of the other coowner; and upon payment to either coowner the other
person shall cease to have any interest in the bond. The bond will also be paid
to both coowners upon their joint request, in which case payment will be made
by check drawn to the order of both coowners in the form, for example, "John
A. Jones and Mrs. Mary C. Jones," and the check must be endorsed by both
payees. • The bond will not be reissued in any form during the lives of both coowners except as specifically provided in these regulations.
(2) After the death of one coowner.—If either coowner dies without having
presented and surrendered the bond for payment to a Federal Reserve Bank or
the Treasury Department, the surviving coowner will be recognized by the,
Treasury Department as the sole and absolute owner of the bond, and payment
will be made only to him: Provided, however, That if a coowner dies after he has
properly executed the request for payment and after the bond has actually been
received by a Federal Reserve Bank or the Treasury Department, payment of
the bond, or check if one has been issued, will be made to his estate in accordance
with the provisions of section 315.16 hereof. Upon proof of the death of one
coowner and appropriate request by the surviving coowner, the bond will be reissued in the name of such survivor alone, or (if not a minor or under any other legal
disability) in his name payable on death to a designated beneficiary. (See
sec. 315.12 (e).)
(3) After the death of the surviving coowner.—After the death of a surviving coowner who became solely entitled to the bond under the provisions of the next
preceding subparagraph, the bond will be paid or reissued in accordance with the
provisions of section 315.16 hereof, as though it were registered in the name of



REPORT OF THE SECRETARY OF THE TREASURY

331

the last deceased coowner alone. In this case proof of the death.of both coowners
and of the order in which they died will be required.
. {b) Limitation on reissue.—Any reissue authorized in this section will be made
only subject to the limitations set forth in sectioii 315.19.
SEC. 315.12. BENEFICIARIES

{a) ^ Payment to registered owner.—A savings bond registered in the name of
one person, payable on death to a designated beneficiary, for example, "Henry
W. Ash, payable on death to John C. Black," will be paid to the registered owner
during his lifetime upon his properly executed request without regard to the designated beneficiary. If the beneficiary should predecease the registered.owner the
bond will be paid as though no beneficiary had been named in the registration.
{b) Reissue during lifetime of registered owner.—A savings bond registered in
the name of one person payable on death to a designated beneficiary may not be
reissued during the lifetime of such beneficiary so as to eliminate his name. If
such beneficiary should predecease the registered owner, the bond may, upon,
appropriate request by the registered owner, and proof of the death of the beneficiary, be reissued in the name of the registered owner alone, or in his name
payable on death to a new beneficiary.
(c) Payment or reissue to beneficiary.—If the registered owner dies without
having presented and* surrendered the bond for payment to a Federal Reserve
Bank or the Treasury Department, and is survived by the beneficiary, upon
proof of such death and survivorship, the beneficiary will be recognized by the
Treasury Department as the sole and absolute owner of the bond, and payment
will be made only to him, or, upon appropriate request by the beneficiary the
bond may be reissued in his name alone or (if not a minor or under any other legal
disability) in his name payable on death to a single designated beneficiary:
Provided, however. That if the bond with a properly executed request for paynient
has actually been received by a Federal Reserve Bank or the Treasury Department, payment of the bond, or check if one has been issued, will be made to the
estate of the deceased owner in accordance with the provisions of section 315.16
hereof.
{d) Payment or reissue after death of the surviving beneficiary.—After the death
of a surviving beneficiary who became entitled to the bond under the provisions
of the next preceding paragraph, the bond will be paid or reissued in accordance
with the provisions of section 315.16 hereof, as though the bond were registered
in the name of the surviving beneficiary alone. In this case proof of the death of
both the registered owner and the beneficiary and of the order in which they died
will be required.
(e) Reissue to add a beneficiary.—A savings bond registered in the name of one
person in his own right or to which one person is shown to be entitled in his own
right under these regulations, upon appropriate request by such person (if not a
minor or under any other legal disability) may be reissued in whole or in part,
in his name payable on death to a single designated beneficiary.
(/) Limitation on reissue.—Any reissue authorized in this section will be madeonly subject to the limitations set forth in section 315.19.
SEC. 315.13. FIDUCIARIES

(a) Payment to fiduciaries.—'A savings bond registered in the name of, or otherwise belonging to a fiduciary estate, will be paid to the fiduciaries of such estateupon their request. The request for payment must be signed by all acting fiduciaries, except for payment at maturity, when a request by any one or more acting
fiduciaries will be accepted, but payment will be made to all. If the bond is
registered in the names of individual fiduciaries of the estate who are still acting,
no further evidence of authority will be required. In other cases the request for
payment must be supported by certain evidence as specified below-:
(1) Fiduciaries—by title only.—If the bond is registered in the titles without
the names of the fiduciaries, satisfactory proof of the incumbency of the fiduciaries
must be furnished, except in the case of public officers.
(2) Succeeding fiduciaries.—If the fiduciaries in whose names the bonds wereregistered have been succeeded by other fiduciaries, satisfactory proof of successorship must be furnished.
(3) Boards, committees, etc., as fiduciaries.—'If the fiduciaries consist of a board,,
committee, commission, or public body, or are otherwise empowered to act as a.
unit, a request for payment before maturity must be supported by a duly certified!




332

REPORT OF THE SECRETARY OF THE TREASURY

copy of a resolution of t h e board or other body authorizing such action. I n any
case the request m u s t be signed in the name of t h e board or other body by an
authorized officer or agent thereof.
(4) Corporate fiduciaries.—'If t h e fiduciary is a corporation, a request for paym e n t before m a t u r i t y m u s t be supported by a duly certified copy ot a resolution
of the governing body of t h e corporation or a standing bylaw authorizing such
action. I n any case the request m u s t be signed in t h e name of t h e corporation,
in t h e fiduciary capacity in which it is acting, by an authorized officer thereof.
(5) Registration not disclosing trust.—'If t h e form in which t h e bond is registered
does not show t h a t it belongs to a fiduciary estate or does not identify t h e estate
to which it belongs, satisfactory proof of ownership m u s t be furnished: Provided,
however, T h a t these provisions do not apply to bonds registered in t h e name of,
or held by t h e estate of, a decedent for whose estate a legal representative has been
appointed; such bonds are governed by t h e provisions of section 315.16 hereof.
(b) Reissue in the name of a succeeding fiduciary.—If a person in whose name a
savings bond is registered as a fiduciary has been succeeded as such fiduciary by
another person, t h e bond will be reissued in the name of t h e succeeding fiduciary
upon appropriate request and satisfactory, proof of successorship.
(c) Reissue in the name of, or payment to, the person entitled.—
(1) Distribution of trust estate in kind.—-A savings bond to which a beneficiary
of a t r u s t has become lawfully entitled, in whole or in part, under t h e terms of t h e
t r u s t , will be reissued in his name to t h e extent of his interest, as a distribution in
kind, upon t h e request of t h e trustee or trustees and their certification t h a t such
person is entitled and has agreed to reissue in his n a m e ; Provided, T h a t if a trustee
himself is so entitled in his own right, his request for reissue in his name m u s t be
supported by an order of court or other satisfactory proof t h a t he is so entitled, .
unless a cofiduciary joining in t h e request h a s no beneficial interest in t h e e s t a t e :
Provided, further, T h a t if t h e form in which the bond is registered does not show
t h a t it belongs to a t r u s t estate, t h e request for reissue m u s t be supported by
satisfactory proof of ownership.
(2) After termination of trust estate.—If t h e person wlio would be lawfully entitled
to a savings bond upon t h e termination of a t r u s t does not desire to have such
bond distributed to him in kind, as provided in t h e next preceding subparagraph,
t h e trustee or trustees should redeem t h e bond in accordance with the provisions of
- p a r a g r a p h (a) of this section, before the estate is terminated. If, however, t h e
estate is terminated without such p a y m e n t or reissue having been made, t h e bond
will thereafter be paid to or reissued in t h e name of t h e person lawfully entitled
upon his request and satisfactory proof of ownership, supplemented, if there are
t w o or more persons having any a p p a r e n t interest in the bond, by an agreement
executed by all such persons.
(3) Upon termination of guardianship estate.—A savings bond registered in t h e
name of a guardian or similar legal representative of t h e estate of a minor or
incompetent, if t h e estate is t e r m i n a t e d during the ward's life time, will be reissued
in t h e name of t h e former ward upon t h e representative's request a n d certification
t h a t t h e former ward is entitled and has agreed to reissue in t h e name of t h e former
ward ^ upon his own request, supported in either case by satisfactory proof t h a t his
disability has been removed: Certification by t h e representative t h a t a former
minor has attained his majority, or t h a t t h e legal disability of a female ward
has been removed by marriage, if t h e state law so provides, will ordinarily be
accepted as sufficient, b u t if the disability, is removed by court order a duly
certified copy of the order will be necessary. Upon t h e death of t h e ward a bond
registered in t h e name of his guardian or similar representative will be reissued in
accordance with t h e provisions of section 315.16 as though it were registered in
t h e name of t h e ward alone.
{d) Bonds held by trustee where reissue not authorized.-—Savings bonds of series
D issued after April 1, 1940, and defense savings bonds of series E, m a y be held
without change of registration by a trustee under t h e will of t h e deceased owner .
thereof (but m a y not be reissued in t h e name of such trustee). Bonds so held will
be paid, or, upon termination of t h e trust, will be reissued in t h e names of t h e
persons entitled in their own right, in accordance with t h e provisions of this section: Provided, T h a t proof o f t h e a p p o i n t m e n t and a u t h o r i t y of t h e trustee will
be required.
(e) Limitation on reissue.—Any reissue authorized in this section will be m a d e
only subject to t h e limitations set forth in-section 315.19.
< Revised June 26, 1941, see p. 337.




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333

SEC. 315.14. PRIVATE CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS, ETC.

(a) Payment to corporations or unincorporated associations.^-A savings bond
registered in t h e name of a private corporation or an unincorporated association
will be paid to such corporation or unincorporated association upon request for
p a y m e n t on its behalf by a duly authorized officer thereof. T h e signature to t h e
request should be in t h e form, for example, " T h e Jones Coal Company, a corporation, by William A. Smith, president," or " T h e Lotus Club, an unincorporated
association, by J o h n Jones, treasurer." A request for p a y m e n t so signed a n d
duly certified in accordance with section 315.8 hereof will ordinarily be accepted
without further proof of t h e officer's a u t h o r i t y .
(6) Payment to partnerships.—A savings bond registered in t h e name of a p a r t nership will be paid upon a request for p a y m e n t signed by a general partner.
T h e signature to t h e request should be in t h e form " S m i t h and Jones, a p a r t n e r ship, by J o h n Jones, a general p a r t n e r . " A request for p a y m e n t so signed a n d
duly certified in accordance with section 315.8 hereof will ordinarily be accepted as
sufficient proof t h a t t h e person signing t h e request is duly authorized.
(c) Reissue or paynient to successors of corporations, unincorporated associations,
or partnerships.—A savings bond registered in t h e n a m e of a private corporation,an unincorporated association, or partnership which has been succeeded by another
corporation, unincorporated association, or partnership as t h e result of merger,
consolidation, reincorporation, conversion, reorganization, or other succession
where t h e ownership of t h e succeeding organization is substantially identical with
t h a t of its predecessor, duly effected by a u t h o r i t y of law, will be p a i d to, or reissued
in t h e n a m e of, t h e respective succeeding corporation, unincorporated association,
or partnership upon appropriate request on its behalf supported by satisfactory
proof of successorship.
{d) Reissue or payment on dissolution.—
(1) Corporations.—^A savings bond registered in t h e n a m e of a p r i v a t e corporation which is in process of dissolution will be paid to t h e authorized liquidators of
t h e corporation on their request for p a y m e n t as such, or will be reissued in t h e
names of t h e stockholders entitled as distributees, to t h e extent of their respective
interests, upon t h e request of t h e authorized liquidators of t h e corporation a n d
their certification t h a t all t h e debts of t h e corporation have.been p a i d or properly
provided for a n d t h a t t h e persons in whose names reissue is requested, to t h e extent
specified, are entitled as stockholders a n d h a v e agre.ed to such reissue. I n a n y
case a request for p a y m e n t or reissue by t h e liquidators of a corporation m u s t be
supported by proof of their a u t h o r i t y in the form of a certified copy of the stockholders' authorizing resolution a n d such other evidence as t h e Secretary of t h e
T r e a s u r y m a y require, unless already on file.
(2) Partnerships.—A savings bond registered in t h e n a m e of a partnership
which has been dissolved by t h e death or withdrawal of a partner, or otherwise,
will be paid to, or reissued in t h e naine of, t h e persons entitled to t h e partnership
assets to t h e extent of their respective interests, upon t h e request of such persons
s u p p o r t e d by a certificate a n d agreement executed b y all surviving partners,former partners, a n d representatives of t h e estates of any deceased partners,
identifying themselves as such, showing t h a t t h e debts of t h e partpership have been'
paid or properly provided for, and setting forth their agreement with respect to t h e
ownership of t h e bonds.
(e) Limitation on reissue.—Any reissue authorized b y this section- will be m a d e
only subject to t h e limitations set forth in section 315.19.
SEC. 315.15. STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS,
AND OFFICERS

COMMISSIONS

(a) I n names of States, public corporations, and public boards.—A savings b o n d
registered in the n a m e of a State or of a county, city, town, village, or other public
corporation, or in the n a m e of a public board or commission, will be paid upon a
request signed in t h e n a m e of such State, corporation, board, or commission by a
d u l y authorized officer thereof. A request for p a y m e n t so signed and duly certified
in accordance with section 315.8 hereof will ordinarily be accepted without further
proof of t h e officer's authority.
{b) I n names of public officers.—A savings bond registered in t h e title, without
t h e narhe, of an officer of a State or public corporation, such as a county, city,
town, or village, will be paid upon request for p a y m e n t signed by t h e designated
officer. T h e fact t h a t t h e r e q u e s t for p a y m e n t is signed a n d duly certified in
accordance with section 315.8 hereof will ordinarily be accepted a s sufficient proof
t h a t t h e person signing is the incumbent of t h e designated office.
407631—42

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REPORT OF T H E SECRETARY OF T H E
S E C . 315.16. D E C E A S E D O W N E R S

TREASURY
•

{a) Payment or reissue on death .of owner.—Upon t h e d e a t h of t h e owner of a
savings bond, who was n o t survived by a coowner or designated beneficiary ^and
who h a d not during his lifetime presented a n d surrendered t h e bond to a Federal
Reserve Bank or t h e Treasury D e p a r t m e n t with a request for reissue signed b y
him and duly certified, t h e bond will be paid or reissued as hereinafter provided,
either p u r s u a n t to proceedings in a court having jurisdiction of t h e estate or, in
appropriate cases, without such proceedings. T h e provisions of this p a r a g r a p h
shall also apply to savings bonds registered in t h e names of executors or administrators except t h a t proof of their a p p o i n t m e n t a n d qualification m a y not be required. Established forms for use in such cases .may be obtained from a n y
Federal Reserve Bank or from t h e Treasury D e p a r t m e n t , Division of Loans a n d
Currency, Washington, D. C , and should be used in every instance.
(1) I n course of administration.—If t h e estate of t h e decedent is being administered in a court of competent jurisdiction, the bond will be paid to, or, when a d ministration is concluded, reissued in the names of, t h e persons entitled to share in
t h e estate, upon the request of the duly appointed and qualified representative of
t h e estate. If p a y m e n t is desired, t h e request for p a y m e n t on t h e back of t h e
bond should be signed by t h e representative and p a y m e n t will be m a d e only to
him. If reissue is desired, t h e representative should request reissue in t h e names
of t h e persons entitled a n d should certify t h a t they are so entitled to t h e extent
specified with respect to each, and t h a t t h e y h a v e agreed to such reissue. T h e
request for p a y m e n t or reissue should be signed in t h e form, for example, " J o h n
A. Jones, administrator of the estate (or.executor of t h e will) of H e n r y W. Jones,
deceased." Reissue will, be m a d e in the n a m e of the person, en titled, payable on
death to a designated beneficiary,, upon appropriaite request by such person, in
addition to t h e request a n d certification by t h e representative. A request for
p a y m e n t or reissue m u s t be supported by proof of the representative's authority.
Such, proof m a y consist of a court certificate or a certified copy of t h e representative's letters of a p p o i n t m e n t issued by t h e court having jurisdiction. T h e
certificate, or t h e certification to the letters, m u s t be under t h e seal of the court,
m u s t contain a s t a t e m e n t t h a t t h e a p p o i n t m e n t is in full force, a n d should.be
dated within six m o n t h s of t h e d a t e of presentation of t h e bond for p a y m e n t or
reissue. If t h e representative is himself t h e person entitled a n d desires reissue in
his own name, a special order of court showing t h a t he is entitled to t h e bond in
his own right m u s t be furnished. A request for p a y m e n t before m a t u r i t y on behalf
of a corporate fiduciary m u s t be supported by appropriate evidence as provided
in section 315.13 (a) (4).
{2) After settlement through court proceedings.—If t h e estate of t h e decedent has
been settled in a court of competent jurisdiction, t h e bond will be paid to, or
reissued in t h e name of, t h e persons entitled thereto under t h e terms of t h e final
account, decree of distribution, or other similar court records, supplemented, if
there are two or more persons having an a p p a r e n t interest in t h e bond, by an
agreement executed by all such persons. T h e persons entitled should request
p a y m e n t or reissue on appropriate forms, which m a y be obtained as above provided. T h e request for p a y m e n t or reissue, a n d t h e agreement, if necessary j
m u s t be supported by duly certified copies of the pertinent court records.
(3) Without administration.— If no legal representative of t h e decedent's estate
has been or is to be appointed, and if i t is established to the satisfaction of the
Secretary of the Treasury either t h a t the gross value of t h e personal estate does
not exceed $500, or t h a t administration of the estate is not required in t h e State
of the decedent's last domicile, the bond will be paid to, or reissued in the n a m e
of, the persons entitled to share in the estate p u r s u a n t to. an agreement by all
such persons without requiring administration of the estate: Provided, however,
T h a t reissue will not be made in the name of a creditor of the estate. T h e persons
entitled should request p a y m e n t or reissue on appropriate forms which m a y be
obtained as above provided. Unless otherwise directed by the Treasury D e p a r t m e n t t h e request for p a y m e n t or reissue m u s t be supported by (1) affidavits by
all persons entitled to a n y share in t h e estate, setting forth the facts in detail,
and their agreement for the distribution of t h e bond, (2) proof t h a t the debts of
the decedent and of his e s t a t e , h a v e been paid or provided for, (3) affidavits of
credibility bj^ two disinterested persons haviiig personal knowledge of the decedent
and his family, and (4) a d e a t h certificate or other proof of t h e d e a t h of t h e
decedent. The evidence should be submitted only on the form established for
t h a t purpose, which m a y be obtained as above provided. No p a y m e n t or reissue
will be permitted without administration if any of the persons entitled are minors




REPORT OF THE SOECRETARY OF- T H E TREASURY

335

or incompetents, except to t h e m or in their names, in whole or to the extent of
their interests in the decedent's entire personal estate, or upon compliance with
t h e provisions of sections 315.9 and 315.10 hereof governing p a y m e n t of savings
bonds registered in the names of such persons.
(6) Forms of registration on reissue.— I n no case will reissue as authorized in
this section be made in the names of two persons as coowners, nor will bonds
of series D bearing issue dates on or after April 1, 1940, or bonds of series E, be
reissued except in the names of natural persons (that is, individuals) in their own
right.
(c) Limitation on reissue.— Any reissue authorized by this section will be m a d e
only subject to the limitations set forth in section 315.19. .
SEC. 315.17. C R E D I T O R S ' RIGHTS AND JUDICIAL PROCEEDINGS

{a) J u d i c i a l proceedings.— T h e ownership of a savings bond or interest therein
m a y be transferred or established through valid judicial proceedings; Provided,
however. T h a t no such proceedings will be recognized if they would give effect
to an a t t e m p t e d voluntary transfer inter vivos of the bond or would defeat o r
impair .the rights of survivorship conferred by these regulations upon coownersand beneficiaries. P a y m e n t , or partial p a y m e n t in accordance with the p r o visions of section 315.8 {i) hereof, in an a m o u n t n o t in excess of t h e interest so
transferred or established, will he m a d e upon presentation and surrender of t h e
bond with the request for p a y m e n t duly executed, a t the redemption value current
30 days after the proceedings have become final, or current a t the time the bond
is presented for p a y m e n t , whichever is earlier. A bond or interest therein will
not be reissued as the result of judicial proceedings except in the case of a determination of ownership as between coowners, in which case t h e bond m a y be
reissued in the names of the respective coowners, to the extent of their respective
interests as determined by such proceedings, and only in authorized denominations.T h e request for p a y m e n t or reissue m u s t be sup.ported by a certified copy of t h e
j u d g m e n t or decree of court through which the ownership was transferred or
establisjied, certified copies of the records with respect to any necessary supplem e n t a r y proceedings, and a certificate by the clerk of t h e court showing t h a t no
appeal, motion for new trial, or other proceeding which m a y result in modifying
t h e j u d g m e n t or decree has been taken, made, or applied for, t h a t t h e time for
such action has expired (or t h a t such proceeding has been finally terminated),
and t h a t the j u d g m e n t or decree is in full force and effect and has become final
under the laws of the.jurisdiction.. T h e Secretary of the Treasury m a y in a n y
case require such further information, documents, and security as he m a y deem
necessary.
(6) Bankruptcy and insolvency.— P a y m e n t (but not reissue) of a savings bond
will be made to a duly qualified receiver or trustee in b a n k r u p t c y of the estate
of the registered owner, adjudicated b a n k r u p t or insolvent, upon request for
p a y m e n t duly executed by such receiver or trustee and supported by satisfactory
proof of his a p p o i n t m e n t and qualification.
SEC. 315.18. PLEDGE WITH SECRETARY OF TREASURY OR FEDERAL RESERVE B A N K S

(a) Deposit under Department Circulars No. 154 ci'^d No. 657.— Notwithstanding
any other provisions of this or any other circular, a savings bond m a y be pledged
by the_ registered owner in lieu of surety under the provisions of D e p a r t m e n t
Circular No. 154, amended: Provided, T h a t the bond approving officer is t h e
Secretary of the Treasury. I n such cases an irrevocable power of attorney shall
be executed authorizing the Secretary to request p a y m e n t , and p a y m e n t of t h e
bond will, if it becomes necessary, be made upon such request a t the then a p p r o priate redemption value. No pledge to a bond approving officer other t h a n the
Secretary, of the Treasury will be permitted. A savings bond m a y also be d e posited as security with a Federal Reserve Bank under the provisions of D e p a r t m e n t Circular No. 657 by an institution certified under t h a t circular as an issuing
agent for defense savings bonds of series E. In no other cases are savings b o n d s
suitable for use as collateral, nor will a power of attorney to request p a y m e n t b e
recognized in any other case.




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REPORT OF THE SECRETARY OF THE TREASURY
S E C . 315.19. R E I S S U f e A N D D E N O I k l l N A T I O N A L E X C H A N G E

(a) General.— Reissue of savings bonds in a different form of registration will
be made only in the following instances and only in denominations and forms bf
registration authorized for the bonds surrendered:
(1) To correct an established error in the original issue;
(2) To' show a change in the name of an owner or beneficiary whether by marriage or otherwise;
(3) As specifically provided in this circular.
Reissues pursuant to (2) and (3) above will be made only at the Treasury
Department, Division of Loans and Currency, Washington, D. C , upon a request
which must be signed by the person authorized by these regulations to make
such request, in the presence of, and be certified by, an authorized officer in accordance with section 315.8 {d) and {e). Requests for reissue should be executed on
appropriate forms which may be obtained from the Division of Loans and Currency or from any Federal Reserve Bank. Bonds held in excess of the prescribed
limit, calculated in accordance with section 315.4 hereof, will not be reissued
except insofar as reissue may be made pursuant to subparagraph (1) above.
(6) Limitation on reissue.—In any case where reissue is authorized by these
regulations, the Treasury Department reserves the right to treat the receipt of a
bond and appropriate request for reissue thereof by a Federal Reserve Bank or
the Treasury Department as determining the date upon which the reissue as
requested is effective.
(c) Denominational exchange.—Exchange as between authorized denominations
of savings bonds will not be permitted except in cases of partial redemption or
authorized reissue.
{d) New bonds on reissue.—In all cases of reissue the savings bonds will be of
the same series, will bear the same issue date, and will have the same rights and
privileges as the savings bonds surrendered.
S E C . 315.20. F U R T H E R

PROVISIONS

(a) Regulations prescribed.—These regulations are prescribed by the Secretary
of the Treasury as governing United States savings bonds issued under the authority of section 22 of the Second Liberty Bond Act, approved September 24, 1917,
as amended, and pursuant to the various department circulars offering such bonds
for sale. The provisions of Treasury Department Circular No. 300, as amended,
have no application to such savings bonds except as hereinbefore specifically
provided.
(b) Preservation of rights.—Nothing in these regulations contained shall be
construed to limit or restrict any existing rights which holders of savings bonds
heretofore issued may have acquired under the circulars offering such bonds for
sale, or under the regulations in force at the time of purchase.
(c) Additional proof; bond of indemnity.—The Secretary of the Treasury, in
any case arising under these regulations, may require such additional proof as he
may consider necessary or advisable in the premises; and may require a bond of
indemnity with satisfactory sureties, or an agreement of indemnity, in any case
where he may consider such a bond or agreement necessary for the protection of
the interests of the United States.
{d) Correspondence and forms.—Correspondence in regard to any transactions
in United States savings bonds under the provisions of these regulations should
be addressed to the Treasury Department, Division of Loans and Currency,
Washington, D. C. All evidence required in support of such transactions should
be filed with that division. Appropriate forms for use in connection with such
transactions may be secured from that division or from any Federal Reserve Bank.
' (e) Supplements, amendments, or revisions.—The Secretary of the Treasury may
at any time, or from time to time, prescribe additional, supplemental, amendatory
or revised rules and regulations governing United States savings bonds.




HENRY MORGENTHAU, Jr.,

Secretary of the Treasury.

REPORT OF T H E SECRETARY OF T H E TREASURY

337

Exhibit 27
First amendment, J u n e 26, 1941, to Department Circular No. 530, Fourth Revision,
relative to the registration of United States savings bonds i n the names of fiduciaries
TREASURY DEPARTMENT,

Washington, J u n e 26, 1941.
T o O W N E R S OF U N I T E D S T A T E S SAVINGS B O N D S , AND Q T H E R S C O N C E R N E D :

Sections 315.2 (c) (2), first sentence, a,nd 315.13 (c) (3) of D e p a r t m e n t Circular
No. 530, F o u r t h Revision, dated April 15, 1941^ are hereby revised to read as
follows:
^'Section 315.2 (c) {2).—In t h e names of fiduciaries of a single duly constituted
and wholly independent t r u s t estate considered as an entity in one of t h e forms
set forth in t h e following s u b p a r a g r a p h s . "
^'Section 315.13 (c) {3).—Upon termination of guardianship estate.—A savings
bond registered in t h e name of a guardian or similar legal representative of t h e
estate of a minor or incompetent, if t h e estate is terminated during t h e w a r d ' s
lifetime, will be reissued in t h e n a m e of t h e former ward upon t h e representative's
request a n d certification t h a t t h e former ward is entitled and has agreed to reissue
in his name, or will be paid to or reissued in t h e n a m e of t h e former-ward upon
his own request, supported in either case by satisfactory proof t h a t his disability
has been removed. Certification b y t h e representative t h a t a former minor h a s
attained his majority, or t h a t t h e legal disability of a female ward has been
removed b y marriage, if t h e State law so provides, will ordinarily be accepted as
sufficient, b u t if t h e disabihty is removed by court order a duly certified copj^ of
the order will be necessary. Upon t h e death of t h e ward a bond registered in t h e
n a m e of his guardian or similar representative will be reissued in accordance with
t h e provisions of section 315.16 as though it were registered in t h e n a m e of t h e
ward alone."
H E N R Y M O R G E N T H A U , Jr.,

Secretary of the Treasury.

Miscellaneous
Exhibit 28
A n act to increase the debt limit of the United States, to provide fdr the Federal taxation
of future issues of obligations of the United States and its instrumentalities, and
for other purposes
[Public Law 7, 77th Coiig., H. R. 2959]

Be it enacted by the Senate and House of Representatives of the United States of
America i n Congress assembled. T h a t this Act m a y be cited as t h e Public D e b t
Act of 1941.
SEC. 2. (a) Section 21 of t h e Second Liberty Bond Act, as amended, is further
amended to read as follows:
" S E C . 2 1 . T h e face a m o u n t of obligations issued under t h e authority of this
Act shall not exceed in t h e aggregate $65,000,000,000 outstanding a t a n y one
time."
(b) T h e authority granted in t h e following provisions of law to issue obligations
is t e r m i n a t e d :
(1) Section 32 of t h e Act entitled " A n Act t o provide ways a n d means to m e e t
war expenditures, and for other purposes", approved J u n e , 13, 1898, as amended
(U. S. C , 1934 edition, title 31, sec. 756) (authorizing t h e issue of $300,000,000
certificates of indebtedness);
(2) Section 6 of t h e First Liberty Bond Act, as amended (U. S. C , 1934 edition,
title 31, sec. 755) (authorizing t h e issue of $2,000,000,000 certificates of indebtedness) ; a n d
(3) Section 6 of t h e Second Liberty Bond Act, as amended (U. S. C , 1934:
edition, title 3 1 , sec. 757) (authorizing t h e issue of $4,000,000,000 of war savings
certifi ca tp^ i
(c) Section 301 of title I I I of t h e Revenue Act of 1940 (54 Stat. 526) (creating
a special fund for t h e retirement of defense obligations) is repealed.
SEC. 3. Section 22 of t h e Second Liberty Bond Act, as amended (U. S. C ,
title 3 1 , sec. 757c), is amended to read as follows:




338

REPORT OF THE SECRETARY OF THE . TREASURY

" S E C . 22. (a) The Secretary of the Treasury, with the approval of the President, is authorized to issue, from time to time, through the Postal Service or otherwise, United States savings bonds and United Stated Treasury savings certificates,
t h e proceeds of which shall be available to meet any public expenditures authorized
by law, and to retire any outstanding obligations of the United States bearing
interest or issued on a discount basis. T h e various issues and series of the savings
bonds and the savings certificates shall be in such forms, shall be offered in such
amounts, subject to the limitation imposed by section 21 of this Act, as amended,
and, shall be issued in such manner and subject to such terms and conditions
consistent with subsections (b), (c), and (d) hereof, and including any restrictions
on their transfer, as the Secretary of the Treasury m a y from time to time prescribe.
"(b) Savings bonds and savings certificates m a y be issued on an interestbearing basis, on a discount basis, or on a combination interest-bearing a n d discount basis and shall m a t u r e , in the case of bonds, not m o r e t h a n t w e n t y years,
and in the case of certificates, not more t h a n ten years, from t h e date as of which.
issued. Such bonds and certificates m a y be sold a t such price or prices, and .
redeemed before m a t u r i t y upon such terms and conditions as t h e Secretary of t h e
Treasury m a y prescribe: Provided, T h a t t h e interest rate on, and the issue price of,
savings bonds and savings certificates and t h e terms upon which they m a y be
redeemed shall be such as to afford an investment yield not in excess of 3 per
centum per annum, compounded semiannually. T h e denominations of savings
bonds and of savings certificates shall be such as t h e Secretary of t h e Treasury
. m a y from time to time determine and shall be expressed in terms of their m a t u r i t y
values. The Secretary of the Treasury is authorized by regulation to fix t h e
a m o u n t of savings bonds and savings certificates issued in any one year t h a t m a y
be held b y any one person a t any one time.
' "(c) T h e Secretary of t h e ' T r e a s u r y may,', under such' regulations and upon
such terms and conditions as he m a y prescribe, issue, or cause to be issued,
stamps, or m a y provide any other means to evidence p a y m e n t s for or on account
of t h e savings bonds a n d savings certificates authorized b y this section, and he
m a y m a k e provision for t h e exchange of savings certificates for savings bonds.
T h e limitation on the authority of t h e Postmaster General to prescribe the denominations of postal-savings stamps contained in the second p a r a g r a p h of section
6 of the Act of June 25, 1910, as amended (U. S. C , title 39, sec. 756), is removed;
a n d the Postmaster General is authorized, for t h e purposes of such section and
to encourage and facilitate the accumulation of funds for the purchase of savings
bonds and savings certificates, to prepare and issue postal-savings stamps in such
denominations as he m a y prescribe.
. "(d) T h e provisions of section 7 of this Act, as amended (relating to exemptions from taxation), shall apply to savings bonds issued before the effective date
of the Public D e b t Act of 1941. For purposes of taxation any increment in value
represented by the difference between t h e price paid and the redemption value
received (whether a t or before maturity) for savings bonds and savings certificates
shall be considered as interest. T h e savings bonds and the savings certificates
shall not bear the circulation privilege.
"(e) T h e appropriation for expenses provided by section 10 of t h i s Act and
extended'by t h e Act of J u n e 16, 1921 (U. S. C , title 31, sees. 760 a n d 761), shall
be available for all necessary expenses under iihis section, and t h e Secretary of
t h e Treasury is authorized to advance, from time to time, to the Postmaster
General from such appropriation such sums as are shown to be required for t h e
expenses pf the Post Office D e p a r t m e n t and of the Postal Service, in connection
with the handling of savings bonds, savings certificates, and stamps or other means
provided to evidence p a y m e n t therefor, which.sums m a y be used for additional
employees or any other expenditure, wherever or in whatever class of post office
incurred, in connection with such handling.
"(f) No further original issue of bonds authorized by section 10 of t h e Act
approved J u n e 25, 1910 (U. S. C , title 39, sec. 760), shall be m a d e after July 1,
1935.




REPORT OF THE SiECRETARY OF T H E TREASURY

339

"(g) At t h e request of t h e Secretary of t h e Treasury t h e Postmaster General,
under such regulations as he m a y prescribe, shall require t h e employees of t h e
Post Office D e p a r t m e n t and of t h e Postal .Service to perform, without extra
compensation, such fiscal agency services as m a y be desirable and practicable in
connection with t h e issue, delivery, safekeeping, redemption, or p a y m e n t of t h e
savings bonds and savings certificates, or in connection with any s t a m p s or other
means provided to evidence p a y m e n t s . "
SEC. 4. (a) Interest upon, and gain from t h e sale or other disposition of, obligations issued on or after t h e effective date of this Act by t h e United States or any
agency or instrumentality thereof shall not have any exemption, as such, and loss
•from t h e sale or other disposition of such obligations shall not have any special
t r e a t m e n t , as such, under Federal tax Acts now or hereafter enacted; except t h a t
any such obligations which t h e United States Maritime Commission or t h e
Federal Housing Administration has, prior to t h e effective date of this Act, cont r a c t e d to issue a t a future date, shall when issued bear such tax-exemption
privileges as were, a t t h e time of such contract, provided in t h e law authorizing
their issuance. For t h e purposes of this subsection a Territory, a possession of
t h e United Staltes, and t h e District of Columbia, and any political subdivision
thereof, and any agency or instrumentality of any one or more of t h e foregoing,
shall not be considered as an agency or instrumentality of t h e United States.
(b) T h e provisions of this section shall, with respect to such obligations, be
considered as a m e n d a t o r y of and supplementary to t h e respective Acts or p a r t s
of Acts authorizing the issuance of such obligations, as amended and supplemented.
S E C . 5. This Act, except sections 2 (b) and (c), shall become effective on t h e
. first day of t h e m o n t h following t h e d a t e of its enactment.
Approved, February 19, 1941.

Exhibit 29
An act to adjust certain losses occurring in the redemption of adjusted service bonds
[Public Law 130, 77th Cong., H. R. 3847]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, T h a t , whereas, in effecting t h e distribution a n d
redemption of adjusted-service bonds in t h e years 1936 a n d 1937, as authorized
by t h e Ac^t of J a n u a r y 27, 1936 (ch. 32), as amended by t h e Act of J u n e 3, 1936
(ch. 482, 49 Stat. 1099, 1396; 38 U. S. C. 1934 edition,.Supp. V, sees. 686-688b),
certain misdeliveries and erroneous p a y m e n t s were made, due for t h e most p a r t
to circumstances beyond their control, by certain postmasters and postal employees designated a t t h e request of t h e Secretary of t h e Treasury to perform such
fiscal agency service p u r s u a n t to t h e provisions of said Act of J u n e 3, 1936, t h e
Comptroller General of t h e United States, t h e Secretary of t h e Treasury, t h e
Treasurer of t h e United States, and t h e Postmaster General are authorized, in
those cases where it shall be jointly determined by t h e Postmaster General and
t h e Secretary of t h e Treasury t h a t such misdeliveries and erroneous p a y m e n t s
occurred without negligence upon t h e p a r t of t h e postmaster or postal employee
charged with t h e error, to relieve t h e m of such charges. There are hereby
appropriated, out of any money in t h e Treasury not otherwise appropriated, such
sums as m a y be necessary to effect t h e relief hereby granted, n o t to exceed, however, t h e aggregate sum of $6,000: Provided, T h a t in those instances where t h e
misdeliveries or erroneous p a y m e n t s referred to herein have resulted in failure of
t h e t r u e beneficiaries or payees to receive securities or p a y m e n t s , proper deliveries
a n d p a y m e n t s shall be p r o m p t l y m a d e to t h e m as contemplated by t h e Act of
J a n u a r y 27, 1936, as a m e n d e d : Provided further, T h a t no p a r t of t h e a m o u n t
appropriated in this Act in excess of 10 per centum thereof shall be paid or delivered
to or received by any agent or a t t o r n e y on account of services rendered in connection with this claim, and t h e same shall be unlawful, any contract to t h e contrary
notwithstanding. Any person violating t h e provisions of this Act shall be deemed
guilty of a misdemeanor and upon conviction thereof shall be fined in any sum n o t
exceeding $1,000.
Approved, J u n e 24, 1941.




340

REPORT OF THE SECRETARY OF THE TREASURY
SECURITIES GUARANTEED BY THE UNITED STATES
Exhibit 30
Offering of % percent notes of series F of the Commodity Credit Corporation

On July 24, 1940, Secretary of the Treasury Morgenthau, on behalf of the Commodity Credit Corporation, invited subscriptions for 2 year 9 month, ^ percent
notes of series F of the Corporation, in the amount of $250,000,000, or thereabouts.
[Department Circular No. 638. Public Debt]
TREASURY DEPARTMENT,

Washington, July 24f 1940,
I. OFFERING OF NOTES

1. The Secretary of the Treasury, on behalf of the Commodity Credit Corporation, invites subscriptions, at par and accrued interest, from the people of the
United States for notes of the Commodity Credit Corporation,, designated %
percent notes of series F. The amount of the offering is $250,000,000, or thereabouts.
II. DESCRIPTION OF NOTES

1. The notes will be dated August 1, 1940, and will bear interest from that
date at the rate of y^ percent per annum, payable on a semiannual basis on November 1, 1940, and thereafter on May 1 and November 1 in each year until the principal amount becomes payable. They will mature May 1, 1943, and will not be
subject to call for redemption jprior to maturity.
2. These notes are issued under the authority of the act approved March 8,
1938 (Public No. 442, 75th Congress), as amended, which provides that these
notes shall be fully and unconditionally guaranteed both as to interest and principal by the United States; that they shall be deemed and held to be instrumentalities of the Government of the United States, and as such they and the income
derived therefrom. shall be exempt from Federal, State, municipal, and local
taxation (except surtaxes, estate, inheritance, and gift taxes); and that the notes
shall be lawful investments and may be accepted as security for all fiduciary,
trust, and public funds the investment or deposit of which shall be under the
authority or control of the United States or any officer or officers thereof.
3. The authorizing act further provides that in the event the Commodity
Credit Corporation shall be unable to pay upon demand, when due, the principal
of, or interest on, such obligations, the Secretary of the Treasury shall pay to the
holder the amount thereof which is authorized to be appropriated, out of any
money in the Treasury not otherwise appropriated, and thereupon to the extent
of the amount so paid the Secretary of the Treasury shall succeed to all the rights
of the holders of such obligations.
4. Bearer notes with interest coupons attached '^ill be issued in denominations
of $1,000, $5,000, $10,000, and $100,000. The notes will not be issued in registered form.
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and branches
and at the Treasury Department, Washington. Banking institutions generally
may submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions from banks and trust companies for
their own account will be received.without deposit but will be restricted in each
case to an amount not exceeding one-half of the combined capital and surplus of
the subscribing bank or trust company. Subscriptions from alf others must be
accompanied by payment of 10 percent of the amount of notes applied for.




'

341

REPOET OF THE SECRETARY OF THE TREASURY

2. The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, and to close
the books as to any or all subscriptions at any time without notice; and any action
he may take in these respects shall be final. Allotment notices will be sent out
promptly [upon allotment, and the basis of the allotment willbe publicly announced;
IV.

PAYMENT

1. Payment at par and accrued interest, if any, for notes allotted hereunder must
be made or completed on or before August 1, 1940, or on later allotment. In
every case where payment is not so completed, the payment with application up
to 10 percent of the amount of notes applied for shall, upon declaration made by
the Secretary of the Treasury in his discretion, be forfeited to the United States.
V. G E N E R A L PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive payment
for notes allotted, to make delivery of notes on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive^ notes.
2. The Secretary of the Treasury may at any time, orirom time to time, prescribe supplemental or amendatory rules and regulations governing the offering,
w^hich will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury,

Exhibit 31
Subscriptions and allotments. Commodity Credit Corporation notes of series F {fro.m
press releases, July 25 and 29, and August 1, 1940)
On July 24, 1940, Secretary of the Treasury Morgenthau announced that the
subscription books for the offering of % percent notes of series F of the Commodity
Credit Corporation closed at the close of business July 24, 1940. Subscriptions
aggregated $3,185,206,000, of which $289,458,000 were allotted. Subscriptions
were allotted 9 percent, but not less than $1,000 on any. one subscription. Subscriptions and allotments were divided among the Federal Reserve districts as
follows:
Subscriptions
received

Federal Reserve district
Boston
NewYork
Philadelphia.
Cleveland
Richmond
Atlanta.
Chicago
-_
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco

_.
. .

. .

__.

.
__.

_

Total...




_
'
i.

_

_

Subscriptions
allotted

$198,303,000
1, 590,407,000
130, 218,000
216, 021,000
88,199,000
75,166, 000
434, 250,000
77, 325,000
37, 368, 000
47, 457, 000
51,421,000
239, 071, 000

$17,960,000
143,436,000
11,819,000
19, 616,000
8, 204, G O
O
7, 622, 000
39, 523,000
7, 237,000
' 3,444,000
4, 352. 000
4, 698, 000
21, 547,000

3,185, 206,000

289,458,000

342

REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 32

Partial redemption, before maturity, of 2y4. percent mutual mortgage insurance fund
debentures, series B {fourth call)
[Department Circular No. 642. Public Debtl
TREASURY

DEPARTMENT,

Washington, September 26, 1940.
To Holders of 2yi Percent Mutual Mortgage Insurance Fund Debentures, Series B:
I. NOTICE OF FOURTH CALL FOR PARTIAL REDEMPTION, BEFORE MATURITY, OF
2H PERCENT MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, SERIES B

The Federal Housing Administrator, with the approval of the Secretary of the
Treasury, has issued the following notice of call for partial redemption and offer to
purchase with respect to 2% percent mutual mortgage insurance fund debentures,
series B:
'Tursuant to the authority conferred by the National Housing Act (48 Stat.
1246; U. S. C , title 12, sec. 1701 et seq.) as amended, public notice is hereby given
that 2% percent mutual mortgage insurance fund debentures, series B, of the
denominations and serial numbers designated below, are hereby called for redemption, at par and accrued interest, on January 1, 1941, on which date interest
on such debentures shall cease:
Serial numbers
(All numbers inclusive)

Denomination

$50
427 to 618
$100
.
1,461 to 2, 259
$500
752 to 946
$1,000
'
1, 915 to 2, 889
$5,000
•116 to 177
$10,000
14 to
19
^'The debentures first issued, as determined by the serial numbers, were selected
for redemption by the Federal Housing Administrator, with the approval of the
Secretary of the Treasury.
''No transfers or denominational exchanges in debentures covered by the foregoing call will be made on the books maintained by the Treasury Department on
or after October 1, 1940. This does not affect the right of the holder of a debenture
to sell and assign the debenture on or after October 1, 1940, and provision will be
made for the pa3^ment of final interest due January 1, 1941, with the principal
thereof to the actual owner, as shown by the assignments thereon.
"The Federal Housing Administrator hereby offers to purchase any debentures
included in this call at any time from October 1, 1940, to December 31, 1940,
inclusive, at par and accrued interest, to date of purchase.
"Instructions for the presentation and surrender of debentures for redemption
on or after January 1, 1941, or for purchase prior to that date will be given by the
Secretary of the Treasury."
II. TRANSACTIONS IN FOURTH-CALLED DEBENTURES

1. The debentures included in the foregoing notice of call for partial redemption
on. January 1, 1941, are hereby designated fourth-called 2^4 percent mutual
mortgage insurance fund debentures, series B, and ai:e hereinafter referred to as
fourth-called debentures.
2. Transfers and denominational exchanges in fourth-called debentures will
terminate at the close of business on September 30, 1940.
III.

REDEMPTION OR PURCHASE

1. Holders of fourth-called debentures will be entitled to have such debentures
redeemed and paid at par on January 1, 1941, with interest in full to that date,
at the rate of $13.75 per $1,000. Interest on fourth-called debentures will cease
on .January 1, 1941.
;
2. Holders of fourth-called debentures have the privilege of presenting such
debentures at any time from October 1 to December 31, 1940, inclusive, for
purchase at par and accrued interest, at the rate of. $.074728 per $1,000 per day
from July 1, 1940, to date of purchase.




REPORT OF T H E .SiECRETARY^ OF T H E .TREASURY

343

IV. RULES AND REGULATIONS GOVERNING REDEMPTIOJ^; AND PURCHASE.

. 1. T h e United States Treasury D e p a r t m e n t is t h e agent of the Federal Housing
Administrator for the redemption and purchase of fourth-called debentures. I n
accordance with regulations adopted by the Federal Housing Administrator and
approved by the Secretary of t h e Treasury, t h e assignment, redemption, and purchase of fourth-called debentures will be governed by the general regulations of
the Treasury D e p a r t m e n t with respect to United States bonds and notes, so far
as applicable, except as otherwise provided herein.
2. Fourth-called debentures presented for redemption on J a n u a r y 1, 1941, or
for purchase from October 1 to December 31, 1940, inclusive, m u s t be assigned
by the registered payee or assignee thereof or by their duly constituted representatives in the form indicated in paragraph 3 hereof, and should thereafter be
presented and surrendered to any Federal Reserve Bank or to the Division of
Loans and Currency, Treasury D e p a r t m e n t , Washington, D. C , accompanied
by appropriate written advice. (Use F o r m P. D. 1662 attached hereto.) T h e
debentures m u s t be delivered a t t h e expense and risk of t h e holders. (See p a r a graph 8 of this section.) I n all cases checks in p a y m e n t of principal and final
interest will be mailed to the address given in the form of advice accompanying
t h e debentures when surrendered.
3. If the registered payee or an assignee holding under proper assignment from
the registered payee desires t h a t p a y m e n t be m a d e to him, the debentures should
be assigned by such payee or assignee or by a duly constitued representative to
" T h e Federal Housing Administrator for redemption" or to " T h e Federal Housing
Administrator for purchase," according to whether the debentures are to be^
presented for redemption on J a n u a r y 1, 1941, or for purchase prior to t h a t date.
If it is desired for any reason t h a t p a y m e n t be made to some other person without
intermediate assignment, t h e debentures should be assigned to " T h e Federal
Housing Administrator for redemption (or purchase) for the account of
," inserting the name and address of the person to whom p a y m e n t is to be m a d e .
4. An assignment in blank or other assignment having similar effect will be
recognized, b u t in t h a t event p a y m e n t wih be made to the person surrendering
the debenture for l-edemption or purchase since, under such an assignment, t h e
debenture becomes in effect payable to bearer. Assignments in blank or assignments having similar effect should be avoided, if possible, in order not t o lose t h e
protection afforded by registration.
5. Final interest on any fourth-called debentures, whether purchased prior to,
or redeemed on or after J a n u a r y 1, 1941, will be paid with the principal in accordance with t h e assignments on the debentures surrendered.
6. All assignments m u s t be m a d e on t h e debentures themselves unless otherwise directed by t h e Treasury D e p a r t m e n t . D e t a c h e d assignments will be recognized a n d accepted in any pa,rticular case in which t h e use of detached assignm e n t s is specifically authorized by t h e Treasur}^ D e p a r t m e n t . Any assignment
not m a d e upon t h e debenture is considered a detached assignment.
7. A fourth-called debenture registered in t h e n a m e of, or assigned to, a corporation, will be paid to such corporation on or after J a n u a r y 1, 1941, upon an
appropriate assignment for t h a t purpose executed on behalf of t h e corporation by
a duly authorized officer thereof. An assignment so executed a n d duly a t t e s t e d
in accordance with Treasury D e p a r t m e n t regulations will ordinarily be accepted
without proof of t h e oflScer's a u t h o r i t y . I n all cases coming under this provision
p a y m e n t will be m a d e only by check drawn to t h e order of t h e corporation.
Proof of t h e a u t h o r i t y of t h e officer assigning on behalf of a corporation will be
required, in accordance with t h e general regulations of t h e Treasury D e p a r t m e n t ,
in t h e case of assignments for purchase prior to J a n u a r y 1, 1941, and in case of
assignments for redemption on or after J a n u a r y 1, 1941, for t h e account, of a n y
person other t h a n t h e corporation.
8. Debentures presented for redemption or purchase under this circular m u s t
be delivered t o a Federal Reserve B a n k or to t h e Division of Loans a n d Currency,
Treasury D e p a r t m e n t , Washington, D . C , a t t h e expense and risk of t h e holder.
Debentures bearing restricted assignments m a y be forwarded by registered mail,
b u t debentures bearing unrestricted assignments should be forwarded by registered
mail insured or h j express prepaid.
9. I n order to facilitate t h e redemption of fourth-called debentures on J a n u a r y
1, 1941, any such debenture m a y be presented a n d surrendered in t h e m a n n e r
herein prescribed in advance of t h a t date b u t not before December I, 1940.
Such earlv presentation by holders will insure p r o m p t p a y m e n t of principal a n d
interest when due.




344

REPORT OF THE SECRETARY OF THE TREASURY
•-^

V. GENERAL PROVISIONS, j V

1. Any further information which may be desired,regarding.the redemption of
fourth-called debentures under this circular,,may be,,obtained from any Federal
Reserve Bank or from the Division of. Loans and.Currency, Treasury Department, Washington,. D. C , where copies of the Treasury, Department's regulations
governing assignments may be obtained,
.,
^ 2. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time or from time to time prescribe supplemental
and amendatory rules and regulations governing the matters covered by this
circular, which will be communicated promptly to the registered owners of fourthcalled debentures.
HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.
TREASURY DEPARTMENT
Fiscal Service

;

BUREAU GF THE PUBLIC D E B T
Form PD 1662

Form of Advice to accompariy fourth-called 2y4 percent mutual mortgage insurance
fund debentures, series B, presented for redemption on January 1, 1941 j or for
purchase prior to that date
To i/ie FEDIERAL RESERVE BANK OF

or
TREASURY DEPARTMENT, DIVISION OF LOANS AND CURRENCY, Washing-

ton, D. C :
Pursuant to the provisions of Treasury Department Circular No. 642, dated
September 26, 1940, the undersigned presents and surrenders herewith for
(Indicate whether for immediate purchase or for redemption on January 1,1941)

$_-.
, face amount of fourth-called 2 ^ percent mutual mortgage insurance
fund debentures, series B, registered in the name of
and
duly assigned to "The Federal Housing Administrator for
^
,*"
as follows:
Number of debentures

Denomination

$50
100
500
1,000
5,000
10, 000
TotaL

Serial numbers of debentures

Face amount

$ -

$

and requests that remittance covering payment therefor be forwarded to the
undersigned at the address indicated below.
Signature
. ,
Name (please print)
Address in full
Date
*Debentures presented for immediate purchase should be assigned to " T h e Federal Housing Administrator for purchase"; debentures presented for redemption on January 1, 1941 , should be assigned to "The
Federal Housing Administrator for redemption."




REPORT OF T H E SiECRETARY OF T H E TREASURY

345

Exhibit 33
P a r t i a l redemption, before maturity, of 2yA percent mutual mortgage insurance fund
debentures, series B {fifth call)
[Department Circular No. 656. Public Debt]
TREASURY

DEPARTMENT,

Washington, March 25, 1941.
To Holders of 2y4, Percent Mutual Mortgage Insurance F u n d Debentures, Series B :
1, NOTICK OF F I F T H CALL F O R PARTIAL REDEMPTION, B E F O R E MATURITY, OF 2%
P E R C E N T MUTUAL MORTGAGE INSURANCE FUND DEBENTURES, S E R I E S B

T h e Federal Housing Administrator, with t h e approval of t h e Secretary of t h e
Treasury, has issued t h e following notice of call for partial redemption and offer t p
purchase with respect to 2 ^ percent m u t u a l mortgage insurance fund debentures,^
series B :
" P u r s u a n t t o t h e a u t h o r i t y conferred b y t h e National Housing Act (48 Stat:1246; U. S. C , title 12, sec. 1701 et seq.) as amended, public notice w hereby given'
t h a t 2% percent m u t u a l mortgage insurance fund debentures, scries B, of t h e
denominations a n d serial numbers designated below, are hereby called for redemption, a t par and accrued interest, on J u l y 1, 1941, on which d a t e iii terest on such
debentures shall cease:
.
:r • '
•

Serial numbers
{All numbers
inclusive)

• •"'.
Denomination

$50__-_-.-.__..,
619 to
838
$100
^
.._-__
_._..__.._ 2,260 to 3,112
$500
-.
.
___...__._-_„..._947 tol, 190 $1,000_.
._-._..._
.__._.. 2, 890 to 3,999
$5,000
178 to 247
$10,000___-----....-„-.__.
--.
20 to
30
" T h e debentures first^ssued, as determined b y t h e serial numbers, were selected
for redemption by t h e Federal Housing Administrator, with t h e approval of t h e
Secretary of t h e T?reasary.
" N o transfers or denominational exchanges in debentures covered b y t h e
foregoing call will be m a d e on t h e books maintained b y t h e T r e a s u r y Dejpartment
on or after April 1, 1941. This does not .effect t h e right of t h e holder of a debenture to sell a n d assign t h e debenture on or after April 1, 1941, and provision w-ilt
be m a d e for t h e p a y m e n t of final interest due July 1, 1941, with t h e principal
thereof to t h e actual owner, as shown by t h e assignments thereon.
• •
" T h e Federal Housing Administrator hereby offers to purchase a n y debentures
included in this call a t a n y time from April 1 to J u n e 30^ 1941, inclusive, a t p a r
and accrued interest, t o d a t e of purchase.
"Instructions for t h e presentation and surrender of debentures for redemption
on or after July 1, 1941, or for purchase prior to t h a t date will be given by t h e
Secretary" o f t h e T r e a s u r y . "
II. TRANSACTIONS I N FIFTH-CALLED D E B E N T U R E S

1. T h e debentures included in t h e foregoing notice uf call for partial redemption
on July, 1, 1941, are hereby designated fifth-called 2% percent mutn.al mortgageinsurance fund debentures, series B, and are hereinafter referred to as fifth-called,
debentures.
• 2. Transfers a n d denominational exchanges in fifth-called debentures will
t e r m i n a t e a t t h e close of business on March 3 1 , 1941.
'
III. RiEDEMPTION OR P U R C H A S E

,

'

1. Holders of fifth-called debentures will be entitled t o h a v e such debenturesredeemed a n d paid a t p a r on July 1, 1941, with interest in full to t h a t date, a t t h e
r a t e of $13.75 per $1,000. Interest on fifth-called debentures will cease on July 1,
1941.
2. Holders of fifth-called debentures have t h e privilege of piesenting such debentures a t an}^ time from April 1 to J u n e 30, 1941, inclusive, for purchase a t p a r
and accrued interest, a t the r a t e of $.075967 per $1,000 per d a y from J a n u a r y 1;.
1941, t o d a t e of purchase.




346

REPORT OF THE SECRETARY OF THE TREASURY
IV. RULES AND REGULATIONS GOVERNING REDEMPTION AND PURCHASE

1. T h e United States Treasury D e p a r t m e n t is the agent of t h e Federal Housing
Administrator for t h e redemption, and purchase of fifth-called debentures. In
accordance with regulations adopted by the Federal Housing Administrator a n d
approved b y t h e Secretary of t h e Treasury, t h e assignment, redemption, and
purchase of fifth-called deb'^ntures will be governed by the general regulations of
t h e Treasury D e p a r t m e n t with respect to United States bonds a n d notes, so far
as applicable, except as otherwise provided herein.
2. Fifth-called' debentures presented for redemption on July 1, 1941, or for
purchase from April 1 to J u n e 30, 1041, inclusive, m u s t be assigned by t h e registered payee or assignee thereof or by their duly constituted representatives in t h e
form indicated in p a r a g r a p h 3 hereof, a n d should thereafter be presented and surrendered to any Federal Reserve Bank or to t h e Division of Loans and Currency,
T r e a s u r y D e p a r t m e n t , Washington, D. C , accompanied by appropriate written
advice. (Use Form P D 1678 attached hereto.) T h e debentures m u s t be delivered a t t h e expense and risk of the'holders. (See par. 8 of this section.) In
all cases checfe-in p a y m e n t ' o f principal and final interest will be-mailed to t h e
address i^given in t h e foi-m-of advice accompanying t h e debentures ^ when surrendered.
3. If t h e registered payee or an assignee holding under proper assignment from
t h e registered payee desires t h a t p a y m e n t be m a d e to him, t h e debentures should
be assigned by such payee or assignee or by a duly constituted representative to
" T h e Federal Housing Administrator for redemption'' or to " T h e Federal Housing .Administrator for purchase," according to whether t h e debentures are to be
presented for redemption on July 1, 1941, or for purchase prior to t h a t date. If
i t is desired for any reason t h a t p a y m e n t be m a d e to some other person without
intermediate assignment, t h e debentures should be assigned to " T h e Federal
Housing Administrator for redemption (or purchase) for t h e account of
:
, " inserting t h e n a m e and address of t h e person to whom paj^ment is to
be m a d e .
4. An assignment in blank or other assignment having similar effect will be
recognized, b u t in t h a t event p a y m e n t will be m a d e to t h e person surrendering
t h e debenture for redemption or purchase since, under such an assignment, t h e
debenture becomes in effect payable to bearer. Assignments in blank or assignm e n t s having similar effect should be avoided, if possible, in order not t o lose t h e
protection afforded by registration.
5,. Final interest on a n y fifth-called debentures, .whether purchased prior to,
or redeenied* on or aift'er July 1, 1941, will be paid witli t h e principal in accordance
with t h e assignments on t h e debentures surrendered.
6. All assignments m u s t be m a d e on the debentures themselves unless otherwise
directed by t h e Treasury D e p a r t m e n t . Detached assignments will be recognized
a n d accepted in any particular case in which t h e use of detached assignments is
specifically authorized by t h e Treasury D e p a r t m e n t . Any assignment n o t m a d e
upon t h e debenture is considered a detached assignment.
7. A fifth-called debenture registered in^ the n a m e of, or assigned to, a corporation, will be paid to such corporation on or after July 1,1941, upon an appropriate
assignment for t h a t purpose executed on behalf of^ t h e corporation by a duly
authorized officer thereof. An assignment so executed and duly attested in
accordance with Treasury D e p a r t m e n t regulations will ordinarily b e accepted
without proof of t h e oflScer's authority. I n all cases coming under this provision
p a y m e n t will be m a d e only by check drawn to t h e order of t h e corporation.
Proof of t h e authority of"the officer assigning on behalf of a corporation will b e
required, in,accordance with t h e general regulations of the Treasury D e p a r t m e n t ,
in t h e case of assignments for purchase prior to July 1,' 1941, and in case of assignm e n t s for redemption on or after July 1, 1941, for the account of any person other
t h a n t h e corporation.
8. Debentures presented for redemption or purchase under this circular m u s t b e
delivered to a Federal Reserve Bank or to t h e Division of Loans and Currency,
Treasury D e p a r t m e n t , Washington, D . C , a t the expense and risk of t h e holder.
Debentures bearing restricted assignments m a y be forwarded by registered mail,
b u t debentures bearing unrestricted assignments should be forwarded by registered
mail insured or by express prepaid.




347

REPORT OF THE SECRETARY OF THE TREASURY

9. Tn order to facilitate the redemption of fifth-called debentures on July 1, 1941,
any such debenture m a y be presented a n d surrendered in t h e manner herein
prescribed in advance of t h a t date b u t n o t before J u n e 1, 1941. Such early pre. sen tation by holders will insure p r o m p t p a y m e n t of principal and interest when due.
V. GENERAL

PROVISIONS

1. Any further information which m a y be desired regarding the redemption of
fifth-called debentures under this circular m a y be obtained from any Federal
Reserve Bank or from the Division of Loans and Currency, Treasury D e p a r t m e n t ,
Washington, D. C , where copies of t h e Treasury D e p a r t m e n t ' s regulations governing assignments m a y be obtained.
2. As fiscal agents of t h e United States, Federal Reserve "Banks are authorized
and requested to perform any necessary acts under this circular. T h e Secretary of
the Treasury m a y a t any time or from time to time prescribe supplemental a n d
amendatory rules and regulations governing the m a t t e r s covered by this circular,
which will be communicated promptly to the registered owners of fifth-called
'debentures.
D . W.

BELL,

Acting Secretary of the Treasury.
TREASURY DEPARTMENT
Fiscal Service
B U R E A U OF T H E P U B L I C D E B T
Form PD 1678

Form of Advice to accompany fifth-called 2% percent mutual mortgage insurance fund
debentures, series B, presented for redemption on J u l y 1, 1941, or for purchase
prior to that date
To the F E D E R A L R E S E R V E B A N K OF

,

or
TREASURY

DEPARTMENT,

D I V I S I O N OF L O A N S AND C U R R E N C Y ,

Washington, D. C :
P u r s u a n t to the provisions of Treasury D e p a r t m e n t Circular No. 656, d a t e d
M a r c h 25, 1941, the undersigned presents and surrenders herewith for
.
(Indicate whether for immediate purchase or for redemption on July 1,1941)

$
, face a m o u n t of fifth-called 2% percent m u t u a l mortgage insurance
fund debentures, series B, registered in the name of
and
duly assigned to ' 'The Federal Housing Administrator for
,*"
as follows:
Number of debentures

Denomination

$50
100
500
1, 000
5, 000
10, 000
Total

__:____

Serial numbers of debentures

Face amount

$

'

$_-_

_ ___

a n d requests t h a t remittance covering p a y m e n t therefor be forwarded to t h e
undersigned a t the address indicated below.
Signature
N a m e (please print)
Address in full

Date
*Debentures presented for immediate purchase should be assigned to "The Federal Housing Administrator for purchase"; debentures presented for redemption on July 1, 1941, should be assigned to "The
Federal Housing Administrator for redemption."




348

REPORT OF T H E SECRETARY OF T H E

TREASURY

Exhibit 34
Offering of Y percent notes of series E of the United States Housing Authority
A
On October 24, 1940, Secretary of t h e Treasury Morgenthau, on behalf of t h e
United States Housing Authority, invited subscriptions for 1 year, 34 percent
notes of series E of t h e Authority, in t h e a m o u n t of $100,000,000, or thereabouts.
[Department Circular No. 643. Public Debt]
TREASURY

DEPARTMENT,

Washington, October 24, 1940.
1. OFFERING OF NOTES

1. T h e Secretary of t h e Treasury, on behalf of t h e United States Housing
Authority, invites subscriptions, a t par and accrued interest, from t h e people of
t h e United States for notes of t h e United States Housing Authority, designated
^ percent notes of series E. T h e a m o u n t of t h e offering is $100,000,000, or
thereabouts.
i l . DESCRIPTION OF NOTES

1. T h e notes will be dated November 1, 1940, and will bear interest from t h a t
date a t t h e r a t e of )^ percent per annum, payable semiannually on M a y 1, 1941,
and November 1, 1941. They will m a t u r e November 1, 1941, and will not be
subject to call for redemption prior to m a t u r i t y .
2. T h e notes will b e issued under a u t h o r i t y of an act of Congress (known as
"United States Housing Act of 1937") approved September 1, 1,937, as amended,
which provides t h a t t h e notes shall be fully and unconditionally guaranteed upon
their face by the United States as to the p a y m e n t of both interest and principal;
t h a t in t h e event t h e Authority shall be unable to m a k e any such p a y m e n t upon
demand when due, p a y m e n t s shall be m a d e to t h e holder by t h e Secretary of t h e
Treasury with money authorized to be appropriated for such purpose out of any
money in t h e Treasury not otherwise appropriated; and t h a t t h e notes shall.be
exempt, both as to principal and interest, from all taxation (except surtaxes,
estate, inheritance, and gift taxes) now or hereafter imposed by t h e United
States or by any State, county, municipality, or local taxing authority. These
notes shall be lawful investments and m a y be aiccepted as security for all fiduciary,
trust, and public funds t h e investment or deposit of which shall be under t h e
authority or control of t h e United States or any officer or agency thereof.
3. Bearer notes with interest coupons attached will be issued in denominationsof $1,000, $10,000 and $100,000. T h e notes will not be issued in registered form..
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptjions will be received a t t h e Federal Reserve Banks and branches
and a t t h e Treasury D e p a r t m e n t , Washington. Banking institutions generally
m a y submit subscriptions for account of customers, b u t only t h e Federal Reserve
Banks and t h e Treasury D e p a r t m e n t are authorized to act as official agencies.
Others t h a n banking institutions will not be permitted to enter subscriptions,
except for their own account. Subscriptions from banks and t r u s t companies for
their own account will be received without deposit b u t will be restricted in each
case to an a m o u n t not exceeding one-half of the combined capital and surplus of
t h e subscribing bank or t r u s t company. Subscriptions.from all o t h e r s . m u s t b e
accompanied by p a y m e n t of 10 percent of t h e a m o u n t of notes applied for.
' 2. T h e Secretary of the Treasury reserves t h e right,to reject any subscription,
in whole or'in part, to allot less t h a n t h e a m o u n t of notes applied for, and to closet h e books as to any or all subscriptions a t any time without notice; and any action
he m a y take in these respects shall be final. Allotment notices will be sent out
promptly upon allotment, and t h e basis of t h e allotment will be publicly^
announced.
IV. PAYMENT

1. P a y m e n t a t par and accrued interest, if any, for notes allotted h e r e u n d e r
m u s t be m a d e or completed on or before November 1, 1940, or on later allotment.
In every case where p a y m e n t is not so completed, t h e p a y m e n t with application,
up to 10 percent of t h e a m o u n t of notes applied for shall, upon declaration m a d e
by t h e Secretary of t h e Treasury in^ his discretion, be forfeited to t h e United.
States.




349

REPORT OF THE SECRETARY OF THE TREASURY
V. GENERAL

PROVISIONS

1. As fiscal agents of t h e United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to m a k e allotments on t h e basis and up to
t h e a m o u n t s indicated by t h e Secretary of t h e Treasury to the Federal Reserve
B a n k s of t h e respective districts, to issue allotment notices, to receive p a y m e n t
for notes allotted, to m a k e delivery of notes on full-paid subscriptions allotted,
and they m a y issue interim receipts pending delivery of t h e definitive notes.
2. T h e Secretary of t h e Treasury m a y a t any time, or from time to time, p r e scribe supplemental or a m e n d a t o r y rules and regulations governing t h e offering,
which will be communicated promptly to t h e Federal Reserve Banks.
H E N R Y MORGENTHAU,

Jr.,

Secretary of the Treasury,

Exhibit 35
Subscriptions and allotments. United States Housing Authority notes of series E
{from press releases, October 25, 28, and 3 1 , 1940)
On October 24, 1940, Secretary of t h e Treasury Morgenthau announced t h a t
t h e subscription books for t h e offering of }^ percent notes of series E of t h e United
States Housing Authority closed a t t h e close of business October 24, 1940. Subscriptions aggregated $1,859,727,000, of which $112,099,000 were allotted.
Subscriptions were allotted 6 percent, b u t not less t h a n $1,000 on a n y one s u b scription. Subscriptions a n d allotments were divided among t h e Federal Reserve
districts as follows:
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.

^

Subscriptions
received

Subscriptions
allotted

$102, 519,000
1,124,061,000
56,015,000
122,861,000
45,053,000
43, 251,000
169, 320,000

$6,177,000
67, 521,000
3, 381,000
7, 428,000
2, 726,000
2, 780,000
10, 225,000

Federal Reserve
district
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Subscriptions
received

Subscriptions
allotted
$2 509,000
714,000
1,081.000
1,112,000
6 445,000

1,859, 727,000

Total

$41, 395,000
11,695.000
17, 769, 000
18, 363,000
107,425,000

112,099,000

Exhibit 36
Offering of Ys percent notes of series U and 1 Ys percent notes of series V of the Recon- ^
struction Finance Corporation
On April 9, 1941, Secretary of t h e Treasury Morgenthau, on behalf of t h e
Reconstruction Finance Corporation, invited subscriptions for ^ percent notes of
series U a n d V/s percent notes of series V, each in t h e a m o u n t of $300,000,000, or
thereabouts.
[Series U notes.

Department Circular No. 658. Public Debt]
TREASURY

DEPARTMENT,

Washington, April 9, 1941 i
I. OFFERING OF NOTES

1. T h e Secretary of t h e Treasury, on behalf of t h e Reconstruction Finance
Corporation, invites subscriptions, a t par a n d accrued interest, from t h e people
of t h e United States for notes of t h e Reconstruction Finance Corporation, design a t e d % percent notes of series U. T h e a m o u n t of t h e offering is $300,000,000,
or thereabouts.
II. DESCRIPTION OF NOTES

1. T h e notes will be dated April 17, 1941, a n d will bear interest from t h a t d a t e
a t t h e r a t e of % percent per a n n u m , payable on a semiannual basis on October
15, 1941, a n d on April 15 a n d October 15, 1942. T h e y will m a t u r e October 15,
1942, a n d will not be subject to call for redemption prior to m a t u r i t y .
2. T h e notes will be issued under a u t h o r i t y of an act of Congress (known as
"Reconstruction Finance Corporation A c t " ) - approved J a n u a r y 22, 1932, as
407631—42

24




350 .

REPORT OF THE SECRETARY OF THE TREASURY

-^amended a n d supplemented. T h e income derived from t h e notes shall be subject
to all Federal taixes, now or hereafter imposed. T h e notes shall be subject to
estate, inheritance, gift or other excise taxes, whether Federal or State, b u t shall
be exempt from all taxation now or hereafter imposed on t h e principal or interest
thereof by any Territory, dependency, or possession of t h e United States, or by
a n y State, county, municipality, or local taxing authority. These notes shall be
lawful investments, a n d m a y be accepted as security, for all fiduciary, trust, a n d
public funds t h e investment or deposit of which shall be under t h e a u t h o r i t y or
control of the United States or any oflficer or oflftcers thereof.
3. T h e authorizing act provides t h a t in t h e event the Reconstruction Finance
Corporation shall be unable to pay upon demand, when due, t h e principal of or
interest on .notes issued by it, t h e Secretary of t h e Treasury shall pay t h e a m o u n t
thereof, which is authorized to be appropriated, out of any moneys in the Treasury
not otherwise appropriated, a n d thereupon to t h e extent of t h e a m o u n t s so paid
t h e Secretary of t h e Treasury shall succeed to all t h e rights of t h e holders of such
notes.
^
4. Bearer notes with-interest coupons a t t a c h e d will be issued in denominations
. of $TvOQO, $5,00.0,. $10,000 a^d $100,000. ^The. notes.wllnot,be,issued in.registered
forni.
.
'
'
III. SUBSCRIPTION AND ALLOTMENT

. I. Subscriptions will be received at the Federal Reserve Banks and branches
and a t t h e Treasury D e p a r t m e n t , Washington. Subscribers m u s t agree not t o
sell or otherwise dispose of their subscriptions, or the securities which m a y be
allotted thereon, prior to the closing of the subscription books. Banking institutions generally m a y submit subscriptions for account of customers, b u t only t h e
Federal Reserve Banks and the Treasury D e p a r t m e n t are authorized to act as
official agencies. Others t h a n banking institutions will not be permitted to enter
subscriptions except for their own account. Subscriptions from banks and t r u s t
companies for their own account will be received without deposit b u t will be
restricted in each case t o an a m o u n t not exceeding one-half of t h e combined
capital and surplus of t h e subscribing b a n k or t r u s t company. Subscriptions
from all others m u s t be accompanied by p a y m e n t of 10 percent of t h e a m o u n t of
nbtes applied for.
v
.
2. T h e Secretary of t h e Treasury reserves the right to reject any subscription,
in whole or in part, to allot less t h a n t h e a m o u n t of notes applied for, and to close
t h e books as to any. or all. subscriptions a t any t i m e withou.,t notice; and any
adtion he m a y t a k e in these respects sllEiir be 'final.' iAllotment' liotices wiir be
sent out p r o m p t l y upon allotment, a n d the basis of t h e allotment will be pubhcly
announced.
IV. PAYMENT

, 1 . P a y m e n t a t p a r and accrued interest, if any, for notes allotted hereunder
m u s t be made or completed on or before April 17, 1941, or on later allotment.
In every case where p a y m e n t is n o t so completed, the pajanent with application
up to 10 percent of t h e a m o u n t of notes applied for shall, upon declaration m a d e
by t h e Secretary of the Treasury in his discretion, be forfeited to. the United
States.
^
V. GENERAL PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized
and requested to receive subscriptions, to m a k e allotments on the basis and up
to t h e a m o u n t s indicated by t h e Secretary of t h e Treasury to t h e Federal Reserve
Banks of the respective districts, to issue allotment notices, to receive p a y m e n t
for notes allotted, to make delivery of notes oh full-paid subscriptions-.aliotted,
and t h e y m a y issue interim receipts pending delivery of the definitive notes.
2. T h e Secretary of t h e Treasury m a y a t any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing t h e offering,
which will be communicated promptly to t h e Federal Reserve B a n k s .




HENRY MORGENTHAU,

Jr.,

Secretary of the Treasury.

REPORT OF THE SECRETARY OF THE TREASURY

351

• [Ser4es-^^V notes. Departraent Circular No. 659. Public Debt]
TREASURY DEPARTMENT,

Washington, April 9, 1941*
I. OFFERING OF NOTES

1. The Secretary of t h e Treasury, on behalf of t h e Reconstruction Finance
Corporation, invites subscriptions, a t p a r and accrued interest, from the people
of t h e United States for notes of the Reconstruction Finance Corporation, design a t e d IJ^ percent notes of series V. T h e a m o u n t of t h e offering is $300,000,000,
or thereabouts.
II. DESCRIPTION OF NOTES

1. The notes will be dated April 17, 1941, and will bear interest from t h a t d a t e
a t the rate of lYs percent per a n n u m , payable on a semiannual basis on July 15,
1941, and thereafter on J a n u a r y 15 and July 15 in each year until t h e principal
a m o u n t becomes payable. They will m a t u r e July 15, 1943, and will not be subvject=tocalMpr.redeniption p r i o r tOj.maturity
2. Th.e notes-* will be.;issued' under a u t h o r i t y of an act of Congress (known as
^'Reconstruction Finance Corporation Act") approved J a n u a r y 22, 1932, as
amended and supplemented. Theaneome'derived from-the notes s h a l l b e subject
t o all Federal taxes, now or hereafter imposed. T h e notes shall be subject to
estate, inheritance, gift or other exicse taxes, w h e t h e r Federal or State, b u t shall
be exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any Territory, dependency, or possession of the United States, or by
a n y State, county, municipality, or local taxing a u t h o r i t y . These notes shall be
lawful investments, and m a y be a c c e p t e d ^ s security, for all fiduciary, trust, and
public funds t h e investment or deposit of which shall be under t h e authority or
control of t h e United States or any officer or officers thereof.
3. T h e authorizing act provides t h a t in t h e event t h e Reconstruction Finance
Corporation shall be unable to p a y upon demand, when due, t h e principal of or
interest on notes issued by it, t h e Secretary of t h e Treasury shall pay t h e a m o u n t
thereof, which is authorized to be appropriated, out of any moneys in t h e Treasury not otherwise appropriated, and thereupon to t h e extent of the a m o u n t s so
paid the Secretary of t h e Treasury shall succeed to all t h e rights of t h e holders
of such notes.
4. Bearer'notes with interest eoupons a t t a c h e d will be issued in denominations
of $1,000, $5,06"6;%10,000, atiti $lOO;dO0':-' T h e n o t e s w i l l n o t b e issiied in registered form.
III. SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received a t the Federal Reserve Banks and branches
a n d a t the Treasury D e p a r t m e n t , Washington. Subscribers m u s t agree not to
sell or otherwise dispose of their subscriptions, or the securities which m a y be
allotted thereon, prior to t h e closing of the subscription books. Banking institutions generally m a y submit subscriptions for account of customers, b u t only
t h e Federal Reserve Banks and the Treasury D e p a r t m e n t are authorized to act
as official agencies. Others t h a n banking institutions will not be permitted to
enter subscriptions except for their own account. Subscriptions from banks and
t r u s t companies for their own account will be received without deposit b u t will
be" restricted in each case to an a m o u n t not exceeding one-half of the combined
capital and surplus of the subscribing b a n k or t r u s t company: Subscriptions
from all others m u s t be accompanied by p a y m e n t of 10 percent of the a m o u n t
of notes*applied fdr:
'^•-'^•'
' " •
2. T h e Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less t h a n the a m o u n t of notes applied for, and to close
t h e books as to any or all subscriptions a t any time without notice; and any action
he m a y take in these respects shall be final. Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be publicly announced.
IV. PAYMENT

1. P a y m e n t a t p a r . a n d accrued interest, if any, for notes allotted hereunder
m u s t be made or completed on or before April 17, 1941, or on later allotment.
In every case where p a y m e n t is not so completed, the p a y m e n t with application
up to 10 percent of the a m o u n t of notes applied for shall, upon declaration m a d e
by the Secretary of the Treasury in his discretion, be forfeited to the United States.



352

REPORT OF T H E .SECRETARY, OF T H E TREASUiRY
V. GENERAL PROVISIONS

1. As fiscal agents of t h e United States, Federal Reserve Banks are authorized
a n d requested to receive subscriptions, to m a k e allotments on t h e basis and up t a
the a m o u n t s indicated b y t h e Secretary of t h e Treasury to t h e Federal Reserve
Banks of t h e respective districts, to issue allotment notices, to receive p a y m e n t
for notes allotted, to m a k e delivery of notes on full-paid subscriptions allotted,
a n d they m a y issue interim receipts pending delivery of t h e definitive notes,
- 2. T h e Secretary of t h e Treasury m a y a t any;time, or from tirne t o time, p r e scribe supplemental or a m e n d a t o r y rules and regulations governing.the offering,
which will be communicated p r o m p t l y to t h e Federal Reserve Banks.
HENRY

MORGENTHAU,

Jr.,

Secretary of the Treasury.

Exhibit 37
Subscriptions and. allotments. Reconstruction Finance Corporation notes of series
U and series V {from press releases, April 10, 14, a n d . l 6 , 1941)
On April 9, 1941, Secretary of the Treasury Morgenthau announced t h a t t h e
subscription books for t h e offering of % percent notes of series U and 1 Y percent
z
notes of series V of the Reconstruction Finance.Corporation closed a t the close of
business April 9, 1941. Subscriptions for series U notes aggregated $2,646,551,000,
of which $319,895,000 were allotted, and subscriptions for series V notes aggregated $3,560,515,000^ of which $324,397,000 were allotted. Subscriptions for
series U notes were allotted 12 perceqt, and for series V notes 9 percent, b u t n o t
less t h a n $1,000 on any one subscription.
i
Subscriptions a n d allotments were divided among t h e Federal Reserve districts
and the Treasury, as follows:
Series U notes

...

Series V notes

Federal Reserve district
Subscriptions
received
Boston
New York-.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total...

_
".
._
....J

.

-

^

$185,864,000
1,300, 426,000
161-, 063, OdO
206,766,000
81,861,000
87,021,000
267, 556,000
66, 643,000
31,608,000
44,704,000
60,670,000
145,769,000
6,600,000

Subscriptions
allotted .

Subscriptions
•received

$22,371; 000
$251,620,000
156,165,000
1,661,002,000
•' 19,368,000 •; 192, 542,000
24,885,000
278,846,000
9,879,000 i : 113,334,000
11,759,000 y .122,733,000
32,354,000 • 469,759,000
8,186,000.
. 81,895,000
52, 568,000
3,848,000
5,421,.000
56, 276,000
• 7,362,000
71,894,000
17,505,000
200,446,000
• 792,000
7,600,000

2, 646, 551,000

319,895,000

3,560,515,000

Subscriptions
allotted
$22,793,000
149,789,000
17,457,000
25,302,000
10, 388,000
12, 711,000
42,734,000
7, 726,000
4,847,000
5,186,000
6,681,000
18,099,000
684,000
324,397,000

Exhibit 38
A n act to increase the credit resources of the Commodity Credit Corporation
[Public No. 759, 76th Cong., S. 3998]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. T h a t t h e Act approved March 8, 1938 (52 Stat.
107), as amended by t h e Act of March 4, 1939 (53 Stat. 510), be amended as
follows: I n section 4 delete t h e figure ''$900,000,000" and insert i n lieu thereof t h e
figure ''$l,400,000,000'^
. '
Approved, August 9, 1940.
"




REPORT : OF :THE rSiECRETARY OF THE TREASURY
..,.; .:,,u;-- xr-.a - :

• E x h i b i t 3 9 v-

353

.:.::••:•• /•

An act io extend the life and increase, the credit resources of the Commodity Credit
Corporation, and for other purposes
. .[Public Law 147, 77th Cong., H. R. 4972]

Be it enacted by the Senate, and House of Representatives of the United States of
America in Congress assembled. That, section 7 of the Act approved January 31,
1935 (49 Stat. 4),. as amended, is hereby amended by deleting from the first
.sentence thereof the term ''June 30, 1941'' and inserting in lieu thereof the term
"June 30, 1943".
SEC. 2. Section 1 of the Act approved March 8, 1^938 (52 Stat. 107), as amended,
is hereby am.ended by deleting from the second sentence thereof the term "on the
basis of market prices at the tirne of appraisal" and inserting in lieu thereof the
term "on the basis of the cost, > including not more than one year of carrying
•charges, of such assets to the Corporation, or the average market prices of such
.assets for a period of twelve months ending with March 31 of each year, whichever
is less;".
SEC. 3. Section 4 of the Act approved March 8,1938 (52 Stat. 108), as amended,
' is hereby amended by deleting the term "$1,400,000,000" and inserting in lieu
thereof the term "$2,650,000,000".
SEC. 4. (a) Whenever during the existing emergency the Secretary of Agriculture finds it necessary td encourage the expansion of production of any nonbasic agricultural commodity, he shall make public announcement thereof and
lie shall so use the funds made available under section 3 of this Act or otherwise
inade available to "him for the .disposal of,agricultural commodities, through a
•commodity loan, purchase, or other operation, taking into account the total funds
•available for such purpose for all commodities, so as to support a price for the
producers of any such commodity with respect to which such announcement was
m.ade of not less than 85 per centum of the parity or comparable price therefor.
The comparable price for any such commodity shall be determined and used by
the Secretary for the purposes of this section if the production or consumption
•of such commodity has so changed in extent or character since the base period as
to result in a price out of line with parity prices for basic commodities. Any
•such commodity loan, purchase, or other operation which is undertaken shall be
•continued until the Secretary has given sufficient public announcement to permit
the producers of such commodity to make a readjustment in the production of the
•commodity. For the purposes of this section, commodities other than cotton,
•corn, wheat, tobacco, and rice shall be deemed to be non-basic commodities.
(b) It is hereby declared to be the policy of the Congress that the lending and
purchase operations of the Department of Agriculture (other than those referred
to in subsection (a)) shall be carried out so as to bring the price and income of
the producers of non-basic commodities not covered by any such pubhc announcement to a fair parity relationship with other commodities, to the extent that funds
for such operations are available after taking into account the operations with
respect to tlie basic commodities and the commodities listed in any such public
announcement and the ability of producers to bring supplies into line with demand.
Approved, July 1, 1941.
Exhibit 40
An act to provide for increasing the lending authority of the Export-Import Bank of
Washington, and for other purposes
[Public No. 792, 76th Cong., H. R. 10361]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. That the fourth paragraph of section 5d of the
Reconstruction Finance Corporation Act, as amended, is hereby amended by
renumbering subsections "(1)" and "(2)" thereof "(2)" and "(3)", respectively,
and inserting therein the following new subsection:
"(1) To assist in the development of the resources, the stabilization of the
economies^i and'the orderly marketing of the products of the countries of the
Western Hemisphere by supplying funds, not to exceed $500,000,000 outstanding
at any one time, to the Export-Import Bank of Washington, through loans to,
or by subscriptions to preferred stock of, such bank, to enable such bank, to make



354

REPORT OF THE SECRETARYv- OF THE - TREASURY-

loans to any governments, their central banks, OT a n y ' o t h e r - a c c e p t a b l e ^banking
institutions and, when guaranteed by any such government, a central bank, or
a n y other acceptable banking institution, t o a political subdivision, agency, or
national of any such government, notwithstanding any other provisions of law
insofar as they m a y restrict or prohibit loans or other extensions of credit to, or
other transactions with, t h e governments of the countries of t h e Western Hemisphere or their agencies or nationals: Provided, T h a t no such loans shall be m a d e
in violation of international law as interpreted by t h e D e p a r t m e n t of State, or of
t h e Act of April 13, 1934 (48 Stat. 574), or of t h e N e u t r a l i t y Act of 1939. Upon
the written request of t h e Federal Loan Administrator, with t h e approval of t h e
President, t h e b a n k is authorized, subject to such conditions a n d limitations as
m a y be set forth in such request or approval, to exercise the powers and perform
t h e functions herein set forth. Such loans m a y be made and administered in
such m a n n e r and upon such terms and conditions as the. b a n k m a y d e t e r m i n e . "
S E C . 2. Section 5d of t h e Reconstruction Finalrice Corporiatidn Act, as amended,
is hereby amended by adding a t the end thereof t h e following new p a r a g r a p h :
" T h e a m o u n t of notes, bonds, debentures, and other such obligations which
t h e Reconstruction Finance Corporation is authorized t o issue and have outstanding at any one time under existing law is hereby increased by $1,500,000,000."
SEC. 3. T h a t section 9 of t h e Act approved J a n u a r y 31, 1935 (49 S-^at. 4), a s ,
amended, is hereby amended by (a) striking out " J u n e 30, 1 9 4 1 " and^inserting
iri lieu thereof " J a n u a r y 22, 1947"; (b) deleting from t h e first proviso thereof t h e
figure "$200,000,000" and inserting in lieu thereof the figure "$700,000,000";
and (c) striking out t h e second proviso thereof.
Approved, September 26, 1940.

Exhibit 41
An act to extend the operations of the Disaster Loan Corporation and the Electri
Home and Farrh Authority, to provide for increasing'the'lending authority of th^
Reconstruction Finance Corporation, and for other purposes
[Public Law 108, 77th Cong., S. 1438]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, T h a t t h e Act approved F e b r u a r y 11, 1937 (U. S. C ,
1934 edition, Supplement V, title 15, sec. 6 0 5 k - l ) , as amended, is hereby amended
by striking out "in t h e years 1936, 1937^ 1938, 1939, or 1940" and inserting in
lieu thereof "occurring during t h e period between J a n u a r y 1, 1936, a n d J a n u a r y
22, 1947".
SEC. 2. Section 1 of t h e Act approved March 3 1 , 1936 (49 Stat. 1186), as amended, is hereby amended by striking out " J u n e 30, 1941'* and inserting in lieu thereof
" J a n u a r y 22, 1947".
SEC. 3. (a) T h e first sentence of section 10 of t h e Reconstruction Finance
Corporation Act, as amended, is hereby amended by inserting before t h e period
a t t h e end thereof the following: ", except as provided in section 4 (a) of t h e Public
D e b t Act of 1941".
(ID) Section 10 of the Reconstruction Finance Corporation Act, a s amended,
is further amended by adding a t t h e end thereof t h e following new sentences:.
" T h e exemptions provided for in t h e preceding sentence with respect to taxation
(which shall, for all purposes, be deemed to include sales, use, storage, and purchase taxes) shall be construed to be applicable not only with respect t o t h e
Reconstruction Finance Corporation b u t also with respect to (1) .the Defense
P l a n t Corporation, t h e Defense Supplies Corporation, t h e Metals Reserve Company, t h e R u b b e r Reserve Company, and any other corporation heretofore or
hereafter organized or created by t h e Reconstruction Finance Corporation under
section 5d of this Act, as amended, to aid t h e Government of the United States
in its national-defense program, (2) T h e R F C Mortgage Company, t h e Federal
National Mortgage Association, and any other public corporation heretofore or
hereafter organized by or at t h e instance of t h e Reconstruction Finance Corporation, a n d (3) t h e Disaster Loan Corporation, a n d any other public corporation,
which is now or which m a y be hereafter wholly financed and M^holly managed by
t h e Reconstruction Finance Corporation. Such exemptions'shall also be construed
t o be applicable to t h e loans made, and personal property owned, by t h e Reconstruction Finance Corporation or by any corporation referred t o in clause (1),




REiBQRT OF THEv,^ SiECRETARY OF T H E .TREASURY

355

(2) or (3) of the preceding sentence, b u t such exemptions shall not be construed
to be applicable in any State to any buildings, which are considered by t h e laws
of such State to be personal property for taxation purposes."
SEC. 4. (a) T h e fourth paragraph of section 5d of the Reconstruction Finance
Corporation Act, as amended, is hereby amended by inserting after subsection (3)
thereof the following new subsection:
"(4) When requested by the Federal Loan Administrator, with the approval
of the President, and subject to such conditions and limitations as m a y be set
forth in such, request, to make loans, notwithstanding t h e provisions of any other
law, to any foreign governments, to their central banks, or to any person, commission, association, corporation, or bank acting for or on behalf of such government, for the purpose of achieving the m a x i m u m dollar exchange value in t h e
United States for the securities or property of any such government, central bank,
person, commission, association, corporation, or bank. Such loans m a y be m a d e
only upon t h e security of bonds, debentures, stocks, or other such obligations of
(a) t h e Government of the United States or any State, municipality, or political
subdivision of any State, or (b) any private corporation organized under t h e laws
of the United States or any S t a t e . "
(b) T h e first sentence of subsection (3) of such fourth p a r a g r a p h is hereby
amended to comprise four sentences to read as follows:
"(3) When requested by the Federal Loan Administrator, with the approval
of t h e President, to create or organize, a t any time prior to July 1, 1943, a corpora^
tion or corporations, with power (a) to produce, acquire, carry, sell, or otherwise
deal in strategic and critical materials as defined by t h e President; (b) to purchase
a n d lease land, purchase, lease, build, and expand plants, and purchase and produce equipment, facilities, machiner}^, materials, and supplies for t h e manufacture
of strategic and critical materials, arms, ammunition, a n d implements of war,
any other articles, equipment, facilities, a n d supplies necessary to t h e national
defense, and such other articles, equipment, supplies, and materials as m a y be
required in the manufacture or use of any of the foregoing or otherwise necessary
in connection therewith; (c) to lease, sell, or otherwise dispose of such land, p l a n t s ,
facilities, and machinery to others to engage in such manufacture; (d) to engage in
such manufacture itself, if t h e President finds t h a t it is necessary for a Governm e n t agency to engage in such manufacture; (e) to produce, lease, purchase, or
otherwise acquire railroad equipment (including rolling stock), and commercial
aircraft, and parts, equipment, facilities, and supplies necessary in connection
with such railroad equipment and aircraft, and to lease, sell, or otherwise dispose
of t h e same; (f) to purchase, lease, build, expand, or otherwise acquire facilities
for the training of aviators and to operate or lease, sell, or otherwise dispose of
such facilities to others to engage in such training; and (g) to take such other action
as the President and the Federal Loan Administrator m a y deem necessary to expedite the national defense program, b u t the aggregate a m o u n t of the funds of t h e
Reconstruction Finance Corporation which m a y be outstanding a t any one time
for carrying out this, clause (g) shall n o t exceed $200,000,000: Provided, T h a t
nothing in this subsection shall be construed to authorize the Corporation to t a k e
a n y action, directly or indirectly, with respect to the proposals heretofore considered by t h e Congress and known as t h e Great Lakes-St. Lawrence seaway, Passam a q u o d d y , Florida ship canal, and Tombigbee River projects, or to the project
known as the Nicaragua Canal. T h e powers of every corporation hereafter
created or organized under this subsection shall be set out in a charter which shall
be valid only when certified copies thereof are filed with t h e Secretary of t h e
Senate and the Clerk of the House of Representatives and published in the Federal Register, and all a m e n d m e n t s to such charters shall be valid only when similarly filed and published. T h e charters of corporations heretofore so created or
organized shall be so filed and published before July 1, 1941, a n d a m e n d m e n t s
thereto shall be valid only when certified copies thereof are hereafter so filed a n d
published. No corporation heretofore or hereafter created or organized by t h e
Corporation p u r s u a n t to this subsection shall have succession beyond J a n u a r y 22,
1947, except for purposes of liquidation, unless the life of such corporation is
extended beyond such date p u r s u a n t , t o an Act of Congress."
SEC. 5. T h e a m o u n t of notes, bonds, debentures, and other such obligations
which the Reconstruction Finance Corporation is authorized to issue and have
outstanding a t any one time under existing law is hereby increased by $1,500,000,000.
Approved, J u n e 10, 1941.




356

REPORT OF THE SECRETARY OF THE TREASURY
MONETARY DEVELOPMENTS
Exhibit 42

An act to extend the time within which the powers relating to the stabilization fund
and alteration of the weight of the dollar may be exercised
[Public Law 142, 77th Cong., H. R. 4646]

Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. That subsection (c) of section 10 of the Gold
Reserve Act of 1934, approved January 30, 1934, as amended, is further amended
to read as follows:
"(c) All the powers conferred by this section shall expire June 30, 1943, unless
the President shall sooner declare the existing emergency ended and the operation
of the stabilization fund terminated."
SEC. 2. The second sentence added to paragraph (b) (2) of section 43, title III,
of the Act approved May 12, 1933, by section 12 of said Gold Reserve Act of 1934,
as amended, is further amended to read as follows: "The powers of the President
specified in this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised by him, from time to time, severally or together,
whenever and as the expressed objects of this section in his judgment may require;
except that such powers shall expire June 30, 1943, unless the President shall sooner
declare the existing emergency ended."
Approved, June 30, 1941.
Exhibit 43
An act to extend the period during which direct obligations of the United States may
be used as collateral security for Federal Reserve notes
[Public Law 141, 77th Cong., S. 1471]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. That the second paragraph of section 16 of the
Federal Reserve Act, as amended, is hereby amended by striking therefrom the
words "until June 30, 1941" and by inserting in lieu thereof the words "until
June 30, 1943".
Approved, June 30, 1941.
Exhibit 44
An act to simplify the accounts of the Treasurer of the United States, and for other
purposes
[Public No. 832, 76th Cong., S. 844]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. That after the reimbursement to the Treasury
from funds derived from assessments made pursuant to section 8 of the Act of
July 12, 1882, 22 Stat. 164, as amended (U. S. C , title 12, sec. 177), of all costs
lawfully charged thereto for the fiscal year ending June 30, 1941, the balance of
suchv funds shall be covered into the Treasury as miscellaneous receipts; and
thereafter the cost of transporting and redeeming such outstanding national bank,
notes and Federal Reserve bank notes as may be presented to the Treasurer of
the United States for redemption shall be paid from the regular annual appropriations for the Treasury Department.
Approved, October 10, 1940.




REPORT OF T H E SiECRETARY OF T H E TREASURY

357

Exhibit 45
A n act to amend section 3528 of the Revised Statutes, as amended, relating to the pur*
chase of metal for minor coins of the United States
[Public Law 117, 77th Cong., H. R. 4132]

Be it enacted by the Senate and House of Representatives of the United States of
America i n Congress assembled. T h a t section 3528 of t h e Revised Statutes, as
amended (U. S. C , Supp. V, title 31, sec. 340), is hereby further amended b y
striking out t h e figure "$600,000" a n d inserting in lieu thereof t h e figure
"$1,000,000".
Approved, J u n e 21, 1941.
Exhibit 46
Statement by the President, November 30, 1940, relative to a credit to the Chinese
Government, and a letter, November 30, 194-0, to the President from the Federal
Loan Administrator with regard to a loan to China
T h e discussions between t h e American a n d t h e Chinese authorities in t h e field
of financial cooperation have progressed. There is contemplated a credit to t h e
Chinese Government of $100,000,000. Of this, a credit for general purposes t o
t h e a m o u n t of $50,000,000 has been decided upon by this Government. Arrangem e n t s for early allocation of t h e balance, namely, $50,000,000, for purposes of
monetary protection and m a n a g e m e n t as between American a n d Chinese currencies are now in process in consultation with t h e appropriate Committees of
t h e Congress.
T h e Secretary of t h e Treasury will appear M o n d a y forenoon. before a joint
session of t h e Senate Committee on Banliing a n d Currency a n d t h e House Committee on Coinage, Weights, and Measures. At this time, he will bring to their
. a t t e n t i o n t h e proposed extension of a $50,000,000 stabilization arrangement with
the Central Bank of China.
T h e following is t h e text of a letter addressed to t h e President under date of
November 30, 1940, by t h e Federal Loan Administrator:
" D E A R M R . P R E S I D E N T : I n connection with t h e purchase of critical a n d
strategic materials in our national defense program, t h e Metals Reserve C o m p a n y ,
a subsidiary of t h e R F C , is arranging for additional purchases of wolframite,
antimony and tin from t h e National Resources Commission of China to t h e value
of $60,000,000, to be delivered during t h e n e x t few years a t prices commensurate
with m a r k e t conditions as t h e metals are delivei;ed.
" T o assist China in meeting her present financial problems, t h e E x p o r t - I m p o r t
Bank has agreed to lend t h e Government of China an additional $50,000,000,
t h e loans to be guaranteed by t h e Central Bank of China a n d retired through
deliveries in this country of t h e metals covered b y t h e above referred to contracts.
" I t is contemplated t h a t disbursements on t h e loan will be m a d e in cooperation
with a representative of t h e Secretary of t h e Treasury in connection with further
assistance to China b y t h e Treasury of a like a m o u n t , t h u s providing China with
additional credits in this country a t this time of $100,000,000.
" Y o u will be interested to know t h a t China is up to her schedule in deliveries
of wood oil and tin to t h e United States through which method she is making
p a y m e n t s on previous loans m a d e against her commitment to sell us these essential
materials.
"Sincerely yours,




"JESSE H .

JONES."

358

REPORT OF THE SECRETARY OF THE TREASURY ,
Exhibit 47

Joint statement by the Secretary of the Treasury and the representative of the Republic
of China, April 25, 1941, announcing the signing of a stabilization agreement
involving the purchase of Chinese yuan
Another important step has been taken in the field of monetary cooperation
between the United States and China by the signing of a stabilization agreement
involving the purchase of Chinese yuan by the United States stabilization fund
to the amount of United Staites $50,000,000. The agreement provides, under
conditions acceptable to both parties, for the estabhshment by China of a United
States dollar-Chinese yuan stabilization fund. Included in the fund's resources
will be the dollars acquired from the United States through the purchase of Chinese
yuan and a further sum of 20,000,000 United States dollars contributed by
Chinese Government banks.
This is a cooperative agreement between friendly nations that are working
together in many ways to preserve the basic freedoms. Apart from the obvious
purpose of stabilizing the relationship between -the currencies concerned, it will
be an important factor in fostering the welfare of the participating countries.
China has also entered into an agreement with the British treasury under,
which, five million pounds sterling are provided for currency stabilization in
addition to the existing Sino-British stabilization fund which was set up in 1939.
This agreement closely parallels the agreement between the United States and
China.
These stabilization funds will be managed by a five-man board which China
is creating. The board will consist of three Chinese, an American appointed by
China on the recommendation of the Secretary of the Treasury, and a British
national appointed on the-recommendation of the British treasury.

Exhibit 48
Announcement by the Secretary of the Treasury, May 1, 1941, of the appointment
of the American member, alternate member, and assistant to the board to administer
the stabilization funds of China
. Secretary Morgenthau announced today that he had recommended to the
Chinese Government the appointment of A. Manuel Fox, member of the United
States Tariff Commission, as the American member of the five-man board which
will administer the recently created stabilization funds of that Republic.
Under the stabilization agreement, signed April 25, the United States pledged
$50,000,000, the United Kingdom five million pounds sterling and Chinese
Government banks 20,000,000 United States dollars to be used in maintaining
stable relationships between the respective currencies. The funds, it was announced at the signing, would be managed by a board which China would create,
consisting of three Chinese, one American appointed by China on the recommendation of the Secretary of the Treasury, and a British national appointed on
the recommendation of the British treasury.
As the alternate member. Secretary Morgenthau said he was recommending
the appointment of William H. Taylor, a principal economist iri the Treasury's
Division of Monetary Research.
To assist the two American representatives, Secretary Morgenthau also announced he is detailing Walter F. Frese, an assistarit chief accountant of the
Bureau of Accounts, Treasury Department.




REPORT OF THE SECRETARY OF T H E ' TREASURY

359

Exhibit 49
J o i n t statement by the Secretary of the Treasury, the Argentine Ambassador, and the
General Manager of the Central Bank of Argentina, December 27, 1940, announcing the completion of a stabilization arrangement between the United States and
Argentina
^ T h e following joint statemerit is" m a d e by t h e Secretary of t h e Treasury, t h e
Argentine Airibas^^dor and the General^ Manager of t h e Central B a n k ' o f Argentina:
As another practical proof t h a t t h e good neighbor policy is a living force
a m o n g American Republics, the United States and Argentina have completed a
stabilization arrangement by which $50,000,000 of t h e United States stabilization
fund is set aside to promote stability between t h e United States dollar and the
Argentine peso.
T h e agreement provides, under conditions acceptable to both parties, for t h e
purchase of Argentine pesos with dollars, and for t h e exchange of information
a n d of views bearing on t h e proper functioning of such a program.
. This is a cooperative arrangement between old and good friends. I t has been
discussed and formulated in this spirit by representatives. of t h e Argentine Government a n d the Central Bank of Argentina, and by t h e officials of t h e United
States Treasury. T h e m o n e t a r y authorities of the two countries expect to hold
further discussions in the same friendly spirit during t h e .coming year; and it is
hoped t h a t these conversations will enable both countries to reap t h e greatest
possible benefit from the workings of the present agreement.

TAXATION 1
Exhibit 50
Portion of the Second Supplemental National Defense Appropriation Act, 1941
• {Public No. 781, September 9, 1940), relative to Army, Navy, and Coast Guard
contracts
T h e first p a r a g r a p h of section 2 (b) and subdivision (1) of such section 2 (b)
o f t h e Act approved J u n e 28, 1940 (Public, Numbered 671, Seventy-sixth Congress), are hereby amended to read as follows:
"(b) After the date of approval of t h e Second Suppleinental National Defense
Appropriation Act, 1941, no contract shall be m a d e for the construction or m a n u facture of any complete naval vessel, or. any portion thereof, under t h e provisions
of this section or otherwise, unless t h e contractor agrees, for t h e purposes of
section 3 of t h e Act of March 27, 1934 (48 Stat. 505; 34 U. S. C. 496), as amended—
"(1) to pay into the Treasury profit in excess of 8 per centum (inlieuof t h e
10 per centum specified in such section 3) of t h e t o t a l contract prices of such
contracts within t h e scope of this subsection as are completed by t h e particular contracting p a r t y within t h e income taxable year;".
1 The following laws relative to the tax system are not included:
Pub. L. No. 801, 76th Cong., Oct. 8, 1940, Second Revenue Act of 1940, providing for an excess-profits tax
and for the amortization of emergency facilities.
Pub. L. No. 10, 77th Cong., Mar. 7, 1941, Excess Profits Tax Amendments of 1941, providing for abnormalities in the application of the excess-profits tax.
Pub. L. No. 7, 77th'Cong., Feb. 19, 1941, increasing the debt limit and providing for the Federal taxation
of future issues of obligations of the United State's and its instrumentalities, see page 337.
Pub. L, No. 18, 77th Cong., Mar. 17, 1941, correcting.certain codification errors in sections of the Internal
Revenue Code.
Pub. L. No. 705, 76th Cong., July 2,1940, excluding petroleum stills from the requirements of registration.
Pub. Res. No. 103, 76th Cong., Oct. 9, 1940, exempting from tax on admissions amounts paid for tickets
sold on occasion of inauguration of the President-elect in January 1941.
Pub, L. No. 58, 77th Cong., May 9, 1941, exempting from internal revenue taxes, on the basis of reciprocity, articles imported by consular oflQcers and employees of foreign states for their personal or oflQcial use.
Pub. L. No. 62, 77th Cong., May 9,1941, carrying to the surplus fund of the Treasury certain trust funds
derived from compensating taxes collected on certain articles coming into the United States, see page 400.




360

REPORT OF THE SECRETARY OF THE TREASURY,
Exhibit 51

Joint resolution to amend section 124 of the Internal Revenue Code by extending the
time for certification of national-defense facilities and contracts for amortization
purposes
[Public Law 3, 77th Cong., H. J. Res. 80]

Resolved by the Senate and House of Representatives of the United States of America
in Congress assembled. That section 124 (f) (1) of the Internal Revenue Code is
amended by striking out ", within the tinie specified in paragraph (3). of this
subsection, and".
SEC. 2. Section 124 (f) (3) of- the Internal Revenue Code is amended to read
as follows:
"The certificate provided for in paragraph (1) shall have no effect unless
an application therefor is filed before the expiration.of sixty days, after the
beginning of such construction, reconstruction, erection, or installation or the
date of such acquisition, or before February 6, 1941, whichever is later:
Provided, That in no event and notwithstanding any of the other provisions
of this section, no amortization deduction shall be allowed in respect of any
emergency facility for any taxable year unless a certificate in respect thereof
under paragraph (1) of this subsection shall have been made prior to the making of the election, pursuant to subsection (b) and (d) (4) of this section, to
take the amortization deduction and begin thesixty-morith period in or with
such taxable year, or before February 6, 1^41, whichever is later."
SEC. 3. Section 124 (i) of the Internal Revenue Code is amended—
(a) By striking out from the first sentence thereof ", before the expiration of
ninety days after the making of such contract or one hundred and twenty days
after the date of the enactment of the Second Revenue Act of 1940, whichever of
such periods expires the later,";
(b) By striking out from the second sentence thereof ", before the expiration
of ninety daj^s after the making of a contract or one hundred and twenty days
after the date of the eaactment of the Second Revenue^Act of 1940, whichever of
such periods expires the later,"; and
(c) By adding after the second sentence thereof a new sentence to read as
follows: "The certificates provided for under this subsection shall have no effect
unless an application therefor is filed before the expiration of sixty days after the
making of such contract, or before February 6, 1941, whichever is later."
SEC. 4. The amendments made by this joint resolution to section 124 of the
Internal Revenue Code shall be applicable as if they were a part of such section
on the date of the enactment of the Second Revenue Act of 1940.
Approved, January 31, 1941.
Exhibit 52
An act to amend the Merchant Marine Act, 1936, as amended {relative to ship construction funds and taxes on deposits therein)
[Public No. 840, 76th Cong., H. R. 9581]

•

~

'

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That title V of the Merchant Marine Act, 1936, as
amended, is hereby amended by adding at the end thereof a new section to read as
follows:
"SEC. 511. (a) When used in this section the term 'new vessel' means any
vessel (1) documented or agreed with the Commission to be documented under
the laws of the United States; (2) constructed in the United States after December
31, 1939, or the construction of which has been fina,nced under titles V or VII of
this Act, as amended, or the construction of which has been aided by a mortgage
insured under title XI of this Act as amended; and (3) either (A) of such type,
size, and speed as the Commission shall determine to be suitable for use on the
high seas or Great Lakes in carrying out the purposes of this Act, but, not of less
than two thousand gross tons or of less speed then twelve knots, unless the Commission shall determine and certify in each case that a vessel of a specified lesser
tonnage or speed is desirable for use by the United States in case of war or national




REPORT OF THE SECRETARY OF THE TREASURY

361

emergency; or (fi). co'^structed to r e p l a c e ' a vessel-or'vessels>«Tequisitibned or
purchased by the United State«.
"(b) For the purposes of promoting t h e construction of vessels necessary to
carrying o u t the policy set forth in title I of this Act, any citizen of the United
States who is operating a vessel or vessels in the foreign or domestic commerce
of the United States or in the fisheries or owns a vessel or vessels being so operated,
or who, a t the time of purchase or requisition of the vessel by t h e Governm.ent,'was
operating a vessel or vessels so engaged or owned a vessel or vessels being s o .
operated, m a y establish a construction reserve fund, for t h e construction or
acquisition of 'new vessels, to be composed of deposits of proceeds from sales of
vessels, indemnities on account of losses of vessels, earnings from the operation of
vessels, and receipts, in the form of interest or otherwise, with respect to a m o u n t s
previously deposited. Such construction reserve fund shall be established, maintained, expended, and used in accordance with the provisions of this section*'and
rules or regulations to be prescribed jointly by the Commission a n d the Secretary
of the Treasury.
"(c) I n the case of the sale or actual or constructive total loss of a vessel, if
the taxpayer deposits an a m o u n t equal to the net proceeds of the sale or to the n e t
indemnity with respect to the loss in a construction reserve fund established under
subsection (b), then, if the taxpayer so elects in his income-tax return for the taxable
year in which the gain was realized, no gain shall be recognized to the t a x p a y e r in
respect of such sale or indemnification in the computation of net income for the
purposes of Federal income or excess-profits taxes. For t h e purposes of this
subsection no a m o u n t shall be considered as deposited in a construction reserve
fund unless it is deposited, within sixty days after it is received by the taxpayer
except t h a t in the case of a m o u n t s received on or before the date of e n a c t m e n t of
this section or within sixty days after such date, the deposit m a y be made within
one hundred and t w e n t y days after the date of e n a c t m e n t of this section. As
used in this subsection the term 'net proceeds' and the t e r m 'net indemnity'
mean the sum of (1) the adjusted basis of the vessel and (2) the a m o u n t of gain
which would be recognized to the taxpayer without regard to this subsection.
"(d) T h e basis for determining gain or loss a n d for depreciation, for the purpose
of Federal income or excess-profits taxes, of any new vessel constructed or acquired
by the taxpayer in whole or in p a r t out of the construction reserve fund shall be
reduced by t h a t portion of the deposits in the fund expended in the construction
or acquisition of the new vessel which represents-gain not recognized under subsection (c).
"(e) For the purposes of this section, (1) if the net proceeds of a sale or the net
indemnity in respect of a loss are deposited in more t h a n one deposit, the a m o u n t
consisting of the gain shall be considered as first deposited; (2) a m o u n t s expended,
obligated, or otherwise withdrawn shall,be applied against the a m o u n t s deposited
in the fund in the order of deposit; and (3) if any deposit consists in p a r t of gain
not recognized under subsection (c), any expenditure, obligation, or withdrawal
applied against such deposit shall be considered to consist of gain in the proportion
t h a t the p a r t of the deposit consisting of gain bears to the total a m o u n t of the
deposit.
"(f) With respect to any taxable year, a m o u n t s on deposit on t h e last day
of such year in a construction reserve fund in accordance with this section and
with respect,to which all the requirements of subsection (g) have been satisfied,
to the extent t h a t such requirements are applicable as of the last day of said
taxable year, shall not constitute an accumulation of earnings or profits within
the meaning of section 102 of the Internal Revenue Code.
"(g) T h e provisions of subsections (c) and (f) shall apply to any deposit in the
construction reserve fund only to the extent t h a t such deposit is expended or
obligated for expenditure, in accordance with rules a n d regulations to be prescribed
jointly by the Commission a n d the Secretary of the Treasury, under a contract
for the construction or acquisition of a new vessel or vessels entered into within two
years from the date of such deposit, a n d only if under such rules and regulations—
"(1) within such period of two years not less t h a n 12)4 per centum of the
construction or contract price of the vessel or vessels is paid or irrevocably
committed on account thereof a n d the plans and specifications therefor are
approved by the Commission to the extent by it deemed necessary; and
"(2) in case of a vessel or vessels not constructed under the provisions of
this title or not purchased from the Commission, (A) said construction is
completed, within six months from the date of the construction contract,
to the extent of not less t h a n 5 per centum thereof (or in case the contract
covers more t h a n one vessel, the construction of the first vessel so contracted



362

REPORT OF T H E SECRETARY O F . T H E ^^•M
for is so completed to the extent of not less than 5 per centum) as estimated,
by t h e Corhmission and certified by it to the Secretary of the Treasury, and
(B) all construction under such contract is completed with, reasonable disp a t c h thereafter.

"(h) T h e Commissioner of Internal Revenue is authorized under rules a n d
regulations to be prescribed jointly by t h e Secretary of t h e Treasury and t h e
Commission to grant extensions of the period within which the deposits shall be
expended or obligated or within which construction shall have progressed to t h e
extent of 5 per centum of completion as provided herein, b u t sucH.extension shall
not be for an aggregate additional period in excess of two years with respect to
the expenditure or obligation of such deposits or more t h a n one year with respect
to tlie progress of such construction.
"(i) Any such deposited gain or portion thereof which is not so expended or
obligated within the period provided, or whiich is otherwise withdrawn before the
expiration of such period, or with respect to which the construction has not
progressed to the extent of 5 per centum of completion within the period provided,
or with respect to which the Commission-finds'and certifies to t h e Secretary of
the Treasur}^ t h a t , for causes within the Gont'rol'.bif thevtaxpayer, the entire construction is not completed with reasonable dispatch, if otherwise taxable income
under t h e law applicable to t h e taxable year in which such gain was realized, shall
be included in the gross income for such taxable year, except foi* the. purpose of
the declared value excess-profits tax and the capital stock tax. If any such
deposited gain or portion thereof is so included ih gross income for such taxable
year, there shall (in addition to any other deficiency) be assessed, collected, and
paid in the same manner as if it were a deficiency, an a m o u n t equal to 1.1 per
centum of the a m o u n t of gain so included, such a m o u n t being in lieu of any
adjustment with respect to the declared value excess-profits tax for such taxable
year.
"(j) Notwithstanding any.other provision of law, any deficiency in tax for any
taxable year resulting from the inclusion of any "amount in gross income as provided b}^ subsection (i), and t h e a m o u n t to be treated as a deficiency under such,
subsection in lieu of any adjustment with respect to the declared value excessprofits tax,.may be assessed or a proceeding in court for the collection thereof may
be begun without assessment, a t any t i m e : Provided, however, T h a t interest on
any such deficienc}^ or a m o u n t to be treated as a deficiency shall not begin until
the date t h e deposited gain or portion thereof in question is required under subsection (i)^to be included in gross income. •
' •
"(k) This section shall be applicable to a taxpaj^er only in respect of sa-les or
indemnifications for losses occurring within a taxable year beginning after December 31, 1939, and only in respect of earnings derived during a taxable year
beginning after December 31, 1939.
"(1) For the purposes of this section a vessel shall be considered as constructed
or acquired by the taxpayer if constructed or acquired by a corporation a t a time
when the taxpayer owns a t least 95 per centum of the total number of shares of
each class of stock of the corporation.
"(m) The terms used in this section shall have the same meaniag as in chapter 1
of the Internal Revenue Code." .
Approved, October 10, 1940.

Exhibit 53
Article V of the Soldiers' and Sailors' Civil Relief Act of 1940 {Public No. 861,
October 17, 1940)
A R T I C L E V — T A X E S AND P U B L I C L A N D S

SEC. 500. (1) T h e provisions, of this section shall apply when any taxes or
assessments, whether general or special, "falling due during t h e period of military
service in respect of real property owned and occupied for dwelling, agricultural,
or business purposes by a person in military service or his dependents a t the commencement of his period of military service and still so occupied by his dependents
or employees are not paid.
(2) When a n y person in military service, or any person in his behalf, shall file
with the collector of taxes, or.other oflScer whose d u t y it is to enforce t h e collection
of taxes or assessments, an affidavit showing (a) t h a t a tax or assessment ha,s been




REPORT OF THE. SECRETARY OF THE TREASURY

363

assessed upon property which is t h e subject of this section, (b) t h a t such tax or
assessment is unpaid, and (c) t h a t by reason of such military service t h e ability
of such person to pay such tax or assessment is materially affected, no sale of such
p r o p e r t y shall be made to enforce t h e collection of such tax or assessment, or
any proceeding or action for such purpose commenced, except upon leave of court
granted upon an application m a d e therefor by such collector or other officer.
The
court thereupon m a y stay such proceedings or such sale, as provided in this Act,
for a period extending not more t h a n six m o n t h s after t h e termination of t h e period
of military service of such person.
(3) When by law such property m a y be sold or forfeited to enforce the collection of such tax or assessment, such person in military service shall have the right
to redeem or commence an action to redeem such property, a t any time not later
t h a n six m o n t h s after the termination of such service, but in no case later t h a n
six m o n t h s after the date when this Act ceases to be in force; b u t this shall not be
t a k e n to shorten any period, now or hereafter provided by the laws of any S t a t e
dr Territory for such redemption.
(4) Whenever any tax or assessment shall not be paid when due, such tax or
assessment due and unpaid shall bear interest until paid.at the.rate of 6 per centum
per annum, and no other penalty or interest shall be incurred by reason of such
nonpayment. Any lien for such unpaid taxes or assessment shall also include
such interest thereon.
(5) T h e Secretary of War, the Secretary of the Navy, and the Secretary of t h e
Treasury shall make provision in such m a n n e r as each m a y deem appropriate
for his respective department, to insure the giving of notice to persons in t h e
militaiy service under their respective jurisdictions, of the benefits accorded by
this section and t h e action made necessary to claim those benefits in each case.
S E C . 501. (1) No right to any lands owned or controlled by t h e United States
initiated or acquired under any laws of the United States, including the mining
and mineral leasing laws, by any person prior to entering military service shall
during the period of such service be forfeited or prejudiced by reason of his absence
from t h e land or his failure to perform any work or m a k e any improvements
thereon or his failure to do any other act required by or under such laws.
' (2) If a permittee or hcensee under t h e Act of J u n e 28, 1934 (48 Stat. 1269),
enters military service, he m a y elect to suspend his permit or license for the peiiod
of his military service and six m o n t h s thereafter, and the Secretary of the Interior
by regulations shall provide for such suspension of permits and licenses and for
t h e remission, reduction, or refund of grazing fees during such suspension.
(3) This section shall not be construed to control specific requirements contained in this article.
SEC. 502. If any person whose application for a homestead entry has been
allowed or who has made application for homestead entry which m a y thereafter
be allowed, after such entry or application enters military service, or if any
person who has a valid settlement claim enters military service, t h e D e p a r t m e n t
of the Interior shall construe his military service to be equivalent to residence
a n d cultivation upon the tract entered or settled upon for the period of such
service. F r o m t h e effective date of this Act no contest shall be initiated on the
ground of abandonment and no allegation of a b a n d o n m e n t shall be sustained
against any such person, unless it shall be alleged in the preliminary affidavit or
affidavits of contest and proved at the hearing in cases initiated subsequent to
t h e effective date of this Act t h a t the alleged absence from the land was n o t due
to such military service. If such person is discharged on account of wounds
received or disability incurred in the line of duty, the t e r m of his enlistment and
any period of hospitalization due to such wounds or disability shall be deducted
from t h e required length of residence, without reference to t h e time of actual
service. No patent shall issue to any such person who has not resided upon,
improved, and cultivated his homestead for a period of a t least one year.
SEC. 503. (1) If any person whose application for a homestead entr}^ has been
allowed or who has m a d e application for homestead entry which may thereafter
be allowed or who has a valid settlement claim dies, while ia military service or
as a result of such service, his widow, if unmarried, or in the case of her death or
marriage, his minor children, or his or their.legal representatives, may proceed
forthwith to make final proof upon such entry or upon an application which is
allowed after the applicant's death, or upon a homestead application thereafter
allowed based on a valid settlement claim, and shall be entitled to receive a p a t e n t
for such land. The death of such person while in military service or as a result
of such service shall be construed to be equivalent to a performance of all requirements as to residence aud cultivation upon such homestead or claim, notwithstanding the provisions of. section 502 of this Act.



364

REPORT OF THE SECRETARY OF THE TREASURY

: (2) If- such-perspn i§ honorablyv-discharged-aiid,.because of..physical.,incapacities
due to such service is unable to return to the land, he m a y inake'finaPprbbf without further residence, improvement, or cultivation, a t such time and place as t h e
Secretary of t h e Interior m a y authorize, and receive a p a t e n t to the land entered.
(3) T h e Act of July 28, 1917 (40 Stat. 248), is hereby repealed.
S E C , 504. (1) No desert-land entry made or held under the desert-land laws
prior to t h e entrance of the e n t r y m a n or his successor in interest into military
service shall be subject to contest or cancelation for failure to m a k e or expend t h e
sum of $1 per acre per year in improvements upon the claim or to effect the reclamation of t h e claim during the period the e n t r y m a n or his successor in interest
is engaged in military service or during a period of six months thereafter or during
any period of hospitalization because of wounds or disability incurred in the line
of d u t y . T h e time within which such e n t r y m a n or claimant is required to m a k e
such expenditures and effect reclamation of t h e land shall be exclusive of his
period of service and the six-months' period and any such period of hospitalization.
(2) If such e n t r y m a n or claimant is honorably discharged and because of physical incapacities due to such service is unable to accomplish reclamation of, and
p a y m e n t for, t h e land, he m a y make proof without further reclamation or payments under such rules as t h e Secretary of t h e Interior m a y prescribe and receive
p a t e n t for the land entered or claimed.
(3) I n order to obtain t h e benefits of this section, such e n t r y m a n or claimant
shall, within six m o n t h s after t h e effective date of this Act or within six m o n t h s
after his entrance into military service, file or cause to be filed in the land office
of the district in which his claim is situated a notice t h a t he has entered military
service and t h a t he desires to hold the desert claim under this section.
SEC. 505. (1) T h e provisions of section 2324 of the Revised Statutes of t h e
United States, which require t h a t on each mining claim located after M a y 10,
1872, and until p a t e n t has been issued therefor not less t h a n $100 worth of labor
shall be performed or improvements made during each year, shall not apply during
the period of his service, or until six months after t h e termination of such service,
or during any period of hospitalization because of wounds or disability incurred
in line of d u t y , to claims or interests in claims which are owned by a person in
military service and which have been regularly located a n d recorded. No mining
claim or any interest in a claim which is owned by such a person and which has
been regularly located and recorded shall be subject to forfeiture by nonperformance of the annual assessments during the period of such military service, or until
six months after the termination of such service or of such hospitalization.
(2) I n order to obtain the benefits of this section, the claimant of any mining
location shall, before t h e expiration of t h e assessment year during which he enters
military service, file or cause to be filed in the office where t h e location notice or
certificate is recorded a notice t h a t he has entered such service and t h a t he desires
to hold his mining claim under this section.
SEC. 506. (1) Any person holding a permit or lease on the public domain under
t h e Federal mineral leasing laws who enters military service may, a t his election,
suspend all operations under his permit or lease for a period of time equivalent
to the period of his military service and six months thereafter. T h e t e r m of t h e
p e r m i t or lease shall not run during such period of suspension nor shall any rentals
or ro5^alties be charged against the permit or lease during the period of suspension.
(2) I n order to obtain the benefit of this section, such permittee or lessee shall,
within six months after the effective date of this Act or six m o n t h s after his entrance into military service, notify the General Land Office by registered mail of
his entrance into such service and of his desire to avail himself of t h e benefits of
this section.
(3) This section shall not be construed to supersede t h e terms of any contract
for operation of a permit or lease.
SEC. 507. Nothing in this article shall be construed to limit or affect the right
of a person in military service to take any action during his period of service
which m a y be authorized by law or the regulations of the D e p a r t m e n t of t h e
Interior for t h e perfection, defense, or further assertion of rights initiated or acquired prior to t h e date of entering military service. I t shall be lawful for any
person while in such service to make any affidavit or submit any proof which
m a y be required by law or the practice or regulations of t h e General Land Office
in connection with the entry, perfection, defense, or further assertion of any rights
initiated or acquired prior to entering such service, before the officer in immediate
command and holding a commission in the branch of the service in which the
person is engaged. Such affidavits shall be as binding in law and with like pen-




REPORT OF THE SECRETARY OF THE' TREASURY

365

alties as if taken before a register of a United States land office. The Secretary
of the Interior may issue rules and regulations to effectuate the purposes of sections 501 to 512, inclusive.
SEC. 508. The Secretary of the Interior is hereby authorized, in his discretion,
to suspend as to persons in military service during the period while this Act
remains in force and for a period of six months thereafter or during any period
of hospitalization because of wounds or disability incurred in line of duty that
provision of the act known as the "Reclamation Act" requiring residence upon
lands in private ownership or within the neighborhood for securing water for the
irrigation of the same, and he is authorized to permit the use of available water
thereon upon such terms and conditions as he may deem proper]
SEC. 509. The Secretary of the Interior shall issue through appropriate military
and naval channels a notice for distribution by appropriate military and naval
authorities to persons in the military service explaining the provisions of this article
except as to section 500 hereof and shall furnish forms to be distributed in like
manner to those desiring to make apphcation for its benefits, except as to said
section.
j
SEC. 510. (1) During the pendency of any war in which the United States may
be engaged while this Act remains in force any homestead entryman shall be
entitled to a leave of absence from his entry for the purpose of performing farm
labor. The time actually spent in farm labor shall be countedl as constructive
residence, if within fifteen days after leaving his entry to engage in such labor
the entryman files a notice bf absence in the land office of the district in which
his entry is situated, and if at the expiration of the calendar year the entryman
files in that office a written statement under oath and corroboralted by two witnesses giving the date or dates when he left his entry, the date or dates of his
return, and the place where and person for whom he was engaged in farm labor
during such period or periods of absence.
I
(2) Nothing in this section shall excuse any homestead entryman from making
improvements or performing the cultivation upon his entry required by law. The
provisions of this section shall apply only to persons whose applications have been
allowed or filed prior to the effective date of this Act.
SEC. 511. Any person under the age of twenty-one who serves in the military
service while this Act remains in force shall be entitled to the same rights under
the laws relating to lands owned or controlled by the United States, including
the mining and mineral leasing laws, as those over twenty-one no|w possess under
such laws. Any requirenients as to establishment of residence within a limited
time shall be suspended as to entry by such person until six months after hfs discharge from military service. Applications for entry may be verified before any
officer in the United States or any foreign country authorized to administer oaths
by the laws of the State or Territory in which tlie land may be situated.
SEC. 512. Citizens of the United States who serve with the forces of any nation
with which the United States may be allied in the prosecution of any war in which
the United States engages while this Act remains in force shall be entitled to the
relief and benefits afforded by this article, if such service is siniilar to military
service as defined in this Act, and if they are honorably discharged and resume
United States citizenship or die in the service of the allied forces ior as a" result of
such service.
SEC. 513. The collection from any person in the military service of any tax on
the income of such person, whether falhng due prior to or during his period of
mihtary service, shall be deferred for a period extending not more than six months
after the termination of his period of military service if such person's ability to
pay such tax is materially impaired by reason of such service. ! No interest on
any amount of tax, collection of which is deferred for any period unlder this section,
and no penalty for nonpayment of such amount during such period, shall accrue
for such period of deferment by reason of such nonpayment. The running of
any statute of limitations against the collection of such tax by distraint or otherwise shall be suspended for the period of military service of an3J individual the
collection of whose tax is deferred under this, section, and 'for an additional period
of nine months beginning with the day following the period of rtiilitary service.
The provisions of this section shall not apply to the income tax on employees
imposed by section 1400 of the Federal Insurance Contributions Act.

407631—42-

-25




366

REPORT OF T H E SECRETARY OF T H E TREASURY
Exhibit 54

A n act to amend section 3493 of the Internal Revenue Code, formerly section 404 of
the Sugar Act of 1937
[Public No. 807, 76th Con^., H. R.

Be it enacted by the Senate and House of Representatives of the United States of
America i n Congress assembled, T h a t section 3493 of t h e I n t e r n a l Revenue Code (53
Stat. — , p a r t 1) be, a n d it is hereby, amended to read as follows:
" S E C . 3493. E X P O E T A T I O N

"(a) R E F U N D OF T A X P A I D . — U p o n t h e exportation from t h e United States to a
foreign country, or t h e shipment from t h e United States to a n y possession of t h e
United States except P u e r t o Rico, of a n y manufactured sugar, or a n y article
manufactured wholly or p a r t l y from manufactured sugar, with respect t o which
tax under t h e provisions of section 3490 has been paid, t h e a m o u n t of such tax shall
be paid by t h e Commissioner of Internal Revenue' to t h e consignor named in t h e
bill of lading under which t h e article was exported or shipped t o a possession, or t o
t h e shipper, or to t h e manufacturer of t h e manufactured sugar or of t h e articles
exported, if t h e consignor waives a n y claim thereto in favor of such shipper or
manufacturer: Provided, T h a t no such p a y m e n t shall be allowed with respect t o
a n y manufactured sugar, or article, upon which, through substitution or otherwise, a drawback of a n y t a x paid under section 3500 has been or is to be claimed
under a n y provisions of law m a d e applicable b y section 3501.
"(b) P E R I O D FOR F I L I N G R E F U N D C L A I M . — N o p a y m e n t shall be allowed u n d e r

this section unless within two years after t h e right t o such p a y m e n t has accrued
a claim therefor is filed by t h e person entitled t h e r e t o . "
Approved, October 8, 1940.

Exhibit 55
A n act to extend, for a n additional year, the provisions of the Sugar Act of 1937 a n d
the taxes with respect to sugar
[Public No. 860, 76th Cong., H . R. 9654]

Be it enacted by the Senate and House of Representatives of the United States of
America i n Congress assembled. T h a t section 513 of t h e Sugar Act of 1937 (relating
to termination of powers of t h e Secretary of Agriculture under t h e Sugar Act) is
amended to read as follows:
" S E C . 513. T h e powers vested in t h e Secretary under this Act shall t e r m i n a t e on
December 31, 1941, except t h a t t h e Secretary shall have power to m a k e p a y m e n t s
under title I I I under programs applicable t o t h e crop year 1941 a n d previous
crop years."
SEC. 2. Section 3508 of t h e I n t e r n a l Revenue Code (relating to termination of
taxes under t h e Sugar Act) is amended to read as follows:
" S E C . 3508. . T E R M I N A T I O N OF TAXES

" N o t a x shall be imposed under this chapter on t h e manufacture, use, or
importation of sugar after J u n e 30, 1942."
SEC. 3. Section 503 of t h e Sugar Act of 1937 (relating to p a y m e n t s to t h e
Commonwealth of t h e Philippine Islands) is amended b y striking o u t " J u n e 30,
1941" a n d inserting in lieu thereof " J u n e 30, 1942".
SEC. 4. Subsection (b) of section 207 of t h e Sugar Act of 1937 (relating t o
direct-consumption sugar from P u e r t o Rico) is amended by adding a t t h e end
thereof t h e following new sentence: " T h i s subsection is hereby extended so t h a t
n o t more t h a n one h u n d r e d a n d twenty-six t h o u s a n d a n d t h i r t y - t h r e e s h o r t tons,
r a w value, of t h e q u o t a for P u e r t o Rico for a n y calendar year m a y be filled b y
direct-consumption sugar: Provided, however, T h a t t h e a m o u n t of said q u o t a which
m a y be filled by direct-consumption sugar for t h e calendar year 1940 shall n o t be
less t h a n t h e q u a n t i t y of direct-consumption sugar from P u e r t o Rico actually
b r o u g h t into t h e continental United States, for consumption therein, after December 31, 1939, a n d u p to a n d including t h e d a t e of t h e e n a c t m e n t of this a m e n d a t o r y
sentence."




REPORT OF THE SECRETARY OF THE TREASURY

367

SEC. 5. Subsection (a) of section 207 of the Sugar Act ofi 1937 (relating to
direct-consumption sugar from Hawaii) is amended by adding at the end thereof
the following new sentence: "This subsection is hereby extended so that not more
than twenty-nine thousand six hundred and sixteen short tons, raw value, of the
quota for Hawaii for any calendar year may be filled by direct-consumption
sugar: Provided, however, That the amount of, said quota which may be filled by
direct-consumption sugar for the calendar year 1940 shall not be less than the
quantity of direct-consumption sugar from Hawaii actually ; brought into, the
continental United States, for consumption therein, after December 31, 1939,
and up to and including the date of the enactment of this amendatory sentence."
Approved, October 15, 1940.
Exhibit 56
Section 1 of the act to extend the provisions of the Bituminous Coal Act of 1937, for
a period of two years, and for other purposes {Public Law 34, April 11, 1941)
Be it enacted by. the Senate and House of Representatives of the United States of
America in Congress assembled, That (a) section 19 of the Bituminous Coal Act of
1937 (relating to termination of the Act) is amended to read as follows:
"SEC. 19. This Act shall cease to be in effect (except as provided in section 13
of the Revised Statutes) and any agencies and offices established under, or to
engage in the administration of, this Act shall cease to exist at 12:01 A. M.,
April 26, 1943."
(b) Section 3527 of the Internal Revenue Code (relating to termination of the
bituminous coal taxes) is amended to read as follows:
i
" S E C . 3527. TERMINATION OF TAX

"The taxes imposed by this chapter shall not apply to the sale or other disposal,
after April 25, 1943, of bituminous coal."
;
Exhibit 57
;
An act amending the Bankruptcy Act with respect to the basis of property
[Public No. 699, 76th Cong.^ H. R. 9864]

'

Be it enacted by the Senate and House of Representatives of thp United States of
America in Congress assembled. That effective as of June 22, 19,38, section 270 of
the Act entitled "An Act to establish a uniform system of bankruptcy throughout
the United States", approved July 1, 1898, as amended, is amended to. read as
follows:
I
"SEC. 270. In determining the basis of property for any purposes of any law
of the United States or of a State imposing a tax upon income, the basis of the
debtor's property (other than money) or of such property (other than money)
as is transferred to any person required to use the debtor's ba|sis in whole or in
part shall be decreased by an amount equal to the amount by which the indebtedness of the debtor, not including accrued interest unpaid and not resulting in a
tax benefit on any income tax return, has been canceled or reduced in a proceeding
under this chapter, but the basis of any particular property shall not be decreased
to an amount less than the fair market value of such property! as of the date of
entry of the order confirming the plan. Any determination of value in a proceeding under this chapter shall not be deemed a determination of fair market value
for the purposes of this section. The Commissioner of Internal Revenue, with
the approval of the Secretary of the Treasury, shall prescribe; such regulations
as he may deem necessary in order to reflect such decrease in basis for Federal income-tax purposes and otherwise carry into effect the purposes bf this section."
SEC. 2. Effective as of June 22, 1938, section 396 of such Act, as amended, is
amended to read as follows:
;
"SEC. 396. In determining the basis of property for any purposes of any law
of the United States or of a State imposing a tax upon income, the basis of the
debtor's property (other than money) or of such property (other than money)
as is transferred to any person required to use the debtor's basis in whole or in
part shall be decreased by an amount equal to the amount by which the indebted-




368

REPORT OF THE SECRETARY OF THE TREASURY

ness of t h e debtor, n o t including accrued interest unpaid a n d n o t resulting in at a x benefit on a n y income-tax return, has been canceled or reduced in a proceeding
under this chapter, b u t t h e basis of a n y particular property shall n o t be decreased
t o a n a m o u n t less t h a n t h e fair m a r k e t value of such property as of t h e date of
entry of t h e order confirming t h e arrangement. Any determination of value in
a proceeding under this chapter shall not be deemed a determination of fair m a r k e t
value for t h e purposes of this section. T h e Commissioner of Internal Revenue,
with t h e approval of t h e Secretary of t h e Treasury, shall prescribe such regulations
as he m a y deem necessary in order t o reflect such decrease in basis for Federal
income-tax purposes a n d otherwise carry into effect t h e purposes of this section."
SEC. 3. Effective as bf Jime 22, 1938, section 522 of such Act, as amended, is
amended to read as follows:
" S E C . 522. I n determining t h e basis of property for a n y purposes of a n y law
of t h e United States or of a State imposing a t a x upon income, t h e basis of t h e
debtor's property (other t h a n money) or of such property (other t h a n money) as is
transferred to a n y person required to use t h e debtor's basis in whole or in p a r t
shall be decreased b y a n a m o u n t equal to t h e a m o u n t b y which t h e indebtedness
of t h e debtor, n o t including accrued interest unpaid a n d n o t resulting in a t a x
benefit on a n y income-tax return, has been canceled or -reduced in a proceeding
under this chapter, b u t t h e basis of a n y particular property shall n o t be decreased
to a n a m o u n t less t h a n t h e fair m a r k e t value of such property as of t h e date of
entry of t h e order confirming the arrangement. Any determination of value in a
proceeding under this chapter shall n o t be deemed a determination of fair m a r k e t
value for t h e purposes of this section. T h e Commissioner of I n t e r n a l Revenue,
with t h e approval of t h e Secretary of t h e Treasury, shall prescribe such regulations
as he m a y deem necessary in order to reflect such decrease in basis for Federal,
income-tax purposes a n d otherwise carry into effect t h e purposes of this section."
Approved, July 1, 1940.
NATIONAL D E F E N S E ACTIVITIES
Exhibit 58
Executive orders relating to the control of foreign funds and foreign-owned property
E X E C U T I V E O R D E R N o . 8484, J U L Y

15, 1940

AMENDMENT OF EXECUTIVE ORDER NO. 8389 OF APRIL 10, 1940, AS AMENDED ^

By virtue of t h e a u t h o r i t y vested in m e b y section 5 (b) of t h e a c t of October 6,
1917 (40 Stat. 411), as amended, a n d b y virtue of all other a u t h o r i t y vested in
me, I, Franklin D . Roosevelt, President of t h e United States of America, do hereby
a m e n d Executive Order N o . 8389 of April 10, 1940, as amended, so as t o extend
all t h e provisions thereof t o , a n d with respect t o , property in which Latvia,
Estonia or Lithuania or a n y national thereof h a s a t a n y time on or since July 10,
1940, h a d a n y interest of a n y n a t u r e whatsoever, direct or indirect; except t h a t ,
in defining " L a t v i a , " " E s t o n i a , " " L i t h u a n i a " a n d " n a t i o n a l " thereof t h e d a t e
" J u l y 10, 194.0" shall be substituted for t h e dates appearing in t h e definitions of
countries a n d nationals thereof.
FRANKLIN D . ROOSEVELT.
T H E W H I T E H O U S E , J u l y 15, 1940.

E X E C U T I V E O R D E R N O . 8493, J U L Y 25, 1940
AMENDMENT

OF E X E C U T I V E

O R D E R N O . 8389 OF APRIL 10, 1940, AS. AMENDED

By virtue of t h e a u t h o r i t y vested in m e by section 5 (b) of t h e a c t of October 6,
1917 (40 Stat. 411), as amended, a n d b y virtue of all other a u t h o r i t y vested in
me, I, Franklin D . Roosevelt, President of t h e United States of America, do hereby
amend Executive Order N o . 8389 of Apiil 10, 1940, as amended, amending
Executive Order N o . 6560 of J a n u a r y 15, 1934, b y adding t h e following sections
after section 12 thereof:
1 Executive Order No, 8389 and amendments appear in the annual report for 1940, p.




REPORT OF THE SECRETARY QF THE TREASURY

369

" S E C T I O N 13 A. T h e following a r e prohibited except as specifically authorized
by t h e Secretary of t h e Treasury by means of rulings, regulations, instructions-,
licenses, or otherwise:
I
"(1) T h e acquisition, disposition or transfer of, or other dealing in, or with
respect to, a n y security or evidence thereof on which there is starnped or imprinted,.
or t o which there is affixed or otherwise attached, a t a x s t a m p or other s t a m p of a
foreign country designated in this order*, or a notarial or similar seal which b y its
contents indicates t h a t it w a s stamped, imprinted, affixed or a t t a c h e d within
such foreign country, or where t h e a t t e n d a n t circumstances disclose or indicate
t h a t such a s t a m p or seal m a y , a t a n y time, have been stamped, imprinted,
affixed or a t t a c h e d thereto.
"(2) T h e acquisition by, or transfer to, a n y person within t h e United States of
a n y interest in a n y security or evidence thereof if t h e a t t e n d a n t circumstances
disclose or indicate t h a t t h e security or evidence thereof is n o t physically situated
within t h e United States.
'
" B . T h e Secretary of t h e Treasury m a y investigate, regulatej or prohibit under
such rulings, regulations, or instructions as he m a y prescribe, b y means of licenses
or otherwise, ..the sending, mailing, importing or otherwise bringing, directly or
indirectly, into t h e United States, from a n y foreign country, of a n y securities or
evidences thereof or t h e receiving.or holding in t h e United States of a n y securities
or evidences thereof so brought into t h e United States. T h e provisions of General
Ruling N o . 5 of J u n e 6, 1940, a n d all instructions issued p u r s u a n t thereto, a r e
hereby continued in full,force a n d effect, subject t o a m e n d m e n t , modification or
revocation p u r s u a n t t o t h e provisions of this order.
|
" C . I n t h e case of a n y transaction covered by this section, a n application for
license,may be filed in t h e m a n n e r indicated in t h e Regulations of April 10, 1940,
as amended, issued p u r s u a n t t o this order.
\
" D . T h e Regulations of November 12, 1934, are hereby modified insofar as they
are inconsistent with t h e provisions of this section.
' " S E C T I O N 14.. T h e Secretary pf t h e Treasury m a y require a n y person t o furnish
under oath, complete information relative t o a n y transaction referred t o i n this
order, or with respect t o a n y property in which any foreign country designated in
this order, or a n y national thereof, h a s a n y interest, including! t h e production of
any books of account, contracts, letters, or other papers, in connection therewith,
in t h e custody or control of such person, either before or after such transaction is
completed."
THE

W H I T E H O U S E , J u l y 25, 1940.

FRANKLIN ' D . ROOSEVELT.
\

E X E C U T I V E O R D E R N o . 8565, O C T O B E R 10, 1940
AMENDMENT OF EXECUTIVE ORDER NO. 8389 OF APRIL 10, 1940, AS AMENDED

By virtue of t h e authority vested in me by section 5 (b) of t h e act of October 6,
1917 (40 Stat. 411), as amended, a n d by virtue of all other authority vested in
me, I, Franklin D . Roosevelt, President of t h e United States of America, do hereby
amend Executive Order No. 8389 of April 10, 1940, as amended, so as to extend
all t h e provisions thereof t o , a n d with respect to, property in yirhlch Rumania or
any national thereof has a t a n y time on or since October 9, 1940, had any interest
of a n y n a t u r e whatsoever, direct or indirect; except t h a t , in defining " R u m a n i a "
a n d " n a t i o n a l " of Rumania, t h e date "October 9, 1940" shall :be substituted for
t h e dates appearing in t h e definitions of countries a n d nationals thereof.
THE

W H I T E H O U S E , October 10, 1940.

FRANKLIN I D . ROOSEVELT.
:

E X E C U T I V E O R D E R N O . 8701, M A R C H 4, 1941
AMENDMENT. O F E X E C U T I V E ORDER N O . 8389 O F APRIL 10, 1940, AS AMENDED

By virtue of t h e authority vested in m e by" section 5 (b) of t h e Act of October
6, 1917 (40 S t a t . 411), as amended, a n d b y virtue of all other authority vested
in me, I, Franklin D . Roosevelt, President of t h e United States of America, do
hereby amend Executive Order No. 8389 of April 10, 1940, as amended, so as t o
extend all t h e provisions thereof t o , a n d with respect to, property in which Bulgaria or any national thereof has a t ' a n y time on or since March 4, 1941, h a d a n y



370

REPORT OF THE SECRETARY OF THE TREASURY

interest of a n y n a t u r e whatsoever, direct or indirect; except t h a t , in defining
" B u l g a r i a " a n d " n a t i o n a l " of Bulgaria t h e date " M a r c h 4, 1941" shall be substit u t e d for t h e dates appearing in t h e definitions of countries a n d nationals thereof.
FRANKLIN D . ROOSEVELT.
T H E W H I T E H O U S E , M a r c h 4, 1941.

E X E C U T I V E O R D E R N O . 8711, M A R C H 13, 1941
A M E N D M E N T O F E X E C U T I V E O R D E R N O . 8389 O F A P R I L 10, 1940, A S A M E N D E D

By virtue of t h e a u t h o r i t y vested in m e b y section 5 (b) of t h e a c t of October
6, 1917 (40 Stat. 411), as amended, a n d b y virtue of all other authority vested
in me, I, Franklin D . Roosevelt, President of t h e United States of America, do
hereby amend Executive Order N o . 8389 of April 10, 1940, as amended, so as t o
extend all t h e provisions thereof t o , a n d with respect t o , property in which
H u n g a r y or a n y national thereof has a t a n y time on or since March 13, 1941, h a d
any interest of a n y n a t u r e whatsoever, direct or indirect; except t h a t , in defining
" H u n g a r y " a n d " n a t i o n a l " of H u n g a r y t h e date " M a r c h 13, 1 9 4 1 " shall be substituted for t h e dates appearing in t h e definitions of countries a n d nationals
thereof.
FRANKLIN D . ROOSEVELT.
T H E W H I T E H O U S E , M a r c h 13, 1941.

E X E C U T I V E O R D E R N O . 8721, M A R C H 24, 1941
A M E N D M E N T O F E X E C U T I V E O R D E R N O . 8389 OF APRIL 10, 1940, AS AMENDED

By virtue of t h e authority vested in m e b y section 5 (b) of t h e act of October
6, 1917 (40 Stat. 411), as amended, a n d b y virtue of all other authority vested in
me, I , Franklin D . Roosevelt, President of t h e United States of America, do hereby
amend Executive Order N o . 8389 of April 10, 1940, as amended, so as t o extend
all t h e provisions thereof t o , and with respect to, property in which Yugoslavia
or a n y national thereof has a t any time on or since March 24, 1941, h a d a n y
interest of a n y n a t u r e whatsoever, direct or indirect; except t h a t , in defining
"Yugoslavia" and " n a t i o n a l " of Yugoslavia t h e d a t e " M a r c h 24, 1 9 4 1 " shall be
substituted for t h e dates appearing in t h e definitions of countries a n d nationals
thereof.
FRANKLIN D . ROOSEVELT.
T H E W H / T E H O U S E , M a r c h 24, 1941.

E X E C U T I V E O R D E R N O . 8746, A P R I L 28, 1941
A M E N D M E N T OF E X E C U T I V E . ORDER NO. 8389 OF APRIL 10, 1940, AS AMENDED

By virtue of t h e authority vested in m e b y section 5 (b) of t h e a c t of October 6,
1917 (40 Stat. 411), as amended, a n d b y virtue of all other a u t h o r i t y vested in m e ,
I, Franklin D . Roosevelt, President of t h e United States of America, do hereby
amend Executive Order N o . 8389 of April 10, 1940, as amended, so" as t o extend
all t h e provisions thereof to, a n d with respect to, property in which Greece or a n y
national thereof has a t a n y time on or since April 28, 1941, h a d a n y interest of
any n a t u r e whatsoever, direct or indirect; except t h a t , in defining " G r e e c e " a n d
" n a t i o n a l " of Greece, t h e date "April 28, 1 9 4 1 " shall be substituted for t h e
dates appearing in t h e definitions of countries a n d nationals thereof.
FRANKLIN D . ROOSEVELT.
T H E W H I T E H O U S E , A p r i l 28, 1 9 4 1 .

E X E C U T I V E O R D E R N O . 8785, J U N E 14, 1941
A M E N D M E N T O F E X E C U T I V E O R D E R N O . 8389 OF APRIL 10, 1940, AS AMENDED

By virtue of a n d p u r s u a n t t o t h e a u t h o r i t y vested in m e b y section 5 (b) of t h e
act of October 6, 1917 (40 Stat. 415), as amended, b y virtue of all other a u t h o r i t y
vested in m e , a n d b y virtue of t h e existence of a period of unlimited national
, emergency, a n d finding t h a t this order is in t h e public interest a n d is necessary



REPORT OF THE SiECRETARY OF THE TREASURY

371

in the interest of national defense and security, I, Franklin D. Roosevelt, President of the United" States of America, do prescribe the following:
Executive Order No. 8389 of April 10, 1940, as amended, is amended to read
as follows:
SECTION 1. All of the following transactions are prohibited, except as spe*
cifically authorized by the Secretary of the Treasury by means of regulations,
rulings, instructions, licenses, or otherwise, if (i) such transactions are by, or
on behalf of, or pursuant to the direction of any foreign country designated
in this order, or any national thereof, or (ii) such transactions involve property in which any foreign .country designated in this order, or any national
thereof, has at any time on or since the effective date of this order had any
interest of any nature whatsoever, direct or indirect:
A. All transfers of credit between any banking institutions within the
United States; and all transfers of credit between any banking institution
within the United States and any banking institution outside the United
States (including any principal, agent, home office, branch, 'or correspondent
outside the United States, of a banking institution within the United States);
B. All payments by or to any banking institution within the United States;
C. All transactions in foreign exchange by any person within the United
States;
D. The export or withdrawal from the United States, or the earmarking
of gold or silver coin or bullion or currency by any person within the United
States;
i
E. All transfers, withdrawals or exportations of, or dealings in, any evidences of indebtedness or evidences of ownership of property by any person
within the United States; and
;
F. Any transaction for the purpose or which has the effect of evading or
avoiding the foregoing prohibitions.
SECTION 2. A. All of the following transactions are prohibited, except as
specifically authorized by the Secretary of the Treasury by means of regulations, rulings, instructions, licenses, or otherwise:
i
(1) The acquisition, disposition or transfer of, or other dealing in, or
with respect to, any security or evidence thereof on which there is
stamped or imprinted, or to which there is affixed or otherwise attached,
a tax stamp or other stamp of a foreign country designated in this order
or a notarial or similar seal which by its contents indicates that it was
stamped, imprinted, affixed or attached within such foreign country, or
where the attendant circumstances disclose or indicate! that such stamp
or seal may, at any time, have been stamped, imprinted, affixed or
attached thereto; and
(2) The acquisition by, or transfer to, any person within the United
States of any interest in any security or evidence thereof if the attendant
circumstances disclose or indicate that the security or; evidence thereof
is not physically situated within the United States.
B. The Secretary of the Treasury may investigate, regulate, or prohibit
under such regulations, rulings, or instructions as he may prescribe, by means
of licenses or otherwise, the sending, mailing, importing or otherwise bringing,
directly or indirectly, into the United States, from any foreign country, of
any securities or evidences thereof or the receiving, or holding in the United
States of any securities or evidences thereof so brought into the United States.
SECTION 3. The term "foreign country designated in this order" means
a foreign country included in the following schedule, and the term "effective
date of this order" means with respect to any such foreign country, or any
national thereof, the date specified in the following schedule:
(a) April 8, 1940—Norway and Denmark;
(b) IVIay 10, 1940—The Netherlands, Belgium and Luxembourg;
(c) June 17, 1940—France (including Monaco);
(d) July 10, 1940—Latvia, Estonia, and Lithuania;
(e) October 9, 1940—Rumania;
(f) March 4, 1941—Bulgaria;
(g) March 13, 1941—Hungary;
i
(h) March 24, 1941—Yugoslavia;
(i) April 28, 1941—Greece; and
(j) June 14, 1941—Albania, Andorra, Austria, Czechoslovakia,
Danzig, ' Finland, Germany, Italy, Liechtenstein, Poland,
Portugal, San Marino, Spain, Sweden, Switzerland, and Union
of Soviet Socialist Republics.



372

.

REPORT OF THE SECRETARY OF THE TREASURY

T h e "effective date of this order" with respect to any foreign country notdesignated in this order shall be deemed to be J u n e 14, 1941.
SECTION 4. A. T h e Secretary of t h e Treasury and/or t h e A t t o r n e y General
m a y require, by means of regulations, rulings, instructions, or otherwise,,
any person to keep a full record of, and to furnish under oath, in t h e form of
reports or otherwise, from time to time and a t any time or times, complete
information relative to, any transaction referred to in section 5 (b) of t h e
act of October 6, 1917 (40 Stat. 415), as amended, or relative to any p r o p e r t y
in which any foreign country or any national thereof has any interest of a n y
n a t u r e whatsoever, direct or indirect, including t h e production of any books
of account, contracts, letters, or other papers, in connection therewith, in
t h e custody or control of such person, either.bef ore or after such transaction
is completed; and t h e Secretary of t h e Treasury and/or the Attorney General
may, through any agency, investigate any such transaction or act, or a n y
violation of t h e provisions of this order.
B. Every person engaging in any of t h e transactions referred to in sections
1 and 2 of this order shall keep a full record of each such transaction engaged
in by him, regardless of whether such transaction is effected p u r s u a n t to
license or otherwise, and such record shall be available for examination for.
a t least one year after t h e date of such transaction.
SECTION 5. A. As used in the first paragraph of section 1 of this order
"transactions [which] involve property in which any foreign country designated in this order, or any national thereof, has * * * any interest of
any n a t u r e whatsoever, direct or indirect," shall include, b u t not by way of
limitation (i) any p a y m e n t or transfer to any such foreign country or national
thereof, (ii) any export or withdrawal from t h e United States to such foreign
country, and (iii) any transfer of credit, or p a y m e n t of an obligation, expressed in terms of t h e currency of such foreign country.
B. T h e t e r m "United S t a t e s " means t h e United States and any place
subject to t h e jurisdiction thereof; t h e term "continental United S t a t e s "
means t h e States of t h e United States, the District of Columbia, a n d t h e
Territory of Alaska.
C. T h e term " p e r s o n " means an individual, partnership, association, corporation, or other organization.
D. T h e term-"foreign c o u n t r y " shall include, b u t not by way of limitation,.
(i) T h e state and t h e government thereof on the effective date of t h i s
order as well as any political subdivision, agency, or instrumentality
thereof or any territory, dependency, colony, protectorate, mandate,,
dominion, possession or place subject to t h e jurisdiction thereof,
(ii) Any other government (including any political subdivision, agency,,
or instrumentality thereof) to t h e extent and only to t h e extent t h a i
such government exercises or claims to exercise dejure or de facto sovereignty over t h e area which on such effective date constituted suchforeign country, and
(iii) Any person to t h e extent t h a t such person is, or has been, or tO'
t h e extent t h a t there is reasonable cause to believe t h a t such person is,.
or has been, since such effective date, acting or purporting to act directly
or indirectly for t h e benefit or on behalf of any of t h e foregoing.
E . T h e term " n a t i o n a l " shall include,
(i) Any person who has been domiciled in, or a subject, citizen o r
resident of a foreign country at, any time on or since t h e effective dateof. this order,
(ii) Any partnership, association, corporation or other organization,
organized under t h e laws of, or which on or since t h e effective date of t h i s
order had or has had its principal place of business in such foreign country, or which on or since such effective date was or has been controlled
by, or a substantial p a r t of the stock, shares, bonds, debentures, notes,,
drafts, or other securities or obligations of which, was or has been owned
or controlled by, directly or indirectly, such foreign country and/or oneor more nationals thereof as herein defined,
(iii) Any person to t h e extent t h a t such person is* or has been, sincesuch effective date, acting or purporting to a c t directly or indirectly for
the benefit oi* on behalf of any national of such foreign country, a n d
(iv) Any other person who there is reasonable cause to believe is a.
" n a t i o n a l " as herein defined.
,
In any case in which by virtue of t h e foregoing definition a person is a national
of more t h a n one foreign country, such person shall be deemed to be a national!.



REPORT OF THE SECRETARY OF THE TREASURY

373

of each such foreign country. I n any case in which t h e cdmbined interests
of two or more foreign countries designated in this order land/or nationals
thereof are sufficient in t h e aggregate to constitute, within t h e meaning of
t h e foregoing, control or 25 per centum or more of t h e stock, shares, bonds,
debentures, notes, drafts, or 'other securities or obligations ;of a partnership,
association, corporation or other organization, b u t such control or a substantial p a r t of such stock, shares, bonds, debentures, notes, drafts, or other
securities or obhgations is not held by any one such foreign country and/or
national thereof, such partnership, association, corporation Or other organization shall be deemed to be a national of each of such foreign eountries. T h e
Secretary of t h e Treasury shall have full power to determine t h a t any person
is or shall be deemed to be a " n a t i o n a l " within t h e meaning lot this definition,
a n d t h e foreign country of which such person is or shall be deemed to be a
national. Without limitation of t h e foregoing, t h e terna " n a t i o n a l " shall also
include any other person who is determined by t h e Secretary of t h e Treasury
t o be, or to have been, since such effective date, acting or purporting to act
directly or indirectly for t h e benefit or under t h e direction of a foreign
country designated in this order or national thereof, as herein defined.
F. T h e term "banking institution" as used in this order |shall include a n y
person engaged priinarily or incidentally in t h e busines^ of banking, of
granting or transferring credits, or of purchasing or selling jforeign exchange
o r procuring purchasers a n d sellers thereof, as principal or agent, or a n y
person holding credits for others as a direct or incidental p a r t of his business,
or brokers; and, each principal, agent, home office, branch p r correspondent
of any person so engaged shall be regarded as a sepiarate " b a n k i n g institution.''
i
G. T h e t e r m "this order," as used herein, shall mean 'Executive Order
No. 8389'of April 10, 1940, as amended.
i
SECTION 6. Executive Order No. 8389 of April.10, 1940, as amended, shall
n o longer be deemed to be an a m e n d m e n t to or a p a r t ofi Executive Order
No. 6560 of J a n u a r y 15, 1934. Executive Order No. 6560 of J a n u a r y 15,
1934, and t h e Regulations of November 12, 1934, are hereby rnodified insofar as they are inconsistent with t h e provisions of this order' and except as so
modified, continue in full force and effect. Nothing hereiri shall be deemed
t o revoke any license, ruling, or instruction now in effect and issued p u r s u a n t
t o Executive Order No. 6560 of J a n u a r y 15, 1934, as amended, or p u r s u a n t to
this order; provided, however, t h a t all such licenses, rulings, or instructions
shall be subject to t h e provisions hereof. Any amendment, modification or
revocation by or p u r s u a n t to t h e provisions of this order of any orders,
regulations, rulings, instructions or licenses shall not affect iany act done, or
a n y suit or proceeding had or commenced in any civil or criminal case prior
to such amendment, modification or revocation, a n d all perialties, forfeitures
a n d liabilities under any such orders, regulations,, rulings, instructions or
licenses shall continue and m a y be enforced as if such a m e n d m e n t , modification or revocation had n o t been made.
'
SECTION 7. W i t h o u t limitation as to any other powers or a u t h o r i t y of t h e
Secretary of t h e Treasury or t h e Attorney General under any other provision
of this order, t h e Secretary of t h e Treasury is authorized and empowered to
prescribe from time to time, regulations, rulings, and instructions to carry out
t h e purposes of this order and to provide therein or otherwise t h e conditions
under which licenses m a y be granted by or through such officers or agencies
a s t h e Secretary of t h e Treasury m a y designate, a n d t h e decision of t h e
Secretary with respect to t h e granting, denial or other iiisposition of a n
application or license shall be
final.
|
SECTION 8. Section 5 (b) of t h e act of October 6, 1917, as amended, provides in p a r t :
"
^
" * * * Whoever willfully violates any of t h e provisions of this s u b division or of any license, order, rule or regulation issued .thereunder, shall,
upon conviction, be fined not more t h a n $10,000, or, if a natural person, m a y
be imprisoned for not more t h a n ten years, or b o t h ; and any officer, director,
or agent of any corporation who knowingly participates in such violation m a y
be punished by a like fine, imprisonment, or b o t h . "
i
SECTION 9. This order and any regulations, rulings, licenses or instructions
issued hereunder m a y be amended, modified or revoked a t any time.
FRANKLIN D .
THE

W H I T E H O U S E , J u n e 14, 1941.




ROOSEVELT.
\ . .

374

REPORT OF T H E SECRETARY OF T H E TREASURY
Exhibit 59

Amendments to regulations of the Secretary of the Treasury relating to the control of
foreign funds and foreign-owned property
[Amendment, July 15,1940, to Regulations!
TREASURY DEPARTMENT,
O F F I C E O F T H E SECRETARY,

J u l y 15, 1940.
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all t h e provisions thereof to, a n d with respect to,
property in which Latvia, Estonia, or Lithuania or any national thereof has a t
any time on or since July 10, 1940, had any interest of any n a t u r e whatsoever,
direct or indirect; except t h a t reports on Form T F R - 1 0 0 with respect to all property situated in the United States on July 10, 1940, in which Latvia, Estonia or
Lithuania or any national thereof has a t any time on or since July 10, 1940, h a d
a n y interest of any n a t u r e whatsoever, direct or indirect, shall be filed by August
10, 1940.
H, MORGENTHAU,

Jr.,

Secretary of the Treasury.
Approved: J u l y 15, 1940.
FRANKLIN D . ROOSEVELT.

[Amendment, October 10,1940, to Regulations!
TREASURY DEPARTMENT,
O F F I C E OF T H E S E C R E T A R Y ,

October 10, 1940,
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all t h e provisions thereof to, and with respect to,
propertj'" in which R u m a n i a or any national thereof has a t any time on or since
October 9, 1940, h a d any interest of any n a t u r e whatsoever, direct or indirect;
except t h a t reports on Form T F R - 1 0 0 with respect to all property situated in
t h e IJnited States on October 9, 1940, in which R u m a n i a or any national thereof
has a t any time on or since October 9, 1940, h a d any interest of any n a t u r e whatsoever, direct or indirect, shall be filed by November 9, 1940.
H.

MORGENTHAU,

Jr.,

Secretary of the Treasury,
Approved: October 10, 1940.
FRANKLIN D.

ROOSEVELT.

[Amendment, March 4,1941, to Regulations!
TREASURY DEPARTMENT,
O F F I C E OF T H E SECRETARY,

March 4, 1941.
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all t h e provisions thereof to, a n d with respect to,
property in which Bulgaria or any national thereof has a t any time on or since
March 4, 1941, h a d any interest of any n a t u r e whatsoever, direct or indirect;
except t h a t reports on Form T F R - 1 0 0 with respect to all property situated in t h e
United States on March 4, 1941, in which Bulgaria or any national thereof has
a t any time on or since March 4, 1941, h a d any interest of any n a t u r e whatsoever,
direct or indirect, shall be filed by April 4, 1941.
H.

MORGENTHAU,

Jr.,

Secretary of the Treasury.
Approved: March 4, 1941FRANKLIN D . ROOSEVELT.

[Amendment, March 13,1941, to Regulations!
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,

March 13, 1941.
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all the provisions thereof to, and with respect to,
property in which H u n g a r y or any national thereof has a t any time on or since



REPORT OF THE SECRETARY OF THE TREASURY

375

M a r c h 13, 1941, had any interest of any n a t u r e whatsoever, idirect or indirect;
except t h a t reports on Form T F R - 1 0 0 with respect to all property situated in t h e
United States on March 13, 1941, in which H u n g a r y or any national thereof has
a t any time on or since March 13, 1941, had any interest of any n a t u r e whatsoever, direct or indirect, shall be filed by April 13, 1941.
H.

MORGENTHAU,

Jr.,

Secretary of the Treasury.
Approved:
FRANKLIN D .

ROOSEVELT.

[Amendment, March 24,1941, to Regulations!

!

[TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,

March 24, 194U
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all t h e provisions thereof to,' and with respect
to, property in which Yugoslavia or any national thereof has |at any time on or
since March 24, 1941, had any interest of any n a t u r e whatsoever^ direct or indirect;
except t h a t reports on Form T F R - 1 0 0 with respect to all property situated in t h e
United States on March 24,. 1941, in which Yugoslavia or any national thereof has
a t any time on or since March 24, 1941, had any interest of any nature whatsoever,
direct or indirect, shall be filed by April 24, 1941.
r^. W.

BELL,

Acting Secretary of the Treasury.

[Amendment, April 8,1941, to Regulations!
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,

: April 28, 1941.
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
further amended so as to extend all the provisions therieof to, a n d with respect to,
property in which Greece or any national thereof has a t any time on or since
April 28, 19i41, had any interest of any n a t u r e whatsoever, direct or indirect;
except t h a t reports on T F R - 1 0 0 with respect to all property situated in the
United States on April 28, 1941, in which Greece or any national thereof has a t
a n y time on or since April 28. 1941, had any interest of any n a t u r e whatsoever,
direct or indirect, shall be filed by M a y 28, 1941.
H.

MORGENTHAU,

Jr.,

Secretary] of the Treasury.
Approved:
FRANKLIN

D.

ROOSEVELT.

[Amendment, June 14, 1941, to Regulations!
TREAStTRY D E P A R T M E N T ,
O F F I C E OF T H E S E C R E T A R Y ,

J u n e 14, 1941.
T h e Regulations of April 10, 1940, as amended (sections 130.1 to 130.6), are
amended to read as foUows:
!
SECTION 130.1. Authority for regulations.—These regulations are prescribed
and issued under authority of section 5 (b) of the act df October 6, 1917
(40 Stat. 415), as amended, a n d Executive Order No. 8389 of April 10, 1940,
as amended by Executive Order N o . 8785 of J u n e 14, 19411.
SECTION 130.2. Definitions.—
(a) T h e term " o r d e r " shall refer to Executive Order NoL 8389 of April 10,
1940, as amended.
\
(b) T h e term " r e g u l a t i o n i " shall refer to these regulations.
(c) T h e terms " p r o p e r t y " a n d " p r o p e r t y interest" or " p r o p e r t y interests"
shall include, b u t not by way of limitation, money, checks, drafts, bullion,
b a n k deposits, savings accounts, any debts, indebtedness or obligations^
financial securities commonly dealt in by bankers, broker^, a n d investment
houses, notes, debentures, stocks^ bonds, coupons, bankers' acceptances.



376

REPORT OF THE SECRETARY OF THE TREASURY

mortgages, pledges, liens or other right in the nature of security, warehouse
receipts, bills of lading, t r u s t receipts, bills of sale, any other evidences of title,
ownership or indebtedness, goods, wares, merchandise, chattels, stocks on
hand, ships, goods on ships, real estate mortgages, vendors' sales agreements,
land contracts, real estate and any interest therein, leaseholds., ground rents,
options, negotiable instruments, trade acceptances, royalties, book accounts,
accounts payable, judgments, p a t e n t s , trademarks, copj^rights, contracts or
licenses affecting or involving p a t e n t s , t r a d e m a r k s or copyrights, insurance
policies,.safe deposit boxes a n d their contents, annuities, pooling agreements,
contracts of any nature whatsoever, et cetera.
(d) Safe deposit boxes shall be deemed to be in the " c u s t o d y " .not only of
all persons having access thereto b u t also of the lessors of such boxes whether
or not such lessors have access to such boxes. T h e foregoing shall not in
any way be regarded as a limitation upon the meaning of t h e t e r m " c u s t o d y " .
(e) For t h e meaning of other t e r m s reference should be m a d e to t h e
definitions contained in t h e order. I n interpreting rulings, licenses, instructions, etc., issued p u r s u a n t to t h e order and regulations, particular
attention is directed to the provisions of General Ruling No. 4, as from time
to time hereafter amended.
;
SECTION 130.3. Licenses.—Applications for licenses to engage in any
transaction referred t o in sections 1 or 2 of t h e order shall be filed in triplicate
with t h e Federal Reserve Bank of the district pr t h e Governor or High Commissioner.of the Territory or possession of t h e United States in which t h e
applicant resides or has his principal place of business or principal office or
agency, or if t h e applicant has no legal residence or principal place of business
or principal office or agency in a Federal Reserve district or a territory or
possession of t h e United States t h e n with the Federal Reserve Bank of New
York or the Federal Reserve Bank of San Francisco. Application forms
m a y be obtained from any Federal Reserve Bank, t h e Governor or High
Commissioner of a Territory or possession of t h e United States, or t h e Secretar3^ of the Treasury, Washington, D. C. T h e original of each application
shall be executed under oath before an officer authorized to administer oaths,
or if executed outside of t h e United States, before a diplomatic or consular
officer of t h e United States. T h e applicant shall furnish such further information as shall be requested of him by t h e Secretary of tbe Treasury or
t h e Federal Reserve Bank or other agency a t which t h e application is filed.
Licenses will be issued by t h e Secretary of t h e Treasury, acting directly or
through any officers or agencies t h a t he m a y designate, and by t h e Federal
Reserve Banks, acting in accordance with such regulations, ruhngs, a n d
instructions as t h e Secretary of the T r e a s u r y m a y from time to time prescribe,
in such cases or classes of cases as t h e Secretary of t h e Treasury m a y determine. T h e Federal Reserve Bank or other agency a t which an application
is filed will advise the applicant of t h e decision respecting t h e application.
Licenses for exports, withdrawals or imports, after having been canceled by
t h e collector of customs or t h e postmaster through whom t h e exportation,
withdrawal or importation was made, m a y be returned by such collector of
customs or postmaster to t h e licensee. Appropriate forms for applications
and licenses will be prescribed by t h e Secretary of t h e Treasur}^ Licensees
m a y be required to file reports upon the consummation of t h e transactions.
T h e decision of the Secretary of t h e Treasury with respect to an application
for hcense shall be final.
• , SECTION 130.4. Reports of property interests of all foreign countries and
nationals thereof —-'
(a) On or before July 14, 1941, reports shall be filed on F o r m T F R - 3 6 0 ,
duly executed under oath, containing t h e information called for in such
form, with respect to all property subject to the jurisdiction of t h e United
States on t h e opening of business on J u n e 1, 1940, and with respect t o all
property subject to t h e jurisdiction of the United States on t h e opening of
business on .June 14, 1941, in which on t h e respective dates any foreign
country or any national thereof had any interest of any n a t u r e whatsoever,
direct or indirect, regardless of whether a report on Form T F R - 1 0 0 with
respect to any such property shall have previously been filed. Such reports
shall be filed l3y:




REPORT OF THE. SECRETARY OF THE TREASURY

377

(1) Every person in t h e United States, directly or indirectly holding,
or having title to, or custody, control or possession o|f such property on
either or both of t h e aforementioned respective datesl
(2) Every agent or representative in t h e United States for any foreign
country or any national thereof having any information with respect^to
such property:
;
Provided, T h a t no report on Form T F R - 3 0 0 need be filfed where t h e t o t a l
value of all property interests of any foreign country ori national to be reported is less t h a n $1,000.
j
W i t h o u t any limitation whatsoever of t h e foregoing,! reports on F o r m
T F R - 3 0 0 , filed as required above, shall be filed by every partnership, trustee,
association, corporation, or other organization organized!under t h e laws of
t h e United States or any State, Territory, or district of t h e United States or
having its principal place of business in t h e United States, with respect t o
any shares of its stock or any of its debentures, notes, bonds, coupons or
other obligations or securities or any equity therein, in which any foreign
country or any national thereof had on either or both of the aforementioned
respective dates, any interest of any n a t u r e whatsoever,, direct or indirect.
(b) Reports shall be executed and filed in quadruplicate with the Federal
. Reserve Bank of the district or the Governor or High Commissioner of t h e
Territory or possession of the United States in which the p a r t y filing the report
resides or has his principal place of business or principal office or agency, or
if such p a r t y has no legal residence or principal place of business or principal
office or agency in a Federal Reserve district or a Territory or possession of
t h e United States, t h e n with t h e Federal Reserve Bank of New York or t h e
Federal Reserve Bank of San Francisco. A report shall be deemed to have
been filed when it is received by the proper Federal Reserve Bank or other
agency or when it is properly addressed and mailed andi bears a p o s t m a r k
dated prior to midnight of t h e date upon which t h e report is due. E a c h
Federal Reserve Bank or other agency shall p r o m p t l y forward three copies
of every report filed with it to the Secretary of the Treasui-y.
(c) (1) All spaces in t h e report m u s t be properly filled in. Reports found
not to be in proper form, or lacking in essential details, shall not be deemed
to have been filed in compliance with the order.
'
(2) Where space in the report form does n o t permit full answers to questions, t h e information required m a y be set forth in supplementary papers incorporated by reference in the report and submitted therewith. Supplement a r y documents and papers m u s t be referred to in the principal s t a t e m e n t in
chronological or other appropriate order and be described in such m a n n e r
t h a t they can be identified.
I
(d) A separate report under oath m u s t be filed by each;person required to
file a report except t h a t persons holding property jointly m a y file a joint
report.
:
(e) T h e Secretary of t h e Treasury may, in his discretion, grant such extensions of time or exemptions as he deems advisable for the making of any
or all of the reports required by these regulations.
• (f) Report F o r m T F R - 3 0 0 m a y be obtained from any Federal Reserve
Bank, t h e Governor or High Commissioner of a Territory or possession of
t h e United States, or the Secretary of t h e Treasury, Washington, D . C.
SECTION 130.5. Penalties:—Section 5 (b) of the act of October 6, 1917, a,s
amended, provides in p a r t :
\
'<* * * Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued! thereunder, shall,
upon conviction, be fined not more t h a n $10,000, or, if a natural person, m a y
be imprisoned for not more t h a n ten years, or b o t h ; and any officer, director,
or agent of any corporation who knowingly participates- in such violation
m a y be punished by a like fine, imprisonment, or b o t h . " '
SECTION 130.6. These regulations and any rulings, licenses, or instructions
issued hereunder shall npt be deemed to authorize any transaction prohibited
by reason of any other law, proclamation, order or regulation.
SECTION 130.7. Amendment, modification, or revocation.^Tho^Q regulations
a n d any rulings, licenses, instructions, or forms issued hereunder m a y be
amended, modified,.or revoked a t any time.
.\
' ,•
HENRY

Ap-proved: J u n e 14, 1941'
FRANKLIN D . ROOSEVELT.




MORGEJSTTHAU, Jr.,

Secretary of the Treasury,
\
1

•;

378

REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 60

An act to provide for the establishment, administration, and maintenance of a Coast
Guard Auxiliary and a Coast Guard Reserve
[Public Law 8,77th Cong., S. 187!

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. That this Act may be cited as the "Coast Guard
Auxiliary and Reserve Act of 1941".
TITLE I—REPEAL OF COAST GUARD RESERVE ACT OF 1939, AS
AMENDED, AND ESTABLISHMENT OF COAST GUARD AUXILIARY
SEC. 1. The Coast Guard Reserve Act of 1939 (53 Stat. 854; U. S. C , Supp. V,
title 14, ch. 9), as amended by Public Law Numbered 564, Seventy-sixth Congress,
third session, is hereby repealed and in lieu of the United States Coast Guard
Reserve provided for in such Act there is hereby created and established a United
States Coast Guard Auxiliary (hereinafter referred to as the "Auxiliary").
SEC. 2. It is hereby declared to be the purposes of the Auxiliary (a) tb further
interest in safety of life at sea and upon the navigable waters, (b) to promote
efficiency in the operation of motorboats and yachts, (c) to foster a wider knowledge of, and better compliance with, the laws, rules, and regulations governing the
operation of motorboats and yachts, and (d) to facilitate operations of the Coast
Guard.
SEC. 3. The Auxiliary shall be composed of citizens of the United States and of
its I'erritories and possessions, except the Philippine Islands, who are owners (sole
or part) of motorboats or yachts, and who may be enrolled thereia pursuant to
regulations prescribed under the authority of this Act.
SEC. 4. The Auxiliary shall be a nonmilitary organization administered by the
Commandant of the Coast Guard (hereinafter referred to as the "Commandant")
under the direction of the Secretary of the Treasury, and the Commandant shall,
with the approval of the Secretary of the Treasury, prescribe such regulations as
may be necessary to effectuate the purposes of this title.
SEC. 5. Subject to regulations prescribed under the authority of this Act,
members of the Auxiliary may also be enrolled in the Coast Guard Reserve
established by title II of this Act, and membership in the Auxiliary shall not be a
bar to membership in any other naval or military organization.
SEC. 6. The Coast Guard is authorized to utilize in the conduct of duties incident
to the saving of life and property, in the patrol of marine parades and regattas, or
for any other purpose incident to the carrying out of the functions and duties of the
Coast Guard which may be authorized by the Secretary of, the Treasury, any
motorboat or yacht placed at its disposition for any of such purposes by any
member of the Auxiliary. No such motorboat or yacht shall be assigned to Coast
Guard duty unless it is placed in charge of a commissioned officer, chief warrant
ofl&cer, warrant officer, or petty officer of the Coast Guard or the Coast Guard
Reserve established by title II of this Act during such assignment.
SEC. 7. Any motorboat or yacht, while assigned to Coa.st Guard duty as herein
authorized, shall be deemed to be a public vessel of the United States, and within
the meaning of the Act of June. 15, 1936 (49 Stat. 1514; U. S. C , Supp. V, title 14,
sec. 71), shall be deemed to be a vessel of the United States Coast Guard.
SEC. 8. Appropriations of the Coast Guard shall be available for the payment of
actual necessary expenses of operation of any such motorboat or yacht when so
utilized, but shall not be available for the payment of compensation for personal
services, incident to such operation, to other than personnel of the regular Coast
Guard or the Coast Guard Reserve established by title II of this Act. The term
"actual necessary expenses of operation", as used herein, shall include fuel, oil,
water, supplies, provisions, and any replacement or repair of equipment or any
repair of the motorboat or yacht where, upon investigation by a board pf not less
than three commissioned officers of the regular Coast Guard, it is deterrnined that
responsibility for the loss or damage necessitating such replacement or repair of
equipment or such repair of the motorboat or yacht rests with the Coast Guard.
SEC. 9. No member of the Auxiliary, solely by reason of such membership, shall
be vested with or exercise any right, privilege, power, or duty vested in or imposed
upon the personnel of the Coast Guard, except that any such member may, under
such regulations as the Commandant shall prescribe, act in an advisory capacity
to the Commandant in the administration of the Auxiliary. Any member per-




REPORT OF THE SECRETARY OF THE TREASURY

379

forming such service shall, upon authorization by the Commandant, be entitled to
actual expenses of travel and to a per diem allowance not exceeding $5 per day while
performing such travel from and to his home and while engaged upon such service.
SEC. 10. All orders, rules, regulations, enrollments, privileges, or other benefits
made, issued, or granted pursuant to the CJoast Guard Reserve Act of 1939, as
amended, and in effect on the date of the enactment of this Act, shall be applicable
to the Coast Guard Auxiliary and shall continue in effect hereunder until modified
or revoked in accordance with the provisions of this Act.
j
TITLE II—ESTABLISHMENT

OF NEW COAST GUARD

RESERVE

SEC. 201. There is hereby created and established a United States Coast Guard
Reserve (hereinafter referred to as the "Reserve"), the purpose cif which is to provide a trained force of officers and men which, added to regular personnel of the
Coast Guard, will be adequate to enable that service to perform such extraordinary
duties as may be necessitated by emergency conditions.
SEC. 202. The Reserve shall be composed of male citizens of the United States
and of its Territories and possessions, except the Philippine Islands, between the
ages of seventeen and sixty-four, who are physically and otherwise qualified for
the performance of duty with the Coast Guard, and who, through appointment
or enlistment therein, obligate themselves to serve in the Coast Guard in time of
war or during any period of national emergency declared by ithe President to
exist.
i
SEC. 203. The ranks, grades, and ratings in the Reserve shall be the various
ranks, grades, and ratings, not above lieutenant commander, prescribed by law
for the Coast Guard.
'
SEC. 204. The Reserve shall be a military organization adrninistered by the
Commandant, under the direction of the Secretary of the Treasury, and the
Commandant shall, with the approval of the Secretary of the Treasury and the
concurrence of the Secretary of the Navy, prescribe such regulations as may be
necessary to effectuate the purposes of this title.
SEC. 205. Any member of the Reserve may be ordered to active duty by the
Commandant in time of war or during any period of national emergency declared
by the President to exist and be required to perform active duty throughout the
war or until the President declares that such national emergency no longer exists;
but in time of peace, except for disciplinary purposes as provided in section 209
hereof, no such member shall be ordered to or continued on active duty without
his consent: Provided, That the Commandant may release any member from active
duty either in time of war or in time of peace. Members 'of the Reserve while
engaged on active duty shall be vested with the same power, auttiority, rights, and
privileges as members of the regular Coast Guard of similar ranks, grades, or
ratings.
SEC. 206. Commissioned officers, chief warrant officers, warrant officers, and
enhsted men of the Reserve when engaged on active duty, or on active duty while
undergoing training, or when engaged in authorized travel to or, from such duty,
shall receive the same pay and allowances as are received by commissioned officers,
chief warrant officers, warrant officers, and enlisted men of the regular Coast Guard
of the same rank, grade, rating, and length of service. In determining length of
service for the purposes of this section, there shall be included |(a) all periods of
active duty under this Act, except active duty while undergoing itraining, and (b)
all other service for which credit is given by law to members of the regular Coast
Guard. When members of the' Reserve perform active duty or active duty while
undergoing training for a period of less than thirty days, such duty performed on
the thirty-first day of any month shall be paid for at the same rate as for other
days: Provided, That members of the Reserve while engaged on active duty which
involves the actual flying in aircraft in accordance with regulations prescribed
by the Commandant shall receive the same increase of pay of their ranks, grades,
or ratings as may be received by members of the regular Coast;Guard in similar
ranks, grades, or ratings, for the performance of similar duty, i
SEC. 207. The Commandant, with the approval of the Secretary of the Treasury,
is hereby authorized to enroll for active duty, as temporary j members of the
Reserve, such owners, regular officers, and members of the crew of any motorboat or yacht placed at the disposal of the Coast Guard as are citizens of the
United States or of its Territories or possessions, except the Philippine Islands,
define their powers and duties, and confer upon them, approprialte to their qualifications and experience, the same ranks, grades, and ratings as | are provided for
the personnel of the regular Coast Guard Reserve. When on active duty with the




380

REPORT OF THE SECRETARY OF THE TREASURY

Coast Guard, as herein authorized, temporary members of the Reserve shall b e
entitled to receive the p a y of their respective ranks, grades, or ratings, and such
allowances, n o t to exceed those prescribed for members of t h e regular C o a s t ,
Guard, as t h e C o m m a n d a n t m a y deem appropriate: Provided, T h a t temporary
membership in the Reserve and the other benefits conferred by this section a s
a result thereof shall extend only for such period as the m o t o r b o a t or yacht t o
which such members are attached is utilized in the service of the Coast Guard.
SEC. 208. Members of the Reserve, other t h a n t e m p o r a r y members as provided
for in section 207 hereof, shall receive the same exemption from registration and
liability for training and service as members of the Naval Reserve, and no m e m b e r
of the Reserve, other t h a n temporary members thereof, shall be a member of any
other naval or military organization except the Auxiliary or. the Coast Guard a s
provided for in sections 214 and 215 of this title: Provided, T h a t t e m p o r a r y m e m bers of the Reserve who m a y be members of any other military reserve, if ordered
to active d u t y therein, shall be forthwith released from all active d u t y with t h e
Coast Guard, and their status as temporary members of the Reserve terminated.
SEC. 209. All members of the Reserve when employed on active duty, or when
employed ih authorized travel to or from such duty, or while wearing a uniform
prescribed for the Reserve, shall be subject to t h e laws, regulations, and orders
for the- government of the Coast Guard: Provided, T h a t disciplinary action for
an -offense committed while subject to the laws, regulations, and orders for t h e
government of the Coast Guard shall not be barred by reason of release from
d u t y status of any person charged with the commission thereof: Provided further.
T h a t for t h e purpose of carrying the provisions of this section into effect, members
of t h e Reserve may. be retained on or returned to a d u t y status without their
consent, b u t n o t for a longer period of time t h a n m a y be required for disciplinary
action.
SEC. 210. Members of the Reserve m a y be allowed t h e cost of or issued such
items of uniform, bedding, and equipment, as m a y be prescribed by the Comm a n d a n t , with the approval of the Secretary of the Treasury, Provided,.T'h.Si.i the
value of such allowances or of items so issued to any one person during any
three-year period shall not exceed $100.
SEC. 211. Members of the Reserve, other t h a n t e m p o r a r y members thereof,
who suffer sickness, disease, disability, or death in line of d u t y shall be entitled
to t h e same benefits as are or may hereafter be prescribed by law for menibers
bf t h e Naval Reserve who suffer sickness, disease, disability, or death Under
similar conditions.
SEC. 212. When any temporary member of t h e Reserve is physically injured in
line of duty while performing active Coast Guard service, or dies as a result of
such physical injury, he or his beneficiary shall be entitled to all t h e benefits
prescribed by law for civil employees of t h e United States, and t h e United States
Employees' Compensation Commission shall have jurisdiction in such cases and
shall perform t h e same duties with reference thereto as in the case of civil employees of t h e United States. Temporary members of t h e Reserve who contract sickness or disease while performing active duty shall be entitled to t h e same hospital
t r e a t m e n t as is afforded members of the regular Coast Guard.
SEC. 213. Officers and employees of the United States or of t h e District of
Columbia who may become members of the Reserve shall be entitled to t h e same
leave of absence with pay while on training d u t y and, except as otherwise provided
by this Act, to all o t h e r benefits which are now or hereafter m a y be applicable by
law to officers and employees of t h e United States or of t h e District of Columbia
who are members of t h e Naval Reserve.
SEC. 214. Chief warrant and w a r r a n t officers and enhsted men of t h e regular
Coast Guard may, under regulations promulgated p u r s u a n t to section 204 of this
Act, be issued appointinents as commissioned, chief warrant, or w a r r a n t officers in
the Reserve, under which appointments they may be required to serve only in
time of war or during any period of national emergency declared by t h e President
to exist: Provided, T h a t while serving ori active duty under such a p p o i n t m e n t s ,
t h e regular status of such appointees shall be considered as in abeyance, and upon
termination of active duty thereunder they shall r e v e r t to the status held by
t h e m immediately preceding such active d u t y : Provided further, T h a t active d u t y
in the Reserve performed under t h e provisions of this Act shall be counted for all
purposes as though it had been rendered by t h e individuals concerned in t h e
s t a t u s held by t h e m immediately preceding such active duty.
SEC. 215. Members of t h e regular Coast Guard called to active d u t y in t h e
Reserve, as provided by section 214 of this Act, shall not thereby suffer any
reduction in pay and allowances: Provided, TYioA, if while so serving on active d u t y




REPORT OF THE SECRETARY OF THE TREASURY

381

such members contract sickness or disease or sustain injury, or'die as a result of
such sickness, disease, or injury, they or their beneficiaries shalll be entitled to all
the benefits provided for commissioned, chief warrant, or warrant officers of the
Reserve of the same rank, or to the benefits to which they would have been entitled
had such active service been performed in their, prior status as chief warrant or
warrant officers, or enlisted men of the regular Coast Guard, whichever may be the
greater.
TITLE III—GENERAL PROVISIONS \
SEC. 301. The term of enrollment in the Auxiliary and appointment and enlistment in the Reserve (except for temporary members of the Reserve) shall be three
years.
i
SEC. 302. The Secretary of the Treasury is hereby authorized to prescribe one
or more suitable distinguishing flags or pennants to be flown from the motorboats
and yachts owned by members of the Auxiliary or the Reserve^ and one or more
suitable insignia which may be worn by such members. Such ^flags and insignia
shall be furnished by the Coast Guard at actual cost, and the proceeds received
therefor shall be Credited to the appropriation from which paid: Provided, That
any member of the Auxihary who surrenders flags, pennants, or insignia which
were furnished to him by the Coast Guard as a member of the former Coast
Guard Reserve shall be entitled to a like number of the flags, pennants, and
insignia prescribed for the Auxiliary without additional charge. Any person
who shall, without proper authority fly from a motorboat, yacht, or other vessel,
any flag or pennant or wear any insignia of the Auxiliary or of the Reserve shall,
upon conviction thereof, be punished by a fine not exceeding $100.
SEC. 303. Pursuant to such rules and regulations as the Commandant may
prescribe, correspondence courses of the Coast Guard Institute may be made
available to members of the Auxiliary and to members of the Reserve: Provided,
That the actual cost of the study, materials for each such course shall be paid by
the member of the Auxiliary taking such course and the proper Coast Guard
appropriation shall be credited accordingly: Provided further, That such courses
shall be made available to members of the Reserve in accordance with Coast
Guard regulations applicable to personnel of the regular Coast Guard.
SEC. 304. The services and facilities of the Coast Guard may be employed in
the administration and operation of the Auxiliary and of the iReserve; and the
appropriations for the Coast Guard shall be available to effectuate the purposes
of this Act.
\
- Approved, February 19, 1941.
!

Exhibit 61
Executive Order No. 876.7, June 3, 1941, directing certain personnel of the Coast
Guard to operate as a part of the Navy, subject to ihe orders \of the Secretary of
• the Navy
. :
Whereas section 1 of the act of January 28, 1915, 38 Stat. 800|(U. S. C , title 14,
sec. 1), provides:
• ,
"That there shall be established in lieu of the existing Revenue Cutter Service
and the Lifesaving Service, to be composed of those two existing organizations,
with the existing offices and positions and the incumbent officers and men of those
two services, the Coast Guard, which shall constitute a paiit of the military
forces of the United States and which shall operate under the Treasury Department in time of peace and operate as a part of the Navy, subject to the orders of
the Secretary of the Navy, in time of war or when the President shall so direct.
When subject to the Secretary of the Navy in time of war the expense of the
Coast Guard shall be paia by the Navy Department: Provided, That no provision of this act shall be construed as giving any officer of eithet the Coast Guard
or the Navy, military or other control at any time over any vessel, officer, or man
of the other service except by direction oi the President";
I
And whereas it is essential, for the strengthening of our national defense within
the limits of peace-time authorizations, that certain personnel of the Coast
Guard operate as a part bf the Navy, subject to the orders of the Secretary of the
Navy:

•

•

}

Now, therefore, by virtue of the authority conferred upon me by the statutory
provisions above set out, I hereby direct that such number of commissioned, chief
warrant, and warrant officers and enlisted men of the Coast Guard required to man
407631—42

26




\

382

REPORT OF THE SECRETARY OF THE TREASURY

and operate certain naval vessels, as may be agreed upon by the Chief of Naval
Operations and the Commandant of the Coast Guard, shall operate as a part of the
Navy, subject to the orders ol the Secretary of the Navy; and such Coast Guard
personnel while serving on such naval vessels shall be subject to the laws enacted
for the government of the Navy.
FRANKLIN D .
T H E ' W H I T E HOVSB, June 3,

ROOSEVELT.

1941.

Exhibit 62
An act to restrict or regulate the delivery of checks drawn against funds of the United
States, or any agency or instrumentality thereof, to addresses outside the United
States, its Territories, and possessions, and for other purposes
[Public No. 828, 76th Cong., S. 4353!

Be it enacted by the S^enate and House of Representatives of the United States of
America in Congress assembled, That-hereafter no check or warrant drawn against
funds of the United States, or any agency or instrumentality thereof, shall be
sent from the United States (including its Territories and possessions and the
Commonwealth of the Philippine Islands) for delivery in a foreign country in any
case in which the Secretary of the Treasury determines that postal, transportation,
or banking facilities in general, or local conditions in the country to which such
check or warrant is to be delivered, are such that there is not a reasonable assurance that the payee will actually receive such check or warrant and be able to.
negotiate the same for full value.
SEC. 2. Any check or warrant, the sending of which is prohibited under the
provisions of section 1 hereof, shall be held by the drawer until the close of the
calendar quarter next following its date, during which period such check or warrant may be released for delivery if the Secretary of the Treasury determines
that conditions have so changed as to provide a reasonable assurance that the
payee will actually receive the check or warrant and be able to negotiate it for
full value. At the end of such quarter, unless the Secretary of the Treasury
shall otherwise direct, the drawer shall transmit all checks and warrants withheld
in accordance with the provisions oi this Act to the drawee thereof, and forward a
report stating fully the name and address of the payee; the date, number, and
amount of the check or warrant; and the account against which it was drawn, to the
Bureau of Accounts of the Treasury Department. The amounts of such undelivered checks and warrants so transmitted shall thereupon be transferred by the
drawee from the account of the drawer to a special deposit account with the
Treasurer of the United States entitled "Secretary of the Treasury, Proceeds of
Withheld Foreign Checks," at which time such checks and warrants shall be
marked "Paid into Withheld Foreign Check Account." Thereafter the drawee
shall dehver such checks and warrants, together with other paid checks and warrants, to the Comptroller General of the United States, who shall allow credit
therefor in the accounts of the drawer and the drawee.
In the case of checks representing payments under laws administered by the
Veterans' Administration, when the amount transferred to the special deposit account on behalf of any individual payee equals $1,000, the amounts of any further
checks, except checks under contracts of insurance, payable to such payee under
such laws shall be covered into the Treasury as miscellaneous receipts. The deposit in the special deposit account or the covering into the Treasury as miscellaneous receipts, pursuant to the provisions of this section, of the amount of any check
issued under laws administered by the Veterans' Administration shall be considered for all purposes, including determinations of rights under section 305 of the
World War Veterans' Act, 1924, as amended, as payment to the person entitled
thereto.
SEC. 3. Payment of the amounts which have been deposited in the special deposit account in accordance with section 2 hereof shall be made by checks drawn
against such special deposit account by the Secretary of the Treasury, only after
the claimant shall have established his right to the amount of the check or Warrant
to the satisfaction of the Secretary of the Treasury (or, in the case of claims based
upon checks representing payments under laws administered by the Veterans'
Administration, to the satisfaction of the Administrator of Veterans' Affairs) and
the Secretary of the Treasury has determined that there is a reasonable assurance
that the claimant will^actuaily receive such check in payment of his claim and be
able to negotiate the same for full value.



REPORT OF THE SECRETARY OF THE TREASURY

383

I n t h e case of t h e d e a t h of t h e payee of a n y check in p a y m e n t bf pension, compensation, or emergency officers' retirement pay accruing under laws administered
by the.Veterans' Administration, while t h e a m o u n t thereof remains in t h e special
deposit account, such a m o u n t shall, subject to t h e other conditions of this Act, be
payable as follows: (a) Upon death of t h e veteran, first to t h e widow; if there is no
widow, to his child or children under t h e age of eighteen a t his d e a t h ; (b) upon
d e a t h of t h e widow, to her children under t h e age of eighteen years a t her d e a t h ;
(c) upon t h e death, prior to disbursement of all or a n y p a r t of [the apportioned
a m o u n t , of an apportionee of a p a r t of t h e veteran's pension, compensation, or
emergency officers' retirement pay, such apportioned a m o u n t not disbursed shall
be payable to t h e veteran; (d) in all other cases no disbursement whatsoever of
such pension, compensation, or emergency officers' retirement p a y shall be m a d e
or allowed except so m u c h as m a y be necessary to reimburse t h e person who bore
t h e expense of burial: Provided, however. T h a t no disbursement shall be m a d e
unless claim therefor be filed in t h e Veterans' Administration within one year
from t h e d a t e of t h e d e a t h of t h e person entitled and perfected by t h e submission
of t h e necessary evidence within six m o n t h s from t h e d a t e of t h e request of t h e
Veterans' Administration therefor. Such benefits shall include only a m o u n t s
due and unpaid a t t h e time of d e a t h under then' existing ratings or decisions.
SEC. 4. T h e provisions of sections 2 and 3 hereof shall apply Ito all checks or
w a r r a n t s t h e delivery of which is now being, or m a y hereafter bb, withheld purs u a n t to Executive Order Numbered 8389 of April 10, 1940, as amended, as well
as to all checks or w a r r a n t s t h e delivery of which is now being withheld p u r s u a n t
to administrative action, which administrative action is hereby ratified and confirmed: Provided, T h a t any check or w a r r a n t t h e delivery of wliich has already
been withheld for more t h a n one q u a r t e r prior to the. e n a c t m e n t of this Act shall
be immediately delivered to t h e drawee thereof for disposition in accordance with
t h e provisions of sections 2 and 3 hereof: Provided further. T h a t nothing in this
Act shall be construed to dispense with the necessity of obtaining a license, to
authorize the delivery and p a y m e n t of checks in p a y m e n t of claims under section
3 hereof in those cases where a hcense is now or hereafter m a y be required by law
to authorize such delivery and p a y m e n t .
|
SEC. 5. T h e Secretary of the Treasury is hereby authorized t^ prescribe such
rules and regulations as he in his discretion m a y deem necessary or proper for
the administration and execution of this Act.
i
SEC. 6. Nothing contained in this Act shall be construed as affecting or applying
to checks or warrants issued in p a y m e n t of salaries or wages or for goods purchased by the Government of t h e United States in foreign countries.
Approved, Octpber 9, 1940.
i.

Exhibit 63
Regulations, March 19, 1941, relating to delivery of checks and warr.ants to addresses
outside the United States, its Territories, and possessions
[Department Circular No. 655. Accounts]
TREASURY

i
DEPARTMENT,

Washington, D. C , Mfirch 19, 1941.
SECTION 211.1. Authority for regulations.—These regulations are prescribed
and issued under authority of section 5 of Public No. 828 approved October 9, 1940,
" T o restrict or regulate the delivery of checks drawn against funds of t h e United
States, or a n y agency or instrumentality thereof, to addresses outside t h e United
States, its Territories, a n d possessions, and for other purposes." '
SECTION 211.2. Provisions of act.—Section 1 of t h e above-mentioned act provides :
" T h a t hereafter no check or w a r r a n t drawn against funds of t h e United States,
or any agency or instrumentality thereof, shall be sent from ttie United States
(including its Territories and possessions and t h e Commonwealth bf the Philippine
Islands) for delivery in a foreign country in a n y case in which the' Secretary of t h e
Treasury determines t h a t postal, transportation, or banking facilities in general,
or local conditions iri the country to which such ctieck or w a r r a n t is to be delivered,
are such t h a t there is not a reasonable assurance t h a t t h e payee will actually
receive such check or w a r r a n t and be able to negotiate t h e same; for full v a l u e . "




384

REPORT OF T H E SECRETARY. OF THE-TREASURY

" I n section 2, it is provided t h a t :
"Any ctieck or warrant, t h e sending of which is prohibited under t h e provisions
of section 1 hereof, shall be held by t h e drawer until t h e close of t h e calendar
quarter next following its date, during which period such check or w a r r a n t m a y be
released for delivery if t h e Secretary of t h e Treasury determines t h a t conditions
have so changed as to provide a reasonable assurance t h a t t h e payee will actually
receive t h e check or w a r r a n t a n d be able to negotiate it for full value. At t h e
end of such quarter, unless t h e Secretary of t h e Treasury stiall otherwise direct,
t h e drawer shall t r a n s m i t all checks and warrants withheld in accordance with t h e
provisions of this Act to the drawee thereof, and forward a report stating fully t h e
name and address of t h e payee; t h e date, number, and a m o u n t of t h e check or
w a r r a n t ; and the account against which it was drawn, to t h e Bureau of Accounts
of the Treasury D e p a r t m e n t . T h e a m o u n t s of such undelivered checks and
warrants so t r a n s m i t t e d shall thereupon be transferred by t h e drawee from t h e
account of the drawer to.a special deposit account with the Treasurer of t h e United
States entitled 'Secretary of the Treasury, proceeds of withheld foreign checks,'
a t which time such checks and warrants shall, be m a r k e d 'Paid into withheld
foreign check account.' "
In section 3, it is provided t h a t :
•: " P a y m e n t of the a m o u n t s which have been deposited in t h e special deposit
account in accordance with section 2 hereof shall be m a d e by checks drawn
against such special deposit account by t h e Secretary of t h e Treasury, only after
t h e claimant, shall have established his right to the a m o u n t of the check or w a r r a n t
t o the satisfaction of the Secretary of t h e Treasury (or, in the case of claims
abased upon checks representing p a y m e n t s under laws administered by the Vetera n s ' Administration, to t h e satisfaction of the Administrator of Veterans'
Affairs) and the Secretary of the T r e a s u r y h a s determined t h a t there is a reasonable assurance t h a t the claimant will actually receive such check in p a y m e n t of his
claim and be able to negotiate the same for full value."
: Section 4 provides t h a t :
V " T h e provisions of sections 2 and 3 hereof shall apply to all checks or warrants
t h e delivery of which is now being, or m a y hereafter be, withheld p u r s u a n t to
Executive Order No. 8389 of April 10, 1940, as amended, as well as to all checks
or warrants the delivery of which is now being withheld p u r s u a n t to administrative
action, which administrative action is hereby ratified and confirmed: Provided,
T h a t any check or w a r r a n t the delivery of which has already been withheld for
moi^e t h a n one q u a r t e r prior to t h e enactment of this act shall be immediately
delivered io .ttie drawee thereof for disposition in accordance with the provisions
of sections 2 and 3 hereof: Provided further. T h a t nothing in this act shall be
construed to dispense with the necessity of obtaining a license to authorize the
delivery and p a y m e n t of checks in p a y m e n t of claims under section 3 hereof in
those cases where a license is now or hereafter m a y be required by law to authorize
such delivery and p a y m e n t . "
SECTION 211.3. Withholding of delivery of checks or warrants.—(a) T h e Secretary' of the Treasury hereby determines t h a t postal, transportation, or banking
facilities in general or local conditions in Albania, Belgium, Bulgaria, Czechoslovakia, Denmark, Estonia, France, Germany, H u n g a r y , Italy and t h e possessions
thereof, Latvia, Lithuania, Luxeriibourg, t h e Nettierlands, Norway, Poland,
Rumania, the Union of Soviet Socialist Republics, and Yugoslavia are sucti t h a t
there is .hot a reasonable assurance t h a t a payee in any of those countries will
actually receive checks or warrants drawn against funds of t h e United States,
or agencies or instrumentalities thereof, a n d be able to negotiate t h e same for full
value.
(6) A check or w a r r a n t intended for delivery in any of the countries named in
p a r a g r a p h (a) shall be withheld unless the check or warrant'is specifically released
in accordance with section 2 above quoted. Before a check or w a r r a n t intended
for delivery in one of the countries designated in Executive Order No. 8389, as
amended,1 m a y be released, it will be necessary for a license authorizing the release
to be issued p u r s u a n t to t h a t Executive order, as amended.
(c) Checks or warrants referred to in paragraphs (a) and (b), when withheld
for t h e s t a t u t o r y period set forth in sections 2 and 4 above quoted, shall be transm i t t e d to the drawee in accordance with section 2 above quoted, unless t h e
Secretary of t h e Treasury shall otherwise direct.
• The foreign countries designated in Executive Order No. 8389, as amended, as of the date of these regulations are Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia, Lithuania,
Rumania. Bulgaria, and Hungary. . It is tq be noted that under the definition contained in that Executive
order, as amended, such countries are deemed to include territories, dependencies, and possessions thereof.
Care should be taken to ascertain from time to time whether such Executive order, as amended, has been
further amended.




385

REPORT OF T H E SECRETARY OF T H E TREASURY

SECTION 211.4. Reports of checks or warrants withheld.—{a) Separate reports
shall be made for checks or w a r r a n t s withheld solely p u r s u a n t to Executive Order
No. 8389, as amended,^ or p u r s u a n t to both such Executive order, as amended,
a n d t h e determination of the Secretary of t h e Treasury under section 1 "above
quoted, on the one hand, a n d for checks or warrants withheld solely p u r s u a n t to
t h e determination of t h e Secretary of the Treasury under section;! above quoted
on t h e other hand. A separate tabulation shall be prepared for checks or w a r r a n t s
withheld under each disbursing officer's symbol applying to each administrative
agency, in which report checks or warrants shall be segregated by countries.
(5) Reports to t h e Bureau of Accounts, Treasury D e p a r t m e n t , relating to
checks or warrants withheld solely p u r s u a n t to Executive Order No. 8389, as
amended, or p u r s u a n t to both sucti Executive order, as amended', and the determination of the Secretary of the Treasury under section 1 of public No. 828,
a p p r o v e d October 9, 1940, shall be in the following form:
i
Date

L

Fiscal Service,
B U R E A U OF ACCOUNTS,

1

TREASURY DEPARTMENT.
|
T h e following report of foreign checks or w a r r a n t s drawn under disbursing
officer symbol No. — withheld solely p u r s u a n t to Executive Order No. 8389, as
amended, or p u r s u a n t to both such Executive order, as amended, and section 1
of Public No. 828, approved October 9, 1940, and forwarded tp the drawee is
m a d e for t h e quarter ended
i
By
Location
__._;.
^_
(Type name of drawer)

'

Title _ _

Drawee of checks

Agency

Signature
(Reporting officer)

Name of payee and
identifying No. if
any

Last known address
of payee

Date of
check or
warrant

Check
No.

Amount

» State appropriation, fund, or other account by syinbol and title.

Account a
against
which
drawn

Remarks

'>•
t

(c) Reports to the Bureau of Accounts, Treasury D e p a r t m e n t , relating to
ehecks or warrants withheld solely p u r s u a n t to the determination bf t h e Secretary
of the Treasury under section 1 of Public No. 828, approved October 9, 1940, shaU
b e j n the following form:
•
.
Date
<
Fiscal Service,
i
B U R E A U OF ACCOUNTS,

'

TREASURY DEPARTMENT.
:
T h e following rejjort of foreign checks or warrants drawn under disbursing
officer symbol No. — withheld solely p u r s u a n t to t h e determination of t h e Secret a r y of the Treasury under section 1 of Public No. 828, approved p c t o b e r 9, 1940,
a n d forwarded to the drawee is made for t h e q u a r t e r ended
\
By
_
Location
(Type name of drawer)

Title
Agenc}^

Name of payee
and identifying
No. if any

Drawee of checks
Signature
(Reporting {officer)

Last known address
• • of payee

Date of
check or
warrant

Check
No.

Amount

Account'
against
which
drawn

Remarks

a State appropriation, fund, or other account by symbol and title.
2 Checks or warrants intended for delivery in Territories, dependencies, and posse|ssions of the foreign
countries designated in Executive Order No. 8389, as amended, are withheld solely pursuant to the Executive
order, as amended.
i




386

REPORT OF T H E SECRETARY OF T H E TREASURY

{d) An original and six copies of each report will be required. T h e Reporting
Officer will forward t h e original to t h e Bureau of Accounts, Treasury D e p a r t m e n t ;
one copy to t h e Foreign F u n d s Control Section, Treasury D e p a r t m e n t ; one copy
to t h e Administrative Office; three copies t o ' t h e drawee for verification and distribution, as hereinafter provided; and will retain one copy for his files. After verification the drawee will forward one copy to t h e Bureau of Accounts, Treasury
D e p a r t m e n t , together with a copy of t h e certificate of deposit; one copy to th(i
General Accounting Office, together with a s t a t e m e n t of t h e account; and will
retain one copy for his files.
(e) A supply of report forms is available, b u t pending t h e receipt of forms by
drawer, there will be no objection to his preparing the reports on letter-size paper,
with writing running lengthwise, leaving a 1-inch margin a,t t h e top and on t h e
left side. Requests for forms should be addressed to t h e Bureau of Accounts,
Room 376, Treasury Building, Washington, D. C.
(/) Checks or warrants forwarded to drawees shall be accompanied by a set of
certificates of deposit. Form 6599, showing t h a t t h e proceeds of t h e checks or
warrants are to be deposited with t h e Treasurer of t h e United States in t h e
account " S e c r e t a r y of t h e Treasury, proceeds of withheld foreign checks."
{g) Checks or warrants withheld shall be delivered or mailed to drawees, a n d
t h e reports thereof forwarded, as indicated above, p r o m p t l y a t the" close of each
quarter.
SECTION 211.5. Claims for the release of withheld checks or warrants, or for the
proceeds of checks or warrants withheld and deposited in the account "Secretary of the
Treasury, proceeds of withheld foreign checks."— {a) Claims for t h e release of checks
or warrants withheld from dehvery p u r s u a n t to ttie determination of t h e Secretary
of t h e Treasury under section 1 of P u b h c No. 828, approved October 9, 1940, or
Executive Order No. 8389, as amended, or both, and claims for the proceeds of
checks or warrants so withtield, which have been deposited in the account "Secret a r y of the Treasury, proceeds of withheld foreign checks," shall be filed with t h e
Bureau of Accounts, Treasury D e p a r t m e n t , Washington, D. C , except t h a t claims
arising out of checks or warrants representing p a y m e n t s under laws administered
by t h e Veterans' Administration shall be filed witti the Administrator of Veterans'
Affairs, Veterans' Administration, Washington, D . C. T h e Bureau of Accounts
will obtain from t h e administrative agency concerned its report and recommendation upon each claim submitted, prior to p a y m e n t .
{b) Claims for t h e release of checks or warrants withheld solely p u r s u a n t t o
Executive Order No. 8389, as amended, or p u r s u a n t to b o t h such Executive order,
as amended, and t h e determination of t h e Secretary of t h e Treasury under section
1 of Public No. 828, approved October 9, 1940, as well as claims for t h e proceeds
of checks or warrants so withheld which have been deposited in t h e account
" S e c r e t a r y of the Treasury, proceeds of withheld foreign checks" m u s t be accompanied by an application for a license on Form T F E - 1 (revised), executed in t h e
m a n n e r indicated in t h e Regulations of April 10, 1940, as amended, issued u n d e r
Executive Order No. 8389, as amended. Such application should state, if possible:,
(1) The p e r m a n e n t and t e m p o r a r y residence of t h e claimant; (2) t h e citizenship
of t h e claimant; (3) if applicant is someone other t h a n t h e claimant, whether t h e
p a y m e n t has been specifically requested by t h e claimant; and (4) whether t h e
funds are to be used for t h e necessary living expenses of t h e claimant, and if not,
t h e purpose for which the funds are to be used. Applications for licenses will be
t r a n s m i t t e d by t h e Bureau of Accounts to the Foreign F u n d s Control Section.
SECTION 211.6. Advices as to nonreceipt or inability to cash checks abroad.— I t is
requested t h a t t h e Bureau of Accounts, Treasury D e p a r t m e n t , be advised
p r o m p t l y of any correspondence or information received indicating, with respect
to countries other t h a n those listed in section 211.3 (a) hereof, t h a t checks are not
being received or t h a t difficulty is being experienced in cashing checks for full
value.
SECTION 211.7. Salaries and wages or goods purchased by Government abroad.—:
These regulations do not affect or apply to checks or w a r r a n t s issued in p a y m e n t
of salaries or wages or for goods purchased by t h e Government of t h e United
States in foreign countries.
•
'




D . W.

BELL,

Acting Secretary of the Treasury.

REPORT OF THE SECRETARY OF THE TREASURY
Exhibit 64

387

;

An act relating to foreign accounts in Federal Reserve Banks and insured banks
[Public Law 31, 77th Cong., S. 390]

'
i

Be it enacied by the Senate and House of Representatives of the United States of
America in Congress assembled, That subsection (e) of section 14 of the Federal
Reserve Act, as amended, is amended by' inserting before the fieriod at the end
of the first sentence thereof the following: ", or for foreign banks or bankers, or
for foreign states as defined in section 25 (b) of this Act".
j
SEC. 2. Section 25 (b) of the Federal Reserve Act, as amended, is amended by
adding at the end thereof the following new paragraphs:
"Wtienever (1) any Federal Reserve bank has received any property from or
for the account of a foreign state which is recognized by the Gbvernment of the
United States, or from or for the account of a central bank of | any such foreign
state, and holds such property in the name of such foreign state or such central
bank; (2) a representative of such foreign state who is recognizedlby the Secretary
of State as being the accredited representative of such foreign state to the Government of the United States has certified to the Secretary of State the name of a
person as having authority to receive, control, Or dispose of suph property; and
(3) the authority of such person to act with respect to such property is accepted
and recognized by the Secretary of State, and so certified by the Secretary of
State to the Federal Reserve bank, the payment, transfer, delivery, or other
disposal of such property by such Federal Reserve bank to or upon the order of
such person shall be conclusively presumed to be lawful and stiall constitute a
complete discharge and release of any liability of the Federal Reserve bank for
or with respect to such property.
I
"Whenever (1) any insured bank has received any property from or for the
account of a foreign state which is recognized by the Government- of the United
States, or from or for the account of a central bank of any such foreign state, and
holds such property in the name of such foreign state or such central bank; (2) a ^
representative of such foreign state who is recognized by the Secretary of State
as being the accredited representative of such foreign state to i the Government
of the United States has certified to the Secretary of State the name of a person
as having authority to receive, control, or dispose of such property; and (3) the
authority of such person to act with respect to such property! is accepted and
recognized by the Secretary of State, and so certified by the Secretary of State
to such insured bank, the payment, transfer, delivery, or ofher disposal of such
property by such bank to or upon the order of such person shall be conclusively
presumed to be lawful and shall constitute a complete discharge and release of
any liability of such bank for or with respect to sucti property. Any suit or other
legal proceeding against any insured bank or any officer, director, or employee
thereof, arising out of the receipt, possession, or disposition of any such property
shall be deemed to arise under ttie laws of the United States! and the district
courts of the United States shall have exclusive jurisdiction thei;eof, regardless of .
the amount involved; and any such bank or any officer, director, or employee
thereof which is a defendant in any such suit may, at any time before trial tfiereof,
remove sucti suit from a State court into the district court of the United States
for the proper district by following the procedure for the removal of causes
otherwise provided by law.
i
"Nothing in this section shall be deemed to repeal or to modify in any manner
any of the provisions of the Gold Reserve Act of 1934 (ch. 6, 48 Stat. 337), as
amended, ttie Silver Purchase Act of 1934 (ch. 674, 48 Stat. 1178), as amended,
or subdivision (b) of section 5 of the Act of October 6, 1917 (40 Stat. 411), as
amended, or any actions, regulations, rules, orders, or proclamations taken,
promulgated, made, or issued pursuant to any of sucti statutes.| In any case in
which a license to act with respect to any property referred to in this section is
required under any of said statutes, regulations, rules, orders, or proclamations,
notification to the Secretary of State by the proper Government'officer or agency
of the issuance of an appropriate license or that appropriate! licenses will be
issued on application shall be a prerequisite to any action by jthe Secretary of
State pursuant to this section, and the action of the Secretary of State shall relate
only to such property as is included in such notification. Each such notification
shall include the terms and conditions of such license or licenses and a description
of the property to which they relate.
|




388

REPORT OF THE SECRETARY OF THE TREASURY

"For the purposes of this section, (1) the term 'property' includes gold, silver,
currency, credits, deposits, securities,. choses in action, and any ottier form of
property, the proceeds thereof, and any right, title, or interest therein; (2) the
term 'foreign state' includes any foreign government or any department, district,
province, county, possession, or other similar governmental organization or subdivision of a foreign government, and any agency or instrumentality of any such
foreign government or of any such organization or subdivision; (3) the term
/central bank' includes any foreign bank or banker authorized to perform any
one or more of ttie functions of a central bank; (4) the term 'person' includes any
individual, or any corporation, partnership, association, or other similar organization; and (5) the term 'insured bank' stiall have the meaning given to it in
section 12B of this Act."
Approved, April 7, 1941.

OBLIGATIONS OF FOREIGN GOVERNMENTS
Exhibit 65
Correspondence exchanged between the Government of the United States and various
foreign governments, legislation, statements, etc., concerning foreign debts owing
to the United States
BELGIUM

To the Secretary of State from the Belgian Ambassador, December 13, 1940
[Translation] •
EXCELLENCY:

I had the honor to receive the note of December 4, 1940, by which Your Excellency was good enough to transmit to me a statement of the payment envisaged
' by the Belgian-American debt agreement of August 18, 1925, and by the moratorium agreement of June 10, 1932.
I did not fail to transmit this communication to my Government which has now
instructed me to inform the Government of the United States that the Royal
Government keenly regrets to find that the reasons which have forced it to suspend, since December 15, 1932, th,e service of its debt to the United States, have
lost none of their validity.
No new element having arisen which would permit Belgiura to modify its
attitude, my country finds it impossible to effect, on June 15, 1940, the payment
ib question.
I avail myself [etc.].
VAN DER STRATEN.

To the Secretary of State from the Minister of Finland, November 20, 19^0
EXCELLENCY:

Referring to Your Excellency's note of June 2nd, 1940, regarding the Public
Resolution No. 84, approved on June 15th, 1940, by the President of the United
States to authorize ttie postponement of payment of amounts payable to the
United States by the Republic of Finland during the period from January 1,
1940, to December 31, 1940, under the agreements dated May 1st, 1923, and
May 23rd, 1932, I have the honor to submit to Your Excellency the following.
In spite of the many difficulties confronting Finland at present and notwithstanding her limited resources that are badly needed in the rehabilitation of the
country, it is the firm intention and desire of the Finnish Government to maintain
her credit record and to keep all her obligations in the same way as she has always
done in the past.
However, the Finnish Government has with sincere gratitude noted the abovementioned resolution, which, having been passed by both Houses of the Congress,
was enacted by the President of the United States on the 15th of June, 1940, and
offers the Finnish Government the opportunity of the postponement of payments
specified therein. My Government appreciates this renewed proof. of understanding and sympathy, so much the more as They see in this resolution itself and
in the debates, wtiich preceded it a sign of willingness on the part of the United




REPORT OF THE SECRETARY OF THE TREASURY

389

I

States Government for a more extensive consideration of the two j debt agreements
to which the resolution refers.
"
•
Under these circumstances and taking into consideration the present difficulties
confronting Finland, my Government most gratefully accepts ttie offer contained
in the said.resolution.'
j
In consequence of the aforesaid I have the honor, under instrjuctions from my
Government, most respectfully to inform Your Excellency that my Government
is ready to enter into an agreement for the postponement of ithe payment of
amounts payable by Finland to the United States on December 15th, 1940, as
provided for in the Public Resolution No. 84.
!
Accept [etc.].
i
H. J. PROCOPE.

!
Announcement concerning the agreement between the Republic of \ Finland and the
United States {Treasury Department press release. May] 1, 1941)
Mr. Hjalmar J. Procop6, Minister of Finland, and Secretary Morgenthau today
executed an agreement under which the Republic of Finland will undertake to pay
the sum of $235,398 to the United States, in ten annual payments with interest at
three percent.
The sum of $235,398 was payable by Finland to the United States on December
15, 1940, but was postponed under a joint resolution of Congiiess approved on
June 15, 1940.
'
Under the terms of the agreement, Finland is required to pay annually
$27,390.12. These payments are to be made in two installments of $13,695.06
on June 15 and on December 15. The first payment under this agreement will be
due on June 15, 1941.
!
• Agreement between the Republic of Finland and the United State's, May 1, .1941
I
AGREEMENT, MADE THE FIRST DAY OF MAY, 1941, AT THE CITY OF WASHINGTON,
DISTRICT OF COLUMBIA, BETWEEN THE GOVERNMENT OF T H E REPUBLIC OF
FINLAND, HEREINAFTER CALLED FINLAND, PARTY OF THE FIRST PART, AND THE
GOVERNMENT OF THE UNITED STATES OF AMERICA, HEREINAFTER CALLED THE
UNITED STATES, PARTY OF THE SECOND PART
• |

Whereas, under the terms of the debt funding agreement between Finland and
the United States, dated May 1, 1923, and the agreement between Finland and the
United States, dated May 23, 1932, there was payable by Finland to the United
States on December 15, 1940, in respect of the indebtedness of Finland to the
United States, the aggregate amount of $235,398; and
;
Whereas, section 1 of ttie Joint Resolution of the Congress of ttie United States,
approved June 15, 1940 (Public Resolution No. 84, 76th'Congress)|, provides: .
"That the Republic of Finland, at its. option, may postpone; the payment of
amounts payable to the United States of America during the period from January
1,' 1940, to December 31, 1940, inclusive, under the agreements between that
Repubhc and the United States of America dated May 1, 1923, and May 23, 1932;
and, in the event of the exercise of the option, herein granted, the! Secretary of the
Treasury is authorized to make, on betialf of the United • States of America, an
agreement with the Republic of Finland for the payment of the postponed amount,
with interest at the rate of 3 per centum per annum beginning January 1, 1941, in
ten annuities, the first to be paid during the calendar year beginning January 1,
1941, and one during each of the nine calendar years following, each annuity, payment to be payable in one or more installments: Provided, however. That the
amounts postponed shall bear interest at the rate of 3 per centumj per annum from
the date payment of such amounts was postponed to January 1, 19,41."; and
Whereas, Finland has exercised its option under such Joint Resolution to postpone the payment of the above-mentioned amount of $235,398, payable by
Finland to the United States on December 15, 1940;
!
Now, Therefore, in consideration of the premises and of the rtiutual covenants
herein contained it is agreed as follows:
i
1. Payment of the amount of $235,398, payable by Finland to the United States
on December 15, 1940, in respect to the indebtedness of Finland to the United
States, according to the terms of the agreements of May 1, 1923, and May 23, 1932,
above mentioned, with interest of $328.91, at the rate of 3 per centum per annum
from the date the payment of such amount was postponed to January 1, 1941,
amounting in all to $235,726.91, is hereby postponed so that the amount of $235,726.91 together with interest thereon at the rate of 3 percentum per annuni



390

REPORT OF THE SECRETARY OF THE TREASURY

beginning J a n u a r y 1, 1941, shall be paid b y Finland t o t h e United States in ten
equal annuities of $27,390.12 each, payable in United States dollars in equal
semiannual installments on J u n e 15 and December 15 of each calendar year
beginning J a n u a r y 1, 1941, and concluding with t h e calendar year beginning
J a n u a r y 1, 1950. Ttie bonds numbered 9, dated December 15, 1922, m a t u r e d
DecemtDcr 15, 1931, in t h e principal a m o u n t of $55,000, a n d numbered 18, dated
December 15, 1922, m a t u r e d December 15, 1940, in t h e principal a m o u n t of
$76,000, and dehvered b y Finland to t h e United States under t h e agreement of
M a y 1, 1923, shall be retained' b y t h e United States until t h e annuities due
u n d e r this agreement shall have been paid.
2. Except so far as otherwise expressly provided in this Agreement, p a y m e n t s
of annuities u n d e r this Agreement shall be subject to t h e same terms and conditions as p a y m e n t s u n d e r t h e agreement of M a y 1, 1923, above mentioned. T h e
proviso in p a r a g r a p h 2 of such agreement, authorizing t h e postponement of
p a y m e n t s on account of principal, and t h e option of Finland provided for in p a r a graph 4, t o p a y in obligations of t h e United States, shall n o t apply t o annuities
payable u n d e r this Agreement.
3. T h e agreements of M a y 1, 1923, and M a y 23, 1932, between Finland a n d t h e
United States, a b o v e mentioned, stiall remain in all respects in full force a n d
effect except so far as expressly modified by this Agreement.
4. Finland a n d t h e United States, each for itself, represents and agrees t h a t
t h e execution and.delivery of this Agreement have in all respects been duly authorized a n d t h a t all acts, conditions and legal formalities which should, have been
completed prior to t h e making of this Agreement have been completed as required
b y t h e laws of Finland a n d t h e United States, respectively, and in conformity
ttierewith.
5. This Agreement shall be executed in t w o counterparts, each of which shall
have t h e force and effect of an original.
In Witness Whereof, Finland has caused this Agreement to be executed on its
behalf by its E n v o y Extraordinary and Minister PlenijDotentiary a t Washington,,
t h e r e u n t o duly authorized, a n d t h e United States has hkewise caused this Agreem e n t t o be executed on its behalf b y t h e Secretary of t h e Treasury, p u r s u a n t t o
a Joint Resolution of Congress approved J u n e 15, 1940, all on t h e day a n d year
first above written.
T H E R E P U B L I C OF FINLAND,
By H J . J. PROCOPIE,

Envoy Extraordinary and Minister Plenipotentiary.
T H E U N I T E D STATES OF AMERICA,
By H . M O R G E N T H A U , Jr.,

. Secretary of the Treasury,
Joint resolution to authorize the postponement of payment of amounts payable to the
United States by the Republic of Finland on its indebtedness under agreements
between that Republic and the United States dated M a y 1, 1923, M a y 23, 1932,
and M a y 1, 1941
[Public Law 110, 77th Cong., S. J. Res. 74]

Resolved by the Senate and House of Representatives of the United States of America
in Congress assembled. T h a t t h e Republic of Finland, a t its option, m a y postpone
the p a y m e n t of a m o u n t s payable to t h e United States of America during t h e
period from J a n u a r y 1,1941, to December 31, 1942, inclusive, under t h e agreements
between t h a t Republic and t h e United States of America dated M a y 1, 1923,
M a y 23, 1932, and M a y 1, 1941. I n t h e event of t h e exercise of t h e option granted
in this section t h e Secretary of t h e Treasury is authorized to make, on behalf of
the United States of America, an agreement with t h e Republic of Finland for t h e
p a y m e n t of t h e postponed a m o u n t s in forty semiannual installments, t h e first t w o
such installments to be paid during t h e calendar year beginning J a n u a r y 1, 1945,
and two to be paid during each of t h e nineteen calendar years following: P r o vided, T h a t t h e a m o u n t s postponed shall n o t bear a n y interest beyond t h e dates
when such a m o u n t s first become payable under t h e above mentioned agreements.
SEC. 2. T h e agreement authorized in ttie first section of this joint resolution
shall, be in such form t h a t p a y m e n t s thereunder shall, unless otherwise provided
in such agreement, be in accordance with, and subject to t h e same terms a n d conditions as p a y m e n t s under, t h e agreement with t h e Republic, of Finland dated
M a y 1, 1923.
Approved, J u n e 12, 1941.




REPORT OF THE SECRETARY OF THE TREASURY

391

FRANCE

To the Secretary of State from the French Ambassador, December 10, 1940
[Translation]
EXCELLENCY:

I
;

I.have the honor to acknowledge the receipt of Your Excellency's note, dated
December 4, 1940, transmitting a statement of the amounts due by France to the
United States on December 15 next, under the terms of the agreements signed by
the French Government.
'
In presenting this statement, you. took occasion to reiterate that the Government of the United States is fully disposed to discuss, through diplomatic channels,
any proposals which the French Government may desire to put fdrward in regard
to the settlement of this indebtedness and to give them careful consideration with
a view to their eventual submission to the American Congress, i
The French Government thanks the Government of the United States for having
been so kind as to renew these assurances and desires on its part to emphasize again
its sincere desire to seek the basis for a debt settlement acceptable to both countries.
1
As soon as a satisfactory development of the situation will perpiit, the French
Government will not fail to seize the opportunity, which it hopeswill be soon, to
enter into conversations for the negotiation of an agreement to; the conclusion
of which, like the Government of the United States, it attaches great importance.
Please accept [etc.].
!
HENRY-HAYE.
GREAT BRITAIN

To the Secretary of State from the British Charg^ d'Affaires, December 15, 1940

I

SIR:

In accordance with instructions from His Majesty's Principal Secretary of
State for Foreign Affairs, I have the honour to acknowledge thei receipt of your
note of the 4th December enclosing a statement of the amounts due from His
Majesty's Government in the United Kingdom under the provisions of the debt
agreement of the 19th June, 1923, and the moratorium agreement !of the 4th June,
1932.
. 1
I am directed to express the appreciation of His Majesty's Goyernment of the
assurance that the Government of the United States is fully disposed to discuss
any proposals which His Majesty's Government may desire to j put forward in
regard to the payment of this indebtedness; and in return I am toiassure you that
His Majesty'g Government will be willing to reopen discussions on the subject
whenever circumstances are such as to warrant the hope that a satisfactory result
might be reached.
. i
I have the honour [etc.].
|
NEVILE BUTLER.
GREECE

Announcing the receipt of payments from Greece {Treasury Department press release-,
September 6,- 1940)
i
The Secretary of the Treasury today announced that the Federal Reserve Bank
of New York, at the direction of the Bank of Greece, for account of the Greek
Government, paid to the Treasurer of the United States on Sep^bember 3, 1940,
the amount of $87,168, representing payment by the Greek Government to the
Government of the United States of forty percent of the semiannual interest
amounting to $217,920 due on November 10, 1938, on the fourlpercent loan of
1929 made to the Greek Government by the United States under the agreement
of May 10, 1929.
!
This amount has been received by the Treasury in the samei manner as the
previous payments made by the Greek GoVernment to the United States on
account of the amounts due during the period since 1932 were received by the
United States namely, without prejudice to the contractual rights of the United
States whicb are set forth in part II of the debt agreement of May ilO, 1929, and in "
accordance with the position of the United States as stated in ttie note addressed
by the Secretary of State to the Greek Minister at Washington on February 8,
1936.



392

REPORT OF THE SECRETARY OF THE TREASURY
HUNGARY

To the Secretary of State from the Hungarian Charge d^Affaires ad interim^
December 13, 1940
SIR:

• By order of my Government I have the honor to inform you that the amount
of $9,828.16 has been paid today at the Federal Reserve Bank of New. York on
account of the relief indebtedness of Hungary to the Government of the United
States.
May I again express the earnest hope of my Government that the Congress of
the United States will give favorable consideration to the offer of my Government
submitted in the Aide Memoire of February 7, 1938, seeking to regularize its debt
payments by a new agreement on a permanent basis which would pay off completely the original relief debt without interest in equal installments in the lifetime
of the. present generation, that is in approximately thirty years.
Accept [etc.].
S. ROTHKUGEL.

Announcement concerning the receipt of payment from Hungary {State Department
press release, December 16, 1940)
The Department notes with gratification that the Hungarian Government has
again made a partial payment on its relief debt contracted in 1920 for the purchase
of flour from the United States Grain Corporation through the American Relief
Administration. In its communication of December 13 on this subject, the
Hungarian Government has expresse'd the earnest hope that favorable consideration will be given to its offer to undertake a new agreement on a permanent basis
whereby payment of the original rehef debt, without interest, would be completed
in about ttiirty equal annual installments. The President, in his message of
March 28, 1938, recom.mending these proposals to the consideration of the Congress, expressed the belief that they represented a noteworthy wish and effort of
the Hungarian Government to meet its obligations to this Government.

To the Secretary of State from the Italian Ambassador, December 10, 1940
HONORABLE SIR:

I have the honor to acknowledge the.receipt of your note of December 4, 1940,
. whereby you have sent me a statement of the amounts due from the Italian
Government up to December 15, 1940, under the provisions of the debt agreement
of November 14, 1925, and the moratorium agreement of June 3, 1932.
My Government has taken note with appreciation of the renewed assurance
that the United States Government is fully disposed to discuss, through diplomatic
channels, any proposals which the Italian Government may desire to put forward
in regard to the payment of its indebtedness and that such proposals would
receive careful consideration with a view to eventual submission to the American
Congress.
While thanking you for the above communication, my Government regrets to
be still unable, at ttie present moment, to submit any proposals and wishes to refer
to the considerations previously brought to the attention of the Federal Government.
.
. '
Accept [etc.].
COLONNA.
POLAND

To the Secretary of State from the Polish Ambassador, December I4, 1940
.
^
Acting upon instructions of ray Government, and in answer to your note of
iDecember 4, 1940, I beg to thank you for the assurance that the United States
Governm.ent is fully disposed to discuss, through diplomatic channels, any proposal which my Government desire to put forward in regard to payments resultingfrom the terms of the debt agreement of November 14, 1924, and the-moratorium
agreement of June 10, 1932.
SIR:




REPORT OF THE S-ECRETARY OF THE TREASURY

i

393

In connection with the above, I have the honor to inform you ttiat, owing to the
aggression against Poland by Germany and the U. S. S. R. and; the subsequent
invasion of her territory by the forces of the said countries, whicti unfortunately
enhances the reasons as contained in the note of December 8, 1932, and confirmed
by later declarations, the Polish Government are obliged to request similarly a
•deferment of payment of the installment payable on December 15, 1940, the
Polish Government, to their great regret, still not being in a position to resunae the
service of the debt towards the United States.
'
Accept [etc.].
!
JERZY POTOCKI.

To the Secretary of State irmn the Rumanian Charge d^Affaires ad interim, December
14, 1940
i
•SIR:

;

I "have the honor to acknowledge receipt of your note of December 4, 1940,
enclosing the statement showing the amounts due from the Romanian Government up to December 15, 1940, pursuant to the terms of the debt agreement of
December 4, 1925, and the moratorium agreement of June 11, 1932.
As stated in the Romanian Minister's note of June 15, 1940, the Royal Government earnestly desires to fulfill its obligations toward the United States, but,
because of circumstances and reasons beyond its control, which were only aggravated by the events which have occurred since June 15, finds it impossible to
carry out the terms of the agreements referred to above.
I have the honor, therefore, to inform you that the Royal Government deeply
regrets that it is unable to effect payment of the installment falling due on December 15, 1940, and stresses oiice more its desire, as expressed ini this Legation's
notes of May 3, 1939, December 14, 1939, and June 15, 1940, to negotiate a new
agreement.
;
Accept [etc.].
[
BRUTUS COSTE.
YUGOSLAVIA

To the Secretary of State from the Yugoslav Minister, December 9, 1940
M R . SECRETARY:

!

I have the honor to acknowledge the receipt of your letter of December 4, 1940,
with which you were good enough to send me a statement showing the amount
due and payable on June 15, 1932, to June 15, 1940, inclusive, arid December 15,
1940, by the Yugoslav Government, pursuant to the terms of its! debt agreement
of May 3, 1926.
|
The Royal Government, while appreciating the willingness of the United States
Government to discuss, ttirough diplomatic channels, any propo'sal in regard to
payment of this indebtedness, are, to their sincere regret, still unable to resume
the payment under the said agreement or to bring forward, at the present moment,
any new proposal to this effect.
:
Accept [etc.].
I
CoNSTAijrTiN F O T I T C H .

Exhibit 66 .

i

Orders relating to organization and procedure in the Treasury Department
TREASURY DEPARTMENT ORDER NO. 34, JULY 6, 1940

Effective a t once, the direction of the marksmanship training of Treasury
Department employees previously trained by the Coast Guard lis placed under
the supervision of the Coordinator, Treasury Enforcement Agencies. The Coordinator will assign responsibility for this program to the respective district
coordinators throughout the, service and will issue the necessary instructions to
be followed in the performancie of these duties.
j




HERBERT E.; GASTON,

Acting Secretary of the Treasury.

394

REPORT OF THE SECRETARY OF THE TREASURY
TREASURY

DEPARTMENT

O R D E R N O . 35, J U L Y 16,- 1940

Effective from and after this date, the Bureau of Customs will report to
Assistant Secretary of the Treasury Gaston. Department Circular No. 244 of
June 28, 1940, is modified accordingly.
•
H.

MORGENTHAU,

Jr.,

Secretary of the Treasury,
TREASURY

DEPARTMENT

O R D E R N O . 36, J U L Y 19, 1940

By virtue of and pursuant to the authority conferred upon me by section' 2 of
Reorganization Plan No. IV (House Document No. 692, 76th Cong.), prepared
in accordance with the provisions of the Reorganization Act of 1939 and transmitted to the Congress by the President on April 11, 1940, which plan, by virtue
of the joint resolution of June 4, 1940 (Pub. Res. No. 75, 76th Cong.), became
effective June 30, 1940, I hereby designate the Deputy Commissioner of Internal
Revenue in charge of the Alcbtiol Tax Unit to exercise the functions relating to
the approval of compromises made in accordance with the provisions of section
7 of ttie Federal Alcohol Administration Act, which functions were formerly
vested in the Attorney General and were transferred to the Secretary of^the
Treasury by said section 2 of Reorganization Plan No. IV.
'^
H.

MORGENTHAU,

Jr.,

Secretary of the Treasury.
T R E A S U R Y D E P A R T M E N T O R D E R N O . 37, J U L Y 26, 1940

By virtue of.and pursuant to the authority vested in me by the act of May 10,
1934 (48 Stat. 759), by section 161 of the Revised Statutes and otherwise, I
hereby designate Joseph P. Chamberlain, Assistant to the Secretary, and delegate
to him all authority, duties and functions which I am authorized or required to
exercise or perform under section 5 (b) of the act of October 6, 1917 (40 Stat.
411, 415), as amended, and any proclamations, orders, regulations, or rulings that
have been or may be issued thereunder.
H. MORGENTHAU,

Jr.,

Secretary of the Treasury.

Approved:
FRANKLIN D . ROOSEVELT,
T H E WHITE HOUSE,

July 26, 1940.
TREASURY D E P A R T M E N T ORDER NO. 38, SEPTEMBER 25, 1940

By virtue of and pursuant to the authority vested in me by the act of May 10,
1934 (48 Stat. 759), by section 161 of.the Revised Statutes and otherwise, I
hereby designate Jotin W. Pehle, Assistant to the Secretary, and delegate to him
all authority, duties, and functions which I am authorized or required to exercise
or perform under section 5 (b) of the act of October 6, 1917 (40 Stat. 411, 415),
as amended, and any proclamations, orders, regulations, or rulings that have been
or may be issued thereunder.
H. MORGENTHAU,

Jr.,

Secretary of the Treasury.

Approved:
FRANKLIN D. ROOSEVELT,
T H E WHITE HOUSE,

September 25, 1940.
TREASURY D E P A R T M E N T ORDER NO. 39, M A R C H 19, 1941

There is hereby established in the Ofiice of the Secretary a Defense Savings
Staff, which will tiave charge of promoting the sale of United States savings bonds,
and other similar Government securities offered to the public.
The Defense Savings Staff will report to the Secretary through Mr. Harold N.
Graves, Assistant to the Secretary.




REPORT OF THE SECRETARY OF THE TREASURY
i

395

I

Mr. Eugene W. Sloan is designated Executive Director of the Defense Savings
Staff, and will be generally responsible for its administration!. Mr. Gale F.
Johnston is designated Field Director, and Mr. Harford Powel, Information
Director.
I
H. MORGENTHAU, Jr.,

Secretary of the Treasury.
T R E A S U R Y D E P A R T M E N T O R D E R N O . 40, J U N E 17, 1941

By virtue of and pursuant to the authority vested in me, I hereby direct that
all authority, duties, and functions relating to foreign funds control which heretofore have been.delegated or assigned to any other officer or office of the Department shall continue to be exercised and performed by such ofRcer| or office subject
to the general supervision of Edward H. Foley, Jr., as Acting Secretary of the
Treasury.
i
H. MORGENTHAU, Jr.,

Secretary of the Treasury.
Exhibit 67
|
An act authorizing overtime rates of compensation for certain per annum employees
of the field services of the War Department, the Panama Canal, the Navy Department, and the Coast Guard, and providing additional pay for employees who forego
their vacations
.
. \
[Public L a w 100, 77th Cong., S. 1541]

]

Be it enacted by the Senate and House of Representatives of the' United States of
America in Congress assembled. That compensation for employment in excess of
forty hours in any administrative workweek eomputed at a rate of one and onehalf times the regular rate is hereby authorized to be paid, under! such regulations
as the President may prescribe, to those per annum employees in the field service
of the War Department, the Panama Canal, the Navy Department, and the
Coast Guard, wtiose overtime services are essential to and directly connected with
the expeditious prosecution of the overtime work upon whicti the employees
enumerated in section 5 (a) of the Act of June 28, 1940, and section 1 of the Act
of October 21, 1940, are engaged: Provided, That in determining the overtime
compensation of the foregoing per annum employees the pay for one day shall be
considered" to be one three-hundred-and-sixtieth of the respective per annum
salaries.
1 .
SEC. 2. Employees of the field service of the War Departinent land the Panama
Canal Zone may, during the period of the national ernergency! declared by tbe
President on September 8, 1939, to exist, be employed during thejtime they would
otherwise be on vacation without deprivation of their vacation pay for the time
so worked. Employees who forego their vacations in accordance with the provisions of this section may be paid, in addition to their regular pay, the equivalent
of the pay they would have drawn during the period of such vacation. The provisions of this section shall be applicable only to employees whose service at the
time cannot, in the judgment of the Secretary of War or the |Governor of the
Panama Canal, as the case may be, be spared without detriment to the national
defense.
•
I
SEC. 3. The provisions of section 2 of this Act and of section 7 of the Act of
June 28, 1940 (Public, Numbered 671), shall be administered in! accordance with
such rules and regulations as the President may prescribe.
I
SEC. 4. The provisions of this Act shall be effective during the national emergency declared by the President on Septeniber 8, 1939, to exist, and shall terminate
June 30, 1942, unless the Congress stiall otherwise provide.
!
Approved, June* 3, 1941.
!
MISCELLANEOUS

;

Exhibit 68

i

Executive Order No. 8512, August 13, 1940, prescribing regulations pertaining to
budgetary administration and financial reporting
By virtue of the authority vested in me by the Budget and Accounting Act, 1921,
approved June 10, 1921 (42 Stat. 20), and as President of the i United States, I
hereby prescribe the following regulations with respect to the! compilation and



396

REPORT OF THE SECRETARY OF THE TREASURY

reporting of information on the financial condition and operations of the Governm.ent and with respect to the budgetary control of expenditures:
SECTION 1. The term ''agencies" as used in this order shall include executive
departments and independent establishments and- corporations in which the
United States has a proprietary interest, direct or indirect, except Federal savings
and loan associations and those corporations in which the proprietary interest of
the United States is evidenced only by preferred stock or capital notes acquired
through the Reconstruction Finance Corporation or production credit corporations.
SECTION 2. The Secretary of the Treasury shall prepare and transmit to the
Director of the Bureau of ttie Budget, for the information of the President, such
financial reports as may be necessary or desirable to make known in all practicable
detail the financial condition and operations of the Government and its various
agencies; and he shall prepare and furnish to the Director of the Bureau of the
Budget such other reports relating to the financial activities of the Government
and the ^status of appropriations or funds and the apportionments thereof as the
Director may require for the compilation of the budget or for ottier purposes of
budgetary administration. The above-described reports shall relate to such
periods, of time as the Director of the Bureau of the Budget may designate and
shall include such information as the Director may determine to be necessary and
desirable for adequate budgetary and executive control.
SECTION 3. The Secretary of the Treasury shall establish, as soon as practicable,
and maintain such accounting records as are necessary to coordinate and integrate
the financial data reported by agencies as required herein with the financial data
of the Treasury Department and to provide a basis for the expeditious compilation
and prompt submission of the financial reports required to be furnished to the
Director of the Bureau of the Budget. Ttiese accounting records shall be operated, on the double-entry principle of bookkeeping, as a summary but complete
system of central accounts for the erltire Government; and they shall be so established by the Secretary of the Treasury as to effect suitable coordination with the
accounting systems prescribed by the Comptroller General of the United States
under authority of section 309 of the Budget and Accounting Act, 1921.
SECTION 4. The several agencies shall furnish the Secretary of the Treasury
such information and data relating to their financial condition, activities, and
operations as may be required to enable the Treasury Department to maintain
ttie accounting records and prepare the financial reports necessary for compliance
with the, provisions of this order, and shall furnisti such information relative to
their accounting principles and practices as the Secretary of the Treasury may
require for the proper processing of the data reported by such agencies.
SECTION 5. The head of eacfi agency shall, under such rules and regulations
as the Director of the Bureau of the Budget may prescribe, submit to the Bureau
of the Budget recommendations for the apportionment of each appropriation made
to such agency, and such apportionments, when approved by the Director, shall
be binding upon the agency concerned in controlling its budgetary plans and rate
of expenditures, subject only to revision of such apportionments by the Director.
No agency shall make expenditures or involve the Government in any contract
or ottier obligation for ttie future payment of money in excess of ttie amount
currently available therefor under the apportionments so approved or revised: .
Provided, however, Th2ii such apportionments may be exceeded when such action
is necessary to prevent the loss of life or Government property; and in such
cases the head of the agency concerned shall promptly justify such action in writing
to the Director of the Bureau of the Budget. Ttie provisions of this section shall
be applicable to the amounts made available by the Congress for the administrative
expenses of governmental corporations.
SECTION 6. The following specific requirements shall be observed by all agencies
in reporting the financial data required under the provisions of this order:
(a) The reports of financial condition and operations shall reflect all uncollected
revenues and other amounts owed to the Government, whether assessed, due, or
_ accrued, and also all bonded or other indebtedness of the Government, whether
' due or accrued, including all current liabilities. Such reports shall also reflect,
so far as ascertainable, all contingent liabilities of the United States and its corporate and other instrumentalities.
(6) A uniform accounting terminology and uniform classifications of assets and
liabihties, and revenues and expenditures shall be employed. Such classifications
shall, so far as practicable, distinguish between expenditures which are of a recover-




REPORT OF THE SECRETARY OF THE TREASURY

397

able n a t u r e , such as loans a n d investments, and those of a nonrecoverable n a t u r e .
(c) Uniform s t a n d a r d s shall be employed, t o . t h e fullest extent practicable, in
t h e valuation of assets and t h e determination of liabilities a n d I t h e t r e a t m e n t of
revenues and expenditures in relation thereto.
|
{d) T h e d a t a shall be compiled on t h e basis of t h e accounting records of t h e
respective agencies, or shall be susceptible of ready reconciliation therewith.
SECTION 7. T h e uniform terminology, classifications, principles, a n d s t a n d a r d s
referred to in this order shall be establistied by the Secretary of t h e Treasury with
the approval of t h e Director of t h e Bureau of t h e Budget a n d shall be observed
by all agencies in the financial reporting required by this order;.
SECTION 8. T h e Director of the Bureau of t h e Budget is authorized, in accordance with t h e provisions of section 213 of t h e Budget a n d Accounting Act, 1921,
to analyze the financial records of any agency in order to secure isuch informatiori
as the Bureau of the Budget m a y require for the formulation or revision of reporting requirements or for assuring compliance therewith.
SECTION 9. Executive Orders No. 5614 of M a y 1, 1931, No. 16226 of July 27,
1933, No. 6869 of October 10, 1934, No. 7126 of August 15, 1935, as a m e n d e d ,
and all other orders or p a r t s thereof inconsistent with t h e provisions of this order,
are hereby revoked.
!
FRANKLIN D . ROOSEVELT.
I

T H E WJIITE HOUSE,

August 13, 1940.

I
Exhibit 69

|

.
.

Declaration of valuables, September 6, 1940, under the Government Losses in Shipment Act {Notice No. 2)
'
The articles, things or representatives of value listed or referijed to hereinafter
have been declared by the Secretary of the Treasury, to be ''valuables" within the
meaning of that term in section 7 (a) of the Government Losses in Shipment Act,
approved July 8, 1937, 50 Stat. 480, as amended by section 3 of 'the act approved
August 10, 1939, 53 Stat. 1359 (U. S. C , Sup. V, title 5, sec. 134 f).
A. MONEY OF THE UNITED STATES AND FOREIGN COUNTRIES

Currency, including mutilated currency and canceled currency], coins, including
uncurrent coins, and,specie.
I
B. SECURITIES

AND OTHER INSTRUMENTS

OR DOCUMENTS,

PRIV!AT.E AND

PUBLIC

Abstracts of title.
.
Mortgages.
I
Assignments.
'
Notes.
Bills.
•
Stamps,, including postage, revenue,
Bonds.
license, food order aiid public debt.
Certificates of deposit.
Stamped envelopes and postal cards.
Certificates of indebtedness.
Stock certificates.
!
Checks, drafts and money orders.
Trust receipts.
'
Coupons.
Voting trust certificates.
Debentures.
Warehouse receipts. '
Deeds.
Warrants.
I
Equipment trust certificates.
•
And other instruments or documents similar to the foregoing and whether
complete, incomplete, mutilated,' canceled, in definitive form or represented by
interim documents.
C. PRECIOUS METALS AND STONES

I

Diamonds and other precious stones.
•
'
\
Gold, silver and any other precious or rare metal, including articles composed
thereof.!
i
1 These articles, things or representatives of value were declared to be valuables under the Government
Losses in Shipment Act, effective July 22, 1940, During the period August 10, 1939,! to July 22, 1940, gold
and silver were considered as valuables under the act upon the following basis:
"Gold, silver, in such state or condition that its value depends primarily upon itsj gold or silver content
and not upon its form."
i
407631—42
27
I




398

REPORT OF THE SECRETARY OF THE TREASURY
D. ALL OTHER

Works and collections of artistic, historical, scientific or educational value
which are the property of the United States or which m a y be loaned to t h e United
States a t its request or which may be shipped on a u t h o r i t y of t h e United States
for its examination or acceptance as a gift.2
E. F.

BARTELT,

Corrimissioner of Accounts.
Exhibit 70
Portions of the act authorizing the Secretary of the Interior to promulgate and to put
into effect charges for electrical energy generated at Boulder Dam, providing for the
application of revenues from said project, authorizing the operation of the Boulder
Power Plant by the United States directly or through agents, and for other purposes
{Public No. 756, J u l y 19, 1940) .
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. T h a t the Secretary of the Interior is hereby
authorized and directed to, and he shall, promulgate charges, or the basis of
computation thereof, for electrical energy generated a t Boulder Dam. during the
period beginning J u n e 1, 1937, and ending May 31, 1987,,computed to be sufficient,
together with other net revenues from the project, to accomplish t h e following
purposes:
•
"
,
(a) To meet the cost of operation and maintenance, and to provide for replacements, of the project during t h e period beginning J u n e 1, 1937, and ending May
31, 1987;
. (b) To repaj' to the Treasury, with interest, the advances to the Colorado River
D a m F u n d for the project made prior to J u n e 1, 1937, within fifty years from t h a t
date (excluding advances"allocated to flood control b}^ section 2 (b^ of the Project
Act, which shall be repayable as provided in section 7 hereof), and such portion of
sucti advances m a d e on and after J u n e 1, 1937, as (on t h e basis of r e p a y m e n t thereof
within such fifty-year period or periods as ttie Secretary m a y determine) will be
repayable prior to June 1, 1987;
(c) To provide $600,000 for each of the years and for t h e purposes specified in
section 2 (c) hereof; and
(d) To provide $500,000 for each of the years and for the purposes specified in
section 2 (d) hereof.
Such charges m a y be m a d e subject to revisions and adjustments a t such times,
to such extent, and in such manner, as by the terms of their promulgation the
Secretary shall prescribe.
SEC. 2. All receipts from the project shall be paid into t h e Colorado River D a m
F u n d and shall be available for:
(a) Annual appropriation for the operation, maintenance, and replacements of
the project, including emergency replacements necessary to insure continuous
operations;
(b) R e p a y m e n t to the Treasury, with interest (after making provision for the
p a y m e n t s and transfers provided in subdivisions (c) and (d) hereof), of advances
to the Colorado River D a m F u n d for the construction of the project (excluding the
a m o u n t allocated to flood control by section 2 (b) of the Project Act), and any
readvances made to said fund under section 5 hereof; and
(c) P a y m e n t subject to the provisions of section 3 hereof, in commutation of
t h e p a y m e n t s now provided for the States of Arizona and N e v a d a in section 4 (b)
of ttie Project Act, to each of said States of the sum of $300,000 for each year of
operation, beginning with the year of operation ending May 31, 1938, and continuing annually thereafter until and including the year of operation ending May 31,
.1987, and such p a y m e n t s for any year of operation which shall have expired a t the
time when this subdivision (c) stiall become effective shall be due immediately, and
be paid, without interest, as expeditiously as'administration of this Act will,permit,,
and each such p a y m e n t for subsequent years of operation shall be m a d e on o r
before July 31, following the close of the year of operation for which it is made.
All such p a y m e n t s shall be m a d e from revenues hereafter received in the Colorado
River D a m F u n d .
2 These articles, things or representatives of value were declared to be valuables under the Government
Losses in Shipment Act, effective July 22, 1940.
All other articles, things or representatives of value listed or referred to were declared to be valuables,
effective August 10,1939.




REPORT OF THE SECRETARY OF THE TREASURY

399

Notwithstanding the foregoing provisions of this subsection, in the event that
there are levied and collected by or under authority of Arizona or Nevada or by
any lawful taxing political subdivision thereof, taxes upon—
;
(i) the project as herein defined;
(ii) the electrical energy generated at Boulder Dam by means of facilities,
mactiinery, or equipment both owned and operated by the United States, or
owned by the United States and operated under contract with the United ,
States;
(iii) the privilege of generating or transforming such electrical energy or of
use of such facilities, machinery, or equipment or of fallingi water for such,
generation or transforming; or
!
(iv) the transmission or control of such electrical energy iso generated or
transformed (as distinguished from the transmission lines and other physical,
properties used for such transmission or control) or the use of such transmissiork
lines or other physical properties for such transmission or control,
payments made hereunder to the State by or under the authority of which such
taxes are collected shall be reduced by. an amount equivalent; to such taxes.
Nothing herein shall in anywise impair the right of either the State of Arizona or
the State of Nevada, or any lawful taxing political subdivision of either of them, to
collect nondiscriminatory taxes upon that portion of the transmission lines and
all other physical properties, situated within such State and such political subdivision, respectively, and belonging to any of the lessees and/or allottees under the
Project Act and/or under this Act, and nothing herein shall exempt or be construed so as to exempt any such property from nondiscriminatory! taxation, all in
the manner provided by the constitution and laws of such State.; Sums, if any,
received by each State under the provisions of the Projtsb Act shall be deducted
from the first payment or payments to said State authorized by this Act. Payments under this section 2 (c) shall be deemed contractual obligations of the United
States, subject to the provisions of section 3 of this Act.
|
(d) Transfer, subject to the provisions of section 3 hereof, from the Colorado
River Dam Fund to a special fund in the Treasury, hereby established and designated the "Colorado River Development Fund", of the sum of $500,000 for the
year of operation ending May 31, 1938, and the like sum of $500,000 for eacti
year of operation thereafter, until and including the year of operation ending
May 31, 1987. The transfer of the said sum of $500,000 for each year of operationshall be made on or before July 31 next following the close of the year of operation
for which it is made: Provided, That any such transfer for any year of operation
which shall have ended at the time this section 2 (d) shall become effective, shall
be made, without interest, from revenues received in the Colorado River Dam
Fund, as expeditiously as' administration of this Act will permit, and without
readvances from the general funds of the Treasury.* * *
!
SEC. 3. If, by reason of any act of God, or of the public enemy, or any major
catastrophe, or any other unforeseen and unavoidable cause, the revenues, for any
year of operation, after making provision for costs of operation, maintenance,
and the amount to be set aside for said year for replacements, should be insufficient
to make the payments to the States of Arizona and Nevada and the transfers to
the Colorado,River Development Fund herein provided for, such payments and
transfers shall be proportionately reduced, as the Secretary may find to be necessary by reason thereof. * * *
!
SEC. 5. If at any time there shall be insuflBcient sums in the Colorado River
Dam Fund to meet the cost of replacements, however necessitated, in addition to
meeting the other requirements of this Act, or of regulations authorized hereby
and promulgated by the Secretary, the Secretary of the Treasury, upon request
of the Secretary of the Interior, shall readvance to the said fund, in amounts
not exceeding, in- the aggregate, moneys repaid to the Treasury pursuant to
Section 2 (b) tiereof, the amount required for replacements, however necessitated,
in excess of the amount currently available therefor in said Colorado River Dam
Fund. There is hereby authorized to be appropriated, out of any money in the
Treasury not otherwise appropriated, such sums, not exceeding! said aggregate
amount, as may be necessary to permit the Secretary of the Treasury to make
such readvances. All such readvances shall bear interest.
'




400

REPORT OF T H E SECRETARY OF T H E TREASURY

SEC. 6. Whenever b y t h e terms of t h e Project Act or this Act p a y m e n t of interest is provided for, a n d whenever interest shall enter into any computation
thereunder, such interest shall be computed a t t h e rate of 3 per centum per a n n u m ,
compounded annually.
S E C . 7. T h e first $25,000,000 of advances m a d e to t h e Colorado River D a m
F u n d for t h e project stiall be deemed to be t h e sum allocated to flood control
by section 2 (b) of t h e Project Act a n d r e p a y m e n t thereof shall be deferred
without interest until J u n e 1, 1987, after which time such adva^nces so allocated
to flood control shall be repayable to t h e Treasury as t h e Congress shall determine. * * • *
SEC. 12. T h e following t e r m s wherever used in this Act shall have t h e following
respective meanings:
''Project A c t " stiall mean t h e Boulder Canyon Project Act; * * *
''Year of operation" shall mean t h e period from a n d including J u n e 1 of a n y
calendar year to a n d including M a y 31 of t h e following calendar year. * * *
S E C . 16. This Act m a y be cited as "Boulder Canyon Project Adjustment A c t " .
Exhibit 71
An act to carry to the surplus fund of the Treasury certain trust funds derived from
compensating taxes collected pursuant to section 15 {e) of title I of the act of M a y 12,
1933 {48 Stat. 40), cis amended, upon certain articles coming into the United States
[Public Law 62, 77th Cong., H. R. 4239]

Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled. T h a t t h e Secretary of t h e Treasury is hereby
authorized and directed to carry t o t h e surplus fund of t h e Treasury t h e balances
now standing on t h e books of t h e Treasury t o t h e credit of t h e following'trust
accounts:
v
12X8768—Philippine^trust fund (processing taxes, miscellaneous), $813,811.42;
12X8769—Virgin Islands t r u s t fund (processing taxes, miscellaneous), $929.94;
12X8770—American Samoa t r u s t fund (processing taxes, miscellaneous),
$1,613.82;
12X8771—Island of G u a m t r u s t fund (processing taxes, miscellaneous), $83.30;
• 12X8772—Canal Zone t r u s t fund (processing taxes, miscellaneous), $21,218.38.
Approved, M a y 9, 1941.

Exhibit 72
First amendment, April 22, 1941, to Department Circular No. 394, relating to
distinctive paper for United States currency and other securities
[Department Circular No. 394, First Amendment. Public Debtl
TREASURY DEPARTMENT,

Washington, April 22, 1941.
T h e second sentence of p a r a g r a p h 2 of D e p a r t m e n t Circular N o . 394, dated
February 1, 1928 (31 C F R 300.2), is hereby amended to read as follows:
" T h e distinctive feature of t h e new paper consists of small segments of silk
or synthetic fiber, colored red and blue, incorporated in the body of t h e paper
while in process of manufacture and evenly distributed t h r o u g h o u t . "




D . W. B E L L ,

Acting Secretary of the Treasury.

I

REPORT OF THE SECRETARY OF THE TREASURY

401

I

Exhibit

73

|

i
Letter of the Postmaster General to the Secretary of the Treasury, dated November 8,
1941, certifying extraordinary expenditures contributing to the deficiencies of postal
revenues for the fiscal year 1941, i n pursuance of Public No. \316, Seventy-first
Congress, approved J u n e 9, 1930 {46 Stat. 523)
\
W A S H I N G T O N , D . C , November 8, 1941.
T H E H O N O R A B L E T H E SECRETARY O F T H E T R E A S U R Y :
i
^ I n accordance with t h e provisions of the a c t of J u n e 9, 1930 (39 U. S. C. 793),
embodied in section 260, Postal Laws a n d Regulations, t h e a n i o u n t s set forth
below w i t h respect t o certain mailings during t h e fiscal y e a r ended J u n e 30, 1941,
are certified t o you in order t h a t t h e y m a y be separately classified on t h e books
of t h e T r e a s u r y D e p a r t m e n t in s t a t i n g ttie expenditures m a d e I from t h e a p p r o p r i a t i o n to supply ttie deficiency of postal revenues:
•
!
i
(a) The estimated amount which would have been collected at regular rates
i
of postage on matter mailed during the year by officers of the Governi
ment (other than those of the Post Office Department) under the
1
penalty privilege, including registry fees:
1
Postage...
_
$49,020,190.00
Registry fees, including surcharges
2,537^306.00
•
$51,557,496.00
(6) The estimated amount which would have been collected at regular rates
]
of postage on matter during the year by—
I
1. Members of Congress under the franking privilege...
' 926] 686.00
2. By others under the franking'privilege
' 157.00
1
926,843.00
(c) The estimated amount which would have been collected during the year at regular rates
of postage on publications going free in the county.
L
616, 353.00.
(d) The estimated amount which would have been collected at regular rates of postage on
matter mailed free to the blind during the year
i.
^
265,656.00
(e) The estimated difference between the postage revenue collected during the year oh mailings of newspapers and periodicals published by and in the interests of religious, ^educational, scientific, philanthropic^ agricultural, labor, and fraternal organizations, and
that which would have been collected at zone rates of postage
i
314,868.00
( / ) The estimated excess during the year of the cost of' aircraft service over the postage
revenues derived from air mail..
5,156,254.07
Total
Very t r u l y yours,
'




i

58,837,470.07

i
SMITH W . ' PURDUM,
Acting Postmaster General.







TABLES

403




EXPLANATION OF BASES USED IN TABLES
Figures in t h e following tables are shown on various bases, n a m e l y : (1) Daily
Treasury statements, unrevised (current cash);. (2) daily Treasury statements,
revised (actual); (3) w a r r a n t s issued; (4) ctiecks issued; and (5) collections
reported by collecting officers.
|
Daily Treasury s t a t e m e n t s (unrevised) (receipts and exi)enditures) .^—The
figures shown in t h e daily s t a t e m e n t of t h e United States Treasury are compiled
from t h e latest daily reports received by t h e Treasurer of t h e Ignited States from
Treasury officers and public depositaries holding Government funds. T h e daily
Treasury statement, therefore, is a current report compiled from latest available
information, and, by reason of the promptness with which t h e information is
obtained and made public, it has come into general use as reflecting t h e financial
operations of t h e Government covering a given period, and givin'g an accurate idea
of t h e actual condition of t h e Treasury as far as it is ascertainable from day t o
day. This is known as " c u r r e n t cash basis," according to daiiy Treasury statem e n t s (unrevised). Tables 3 and 6 (pp. 418 and 430) show receipts and expenditures on this basis. T h e current assets and liabilities of t h e Treasury are also
available.on this basis.
|
Daily Treasury s t a t e m e n t s (revised) (receipts and expenditures).—On account
of the distance of some of the Treasury offices and depositaries fj-om t h e Treasury,
it is obvious t h a t the reports from all officers covering a particular day's transactions cannot be received and assembled in t h e Treasury a t one time without delaying for several days t h e publication of t h e daily Treasury 'statement. I t is
necessary, therefore, in order to exhibit t h e actual receipts and expenditures for
any given m o n t h or fiscal year, to t a k e into consideration those reports covering
t h e transactions for the last few days of t h e m o n t h or fiscal year concerned whicti
have not been received in t h e Treasury until t h e succeeding m o n t h or fiscal year,
and to eliminate receipts and expenditures, relating to t h e preceding m o n t h .
After taking into consideration ttiese reports, t h e revised figures indicate t h e
condition of the Treasury on t h e basis of actual transactions occurring.during t h e
period under ^review. This is known as " t h e basis of daily Treasury s t a t e m e n t s
(revised)."
"
i
I t is not practical to delay t h e publication of t h e daily Treasury s t a t e m e n t in
order to include t h e later reports, as t h e difference between th!e revised and t h e
unrevised figures is not substantial. T h e unrevised figures as'shown in current
daily Treasury s t a t e m e n t s are t h e basis for t h e Budget estimates s u b m i t t e d t o
Congress b y ' t h e President. T h e revised figures'are of no practical use except
to enable the use of a true General F u n d balance on t h e monthly S t a t e m e n t of
t h e Public D e b t of t h e United States and to bring the daily Treasury s t a t e m e n t
figures into agreement with t h e figures based on warrants issued. Ttie outstanding public delDt (pp. .529 to 549) is available on this basis.
j
W a r r a n t s issued (receipts).—Section 305 of t h e Revised S t a t u t e s provides t h a t
receipts for all moneys received by t h e Treasurer of t h e United States shall be
endorsed upon w a r r a n t s signed by t h e Secretary of t h e Treasury, without which
warrants, so signed, no acknowledgment for money received into t h e Public
Treasury shall be valid. T h e issuance of w a r r a n t s by t h e • Secretary of t h e
Treasury, as .provided by law, represents t h e formal covering of receipts into t h e
Treasury.
"
|
Certificates of deposit covering actual deposits in T r e a s u r y offices and depositaries, upon which covering w a r r a n t s are based, cannot reach t h e Treasury
simultaneously, and for t h a t reason all receipts for a fiscal year cannot be covered
into t h e Treasury by w a r r a n t s of t h e Secretary immediately upon the close
of t h a t fiscal year. I t is necessary to have all certificates of| deposit before a
s t a t e m e n t can be issued showing t h e total receipts for a particular fiscal year on a
w a r r a n t basis. T h e figures thus compiled will agree with t h e figures compiled on
t h e basis of daily Treasury s t a t e m e n t s (revised). Table 2 (p. 4li2), for years prior
to 1916, shows receipts on this basis.
|




1

405 .

406

REPORT OF THE SECRETARY OF THE TREASURY

^ W a r r a n t s issued (expenditures).—The Constitution of t h e United States pro-.
vides t h a t no money shall be drawn from t h e Treasury b u t in consequence of
appropriations m a d e by law. Section 305 of t h e Revised S t a t u t e s requires t h a t
ttie Treasurer of t h e United States shall disburse t h e moneys of t h e United
States upon warrants drawn by t h e Secretary of t h e Treasury. As t h e warrants
are issued by t h e Secretary t h e y are charged against t h e appropriate appropriations provided by law. Some of these warrants do not represent actual p a y ments to claimants, b u t are merely advances of funds to be placed to t h e credit
of disbursing officers of t h e Government with t h e Treasurer of t h e United States
for t h e p a y m e n t of Government obligations. T h e disbursing.officer then issues
his check on the Treasurer in p a y m e n t of such obligations. As far as t h e appropriation accounts are concerned, t h e warrants issued and charged thereto constit u t e expenditures, b u t i t . will be observed t h a t such expenditures necessarily
include unexpended balances to t h e credit of t h e disbursing officers.
Checks Issued (expenditures).—This basis, more t h a n any other, refiects t h e
real expenditures of t h e Government. Expenditures for a given fiscal year on
t h e basis of checks issued differ from t h e corresponding figures on the basis of
warrants in t h a t t h e former include expenditures m a d e by disbursing officers
from credits granted during t h e previous fiscal year, and exclude t h e a m o u n t of
unexpended balances remaining to their credit at t h e end of t h e fiscal year. T h e
basis of checks issued differs from t h e basis of t h e daily Treasury s t a t e m e n t
(revised) in t h a t t h e former includes checks outstanding a t t h e end of t h e fiscal
year, a n d excludes unpaid checks outstanding a t t h e beginning of t h e fiscal year.
A detailed explanation of t h e basis of checks issued will be found on page 89 pf t h e
Secretary's report for 1927. Table 11 (p. 488) shows expenditures on this basis.
Collections reported by collecting officers (receipts).—Statements showing
receipts o n . a collection basis are compiled from reports received by t h e various
administrative ofl?ices from collecting officers in ttie field, such as collectors of
internal revenue and collectors of customs. These reports cover t h e collections
actually m a d e by these officers during t h e period specified. T h e collections are
t h e n deposited in a designated Government depositary t o ttie credit of t h e Treasurer of t h e United States, which depositary renders a report to t h e Treasurer.
T h e reports of t h e collecting officers and t h e depositaries do not, of course,
coincide, for t h e reason t h a t t h e collecting officers m a k e collections during t h e
last few days of t h e fiscal year which are not deposited until after t h e close of t h e
fiscal year. On this account t h e two reports do not agree. T h e receipts are
reported on a collection basis merely for statistical purposes and t o furnisti information as to detailed sources of revenue. Classification of such items on t h e
basis of deposits has been found to be impracticable and uneconomical. Tables
10 and 13 (pp. 484 and 496) show receipts on a collection basis.
D E S C R I P T I O N O F ACCOUNTS T H R O U G H W H I C H TREASURY
O P E R A T I O N S ARE E F F E C T E D
All receipts of t h e Government are covered into t h e General F u n d of t h e Treasury from which all expenditures are made. Receipts and expenditures, however,
are classified in t h e Treasury's records according t o t h e class of accounts- througti
which operations are effected. Transactions are segregated in order to exhibit
separately those effected through general and special accounts, as contrasted with
ttiose effected through t r u s t accounts. .This classification w a s first shown for
t h e warrants and ctiecks-issued bases and on t h e daily Treasury s t a t e m e n t s
beginning with t h e July 1, 1933, issue, in order to conform to t h e practice of t h e
Bureau of t h e Budget. In some tables in this report, however, transactions in
t h e three types of accounts are combined for purposes of historical comparison.
A brief general explanation of t h e three classes of accounts is presented below.




REPORT OF THE SECRETARY OF THE TREASURY

407

i

I

General accounts.—The principal sources of general account receipts are
income taxes, miscellaneous internal revenue, social security taxes, taxes upon
carriers and their employees, and customs duties. In addition, k large number of
miscellaneous receipts come under this head, including such items as proceeds of
Government-owned securities (except those which are applicable to public debt
retirement), sale of surplus and condemned property, Panama' Canal tolls, fees
(including consular and passport fees), fines, penalties, forfeitures, rentals, royalties, reimbursements, immigration head tax, sale of public land, tax on national
bank circulation, interest on public deposits, seigniorage on coinage of subsidiary
silver and minor coins, etc. Moneys represented in ttie general I accounts may be
withdrawn from the Treasury only in pursuance of approprjiations made by
Congress. There are four classes of appropriations payable through the general
accounts of the Treasury, namely: (a) Annual, being those made each year in the
several departmental supply bills and limited for obligation during the fiscal year
for which made; {b) continuing (no year) being available until expended or until
the object for whicti appropriated has been accomplished, such as construction of
public works; (c) permanent-specific, being fixed amounts provi|ded for each of a
series of years by permanent legislation, without annual action of Congress; and
{d) permanent-indefinite, being indefinite amounts (so much as may be necessary)
provided by'permanent legislation without annual action of Congress, such as ttie
indefinite appropriation to cover interest on the public debt. I
A statement of general account receipts and expenditures is,j therefore, in the
nature of a general operating statement, and gives a picture of the relationship
between the general revenues of the Government and the operating expenditures
(including capital outlays and fixed charges) chargeable against ithem.
Special accounts.—Special account receipts may be generally! defined as funds
received under special authorizations of law which may be expended only for
the particular purposes specified therein. Special account receipts may not be
used for the general expenditures of the (government. The j most important
items of receipts included under this heading, from the standrioint of amounts,
are those applicable to the retirement of ttie public debt. 'Other important
special account receipts are the reclamation fund and receipts under the Mineral
Leasing Act under ttie Department of the Interior, and the national forest funds
under the Department of Agriculture. There are many othef special account
receipts of lesser importance.
•
.
|
Trust accounts.—Trust account receipts represent moneys | received by the
Government for the benefit of individuals or classes of individuals and are used
for purposes specified in the trust. Moneys held in trust, being payable to or
for the use of beneficiaries only, are not available for general expenditures of the
Government. There are several classes of trust account receipts', the beneficiaries
under which may be either individuals or groups of individuals. The accounts
may represent (a) moneys received directly from or for account of individuals,
as in ttie case of moneys received from foreign governments ori other sources in
trust for citizens of the United States or others under the actj of February 27,
1896; (6) moneys collected as revenues and held in trust, such ais the proceeds of
sales of Indian lands which are held as interest-bearing.funds for the benefit of
Indian tribes; (c) proceeds of grants from the general accounts; of the Treasury
in pursuance of treaty or other obligations such as the perf^etu'al trust fund
created for the Ute Indians under section 5 of the act of June |15, 1880; {d) deposits, donations, or contributions for specified purposes, such as funds received
for the purchase of lands in the national parks; and (e) deposits to be held until
appropriate disposition thereof can be made, such as proceeds from the redemption of bonds found and whose owners are unknown.
i
Checking accounts of governmental corporations.—The manner in which certain
checking accounts of governmental corporations are handled in the daily statement of the Treasury was explained in the announcement appearing on page 347
of the annual report for 1938.
|




RECEIPTS AND EXPENDITURES

l4^
O
(X).

Summary tables on receipts and expenditures
TABLE 1.—Summary of receipts and expenditures, fiscal years 1932 to 1941 o,nd monthly July 1940 to June 1941
[On basis of daily Treasury statements (unrevised) (see p. 405), revised to provide uniform classification of receipts and expenditures.on a basis comparable to that iii effect during the
fiscal year ended June 30, 1941, including changes as a result of the President's Reorganization Plans III, IV, and V]

O

PART A. GENERAL AND SPECIAL ACCOUNTS

Receipts
Fiscal year or month
Internal revenue

1932..
1933
1934
1935
1936
1937
.1938
1939..
1940
1941
1940: July
August
September
October...
November.
D ecember1941: January...
February..
March
April
May
June
...




$1, 561, 006, 334.38
1, 604, 423, 956. 56
2,640, 603, 828. 30
3, 277, 690, 027. 82
3, 512, 851, 608.15
4, 597, 140,102. 49
5, 674, 318, 436. 66
5,161, 220, 846. 63
5, 303, 133, 988. 29
7,361, 674, 982. 23
326, 140, 912. 09
522, 813, 202. 68
672, 539, 799. 34
318; 578,012. 59
^438, 484,399. 48
692, 936, 916. 46
319, 168, 882. 30
502, 046. 026. 68
1, 513 016, 548. 25
362, 004, 694. 05
482, 857, 959. 49
1, 211, 087, 628. 82

Customs

$327, 754,
969.12
250, 750,251.27
313, 434.302.19
343, 353,033. 56
386, 811,593. 69
486,356, 598. 90
359,187, 249. 57
318,837, 311. 27
348, 590,635. 21
391, 870,013. 27
25, 225,304. 44
23, 630,230. 52
22, 627,155. 51
29, 370,767. 76
27, 922,668. 27
29, 782,717. 07
33, 256,684.04
31. 630,445.48
39, 949,643.09
49,197, 017.11
41, 060,000. 88
38, 217,379.10

Other

$116, 964,133. 64
224, 522,533. 93
161, 515,919. 04
179, 424,140. 58
216, 293,413. 29
210, 343,535. 48
208,155, 540.76
187, 765,467. 69
273, 111,779. 26
514, 967,590.00
15, 697,312.78
19, 944,936. 96
15, 956,947. 74
17, 402,585.10
18, 388,694. 03
18, 209,682. 41
19,179, 821.43
140, 013,735.40
13,904, 609. 55
191, 241,593. 87
17, 241,155.62
27, 786,515.11

Total receipts

$2, 005,725, 437.14
2,079, 696, 741. 76
3,115, 554, 049. 53
3, 800,467, 201. 96
4,115, 956,615.13
5, 293,840, 236. 87
6, 241,661, 226. 99
823, 625. 59
5, 667,
5, 924,836, 402. 76
8, 268,512, 585. 50
367, 063, 529. 31
566, 388, 370.16
711, 123, 902. 59
365, 351, 365. 45
484, 795, 761. 78
740, 929, 315. 94
371, 605, 387. 77
673, 690. 207. 56
870, 800. 89
1, 566,
602, 443, 305. 03
541, 159,115. 99
1, 277,091, 523. 03

Deduct: Net transfers to Federal oldage and survivors
insurance trust
fundi

$265, 000,
000.00
387,000, 000. 00
503, 000,000. 00
537, 711,733. 00
661, 300,733. 42
35, 842.714. 94
119,192, 109. 36
540, 301. 20
32, 093,218. 52
122, 717,357.13
703, 660. 66
31,827, 347. 55
132, 337,722. 05
462, 420. 04
37, 025,348.63
147, 475,854. 26
1,082, 679. 08

Net receipts

W
w

~ $2,005,
725, 437.14
2,079, 696, 741. 76
. 3,115,554,049. 53
3,800, 467, 201. 96
4,115,956. 615.13
5,028,840, 236. 87
5, 854,661, 226. 99
5,164,823, 625. 59
5, 387,124,669. 76
7, 607,211, 852. 08
331, 220, 814.37
447, 196. 260. 80
710, 583. 601. 39
333,258,146. 93
362, 0'78, 404.65
740, 225, 655. 28
339. 778, 040. 22
54i; 352, 485. 51
408, 380. 85
1, 566,
565,417, 956.40
393,683, 261. 73
008,843. 95
1, 276,

o

>
o

>

Excess of receipts or e x p e n d i t u r e s (—)

Expenditures
Fiscal y e a r or
month

1932
1933
1934
- 1935
1936
1937
1938.
1939
1940
1941
1940: J u l y
August
September...
October
November...
D e c e m b e r _.
1941: J a n u a r y
February
March
April
May _
June

General, including recovery
a n d relief

National
defense ^

$3, 499,048, 548. 89
2, 988, 779, 846. 72
4, 913, 527,176; 54
5, 905,015, 737. 68
5, 940, 969,107. 77
6,441,508,362.08
5, 869, 408, 525.28
7, 226, 352,198. 48
7,078, 984, 905. 53
6, 532, 267, 391. 60
514, 349, 666. 75
483,151,102. 71
532, 373, 905. 99
576, 579, 682. 23
441, 257, 586. 96
702, 467,196. 37
522, 735, 468. 67
470. 346, 706.19
639, 392,178. 62
531, 714, 347.07
400, 747, 422. 28
717,152,127.76

$753,166, 387. 24
679, 694, 732. 58
530, 744, 983. 70
688, 521, 488. 67
899, 510, 200. 00
928, 963, 909. 90
1,028,803,375.04
1,206,081,773.86
1,657,432,455. 90
6,080,083,536. 31
185,444, 795.16
210, 469, 346. 89
225,162,122. 96
297, 356,123. 39
378, 563, 762. 95
470,072, 477.15
568, 692, 541. 99
584,039, 867. 77
748, 344, 569. 25
763,061,078.21
836, 881, 495.16
811, 995, 355. 43

Revolving
f u n d s (net)

Transfer.^ t o
t r u s t accounts,
etc.

T o t a l expendiT o t a l expendiD e b t retiretures, i n c l u d i n g
tures, excluding
m e n t s (sinkd e b t r e t i r e m e n t s ing fund, etc.) 3 d e b t r e t i r e m e n t s

Gross s u r p l u s or
deficit ( - ) 4

N e t s u r p l u s or
deficit ( - ) 6

$61, 867, 202.03 $221,065, 000.00 $4, 535,147,138.16 $412,629,750.00 $4, 947, 776, 888.16 - $ 2 , 942,051, 451.02 —$2, 529, 421, 701.02
73, 804, 343.13 121, 266; 000.00 3, 863, 544, 922. 43 461, 604, 800.00 4, 325,149, 722. 43 - 2 , 245,452, 980. 67 - 1 , 783, 848,180. 67
- 3 , 255, 393, 297. 49 —2, 895, 529, 204. 59
495. 668, 393. 88
71,142, 700.00 6, Oil, 083, 254.12 359, 864,092. 90 6,370,947,347.02
345, 328, 985. 37
71,009.100.00 7, 009. 875, 311. 72 573, 558, 250.00 7, 583, 433, 561. 72 - 3 , 782, 966, 359. 76 - 3 , 209, 408,109. 76
11,011,182.19 1,814,154,931.72 8, 665, 645, 421. 68 403, 240,150.00 9,068, 885, 571. 68 - 4 , 952, 928, 956. 55 - 4 , 549, 688, 806. 55
203, 535, 759.04 603, 400, 724. 68 8,177, 408, 755. 70 103, 971, 200. 00 8, 281, 379, 955. 70 - 3 , 252, 539, 718. 83 —3,148, 568, 518. 83
120, 952, 670. 86 219, 657, 587.18 7, 238, 822,158. 36
65,464, 950.00 7, 304, 287,108: 36 - 1 , 449, 625, 881. 37 - 1 , 384,160, 931. 37
—3, 542, 267, 954. 95
92, 453, 595. 38 182, 204, 012. 82 8, 707, 091, 580. 54
58, 246, 450.00 8, 765, 338, 030. 54 -3,600,514,404.95
53, 918, 945.04 207, 853, 400.00 8, 998,189, 706. 47 129,184,100. 00 9,127, 373, 806. 47 - 3 , 740, 249,136. 71 - 3 , 611,065,036. 71
—5,103, 417, 971. 89
'-136,286,103.94 234, 565,000.00 12, 710, 629, 823. 97
64, 260, 500. 00 12, 774, 890, 323. 97 -5,167,678,471.89
-487,165, 779. 78
- 4 9 9 , 378,029. 78
5, 072,022. 24 113, 520,110. 00
12, 212, 250.00
830, 598, 844.15
818,386,594.15
- 2 5 8 , 609, 700.07
-261,185, 300. 07
'^ 13,009,378.73
25,194, 890. 00
708, 381, 560. 87
705, 805, 960. 87
2, 575, 600.00
-47,998,81.5.41
- 4 9 , 702, 765.41
° 8, 953,612.15
760, 286, 366. 80
10,000, 000. 00
758, 582, 416. 80
1, 703, 950.00
- 5 3 5 , 738, 526. 65
- 5 3 6 , 982, 426. 65
870, 240, 573.58
•" 4,939,132.04
868, 996, 673. 58
1,243,900.00
-455,017, 266. 44
- 4 5 5 , 809, 616. 44
817, 888,021.09
'-22,725,678.82
20,000,000.00
" 817,095,671.09
792, 350.00
- 4 3 1 , 827, 919. 28
- 4 4 7 , 0 5 1 , 269. 28
1,172,053, 574. 56
< 486,098.96
15, 223, 350.00 1,187, 276, 924. 56
- 7 7 0 , 852,072. 21
-778,065,572.21
1,702,101.77
17, 500,000.00 1,110, 630,112. 43
7, 213, 500.00 1,117, 843, 612.43
- 5 3 3 , 963, 658. 83
-536,085,908.83
929, 570. 38
20,000,000.00
1,075, 316,144. 34
2,122, 250.00 1,077, 438, 394. 34
167, 272, 826.16
165, 733, 726.16
1, 398, 806. 82
10,000, 000.00 1,399,135,554.69
1, 539,100. 00 1, 400, 674, 654. 69
- 7 4 9 , 862, 437. 74
-751,033,787.74
2,154, 968. 86
18, 350,000. 00 1, 315, 280, 394.14
1,171,350.00 1, 316, 451, 744.14
-747,189,623.39
- 7 4 8 , 524,123. 39
<-96,756,032.32
1,140, 872, 885.12 . 1, 334, 500.00 1,142, 207, 385.12
- 2 5 2 , 464, 998. 25
° 673,640.99
- 2 6 9 , 593, 398. 25
1, 528,473, 842. 20
17,128, 400.00 1, 545, 602, 242. 20

< Excess credits (deduct).
*
1 Figures for fiscal year 1937 through Dec. 31,1939, include amounts formerly classified as expenditures under transfers to trust accounts, etc., for the old-age reserve account which
was thereafter designated as the "Federal old-age and survivors insurance trust fund." The amounts in this statement are deducted from receipts in order to conform to the classification effective with the fiscal year 1941. Figures for 1940 and 1941 are exclusive of reimbursements from the trust fund to the General Fund for administrative expenses as provided
under sec. 201 (b) of the Social Security Act Amendments of 1939.
2 Figures for all years have been revised by transferring expenditures of the United States Maritime Commission froni the departmental group, included in the classification
"General," to "National defense." The expenditures for Maritime Commission include expenditures heretofore classified as "Emergency ship construction." The figures for the
Maritime Commission are net and include receipts credited to the construction loan fund.
_ ^ _
^
^
3 Represehts retirements required by law, chargeable "to t h e sinking fu^^
4 Gross surplus or deficit after giving effect to expenditures for retirement of public debt, chargeable to sinking fund, etc.
6 Net surplus or deficit before giving effect to expenditures for retirement of public debt, chargeable to sinking fund, etc.




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TABLE 1. —Summary of receipts and expenditures, fiscal years 1932 to 1941 and monthly July 1940 to June iP^-^—Continued
O

PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.
Receipts
Fiscal year or month

1932
19331934
1935
.
1936
1937
.....
1938
1939
1940
1941
1940: July
August
September.
October
November.
December..
1941: January
February._
March
.A.pril._-.
May
:'..
June




Federal old-age
and survivors
insurance trust
fund .

Unemployment
trust fund

$18,949, 421. 44
294,439, 871. 20
$267, 261,810. 97
762,832, 518. 88
402,412, 232. 89
838, 087,109. 99
529, 951, 054. 81
958, 639,162. 80
8 580, 200. 560. 85
996. 42
717, 259, Oil. 54 1,113, 922,
59, 283,850. 08
35, 852, 577. 95
142, 636,583.18
119, 208, 958. 68
66. 500,556. 58
617, 725. 86
106, 846.124.57
32,135, 547. 29
144, 818,719.70
122,771, 603.71
51, 425,179. 49
875, 104, 49
78, 217,157. 55
31,991, 320.15
148, 627,798. 36
132, 433, 886. 43
28, 251,593. 52
703, 685. 79
69,381, 944.08
37, 264, 115. 76'
167,029, 857. 61
147, 606, 950.15
50,903, 631. 70
55, 797, 535.28

Railroad retirement account

$147,813, 409.10
109, 299, 289. 54
122,932,516.39
126,883, 857. 53
20,000,000. 00
26,000, 000. 00
10,000,000.00
20,000,000.00
10. OGO, 000.00
20, 000. 000. 00
10,000,000. 00
8,350,000. 00
36, 706. 85
2,497,150.68

Other trust
accounts

$381, 259, 630.12
280, 075, 438.80
233, 472, 590. 63
300, 819, 334. 35
2,053, 132,867. 22
857, 521, 545. 82
322, 527,, 677.06
349, 275, 703.83
365, 483, 281. 36
524, 637, 840. 33
117, 011,644.86
15, 132, 445. 29
22, 041, 654. 25
26. 141. 217. 07
16, 532,178. 53
33, 529.147.15
35, 433,139. 95
32, 287,487. 55
44, 520.197.16
55, 639, 771. 35
42, 009, 534. 90
84, 359,422. 27

Increment resulting from reduction in weight
of gold dollar

$2,811, 375,756. 72
1, 738,019. 63
784,464. 60
1,676,187. 53
1,094, 842. 97
481, 398. 61
402, 359. 49
398,606. 27
19,805. 33
19, 711. 78
34,468. 66
127,805. 60
16,794.10
29,991. 24
34, 575. 09
23, .383. 61
25. 277. 77
26,191. 91
27, 653. 95
21,947.33

Seigniorage

$140, 111, 441. 47
175, 789,
415. 49
39.786,924. 30
' 90,351,012.40
90,267,427. 02
48,879,863. 70
20,190,852. 24
2,916, 323. 47
2,354, 695. 24
1,464,030. 54
648. 51
2, 607,
849. 64
1, 223,
1,633,266. 32
2,044, 604. 84
1,146,408.28
1,065,338. 94
^ 1,148,295. 23
984, 841.86
-1,601,549. 37

Total receipts

$381, 259,630.12
280,075, 438.80
347. 35
3, 044,848,
442, 668,795. 45
168. 75
2, 248, 656,
339.82
1, 460. 686,
693. 30
1, 727,031,
983. 80
1,917, 361,
62,076,537, 744. 59
164. 33
2, 503, 293,
235,084, 201.69
305, 352,394.17
100, 658,436. 89
167,858, 342. 94
305, 363.145. 68
87, 483,688. 69
157, 720,797. 58
334, 518,964. 23
84, 566,093.18
.171, 810,318.33
367, 696,546. 32
195,181, 236. 63

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Expenditures

Fiscal year or month

19321933
1934
1935
1936
1937
1938
1939..
1940
1941
1940: July
August
September.
October
November^
December.1941: January
February..
March
April
May
Juno

Federal old-age
and survivors
insurance
trust fund

$267,126, 969. 36
400, 604, 062. 87
528, 791, 683. 23
676, 706, 088. 56
706, 841, 884. 66
^ 1,883, 222.36
b 1,435, 246.42
151, 378, 262. 64
^ 68, 178.38
b 216, 913. 56
156, 069, 137.88
" 4, 578, 344- 95
887, 003. 53
166, 517, 960. 66
b 3, 248, 590. 65
1, 974, 725. 36
241,436, 301.02

Unemployment
trust fund

Railroad retirement account

$18, 909, 000.00
294, 386, 000.00
760, 680,000.00 $146,049. 056.18
106, 774;077. 31
836, 795,000.00
957, 316, 273. 97 125, 299,073.50
115,773, 614.47
1,118, 127,110.94
9,758, 314. 31
70, 101, 747. 33
16,891, 833.51
137, 666, 556.76
9, 996,623.01
63, 433, 279. 38
10.026, 221. 64
114. 966, 775.89
10.027, 936.87
143, 668, 965.06
10,027, 777. 80
43. 869, 269. 73
9, 988,930.70
7o; 086,161. 98
9, 947,188. 39
166, 084, 699.17
10, 268,179.14
26, 563, 609. 91
10, 391,179.19
75, 168, 438.12
9 1 6 233. 25
,1.
167, 106, 387. 41
343, 197. 76
49, 423, 330. 21

Other trust
funds and
accounts

Charges against
increment on
gold

Transactions in
checking
accounts of
governmentalagencies, etc.
(net)

Total expenditures

Excess of
receipts or expenditures (—)

$592, 305, 686.67 -$211,046,056.55
$205. 868,
006. 52
$386, 437,680.15
817,803, 904.18 1.102, 889. 331. 71 -822,813, 892. 91
285, 085, 427. 53
100, 777, 369.81
734,102, 737.93 2,944, 070,977. 54
209, 968, 239.61 $2.000,000,000. 00
237, 118, 762.87
729,664, 549.02
113,022,629.27 » 637,137,145.71 ^ 2 8 6 ; 995,763.57
620.74 2, 333, 876.046. 91 - 8 5 , 219, 878.16
2,019, 486,888.15
403,828, 779. 60 » 108,298.
837, 343,848.17
100, 781.944.13 ' 313. 840, 604.95 1,185, 798; 156. 70 274,888,183.12
327; 047, 497. 83
254,999, 624. 40
51, 638.418. 49 - 203,986, 966.47 1,472, 032,068.90
5, 499.693.74 ^ 768,325. 461.87 1,033, 075,810.44
323, 640,918.03
884,286,173. 36
322, 697,618. 64
4, 674. 58 ° 41,068, 90S. 61 1,940. 953, 725. 63 6 135,584,018.96
484, 985, 733. 70
1,821. 67
226, 626,704. 26 2, 66I;366, 769. 70 -148,063,605.37
102. 670, 747. 52
3,291, 366.56
51,145. 249. 33
183, 938,962. 36
M 4 , 487,206.32
124. 79 » 181,209, 973.97
319,839, 600.49
14, 600,499.01
935. 28
17,083, 822. 56
268,'919,408.16 -158.260,972.27
17, 026, 696. 29
191, 369. 319. 40 - 2 3 . 500.976. 46
49. 489,421. 42
16. 936,078. 93
89, 049,194. 72
216, 313,960. 96
« 69,939, 781.88
5,508, 989. 24
751. 95
61, 644, 739. 66
296, 051.149.43 - 2 0 8 , 667, 460. 74
24, 649, 482. 42
618, 836. 31
17, 624: 900.03 . 142,640, 483.07
15,080. 314. 61
49,
-2,926,164.63
337, 445,128. 76
"9."65' 128,868, 792.43
41, 657. 536. 69
68, 586,462. 22
320. 889.955.44 -236,323,862. 26
48, 963, 753. 61
402, 624, 643.86
• 361,103, 528.78 « 230, 814,326.53
47, 978,176. 69
621. 744. 367.02 -264,048, 821. 70
411,088, 574. 04
32, 469, 446. 97
454, 620,343.19 -269,439.106. 56
80,401, 920.98
83, 016, 593. 22

« Excess credits (deduct).
* Excess redemptions (deduct).
>
« Revised to reflect adjustment of $ 1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring classification into agreement with the accounts.




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412

REPORT OF T H E

SECRETARY OF T H E

TREASTTRY

T A B L E 2.—Receipts and expenditures
[On basis of warrants issued from 1789 to 1915, and on basis of daily Treasury statements (unrevised) for 1916
1930. Trust accounts excluded for 1931 and subsequent
Internal revenue
Year

1800
1801
1802 . .
1803
1804
1805
1806
1807 _1808
1809

1820
1821
1822
1823
1824
1826
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843 1
1844
1845
1846
1847
184S
1849
1860
1851
1852
1863
1854
1855
1856
1857
1858
1859.

-.-_

' ——

Income and
profits taxes

Other
receipts 2
Other

Total expenditures excluding public
d e b t retirements

$4, 399, 473
3, 443, 071
4, 255, 307
4, 801,065
5, 588, 461
6, 567, 988
7, 549. 650
7,106, 062
6, 610, 449

$208,943
337, 706
274, 090
337, 766
475, 290
675,491
644, 358
779,136

$19,440
17, 946
59, 910
356, 750
188, 318
1, 334, 252
563,640
160, 076
157, 228

$4. 269, 027
5, 079, 532
4, 482, 313
6, 990, 839
7, 539, 809
5, 726, 986
6,133, 634
7, 676, 504
9, 666, 455

10,848,749
12, 936. 331
14, 996, 794
. 11,064,098'
11, 826, 307
13, 560, 693
15; 559, 931
16, 398, 019
17, 060, 662
7, 773,473

9, 080, 933
10, 750, 779
12, 438, 236
10,479,418
11, 098, 565
12, 936,487
14, 667, 698
16, 845, 522
16, 363, 551
7, 296, 021

809, 396
1, 048, 033
621,899
215,180
50, 941
21, 747
20,101
13,051
8,211
4, 044

958, 420
1,136,519
1, 935, 659
369, 500
676,801
602,469
872,132
639, 446
688,900
473,408

10, 786, 075
9, 394, 682
7,862,118
7, 861, 663
8, 719, 442
10, 606, 234
9, 803, 617
8, 354,151
9, 932, 492
10, 280, 748

9, 384, 216
14, 423, 529
9,801,133
14, 340, 410
11,181,625
15, 729, 024'
47, 677. 671
33, 099, 060
21, 685.171
24, 603, 375

8, 583, 309
13, 313, 223
8,968, 778
13, 224, 623
6. 998. 772
7, 282, 942
36, 306, 876
26, 283, 348
17,176,385
20,283,609

7,431
2,296
4, 903
4, 755
1, 662, 985
4, 678, 069
6,124,708
2, 678,101
966,270
229,694

793,475
1,108,010
837, 462
1,111,032
3, 519, 868
3, 768, 023
6, 246, 088
4.137, 601
3, 453, 516
4, 090,172

17,880, 670
14, 573, 380
20, 232, 428
20, 640, 666
19, 381. 213
21,840. 858
26, 260, 434
22, 966, 364
24,763,630
24, 827, 627

15.005,612
13, 004, 447
17, 589, 762
19, 088. 433
17,878,326
20, 098, 713
23, 341, 332
19, 712, 283
23, 205. 524
22, 681', 966

106,261
69,028
67, 666
34, 242
34, 663
25, 771
21, 690
19,886
17, 452
14, 50.3

2, 768, 797
1, 499, 905
2, 675. 000
• 1,417,991
1, 468, 224
1, 716, 374
1,897,512
3, 234,195
1, 540, 654
2,131,158

18, 260, 627
16, 810, 753
15, 000, 220
14, 706, 840
20. 326, 708
15, 857, 229
17, 035, 797
16,139,168
16, 394, 843
15, 203, 333

24, 844,116
28, 526, 821
31. 865, 561
33, 948. 427
21, 791, 936
36, 430, 087
50. 826, 796
24. 954.153
26, 302. 562
31, 482, 749
19, 480,115
1'6, 860.160
19. 976.198
•8, 302, 702
29. 321, 374
29. 970,106
29. 699, 967
26, 496. 769
• 36.735,779.
31, 208,143
43, 603, 439
52, 559, 304
49, 846. 816
61. 587, 054
- 73, 800, 341
65, 360, 675
74, 056, 699
68, 965, 313
46, 655, 366
53.-486, 465

21, 922, 391
24, 224, 442
28, 465; 237
29, 032, 509
16, 214. 957
.19,391.311
23,'409. 941
11,169. 290
16,158. 800
23,137, 925
13, 499, 502
14,487, 217
18,187, 909
7, 046, 844
26,183. 671
27, 628,113
26, 712, 668
23, 747. 865
31. 767, 071
28, 346, 739
39, 668, 686
49, 017, 568
47, 339, 327
58, 931.866
64,224,190
53, 026, 794
64, 022, 863
63, 875, 905
41, 789, 621
49, 665, 824

.12,,161
6,934
11,631
2, 759
4,196
10, 4.^)9
370
5,494
2,467
2, 653
1,682
3,261
496
103
1,777
3, 517 •
. 2,897
375
376

2, 909, 564
4, 295, 445
3, 388, 693
4,913.159
5, 572, 783
16,028.317
27, 416,485
13, 779, 369
10.141, 295
8, 342, 271
5, 978, 931
2, 369. 682
1, 787, 794
1, 255, 756
3,136, 026
2, 4.38, 476
2, 984, 402
2, 747, 629
3.978,333
• 2.861.404
3, 934, 753
3. 541, 736
2, 507, 489
2, 656.188
9. 576,151
12. 324, 781
10.033.836
5, 089, 408
4, 866, 745
3, 920, 641

15,14.3, 066
15, 247, 651
17, 288, 950
23,017,552
18, 627, 569
17. .572.813
30, 868,164
37, 243, 496
33, 865, 059
26, 899,128
24, 317, 679
26, 566, 873
25, 205, 761
11. 858. 075
22. 337, 571
22, 937,408
27. 766, 925
57,281,412
45, 377, 226
45, 051, 657
39, 543, 492
47,709,017
44,194,919
48,184,111
58, 044, 862
59, 742, 668
69,* 671. 026
67, 795. 708
74,185,270
69, 070, 977

$4,418.913
3,669,960
4, 652, 923
5, 431,905
6,114, 534
8, 377, 530
8,688, 781
7, 900, 496
7, 546, 813

1789-91
1792
1793
1794
1795
1796
1797
1798
1799

1810
1811
1812
1813
1814
1816
1816
1817
1818
1819

C u s t o m s (inT o t a l receipts cluding tonnage tax)

Footnotes a t end of table.




•"

.

8,156, 610
8, 058, 337
20, 280, 771
31,681,852
34, 720. 926
32,708,13930, 586, 691
21, 843, 820
19, 825,121
21, 463,810

REPORT OF THE SECRETARY OF THE TREASURY

413

for the fiscal years 1789 to 1941
and subsequent years, see p. 405. General, special, emergency, and trust accounts combined from 1789 to •
years. For explanation of accounts, see p. 406]
!
Ordinary expenditures
Excess of receipts or expendii tures (—)
War DepartPublic debt
ment (includretirements
Civil and mis- ing rivers and Navy Depart- Interest on the
(sinking
harbors and
public debt
cellaneous 3
ment 4
fund, etc.) 6 Gross surplus Net surplus or
or deficit ^
deficit 7
Panama
Canal) 4
$1, 286, 216
777,149
679,822
80'0, 039
1, 459,186
996, 883
1, 411, 556
1, 232, 353
1,155,138

$632,
•1,100,
1,130,
2, 639,
2, 480,
1,260,
1, 039,
2.1
2, 466,

1, 401, 775
1,197,301
1,642.369
1,965; 538
2, 387, 602
4, 046, 954
3, 206, 213
1,973, 823
1, 719, 437
1, 641,142

3" 448, 716
,
2,111,424
915, 662
1, 215, 231
1,189, 833
1, 597, 500
1, 649, 641
1, 722, 964
1, 884, 068
2, 427, 759

1. 362, 514
1,594,210
2, 052, 336
1, 983, 784
2, 465. 589
3; 499, 276
3, 453, 057
• 4,135.775
5, 232, 264
5, 946, 332

2, 560,
1, 672,
1,179,
822,
875,
712,
1, 224,
1,
2, 900;
3, 345,
2, 294,
2, 032,
11,817,
19, 652,
20, 350,
14, 794,
16, 012,
8, 004,
5, 622,
6, 506,

6,116,148
2, 942, 944
4, 491, 202
4,183, 465
9, 084, 624
4, 781, 462
4, 900, 220
4, 450, 241
5, 231, 711
4, 627, 454

2, 630,
4, 461,
3,111;
3, 096,
3, 340,
3, 659,
3, 943,
3, 938,
4,145,
4, 724,

4, 387, 990
3, 319, 243
2, 224, 469
• 2,503,766
2, 904, 682
3, 049, 084
4,218,902
4, 263, 877
3,918.786
3, 308, 745

4, 767,
4, 841,
5, 446,
6, 704,
5, 696i
5, 759,
12,169:
13, 682,
12, 89^
8,'916,
7,097,
8, 805!
6,611
2, 957;
5,179,
5, 752,
10, 792,
38, 305,
25, 501
14, 852,
9, 400,
11,811
8, 225,
9, 947
11,733
14, 773,
16, 948,
19, 261
25, 486,
23, 243

3, 239, 429
3, 856,183
3, 956, 370
3,901,357
3, 956, 260
3, 864, 939
5, 807, 718
6, 646, 915
6,131, 596
6,182, 294
6,113, 897
6,001,077
8, 397, 243
3, 727, 711
6, 498,199
6, 297, 245
6, 454, 947
7,'900, 636
9,408, 476
9, 786, 706
7, 904, 709
9, 005, 931
8, 962, 801
10,918, 781
10,798,686
13, 312, 024
14, 091,781
12, 747,977
13, 984, 551
14, 642, 990

5, 222,975
5,166, 049
7,113, 983
12,108, 379
8, 772, 967
7, 890, 854
12,891,219
16,913,847
14,821,242
11,400,004
10,932,014
11, 474, 253
9, 423,081
4, 649, 469
8„826, 285
9,847, 487
9, 676, 388
9, 956, 041
8,075, 962
16, 846, 407
18,456,213
'23,194, 672
23,016,573
23, 652, 206
32,441,630
29,342,443
36, 577, 226
34,107, 692
33,148,280
28, 546, 700

407631—42-

-28




$570
53
61, 409
410,562
274, 784
382, 632
1, 381, 348
2, 858, 082

1, 654. 244
1,965, 566
3, 969, 365
6, 446, 600
7, 311, 291
8, 660; 000
3,908, 278
3, 3U, 698
2, 953, 695
3, 847, 640

$2, 349, 437
3, 201, 628
2, 772, 242
3, 490, 293
3,189.151
3,195, 065
3, 300, 043
3, 053, 281
3,186, 288

$149, 886
-1,409,572
170, 610
-1,568.934
-1,425,276
2, 650, 544
2, 556,147
223, 992
- 2 , il9, 642

$149,
-1,409, 572
170, 610
-1,558, 934
-1,425, 275
2, 660,644
2, 555,147
223, 992
-2,119,642

!62, 674
3, 540, 749
7,132, 676
3, 212, 445
3,106, 865
3, 054, 459
5, 756. 314
5, 043; 868
7,128,170
-2,507,275

62, 674
3, 540,749
7,133, 676
3, 212,445
3,106, 865
3, 054.459
5, 756,314
8, 043.868
7,128, 170
-2,507, 275

1, 227, 705
6, 365,192
-10,479,638
-17,341.442
-23,539,301
-16,Q79,115
17, 090. 980
11, 255. 230
1, 7i60, 050
3,139, 565

1, 227,705
6, 366,192
-10,479, 638
-17,341 442
-23, 539; 301
-16,979, 115
17, 090.980
11, 255.230
1, 760,050
3,139, 665

126,
087,
172,
922,
996,
366,
973,
486,
098,
542,

-379, 957
-1,237,373
5,232,208
5, ^33, 826
-9;45, 495
5, 983, 629
8, 224, 637
6, 827,196
8, 368, 787
9, 6^24, 294

-379, 957
- 1 , 237, 373
5, 232,208
826
6, 833,
-945; 495
5, 983,629
8, 224,637
6, 827,196
8, 368,787
9, 621,294

1,913,
1, 383,
772,
303,
202,
57,

9, 701, 050
13,279,170
14, 576, 611
10, 930, 876
3,164, 367
17, 857, 274
19.958, 632
-12,289 343
-7,5^2,497
4, 583, 621
- 4 , 837, 464
-9,705,713
- 5 , 229, 663
- 3 , 555, 373
6, 983, 803
7,032, 698
1,933,042
- 3 0 , 785, 643
- 9 , 64l, 447
-13,843,514
4,059, 947
4,850, 287
5, 651,897
13, 402, 943
15, 755.479
5, 607, 907
4,485, 673
1,169, 605
- 2 7 , 529, 904
-15,584,512

9, 701 050
13, 279,170
14, 576,611
10, 930,875
3,164, 367
17, 857 274
19, 968,632
-12,289, 343
- 7 , 562; 497
4, 583;621

845, 428
465, 733
451, 273
599, 455
593, 239
754, 569
213, 259
389, 210
016, 447
163, 538

14,
399,
174,
284,
773,
523,
1,833,
1,040,
842,
1,119,
2, 390,
3, 565,
3, 782,
3, 696,
4,000,
3, 665,
3,071,
2,314,
1,963,
1, 678,
1, 567,
2, 638,

- 4 , 837, 464
- 9 , 706, 713
-6,229, 563
- 3 , 555, 373
6, 983,803
698
• 7,032,
1,933, 042
- 3 0 , 785, 643
-9,641 447
-13,843; 514
4,059, 947
4, 850,287
5,651, 897
13, 402,943
15, 765,479
6,607; 907
4,486; 673
1,169, 606
- 2 7 , 629, 904
-15,584, 512

414

REPORT OF THE SECRETARY OF THE TREASURY
TABLE 2.—Receipts and. expenditures
Internal revenue

T o t a l receipts

Year

'

I860
1861
1862
1863
1864
1865
1866
1867.1868
1869

-

C u s t o m s (including tonnage tax)

$53,187, 512
$56,064,608
39, 582,126
41, 509,931
49,056, 398
51, 987,456
112, 697, 291 ^ 69, 059, 642
102, 316,153
264, 626, 771
84. 928, 261
333, 714, 605
179,046, 652
558, 032, 620
176,417,811
490, 634,010
164,464, 600
405, 638, 083
180,048, 427
370, 943, 747
411,255,477
383, 323, 945
374,106,868
333 738, 205
304. 978, 756
288, 000,051
294,096,865
281,406,419
257,763,879
273.827,185

194, 538, 374
206, 270, 408
216, 370, 287
188, 089, 623
163,103. 834
• 157,167, 722
148,071, 985
130, 956, 493
130,170. 680
137,250,048

333. 526, 611
360, 782, 293
403, 525, 250
398, 287, 582
348, 519, 870
323, 690, 706
336,439, 726
371, 403, 277
379, 266, 075
387,050,059

186, 522, 064
198,159, 676
220,410, 730
214,706,497
196,067,490
181,471,939
192, 905, 023
217, 286, 893
219, 091,174
223, 832, 742

403,080,984
1890 . . ' . - . 392,612,447
1891
354, 937, 784
1892
386, 819, 629
1893
306, 355, 316
1894
• 324,729,419
1895
1
338,142,447
1896
347, 721, 705
1897
- 405, 321, 335
1898
515, 960, 621
1899
. -

229, 668, 585
219, 522, 205
177,462,964
203, 365,017
131,818, 531
152,158, 617
160,021, 752
176, 554,127
149, 575,062
206,128,482

567, 240,852
587, 685,338
562,478, 233
561, 880, 722
541,087,085
544, 274, 685
694, 984,446
666. 860, 386
601,861, 907
604,320,498

Income and
profits taxes

1880
1881
1882
1883
1884
1885
1886
1887
1888
1889

1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
19111912
1913..
1914
1915
1916
1917
1918
1919

-

-

-

...

- .

.
. -

1920.
1921 ..-. . . .
1922
1923
1924
..
1925

$2, 741,858
20,294,732
60, 979, 329
72, 982,159
66,014, 429
41,455, 598
34,791,856

$34,898,930
89,446,402
148.484,886
236, 244, 654
200, 013,108
149, 631, 991
123, 564,605

37,775,874
19,162, 651
14,436. 862
6,062, 312
139,472
233
588
98

147,123,882
123,935,503
116,205,316
108,667, 002
102,270,313
110, 007, 261
116, 700,144
118, 630,310
ilO, 581, 625
113, 561, 611

31, 817, 347
33, 955, 383
27, 094, 403
31. 919, 368
39, 465,137
20, 824, 835
29, 323,148
31,819, 618
17, Oil, 574
23, 016, 526

124, 009, 374
136, 261, 364
146,497, 596
144, 720,369
121, 530,445
112,498,726
116, 805, 936
118, 823, 391
124, 296, 872
130,881, 514

22, 995,173
267,642.958
27,358,231
260,712,888
36,616,924
267,981,440
38, 860, 716 • 265,408, .138
31, 866, 307
244,126, 244
29, 720,041
260,226,935
26,728, 767
242,483,139
267,932,181
35, 292, 993
267,924,801
35,878,029
299,288,978
32,335, 803

142,606, 706
145, 686, 250
153, 971, 072
161.027, 624
147,111,233
143,344, 541
146,762, 865
146,688, 574
170, 900,64S2
2-73,437,162

30.805, 693
318,040,711
27,403,992
366,773,904
23, 613, 748
345,023,331
21,436,988 • 383,477,953
27, 426, 552
367,525,281
29,149,130
356,195,298
31, 367,830
362,179,446
24,479,004
366,774,159
84,845,631
443,368,683
36, 394, 977
605,072,179

295, 327, 927
307,180,664
271,880,122
230, 810.124
232, 904,119
234,095,741
249,150,2,13
'269,666, 773
251, 711,127
246,212, 644

520,860,847
38, 748,054
41, 919, 218 1 624,616,925
486,234,249
36,153, 403
517, 006,127
46,-691,016
583,669,900
46, 908, 401
567,278,914
48, 380, 087
570,202,278
45, 582, 356
579,128,842
63, 960, 250
659.196,320
64,037, 650
693,743,885
57,395,920

*
3,022
55,^628

77,131

333, 683,445
675, 511, 715
314, 497,071
701,832, 911
311, 321, 672
692,609, 204
318,891,396
724, 111, 230
292. 320,014
734,673,167
697, 910, 827 " 209,786,672
213,186, 846
•782, 534, 548
225, 962,393
1,124, 324, 795
179,998,385
3,664, 582,865
184,457, 867
,5,152,257,136

20, 951, 781
33, 516,977
28, 583,304
35, 006, 300
71,381,275
80,201, 769
124,937, 263
359, 681, 228
2, 314, 006,292
3,018,783,687

322, 902,660
308,564,391
356,443,387
561, 928, 867
545, 637, 504
547, 661, 226

3,944,949,288
3,206.046,158
2,068,128,193
. 1, 678,607,428
1,842,144,418
1, 760, 537,824

,6,694, 665,389
5, 624,932,961
4,109,104,151
4,007,136,481
4,012,044, 702
3, 780,148, 685

Footnotes a t end of table.




Other

T o t a l expenditures excluding p u b l c
d e b t retirements

$2,877,096
$63,130, 698
66, 546, 645
1, 927,805
474,761,819
2, 931,058
714,740,725.
5, 996, 861
866,322,642
52, 569', 484
39, 322,129 1,297,555,224
520,809,417
69, 759,155
367.542,675
48.188, 662
377,340,285
60,085, 894
322,865, 278 J
32, 538,859

233,164,871
238, 585,456
254,444, 708
284,479, 582
261, 274, 565
261,798, 857
300, 251,878
332, 233,363
286,113,130
300,711,934

1870
1871
1872..
1873
1874...
18751876
1877
1878
1879

Other
receipts 2

309, 653," 6 6 ?
292,177,188
277, 517, 963
290,345,245
302,633,873
274,623,393
265,101,085
241,334,475
236,964,327
266,947,884

51,894, 751
693,617,066
268,981, 738
691, 201, 512
64.806, 639
289,012, 224
59,675, 332
293.028, 896
689,881,334
60,802, 868
309,410, 666
724,511,963
62, 312,145
308,659,733
735,081,431
72,454, 509
335,467, 887
760,586,802
56, 646,673
387, 764, 776 .
734,066,202
449, 684,980 . 88,996,194 1,977,681,751
872,028,020
298, 550,168 12,696,702,471
1, 296, 501,292
,652,514,290 18,.614,879,955
1, 460,082, 287
1,390,379, 823
1,145,125,064
946, 865, 333
953,012, 618
828, 638,068

966, 631,164 6,403,343,841
719,942, 589 5,115, 927, 690
539,407, 507 3,372,607,900
- 820, 733, 863 3,294,627,529
671, 250,162 3,048,677,965
643, 411, 567 1
3,063,105, 332 |

REPORT OF T H E SECRETARY OF T H E TREASURY
for the fiscal years 1789 to 1941 ^—Continued

415

:

Ordinary expenditures.

Excess |of receipts or expendlI tures (—)

Public debt
War Departretirements
ment (includ(sinking
ing rivers and Navy Depart- Interest on the fund, etc.)»
Civil and misharbors and
ment*
public debt
cellaneous 3
Panama
Canal)«

Gross surplus Net surplus or
or deficit«
deficit 1

$32,028,561
27,144,433
24, 634,810
27,490,313
35,119,382
66,. 221, 206
69,967,855
87, 502.657
87,894,088
93, 668,286

$16,409,767
22, 981,150
394, 368,407
599, 298„.601
690,791,843^
1,031, 323,361
284,449. 702
95,224, 416
123, 246, 648
78, 601,991

$11, 514,965
12,420, 888
42, 668, 277
63,221,964
85,12b-, 995.
122, 612, 945
43,324,118
31,034,011
25, 775, 503
20,000, 768

$3,177, 315
4,000,174
13,190, 325
24, 729,847
53, 685,422
77,397, 712
133,067,742
143,781, 592
140,424,046
130, 694, 243

-$7,065, 990
-25,036,714
-422, 774, 363
-602,043,434
-600, 695,871
-963,840,619
37, 223, 203
133,091,335
28, 297, 798
48,078,469

-$7,065, 990
-25,036, 714
-422, 774, 363
-602,043,434
-600, 695,871.
-963,840, 619
37, 223, 203
133,091,335
28, 297, 798
48,078,469

100,982,167
111,369,603
103, 538,166
116, 746,162
122,267, 644
108,911,576
107,823, 615
92,167, 292
84, 944,003
106,069,147

57, 655,676
36, 799,992
35,372,157
46, 323,138
42, 313, 927
41,120,646
38,070, 889
37,082, 736
32,154,148
40, 426,661

21, 780, 230
19,431,027
21, 249,810
23, 626, 257
30,932,587
21,497,626
18,963, 310
14,959,935
17, 365, 301
15,125,127

129, 235,498
125, 576, 566
117,357, 840
104,750,688
107,119,815
103,093, 645
100,243,271
97.124, 612
102, 600, 876
106, 327, 949

101,601,916
91,146,757
96, 588,905
43, 392, 960
2,344,883
13, 376, 658
28,994,780
40,071,944
20,799,562
6, 879,301

101,601,916
91,146, 757
96, 688, 905
43, 392, 960
2, 344, 883
13, 376, 668
28, 994, 780
40,071,944
20,799, 552
6, 879, 301

120,231, 482
122,051,014
128, 301, 693
142, 063,187
132, 826, 661
150,149, 021
143, 670, 952
166,488,451
167, 760, 920
192,473,414

38,116,916
40.466, 461
43, 570, 494
48, 911, 383
39, 429, 603
42, 670, 578
34, 324,153
38, 561,026
38, 522,436
44.435, 271

13, 536, 986
16, 686, 672
15,032,046
15, 283,437
17, 292, 601
. 16,021,080
13, 907, 888
15.141.127
16, 926, 438
21, 378, 809

95, 757, 676
82. 608, 741
71,077, 207
59,160,131
54, 678, 379
51, 386, 256
50, 680,146
47, 741, 677
44, 715,007
41, 001, 484

215, 352, 383
263, 392,808
246, 675, 620
276,435, 704
263, 414, 651
244, 614; 713
238,815,764
244,471, 235
254, 967, 542
271, 391, 896

44, 582, 838
48, 720, 065
46.895, 456
49, 641, 773
54, 567, 930
61,804, 759
50, 830, 921
48, 960, 268
91,992,000
229, 841, 264

. 22,006,206
26,113,896
29,174,139
30,136,084
31, 701, 294
28, 797, 796
27,147, 732
34, 561, 546
68, 823, 985
63, 942,104

36, 099, 284
37, 547,135
23, 378,116
17, 264, 392
27, 841, 406
30, 978, 030
. 35,386,029
37, 7'91,110
37, 686, 056
39,896, 925

85,0'40, 273
26,838, 543
9, 914, 463
2, 341, 676
-61, i m , 965
-31, 465, 879
-14,036,999
-18,052,464
-38, 0^7, 248
-89,111,558

86, 040, 273
26,838, 543
9,914,453
2, 341, 676
-61,169, 965
- 3 1 , 466, 879
- 1 4 , 036, 999
— 1 8 , 052, 464
-38.047, 248
-89, 111, 558

289, 972, 668
287,151, 271
276, 050. 860
287,202,239
290, 857, 397
299, 043, 768
298, 093, 372
307, 744,131
343, 892, 632
363,907,134

134, 774, 768
144, 615, 697
112, 272, 216
118-, 629, 506,
165,199,911
126,093,894137, 326, 066
149,776,084
175,840, 453
192,486, 904

56, 963,078
60. 506, 978
67.803.128
82, 618, 034
102; 966; 102
117, 650, 308
110, 474, 264
97,128, 469
118, 037, 097
115, 546, Oil

40,160, 333
32, 342, 979
29,108, 045
28. 656, 349
24, 646,490
24, 590, 944
24, 308, 576
24,481,168
21, 426,138
21, 803,836

46, 3^0,006
63,068, 413
77, 243, 984
44. 874, 696
-4.2, 572, 815
-23,004,229
24, 782,168
86, 731, 544
- 5 7 , 334,413
-89, 423, 387

46, 380,'005
63,068, 413
77, 243, 984
44, 874, 595
- 4 2 , 572, 815
-23, 004, 229
24, 782,168
86, 731, 544
- 5 7 , 334, 413
-89,423, 387

189, 823, 379
123, 173, 717
197,199,491
119, 937, 644
184,122, 793
135, 591,956
202,128, 711
133, 262, 862
208, 349, 746
139, 682,186
202,160,134
141, 835, 654
183,176,439
153, 853, 567
377,940,870
.239, 632, 767
4,869, 955, 286 1, 278,840, 487
9,009,076,789
2, 002,310, 785

21,342, 979
21, 311, 334
. 22, 616, 300
22, 899,108
22, 863, 967
• 22, 902, 897
22,900,869
24, 742, 702
189, 743, 277
619, 215, 669

359, 276, 990
352, 753,043
347, 550, 286
366, 221, 282
364, 185, 542
393, 688,117
374, 125, 327
1, 336,365, 422
6, 358,163, 421
6, 884,277, 812

3, 025,117, 668 1, 621, 953, 095
2, 348, 332, 700 1,118,076,423
1, 447,075, 808
457, 756,139
1, 508, 451, 881 • 397,050, 596
1, 418, 809,037
367, 016,878
1, 464,175, 961
370, 980, 708




I

66,883, 653
65, 883, 653
100,069,405
100,069,405
145, 643, 810
145, 543, 810
132, ^79,444
132, 879,444
104, 3'93, 626
104, 393, 626
63, 463. 771
63. 463, 771
93, 9;66, 687
93, 956, 587
103, 471, 096 . 103,471,096
111, 3;41, 274
111, 341, 274
87, 761,081
87, 761,081

-18,105,350
-18,105,350
. 10,631,399
10, 631, 399
2, 727,870
2, 727, 870
-400,733
-400,733
• -408, 264
-408, 264
- 6 2 , 675,975
- 6 2 , 675, 975
48,478, 346
48,478,346
-853, 356, 966 -853, 366, 956
$1,134, 234 -9,033,253,840 -9,032,119,606
8, 014, 750 -13,370,637,569 -13,362,622,819

736, 021, 456 1, 020, 251, 622 78, 746, 350
660, 373,836
999,144, 731 422,281,500
476, 776,194
991, 000, 759 422, 694, 600
333, 201, 362 1,065, 923, 690 402,850, 491
332, 249,137
940, 602, 913 467,999, 750
346,142, 001
881, 806, 662 466, 538,114

212, 476,198
86, 723. 771
313, 801, 651
309, 657, 461
505, 366,987
250, 505, 239

291, 221, 548
609, 005, 271
736, 496 251
712, 607, 962
963, 366, 737
717, 043, 353

416

REPORT-OF T H E SECRETARY OF T H E TREASURY
T A B L E 2.—Receipts and expenditures
I n t e r n a l revenue

Year

1926
1927
1928
1929
1930
1931
1932
1933--.
1934
1935
1936
1937 10
1938 10
1939 10
194010
194110

T o t a l receipts

. .

$3, 962, 755, 690
4,129, 394,441
4. 042, 348,156
4,033, 250, 226

4,177, 941,702
3,189, 638, 632
2, 005, 725, 437
2, 079, 696, 742
. . . 3,115, 554, 050
3, 800, 467. 202
4,116,956.615
5,028,840, 237
: 6,854. 661, 227
5,164, 823, 626
6, 387,124; 670
7, 607, 211, 852

C u s t o m s (including tonnage tax)

$579, 430. 093
605,499,983
668, 986,188
602, 262, 786

Income and
profits taxes

$1,982, 040, 088
2, 224, 992,800
2,173, 952, 5.57
2, 330, 711,823

587,000, 903
2, 410, 986, 978
378, 354,005
1,860, 394, 295
9 327,754,969
1,-057, 336, 853
9 250, 750, 251
746. 206,445
9 313,434.302
817, 961, 481
9 343, 363, 054
1,099,118,638
9 386,811,694
1. 426, 576, 434
9 486,356, 599 12 2,163, 413, 817
9 359,187, 249 12 2, 640, 284, 711
9 318,837,311 12 2,188, 767, 289

Other
receipts 2

T o t a l expenditures excluding public
d e b t retirements

$855, 599, 289
644,421, 542
621, 018,666
607, 307, 549

$546, 686. 220
664,480,116
678, 390, 745
492, 968, 067

$3,097,611,823
2, 974,029,674
3,103, 264,856
3, 298,869,486

628.308,036
569. 386, 721
603,670, 481
858, 217, 612
111,822,642,347
11 2,178, 571, 390 .
11 2,086,276,174
11 2,168, 726, 286
11 2,647, 033, 726
11 2,469,463, 668

651, 645, 785
381, 503,611
116,964,134
224, 522, 534
161, 515, 920
179,424,120
216, 293,413
210, 343, 635
208,165, 641
187,765,468

3,440,268,884
3,651, 515, 712
4, 535,147,138
3, 863, 544, 922
6, Oil, 083, 254
7,009,876,312
8,665,64.6,422
8,177. 408, 756
7, 238, 822,168
8, 707,091, 581

Other

348, 590; 636 12 2.125. 324.635' 112,640,097,620
391,870,013 12 3,469,637,849 113,230,736,400

•273,111,779 8, 998,189, 706
13 514,967,690 1312,710,629,824

1 From 1789 to 1842 the fiscal year ended Dec. 31; from 1844 to date, on June 30. Figures for 1843 are for a
half year, Jan. 1 to June 30.
2 Includes railroad unemployment insurance contributions, proceeds of Government-owned securities,
Panama Canal tolls, etc., seigniorage, and other miscellaneous. For details of Panama Canal receipts and
receipts from sales of public lands, see tables 19 and 21.
3 Includes civil expenditures under War and Navy Departments in Washington, to and including fiscal
year 1916, and unavailable funds charged ofi; under act of June 3,1922 (42 Stat. 1592), For details of expenditures for pensionsand Indians, see table 21.
^ Exclusive of civil expenditures under War Department and Navy Department in Washington to and
including fiscal year 1915. For details of Panama Canal expenditures, see table 19.
6 Represents retirements (at par) required by law, chargeable to the sinking fund, and retirements under
special provisions of law from other funds. •
6 Gross surplus or deficit is after giving effect to expenditures for retirement of pubhc debt, chargeable to
sinking fund, etc.
.
.
7 Net surplus or deficit is before giving effect to expenditures for retirement of public debt, chargeable to
sinking fund, etc.
8 Receipts and public debt retirements for 1921 exclude $4,842,066.45 written off the debt Dec. 31, 1920.
See note 4, p. 586.
9 Beginning with the fiscal year 1932, tonnage tax has been covered into the Treasury as miscellaneous
receipts reflected in column "other receipts,"
1 Exclusive of netjreceipts under title VIII of the Social Security Act. In the fiscal year 1941 amounts rep0
resenting appropriations equal to "Social security—Unemployment taxes" collected and deposited as
provided under sec. 201 (a) of the Social Security Act Amendments of 1939, less reimbursements to the
General Fund for administrative expenses, are deducted on the daily Treasury staternent from total receipts. Such net amounts are reflected under trust account receipts as net appropriations to the Federal
old-age and survivors insurance trust fund. The fiscal years 1937, 1938, 1939, and 1940 have been revised
in this statement to reflect similar treatment.




417

REPORT OF T H E ' SECRETARY OF T H E TREASURY
for the fiscal years 1789 to 1941^—Continued

j
1

Excess of receipts or expendi!
tures ' ( - )

O r d i n a r y expenditures

1

Public debt
War Departretirements
m e n t (includ(sinking
Civil a n d mis- ing rivers a n d ' N a v y D e p a r t - I n t e r e s t on t h e fund, etc.)«
harbors a n d
ment 4
cellaneous 3
public debt
Panama
Canal) 4
$1, 588, 840, 768
1,498, 986, 878
1. 639,175, 204
1, 830, 020, 348
1, 941, 902,117
2, 207, 466,030
3,102,047, 362
2,390,186,162
4, 548, 951, 854
5, 264, 688, 207
6, 768, 779, 293
6,126, 246, 074
6,072,147,863
6, 398, 573, 009
6,158, 609, 336
5, 486, 331, 467

$364,089, 945
369,114,122
400, 989, 683
425, 947,194
464, 863, 615
478, 418,974
476, 305, 311
434, 620, 860
408, 686, 783
487, 996, 220
618, 687,184
628,104,286
644, 263, 842 ,
696, 256, 481
907,160,151
3, 896, 782, 392

$312, 743,410
318.909,096
331, 336, 492
364, 561. 544

1

Gross surplus N e t s u r p l u s or
or deficit o
deficit 7

1

$831, 937, 700 $487, 376,051 • $3771767,816
787,019, 578 519, 654, 846
635J 809, 921
731, 764, 476 540, 255, 020
398, 828, 281
678, 330,400 549, 603, 704
184, 787,036

374,165, 639
354,071, 004
357,517,834
349, 372, 794
296,927, 490
436, 265, 632
628, 882,143
566, 674,066
596,129,739
672, 722, 327

659, 347, 613
611, 559, 704
699, 276, 631
689, 365,106
756,617,127
820, 926, 353
749, 396,802
866, 384, 331
926, 280, 714
940, 539, 764

891,484, 623
2, 216, 823,163

1,040, 935, 697
1,110,692,812

653, 883. 603
440,082,000
412, 629, 760
461, 604,800
359,864,093
673, 658, 250
403, 240,150
103, 971, 200
65, 464,950
68, 246,450

183,' 789, 215
-901] 969,080
-2,942,051,451
-2,245,452,980
-3,255,393,297
-3,782,966,360
-4,952,928,957
-3,252,539,719
-1,449,625,881
-3,600,514,405

$865,143, 867
1,155, 364. 766
939,083, 301
734, 390, 739
737, 672, 818
- 4 6 1 , 877,080
-2,629,421,701
-1,783,848,180
-2,895,529,204
-3,209,408,110
-4,549,688,807
-3,148,668,519
-1,384,160,931
-3,642,267,966

129,184,100 -3,740,249,136 -3,611,065,036
64, 260, 500 -5,16^678,472 -5,103,417,972

!
11 Includes processing tax on farm products, taxes on carriers and their employees, ;and taxes on employers
of eight or more (title IX of the Social Security Act) as shown in table 4, p. 424; and' since 1937, the amount
of social security taxes shown in the following table:
j
Social security taxes

1937

1938

1939

1 1940

1941

E m p l o y m e n t taxes (title V I I I ) . . $194, 346, 309 $614,405,671 $530, 357,680 $604, 694, 236 $690,554,674
Less: N e t a m o u n t s transferred
1
to t h e F e d e r a l old-age a n d
survivors insurance t r u s t
266,000,000 387,000,000 603, 000,000 537,711,733 661,300, 733
fund - .
A m o u n t included in t h e c o l u m n .

70,653, 691

127,405, 671

27, 357, 680

1 Includes unjust enrichment tax.
2
1 Includes return of capital funds by governmental corporations as follows:
3
Federal savings and loan asspciations...:
Reconstruction Finance Corporation:
Purchase of stock of Federal home loan banks
Reduction in capital or surplus funds..
Purchase of securities from Public Works Administration

66, 982, 503
I
|
J
!
'
.;
J..

29, 253, 941

$10,466,200
124, 741,000
176,000,000
9,000,000

NOTE.—Beginning with the fiscal year 1932, classifications of expenditures have, been revised to reflect
the five Presidential Reorganization Plans under the Reorganization Act of 1939. For postal receipts ana
expenditures, see table 20.
'
|
v




Detail tables on receipts
(X)

TABLE 3.—Monthly receipts, fiscal year 1941 ^ classified by major sources
[On basis of d a i l y T r e a s u r y s t a t e m e n t s ( u n r e v i s e d ) , see p . 405]
P A R T A. G E N E R A L AND SPECIAL ACCOUNTS

fej

1940

1941

SOURCE

July
Internal revenue:
I n c o m e ta.K (including u n j u s t e n r i c h m e n t t a x ) .
Miscellaneous i n t e r n a l r e v e n u e
Social security taxes:
E m p l o y m e n t taxes
T a x on e m p l o y e r s of 8 or m o r e
T a x e s u p o n carriers a n d their employees
R a i l r o a d u n e m p l o y m e n t insurance c o n t r i b u t i o n s . .
Customs.^..
...
Miscellaneous receipts:
Proceeds of G o v e r n m e n t - o w n e d securities:
P r i n c i p a l —foreign obligations
Interest—foreign obligations
Other..
P a n a m a C a n a l tolls, e t c .
Seigniorage
.•
O t h e r miscellaneous
Total receipts..
—
Deduct:
N e t a p p r o p r i a t i o n to F e d e r a l old-age a n d s u r v i v o r s
i n s u r a n c e t r u s t fund ' „ :
N e t receipts-




$49,655,148. 79
237,388,714.87
38,063,666.27
603, 936. 79
- 529,446. 37
1,178.07
25, 225, 304. 44

August

September

$37,644,507. 93 $431,668,977.80
346,155, 634.85 212, 940,730.07
123,829,080. 25
. 8,131, 733. 73
7,052, 246. 92
l i s , 025. 71
23,630, 230. 62

2, 759,179.03
584,083. 06
24, 686,829. 39
1. 606,475.19
22, 627,155. 51

October

November

December

January

$44,038,560. 43
236, 926,433. 39

$48, 906,319. 64
251, 652,016.88

$428, 722,133. 93
231, 349, 681. 62

$62, 769,357.16
209, 801,298.46

34, 500,163. 35
2, 746,826. 26
366,039.16
805. 96
29,370,767.76

125,124,291. 96
7,997, 964. 33
4,803,806.67
86, 777. 08
27, 922, 668. 27

3,141,174. 73
557, 641. 47
29,166, 284. 71
1,633,129.79
29,782, 717.07

33,922, 752. 36
12,081,795.43
603. 678; 89
; 4, 388. 28
33,256, 684.04

hi
O
td
H

O

fej
CQ

o

SJ
fej
4,116,950.86

6,449,891. 31

87,168. 00
1, 221,481.24

1,048, 798.87

907,108. 04

9, 828.16
225, 498. 46

1,579,668. 43

1,815,139.16
3, 045,089. 36
6, 718, 955. 34

1,735, 434.06
4,826.178. 64
6,815, 407. 25

1, 827,842.86
6, 244,060.48
6, 069, 929. 97

2,860,835.41
7,398,974. 47
6,103,170. 39

1, 723, 330. 98
7,464,888. 39
8, 206, 589. 54

2,029, 325. 74
7,260,172. 21
7,051, 728.05

1,606,623.09
6,097,969. 98
10,891,171.66

367,063,529. 31

56.6,388, 370.16

711,123, 902. 59

365,351, 365. 46

484,795, 761. 78

740,929, 315. 94

35,842, 714. 94

119,192,109. 36

540, 301.20

32,093,218. 62

122, 717, 357.13

703, 660. 66

31,827,347. 55

331. 220, 814. 37

447,196,260. 80

710, 583, 601.39

333,258,146. 93

362,078,404. 65

740, 225, 655. 28

339,778, 040. 22

371,605,387.77

o
• ^

W

fej-

fej

>

Total flscal year
SOURCE

February
Internal revenue:
Incorhe tax (incliiding unjust enrichment tax).
Miscellaneous internal revenue
Social security taxes:
Employment taxes
Tax on employers of 8 or more
Taxes upon carriers and their employees
Railroad unemployment insurance contributions..
Customs.
Miscellaneous receipts:
Proceeds of Government-owned securities:
Principal—foreign obligations
Interest—foreign obligations
Other.
Panama Canal tolls, etc •Seigniorage
..-.
Other miscellaneous

April

May

$104, 408,150. 89 $1, 207, 512,891. 97 $74,881,021. 00 $63,270,628.40
204, 316,155.69 ' 273,046,971. 50 244,077, 527.29 254,476,159.13
134, 433,126. 87
63, 474, 664. 59
6, 413, 928. 64
56,863.20
630,445.48

874,457. 78
478,873.18
638, 209. 90
965, 331. 34

Total receipts
...: 673,690,207.56
Deduct: .
Net appropriation to Federal old-age and survivors
insurance trust fund 1
._.
132, 337,722.05
Netreceipts.

March

641, 352,485. 51

2, 588, 404.09
917, 548.10
28, 950,732. 59
1, 674, 789. 77
39, 949, 643.09

1940

$916,170,150. 54 $3, 469, 637, 848.48
264, 732,475.08 2, 966,863, 798. 83

$2,126, 324,634.92
2,344,626,130. 84

3, 285, 666. 89
779, 797. 90
26,119, 538.41
1,632,150.19
38, 217, 379.10

2 690,554,674.33
97, 676, 584.19
136,942,076.40
6,814, 717. 62
391,870,013. 27

604, 694, 236.48
107, 523, 266. 69
120,966,719.36
4,918,040. 78
348, 590, 635. 21

749,049. 96
1,404, 530. 27
6,678,446.17
8, 315, 987. 57

9,169, 780.80
936, 820. 91
7,834, 691. 27
8, 213,071. 94

96,996.16
. 329,841,049. 85
20,448, 524. 83
67,906,883. 71
89.869, 417. 93

79, 729. 87
334,017. 45
72,903, 240. 79
22, 719, 562. 65
43,929, 965.04
3 128,227,232.68

1, 566,870,800.89

602,443, 306. 03

462,420.04

37,025,348. 63

147,475,854. 26

565,417,956.40

393, 683,261. 73

541,159,115. S

1,277,091,523.03
1,082, 679. (
1, 276,008, 843.96

8, 268, 512, 585. 50
661,300, 733. 42

5,387,124, 669. 76

i

* 537,711,733.00

7, 607, 211,852.08

O

5,924,836,402. 76

1 Represents appropriations equal to "Social security—Employment taxes" collected and deposited as provided under sec. 201 (a) of the Social Security Act Amendments of
1939 less reimbursements to the General Fund for administrative expenses in the amount reflected under receipts for the Federal old-age and survivors insurance fund. Figures
for periods prior to July 1. 1940, were formerly included as expenditures under the caption "Transfers to trust accounts, etc.: Federal old-age and survivors insurance trust fund,"
(see table 5, Part A, .sec. IV) but are deducted from receipts in order to facilitate comparison with classification efliective with the fiscal year 1941.
2 Includes $2,413,946. 06 for the fiscal year representing receipts from "Social security taxes—Employment taxes" collected prior to July 1, 1940, which are not available for
appropriation to the Federal old-age and survivors insurance trus.t fund.
3 Includes $43,766,731.01 representing repayment of amounts paid to the Commodity Credit Corporation for capital impairment.
"
4-Includes-transfersof $650,000,000less-reimbursements from the-trustfund-to-the General-Fund for administrat
ActAmendments of 1939 amounting to $12,288, 267, Also includes adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring
cla ssification into agreement with the accounts.




fej
O

39, 228,336. 45 149, 678,842. 08
7,453, 332. 27
2,447,261. 27
7, 978,997. 61
1,370, 548. 04
93,141. 65
6, 992. 63
41,060,000.88
49,197,017.11

148, 341. 91 175, 350,022.19
1,154,570.62
1, 885,198. 56
3,178,082. 54
6, 240,130.31
7, 748, 824. 71
7,759,260.18

1, 566,408,380. 85

June

O

fej.
Sd
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>
d

td

CO

T A B L E 3.—Monthly receipts, fiscal year 1941, classified by major sources—Continued

o-

PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.
1941

1940
SOURCE

July
Trust accounts:
F e d e r a l old-age a n d s u r v i v o r s i n s u r a n c e t r u s t f u n d :
Appropriations
.
.
'
T r a n s f e r s f r o m General F u n d 6. _
Less r e i m b u r s e m e n t s t o General F u n d
N e t appropriations ^
I n t e r e s t on i n v e s t m e n t s ^

.

$38,063, 666.27 $121, 413, 060. 69

.

September

5 $2, 761, 252. 64

October

November .

$34, 500,153.35 $126,124,291.96

December

January

$3,141,174. 73

$33, 922, 752. 36

2, 220, 951. 33

2,220,951.34

2, 406, 934.83

2,406, 934.83

2,437, 514. 07

35, 842, 714. 94 119,192,109. 36
16, 849. 32
9, 863.01.

640,301.20
77,424. 66

32,093, 218. 52
42, 328. 77

122, 717, 367.13
54, 246. 68

703, 660. 66
171,443.83

31 827 347 55
163,972 60

35,862, 677.95

119, 208, 958. 68

617, 725. 86

32,136, 547.29

122, 771, 603. 71

875,104.49

31,991,320.15

58,839, 785. 58

141, 574, 353. 78

9, 277,660.44

56,740,736.79

143, 023,454.27

12,819,115.93

68, 204,163.86

10, 606. 23

1,062, 229.40

13, 558, 292. 56

20, 970.29

781,098.09

14, 698,178. 61

39, 597. 77

413, 757.18

43, 548, 570. 98

60,016,143.04

1, 014,167.34

1,451,974. 62

2,461,793.71

19,701.09

116, 032. 61

68,274.46

22,455,910. 33

7,600,000. 00
11 602 21

td
fej
^
o
td

2 095, 404 81

2, 220, 951. 33

Netreceipts
.
.
Unemployment trust fund:
D e p o s i t s b y States
.
.
R a i l r o a d u n e m p l o y m e n t i n s u r a n c e account:
Deposits b y Railroad Retirement Board
A d v a n c e from T r e a s u r y (act J u n e 25, 1938)
..
Transfers from S t a t e s (act J u n e 25, 1938)
Transfers from railroad u n e m p l o y m e n t i n s u r a n c e
a d m i n i s t r a t i o n f u n d (act Oct. 10, 1940)...
.
I n t e r e s t on i n v e s t m e n t s
R a i l r o a d r e t i r e m e n t account:
T r a n s f e r s f r o m General F u n d . . .
•.
I n t e r e s t on i n v e s t m e n t s
Other t r u s t a c c o u n t s :
D i s t r i c t of C o l u m b i a
G o v e r n m e n t life i n s u r a n c e fund
N a t i o n a l service life i n s u r a n c e f u n d :
Premiums
I n t e r e s t on i n v e s t m e n t s
... ...
A d j u s t e d service certificate fund:
Transfers from General F u n d . . .
I n t e r e s t on loans a n d LQvestments




August

o

K

fej
C/3

fej

o
td
fej

td
-

20, 000, 000.00

26,000, 000.00

10, 000,000.00

2,228,471.35
. 6, 888,438.27

2, 368, 739. 46
, 4, 666, 989. 87

6, 050, 462. 22
7, 031, 657.58

20, 000, 000.00

10, 000,000.00

612. 66

14, 429.08

3,165, 323.90
4, 255, 804. 65

2,411, 670.32
6, 696,807.46

2, 794, 633. 36
6, 036, 875.10

7, 013.10

10,415. 22

10,465,448. 79
6, 693, 914. 09

32,609.82

106,102. 23

116 106 83

204. 30.

10,497.36

19,640.68

o
• ^

380, 076. 06

fej

td
fej
td

Total fiscal year

1941
SOURCE

February.
Trust accounts:
Federal old-age and survivors insurance trust fund:
Appropriations
Transfers from General Fund ^
Less reimbursements to General Fund

• March

$134,433,126. 87

$2, 688,404.09

April

May

$39, 228, 336.45 $149, 678,842. 08
2, 202, 987.82

2, 202, 987.82

June

1941

1940

$3. 286, 666. 89 8 $688,140, 728.28
2, 202.987. 81

9 $650, 000 000 00
26,839, 994.86
12, 288, 267. 00

td
fej
^
o
td

2, 095,404.82

2,125, 984.06

132, 337, 722.06
96,164.38

462, 420.04
241,265.76

37,026, 348. 63 147, 475, 854. 26
238, 767.13
131,096. 89

1, 082, 679. 08 . 661, 300, 733.42
64, 714, 856. 20
55,958, 278.12

9 537, 711, 733.00
42,488, 827.86

Net receipts
132, 433, 886.43
Unemployment trust fund:
Deposits by States
145, 648, 966. 33
Railroad unemployment insurance account:
Deposits by Railroad Retirement Board
511, 786.01
Advance from Treasury (act June 26, 1938)
.
Transfers from States (act June 25, 1938)
2,467, 057.02
Transfers from railroad unemployment insurance
administration fund (act Oct. 10, 1940)
.. ..
Interest on investments
- Railroad retirement account:
Transfers from General Fund
. . .
.
20, 000, 000.00
Interest on investments
Other trust accounts:
District of Columbia
3,076,263.86
Government life insurance fund
4, 505, 598.34
National service life insurance fund:
Prp.minms
273, 331.41
Interest on investments
Adjusted service certificate fund:
Transfers from General Fund
Interest on loans and investments
27.16

703, 686. 79

37, 264,115. 76

147, 606, 950.15

56, 797, 535. 28

717,269,011.54

9 580 200 660 85

13,140, 675. 09

66, 617,166.40

166,136,479.11

10,101, 677. 69

892, 023, 224. 27

859, 863,884. 26

15,063, 967.11

62, 940. 31

863, 376. 30

14, 674, 239.97

61, 347, 271. 64

44,248 661.68
16,000,000.00
1,800 818.02

w

Net appropriations ^ .
Interest on investments 6

2, 696, 483. 78

31, 003. 20

104, 099, 950.87

fej

26,127, 714.04

7, 500, 000.00
48, 952, 549. 64-

37, 725, 798.84'

fej

36, 706. 85

2,497,150. 68

124, 350, 000.00
2, 533, 857. 53

120, 650, 000.00
2, 282; 516. 39

td

10,186, 871. 86
5, 612, 714.11

3,468, 247. 64
4, 607, 086.84

1,903,658.57
28,839,651.51

56,146,133. 90
91,436, 517. 36

54,168, 476.38
92, 861, 727. 21

703,471.44

667, 806. 86

810,409. 23

791, 937. 27
15, 426. 35

3,497, 788.18
15,426. 36

194. 07

10, 000, 000. 00
3, 387. 96

64.32

4, 965.69

10, 000, 000. 00
444, 514.44

46, 961. 32

106, 353. 59

10, 000, 000. 00

8, 360, 000. 00

8, 026, 452. 59
7, 700, 979. 63

o
fej
fej

794, 096. 68

«Includes $2,073.61 appropriated in September on account of receipts reflected in the daily Treasury statements in July and August.
6 Includes traiisaxjtiqnsjorm^jrly cl_assifiii_d under the.captionJlOld^age-reser.vc-account."
7 See footnote 1, p'. 419.
8 Exclusive of receipts amounting to $2,413,946.05, reflected in daily Treasury statements for the fiscal year 1941, representing social security taxes collected prior to July 1,1940, and,
therefore, not available for appropriation to the Federal old-age and survivors insurance trust fund. See footnote 2, p. 419.
9 Revised to reflect adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund" and to bring classification into agreement with the accounts




O
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>^

td
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td

bO

TABLE 3.—Monthly receipts, fiscal year 1941, classified by major sources—Continued

i4^

PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.—Continued'
1940

1941 .

SOURCE

July

Trust accounts—Continued.
Other trust accounts—Continued.
Civil service r e t i r e m e n t f u n d :
Transfers from General F u n d ( U n i t e d S t a t e s share) _ $90, 754, 000. 00
805,110.00
D i s t r i c t of C o l u m b i a share .
_. _ _
3, 757, 457:08
D e d u c t i o n s from emploj'ees' salaries, e t c
I n t e r e s t a n d profits on i n v e s t m e n t s
Foreign service r e t i r e m e n t fund:
609, 000.00
Transfers from General F u n d ( U n i t e d States share) _
232, 540.85
D e d u c t i o n s from employees' salaries, etc
I n t e r e s t on i n v e s t m e n t s .
C a n a l Zone r e t i r e m e n t fund:
1,177,000. 00
Transfers from General F u n d ( U n i t e d States s h a r e ) .
60,224.96
D e d u c t i o n s from employees' salaries, e t c
I n t e r e s t on i n v e s t r n e n t s
.
" A l a s k a R a i k o a d r e t i r e m e n t fund:
176,000.00
Transfers from General F u n d ( U n i t e d States share) _
9,469. 43
D e d u c t i o n s from employees' salaries, etc
I n t e r e s t on i n v e s t m e n t s
« 53, 778. 33
Indian tribal f u n d s . .
1, 610, 632. 88
I n s u l a r possessions
7, 688, 993.41
Other
.
.
1,168, 669. 74
Unclassified
. . ... .
Other funds and accounts:
I n c r e m e n t resulting from r e d u c t i o n in t h e weight of t h e
gold dollar
19, 806. 33
Seigniorage ^^
.
.
.
.
2, 916, 323.47
T o t a l receipts




-

235, 084, 201. 69

August

September

October

November

December

January

td
fej

^
o
td

O
fej
$4, 070, 037. 90
32,482.19

$4,124, 646. 72
13, 347.96

$4,122,911.44
23, 671. 23

$4, 244,464. 79
29, 689. 04

$4,460,145. 92
69, 786. 30

$6 006 586 92
37, 698. 63

7,723.75
67.96

5, 074.86
228.82

17,182.83
157.81

7,994. 53
296.89

6, 901. 54
365.07

7,883. 98
447 67

60,959. 46
416.88

62,868.47
123.95

64,601.89
• 197.26

67,139.00
82.19

71, 307. 96
512.88

- 70, 320.38
282 74

fej

w
fej

o
td

>

td
10, 727.90

11,536.04

10,994. 72

10, 563. 67

8, 781.19

8, 033. 74

395, 206.95
1, 303, 209. 55
3, 441, 094. 04
« 1,125,823.26

409, 664.42
1, 691, 300. 36
2, 986, 974.86
« 260,651.08

516,436.10
1, 278, 961. 66
3, 543, 780. 26
396, 741. 69

616, 878.14
1,463, 658. 39
2, 798, 365. 24
<' 171,088.08

404, 225. 71
2,108,110.18
18, 394, 604. 68
« 228,604.87

600, 609. 71
444 465 32
16, 673,497. 69
2, 255, 622.84

o
fej

HI
fej

19, 711. 78
2, 354, 695.24

34, 468. 66
1,464, 030. 54

127, 805. 50
2, 607, 648. 61

16, 794.10
1, 223,849. 64

20, 991. 24
1, 633, 266. 32

34 576.09
2,044, 604. 84

305, 362, 394.17

100, 658,436.89

167, 858, 342. 94

305,363,145. 68

87,483,688.69

157, 720, 797. 58

td
fej

>
Ui

td

T o t a l fiscal year

1941
SOURCE

February
Trust accounts—Continued.
Other trust accounts—Continued.
Civil service r e t i r e m e n t f u n d :
Transfers from General F u n d ( U n i t e d States share)
D i s t r i c t of C n h i m h j a share
D e d u c t i o n s from e m p l o y e e s ' salaries, etc
I n t e r e s t a n d profits on i n v e s t m e n t s . . .
Foreign service r e t i r e m e n t f u n d :
Transfers from General F u n d ( U n i t e d States share)
D e d u c t i o n s from e m p l o y e e s ' salaries, etc
I n t e r e s t on i n v e s t m e n t s . .
. ..
C a n a l Zone r e t i r e m e n t f u n d :
Transfers from General F u n d ( U n i t e d States share)
D e d u c t i o n s from employees' salaries, etc
I n t e r e s t on i n v e s t m e n t s . . .
Alaska R a i k o a d r e t i r e m e n t f u n d :
Transfers from General F u n d ( U n i t e d States share)
D e d u c t i o n s from employees' salaries, etc
• I n t e r e s t on i n v e s t m e n t s .
Indian tribal funds
I n s u l a r possessions
. . . . . . i
Other
.•
Unclassified
.
O t h e r funds a n d accounts:
I n c r e m e n t resulting from r e d u c t i o n in t h e weight of t h e
gold dollar
Seigniorage ^^
.
T o t a l receipts

......

March

April

May

June

1941

1940

$4, 792, 674. 51
34, 619.18

$4, 602, 267. 24
39,035. 62

$4, 710, 376.12
49, 972. 60

$4, 909, 746.16
40,383.56

$4, 988, 229. 73
24, 793,024.05

$90, 754, 000.00
806,110.00
54, 789, 543. 53
25,163, 610.35

$86, 329,000.00
842, 760.00
43, 268, 637.15
21, 564, 999. 99

7,400. 58
612.49

9, 226.09
630. 58

4, 326. 41
799. 56

3, 507. 33
1,211.51

2, 490.09
182, 069.04

609, 000.00
312,261.84
186, 876.39

199, 400. 00
433, 426. 85
162, 333. 66

72, 778.99
612.49

77,413.07
' 1,050. 96

77,147. 37
766.26

81, 346. 93
734. 25

73, 983. 26
208, 032.44

1,177, 000.00
840,091.74
212.812.29

500, 000. 00
600,181.34
170,131.47

14, 278. 59

1,896.16

16, 975. 67

2, 277. 93

603.824. 27
460, 540.06
1, 816,177. 91 . 1, 716,148.40
18, 960, 864. 58
21, 577, 551. 73
< 1, 861, 576. 80
« 394, 659.38

661, 836. 99
1,435.472.21
22, 460,196. 41
a 127, 878.02

502,.233. 23
1, 765,049.50
23,728,631.62
2,088; 704.86

41,228.29
38, 016. 98
524, 525. 92
2, 282, 745. 27
22, 822,112. 35
« 3,152,673. 54

175, 000.00
145, 762. 33
38,016.98
5, 531, 203.17
18. 814, 931.63
164, 966, 466. 87
« 1, 423,215.91

176, 000. 00
106,873. 23
29, 600.87
5, 543,464.04
17, 614, 458.11
40, 517, 819.44
» 389,002.96

23, 383. 61
1,146,408. 28

25, 277. 77
1,066, 338.94

26,191.91
1,148, 296. 23

27, 653.96
984,841. 86

21, 947. 33
1, 601, 549. 37

398, 606. 27
20,190, 852. 24

402, 359.49
48,879, 863. 70

334, 518, 964. 23

84, 566, 093.18

171, 810, 318. 33

357, 695, 545. 32

195,181, 236. 63

2, 603, 293,164. 33

2, 076, 537, 744. 59

« Counter entry (deduct).
_
1 Represents^the^jfference between_the^ost value and, the monetary _v_alue_oLsilver-bullion revalued and held-to-secure-silver-certificates-issuedon-accountof'srlver acquired un0
-derthe Silver Purchase Act of T93¥ and under the President's proclamation dated Aug. 9, 1934.




CO

T A B L E 4.—Annual receipts, fiscal years 1932 to 1941, classified 6, major sources

bO

[On basis of daily T r e a s u r y s t a t e m e n t s (unrevised), see p . 405]
P A R T A.

SOURCE

G E N E R A L AND SPECIAL

1941

ACCOUNTS

1940

1939

1937

td
fej

Internal revenue:
I n c o m e tax (including u n j u s t e n r i c h m e n t tax)
Miscellaneous i n t e r n a l r e v e n u e
Social security taxes:
E m p l o y m e n t taxes (title V I I I )
T a x on employers of 8 or m o r e (title I X , sec. 901).
Unclassified
.
T a x e s u p o n carriers a n d their employees
Processing tax on farm p r o d u c t s
Railroad u n e m p l o y m e n t insurance contributions
Customs..
Miscellaneous receipts:
Proceeds of G o v e r n m e n t - o w n e d securities:
Principal—foreign obligations
Interest—foreign obligations
Other
P a n a m a C a n a l tolls, etc
Seigniorage
Other miscellaneous
Total receipts..-1
Deduct:
N e t a p p r o p r i a t i o n s to Federal old-age a n d survivors insurance t r u s t fund ^
N e t receipts




$2,125,324, 634. 92
2, 344, 625,130.84

$2,188, 767, 289. 40
2, 231, 983, 302. 37

$2, 640, 284, 710. 28
2, 279, 453,087. 95

$2,163, 413, 817. 66
2,181, 217. 856. 04

1 690, 554, 674. 33
97, 676, 684.19

604, 694, 236.48
107, 523, 266. 69

136, 942, 076.40

120,966, 719. 36

630, 357, 680.11
100, 868, 936. 68
« 2, 900. 70
109, 266,539. 77

514,406, 671. 38
90,103, 684. 91
« 60, 610.39
160,131, 981. 38
11.15

194, 346, 309.18
57, 761, 019. 29
63, 511. 09
345, 088.10
2, 501.14

6, 814, 717. 52
391, 870, 013. 27

4, 918, 040. 78
348, 590, 635. 21

318, 837, 311. 27

359,187, 249. 67

486, 366, 598. 90

$3,469, 637, 848. 48
2,966, 863, 798. 83

- O
td
•r^

O
fej
1-3

wfej

w

fej

96. 996.16
2 329,841,049.86
20, 448, 524.83
67, 906,883. 71
89, 859, 417. 93

79, 729. 87
334,017. 45
72, 903, 240. 79
22, 719, 562. 66
43, 929, 965. 04
3128, 227, 232. 68

76, 509.49
423, 943. 33
58, 401,883.14
24,834, 261. 91
22,758,976.35.
81, 269, 893. 47

74, 297. 68
513, 773. 24
64, 964, 946.10
25,107, 974. 85
35, 603, 220.44
81,891,328.55

72, 093. 83
518, 492. 67
68, 258, 989. 03
26, 371, 003. 00
48,911, 891.10
67, 211, 065. 85

8, 268, 512, 585. 50

5,924,836,402.76

5, 667,823, 625. 59

6, 241, 661, 226. 99

5, 293,840, 236. 87

661, 300, 733.42

6 637,711,733.00

503,000, 000. 00

387,000, 000.00

5,164,823, 626. 59

5, 854, 661, 226.99

td
fej

td

o

265,000,000.00

5 5, 387,124, 669. 76

o

5, 028,840, 236. 87

7, 607, 211, 852. (

fej
td
fej

>

td

SOURCE

Internal revenue:
I n c o m e tax (including u n j u s t e n r i c h m e n t tax)
- Miscellaneous i n t e r n a l r e v e n u e
Social security taxes
T a x e s u p o n carriers a n d their employees
Processing t a x bn farm p r o d u c t s
Railroad u n e m n l o v m e n t insurance contribution's
Customs
._
Miscellaneous receipts:
Proceeds of G o v e r n m e n t - o w n e d securities:
Principal—foreign~obligations
Interest—foreign obligations
Other
P a n a m a C a n a l tolls, etc
Seigniorage. . . . .
Other miscellaneous..
T o t a l r e c e i p t s . . . . _.
Deduct:
N e t a p p r o p r i a t i o n s to Federal old-age a n d s u r v i v o r s i n s u r a n c e t r u s t fund ^_
Netreceipts.

1936

1936

• 1934

$1, 426, 575,433. 84
2, 009, 626, 581. 26

$1, 099,118, 637. 90
1, 667,191, 518. 70

$817, 961,481.18
1, 469, 693, 560. 29

209. 65
76,649,383.41

521, 379, 871. 22

1933

. $746,206,444.95
858, 217, 511. 61

1932

$1,057, 335, 853.19
503, 670,481.19

353, 048, 796. 83

td
•fej

hiJ
O
327, 754, 969.12

386,811,593.69

343,353,033.56

313,434, 302.19

250, 750, 261. 27

69, 897. 91
477,414.59
90, 360, 932. 61
26,899, 995. 07
39, 266, 510. 41
60, 218, 662. 70

66, 709. 53
601,114. 48
38,106, 611. 49
24, 704, 262. 38
68, 036, 251. 37
57, 911,191. 33

396, 765.15
20, 033, 594.10
57, 415,483. 64
27,103, 068. 08
617, 204. 81
66,049, 813. 26

31, 567, 518. 98
67,190, 207. 22
32, 090, 746. 50
23, 267, 500. 34
861, 655. 30
69, 564, 906. 59

22, 367, 500. 84
22, 588, 375. 22
376,193. 82
. 71, 632, 063. 76

4,115,956,616.13

3,800, 467, 201. 96

3,116, 664, 049. 63

2, 079, 696. 741. 76

2, 005, 725, 437.14

4,115, 956, 616.13

3, 800, 467, 201. 96

3,116, 554, 049. 53

2, 079, 696, 741. 76

2, 006, 725,437.14

o

fej

W

fej

i

o

td
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td
° Counter entry (deduct).
1 Includes $2,413,946.05 for the fiscal year representing receipts from "Social security taxes—Employment taxes" collected prior to July 1,1940, which are not available for appropriation to the Federal old-age and survivors insurance trust fund.
2 Includes return of capital funds by governmental corporations as follows:
•
Federal savings and loan associations
'.
$10,466, 200
Reconstruction Finance Corporation:
Purchase of stock of Federal home loan banks
124, 741,000
Reduction in capital or surplus funds
.
176,000,000
Purchase of securities from Public Works Administration
'
9,000,000
3 Includes $43,756,731.01 representing repayment of amounts paid to the Commodity Credit Corporation for capital impairment.
^ Represents, prior to the fiscal year 1941, amounts formerly classified as expenditures (see table 6, Part A, sec. IV) under "Transfers to trust accounts, etc.; Old-age reserve account" to and including Dec. 31, 1939; thereafter designated as the "Federal old-age and sm'vivors insurance trust fund." The amounts in this statement are deducted from rec^jpts in
_order^to-confor-m4o-the-classification-effective-withthe-fiscal--year-1941^- Figures for 1940-and-1941-are-exclusive~ofTeimbursem
administrative expenses as provided under sec. 201 (b) of the Social Security Act Amendments of 1939.
6 Revised to reflect adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring classification into agreement with the accounts.




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T A B L E 4 . — A n n u a l receipts, fiscal years 1932 to 1941, classified by major sources—Continued

to

PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.
1941

SOURCE

-

..:

Netreceipts
Unemployment trust fund:
Deposits by States
.. .
•
..
Railroad u n e m p l o y m e n t insurance account:
Deposits b y Railroad Retirement Board
A d v a n c e from T r e a s u r y (act J u n e 26, 1938)
T r a n s f e r s f r o m S t a t e s (act J u n e 25, 1938)-. . . .
Transfers from railroad u n e m p l o y m e n t i n s u r a n c e a d m i n i s t r a tion fund (act Oct. 10, 1940)
I n t e r e s t on i n v e s t m e n t s
.
..:
Railroad retirement account:
Transfers from G e n e r a l F u n d
I n t e r e s t on i n v e s t m e n t s . . . .
.
..
Other trust accounts:
D i s t r i c t of C o l u m b i a
.
..
G o v e r n m e n t life i n s u r a n c e fund
N a t i o n a l service life i n s u r a n c e f u n d :
Premiums
__
_ .
I n t e r e s t on i n v e s t m e n t s
A d j u s t e d service certificate f u n d :
Transfersfrom General F u n d . . .
^^.^
I n t e r e s t on l o a n s a n d i n v e s t m e n t s




1939

1938

1937

8 $560, 000,000. 00
12, 288, 267. 00

$503, 000,000. 00

$387, 000, 000.00

$265, 000,000. 00

26, 839, 994. 86

Trust accounts:
F e d e r a l old-age a n d s u r v i v o r s i n s u r a n c e t r u s t f u n d : •
Appropriations
'
T r a n s f e r s from G e n e r a l F u n d
..
Less r e i m b u r s e m e n t s to G e n e r a l F u n d
N e t appropriations ^
I n t e r e s t on i n v e s t m e n t s 8 _

1940

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661. 300, 733. 42
55, 958, 278.12

8 537, 711, 733. 00
42,488,827.85

503, 000, 000. 00
26, 961, 054. 81

387, 000, 000. 00
16, 412, 232. 89

265, 000, 000. 00
2, 261,810. 97

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7 $688,140, 728. 28

717, 259, Oil. 54

8 580, 200, 560. 86

529,961, 064. 81

402, 412, 232. 89

267, 261, 810. 97

892, 023, 224. 27

859,863,884. 26

811, 250, 607.82

747,660,496.77

291, 702,689. 28

61, 347, 271. 64

44, 248, 661. 68
16, 000, 000. 00
1,800,818. 02

104, 099, 960.87

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7, 500, 000. 00
48,952, 549. 64

37, 725, 798. 84

26,836, 602.17

15,172,022.11

124, 350, 000. 00
2,-533,867.53

120, 650, 000. 00
2, 282, 516. 39

107, 097, 412. 82
2, 201, 876. 72

146, 402, 587.18
1, 410, 82L 92

56,146,133. 90
91, 436, 517. 35

54,168,476. 38
92,861, 727. 21

62, 341,997.86
95,020, 729. 20

46, 380, 582. 62
93, 459, 208. 42

38,698, 079. 60
93, 076,900. 83

1, 475, 212. 45

556, 665, 424.68
4,136,905. 76

2, 737,181.92

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3, 497, 788.18
15,425. 35
10, 000, 000. 00
. 444,514.44

W

794, 096. 68

1,025, 927. 88

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1936

SOURCE

1935

1934

1933

1932

,

Trust accounts:
Federal old-age and survivors insurance trust fund: ^
Appropriations
.
Transfers from General Fund
.
Less reimbursements to General Fund
Net appropriations *...
Interest on investments ^ -

_
.

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C

.

-

Netreceipts _ _
Unemployment trust fund:
Deposits by States
_.
Railroad unemployment insurance account:
Deposits by Railroad Retirement Board
_.
Advance from Treasury (act June 26, 1938)
i
Transfers from States (act June 25, 1938)
..
Transfers from railroad unemployment insurance administration fund (act Oct. 10,1940) - . . .
, Interest on investments.
_
Railroad retirement account:
Transfers from General Fund.
Interest on investments . . .
_.
0 th er tru st a ccoun ts:
District of Columbia
Government life insurance fund
National service life insurance fund:
Premiums
Interest on investments
Adjusted service certificate fund: Transfersfrom General Fund
Interest on loans and investments
.:...
_.

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$18,857, 720. 60

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91, 700. 94

9

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41, 562, 354. 50
70, 340, 596.19

$47, 957, 060. 39
69, 531, 674. 98 ;

$33, 253, 805. 76
72, 026, 323. 29

$33, 356, 950. 72
71.144, 899.11

$36, 893, 540. 36
71, 906, 719. 56

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1, 773,492, 531. 72
10, 468, 355. 27

50, 000, 000. 00
5, 781,188. 04

50, 000, 000. 00
4, 807, 393. 08

100, 000, 000. 00
5,793, 283. 30

200, 000, 000. 00
3,018, 641.12

«Includes transactions classified prior to Jan. 1, 1940, under the caption "Old-age reserve account."
7 Exclusive of receipts amounting to $2,413,946.06, reflected in daily Treasury statements for the fiscal year 1941, representing social security taxes collected prior to July 1, 1940, and
therefore not available for appropriation to the Federal old-age and survivors insurance trust furid. (See footnote 1, p. 425)
8 Revised to reflect adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring classification into agreement with the accounts.
» See footnote 4, p. 425. .




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T A B L E 4.—Annual receipts, fiscal years 1932 to 1941, classified by major sources—Continued

bO
00

PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.-Continued
1940

SOURCE

Trust accounts—Continued.
Other trust accounts—Continued.
Civil service r e t i r e m e n t f u n d :
T r a n s f e r s f r o m G e n e r a l F u n d ( U n i t e d S t a t e s share)
D i s t r i c t of C o l u m b i a s h a r e
D e d u c t i o n s from e m p l o y e e s ' salaries, e t c
I n t e r e s t a n d profits on i n v e s t m e n t s
'
F o r e i g n service r e t i r e m e n t f u n d :
T r a n s f e r s from G e n e r a l F u n d ( U n i t e d S t a t e s share)
D e d u c t i o n s from e m p l o y e e s ' salaries, etc
I n t e r e s t on i n v e s t m e n t s
C a n a l Zone r e t i r e m e n t f u n d :
T r a n s f e r s from G e n e r a l F u n d ( U n i t e d S t a t e s share)
D e d u c t i o n s from e m p l o y e e s ' salaries, etc
,
I n t e r e s t on i n v e s t m e n t s
.
A l a s k a R a i l r o a d r e t i r e m e n t fund:
T r a n s f e r s f r o m General F u n d ( U n i t e d States share)
D e d u c t i o n s from e m p l o y e e s ' salaries, etc
I n t e r e s t on i n v e s t m e n t s
Indian tribalfunds
I n s u l a r possessions
Other
.
.
Unclassified
.....
L
Other funds a n d accounts
I n c r e m e n t resulting from r e d u c t i o n in t h e weight of t h e gold d o h a r
Seigniorage 10
T o t a l receipts




..

,

1939

1938

1937
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$86, 329, 000. 00
842, 760. 00
43, 268, 637.15
21, 664, 999. 99

$74, 244, 000. 00
842, 760. 00
39,172, 242. 48
19, 220, .490. 57

609, 000. 00
312, 251. 84
186, 876. 39

199, 400. 00
433, 425. 85
162, 333. 66

187, 600. 00
189, 725. 66
141,332.72

188, 000. 00
190, 248. 96
133, 896. 55

185, 300. 00
190, 926. 02
124, 872. 23

M

., 177, 000. 00
840, 091. 74
212, 812. 29

600, 000. 00
600,181. 34
170,131. 47

600, 000. 00
509, 292. 76
169, 002. 85

• 600, 000. 00
608, 617. 35
145, 882. 53

600, 000. 00
508, 491. 78
129, 667. 64

^

176,000. 00
145, 762. 33
38, 016. 98
5, 531, 203.17
18, 814, 931. 53
164, 966,466. 87
" 1 , 423,215. 91

176,000. 00
106,873. 23
29, 500.87
643,464.04
614,458.11
517,819.44
389,002.96

176, 000.00
107, 282.10
21,089.87
16, 362, 066.43
19, 654,439. 64
29,901,002. 60
« 400,278.77.

175, 000. 00
156, 207.87
10, 972. 28
6, 726, 897. 33
16, 380, 008. 67
30, 365, 263. 54
599, 458. 39

96,371.43
490. 96
6, 948, 816. 62
18,218,161.35
44,007,869. 56
<-154,4^Q-U

402,359.49
48, 879,863. 70

481, 398.61
90, 267, 427.02

1, 094, 842. 97
90, 351, 012. 40

1, 676.187. 53
39, 786, 924. 30

1, 917, 361, 983.80

1, 727, 031, 693. 30

1,460, 686, 339.82

398, 606. 27
1,190,852.24
2, 603, 293,164. 33

5,
17,
40,
•
°

5 2, 076, 537, 744. 59

$72, 392, 000.
842, 760.
37, 272, 634.
16, 635, 825.

00
00
54
67

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$90, 764, 000. 00
805,110. 00
789, 643. 63
1,163, 610. 36

$46, 050,
150,
34, 976,
13, 012,

000.
000.
743.
960.

00
00
82
98

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SOURCE

3 T r u s t accounts—Continued.
Oi
Other trust accounts—Continued.
^
Civil service r e t i r e m e n t f u n d :
1
Transfersfrom General F u n d (United States s h a r e ) . .
ji.
D i s t r i c t of C o l u m b i a share
. -^^
D e d u c t i o n s from e m p l o y e e s ' salaries, e t c
I n t e r e s t a n d profits on i n v e s t m e n t s
'
. .
Foreign service r e t i r e m e n t f u n d :
Is:)
T r a n s f e r s from (•!eneral F u n d ( U n i t e d S t a t e s s h a r e ) .
•^
D e d u c t i o n s from e m p l o y e e s ' s a l a r i e s , e t c . . . . .
I n t e r e s t on i n v e s t m e n t s
. .
C a n a l Zone r e t i r e m e n t f u n d :
T r a n s f e r s f r o m G e n e r a l F u n d ( U n i t e d S t a t e s share)
D e d u c t i o n s from e m p l o y e e s ' salaries e t c
I n t e r e s t on i n v e s t m e n t s
.
.
A l a s k a Railroad r e t i r e m e n t fund:
Transfersfrom General F u n d ( U n i t e d States share)
D e d u c t i o n s fr"om employees' salaries, e t c
I n t e r e s t on i n v e s t m e n t s
.
. .
I n d i a n tribal f u n d s .
. .
..
I n s u l a r possessions
•-.
Other
- .
...
.Unclassified
Other funds a n d accounts:
I n c r e m e n t resulting from r e d u c t i o n in t h e w e i g h t of t h e gold dollar
Seigniorage'0
..
T o t a l receipts

1936

$40,000, 000. 00.
150, 000. 00
32, 248, 966. 67
11, 712, 785.15 ,

1936

$20, 850, 000.
150, 000.
29, 916, 760.
10, 822, 890.

1934

00
00
79
96

$20, 850, 000. 00
160, 000. 00
28, 720,103. 26
10, 518, 358. 79

162, 400. 00
174, 364. 95
116, 962. 74

159,100. 00
177,062. 74
107,083. 29

292, 700. 00
163, 733. 60
98, 502. 69

500, 000. 00
473, 633. 57
111, 226. 46

458, 329. 65
91,031. 23

506, 262. 88
88, 894. 58

1932

1933

$20, 860, 000. 00
150, 000. 00
30,336,816.28
9, 752, 298. 63

$20, 850, 000. 00
150 000 00
30, 421, 896. 76
8 688 812 85

416,000. 00
177, 620. 48 •
84, 762. 99

•

475, 945. 57
84,985. 31

2,207,74L36
66 386 89

215 000 00
173,. 904 54
64 678 69

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6, 861, 212. 44
19,062,420. 25
43, 361, 032. 96
2, 344, 034.45

6, 680, 888. 82
28, 951, 287.83
31,811.668.29
'-2, 626,'582. 56

4, 640, ioo. 58

2, 777, 238. 42

3,089, 342.95

6, 997, 612. 25
358, 899. 88

4,674,748.09

3, 612, 966.04

784,464.60
176,789,415.49

1, 738, 019. 63
140,111,441.47
442, 668, 795.46

3, 044,848, 347. 35

Q
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2, 811, 375, 756. 72

2, 248, 656,168. 75

280, 075,438. 80

381, 259, 630.12

« Counter entry (deduct).
5 Revised to reflect adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring classification into agreement with the
accounts.
10 Represents the difl'erence between the cost value and the monetary value of silver bullion revalued and held to secure certificates issued on account of silver acquired under the
Silver Purchase Act of 1934 and under the President's proclamation dated Aug. 9, 1934.




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Detail tables on expenditures
TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts

CO

[On basis of daily Treasury statements (unrevised) (see p. 405), adjusted to provide uniform classification of expenditures on a basis comparable to that in effect during the fiscal year
ended June 30. 1941, including changes as a result of the President's Reorganization Plans Nos. I l l , IV, and V]
SUMMARY SHOWING E X P E N D I T U R E S , R E C E I P T S , AND EXCESS OF R E C E I P T S OR E X P E N D I T U R E S
1940

1941

I

July
P A R T A.

September

October

November

December

January

.

. .

._

$331, 220, 814.37

T o t a l general e x p e n d i t u r e s
N a t i o n a l defense (see p . 442)
R e v o l v i n g funds (see p . 444)
Transfers to t r u s t accounts (see p . 444) . . .
D e b t r e t i r e m e n t s (see p . 444)
T o t a l expenditures
..

$447,196,260.80

$710,583,601.39

$333, 258,146.93

$362, 078,404. 65

76,276, 994. 86
69, 264, 317. 66

63,183,170.86
76, 535, 227.01

60,805, 817.86
41,400, 755. 89

66. 283, 975.85
89, 762, 098.15

262,219,728.91
116, 589, 626. 33

225, 582, 673..33
118,860,131.52

190,607,-598. 85
239, 659, 733.40

614, 349, 666.76
186,444,796.16
6,072,022. 24
113, 520,110.00
12, 212, 250. 00

483,151,102. 71
210,469, 346. 89
<-13,009,378.73
26,194,890.00
2, 675, 600.00

830, 598,844.16

.-

Expenditures:
I . General (including recovery a n d relief):
A . D e p a r t m e n t a l (see p . 432)
...
B . Agricultural p r o g r a m s (see p . 434).
C . F e d e r a l L o a n Agency, Federal Sec u r i t y Agency, a n d Federal
W o r k s Agency (see p . 438)
D . Other ( s e e p . 440)

Excessof expenditures over r e c e i p t s . .

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G E N E R A L A N D SPECIAL A C C O U N T S

T o t a l receipts

II.
III.
IV.
V.

August

o

499,378,029.78

$740, 226, 665.28

$339, 778, 040. 22

61,463, 888.14
69, 476, 275. 66

65,194,061.63
120, 257, 623.19

70,168,686.87
110, 808,165. 99

255, 255, 095. 62
166, 278, 612. 61

207, 691,074. 21
102, 626, 348. 96

211, 985,440. 68
305, 030,080.97

233, 037, 634.33
108,720,981.48

632, 373, 905. 99
225.162,122. 96
« 8, 953, 612.15
10, 000, 000.00
1,703,950.00

676, 679, 682. 23
297, 366,123. 39
'-4,939,132.04

44i; 267, 686. 96
378, 663, 762. 95
< 22, 725, 678. 82
20, 000,000. 00
792, 360.00

702, 467,196. 37
470, 072,477.15
. '-486,098.96
15,223,350.00

622, 735,468. 67
668,692,541.99
1, 702,101. 77
17, 500,000.00
7, 213, 500.00

708,381, 660.87

760,286, 366.80

. 870, 240, 573. 58

817, 888,021.09

1,187, 276, 924. 56

1,117,843, 612.43

261,185, 300.07

49, 702, 765, 41

636, 982, 426. 65

456, 809, 616. 44

447, 061, 269.28

778, 065,-672. 21

1,243,900.00

W
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P A R T B . T R U S T ACCOUNTS, I N C R E M E N T ON
GOLD, ETC.

T o t a l receipts

235,084, 201. 69




167,868, 342. 94

305, 363,146. 68

87,483, 688. 69

157, 720, 797. 58

180, 647, 686. 80

241,834, 650. 32

141, 869, 897. 98

158, 988, 976. 60

234, 605, 667.83

<-181,209,849.18

17, 084, 757.84

49,489,421.42

<-69,939,781.88

61,545,491.60

17, 624, 900. 03

183, 938, 952. 36

-14,487,206.32

258,919,408.16

191, 359, 319.40

89, 049,194. 72

296, 051,149.43

142, 640, 483.07

51,145, 249. 33
-

166,722,642.86

3, 291, 366. 66

expenditures

Excess of receipts over expenditures .
Excess of expenditures over receipts

100, 658,435. 89

>

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Expenditures:
I . T r u s t accounts (see p . 446)
I I . I n c r e m e n t on gold, t r a n s a c t i o n s in checking accounts, etc. (see p . 460)
Total

305, 352, 394.17

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319,839, 600.49
168, 260, 972. 27

23, 500, 976.46

216, 313,950.96

125,116,583.04

16, 080, 314. 61
208, 567, 460. 74

Total

1941
'
P A R T A.

April

March

May

June

1941

1940

.

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G E N E R A L A N D SPECLA.L A C C O U N T S

$541, 352, 485. 51 $1, 666, 408, 380. 86

T o t a l r e c e i p t s . .^
Expenditures:
I . General (including recovery a n d rehef):
A . D e p a r t m e n t a l (see p . 433).
.
> B . Agricultural p r o g r a m s (see p . 4 3 6 ) . . .
C . F e d e r a l L o a n Agency, Federal Securi t y Agency, and F e d e r a l W o r k s
Agiency (see p . 439) .
D . O t h e r ( s e e p . 441)...
II.
III.IV.
V.

February

fiscal.year

66, 263, 239. 60
34, 907,088. 90

60, 946,027. 94
43, 588, 575.48

778, 520, 269. 75
970, 392, 978! 07

705, 370, 694.01
1,430,462,728.66

224, 038, 342. 58
158,789,365.15

199, 505, 244.06
100,081, 849. 72

173,335,235.25
439, 282, 289. 09

2, 592, 616.861.02
2,190, 737, 282. 76

639, 392,178. 62
748, 344,.569. 25
1, 398, 806. 82
10, 000,000.00
1, 639,100.00

531, 714, 347.07
763.061, 078. 21
2,154, 968.86
18, 350,000. 00
1,171, 350. 00

400. 747, 422. 28
836,881, 495. 16
o 96, 766, 032.32

717,162,127. 76
811, 995, 355.43
« 673,640.99

1, 334, 500.00

17,128, 400. 00

6, 532, 267, 39L 60
6,080,083, 636. 31
o 136,286,103.94
234, 565, 000.00
64, 260, 500. 00

7,078, 984, 905. 53
1, 667, 432, 455. 90
53, 918, 945.04
207, 853, 400.00
129,184,100.00

1, 400, 674, 654. 69

1,316,461,744.14

1,142, 207, 385.12

1,645,602,242.20 12, 774,890, 323. 97

9,127, 373, 806.47

751,033, 787. 74

748. 524,123. 39

5.167, 678, 471. 89

3, 740, 249,136. 71

199, 636,435. 61
100, 277, 393. 47

219, 722, 457. 69
235, 650, 971'. 07

_

$393, 683, 261. 73 $1,276,008,843.95 $7, 607, 211.852.08 $6, 387,124, 669. 76

.

165, 733, 726.16
..•

536, 086, 908. 83

269, 593, 398. 25

_

Expenditures:
I . T r u s t accounts (see p . .447)
I I . I n c r e m e n t on gold, transactions in checking
accounts, etc. (see p . 461)
Total expenditures.-_
Excess of receipts over expenditures
Excess of e x p e n d i t u r e s over receipts

o

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Ui
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o

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td
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o

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P A R T B . T R U S T ACCOUNTS, INCREMENT ON G O L D ,
ETC.

Total receipts.

O
td

2,826, 628, 236. 78
2,116, 523. 246. 08

1, 077, 438,394. 34

Total expenditures

64, 466, 673.13
84, 419, 966. 21

62, 298, 528. 78
121, 720, 221.08

470, 346, 706.19
684,039, 867. 77
929, 570. 38
20, 000, 000. 00
2,122, 250.00

• T o t a l general expenditures
N a t i o n a l defense (see p . 443)
_. . . .
R e v o l v i n g funds (see p . 445)
Transfers to t r u s t accounts (see p . 4 4 5 ) . .
D e b t r e t i r e m e n t s (see p . 445)

Excess of receipts over expenditures
Excess of e x p e n d i t u r e s over receipts

61,180, 214. 36
109, 252, 662. 85

$665, 417, 956. 40

334, 518, 964. 23

84,566,093.18

171,810, 318. 33

367, 696, 645. 32

195,181, 236. 63

2, 503, 293.164. 33

2,076, 537, 744. 59

208,576,326.68

262,303,503.22

130, 289, 203. 25

210, 665, 792. 98

374, 218, 422. 21

2, 425, 728, 243. 77

1, 982, 018, 054. 66

128,868, 802. 08

68, 686, 452. 22

« 361,103,528.78

411, 088, 574.04

80, 401, 920. 98

225, 628, 625. 93

« 41,064, S29.03

„337,J45,128^76^ ,^ 32p,_889,965,44_ - 2 3 0 , 814,326..53_. _ _621,.7.44,.367.-02- __464,-620, 343.-19- -2,651,-356,-769.70- -1, 940r963,-725.63135, 584,018. 96

402,624,643.86
2, 926,164. 63

236, 323, 862.-26

264,048, 821. 70

269, 439,106. 56

148,063, 605. 37

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' Excess credits (deduct).




CO

TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—Continued

00

to

DETAILS OF E X P E N D I T U R E S
PART A. GENERAL AND SPECIAL ACCOUNTS
1941

1940
July

August

September

October

November

December

January

td
fej
^ti

o

td

I. General (including recovery a n d relief):
A. Departmental:
Legislative e s t a b l i s h m e n t
Judicial
E x e c u t i v e Office:
E x e c u t i v e proper
B u r e a u of t h e B u d g e t
N a t i o n a l Resources P l a n n i n g
Board
Other.'
State Department
Treasury Department:
Refugee relief
Other
War Department ( n o n m i l i t a r y ) . . . . .
D e p a r t m e n t of Justice
'...P o s t Office D e p a r t m e n t
D e p a r t m e n t of t h e Interior
D e p a r t m e n t of. Agriculture:
Refugee relief
i..
Other
. - . ...
D e p a r t m e n t of C o m m e r c e :
Civil A e r o n a u t i c s A u t h o r i t y
Other
D e p a r t m e n t of L a b o r '.
I n d e p e n d e n t offices a n d commissions
Unclassified-. . . ^ . . . 1 . . .
...<..

$2,480,732.49
897. 718. 33

$2.266, 097.81
845, 381. 54

$1.833, 599. 70
994,629.44

$1, 687,070.02
1, 002,833.73

$2,069, 747.21
1,064,272.03

$1, 743,958.47
892, 227. 37

39, 326.04
67,878.66

41,042.45
62,223. 31

42,032. 24
66. 920. 32

43, 791. 30
67, 735. 66

37, 614.33
69,989.97

42,844. 73
71, 593.11

49, 669.26
66,900. 34

97,820.83
78, 321.87
1, 930,126.47

76,074.69
60,656.48
2, 032,881. 26

68,881.23
83. 605.19
2.404. 798.20

70,967.21
88,385. 32
1,617, 307.17

62, 698.85
79,343. 29
1, 762,349.87

67.325.16
68.855.97
1,844,439; 04

46, 744.16
59,428. 61
1, 712,023. 60

o

14,876.828.18
1, 341. 546. 56"
4,640,024. 57
12,087. 73
10,180,594.46

17,243,883.36
373.121. 52
5,474,090.43
" 231,747.97
9,482,169. 96

17. 607,819.60
190,856.69
4, 222,476. 57
859,703.46
10, 292,828.63

1,430.99
17, 333, 305.23
200,064. 35
5, 388,865.92
« 86U 100.08
11,195,647.00

602.136. 39
15,862.664. 33
201,113.32
4,867,160. 54
13,058. 32
9,506,434.90

2,072.896.40
18, 513,054.44
232, 545. 77
4, 717.857. 83
19, 686. 34
8,644,168. 68

1,482.466. 60
17, 307,965. 31
161,225. 66
5, 284, 574. 69
35, 788. 60
8, 506,165. 28

td
Ki

111,439.10
7,423,744.26

386,446.62
8,108,129. 55

121,777. 88
18,962,861.36

Total departmental 1




officers
. ..

•l9,996,789.9'9

11,107,042.48

9,913, 257. 36 '

104,022. 75
11,414,300.01

3,640,102.40
> 7,157.204.61
1, 737,751. 50
6,722; 352. 33
1,933,929.27

2,685,435. 60
4,656,064.34
2, 613,178. 21
6,027,862.13
'-2,271,687.84

4. 635,097.28
3,341,668. 23
1,092,140.31
5, 529, 563. 51
45,157.19

6, 371,468.06
3, 367, 773. 31
2, 373,108. 95
6.179, 609. 74
686.166. 79

3,766,143. 78
3)390,051.40
2,091,887.96
6,264, 787.98
« 65,800.34

4,374,105. 77
3,487,421.38
1,234,650. 97
6.611,026. 21
• 675,822. 01

4,141,170. 69
3 455 260 90
2, 506, 711. 84
6,652,694. 96
« 1,336,474. 85

76.906, 704.04
A d j u s t m e n t for disbursing
checks o u t s t a n d i n g

o

$2, 654, 523. 59
809,496.00

62,810,731.13

63,408,283. 35

67,460,058.82

58, 736, 522.00

64,296, 789.12

70,853,130. 63

4-372,439. 72

-2,602,465.50

-1,176,082.97

+ 2 . 727,366.14

+897,262.41

—684,443.76

63,183,170.85

60,806,817.85

66,283,975.86

61,463,888.14

65,194, 051. 53

70,168,686 87

-630,

709.19

76,275,994.85.

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W

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'
March

February
I . General (including recovery a n d relief):
A. Departmental:
Legislative establishment.-.
Judicial
.
..^
E x e c u t i v e Office:
,
Executive proper
B u r e a u of t h e B u d g e t
.L...
N a t i o n a l Resources P l a n n i n g
B oard
Other
State Depiartment
Treasury Department:'
R efugee relief
Other
War D e p a r t m e n t (nonmilitary)
D e p a r t m e n t of Justice
P o s t Office D e p a r t m e n t
D e p a r t m e n t of t h e I n t e r i o r
...:..
' D e p a r t m e n t of A g r i c u l t u r e :
Refugee relief
Other..
D e p a r t r a e n t of C o m m e r c e :
Civil A e r o n a u t i c s A u t h o r i t y
Other
D e p a r t m e r i t of L a b o r
I n d e p e n d e n t offices a n d commissions.
Unclassified-.
.....

T o t a l fiscal y e a r

^ 1941
April'

May

June

1941

1940

$1,678,468.84
960,915. 78

$1, 674,997.34
1.039, 633. 77

$1, 720,827.20
1,006, 756. 67

$2.674,233.66
966,871. 01

$24,172, 235. 98
11,426,848.47

$23,070, 529. 31
6,054,051. 71

48.905.91
61, 334.19

44.017.33
121,273. 76

.42, 247. 94
76, 646.44

39, 937.94
72. 756.05

41,984.14
79,961.17

513, 313.61
875,212.97

. 469, 317.85
639,462.84

47,603.69
40,697.10
1, 742, 643.05

55,640.17
44,203. 56
,2.421,446.23

41, 764.02
46,411.26
1,991, 287. 99

73,261:44
48,986.18
1,827,820:'35

69.820.97
43,661. 77
1, 573, 327. 29

768,492.42
742, 546. 60
22,860,348.42

767,673. 73
794, 646. 66
24,292, 914. 65

823, 953. 33
17,629,726.49
177,155. 05
6,922,066.42
° 18, 800. 95
7, 721, 642. 53

1,969, 758. 38
16, 654, 270.15
186,002. 30
5, 309,878. 38
173,966. 56
7, 383. 544. 98

1, 643, 742.42
16. 332, 923.25
92,906.49
6,299, 375.30
. 24,075.61
7,891. 664. 36 "

1, 341, 727. 79
17,203,627.51
432, 941.84
5, 548, 536.12
° 26,845. 84
8, 253, 327.11

1,133,085.86
18,067, 322.08
87.877.98
5,438,772.42
66, 733.91
9, 694, 337.12

11, 061,198.16
204, 623, 379. 93
3,677, 346. 62
63', 113, 669.19
66. 505. 69
108,662. 515.00

177,221. 645.02
2,182, 601.18
69,138.744.85
1,121.043.07
111, 367,891. 92

418. 296. 74
8, 394,929.24

966.893. 65
7. 776.932.23

1, 613, 742. 29
9, 351, 761.86..

1, 692,166.06
7, 607,827. 32

84,826. 38
8, 598, 053.46

5, 399, 611. 37
128. 666,629.10

145,846.823.06

4,411,137.14
3,100, 262. 27
2, 321, 629. 65
6, 358,474. 56
646,217.00

5. 312.820. 27
3, 576,290.44
1,449,660.77
5,880,823. 66
'^ 2,220,276. 77

4, 243, 638. 30
3,311,313.20
2.863,108. 21
6,936. 646.13
1. 529. 708.48

4,409,088.28
3,173,123. 61
1,919,093.11
5, 767,988.45
862,159.66

6, 646,146.24
3,143.412.04
1. 315.820.09
6.665,177.19
'-664,569.64

53,435, 353. 71
46,149,836. 73
23. 618. 741. 57
70. 586.906.86
'-180,648.94

24, 062, 214.04
42, 738, 574.43
19,410, 658. 62
2 64, 693,121.81
75,042. 33

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,

.62,480,856. 96
A d j u s t m e n t for disbursing officers*
checks o u t s t a n d i n g .
Total departmental i

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td

$1,687,979.66
945,113.90

69, 736, 530. 67

66,046,483. 64

62,875,106. 75

64,505,845.24

779,117,041. 35

703, 926,965.98

-1,300,642.60

+ 2 . 561.998.11

-679,810.51

. + 3 , 378,133.85

-3,559,817.30

-696.771.60

62,298, 528. 78

64,466,673.13

66,263.239.60

60, 946.027. 94

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+ 1 , 4 4 3 , 738.03

61,180,214. 36

O

778, 520, 269. 75

705,370. 694.01

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0 Excess credits (deduct).
1 Revised to adjust for expenditures of the U. S. Maritime Commission now classified under ^'National defense" stated in Part A, sec. II, of this table.
2 Includes $544,115.86 expenditures of the Federal Emergency Relief Administration and $11,379.11 expenditures of the Civil Works Administration.




c\

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CO

TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—Continued

CO

DETAIL'S OF EXPENDITURES—Continued
PART A. GENERAL AND SPECIAL ACCOUNTS—Continued
1941

1940
July
I . General (including recovery a n d relief)—Continued.
B . Agricultural p r o g r a m s : »
Agricultural a d j u s t m e n t p r o g r a m :
Agricultural Adjustment
Administration
.....
A d m i n i s t r a t i o n of Sugar A c t of
1937
Agricultural Adjustment
Adm i n i s t r a t i o n (act A u g . 24,
1936)-- - .
Surplus Marketing Administration ^
Agricultural contract
adjustments
.-•
.
Soil C o n s e r v a t i o n a n d D o m e s t i c
Allotment Act
Federal Crop Insurance Act:
A d m i n i s t r a t i v e expenses
S u b s c r i p t i o n s to capital stock
of F e d e r a l C r o p I n s u r a n c e
Corporation
P r i c e A d j u s t m e n t A c t of 1938
'
and parity payments
Unclassified..
.
.
C o m m o d i t y C r e d i t C o r p o r a t i o n , rest o r a t i o n of capital i m p a i r m e n t




August

September

October

November

December

January

td
fej

^
o
td

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$216,669. 94

.$163,116.16

^ $144, 942. 95

$161,295.87

$161, 710. 87

$146,680.04

$152, 752.05

3, 346, 866. 89

1,926.195.41

3,314,106.15

4,325,570.70

1, 941, 985. 37

862,441. 39

3, 696. 612. 77

5, 883, 803. 21

9,165,017.14

8, 610, 822. 63

14, 711, 538. 76

16,253.823.18

15, 633, 341. 60

16, 635, 273.12

10, 605, 634. 81

8, 939,341. 28

8,160, 723.05

7, 247, 846. 28

5, 527,410. 73

4, 310, 737.16

3, 968, 808. 67

9,198. 46

6, 364. 40

7, 307.00

4,161. 96

3,190.46

3, 488. 67

4, 617.81

13,134, 546. 28

17,366,477.61

.8,874,517.41

30, 948, 966. 60

60, 700, 270. 40

75; 246, 325. 58

73. 352, 475. 55

223,263.08

266, 359. 66

1, 520. 500. 93

234, 647. 34

232, 490. 39

197, 392.17

471,125.00

44,089,675.08
7, 764. 89

45,178,420. 80
• « 69. 81

23, 561,163.19
127.86

12, 857,099. 69
323, 995. 66

5. 229,417. 61
'- 313,643.21

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td
Kl

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6,000,000.00

fej.
19,632,364. 49
620,916.03

33,163,065.05
'-628,731.60

td
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a

td

T o t a l fiscal year

1941
February
I . General (including recovery a n d relief)—Continued.
B . Agricultural programs: 3
Agricultural adjustment program:
Agricultural Adjustment Administration
A d m i n i s t r a t i o n of Sugar A c t of.
1937 .
Agricultural Adjustment Adm i n i s t r a t i o n (act A u g . 24,
1936)
:
Surplus Marketing Administration *
Agricultural contract
adjustments
Soil C o n s e r v a t i o n a n d - D o m e s t i c
A l l o t m e n t Act
F e d e r a l Crop. I n s u r a n c e A c t :
A d m i n i s t r a t i v e expenses
.
S u b s c r i p t i o n s to capital stock
of Federal C r o p I n s u r a n c e
Corporation
P r i c e A d j u s t m e n t A c t of 1938
and parity payments
Unclassified..-.
C o m m o d i t y C r e d i t Corporation, rest o r a t i o n of capital i m p a i r m e n t

March

April

May

1941

June

1940
td
fej

•

o
$130, 575.31

$163, 714. 21

$163,036. 36

$160, 981. 68

$176, 206. 47

$1,911,681.80

$2,032, 968. 30

5. 469,372.14

9,002, 261.00

11, 727, 919.01

2, 376, 841.09

2, 432, 918. 90

60,422,089. 82

48, 823, 534.06

o
fej

17, 809, 292. 74

26,719,461:38

17, 877. 203. 29

22,431, 668.00

15, 312, 464. 65

187,043, 699. 69

51. 468,176. 79

W

1, 952, 641.15

2,408,097. 63

1, 636, 248. 33

« 1,347,790.90

637, 727. 94

63, 936, 326. 92

91,131,177. 91

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5, 868. 79

5,131. 91

3,008.86*

4,164.09

3, 315.16

59, 697. 47

274, 302. 24

67,137,469.43

62, 930, 631. 21

35. 807,098. 29

12, 937,137.13

6, 700, 288. 65

465,136, 204.14

606,137, 906. 69

764, 856.41

184, 616.00

409, 790. 60

221, 757. 33

279,823.56

4, 996, 622. 46

3, 263, 736. 63

6,000,000.00

3,000,000.00

2,470, 852. 27
«10,263.48

959, 961.06
« 129.89

2, 966, 661.00
642. 70

2,100,455.83
a 613. 61

,

6,048,060. 62
« 474.05

198,257,186.69
« 688.91

215,025, 865. 62
81.45

i
o
td
fej
td
Ki
o

5119,599,918.06
fej

o Excess credits (deduct).
,
' Additional expenditures under corresponding captions are included in Part A, sec. I-A, Departmental expenditures.
* Includes transactions formerly classified under the caption "Federal Surplus Commodities Corporation." Fiscal year 1941 includes expenditures of the Division of Marketing
and Marketing Agreements; expenditures of the Division for 1940 are included in Agricultural Adjustment Administration shown above.
» Represents capitaHmpairment applicable^to fiscal year 1939 but not appropriated by^Conjress until the fiscal year 1940 (Aug. 9, 1939).




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CO

TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—Continued

CO

DETAILS OF EXPENDITURES—Continued
PART A. GENERAL AND SPECIAL ACCOUNTS—Continued
1940
July
I. General ( i n c l u d i n g recovery a n d relief)—Continued.
B . Agricultural programs—Continued.
F a r m Credit Administration: 6
Crop loans. _
. . . . . .
...
B a n k s for cooperatives—Capital
stock r e d u c t i o n
Other
. .Unclassified
:
F e d e r a l F a r m M o r t g a g e Corporat i o n , r e d u c t i o n i n interest r a t e on
mortgages .
Federal land banks:
C a p i t a l stock
S u b s c r i p t i o n s to paid-in s u r p l u s . .
R e d u c t i o n in interest rates on
mortgages
F a r m Security Administration
F a r m T e n a n t Act:
Loans
Other
_ Unclassified
R u r a l Electrification
Administration: 7
Loans
Other.. . .
Unclassified-.
F o r e s t r o a d s a n d trails
Subtotal.




August

-

September

1941
November

October

December

January

td
fej

^

o
td
•-3
O
fej

$124,069. 29

« $603,396.29

° $1,240,245.81

« $3,347,223. 84

° $3,638, 285.20

« 84,697. 87
'-119,647.82

« 30,000,000.00
1,123, 804. 64
119, 647. 82

'- 8,000. 000. 00
1, 662, 645.13
38, 940. 88

a 10,000.000.00
8, 603,198. 23
- '-38,947.88

<-'2,882,325.24
'-241.92

1,414, 941. 25

< $1, 785,629. 87
-

<-$942,119.'64

<-129,902.17
3.48

<-1,366, 980.38
3.62

<-17,937, 620. 00
<-31,226,040.00

« 583, 8I4.25

« 98, 070.00
427, 913. 60

4,362.182.12

4,498,094.11

6, 562, 607. 75
4,063, 432. 54

40, 786. 83
5,370,783.86.

1,160, 248. 65
4, 519, 957. 24

2, 885,014. 42
810, 767. 60

2, 301,140.08
764,185. 22

1,137,154.17
732,048. 36

938,003.12
836, 389. 60
2.06

953, 072. 41
834,418. 24
°.50

2,178, 702.16
249, 351. 81
<-109.66
894, 766. 80

2,195,664.48
292, 343.15

1,721,961.03
295, 520. 37

2,041, 435. 68
269, 491. 30

324, 272. 59

3,021,826. 79
228, 736. 30
109.66
881, 763.10

865,004. 20

738, 973. 85

1,150, 415. 60

1 032,938.49
283, 511. 62
3,162. 88
812, 770. 69

69, 264, 317. 66

76, 535, 227.01

41,400, 755. 89

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REPORT OF T H E SECRETARY OF T H E TREASURY

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k^orks Agency:
c Buildings Admin.:
onstruction
ther-...
nclassified
c Roads Administration...
G Works Administration: 6
rants (act June 21, 1938)._.
oans (act June 21, 1938)
dministrative expenses.....
nclas.sified.
Housing Authority 7..--•...
Projects Administi-ation..

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ing recovery and relief)—Con.
Loan Agency, Federal Security
;y, and Federal Works Agency:
eral Loan Agency:
Federal Housing Admin.7
Reconstruction Finance Corp. ''..
Disaster Loan Corp. stock...
Other
Other?
,
ecurity Agency:
an Conservation Corps
nal Youth Administration.
Security Board:•
dministrative expenses
rants to States (social security)
...
ther.^
nclassified

T o t a l fiscal year

1941
February
I . General (including recovery a n d relief)—Con.
C . F e d e r a l L o a n Agency, F e d e r a l S e c u r i t y
Agency, a n d F e d e r a l W o r k s Agency:
. F e d e r a l L o a n Agency:
Federal Housing Admin. 7
Reconstruction Finance Corp.:?
D i s a s t e r L o a n Coi^p. s t o c k . . .
. Other
.....
. Other?
.
..._.....
Federal Security Agency:
Civilian Coilservation C o r p s
National Youth Administration. •
Social Security B o a r d :
A d m i n i s t r a t i v e expenses
G r a n t s to S t a t e s (social security) . _ _
Other Unclassified..
Other _
F e d e r a l W o r k s Agency:
Public Buildings Admin.:
Construction..
..'
Other.
Unclassified-.
Public Roads Administration...
Public Works Administration: 6
G r a n t s (act J u n e 21,, 1 9 3 8 ) . . .
L o a n s (act J u n e 21, 1938)
A d m i n i s t r a t i v e expenses
Unclassified
U . S. H o u s i n g A u t h o r i t y ?
W o r k Projects A d m i n i s t r a t i o n . .
Other..

.

March

April

June

May

1941

% •

$660,142.40

$356,975.61

$4,801,863. 63

« 2,989.61
100; 445. 64

4,217.33
• 105,393.12

<-6,164.95
110, 292. 69

17,789,867.98
13, 079, 559.88

22, 498, 546. 56
18, Oil, 839. 83

20,866, 376. 79
15, 354, 254. 24

$7,763.09

$10,199,321. 55

$6, 987,869.13

3,429. 61
112,173. 66

718. 21
112, 597.18

4. 019.49
1, 289,862.15

6,000,000. 00
1. 618. 22
1, 219,874. 51

19,003, 938. 37
15, 708, 965. 94

19, 563, 536. 22
14,412, 621. 67

257, 396, 531.12
136, 352, 724. 71

O

283, 244,748. 93
94, 648, 335. 41

'^ $68,804.51 '

.-

1, 958, 095. 74

2,163, 620. 67

2,097, 761. 92

2,190, 733. 61

2,076, 885. 55

25, 667, 884. 86

33,106, 537.82
114, 565. 69
8, 941, 941. 84

31, 017, 668. 96
211,915.38
< 2,440.28
7,986, 206. 39

•13,881,708.23
134, 644. 56
<-51.88
6,116, 439. 67

393, 338, 063. 81
4.161, 482. 22
<-61.88
127,083,826.98

337, 516, 317. 61
4,476, 369.13

15, 538, 565. 79

41,802. 288.02
770, 506. 57
2, 440. 28
15, 467, 333.85

2, 790,869. 84
1, 736,867. 40
« 22,232.84
10, 263,009. 29

2, 767,184.02
475,611.58
2, 268.172. 43
7,966,078.05

3, 058, 806. 24
1, 701, 326. 20
< 2,265,992.09
7, 602, 537.10

3,171, 634. 62
1, 581, 600. 09
<-2,267.96
9, 911,953. 47

3,436, 310. 24
1, 563, 621. 27
24, 944. 91
12,044, 893. 86

51,688,757.19
16,988,093.68
< 26, 550.92
174,056,134. 65

68, 064, 226. 75
16,884, 604. 25
51, 052.17
164, 639,863. 66

5, 512,469.09
« 220.00
223,499.97

5,434,899. 49
'-22.34
161,089.69

6,469, 317. 70

2,080, 730. 05

84, 976. 63
3.91
« 6,753.32
106,116,352.54
18.804. 63

141, 268. 38
<-3.91
773,125. 25
106, 680, 760. 29
2, 666. 75

3, 691, 612. 79
« 2,146.89
118,088. 94

98,817, 451. 26
975, 318. 99
3, 664,183.40

248, 650,143. 74
21, 789, 592. 20
17,864,044. 79

63. 665. 88
96, 082, 453. 31
26, 937. 65

6.004.531.72
1, 284, 593, 920. 85
370, 366.19

1,873.713.47
1,477, 537, 908. 00
80, 486.02

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22, 221, 907. 85

25, 769, 206. 40
206, 501. 96

62,975, 560. 94
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1,047,996. 55
102, 970. 616. 01 .
14, 273. 92

2, 773,070.12
112,588,016.57
14,919. 71

S u b t o t a l ^ . . . . - . ^ . - . . ^ . . ^ . - . - . . . . . ^ = ^ - 1 9 9 , 6 3 6 , 4 3 5 . 6 1 - 2 1 9 , 7 2 2 . - 4 6 7 . 6 9 --224,038,342.-58- --199,-506,244.06-

-1-73,335,235.26- .2,592,-616,861.-02- -2,-826,-628,-236.-78-

« Excess credits (deduct).
6 Additional transactions are included in revolving funds stated in Part A, sec. I l l , of this table.
? Additional transactions are included under •'Transactions in checking accounts of governmental agencies, etc. (net)" stated in Part B, sec. II, of this table.




1940

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T o t a l fiscal y e a r

1941
February
I. General (including recovery a n d relief)—Con.
- D . Other:
. D e p a r t m e n t of t h e Interior: «
R e c l a m a t i o n projects
P o s t Office D e p a r t n i e n t (deficiency):
Current-.
.:...
Prior 5^ears
Treasury Department: ^
I n t e r e s t on t h e pubHc d e b t
Refunds of taxes a n d ^ ( ^ t i e s :
Customs
•'
.
Internal revenue
Processing, tax on farm products
Unclassified
•
_
D i s t r i c t of C o l u m b i a ( U n i t e d States share)
......
Railroad R e t i r e m e n t B o a r d :
A d m i n i s t r a t i v e expenses
Acquisition of service a n d compensation d a t a
Railroad u n e m p l o y m e n t insurance a d m i n i s t r a t i o n fund
Unclassified
±
Tennessee Valley A u t h o r i t y
R i v e r a n d h a r b o r work a n d flood
control
P a n a m a Canal
Veterans' Administration
..
Subtotal

$5,867, 296.80

March

$6, 764> 351. 91

April

$7, 668, 969. 96

May

1941

1940

4, 477. 48

$6, 608, 239. 77

$85,596,484.30

$96, 365, 933. 56

10, OOD, 000. 00
19, 357. 32

.$8, 617, 781. 60

30, 000,000. 00
64, 047. 93

43,000,000.00
« 9 2,129,664.15

O
O

20, 606, 513. 78

150,211,079.91

73, 335,167. 52

11, 503, 473. 91

339, 431, 227. 29

1,110, 692,811.91

1,040, 935, 696. 71

472, 930. 06
3,031,430.90

4,801,219:64
3, 661,800. 96

2,118, 201. 08
5,345,932.76

2,110, 523. 50
4, 568, 326. 07

1,644,229.94
7,992,163.19

27, 331, 472.73
54, 220,101. 61

17, 500, 944. 98
61, 812, 222. 70

W

2, 076, 367.87
6. 09

532, 462. 67
17, 726. 66

332, 910. 37
«16, 409.87

682, 260.80
« 2, 312.68

409, 74I. 97
2,866. 78

8,116, 716. 68
16, 919.94

11, 771, 638. 90

i

6, 000,000.00

6, 000, 000. 00
2, 646, 441. 05

« UM^- 86

" 259, 532.13

278, 212. 62

248, 230. 73

2, 962, 069. 57

156,861.00

225, 805. 68

294, 942. 00

436,107. 60

887, 910. 60

261, 936. 94
'-.10
7, 291, 290.44

3, 396,877. 28
'-.10
61,175,171. 37

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• 271, 338. 98

4, 922, 835. 42
.

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. 39,136,754.44

289, 900.11

4, 794, 089.16

208,413.08
2, 613. 55
3,863, 352. 99

412, 909. 04
« 2, 613. 65
6, 029, 091. 95

14,011,666.64
3, 536, 396. 04
45, 260,133. 71

16,073, 060. 27
3,155,303.73
46,209,026.05

13, 429,197. 22
5, 634, 689. 31
46, 414,198. 59

14, 654, 436. .67
3, 999, 307. 99
46, 935, 610. 80

15, 793, 049. 97
3, 767, 686.11
45,376,171.24

218, 617, 752.-37
39, 079,144. 69
562, 680, 802. 08

212.857,696.11
24, 981, 490. 78
556, 673, 384. 43

100, 277, 393. 47

235, 650; 971. 07

168, 789, 365.16

100, 081,849. 72

439, 282, 289. 09

2,190, 737, 282. 76

2,116, 523. 246. 08

«Excess credits (deduct).
.
8 Additional expenditures under corresponding caption are included in Part A, sec. I-A, of this table.
^ Includes payments of $109, 213-32-classified on the-daily-Treasury statement for-June-29,1940, as current instead of prior y
»




June

4, 986, 760. 43

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TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—COD tinued
D E T A I L S OF
P A R T A.

EXPENDITURES—Continued

G E N E R A L AND SPECIAL ACCOUNTS— C o n t i n u e d

1940
July

August

September

1941
October

November

December

January

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I I . N a t i o n a l defense: i"
'
War Department
.....
Navy Department.
N a t i o n a l defense funds for t h e P r e s i d e n t :
Executive office...--I
State Department
Treasury Department...
Navy Department
War Department
--.
D e p a r t m e n t of J u s t i c e .
D e p a r t m e n t of t h e I n t e r i o r .
_....
D e p a r t m e n t of C o m m e r c e . .
D e p a r t m e n t of L a b o r . .
I n d e p e n d e n t offices a n d commissions:
F e d e r a l C o m m u n i c a t i o n s Com
Civil Service Commission
Federal Power Commission
.
F e d e r a l L o a n Agency.-.
-....
F e d e r a l Security Agency
-.. .
Unclassified........., > . . . . . . . -:-1 .--•-..'... =
.
Selective Service ( a d m i n i s t r a t i v e expenses)
U n i t e d States M a r i t i r a e Coinmission i i . . . .
Defense aid (lend-lease)
..
N a t i o n a l defense housing ( F e d e r a l Worlds
.A-gency)
-._-.-.
S u b t o t a l 11-.




$79,146, 265. 35
98,145, 526.08

$91,469,093. 54
107,782,033.42

$82,035,806. 68
136, 396, 676. 63

$133, 931, 586.81
149, 924, 376. 87

$196, 418, 750. 64
168,614, 828.15

$280, 866, 805. 81
179,013, 027. 09

$346, 537,146.16
216, 696, 742. 72

33, 697.76

74,481.73
2,148.09
. 7, 249. 28
300. 00
1,845. 24
6,000. 00

242,040.13
3,670. 32
20, 353. 22

104, 930. 20
60,782. 65
28, 688.14
82,073. 47
2, 686, 509. 76
16,013.30

. 229,212.16
26, 287. 25
26, 924. 57
70, 313. 73
9,151, 671. 72
2,386.42

79,740.65
396, 686. 21
36, 690. 54
, 1,026,086.77
8, 860, 802. 67
32, 826. 70
4, 000. 00
3, 841. 64
802. 36

344, 960.13
212,176. 02
36, 028. 40
2, 639,863. 37
4,853, 518. 79
9,163. 82

134,138.98
274, 304. 82
1,866. 98
237, 890. 76
1, 701.18
186. 43
2, 306, 757. 27
« 3,686.135.89

67,113. 88
16,916. 95

1,913.88
1,117.75
12,196. 34
189,179. 78

40, 622. 54
406,760. 62

« 64.17

54.17

8,119,315.98

"io," 925,'873." 64

5, 932,109.02

185,444,795.16

210,469,346.89

225,162,122. 96

112,416. 71
230, 971. 95

143,137. 81
279, 342. 56

97,845. 22
211,376.62
40.10

10,178,874.55

300, 000. 00
677, 348.87
2, 620, 627.46

'-299,990.00
2, 659, 373. 06
« 3, 062, 033.39

378,563,762.96

470,072, 477.15

156, 555. 20
297,-356,123. 39^

4, 722. 76
1,337.33

88,173. 97
568, 692, 541.

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T o t a l fiscal y e a r

1941
February
I I . N a t i o n a l defense: lo
War Department
.
Navy Department
1
. N a t i o n a l defeiise funds for t h e P r e s i d e n t :
E x e c u t i v e office
State D e p a r t m e n t
Treasury Department
Navy Department
.':::::
War Department
D e p a r t m e n t of J u s t i c e
..:.:
D e p a r t m e n t of t h e I n t e r i o r
:.
D e p a r t m e n t of A g r i c u l t u r e
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of L a b o r
.
U n i t e d S t a t e s M a r i t i m e Commission.'
I n d e p e n d e n t offices a n d commissions:
Federal Communications Com
. /.
Civil Service C o m m i s s i o n
Federal Power Commission
F e d e r a l L o a n A gency
Federal Security Agency
Unclassified
•_. i
Selective Service ( a d m i n i s t r a t i v e expenses)
U n i t e d States M a r i t i m e C o m m i s s i o n n
Defense aid (lend-lease):
E x e c u t i v e office
....
Treasury Department
.Navy Department
,
..
War Department :
.
...;
D e p a r t m e n t of A g r i c u l t u r e
United States M a r i t i m e Commission .
N a t i o n a l defense h o u s i n g ( F e d e r a l W o r k s
Agency)
Subtdtalii::

March

April

$403, 663, 262.02
171,974, 432. 20

$543,716,947. 43
186,446, 283.47

$616, 979, 446. 27
219, 548, 616.16

651, 609.34
287, 631.00
34,184.37
4, 457,169. 80
4, 750, 566. 64
23, 962. 61

808,051. 86
.338, 906.17
43, 669. 23
, 6, 964, 606. 86
3,960,414. 50
28, 727. 53
3,788.28

6,931.97
1,170. 70
2, 436.84

6, 358. 90
2.096.02
<-2,669.17

1,072,196. 48
443,864.19
43, 361. 32
9, 640. 744.03
5, 653. 814. 78
34, 920.10
1,211.72
439,479. 49
6, 919. 37
2,025.31
233. 33

173,436.85.
260, 926. 76
5, 719. 99
4, 004, 699. 57
3, 276.14
'-196.43
2, 24.5, 231. 22
-8,601,971.05

127, 491.66
292, 761. 32
9,061.17
222. 436. 60
20, 216. 05
« 2,222. 00
2. 818, 849. 80
2,882, 553. 86

'

May

$465, 620, 234. 78
337,618,660.10

June

1941

$507,124,814. 36 $3, 635, 508,148. 85
246, 762, 961.01 2, 216, 823,162. 80

1,494, 764. 81
1, 361,023. 21
229, 560. 97
270.123. 45
59, 664.36
62, 707. 087, 248.086. 53
10, 240,363. 32
9,474, 709. 41 ^ i U l , 8 1 6 , 1 6 6 . 0 2
37, 677. 24
34, 804.14

1940

$667,138, 363. 69
891,484, 623.08

O

6, 396, 708. 45
2,261,736.32
399, 520. 51
42, 269, 597. 88
12 37,634,801.36
242, 398. 81
9,000:00
1, 844, 740. 53
45,988. 29
12, 218. 87
5,841.76

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162,617.69
349, 654. 25
11,942.67
1,161.436.71
62, 690. 74
° 24,062. 69
2,423, 671. 72
3,614,033.65

177, 795. 92
382,839. 49
• 19,046. 89
1,370,904.16
102. 085.1226, 284. 69
2,004. 512. 66
10, 358,176. 51

17, 610, 746.12
.43,765,104.95

9.246.77
2,173. 588. 69
.3,838,748.11
4,461. 387. 85
902. 509. 63
3, 260,963. 69

10,716.18
3,963,607.12
4, 399. 332. 82
4, 626.854. 29
902. 509. 63
7, 492, 671. 32

fei

4, 241, 707. 63

2, 373, 202. 53
4, 273,781. 62

. 675,313.77
9, 768. 33
2, 329.09
6,186. 85

1,469.41
.1,790,018.53
560, 584. 71
164,466. 44

145,154.15
270,182.33
11,798.81
338, 752. 29
21,187. 63

829, 947. 27
6, 531. 44
1,341.31
654. 90

6,706,731.69

12 31,317,047.65

12 41, 981, 535. 76

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1, 326, 853. 87
3,148,200.28
59,464: 61
7,336,019. 08
211,066. 86

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96, 688. 24

667, 251. 71

584;039;867.'77"

" 748; 34475'69. 25

2, 960,187. 30
"7637061,078721"

"836,8817496.16"

>
1,-657,432,465.90"

« Excess credits ( d e d u c t ) .
I ^Additional e x p e n d i t u r e s a t t r i b u t a b l e to n a t i o n a l defense, p a y a b l e from funds w h i c h h a v e s u p p l e m e n t e d regular a p p r o p r i a t i o n s of t h e civil e s t a b l i s h m e n t , are i n c l u d e d in P a r t A ,
sec. I , of t h i s t a b l e .
II Figures h a v e been revised b y transferring e x p e n d i t u r e s of t h e U . S. M a r i t i m e C o m m i s s i o n f r o m t h e " D e p a r t m e n t a l " classification to " N a t i o n a l defense." T h e e x p e n d i t u r e s
for t h e M a r i t i m e C o m m i s s i o n i n c l u d e e x p e n d i t u r e s heretofore classified as " E m e r g e n c y s h i p c o n s t r u c t i o n . " T h e figures for t h e M a r i t i m e C o m m i s s i o n are n e t a n d i n c l u d e receipts
credited to t h e construction loan fund.
12 Reflects a d j u s t m e n t to give effect to sec. 5, act of Oct, 14,1940 (54 S t a t . 1127), b y m e r g i n g f i i n d s allotted to F e d e r a l W o r k s Agency from allocations m a d e b y t h e P r e s i d e n t to t h e
W a r D e p a r t m e n t for n a t i o n a l defense h o u s i n g w i t h funds a p p r o p r i a t e d to F e d e r a l W o r k s A g e n c y for t h e s a m e p u r p o s e .




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REPORT OF THE SECRETARY OF THE TREASURY

§
03

-2

a

a

i^
03
02

s
^
^

rb
fl

^
^

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>
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-1

retirements:
.nkingfund
etirements from excess capit
modity Credit Corporation,
state taxes, fprfeitures, gifts, (
Subtotal
-^

:98'i.
,279.

Loans and grants to Stat(
palities, etc
Subtotal

rS?

PQ

<

>
03

tf
(-5

H

ailroad retirement account
ailroad unemployment insurail
ministration fund transfers to
ployment trust fund (act Oct. 1(
overnment employees' retiremen
(United States share):
Civil service retirement fund.
Foreign service retirement fun
Canal Zone retirement fund. _
Alaska Railroad retirement fui
Unclassified-

:bbo.

ving funds (net):
arm Credit Administration:
Crop production loans
Regional agricultural cred
tions
Loans to joint stock land t )ank
Farm mortgage relief
Federal intermediate credit'ba
Production credit corpora tion
, ital stock reduction
Other
:...
TTno.lflssifip.fi

T o t a l fiscal y e a r

1941
February

rf^

Marcb

April

May

June

1941

1940

S IIL
CO

I
CO

o

R e v o l v i n g funds ( n e t ) :
F a r m Credit Administration:
C r o p p r o d u c t i o n loans
Regional agricultural credit corporations
L o a n s to joint-stock l a n d b a n k s
F a r m m o r t g a g e relief
F e d e r a l i n t e r m e d i a t e credit b a n k s
P r o d u c t i o n credit corporations—capit a l stock r e d u c t i o n
. .
Other
.-.Unclassified
F e d e r a l F a r m M o r t g a g e Corporation
(capital stock r e d u c t i o n , act J u n e 25,
1940)
Public Works Administration:
L o a n s a n d g r a n t s to States, m u n i c i palities, e t c
Subtotal
I V Transfers to t r u s t accounts, etc.:
Railroad retirement account
R a i l r o a d u n e m p l o y m e n t i n s u r a n c e adm i n i s t r a t i o n fund transfers to u n e m p l o y m e n t t r u s t fund (act Oct. 10, 1940).
R a i l r o a d u n e m p l o y m e n t insurance ac-.
count:
A d v a n c e J u l y 5, 1939 (act J u n e 25,
1938)
R e p a y m e n t of a d v a n c e J a n . 26, 1940
A d j u s t e d service certificate f u n d .
Governrrient e m p l o y e e s ' r e t i r e m e n t funds
( U n i t e d States s h a r e ) :
Civil service r e t i r e m e n t fund
Foreign service r e t i r e m e n t fund _ _ . - . .
C a n a l Zone r e t i r e m e n t fund
A l a s k a R a i l r o a d r e t i r e m e n t fund
Unclassified
^-...^--_.—_.__._._
Subtotal
V Debt retirements:
Sinking fund
R e t i r e m e n t s from excess capital of C o m m o d i t y C r e d i t Corporation
E s t a t e taxes, forfeitures, gifts, e t c . Subtotal

« Excess credits (deduct).




« $50,874.67

'^.$46,306.26

« $37,122.14

« $26,289.52

< $21,273.46
-

< $477,716.24
-

a $490,107.99

'-108,867.09

6, 262.83

215,802. 38

433,046.-11

299, 571.95

<-1,356,469.57
30, 424. 87
50.00
« 40,000,000.00

« 2,440,398. 78
« 30,493.70

« 166,568.17
° 172. 77

'-204,137.74
172. 77

'-142,412.38
'-16.84

« 97,768.67
16. 84

<-112,4^5.42

<-16,000,000.00
'-2,289,721.74

< 2, 509,096. 86
« 49, 927.31

O
O

< 72.69
" 100,000,000.00
<-100,000, 000. 00
1, 293, 277.11
929, 570. 38
20, 000, 000. 00

•

1, 605, 591.19
1, 398, 806. 82

2,118, 717. 84
2,154, 968. 86

10, 000, 000. 00

2, 934, 962. 92

8, 350, 000. 00

< 839,614.06
< 673,640.99
-

° 136,286,103.94
22,807, 401. 43

59, 438, 969. 67
53, 918,945. 04-

124, 350, 000.00

« 96, 766, 032.32

Ui

120, 650, 000. PO

o
>

7,500,000.00

15,000, 000. 00
'-16,000,000. 00

o

10,000,000. 00

10,000,000.00

90,754,000. 00
609,000.00
1,177,000.00
175,000.00

86, 329,000.00
199,400.00
500,000.00
175,000. 00

234, 565,000. 00

207,853,400. 00

........^.^^.^-^
20, 000, 000. 00

10,000,000. 00

18, 350, 000. 00

1, 915, 650. 00

1,392,000.00

1, 029,750.00

1,167,100.00

698, 700.00

37,010,900. 00

128, 349,100.00

205,100.00
1, 500. 00
2,122, 250. 00

146, 600. 00
500.00
1, 539,100. 00

141,600.00

157, 400. 00
10, 000. 00
1, 334, 500.00

14, 560, 500.00
1,869, 200.00
17,128, 400. 00

25, 363, 900. 00
1,885, 700.00
64, 260, 500.00

...Ul-

835, 000.00
129,184,100.00

1,171, 350.00

Ol

TABLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—Continued
DETAILS OF EXPENDITURES—Continued
PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.
1941

1940
"
I. T r u s t a c c o u n t s :
F e d e r a l old-a,ge a n d s u r v i v o r s insurance
t r u s t fund: i^
Investments.
..
Benefit p a y m e n t s
.
U n e m p l o y m e n t t r u s t fund: '
^ Investments
i-.:.-.—..
State accounts:
Withdrawals b y States
.. .
Transfers to railroad u n e m p l o y m e n t
i n s u r a n c e a c c o u n t (act J u n e 25
1938)..
.- .
R a i l r o a d u n e m p l o y m e n t insurance a;ccount:
Beneflt p a y m e n t s .
R e p a y m e n t of a d v a n c e ( a c t J u n e 25
1938)..
Railroad retirement account:
Investments.. .
Benefit p a y m e n t s
Other trust accounts: 1
4
D i s t r i c t of C o l u m b i a ._
G o v e r n m e n t life i n s u r a n c e fund
.-..
N a t i o n a l service life i n s u r a n c e f u n d :
Investments
Benefit p a y m e n t s a n d r e f u n d s .
A d j u s t e d service certificate fund:
Investments
"..
Other .




July

August

September

October

December

November

January

O

o
b $5,000,000.00
3,116, 777. 64
.

h $6,000,000.00
3, 564, 753. 58

$147, 500,000.00
3, 878, 252. 64

b $5, 000,000.00
4, 941, 821. 62

" $5,000,000.00
4,783,086.44

$150, 900,000.00
5,169,137. 88

« $10,000,000.00
>
5, 421, 655.05

13,000,000.00

85,000,000.00

- b 18,000,000.00

31,000,000.00

113,000,000.00

11, 300,000.00

29, 000,000.00

36,865,000.00

32, 978,000.00

28, 848, 840. 99

29, 374,000.00

43, 548, 570.98

50,016,143.04

1,014,167.34

1, 451, 974. 62

.1,019, 708. 40

972,632.85

.805,956.72

1,733,285.11

10, 027, 777. 80

55, 996,000.00

51, 741,000.00

413,757.18
. 691,990.15

. . 924, 556. 76

9, 758, 314. 31

6, 000,000. 00
9, 891, 833. 51

9, 996, 523.01

10,026, 221. 54-

10,027,935.87

6, 783, 670. 78

4, 334, 261. 25
5, 869, 418.09

4,590,769.61
. 7,125, 550. 39

5, 273, 935. 42
5,139, 535. 93

5,049, 320. 54
4, 858,408. 92

332,082.57

f 600,000.00
>
231, 520. 23

264, 449. 69

b SOO, 000.00
216,096. 21

5, 504,466.15
5, 006, 792. 90 .

35, 539,000.00

•

Ui

2, 461, 793. 71
3,085, 368. 27

o

9, 988, 930. 70
3, 942,176. 80
6,291,850.18

276. oi
6 600, 000.00
335, 707. 96

13
-

W

1,048. 61

" 600,000.00
197,000.43

300,000.00
178, 973. 57

o

Ui
Cj

T o t a l fiscal year

1941
February
I. T r u s t a c c o u n t s :
F e d e r a l old-a,ge a n d s u r v i v o r s i n s u r a n c e
t r u s t fund:i3
Investments
:
Benefit p a y m e n t s . . .
•
U n e m p l o y m e n t trust fund:
Investments
1
State accounts:
: .W i t h d r a w a l s b y .States
:.
Transfers to railroad u n e m p l o y m e n t
i n s u r a n c e a c c o u n t (act Juiie 25,
1938)
- -• - - .
•
Railroad u n e m p l o y m e n t .insurance account:
Benefit p a y m e n t s :
''"
R e p a y m e n t of a d v a n c e (act J u n e 25,

b $6,000,000.00
5,887; 003. 53
113,000,000.00
37,959, OOO.-do

March

$159,800,000.00
• -6,717,960.56
. b 10,000,000.00 /
,34,042,000.00

2,467,057.02

April

May

b $5,000, 000. 00
b $10, 000,000. 00
e, 974, 725. 35
6; 751,409. 35 •40,jOOO,000.:iQio
30., 745,000.00
2, 695,483. 78

June

$234, 300,000.00
7,135,301.02
18, 700,000.00

.. . 137,000,000.00

30,1.69,000.00

.28,986,000.00

1941

$642, 500,000.00
64,341, 884. 66

$560,900,000.00
15,805,088.55

.563,000,000.00

O

• 443,000,000.00

433,242,840.99
104,099,'950. "87.

31,003.20

1940

482, 963,000.00

•-§

•o

1,800,818.02

Railroad retirement account: .
Investments
J
Benefit p a y m e n t s .
O t h e r t r u s t accounts: i<
D i s t r i c t of C o l u m b i a
G o v e r n m e n t life insurance fund
N a t i o n a l service life i n s u r a n c e f u n d :
Investments
Benefit p a y m e n t s a n d refunds
Adjusted service certificate fund:
In vestments.Other.

1, 727, 954. 34

554, 330. 21

1,088, 384. 21

12, 200, ooo.'oo
113,099,073. 50

5,056,036. 90
27,328,485.20

52, 600, 415. 55
92,071, 389. 86

56, 586, 746. 97
96, 246, 570. 59

650,000.00
6, 486. 71

775,000.00
9, 526. 93

2, 800,000.00
31,041. 83

154, 317. 60

b 250,000. 00
174, 317. 24

8,000,000.00
2, 679, 464.04

10,258,179.14

10, 391,179.19

b 1,400,000.00
10, 516, 233. 25

4,132,006.09
4, 802,981.16

4, 558, 845. 31
5, 348,199.11

5, 216, 480.06
8, 250, 475. 22

4, 942,117. 42
5, 266,021. 98

300,000.00
3, 917.04

375,000.00
4, 308. 46

700,000.00
5, 478.07

221,862.14

•9,750,000.00
188, 973.06

- b 10; 000,000. 00
10, 343,197. 76

« Excess redemptions (deduct).
>
13 Includes transactions formerly classified under the caption "Old-age reserve account."
^14-The-expenditures-shown-for-the-classifications under-'-Special-deposits-(net-)-'-wererPrior-to-December-1940rinclude
Transactions in special deposits prior to the fiscal year 1941 were not segregated and, consequently, the figures are not available.




-m •
•Ui

b 5, 400, 000. 00
121,173,514.47

. 9,947,188.39

184,163. 34

17, 784, 319.08

14, 552, 455. 95
15,000,000.00

2, 658,542.15

2, 521, 609. 91

m

B
>
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b 8,200,000. 00
9,292,474.55

>-w
d

td
Kl

TA.BLE 5.—Monthly expenditures, fiscal year 1941, classified by accounts—Continued
00

DETAILS OF EXPENDITURES—Continued
PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.—Continued
1941

1940
July

August

• September

October

November

December

January

O
t ^

I. Trust accounts—Continued.
O t h e r t r u s t accounts i^—Continued.
Civil service r e t i r e m e n t fund;
Annuities and refunds..
. . ^.
Investments
Foreign service r e t i r e m e n t fund:
A n n u i t i e s a n d refunds
Investments
C a n a r Z o n e r e t i r e m e n t fund:
A n n u i t i e s a n d refunds
..
Investments..
Alaska R a i l r o a d r e t i r e m e n t fund:
Annuities and refunds..
Investments
Indian tribal funds. . . .
.
.
, -.Other
.
= . .^nclassified..
.
Other;funds a n d accounts:
•: -jPubHc W o r k s A d m i n i s t r a t i o n revolving
• • fund (act of J u n e 21,. 1938)
Special deposits (net):'*
D i s t r i c t of C o l u m b i a . . .
'.
Indian tribal funds
Other
:.....
Unclassified
Subtotal




.

O
$6, 008, 339. 07
88, 800,000.00

$5, 953,027. 73
b 5, 570,000. 00

$5, 892, 892. 07
bJ, 360,000. 00

$6, 076,065. 61
b 1, 760, 000. 00

$5, 864, 821. 56
b 1, 767,000. 00

$6,020, 583.19
b 1, 780, 000. 00

$5, 779, 470. 72
360,000.00

27, 869. 52
• 830,000.00

26, 247. 70
b 10,000.00

26, 776. 59
b 24, 000. 00

25, 823. 63
b 12, 000.00

25, 442.19
b 18, 000. 00

27; 486. 03
b 18, 000. 00

29, 603. 73
b 19,000.00

76, 430. 60
1,164,000.00

94,954. 64
b 72,000. 00

76, 701. 42
" 13,000.00

86, 259. 65
b 15,000.00

86, 032. 56
." 5, 000. 00

85, 993. 55
b 26, 000. 00

90,910.01
b 12,000.00

9, 306. 40
175,000.00
° 291,127. 88
2, 938, 949. 92
519, 771. 45

10, 284. 53

7,169.09

11,114. 60

8, 663.12

5, 912.02

8,430. 34

335,173. 25
7, 209, 549. 92
<-517,219.16

810, 502. 44
2, 766, 204.05
« 6,825.27

246, 796. 45
6, 323, 664. 97
« 6,656.36

<-45,981.97
2, 506, 946.06<-1,657.82

1,033,957.27
4, 564,050. 23
176, 335. 22

412,141. 41
15, 461, 309. 32
<-170, 466. 76

'-80,460.00

< 384,500.00
-

'-3,854,065.33

305, 250.00

< 639,184.67
-

339,103. 44

787, 561. 22

95, 589. 58
'-4,220,416.12
<-1, 884. 76

69, 603.30
556,176.04
< 3, 684, 475:19
'- 2,085. 66

'-16,371.46
'- 409,272.91
1, 677,058. 55
3, 985. 82

<-119,191.22
< 210,766.34
« 4,695,187. 70
a 16.40

110,146; 09.
158, 947. 93-.
° 10.598,905. 'Q6
-106.42

1,480.59
'-1,198,892.90
5,108, 831. 87
. 106.42

»148,557. 52
286, 646. 29
16,038, 727. 38

180, 647, 586. 80

166, 722, 642. 86 '

241, 834, 650. 32

141, 869, 897. 98

158,988,976.60

234, 505, 657. 83

* 125,115,583.04

Ul

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T o t a l fiscal year

1941
February
I. T r u s t a c c o u n t s — C o n t i n u e d .
O t h e r t r u s t a c c o u n t s »*—Continued.
Civil service r e t i r e m e n t fund:
Annuities and refunds.. _
Investments
. Foreign service r e t i r e m e n t fund:
A n n u i t i e s a n d refunds
Investments
C a n a l Zone r e t i r e m e n t fund:
A n n u i t i e s a n d refunds
Investments.. _ .
..
.
Alaska R a i l r o a d r e t i r e m e n t fund:
A n n u i t i e s a n d refunds
Investments
I n d i a n t r i b a l funds
Other
Uncla.ssified
:
O t h e r funds a n d a c c o u n t s :
P u b l i c W o r k s A d m i n i s t r a t i o n revolving
fund (act of J u n e 21, 1938). _.
Special deposits (net):'*
D i s t r i c t of C o l u m b i a
I n d i a n t r i b a l funds
Other
Unclassified
Subtotal

March

May

April

June

1941

1940
td

$5, 918, 927.16
b 1,230,000.00

$6,250,278:58
b 1,263, 000.00

$6,211,541.75
b 1,461,000. 00

$6,108, 545.13
. b 1^052,000.00

$6, 247, 720. 82
23,158,000.00

$72, 332, 213. 39
95,085,000.00

$67, 203, 261. 76
84, 800,000.00

25, 990.17
b 23, 000. 00

. 36,230.66
b 21, 000.00

32, 299. 53
b 24,000. 00

31,959.07
b 33, 000. 00

33,171. 61
159,000.00

348, 900. 43
787,000.00

329,497. 64
398, 000.00

79,196. 61
b-23,000.00

96, 597.15
b 35, 000. 00

99, 675. 94
b 23,000.00

88,882.-70
b 20,000:00

85,897. 39
184,000.00

1,047, 532. 22
1,104,000.00

924, 643.77
338,000.00

8,139. 83
,125,000.00
231, 775. 86
12,335,473.16
- 4, 573. 54

9, 384. 48

8,948. 80

9, 378. 87

848, 863. 33
14,842, 984. 79
' ' '-28,946:56

220,008. 40
21,953,325.87.
25, 207. 50

588,010. 71
21,814,262.55
2, 721. 25

5, 997. 52
38,000.00
935, 200.03
21, 960,161. 23
a 69,709. 43

102, 729. 60
238,000. 00
5, 325, 319. 30
134, 676, 882. 07
'-60,861.38

89, 309. 79
204.000.00
8,732, 615. 20
13, 659, 397. 53
'-75,741.91

a 363. 44

a 7, 831,157.25

172,023. 22

134, 500.00

128.015. 63
542, 401. 55
14,038, 951. 23

12, 762. 73
« 106, 599.47
17, 677, 580. 61
a 98.72

208, 576, 326.68

252,303,503.22

•

1, 264, 760. 72

1, 500,474. 71

• <-454,890.13

< 34,171. 26
149, 648. 64
« 3,301,460.27
98.72

77,093. 20
240,101. 91
•a 7,680, 637. 86
325.00

a 1, 680. 81
'-111,734.64
a 4,210, 946.48
a 326. 00

79,129. 27
a 6, 754. 32
16,199, 221. 97

130,289,203.25

210, 655, 792. 98"

374, 218, 422. 2 1 . 2, 425, 728, 243. 77

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a Excess credits (deduct).
« Excess redemptions (deduct).
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i< The expenditures shown for the classifications under "Special deposits (net)" were, prior to December 1940, included in similar classifications under "Other trust accounts."
Transactions in special deposits prior to the fiscal year 1941 were not segregated and, consequently, JhejguresAre nolayailable
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$1,145,
1,315,
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66,
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etc.:
able against
ing losses, etc
ctions in chei
ental agencie
es and redem
et Cnet):i»
lited Stat
aranteed by .the UE
Commodity Cred it CorpFederal Housing Admin..
Home Owners' Lo an Corp
Reconstruction Fi nance C
U. S. Housing Authority...
Federal Farm Mor •tgage Co
t guaranteed by.. the Uni
tates:
Home Owners' Lo an Corp.
Federal home loanI banks^.
Federal land bank;
Electric Honie and

T o t a l fiscal year

1941
February
I I . I n c r e m e n t on gold, t r a n s a c t i o n s in checking
accounts, etc.:
Chargeable against i n c r e m e n t on g o l d M e l t i n g losses, etc
T r a n s a c t i o n s in checking accounts of gove r n m e n t a l agencies, etc. (net):
Sales a n d r e d e m p t i o n s of obligations
in m a r k e t (net) :i5
G u a r a n t e e d b y t h e U n i t e d States:
Commodity Credit Corp
Federal H o u s i n g A d m i n
H o m e Owners' Loan Corp
. Reconstruction Finance C o r p . .
U . S. H o u s i n g A u t h o r i t y
Federal F a r m Mortgage Corp..
N o t guaranteed by the United
States:
H o m e Owners' Loan Corp
F e d e r a l h o m e loan b a n k s
Federal land banks
Electric H o m e a n d F a r m A u t h . .

March

Aprn

May

June

1941

1940

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$9.65

$1, 821. 67

$4,574.58

a 289, 468,000. 00
2. 552. 450. 00
211, 532. 825. 00
a 645,092,000. 00
"112,099,000.00
211, 300. 00

" 200, 620,000. 00
839, 493. 39
166,188, 975.00
a 276, 668, 000.00

66, 325. 00

83, 425.00
5.000.00
15, 075,000.00
a 3, 092, 500.00

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874, 825.00

$18,150.00
2, 208, 575.00
a 100, 000.00

<- 6 4 4 , 3 9 2 , 0 0 0 . 0 0

$27,050.00
594, 625.00

. 55,000.00

. 25,000.00

.10,000.00

800.00

9,025.00
13,000.00

10, 650.00

3, 375.00
14, 993,000.00

6, 275. 00

a 618,750.00

3, 449,000. 00
" 1,260,000. 00

950, 000.00
.

212,000.00

<- 90, GOO. 0 0

$26, 750.00
189, 483, 275.00

$6, 650.00
1,055,800.00
a 100, 000. 00

2, 675.00
10,000.00
500, 000. 00
a 1,000,000. 00

a 2 7 , 3 2 9 , OGO. 0 0

10, 917,000.00
a 2,961,750.00

10, 654,100.00

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a Excess credits (deduct).
1 The balances in the accounts of the Treasurer of the United States as special agent for the redemption of obligations of governmental corporations were carried, prior to Sept.
5
30, 1939, as liability accounts on p. 1 of the daily Treasury statement under the caption "Postmasters, clerks of court, disbursing oflQcers, etc.," and consequently the redemption of
the bonds was not reflected in the expenditures under "Transactions in checking accounts of governmental agencies, etc. (net)." The redemptions of such bonds for the period
July 1 to Sept. 30, 1939, were as follows:
. . .
.
'

Corporation

Federal Housing Administration
Home Owners' Loan Corporation
Federal Farm Mortgage Corporation.
Federal horne loan banks




Guaranteed
by United
States
$677,000.00
118, 525, 225.00
99,014, 400.00

Not guaranteed
by United
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41, 505,000. 00

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T o t a l fiscal y e a r

1941
February
I I . I n c r e m e n t on gold, t r a n s a c t i o n s i n c h e c k i n g
accounts, etc.—Continued.
T r a n s a c t i o n s in checking a c c o u n t s of gove r n m e n t a l agencies, etc., ( n e t ) — C o n .
Other t r a n s a c t i o n s ( n e t ) :
C o m m o d i t y Credit C o r p o r a t i o n . . .
E x p o r t - I m p o r t B a n k of W a s h
Federal H o u s i n g A d m i n i s t r a t i o n . . .
H o m e Owners' Loan Corporation..
R u r a l Electrification A d m i n
R e c o n s t r u c t i o n F i n a n c e Corp.i^
United States Housing Authority..
Other
...
Subtotal

March

April

May

June

1941

1940
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$6, 749, 554.40
• 712, 631. 45
a 823,937.92
" 27, 647,326. 84
a 391; 311.28
159,865,901.21
a 8,146, 406. 91
" 2, 678,611. 68
128,868, 802.08

$36, 618,069. 89
a 98, 972.13
339, 659. 55
a 26, 646,141. 90
" 866, 070. 92
63, 605. 950. 38
24,912,798.20
a 32, 311,216. 86

$33, 466, 087. 57
a 1, 635, 422. 86
a 445,362.64
a 22,199, 074. 46
823, 742. 71
237, 930, 504. 38
23, 722 015. 90
a 3,383,329.38

$56, 756, 656. 31
1, 297,138.06
"478,200.03
a 13,122,103. 50
" 166,166.15
82, 205, 798. 74
30; 774, 574. 86
62,114, 775. 75

a $15, 681,169.61
302, 291. 76
a 1,164,967.63
a 20, 896,259. 54
231,261.49
87, 262, 652. 44
26, 634, 401.10
3, 227, 585.87

$347, 077, 377. 25
208, 482. 55
a 8,098,647. 21
a 259, 813,806. 97
"1,069,136.93
725, 489, 421.05
232, 844, 284. 19
20, 128, 480. 33

$210, 493, 798. 38
a 340, 302. 64
"4,853,761.00
a 39, 814, 888. 69
a 875, 059. 67
42, 340, 268. 20
17, 201, 293.11
22, 314, 245. 21

68, 586, 452. 22

a 361,103, 628. 78

411, 088, 574. 04

80,401, 920. 98

225, 628, 525. 93

a 41, 064, S29. 03

a Excess credits (deduct).
» Includes transactions on account of R F C Mortgage Company, Disaster Loan Corporation, Federal National Mortgage Association, Metals Reserve Company, Rubber Re6
serve Company, Defense Plant Corporation, and Defense Supplies Qorporation.




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TABLE Q.—Annual expenditures, fiscal years 1932 to 1941, classified by accounts
Ol
[On basis of daily Traasury statements (unrevised) (see p . 405), adjusted to provide uniform classification of expenditures on a basis comparable to that in effect during the fiscal year
ended June 30, 1941, including changes as a result of the President's Reorganization Plans Nos. I l l , IV, and VJ
S U M M A R Y SHOWING R E C E I P T S , E X P E N D I T U R E S , AND EXCESS OF R E C E I P T S OR E X P E N D I T U R E S
1941

1940

1939

1938

,1937

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P A R T A. G E N E R A L AND SPECIAL ACCOUNTS

Total receipts.:

$7, 607, 211, 852. 08

.

Expenditures:
I . General (including recovery a n d relief):
A. D e p a r t m e n t a l (see p . 456)
B . Agricultural p r o g r a m s (see p . 458). - . .
C. F e d e r a l L o a n Agency, F e d e r a l Security Agency, a n d Federal
W o r k s Agency (see p . 460)
.
. . . . .
D . O t h e r (see p . 462).

778, 520, 269: 75
970, 392, 978. 07
2, 592, 616, 861. 02
2,190, 737, 282. 76

$5, 387,124, 669. 76

$5,164, 823, 625. 59

$5, 854, 661, 226. 99

$5, 028,840, 236.87

704, 815,199. 04
1, 430, 462, 728. 66 -

672, 305, 479.84
1,103,024,197.79

625, 837,138. 23
751, 323, 570. 51

675, 702, 563. 62
847,123, 939. 46

2, 826, 628, 236. 78
2,117, 078, 741. 05

3, 511,150, 617. 62
1, 939, 871, 903. 23

2, 514, 365,130. 41
1, 977, 882, 686.13

3, 003,119,029. 23
1, 915, 562, 829. 77

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II.
III.
IV.
V.

relief)...
...
.. . ...
.

T o t a l expenditures, general a n d special accounts
Excess of e x p e n d i t u r e s over receipts

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6,532,267,391.60
6, 080, 083, 536. 31
a 136,286,103.94
234, 565,000. 00
64,260,500.00

7, 078, 984, 905. 53
1, 657, 432, 455. 90
53, 918, 945. 04
207,853,400. 00
129,184,100. 00

7, 226, 352,198.48
1, 206, 081, 773.86
• 92, 453, 595. 38
182, 204,012.82
58, 246,450.00

5, 869, 408, 525. 28
1,028, 803, 375. 04
120, 952, 670. 86
219, 657, 587.18
65, 464, 950. 00

6, 441, 508,'362. 08
928, 963,909. 90
203, 535, 759. 04
603, 400, 724. 68
103,971, 200. 00

12, 774, 890, 323. 97

9,127, 373,806. 47

8, 765, 338, 030. 54

7, 304, 287,108. 36

8, 281, 379, 955. 70

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5,167, 678, 471. 89

T o t a l general e x p e n d i t u r e s (including recovery a n d
N a t i o n a l defense (see p . 464)
R e v o l v i n g funds (see p . 466) .
Transfers t o t r u s t accounts (see p . 468)
^
D e b t r e t i r e m e n t s (see p . 468) .
.
. . .
.

3, 740, 249,136. 71

3, 600, 514, 404. 95

1,449, 625, 881. 37

3, 252, 539, 718. 83

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P A R T B . T R U S T ACCOUNTS, I N C R E M E N T ON GOLD, E T C .

T o t a l receipts

2, 503, 293,164. 33

2, 076, 537, 744. 59

1, 917, 361, 983. 80

Expenditures:
I. T r u s t accounts (see p . 470)._
._
I I . I n c r e m e n t on gold, t r a n s a c t i o n s in checking accounts, etc. (see p . 474).

2,425, 728, 243. 77
225, 628, 525. 93

1, 982, 018, 054. 66
"41,064,329.03-

2, 651, 356, 769. 70

1, 460, 686, 339.82

' 1, 795, 901, 578. 57
a 762,825,768. IS

1, 624, 380, 616. 88
• a 152,348,547. 98

1, 398,856,817. 52
a 213,068, 660.82

1, 940, 953, 725. 63

1, 033, 075,810. 44

1,472, 032, 068. 90

1,185, 798,156. 70

135, 584, 018. 96

T o t a l expenditures, t r u s t accounts, i n c r e m e n t o n gold, e t c

1,727,031,693.30

884, 286,173. 36

254, 999, 624. 40

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Excess of receipts over e x p e n d i t u r e s .
Excess of expenditures over receipts




. . .
._

--..
.:

148, 063, 605. 37

274,888,183.12

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1935
P A R T A.

1933

$4,115, 956, 615.13

$3,800,467, 201. 96

$3,115, 554,049. 53

$2,079, 696, 741.76

$2,005, 725, 437.14

553, 383,105.98
853, 331,132. 93

515, 065,131.42
788, 882, 253. 37

378, 585, 660. 96
376, 234, 667.14

429, 120, 493. 24
35, 917, 629. 96

547, 904, 903. 57
.273, 526, 401. 74

2, 216, 414, 644. 50
2, 317,840, 224.36

956, 208,121. 31
3, 644, 860, 231. 58

915,164, 352. 51
3,243,542,495.93

681, 547, 537.03
1, 842, 194,186. 49

826,19'l, 532.15
1, 851, 425, 711.43

O

5, 940, 969,107. 77
899, 510, 200.00
11, Oil, 182.19
1,814,154, 931. 72
. 403,240,150.00

5,905,015, 737. 68
1, 521, 488. 67
345,;328, 985. 37
•,
71,1
., 009,100. 00
573,, J
558, 250.00

4, 913, 527,176. 54
, 530,744,983.70
495,668,393.88
71,142, 700.00
359, 864,092. 90

779,846.72
679, 694, 732. 58
73, 804, 343.13
121, 266,000.00
461, 604, 800.00

3, 499,048, 548. 89
753,166, 387. 24
61,867, 202. 03
221, 065,000.00
412, 629, 750. 00

Ui

18,885, 571. 68

7, 583, 433, 561. 72

6, 370, 947, 347. 02

4, 325,149, 722. 43

4, 947, 776, 888.16

4,952,928,956.55

3, 782, 966, 359. 76

3, 255, 393, 297.49

2, 245, 452, 980. 67

2, 942, 051, 451. 02

2, 248, 656,168. 75

442, 668, 795. 45

3, 044, 848, 347. 35

0, 075, 438.80

381, 259, 630.12

G E N E R A L AND SPECIAL ACCOUNTS

T o t a l receipts
Expenditures:
I; G e n e r a r ( i n c l u d i n g recovery a n d relief):
A . D e p a r t m e n t a l (see p . 457)
B . Agricultural p r o g r a m s (see p . 459).'.
C . F e d e r a l L o a n Agency, Federal Security Agency, a n d Federal
W o r k s Agency (see p . 461)
..
D . O t h e r (see p . 463)
.— . : . . . .
II.
III.
IV.
V.

1934

T o t a l general expenditures' (including recovery a n d relief).
N a t i o n a l defense (see p . 465)
---_.-R e v o l v i n g funds ( s e e p . 467)
Transfers to t r u s t accounts (see p . 4 6 9 ) . . : . . .
..-..•
D e b t r e t i r e m e n t s (see p . 469).
.
T o t a l e x p e n d i t u r e s , general a n d special accoimts.-

Excess of e x p e n d i t u r e s over"receipts

....

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T o t a l receipts

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Expenditures:
I . T r u s t accounts (see p . 471)
. I I . I n c r e m e n t on gold, t r a n s a c t i o n s in checking accounts, etc. (see p . 475).

2,038, 345, 888.15
295, 530,158. 76

237,118, 762. 87
^524,114,516.44

209, 968, 239. 61
2, 734,102, 737. 93

285, 085, 427. 53
817, 803, 904.18

386, 437, 680.15
205, 868,006. 52

T o t a l e x p e n d i t u r e s , t r u s t accounts, i n c r e m e n t on gold, e t c . . . . . . . _ . .

2, 333, 876, 046. 91

» 286, 995,753. 57

2, 944, 070, 977. 54

1,102, 889, 331. 71

592,305,686.67

729, 664, 549. 02

100, 777, 369. 81
822, 813,892. 91

211, 046,056. 55

Excess of receipts over e x p e n d i t u r e s
Excessof e x p e n d i t u r e s over receipts

.

85, 219, 878.16

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T A B L E 6.—Annual expenditures, fiscal years 1932 to 1941, classified by accounts—Continued
DETAILS OF
P A R T A.

GENERAL

AND SPECIAL

1941
I, G e n e r a l (including recovery a n d relief):
A. Departmental: i
• ,
Legislative e s t a b l i s h m e n t
Judicial 2
E x e c u t i v e Office:
Executive proper.
..
Bureau ofthe Budget
.
N a t i o n a l Resources P l a n n i n g B o a r d
Other
State Department
•
Treasury Department: 3
Refugee relief
Other
' W a r D e p a r t m e n t (nonmilitary) 3
....
D e p a r t m e n t of Justice
•.
'
P o s t Office D e p a r t m e n t
'.
D e p a r t m e n t of t h e I n t e r i o r K . - . . . . : . :
•
:
D e p a r t m e n t of A g r i c u l t u r e :
Refugee relief
Other
.
•
D e p a r t m e n t of C o m m e r c e :
Civil Aeronautics A u t h o r i t y
.
Other
:
:
.....
D e p a r t m e n t of L a b o r 3
-..-.....
I n d e p e n d e n t offices a n d commissions
^
.........
Unclassified
'.
.'
A d j u s t m e n t for disbursing officers' checks o u t s t a n d i n g
Total departmental ^




1^
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EXPENDITURES
ACCOUNTS

1940

1939

1938

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$24,172, 235. 98
11, 425, 848.47

$23, 070, 529. 31
6, 054, 051. 71

$22,031, 282. 67
9, 456, 444. 68

513, 313. 61
875, 212. 97
768, 492. 42
742, 545. 60
22, 860, 348. 42

459, 317. 85
639,462. 84
767, 673. 73
794, 645. 56
24, 292, 914. 65

447, 241. 07
396, 659. 92
722,088.69
804, 887. 51
19,165,106. 30

479, 019. 68
279, 496. 23
824, 736. 93
682, 282. 84
20, 978,159. 32

502,152. 39
372, 523. 91
961, 922. 65
1,184, 054. 96
17, 757, 733. 26

11, 061,198.16
204, 623, 379. 93
3,677,346.52
63,113, 669. 19
66, 505. 69
108, 652, 515. 00

177, 221, 645. 02
2,182, 601.18
59,138, 744. 85
1.121, 043. 07
111, 357, 891. 92

176,425, 524. 54
2, 910, 248. 53
48,114,152. 13
"1,668,621.43
133, 678, 884. 72

168,165, 591. 89
2, 766. 722. 84
52, 302, 768. 95
2, 909,134. 62
100,116, 722. 87

180,479,161. 88
3, 057, 797. 90
49, 855, 997. 07
" 2,622,327. 06
108,182, 564; 51

5, 399, 611. 37
128, 655,629.10

145, 846, 823. 06

147, 017, 519. 77

128, 310, 978.19

151, 216,170. 28

53, 435, 353. 71
45,149, 835. 73
23. 518. 741. 57
70, 585, 906. 85
a 180,648. 94

24,062. 214. 04
42, 738, 574. 43
19, 410, 658. 62
64,137, 626. 84
75, 042. 33

18,421, 261. 34
24,964, 932. 32
14, 313, 282. 65
59, 877, 229.48
a 63,892. 82

10, 092, 076. 36
23, 348,119. 04
13, 090.452. 21
74,486,108. 53
270, 723. 59

6,694,637.17
26i 355, 045..61
10,615, 062.137
98,118,147. ;06
a 467,003.65

779,117,041.35
—596, 771. 60

703, 371,461. 01
- f l , 443, 738. 03

677, 014, 232. 07
—4, 708, 752. 23

625, 398,928. 76
-F438, 209.47

676, 435, 366. 04
—732, 802. 42

778, 520, 269. 75

704, 815,199. 04

672, 305, 479.84

625, 837,138. 23

675, 702, 563. 62

$24,171, 725. 73

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1935

I. General (including recovery and relief):
A. Departmental: i
Legislative establishment..
Executive Office:
Executive proper
Bureau ofthe Budget
National Resources^Planning Board
Other
State Department
1
Treasury Departments...
War Department.,(nonmilitary) 3 . . ;
Department of Justice..
Post Office Department
.,
Department of the Interior ^..:...'.
Department of Agricultiire
Department of pommerce:
Civil AerQuautics Authority
Other
.-.:..-!.^.
Department of Labor 3
Independent offices and commissions
Unclassified
:....•

1933

$23,119, 283.85

."
'.
:..

Adjustment for disbursing officers' checks outstanding
Total departmental^

1934

$20,109, 830. 05

$17, 776,114.02

$21,477, 373. 26

$27, 318, 601.16

425. 401.68
245, 928.15
774, 771. 93
1,479, 875.03
17, 702, 993.13
166, 021,107. 59
829, 083.07
255. 717.19
177,949.28
62. 479.496.98
125, 040, 625. 09

457, 693. 77
153, 180. 75
956, 508. 25
793, 292. 85
18, 519,795. 70
124, 585,719. 68
2, 520,253; 66
42,140. 217. 29
"14, 258.16
74,180, 376. 49
151,492, 623. 07

358, 897. 75
155, 313. 48
29, 263. 54
. 99,165. 61
11, 868.272.87
113, 778,179.10
4, 646,177. 03
40, 9l6,0§8: 62
12, 211,927. 73
50, 566,285. 51
65,430, 788. 69

369,112. 82
171, 514. 35
70,472.10

424,545.62
188,961.18
62,160. 81

7, 106. 211. 27
29, 047, 558. 69
5. 096,160. 51
975, 344. 60
424, 959. 57

6, 892,145. 92
24, 852, 919. 64
3, 213,814. 34
50,699,511.16
a 72,190. 21

5, 327, 042. 02
19,165, 822. 91
1, 844, 224. 62
34, 391, 662. 63
20, 434. 83

15, 22.5, 568. 81
140. 752, 905. 20
1, 942, 898. 26
54,729,718.81
57, 882.41
48,177, 219. 41
72, 592,029.87

18,881,863.78
174, 480, 531. 35
4, 837, 099. 66
63, 277,198. 94
125, 898. 90
55,086,790.31
114,259,936.43

9, 339.149. 00
26,188, 896. 65
2, 257. 346. 66
36, 663. 544.11
a 896,138. 48

9,137,819. 71
33,299,445.16
2,177,400. 53
44, 301,159. 36
45, 490. 67

557, 846. 569. 05
— 4 , 463, 463. 07

521,481,434.25
—6,416, 302. 83

378, 585, 660. 96

429,120,493. 24

547, 904, 903. 57

553, 383,105. 98

515,065,131. 42

378, 585, 660. 96

429,120, 493. 24

547,904, 903. 57

a Excess credits (deduct).
1 The disbursements by the Division of Disbursement, Treasury Department, which appear in daily Treasury statement under the caption "Departmental expenditures" are on
the basis of checks issued. The totals shown, after making adjustment of outstanding checks of the Division of Disbursement, relating to such "Departmental expenditures, " are on
the basis of checks paid as published heretofore.
2 Expenditures prior to 1939 are reflected under the Department of Justice.
3 The classification of general expenditures for public building construction and for War Department (nonmilitary), previously reflected under Treasury Department and War
Department (military) prior to the fiscal year 1934, are now reflected under Federal Works Agency, Public Buildings Administration (construction), and War Department (nonmilitary), respectively. The expenditures of the U. S. Housing Corporation, previously reflected under the Department of Lab'or for the fiscal years 1932 to 1937, are included under
Jliej3pn struction j3ja^sifica,tionforJLublia
,The:expendituresofNationaLMilitary-Parks,-prevJously reflected under-War-(-nat.ionaldefense)-during4he^-fi^
years 1932 and 1933 are now classified imder Interior, Departmental, and expenditures under the Emergency Conservation Work for the fiscal year 1933, amounting to $14,248,461.23
previously reflected under War (national defense) are now classified under the Federal Security Agency, Civilian Conservation Corps.
* Revised to adjust for expenditures of the United States Maritime Commission now classified under "National defense" stated in Part A, sec. II, of this table.




Ol

T A B L E 6.—Annual expenditures, fiscal years 1932 to 1941, classified by accounts—Continued
DETAILS OF
P A R T A.

I. G e n e r a l (including recovery a n d relief)—Continued. •
B. Agricultural programs:«
Agricultural adjustment program:
Agricultural Adjustment Administration
_•
A d m i n i s t r a t i o n of Sugar A c t of 1937:
A g r i c u l t u r a l A d j u s t m e n t A d m i a . (act A u g . 24,1935)
Surplus Marketing Administration 6
•..
A g r i c u l t u r a l con t r a c t a d j u s t m e n t s . . .
..:..
• Soil C o n s e r v a t i o n a n d D o m e s t i c A l l o t m e n t A c t
..
Federal Crop Insurance Act:
A d m i n i s t r a t i v e expenses
Subscriptions to capital stock of Fed. Crop Insur. Corp
P r i c e A d j u s t m e n t A c t of 1938 a n d p a r i t y p a y m e n t s
Unclassified
Commodity Credit Corporation:
R e s t o r a t i o n of capital i m p a i r m e n t
:._.
Others.
..
F a r m Credit Administration: 8
Crop l o a n s . . .
B a n k s for cooperatives—Capital stock
Other
:....•
;.
Unclassified-.F e d e r a l F a r r n M o r t . Corp,, r e d u c t i o n in interest rate on moi*tsages.
Federal land banks:
Capital stock.
.
S u b s c r i p t i o n s t o paid-in s u r p l u s
R e d u c t i o n in i n t e r e s t r a t e s on mortgages
F a r m S e c u r i t y .A-dministration M
.
F a r m T e n a n t Act:
Loans
...
Other
Unclassified
R u r a l Electrification A d m i n i s t r a t i o n : 12
Loans
Other
:
Forest roads a n d trails.




(X)

G E N E R A L AND SPECIAL ACCOUNTS—Continued

1941

Subtotal.

Ol

EXPENDITURES—Continued

1940

1939

1938

1937

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$1,911, 681.80
50, 422, 089. 82
187, 043, 699. 69
53,936, 325. 92
59, 697. 47
465,136, 204.14

$2, 032,958. 30
48,823,534.06
51.458.176. 79
91.131.177. 91
274, 302. 24
605,137, 906. 69

$7, 908,671.14
61, 929,-909. 34
133, 312, 024. 85
77,193, 268. 71
477, 636. 62
477, 942,480.42

4, 996, 622. 46
6, 000, 000. 00
198, 257,186. 59
a 588.91

3.263,736.63
3,000, 000. 00
215, 025,865. 62
81.45

3, 320, 839. 82
5, 000, 000. 00
19, 503. 416. 99
9, 204. 81
108, 030. 89

$10, 743,946. 21

td

"'42,"3i7,"928.'82

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a S, 556.66
94, 285, 404. 73
66, 965. 57

$10, 758,150. 68
5. 908, 871. 64
15,026, 465. 47"
23,130, 067. 22
2,992,126. 87
303, 852,184.12

116, 799, 598. 81
357,199, 796. 39
fej

7 119, 599,918. 05
820, 804. 83
10 60, 000, 000. 00
2,045, 021.16
• "252.12
.9, 340. 201. 41

3,679. 347. 99
399, 408. 28
241. 92
7,125,158.14

" 675, 098.24
3, ooo; 000.00
2,149,237.96

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24, 347. 57

4,156, 442.16
6, 000, 000. 00
" 1,983, 212.27
"18,29-3.78
5,726,515.05

28, 212,110.10
'0 5,000,000.00
4, 041,465. 00
18,293. 78

800. 00
935. 22
785. 96
851.11

4, 736, 775. 00
32.977.497. 53
32,114,033.21
180,149,108. 6 .

10 3,847, 885. 00
35,198,811. 40
32, 830,087.17
209, 695, 567.17

7, 818, 547. 62

^0 57,483,315.00
"41,671,778.71
-27,929, 355. 94
62,165, 326. 97

47, 680. 00
567, 862. 97
28. 700, 224. 72
158, 536, 339. 40

17, 771, 963. 87
9, 515, 987. 49
7.27

30,352, 365. 44
11,426, 655 65
"11.94

20, 598. 014. 77
6, 036, 283. 73
96. 75

2, 275, 429. 47
776, 319. 23
a 92.08

20. 665, 677. 21
3, 521, 475. 04
7, 909, 583. 73

35,467, 565. 95
2,509,786.35
11,902, 446. 05

35, 618, 042. 59
2,149, 338. 28
13, 519, 878. 45

13, 724, 550.10
1, 468, 169.18
13. 208, 649. 40

7,971,444.14.
939, 581. 29
9,978, 846. 61

970, 392, 978. 07

1,430,462, 728. 66

1,103, 024,197. 79

751, 323, 570. 51

847,123, 939. 46

150,
11, 590,
30, 639,
183, 622,

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1936
I. G e n e r a l (including recovery a n d relief)—Continued.
B . A g r i c u l t u r a l programs:«
Agricultural adjustment program:
Agricultural Adjustment Administration
A g r i c u l t u r a l A d j u s t m e n t A d m i n i s t r a t i o n (act A u g . 24,1935).
Surplus Marketing Administration o
Agricultural contract adjustments
Soil C o n s e r v a t i o n a n d D o m e s t i c A l l o t m e n t Act
F e d e r a l C r o p I n s u r a n c e Act . . . .
Commodity Credit Corporation:
R e s t o r a t i o n of capital i m p a i r m e n t
Others
F a r m Credit Administration: 9
B a n k s for cooperatives—Capital stock
Other...
...1
F e d e r a ] F a r m Mort. Corp., reduction in interest rate on mortgages
Federal land banks:
C a p i t a l stock
S u b s c r i p t i o n s to paid-in s u r p l u s
R e d u c t i o n in i n t e r e s t r a t e s on mortgages
F a r m S e c u r i t y A d m i n i s t r a t i o n 11.
.
F a r m T e n a n t Act
R u r a l Electrification A d m i n i s t r a t i o n 12
.
.
Loans
Other
F o r e s t roads a n d trails
Subtotal

$372, 587, 275. 76
24,161, 602. 21

1935

$711, 819,102. 95

1934.

1933.

1932

td
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$289. 055,028. 78 .

O

135, 453, 092. 60
322, 037. 35

96, 852, 286. 00
20, 000, 000. 00
a 8, 448, 656. 95

136, 420.18 '
15,000,000.00
"2,020,939.00

101,046,185. 00
32, 467, 994. 63
29, 064, 981. 00
138, 015, 987. 65

1, 939,140. 00
33, 630.185. 59
12,477,674.95
5, 423, 600. 77

1, 402, 654.17

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2, 811, 949. 79
110, 000, 000. 00
"86,876,711.74

$29, 523, 947. 84

101, 737,780. 00
40,863, 477.16
7, 029. 256. 79
2, 372, 312. 69

$136, 238, 855. 68

16, 820. 93

10 242,645. 00

125, 000, 000. 00

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12, 498, 063. 5i

10, 460, 247. 00

12, 717.133. 67

853, 331,132. 93

788,882, 253. 37

376, 234, 667.14

.

6,636,227.12

12. 287, 546. 06

o

35, 917, 629. 96

273, 526, 401. 74

fej

a Excess credits (deduct).
.
5 Additional expenditures under corresponding captions are included in Part A, sec. I-A, of this table.
0 Includes transactions formerly classified-under the caption "Federal Surplus Commodities Corporation." Fiscal year 1941 includes expenditures of Division of Marketing and
Marketing Agreements; expenditures of this Division in prior years are included in Agricultural Adjustment Administration above.
7 Represents capital impairment applicable to fiscal y^ear 1939 but not appropriated by Congress until August 9, 1939.
8 Expenditures from proceeds of $97,000,000 capital stock subscriptions by the Reconstruction Finance Corporation and $3,000,000 for stock subscriptions from the appropriation
-fcjLNationaJ Jn^us_triaLRecoyery,__
_
•
0 Additional transactions are included under corresponding caption in revolving funds stated in Part A, secVIII,"of~this~tabler "On and'afterMay 27, 1933,~repaym"ents ofloans"
made from Agricultural Marketing Fund—Federal Farm Board, and interest thereon, are reflected as credits in the expenditures of the Farm Credit Administration.
1 Excess credits (deduct)—Capital stock reduction.
0
1 Includes expenditures on account of subsistence homesteads.
1
1 .Additional transactions are included under "Transactions in checking accounts of governmental agencies, etc. (net)" stated in Part B, sec. II, of this table.
2




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CO

TABLE Q.—Annual expenditures, fiscal years 1932 to 1941, classified h accounts—Continued

o

DETAILS OF EXPENDITURES—Continued
PART A. GENERAL AND SPECIAL ACCOUNTS—Continued
1941

1940

1939

1938

1937

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I. G e n e r a l (including recovery a n d relief)—Continued.
C. F e d . L o a n Agency, F e d . S e c u r i t y A g e n c y , a n d F e d . W o r k s Agency:
F e d e r a l L o a n Agency:
F e d e r a l H o u s i n g A d m i n i s t r a t i o n : i3
_
R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n : i3
D i s a s t e r L o a n C o r p o r a t i o n stuck
Loans and grants to States, municipalities, etc
Subscriptions t o capital stock
O t h e r 13
.
Other:
H o m e Owners' Loan Corporation
H o m e loan b a n k stock . .
F e d e r a l savings a n d l o a n a s s o c i a t i o n s . ______
Other
F e d e r a l Security Agency:
Civilian C o n s e r v a t i o n C o r p s is
National Youth Administration
Social Security B o a r d :
Administrative expenses...
G r a n t s to States (social s e c u r i t y ) . ,
,,
Other
•.
..
Unclassified
. . ._ . . . .
Other
'.
F e d e r a l W o r k s Agency:
P u b l i c B u i l d i n g s A d m i n i s t r a t i o n : is
Construction _
Other
.
Unclassified
.
.
Public Roads Administration
P u b l i c W o r k s A d m i n i s t r a t i o n : i^
G r a n t s (act, J u n e 21, 1938)
L o a n s (act, J u n e 21,1938)
A d m i n i s t r a t i v e expenses
U . S. H o u s i n g A u t h o r i t y 13..
W o r k Projects A d m i n i s t r a t i o n
Other.
:
Subtotal..




1

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$10,199,321.55

$6,987,869.13
6, QOO, 000. 00

$9,140,867. 44

4, 019. 49

1, 618. 22

(14)
(14)

$16, 740, 080.13

4, 000, 000. 00
a 254,374.30

6, 000, 000. 00
"13,334, 330.00

3, 405,199.62

8, 000,000. 00

(14)

$11, 725, 019.45

2, 616, 380. 77

1, 289, 852.15

1, 219,874. 51

1,120,001.48

4, 734, 900. 00
11, 797.85
1, 266, 992.76

20, 664,100. 00
22,183.66
2 201 044 12

257, 396, 531.12
136, 352, 724.71

283, 244, 748. 93
94,648,335.41

290,385,528.11
78,102,755.96

326, 382, 547. 61
16 51,156, 504.85

385, 807, 729.81
16 65,619,041.81

25, 667, 884. 86
393,338, 063. 81
4,151, 482.22
a 61. 88
127,083,826.98

22, 221,907.85
337, 516, 317. 61
4,476,369.13

20,901,117.46
304, 026,288.18
5, 636,258.03

62,975, 560. 94

59, 280,593. 99

19, 613, 584. 38
254, 769,184. 91
11, 018, 520.19
10.61
54, 519, 757.88

15, 433, 916. 68
152,890, 585. 79
16, 583, 986. 98
2,181.70
44, 069, 599. 47

51, 688, 757.19
16,988, 093. 68
a 25,560. 92
174,056,134.65

58, 064, 226. 75
16, 884, 604. 25
51, 052.17
164, 539, 863. 66

51,420,869. 41
14,837,903.19

76, 707, 304. 29
14, 799,161. 32
223, 403, 783. 71

340, 633,126. 63

98, 817,451. 26
975, 318. 99
3, 664,183.40
6, 004, 531. 72
1, 284, 593,920.85
370, 365.19

248, 650,143. 74
21, 789, 592. 20
17, 864, 044. 79
1,873, 713.47
1,477, 537,908. 00'
80,486. 02

265,026,998.22
18, 740, 571.72
23,404,322.34
8, 629,331. 59
2,161, 500, 655.13

i5,109, o i i . 28
20, 653, 250. 64
181,421, 342, 973. 36

27,431,347. 70
IS 1, 830,827, 616.48

2, 592, 616,861. 02

2, 826, 628,236. 78

3,511,150,617. 62

2, 614, 365,130.41

3,'003,119, 029. 23

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76, 261, 532. 68
12, 648, 904. 82

190, 996, 565.98

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1936
I . General (including recovery a n d relief)—Continued.
C . F e d . L o a n Agency, F e d . Security Agency, a n d F e d . W o r k s Agency:
Federal L o a n Agency:
Federal H o u s i n g A d m i n i s t r a t i o n i3
$14,504,600.14
R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n : i3
a 1,274,537.00
L o a n s a n d g r a n t s t o States, m u n i c i p a l i t i e s , e t c
Subscriptions t o capital stock
O t h e r 13
3,997,667.73
Other:
H o m e Owners' Loan Corporation
_
.
H o m e loan b a n k stock
17,696, 300. 00
19,689,058.26
F e d e r a l savings a n d l o a n associations
Other
1,105,823.92
Federal Security A g e n c y :
486,281,193. 58
Civilian C o n s e r v a t i o n C o r p s is.
.
. _
16 35, 535,354.35
National Youth Administration
Social Security B o a r d :
501, 288. 08
A d m i n i s t r a t i v e expenses
G r a n t s t o States (social security)
23,637,015.26
Other
13,974,357. 04
Unclassffied
a 2,181. 70
Other
36,253,496.30
Federal W o r k s Agency:
P u b h c Buildings A d m i n i s t r a t i o n : is
Construction
_._ .
. _
67,979,730.58
Other
11, 756, 548. 08
Public Roads Administration
. . .
..__
231, 397, 334.86
P u b h c W o r k s A d m i n i s t r a t i o n : i?
A d m i n i s t r a t i v e expenses
25, 255, 459.16
; 181, 228,126,135.86
W o r k Projects A d m i n i s t r a t i o n . . . .
Other
SubtotaL

_

2,216,414,644.50

1934

1935

1933

1932

$15, 963,873.02

td
fej

'-871,628.00

$486,932.23

$298, 073,703.77

3, 654,845.47

14,154,123.43

5,476,074.65

46, 000, 000. Od
200,000.00
29,486, 784. 08
1,054,364.62

153,000,000. 00
38,475, 700. 00
754,800.00
401,929.26

1,000,000.00
42,970,000.00

331,940,851.40

14, 248,461.23

7,019,312.11

1,699,413. 32

765,151.27

29, 287, 735.85

24,792,418. 75

26,660,272.68

30,356, 650.85

58, 032,772.33
9, 413,723.13
306,896,693. 05

78, 722,893.97
9, 031, 090.98
255,164,883.99^

105, 623, 881.45
21,821,070.79
164, 690,283.82

86, 034,969. 35
24,106, 408. 69
184,823, 510.19

14, 561, 002.60

6, 539, 315.18

956, 208,121. 31

915,164, 352.51

435,508,643.05

td

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215,637.37
fej

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681, 547, 537. 03 ;

826,191. 632.15

a Excess credits (deduct).
1 Additional transactions under corresponding-captioris are-included-under.^Transactions4nchecMng.accounts_of_govenimentaLage
3
table.
1 Return of capital funds by governmental corporations were deposited in miscellaneous receipts as "Proceeds of Government-owned securities"; see note 2, table 4, p . 425.
*
« See note 3, p. 457.
1 Exclusive of administrative expenses, included under Work Projects Administration.
8
1 Additional transactions are included under revolving funds s t a t e d i n P a r t A, sec. I l l , of this table.
7
1 Includes administrative expenses. National Youth Administration.
8




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869,993. 07

$500,000, 000. 00

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TABLE Q,—Annual expenditures, fiscal years 1932 to 1941, classified by accounts—Continued
to

DETAILS OF E X P E N D I T U R E S - C o n t i n u e d
PART A. GENERAL AND SPECIAL ACCOUNTS—Continued

1941
I. General (including recovery and relief)—Continued.
D. Other:
Department of the Interior: *
Reclamation projects i^..
Post Office Department (deficiency):
Current 2
0
..,.
Prior years
Treasury Department:«
Interest on the pubUc debt
Refunds of taxes and duties:
. Customs..
Internal revenue...
Processing tax on farm products
To States of taxes collected under title IX of the Social Security Act
.1...
. .
Unclassified
District of Columbia.(United States share)
. Railroad Retirement Board':
Adniinistrative expenses.
.
....'.
Acquisition of service and compensation data
:..
Railroad unemployment insurance administration fund..
Annuity payments, Railroad Retirement Act of 1935......
Unclassified
.'-.-Tennessee Valley Authority
._
River and harbor work and flood control
Panama Canal
_.•.,_.
Veterans' Administration
^
•
_
FederalEmergency Relief Administration 2
2
Civil Works Administration...
Federal Deposit Insurance Corporation
Subtotal-




1940

1939

1938

1937

td

o

$85, 596.484.30

$96,365,933.56

$79,329,428.13

$65,405,809.66

$58,671,828.08

30,000, 000.00
. 64.047.93

43.000,000.00
a 21;?, 129,664.15

41,199.420.20
37,842. 59

43,407. 438. 40
851, 422. 78

48,321,786.31
"ii 0,424, 841. 78

1,110,692, 8n. 91

866, 384,330. 90

1,040, 935. 696. 71

940, 539, 763. 50

926, 280, 713. 67

27, 331, 472. 73
54,220.101.51
8,115,710.68

17. 500, 944. 98
61,812,222.70
11, 771, 638. 90

16, 678, 803. 38
39. 177, 056. 66
12,004, 543.01

16.156, 340. 00
32, 791, 660. 60
10, 232, 689. 76

16,919.94
6, 000, 000.00

a 14, 04^. 86
6, 000,000. 00

6,000,000. 00

5, 000, 000. 00

5,000,000. 00

2, 962, 069. 57
887, 910. 50
3, 396, 877. 28

2,645,441. 05

2,868,033.44

2, 613, 296. 73

1,491,898. 84

'4,"986,'750.'43"

'"'476,795.89'
- 3,986, 323.28

3,985,323. 28
1.442:82
. 41,99.5.141.08
234. 962, 265. 22
11,917,182.08
580. 644, 393. 50
12,401,286.50
296, 750. 72

" .10
51,175,171.37
218, 517, 752. 37
39, 079, 144. 69
552, 680, 802. 08

39,135, 754. 44
212.857,695.11
24,981, 490. 78
556, 673. 384.43
544, 115.86
11,379.11

16. ,M9.408. 30
32,848,860.38
6, 515, 773. 54

42.002. 238.16
198, 634, 466. 85
11,361,129.66
681.977,734.91
4, 369.080. 76
222,101.04

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40. 561. 886. 43

40. 806, 800. 57
192,998,752.41
9, 801, 887. 72
557,070.722.10
1, 659. 785. 82
222.267.81

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2,190.737,282.76

2,117, 078, 741. 05

1,939,871,903.23

1,977,882, 086.13

1,915,562,829.77
td

1936
I, G e n e r a l (including recovery a n d relief)—Continued.
D . Other:
D e p a r t m e n t of t h e I n t e r i o r : 8
R e c l a m a t i o n projects i ' . . .
. P o s t O f f i c e D e p a r t m e n t (deficiency):
Current20.
_
_
P r i o r years
Treasury Department:»
Interest^on t h e p u b l i c d e b t
R e f u n d s of taxes a n d d u t i e s :
Customs
..
Internal revenue
Processing tax on farm p r o d u c t s
D i s t r i c t of C o l u m b i a ( U n i t e d S t a t e s s h a r e ) . . .
•
RaUroad R e t i r e m e n t B o a r d :
A d m i n i s t r a t i v e expenses
T e n n e s s e e Valley A u t h o r i t y
R i v e r a n d h a r b o r w o r k a n d flood c o n t r o L
P a n a m a Canal
Veterans' Administration
Fe'deral E m e r g e n c y Relief A d m i n i s t r a t i o n 22
Civil W o r k s A d m i n i s t r a t i o n
Fpfip-ral Dp.pn5?itTnsura.n(3p. Hofporatinn
Subtotal..

1935

1934

1933

$63,998,959.51

.

.

$25, 204, 914.39

86,038,861.60

63,970,404.80

62,003,295.62

820, 926,353.45

14.085,195.44
30,100,430.34
10,081.744.03
5, 707, 500. 00

_.__. }

$24.671,725. 22

749,396,801. 68

_

$40,882,912.44

20,715.688.49
24, 531. 990. 82
31.208.208.32
4; 539, 295. 00

270,435. 28
48,831.423.57
223,717.369.11
11,452.729.28
577, 890, 591. 76
495,591,986.97
676,195. 79
2, 317,840, 224. 36

1932

$26, 345,914791

to
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117,380,192.33

202,876,340.63

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td

766, 617,126. 73

689. 365,105.60

599,276,630.87

14. 046. 350 08
48, 664. 202. 21
1.194. 639. 95
6, 700, 000.00

12,576,841.79'
67,763,119.46

17,202.968.69
83,921, 552. 08

7, 776,000. 00

9,566,666. 66

118,391.2.56.03
12,672.728.59
763.154,886.30
37, 910,142. 00

116.798,680.00
10, 661, 804. 75
784,841,819.60

1,842, 194,186. 49

1, 851, 425, 7 n . 43

.
36,148, 537. 34
203,043,318.85
9, 009. 746. 28
,
557. 064, 724. 68
28 1, 820, 993. 937. 09
11, 327. 263. 67
497. 850. 35
3, 644, 860, 231. 58

11,036,794. .57
150. 731. 859. 96
9. 948, 627. 62
506, 950. 487. 74
23 707, 352. 344. 29
805.122.892.29
149, 502, 149. 65
3, 243, 542,495. 93

CO

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a Excess credits (deduct).
* Additional expenditures under corresponding caption arie included in Part A, sec. I-A, of this table.
is Expenditures under this caption include Boulder Canyon project.
2 The item'-Postal deficiency" represents advances from the-General Fund cf the Treasury to the Postmaster General to meet deficiencies in the po.<5tal revenues. These figures
0
do not reflect any allowances for offsets on account of extraordinary expenditures or the cost of free mailings contributing to the deficiency of postal revenues certified to the Secretary
of the Treasury by the Postmaster General pursuant to the act of Congress approved June 9, 1930. Further expenditures shown above on account of po.'^tal deficiency for the fiscal
years 1937 and 1938 are exclusive of $16,245,165.06 and .$718,699.88, respectively, on account of transfers of appropriations from the Post Office Department to theU. S. Maritime
Commission pursuant to the act of June 29, 1936 (49 Stat. 1988). The.se transferred funds when expended by the U. S. Maritime Commission are classified as ''National defense—
U, S. Maritime Commission." .
_ _ _ ^
_ _ _ _ _
_L _1
—•—21.^111 eludes payments-of-$109,213:32classified~on thedaily-Treasury statementfor June 29. '1940, as current instcad^ofprioryearsuirdef Post Office Departrnent (deficiency).
22 Includes expenditures made.by the Federal Surplus Commodities Corporation fromfunds provided for the Federal Emergency Relief Administration.
23 Revised to adjust classification.
- '
"




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TABLE 6.—Annual expenditures, fiscal years 1932 to 1941, classified hy accounts—Continued

Oi

DETAILS OF EXPENDITURES—Continued
P A E T A . GENERAL AND SPECIAL ACCOUNTS—Continued
1941

II. National defense: 2
4
War Department ^s
Navy Department
National defense funds for the President:
Executive oflBce
State Department
_
. . .
Treasury Department
Navy Department
_._ . __ .
War Department
:.
Department of Justice
Department of the Interior
.-_
Department of Agriculture
.
Department of Commerce
Department of Labor
_
United States Maritime Commission
Independent oflQces and commissions:

. . .

_

S u b t o t a l 27




.

.

_
_

$3,635,508,148,85
2,216,823,162.80

$667,138,363.59
891,484,523.08

1939

$489, 545, 592,12
G72, 722,327.24

1938

.

$431, 501,522,88
696,129,739,00

1937

$378,167,039.40
656,674,065.99

1, 326,853 87
3,148,200 28
59,464 61
7, 336, 019 08
211,056 86
17,516,746 12
43, 755,104 95

_ _
_
_.

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W^:

S
o

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. 98,809,569.23

43,813,854. 50

1,172,113 16

10,716 18
3,963,607 12
4,399,332 82
4,625,854 29
902, 509 63
7,492,671 32
28 41,981, 636.76
6,080,083,636 31

to
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6,396,708.45
2, 261. 735.32
399,520.51
42,-269, 597.88
28 37,534,801.36
242,398.81
9, 000.00
1,844, 740. 53
45,988. 29
12,218.87
6,841.75

Fp.dp.ral C n m m n n i o a t i o n s Connmis.'sion

Civil Service Commission
:..
Federal Power Commission
Federal Loan Agency.. .
Federal Security Agency . . .
Selective Service (administrative expenses)
" U. S. Maritime Commission 2
7
Defense aid (lend-lease):
Executive office
... ......
:
TreasuryDepartment _
Navy Department...
^
.
War Department . .
.
..
Department of Agriculture.
U. S. Maritime Commission
National defense housing (Federal Works Agency)

1940

"6,877,195.49

^

td
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>

1,657,432,465 90

1,206,081,773 86

1,028,803,375 04

928,963,909.90

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1936
II. National defense: 2*
War Department 2
6
_
:
Navy Department
National defense funds for the President
Selective Service (administrative expenses)
...
U. S. Maritime Commission 2
7
Defense aid Gend-lcase)
.:...
National defense housing (Federal Works Agency).
Subtotal 2
7

1935

1934

1933

1932

$382. 588,002.07
528.882,142.98

$273,421,901. 55
436,265, 531.39

$243, 260,118.33
296,927,490.16

$301,613.977.66
349,372,793.90

$344, 007,726,69
357,517,833.88

-11,959,945.05

"21,165,944.27

»9,4Ji^, 624.79

28. 707,961.02

51,640,826,67

899, 510,200,00

688, 521,488.67

630, 744,983. 70

679, 694, 732. 58

753,166,387. 24

td
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" Excess credits (deduct).
2 Additional expenditures attributable to national defense, payable from funds which have supplemented regular appropriations of the civil establishment, are included in Part A,
4
sec. I, of this table.
^
~
2 See note 3, p, 457,
6
26 Reflects adjustment to give effect to sec. 5, act of Oct. 14, 1940 (54 Stat. 1127), by merging funds allotted to Federal Works Agency from allocations made by the President to
the War Department for national defense housing with funds appropriated to Federal Works Agency for the same purpose.
27 Figures for all years have been revised by transferring expenditures of the U. S. Maritime Commission from the Departmental classification to National defense, Tbeexpenditures for Maritime Commission include expenditures heretofore classified as Emergency ship construciion. The figures for the Maritime Commission are net and include receipts
credited to the Construction Loan Fund.




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01

TABLE 6.—Annual expenditures, fiscaly ears 1932 to 1941, classified hy accounts—Continued

Oi
Oi

DETAILS OF E X P E N D I T U R E S - C o n t l n u e d
PART A. GENERAL AND SPECIAL ACCOUNTS—Continued

1940

1941
i n . Revolving funds (net):
Farm Credit Administration:
Crop production loans..
Regional agricultural credit corporations
Loans to joint stock land banks 2!J.-_
Federal intermediate credit banks
:'
Production credit corporations (capital stock reduction, act
June 25, 1940)
....^
Other
...
Unclassified
.
Federal Farm Mortgage Corporation:
Capital stock:
Farm mortgage relief
._
. ..Other
Capital stock reduction, act June 25, 1940
.
Public Works Administration:
Loans and grants to States, municipalities, etc
Loans to railroads
Subtotal




-

-

--^--

1939

1938

1937

td.
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^
o
« $477,716.24
" 1,356, 469.57
30.424.87
" 40,000,000. 00

"$490,107.99
" 2, UO, 398. 78
" 30,493.70

"$468,768.12
"5,291,844.00
" 23,360.60

"$633,621.71
" 7,918, 44160
"75,487.61

" $810,401.65
" 13 933,501.37
" 273,430. 64

"15,000,000.00
"2,289,721.74
" 72.69

" 2,609,096. 85
"49,927.31

" 2,678,190.23
50,000.00

" 4,019,612.63
904. 54

"2,807,64i 58
"1,072.04

td

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63.42

50.00

o

" 100,000,000.00
22,807,401.43

59,438,969.67

100, 765,694.91

136,875. 352. 65
" 8, 276, 579. 88

224.480,428 44
" 3 118 619 22

"136,286,103.94

53,918,945.04

92,453,595. 38

120, 952,670,86

203, 535, 759, 04

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1936
I I I . R e v o l v i n g funds ( n e t ) :
F a r m Credit A d m i n i s t r a t i o n :
C r o p production loans
. _
Regional agricultural credit corporations
L o a n s to joint stock land b a n k s -^^ .
'
Federal i n t e r m e d i a t e credit b a n k s
P r o d u c t i o n credit corporations (capital stock
J u n e 25, 1940)
Other
Unrla<?sified
.
Federal F a r m M o r t g a g e C o r p o r a t i o n :
C a p i t a l stock:
F a r m mortgage relief
Other...
_
Capita] stock reduction, act J u n e 25, 1940
Public Works Administration:
L o a n s a n d g r a n t s to States, m u n i c i p a l i t i e s , e t c
L o a n s to railroads
Subtotal

1934

1933

« $4.383. 077 67
8.603.628. 15
"901325.16
15,000,000.00

« $52.392,665 72
7,7.')6.815.0l
911.044.35
25,000,000.00

$37.148,880. 24
29 38,840,178.25

123,075,358. 79

29 165,138,259.06

" 134.78
265.62

114.129.660. 31
85, 760,050. 52

137.707.417.46
,66. 230. 752. 95

$6L867,202.03

110,023, 55

172.116.011.89
"127,881,697.33

1932

"2,294,738.91

21.36

reduction,

.

o $1,271,841.13
« 17.779.645.80
< 110,249.64
*

'^ 14,061,624.66
107.50

..

7.S. .596. 229. 75
70. 739. 000. 00

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act

_

_

o Excess credits (deduct).
»8 Credits to this classification include principal and interest earnings.
2» Revised to adjust classiflcation.




1935

U . 011,182.19

(»)

td
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345.328.985,37

495,668,393,88

w.
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73,804. 343.13

61,867,202.03

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(72-

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T A B L E 6.—Annual expenditures, fiscal years 1932 io 1941^ classified hy accounts—Continued

Oi

(X)

DETAILS OF EXPENDITURES—Continued
PART A. GENERAL AND SPEHAL ACCOUNTS—Continued

1941
IV. Transfers to trust accounts, etc.:
Railroad retirement account
..
Railroad unemployment insurance administration fund transfers to
unemployment trust fund (act Oct. 10, 1940)
._
•
.
Railroad unemployment insurance account:
Advance July 5, 1939 (act June 25, 1938) —
Repayment of advance Jan. 26, 1940
__--..
Adjusted service certificate fund
_
..
. Government employees' retirement funds (United States share):
Civil service retirement fund .
...
Foreign service retirement f u n d . . . .
-..
Canal Zone retirement fund
Alaska Railroad retirement fund.
,..
'"'

' • • • Subtotal.
"

*

. ..

V: Debt retirements:
Sinking fund
..
.
.
Received from foreign governments under debt settlements _
Retirements from excess capital of Commodity Credit Corporation..
Estate taxes, forfeitures, gifts, etc
Purchases and retirements from foreign repayments
Subtotal




_.

....

. .

---

1940

1939 '

1938

1937.

td
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$124,350,000,00

$120,650,000.00

$107,097,412.82

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td

$146,402,587.18

7,500,000,00

o

15,000,000.00
" 15,000,000.00
10,000,000.00

3 $556,665,424.68
0

90. 754,000,00
609,000.00
1,177,000.00
175,000.00

86,329,000.00
199.400.00
600.000.00
175,000.00

74, 244.000.00
187,600.00
500,000.00
175,000.00

72, 392,000.00
188,000.00
500,000.00
175,000.00

46,050,000.00
185. 300.00
500,000.00

234, 565,000.00

207,853,400.00

182, 204,012.82

219, 657, 587,18

603 400.724 68

37,010,900.00

128,349,100.00

48,517,650.00
120,100.00

65,12L550.00
210,000.00

103.815.200.00
142,000 00

9,608,700.00

133.400.00

14,000 00

58, 246,450.00

65,464,950.00

a
fej

103,971,200.00

25,363,900.00
.1,885, 700.00
64,260, 500,00

835,000.00 1
129,184,100.00

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1936
IV. Transfers to trust accounts, etc.:
Railroad retirement account
Railroad unemployment insurance administration fund transfers to
unemployment trust fund (act Oct, 10, 1940)
Railroad unemployment insurance account:
Advance July 5. 1939 (act June 25. 1938) . . .
Repayment of advance Jan. 26, 1940
Adjusted service certificate fund
Government employees' retirement funds (United States share):
Civil service retirement fund
..
Foreign service retirement fund...
Canal Zone retirement fund
Alaska Railroad retirement fund

1935

1934

1933

1932 •

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$1,773,492, 631. 72

$50,000,000.00

$50,000,000.00

$100,000,000.00

$200,000,000.00

40,000,000.00
162.400. 00
500,000.00

20,850.000.00
159,100,00

20,850,000.00
292,700.00

20,850,000.00
416,000,00

20,850,000.00
215,000.00

1,814,154, 93L 72

71,009; 100,00

71,142,701.00

121,266,000.00

221,065,000.00

w

403,238,650. 00

573,001,000.00

359,490,900.00
357,850.00

425,660. 300.00
2, 909. 650.00

412,554, 750,00

i

1,500.00

557,250.00

15, 342.90

2.057,850.00
30,977,000.00

75,000,00

s

403.240; 150.00

673,^558, 250,00

359,864; 092.9a

461,604,800.00

412,629,750.00

td

« Excess credits (deduct).
» Includes $500,157,956.40 on account of U. S. Government life insurance fund i H percent bonds issued in- accordance with sec. 5 of the Adjusted Compensatioh Payment Act
o
of Jan. 27, 1936.

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Subtotal .

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V. Debt retirements:
vSinking fund
Received from foreign governments under debt settlements
.. .
Retirements from excess capital of Commodity Credit Corporation
Estate taxes, forfeitures, gifts, etc
.
Purchases and retirements from foreign repayments
Subtotal

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5§

REPORT OF THE SECRETARY OF THE TREASURY

"2
§£
2




1936
I. Trust accounts:
Federal old-age and survivors insurance trust fund: si
Investments
_
Benefit payments
Unemployment trust fund:
Investments
State accounts:
Withdrawals by States _
~ Transfers to railroad unemployment insurance account (act
June 25, 1938)
Eailroad unemployment insurance account:
Benefit payments . _
._
^
Repayment of advance (act June 25,1938)
Railroad retirement account:
Investments
Benefit pavments __
_.
Other trust accounts: 8
2
.
District of Columbia
__
_
Government life insurance fund
_.
1
National service life insurance fund:
Inve-stments
Benefit payments and refunds
Adjusted service certificate fund:
Investments
Other.
_
_
_.

1935

1934

1933

1932

fej
$18,909,000.00

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td
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46,010.686.07
68,460,252.57

• $42,810,801.87
68,693,600.44

$30,689.804.67
71,498,480.36

$34. 604.340. 55
70,398,704.62

$39, 524,773.60
74,345,104.97

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» 28.700,000.00
1,789,892,910.29

37, 700.000.00
18.829,081.65

25.800.000.00
30,432,817.18

6 13,000.000.00
122,419,647.22

b 16, SOO. 000.00
213,783,108.61

i" Excess redeinptions (deduct).
31 Includes transactions classified prior to Jan. 1,1940, under the caption "Old-age reserve account."
32 The expenditures shown for the classiflcation under "Special deposits (net)" were, prior to December 1940, included in similar classifications under "Other trust accounts.'
Transactions in special deposits prior to the fiscal year 1941 were not segregated and, consequently, the figures are not available.
-




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T A B L E 6 . - ^ A n n u a l expenditures, fiscal years 1932 to 19411 classified hy accounts—Continued
rN5

DETAILS OF EXPENDITURES—Continued
PART B . TRUST ACCOUNTS, INCREMENT ON GOLD, ETC.—Continued

1941
I. Trust accounts—Continued.
Other trust accounts.^?—Continued.
Civil service retirement fund:
Annuities and refunds
.
.
..
. - .
Investments
Foreign service retirement fund:
Annuities and refunds.
Investments .
^ , ,
...„ . . . . , Canal Zone retirement fund:
Annuities and refunds
_. . . . . .
Investments
_
_.Alaska Railroad retirement fund:
Annuities and refunds
—
Investrnents
_.
._
Indian tribal funds
Other 33 .
.
.
Unclassified
.
.
..
Other funds and accounts:
Public Works Administration revolving fund (act of June 21,1938).
Special deposits (net): 3
2
District of Columbia
Indian tribal funds.
Other
Subtotal




1940

1938

1939

1937

53
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td$72, 332,213.39
' 95,085,000.00

$67, 203. 261.76
84,800,000.00

$63,768,607.60
69,092,108.74

$62,489,850.22
64,608,437.25

$59,087,261.32
34,700,000.00

348,900.43
787,000.00

329,497.64
398,000.00

'321.434.18
200,000.00

308,449.14
217,000.00

265,498.84
227,000.00

1,047, 532.22
1,104,000.00

924,643.77
338,000.00

858,431.58
284,000.00

798,420.20
358,000.00

668.686.45
455,000.00

68,902.29
275,000.00
8. 286.690.04
27,272,499. 37
23,264.63

15,327.79
52,000.00
7,656.102.49
33, 765.080. 65
1,189, 508.26

102,729. 60
238,000.00
5, 325. 319.30
134,676,882.07
"60,861.38

89, 309. 79
- 204,000.00
8, 732, 6i5."20
13, 659, 397. 53
" 75, 741.91

71. 768. 54
236.000.00
4,962.050. 32
45, 727,299. 56
65,888. 65

" 454,890.13

" 7, 831,167.25

"1,640,666.67

.

.

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79.129.27
"6,754.32
16,199.221.97
2,425, 728,243. 77

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1,982,018,054.66

1, 795,901,578. 57

1,624,380,616.88

1.398,856,817.52
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1936
I. Trust accounts—Continued.
Other trust accounts 32—Continued.
Civil service retirement fund:
Annuities and refunds..
Investments
,.
Foreign service retirement fund:
Annuities and refunds
Investments
.
Canal Zone retirement fund:
Annuities and refunds
•.
Investments
.
.
Alaska Railroad retirement fund:
Annuities and refunds
Investments
Indian tribal funds
_
- ..
Other 33,...
,
Unclassified-- . . ._
Other funds and accounts:
Public Works Administration revolving fund (actof June21,1938).
Special deposits (net): 3
2
'- District of Columbia
Indian tribal funds _
.
Other
-..-•-.
Subtotal...-

.

1934

1935

193 :

1932

$56,640,942. 53
27,000,000.00

$62, 784,249.26
9,000,000.00

$47,583.181.73
11,900,000.00

$34,567.140. 34
26,500,000.00

$27,620,612.72
32,400,000.00

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243, 633.63
191,000.00

204,988.42
256,000.00

239,829.33
318,000.00

160.672.14
513,000.00

127.123.47
317,000.00

o

580, 505.18
500,000.00

527, 506.08
47>000.00

630,233.20
45,000.00

345, 586. 75
193,000.00

184,006.46
2,064,000.00

13,031,704.41
47,309, 319.35
" 1,724,066.88

1,294,669.64
4,666. 538. 54
304,327.07

1,617,866.92
"10,842,936.86
155,963.08

4,475,601.54
3, 790.617.49
117,116.98

9.723,320.20
2,943, 217.33
205,412.79

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2,038,345,888.16

237,118,762.87

209,968,239.61

285,085,427.53

386,437,680.15

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« Excess credits (deduct).
32 The expenditures shown fpr the classification under "Special deposits (net)" were, prior to December 1940, included in similar classifications under "Other trust accounts."
Transactions in special deposits prior to the fiscal year 1941 were not segregated and, consequently, the' figures are not available.
33 Includes transactions fpr insular possessions.




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TABLE 6.—Annual expenditures, fiscal years 1932 to 1941, classified hy accownis—^Continued
DETAILS OP E X P E N D I T U R E S - C o n t i n u e d
PART B . TRUST ACCOUNTS, INCREMBNT ON GOLD, ETC.—Continued

1941
II. Increment on gold, tran.«;actions in checkjng accounts, etc.:
Chargeable against increment on gold:
Melting losses, etc
- .
For retirement of national bank notes
Exchange stabilization fund
. .
. .
Payments to Federal Reserve Banks (sec. 13b, Federal Reserve
Act, as amended)
..
Transactions in checking accounts of governmental agencies, etc. (net):
Sales and redemptions of obligations in rftarket (net): 3^
Guaranteed by the United States:
Commodity Credit Corporation _. _ _ _
Federal Housing Administration
. .
_-..
Home Owners' Loan Corporation
. _.
.-..
Reconstruction Finance Corporation 35
United States Housing Authority
. _.
Federal Farm.Mortgage Corporation
^
Not guaranteed by the United States:
Home Owners' Loan Corporation
_.Federal home loan banks
_
.
_ _
Federal land banks
Electric Home and Farm Authority
Other transactions (net): .
Commodity Credit Corporation
.
.
_.
.
Export-Import Bank of Washington
_
Federal Housing Administration
Home Owners'Loan Corporation
.
Rural Electrification Administration...
Reconstruction Finance Corporation 35
_._ .
United States Housing Authority
Other 3
7
_......_
. .
Subtotal




L

$1,821.67

1940

$4,574.58

1939

$2,388.29
6,497.305.45

1938

$34,678.99
51,478,739.60

1937

$333,153.63
99,573,790.50

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td
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125,000.00

875,000.00

W
"289,458,000.00
2,552.450.00
211,532.825.00
"645,092.000.00
"112,099,000.00
211,300.00
66.325.00
" 27,329,000.00
10,917,000.00
"2,951,750.00
.

"200,620,000.00
839.493.39
166,188,975.00
"276,668,000.00

83,425.00
6,000.00
15.075,000.00
"8,092,600.00

347,077,377.25
208,482.55
"8,098,647.21
"239,313,806.97
"1,069,136.93
725,489,421.05
232,844,284.19
20,128,480.33

"210.493.798.38
"340.302.64
"4,853,751.00
"39,814,888.69
"876,069.67
42,340,268.20
17.201,293.11
22,314,245.21

130,127,035.49
1,549, 270.42

"ii 184,487,067.11
"1,206,460.00

"111,812,104.91
" 2,546,684.76

" 69,899,007.81
385. 538.79
246,691,136.84
64. 504.859.23
"4^.183,794.83

33,930,430.61
"8,627,452.62
1,405,590.44
"45,002,007.89

2, 282, 787.45
"329,146,606.02

225,628,625.93

"41,064,829.03

"762,826,768.18

"162,348,647.98

"213,068,660.82

"45,900,000.00
"906,129,000.00
" 114,167,000.00

Q

10,654,100.00
td

"4i,6od,b(K).bb
4,000,000.00
"2,814,600.00

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127,380,803.28

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1936
II. Increment on gold, transactions in checking accounts, etc.:
Chargeable against increment on gold:
Melting losses, etc.
.
—For retirement of national bank notes
"
Exchange stabilization fund
.
Payments to Federal Reserve Banks (sec. 13b, Federal Reserve
Act, as amended)
Transactions in checking accounts of governmental agencies, etc. (net):
Sales and redemptions of obligations in market (net) 3*
Other transactions (net):
Commodity Credit Corporation
Export-Import Bank of Washington
. .
Federal Housing Administration
Home Owners' Loan Corporation
Rural Electrification Administration
I
Reconstruction Finance Corporation 35
United States Housing Authority.
Other37....
Subtotal

_

$791.845.87
397,422,480.00

1935

1034

1933

1932

$075,121.93
91,415,650.00

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$2,000,000,000.00

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5,614,463.63

20,931,857.34

32.862.736.53
19,495.496.91

"60,280,485.04
"2,618,129.74

161,629.985.06
2,590,791.48

" 241,445,647.51

" IU, 709,781.37

669,981,961.39

$817,803,904.18

$205,868,006.52

80,788.693.33

"429.628,749.66

295, 530,158. 76

"624,114,516. U

2, 734,102, 737.93

817.803,904.18

205,808,006.62

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3 See note 15, table 5, p. 451.
4
36 Includes transactions on account of RFC Mortgage Company, Disaster Loan Corporation, Federal National Mortgage Association, Metals Reserve Co., Rubber Reserve Co.,
Defense Plant Corporation, and Defense Supplies Corporation.
•
'
36 Includes credits oh account of payments for restoration of capital impaired from operations.
37 The figures: for the fiscal year 1935 include $333,245,377.93, which amount represents transfers on May 31, 1935, of balances in checking accounts of certain special agencies of the
Government', which had formerly been classified as liabilities against the General Fund on p. 1 of daily Treasury statement. The flgures since that date represent net transactions of
those agencies.
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TABLE 7.-—Expenditures by major functions, fiscal years 19SS to 1941 ^
[On basis of daily Treasury statements (unrevised) (see p. 405), adjusted to provide uniform classification of expenditures on a basis comparable to that in eftect during the
fiscal year ended June 30.1941, including changes as a result of the President's Reorganization Plans Nos. Ill, IV, and V]

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1933
N a t i o n a l defense:
(a) W a r (military)
(b) N a v y
(c) N a t i o n a l defense funds
for t h e P r e s i d e n t .
(d) Selective service (admini s t r a t i v e expenses) . . .
(e) U n i t e d States M a r i t i m e
Commission 2
:_..
(f) Defense aid (lend-lease)
(g) N a t i o n a l defense housing
(Federal Works Agency).
Total national defense 2.

$301,613,978
349, 372, 794

1934

$243,260,118
296, 927, 49C

1935

$273,421,902
436, 265, 531

1936

$382; 588, 002
528.882,143

1937

$378,167,039
556,674,066

1938

$431,501,523
596,129, 739

1939

$489,545,592
672, 722, 327

1941

Total

$667,138,364 $3, 635, 508,149 $6, 802, 744, 666
891,484, 6.23 2,216,823,163 6. 545, 281, 777
103,104,146

28, 707, 961

" 9,442,625

" 21,165,944

" 11,959,946

679, 694, 733

530, 744, 984

688, 521, 489

899, 510, 200

" 5,877,195

1,172,113

43,813, 855

98,809, 569

103,104,146

17,516,746

17, 516,746

43.755.105
21, 394,691

167, 812, 893
21, 394, 691

. 41.981, 536
41, 981. 536
-928, 963, 910 1, 028, 803, 375 • 1,.206, 081, 774 1, 657, 432, 456 6, 080, 0«3, .'ibO 13, 699. 836,456

Veterans' Administration:
(a) W o r l d W a r v e t e r a n s ' adj u s t e d service certificates , . .
(b) O t h e r
-....
Total'Veterans' Administration

100, 000, 000
763,154. 886

50, 000, 000
506. 950, 488

50, 000, 000 1, 773, 492, 532
577, 890. 592
557, 064, 725

556, 665, 425
580. 644, 394

581, 977, 735

557, 070, 722

863,154, 886

556,950, 488

607, 064, 725 2, 351, 383,123 1,137, 309,818

581, 977, 736

557, 070, 722

G r a n t s t o States u n d e r
Security A c t
Public works 3
Aid t o agriculture ^

442, 370, 634
203, 677, 776

883, 377, 377
697,950,927
775,.281,486 1, 071, 305, 444

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556, 673, 384

10,000,000 2, 540,157,956
552. 680, 802 5, 234,107, 728

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556,673,384

562, 680, 802 7, 774, 265, 684

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271, 494, 501
320, 315,157
356. 500, 718 - 415,166,740 1, 558, 226 013
803, 522, 448 1.000,477,117
949, 418, 040
738,175, 313 7, 268, 905,961
853, 779, 797 1,228,209,740 1, 558, 887, 081
937, 445,129 8, 531, 772. 129

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Social

Relief a n d w o r k relief:«
(a) D i r e c t relief: F e d e r a l
E m e r g e n c y Relief Adm i n i s t r a t i o n 6..
335, 983, 846
707, 839, 277 1,820,122,309
(b) W o r k relief:
• Civil W o r k s Adminis805,122,892
tration
..
. 11,327,264
W o r k Proiects Admmistration and National
Youth Administration
Civilian C o n s e r v a t i o n
14, 248, 461
331,940,851
435,508.643
Corps..
.T o t a l relief a n d w o r k
350. 232. 307 1,844,903,020 2, 266, 958, 216
relief.
689, 365,106
820,926, 353
756,:61", 127
Interest on p u b l i c d e b t
J
848,'63.5, 222
635, 049, 482
671, 72 , 708
Others
:.:.
T o t a l e x p e n d i t u r e s exclud3,863, 544,922 6,011,083,2541 7, 009,875, 312
ing d e b t r e t i r e m e n t




1940

166, 925, 997
27, 822,900
729, 669, 303 1, 023, 944, 802
932, 650,462
970,535,213

494, 317, 450

" 9 3 3 , Q44

4,114, 706

1,659,786

544,116

3, 363, 648,446

676,196

296, 751

222,101

. 222,268

11, 379

817,878, 850

1, 263, 661, 490 1,896, 446, 658 1, 472, 499, 478 2,239,603,411 .1,572,186,, 243 1, 420, 946,. 646 .9, 865,.343,927
486, 281,194]

385. 807, 730

326, 382, 5481

290, 385. 528 . 283,244,749

257, 396, 531 2, 811,196. 235

.2, 244, 936, 33o| 2, 281. 618, 095 1, 803, 218, 8331 2. .531. 870,993 "1,855,986.487 1.678.343,177 6, 858, 067, 458
->:'749,396,802
866, 384, 331 /:926, 2S0. 714|
940, 539, 764 1. 040.935,6971 1,110,t692,812 7,901.138,704
730, 276. 302
801, 726. 589 " 969, 744, 755
922, 526, 3151 1,022.355,843 .1,188. .042, 315 7, 790, 078, 530
8, 665, 645,422 8,177, 408, 756 7, 238,822,168 8, 707,091, 581 8,998,189,706 12,710,629,824 n , 382,290,935

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a Excess credits (deduct).
1 Excludes debt retirements.
2 Figures for all years have been revised by transferring expenditures of the U. S. Maritime Commission from the "Departmental" classification to "National defense." The
expenditures for the Maritime Commission include expenditures heretofore classified as "Emergency ship coiistruction." The figures for the Maritime Commission are net and include receipts credited to the construction loan fund. » '
'
3 Includes Public Roads Administration, forest roads and trails. Public Buildings Administration, Tennessee Valley Authority, reclamation projects, river and harbor work (including flood control) [Public Works Administration (incluiing administrative expenses), and U. S. Housing Authority.
4 Includes agricultural adjustment program, Farm'Tredit Administration, Federal Farm Mortgage Corporation, Federal intermediate credit banks, Federal land banks, Farm
Security Administration, Farm Tenant Act, Rural Electrification Administration, Federal vSurpliis Commodities Corporation 1938 to 1941, Commodity Credit Corporation, and
Department of Agriculture. Department of Agriculture expenditures include aids for the benefit of the general public such as meat inspection and enforcement of the Food and Drug
Act.
.
^
'
•
.
5 Excludes total expenditures from emergency appropriations and allocations to other departments and agencies for the period 1933 to 1941, shown under other classifications as
follows:
•
•
Other—Continued.
National defense
:..'..— $189,876,532
$152. 264
State Department
:
•..'..•_
Veterans' Administration
3,873,005
130, 455,117
Treasury Department.
Pubhc works:
3,830, 309
Department of Justice
.__
Public Roads Administration
$497, 784. 310
131, 995, 017
Interior Department
.
100, 758, 279
Public Buildings Administration.
66. 408, 509 •
Commerce Department:
Reclamation projects
_..
213, 392, 434
Civil Aeronautics Authority
$675,131
River and harbor work
307, 253,123
Public Works Administration.
Other
12,771,465
13, 446, 597
19, 927,876
U. S. Housing Authority
7,123, 768
Labor Departihent
73, 776,153
Other independent oflices.
Total public works
1, 205, 524,532
51,184
Unclassified...-.
Aid to agriculture:
4, 377, 683
Federal Security Agency (other)..
Department of Agriculture
188,129,136
6, 384. 919
Public Health Service
Farm Credit Administration
16,882,522
31,931,711
Social Security Board
Farm Security Administration
910,986,078
82, 606, 822
Emergency housing
Rural Electrification Administration
15, 238.014
Total aid to agriculture
1,131, 235, 750
Total other
$489,905,933
Other:
Grand total
3,020,415,752
Legislative establishment—.
1,423,873
Executive ofiice:
Bureau of the Budget.
$3,894
National Resources Planning
. Board
870,431
Other
. . . . 1,476,192
:
2.350,518
s Includes Reconstruction Finance Corporation loans and grants to States, municipalities, etc., for direct relief.
7 includes'Federal~Housing"Administration-,-emergencyhousing7 Federal-home^oan-banks,-Home-Owners
loan associations, ExportImport Bank of Washington, Electric Home and Farrn Authority, Federal Deposit Insurance Corporation, Federal Works Agency (administrative expenses), Disaster Loan.Corporation, Reconstruction Finance Corporation (interest on notes), Office of Education, Public Health Service; American Printing House for the Blind, administrative expenses of the
Federal Security Agency, Social Security Board (other than grants to States), Railroad Retirement Board, transfers to trust accounts (excluding transfers to Federal old-age and
survivors insurance trust fund; also World War veterans' adjusted service certificates, shown under Veterans' Administration), District of CDolurobia (United States share). Post Office
deficiencies, Panama Canal, and Treasury refunds of taxes and duties; but excludes all expenditures for Department of Agriculture, and grants to States by Department of Labor
under Social Security Act.
NOTE.—Figures are rounded to nearest dollar and will not necessarily add to totals.




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Other receipts and expenditures tables
TABLE 8.-

-Expenditures of the several activities of the Treasury Department in each of the States and Territories, fiscal year 1941 *
Administrative
expen.ses, emergency relief»

S t a t e s , etc.

Alabama
Alaska
..
. .
. ..
Arizona
Arkansas . .
.
__
.
1
California
Colorado
...^
Connecticut
.
_Delaware.
D i s t r i c t of C o l u m b i a :
Departmental
Field
.. —
Florida
__. .
^
Georgia
. . .
Hawaii
.
Idaho
Illinois
. . .
Indiana
_•_
Iowa
Kansas . .
Kentucky
..
L o u i s i a n a '_
Maine
. . .
. _
Maryland
.
Massachusetts
._
Michigan
Minnesota
~_ _
. .
Mississippi
-Missouri
._._..
Montana
Nebraska
.
Nevada
.
.
New Hampshire
:.
N e w Jersey
.
N e w Mexico
. -^.
NewYork
..
N o r t h Carolina
.




.

.

.

.. .
.
. . . .
....

'
.
_

$104.341.01'
17.487.00
28.321.20
89,802. 70
183.891.85
70,046.96
53, 748.06
21,078.83
2, 229, 578.14
208. 085. 91
54, 023.'65
61,682.05

_.

.
_
-

- .

29,256.19
. 186,047.16
108, 855.44
52,071.69
52, 940.94
78,883.47
54.192. 93
22. 534. 99
42.-965. 27
149,001.14
87,825. 56
76,131.09
62, 496. 54
92. 787. 81
37. 718. 88
109. 535.32
20,932. 59
24. 962. 72
113. 718. 54
•
34,655.85
281, 881. 87
98,097.84

Division of
Disbursement

$86.26
107,320.88
45,706.33

1,469,200. 28
108,704.09
10,134.80
i02,"072."02'

46,164.06
60.602.04
58,"i4i.6o'
132,263. 54
27,187.32

29. 307.93
111,049.16

Coast G u a r d

$252,935.81
' 642,656.16
446. 27
1, 621.83
2,491,889.67
19, 701. 49
1,480,906.32
50,196.04
742,955.75
6,761,643.27
2,551.548.40
150.634.69
471.618.34
3,505. 20
1,142.676.34
33.698.31
6^386.95
21, 570.56
38, 589.65
1,289.671.50
418,678.69
2,834.675. 26
4,698.440. 74
822.039. 54
146. 724. 72
236,730.68
634,376.46
550.67
42, 660.41
29,463. 32
1,178,154.13
630.82
8,373,900.30
672,370.14

B u r e a u of C u s toms

B u r e a u of t h e
Mint

$87,892.30
81,628.64
243,374.16

(*)

2,573,744.14
22,867. 69
127, 582.74

$1,042,82L19
694,680.31

(«)
695,663.18
305,657.04
611,136.63
110.506.86
267,943.96

131,745.90

(«)

704,005.83
29,82L30

0)

(«)

. 61.380.26
1,617,620.11
393.951.02
2,690.920.61
3, 582.413.32
1, 220, 713.66
227.672.34

74,457.19
26,769.91

(')

157. 733.48
395,450.59
15,329.28

09

(11)
(12)
(13)

26,246,543.39
229,28L04

2,377,681.32

B u r e a u of I n t e r nal R e v e n u e '

$475,462.26
7,357.80
128,094.71
269,153.36
3,984,615.95
599,354.31
791 418 60
182,222.43
12, 297.740.04
676 267 22
727,845.55
1 058 235 66
220,698.27
• 128,778.46
4,214.075.34
901.065 89
585 644 62
543, 201.03
1,377.160.93
909.402 33
204,957.20
1,689, 987.68
2,363,181.65
1,852,457.55
1 130 222 17
276,665.38
1,781,133.68
187, 235.13
348, 230.41
73 021 31
163, 423. 23
2,127,319.58
123,917.10
8,879,109. 74
737,748.03

(X)'

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North Dakota
Ohio
Oklahoma.-Oregon
Panama
Pennsylvania
P h i l i p p i n e Islands
P u e r t o Rico
R h o d e Island . . .
S o u t h Carolina
South Dakota
Tennessee _
Texas
Utah
Vermont
Virginia
_
Virgin Islands
Washington.
W e s t Virginia
Wisconsin
Wyoming

39.590.20
136.906. 52
^76,810. 24
.
68,643.73
207,444:36
.

.
91,706. 68

_ ...
•

._

Total

1

28,774.35
60,438. 72
1,154. 95
626.58

.

. .
_.

52,736.99

_. ._

64,870; 27
44,299. 30
56.101. 56
138, 561.03
32.607. 01
21,288. 56
74. 574.97
17,375. 78
39. 292. 64
69.883. 81
79. 574. 70
21,133. 27
6, 210,245. 72

75,653.49
21,183. 93
69.97
38, 217.07

2,576,685.76

26.44
1,444,088.39
995:89
283.662.96
15,130. 44
912.250.97
296.019.65
196,556.93
284,800.73
74.34
89,465.94
275,666. 80
16.217.67
2,976.64
2,593.144. 27
36,344.40
1,809,415.92
12,144. 26
356,828. 52
108.34

2,969,567. 78
85,643.95
84,912.91

18 46, 769,967.63

' 49,991,887.76

117.961.21
2,741,136.97
744,038.85
363,524.79

180,048.43
563,465.29
(8)

178,784.35
118,908.27

2,247,89L22

0*)

67,677.17
1,713,162.42
(IC)

325,907.27
287,034. 72
34,615.27
728,648.98

4,244,676.56
3,616.18
12,088.19
236,977.17
367.150.10
127,217.94
696,685.65
1,961,551.62
228,840. 79
123, 238.58
706,767.62

47,960.40

874,888.43
424,332.14
906, 503.87
104,667.03

6,643,907.44

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(5)

72, 787.38
(15)

U
Footnotes at end of table.




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Philippine Islands
P u e r t o Rico
Rhode Islands
.
South Carolina
•
South D a k o t a .
Tennessee
Texas
Utah
Vermont
Virginia .
.
Virgin I s l a n d s •
Washington
W e s t VirginiaWisconsin
Wyoming
Total

. . .

. .

.
42, 669.20
_.
._
.

. . .

.

.

7,500.00
1,000. 00
19,000.00
81, 000. 00
7, 000. 00
500. 00
15, 700. 00

...

.
.

.

2.57
45.45

56,859,83

47,493. 97

33,266.12
91, 332.98
19,314.59

52, 294. 79

46, 263.13

4,763.42
9, 064.85
1,700.35
16,845. 60
53, 313. 70
5, 314.10
1, 600; 35
23, 091. 36

3.53

51,034. 75
61,259.18
78,192.29
7, 689.17

33, 567. 66
3,893.49
5, 508. 73
1, 500. 30

7,294,648.28

4,199, 753. 78

1,451,150. 67

. ..

23,400.00
9,100.00
5, 000.00
1, 700.00 •
19 1,246,700.00'

17,425. 62
23, 560. 75

2,288,453.27 •

4, 771.13
3,412, 567.98
523, 941.47
875,161.26
174, 337. 38
"969, 042. 04
4,-455,161.63
330.478.09
475,511.40
3,822,431.61
88,395.42
3,646,425.85
580, 612.88
1, 504, 399.02
136, 798. 11
195, 575,668.58

1 The figures in this statement include only those expenditures under each Treasury activity susceptible of distribution on State lines and do not exhibit all expenditures by the
Treasury in the various States. Items such as payments of interest and principal under public debt, certain administrative expenses in Washington, D. C , and certain other expend-.
itures not susceptible of distribution are excluded'. The expenditures by States are on a gross checks-issued basis.
2 For accounting and disbursing expenditures. Bureau of Accounts—Emergency relief funds.3 The amounts of expenditures reported are not entirely indicative of the cost of collection of taxes in the respective States, as Alcohol Tax districts. Internal Revenue agents
Technical Staff field divisions, field divisions of Intelligence Unit, as well as several other field divisions-of the Internal Revenue Bureau, do not follow State boundaries. Only
approximate expenditures by States are available for these branches of the Internal Revenue Bureau. 4 Included in Tennessee.
s Ihciuded in Pennsylvania.
6 Included in Montana.
"
,
.
7 Iiicluded in Illinois.
,
^—
~
8 Included in Missouri.
9 Included in Alabama and Louisiana.
1 Included in California.
0
1 Included in Maine.
1
1 Included in New York and Pennsylvania.
2
13 Included in Texas.
1 Included in North Dakota.
4
1 Included in Nebraska.
5
1 Excludes $103,677.89 expended in foreign countries.
6
•
1 Expenditures from emergency relief funds except $744,339.20 expended in the District of Columbia from regular funds.
7
18 Includes expenditures from emergency relief funds.
.
ii,Estima.ted._ Nonexact jiisMbJitionjDy:^^^
NOTE.—Pursuant to Executive Order No. 8929 of Nov. 1, 1941, the Coast Guard was transferred from the Treasury Department to theT>Tavy Department




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482

REPORT GF T H E SECRETARY OF T H E TREAS'URY

T A B L E 9.—Comparison of detailed internal revenue collections, fiscal yearh 1940
and 1941
',
'
[On basis of reports of collections, see p. 406]
Source

1940

1941

Income, excess-profits, and unjust enrichment
taxes:
Corporation income taxes
Individual income taxes

$1,120,578,619.56
982,017,376.17

'$1,851,985,542.10
1 1,417,655,126.59

Total income taxes
.
Excess-profits taxes—declared value..
Excess-profits taxes—Second Revenue
Actof 1940
Unjust enrichment taxes (title III, Revenue Act of 1936)
^
Total income, excess-profits, and unjust enrichment taxes
Capital stock tax.
Estate tax
Gift tax.

.

._

_

Liquor taxes:
Distilled spirits (imported), excise tax
Distilled spirits (domestic), excise tax
Distilled spirits, rectification tax.
Still or sparkling wines, cordials, etc. (imported), excise tax
Still or sparkling wines, cordials, etc.
(domestic), excise tax
Brandy used for fortifying sweet wines
(repealed 6/24/40)
Rectifiers, retail and wholesale liquor
dealers, manufacturers of stills (special
taxes)
Stamps for distilled spirits intended for
export
- -.
Stamps for distilled spirits bottled in bond
Container stamps (Liquor Taxing Act of
1934)
.Floor taxes (levies on tax-paid stocks, inventories of January 12, 1934, July 1,
1938, and .Tulv 1, 1940)
....
Fermented malt liquors
Brewers, retail and wholesale dealers in
fermented malt liquors (special taxes).
Total liquor taxes
Tobacco taxes:
Cigars (large):
Class A
.
Class B
J
Class C •
ClassD
Class E
.

2,102.595.995.73
18,474,201.83

-

Total cigars (large) - .
. . . . . _ . .
Cigars (small)
'.
'.
Cigarettes (large)
i
.
Cigarettes (small)
Snuff
Tobacco, chewing and smoking . . _ .
Cigarette papers and tubes
Leaf dealer penalties, etc
.:Cigarette floor tax__
.._.

. $731,406,922.54
435, 637,750.42
1,167.044,672. 96
9,602,082.83

164,308,967.23

164,308,967.23

8,536,178.32

9,095,561.61

559,383.19

2,129.606.375.88

3,471,121,482.09

1,341,515.106.21

132.738,537.17
330,886.048.91
29,185,118.03

2 166,652.639.88
2 355,194,033.49
2 51,863,714.03

33,914,102.71
24,307,984. 58
22, 678, 596.00

27,874,052.19
289, 678, 587. 70
11,849,424.12

3 34.889. 895. 90
3 393.571.998.21
13,457,180. 70

7.015,843.71
103,893,410.51
1,607,766.58

649,925.38

< 378,380.60

-271,544.78

7,409,953.93

< 11,045,056. 57

3,635,102.64

1,306,748.90

1,396,394.48

89,645.68

6,287,110. 46

2 7,971,666.43

1,684,655.97

542. 50
1,089,230.00

637. 30
1,039, 267. 64

-5.20
-49,962.36

10,135,132.99

10,123,000. 68

-12,132.31

12,200.32
264, 574,274.79

26. 304.050.09
8 316,736,852.63

2.5,291,849.77
52,162, 577.84

3,197,151. 29
624.064, 334. 67

. . . . .

» 3,269. 640,668. 69
1 28,076,284.66

Increase or decrease (—)

9,467,834.11
127.024.79
2,433.413.47
376,218.73
59,988.21
12,454,479.31
97, 685. 79
16.832.10
533.040,187.87
6,798. 556. 53
64,383,793.02
1,279. 507. 90
1, 727. 71

2 3,954,695. 21
819,868,976.44

757, 543.92
195,804,641.87

9,862.496.69
128, 676. 57
2,579.202.15
408,680. 49
67,849.74

404,662. 58
1,650.78
145.788.68
32,461. 76
-2,138.47

13,036.904. 64
113.969.87
«12.007.89
« 616,744,342. 40
6,899,820. 62
64,927. 762.02
1,431,315.35
11,814.90
4, 534, 384.21

582.425.33
16,284.08
-4,824.21
83,704,154.53
101.264.09
543,969.00
151.807..45
10.087.19
4,534,384.21

89, 639, 551.67
697, 712, 321. 90
Total tobacco taxes
.. 608,072,770.23
Stamp taxes ^itle VIII, Revenue Act of 1926,
as amended):
Bonds of indebtedness, issues of capital
3,927, 275.46
2 22,072, 503.40
18,145, 227. 94
stock, deeds of conveyance, etc.,
Capital, stock and similar interest sales or
712,176,496:92
-3,361,453.27
15,527,950.19
transfers
» Rates of taxes were increased by Revenue Act of 1940 and Second Revenue Act of 1940.
2 Rates of taxes were increased 10 percent by Revenue Act of 1940, elTective July 1,1940.
3 Effective July 1, 1940, taxes were increased from $2.25 per gallon to $3.00 per gallon on distilled spirits
generally and on brandy frora'$2.00 per gallon to $2.75 per gallon.
< Effective July 1, 1940, taxes on wines were increased 20 percent.
» Effective July 1,1940, tax was increased from $5.00 to $6.00 per barrel.
8 Effective July 1, 1940, taxes were increased from $3.00 to $3.25 per thousand on small cigarettes; from
$7.20 to $7.80 per thousand on large cigarettes.
(Footnotes continued on next page)




483

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 9.—Comparison of detailed internal revenue collections, fiscal years 1940
and 1941—Continued
|
!
Source

1940

S t a m p taxes'(title V I I I , R e v e n u e A c t of 1926,
' as a m e n d e d ) ^ C o h t i n u e d .
Sales of p r o d u c e (future delivery) (repealed 7/1/38)
•
P l a y i n g cards
Silver bullion sales or transfers
:.._...
T o t a l s t a m p taxes
1
M a n u f a c t u r e r s ' excise taxes:
Lubricating oils...
Gasoline
_.
Tires a n d inner t u b e s . . . 1 . . .
.
^
Automobile trucks
O t h e r a u t o m o b i l e s a n d motorcycles
P a r t s or accessories for a u t o m o b i l e s
Electricalenergy
R a d i o .sets, p h o n o g r a p h records, e t c
M e c h a n i c a l refrigerators.
F i r e a r m s , shells a n d cartridges
Pistols a n d revolvers
Toilet p r e p a r a t i o n s (perfumes, cosmetics,
etc.)
T o i l e t p r e p a r a t i o n s (dentifrices, toilet
soap, etc.). (repealed 7/1/38)..,..
M a t c h e s , colored wooden s t e m s . .
Repealed taxes n o t listed a b o v e
T o t a l m a n u f a c t u r e r s ' excise taxes
Miscellaneous taxes:
B i t u m i n o u s Coal A c t of 1937 (effective
J u n e 21, 1937)
Sugar A c t of 1937 (effective Septemb'er 1,
1937)
....
T e l e g r a p h , telephone, cable, a n d radio
facilities.....
T r a n s p o r t a t i o n of oil b y p i p e line
Leases of safe deposit boxes
Admissions to t h e a t e r s , concerts, c a b a r e t s ,
games, e t c
. C l u b dues a n d initiation fees
A d u l t e r a t e d b u t t e r , including special
taxes
R e n o v a t e d b u t t e r , including special taxes."
Filled cheese..
M i x e d flour
Oleomargarine:
Colored...
Uncolored
Special t a x e s . . . .
Narcotics ( o p i u m , coca leaves a n d special
taxes).. . .
M a r i h u a n a T a x A c t of 1937
C o c o n u t , e t c . , oils processed (sec. 6021^2,
R e v e n u e A c t of 1934, a s a m e n d e d )
C r u d e p e t r o l e u m processed, etc. (repealed
National Firearms Act
Receipts from other miscellaneous sources,
m c l u d i n g repealed taxes o n checks,
c a n d y , jewelry, soft d r i n k s , e t c
T o t a l miscellaneous taxes

Increase or d e crease (—)

1941

$4,814. 327. 60
193.736.79
38,6S1, 242. 52

$92.99
2 4,756,572.10
51,286.|28
39,056,951.|69

31, 232. 589.30
226,186,669.47
41,555,488.81
7,866,070. 61
59, 351,198. 09
10.629,993.36
42,338. 501. 94
6,079.914.50
9,954, 398. 86
3, 707.843. 68
89,608.54

8 38,220,844.40
9 343.021,269. i39
10 51, 054, 262.105
n 10,746,619.135
12 81,402,519.;06
2 13,083,554.190
13 47,021.015.!62
2 6*9.35,182.'03
213, 278,909.;68
2 5, 535,773. 25
2 85, 301.113

$92.99
T-'57,755.60
— 142.450.61
375. 709.17
6 988 255 10
116,834. 599.92
9,498, 773. 24
2 880 548.84
22,051,320.97
2,453, 561. 64
4,682, 513. 68
855,267. 63
3,324,510.82
1,827,929. 57
—4,207.41

1

7,712,483. 96

2 6,661,922.0.';

-1,050,561.91

45, 242.33
21,848.81
"315.880.33
447,087,632.49

21,611. 17
95,140. 89
»U89,966.174
,617,353,891.|64

-23,631.16
73, 292.01
-125,91.3.59
' 170,266,259.15

4,161,663.92

4,385,798.77

224,134.85

68,145,357.56

74,834,721.90

6,689,364.34

26,367, 945.02
11,510,646.54
1,988,933.79

27,331,113.161
15 12,480.585.165
' 2 2, 216,898.'10

963,168. 59
969,939.11
226,964.31

21,887,916.00
6, 334, 908. 82

16 70,963,094.06
2 6,582,649.28

49,075,178.06
247, 740.46

13, 275.31
7,002.89
. 155.24
6,241.83

8,954J 72
7,093.27
6,366.197
7,208.10-

—4,320.69
90.38
6,211.73
966. 27

30, 758. 77
769,463. 51
1, 223, 377. 75

49, 762.! 38
850, 755. 25
1, 221,195.09

19,003.61
91.291.74
-2,182.66

605,395. 66
4, 702. 60

684,197.' 90
6,090. 38

78,802. 24
1, 387.78

5,697,834.00

5,163,184.40

- 6 3 4 , 649. 60

555.39
12, 388. 68

359!12
15,897] 60

— 196.27
3, 508.82

1

: *
1
17 35,876160
206,850,803'. 05

" 166, 738.83
148,925,262.11

-130,862.23
67,925. 540. 94

=

(Footnotes continued from preceding page)

ximately 20 percent.
1 Effective July 1,1940, tax on tires was increased from 214 cents per lb. to 21.^ cents and the tax on Inner
0
tubes mcreased from 4 cents per lb. to 4 ^ cents per lb.
I•
"Effective July 1, 1940, tax was increased from 2 percent to 2H percent.
I
! £5^^*^^® >^"^y 1' "^940, tax was increased from 3 percent to 3H percent.
! Effective July 1, 1940, tax was increased from 3 percent to 3)4 percent.
j
" Repealed taxes include: For 1940, $4,076.30 on brewer's wort and malt, $159,810157 on articles made of
fur, $143,095.47 on sporting goods, $6,822.13 on cameras and lenses, and $2,075.86 on j chewing gum; and for
i?^i^;^^^^-^^ °^ brewer's wort and malt, $63,698.56 on articles made of fur, $124,205.12 on sporting goods,
$1,884.37 on cameras and lenses, and $49.83 on chewing gum.
•
' ,
!J SS^^M^^ ^^^y 1' ^940, tax on transportation of oil by pipe line was increased from 4 percent to ^ ^ percent.
"Effective July 1, 1940, tax was increased approximately 10 percent and amountiof exemption lowered,
taxing all admissions of 21 cents or more.
I
" Repealed taxes iricluding interest and penalties amounted to $140,623.70 for 1940 and include $2,203.68
on checks, $71,655.79 on candy, $64,332.64 on jewelry, $2,061.60 on soft drinks, $270.09ion grape concentrates,
and $20.36 on-dividends; and the repealed taxes including interest and penalties amounted to $21,713.82
for 1941 and include $1,732.53 on checks, $501.02 on candy, $18,709.29 on jewelry, and| $770.98 on soft drinks.




.

.

••

'

.

I

484

REPORT OF THE SECRETARY OF THE TREAStTRY

TABLE 9.—Comparison of detailed internal revenue collections, fiscal years- 1940
and 1941—Continued
SourceE m p l o y m e n t taxes: .
Federal I n s u r a n c e C o n t r i b u t i o n s A c t (2
percent of taxable wages)
F e d e r a l U n e m p l o y m e n t T a x A c t (employm e n t of 8 or more)
Carriers, taxes (old-age benefits. 5 H or
6 percent of taxable compensation)

Increase- or d e crease ( - )

. 1941

1940

G r a n d total, all collections
A d j u s t m e n t to daily T r e a s u r y s t a t e m e n t
basis... Receipts p e r daily T r e a s u r y s t a t e m e n t .

$687,327,551.09

$81,977,375.45

106,123,156. 21

100,657,721.58

-5,465,434.63

122,047, 643. 66

137,871,187.71

15, 823, 544. 05

833, 520, 975. 51

T o t a l e m p l o y m e n t taxes

$605,350,175.64

925,856.460.38

92, 335, 484. 87

5,322, 768, 297.42

7, 351, 531, 274. 59

2,028, 762,977.17

-19,634,309.13

+10,143.707.64

29, 778.016.77

5,303,133,988.29

7,361,674,982. 23

2, 058, 540,993. 94

NOTE.—Collections for credit to trust accounts, excluded in the table above, were as follows:
Source

1940 •

Corporation income tax (Alaska railroads).
Distilled spirits (domestic)
._..
Distilled spirits rectification tax
Wines (domestic)
Ferrnented malt liquors
.
Cigars (large)...'.
Ci8:arettes (large)
.-.
Cigarettes (small)
Manufactured tobacco
Coconut oil
Playing cards..
Brandy
Sugar
Total trust fund collections.

1941

Increase or
decrease (—)

$2. 931.19
179,315.37
4, 666.85
52. 78
4,761.24
443, 284. 26
22.86
2, 356.47
9.77
17, 046, 520. 47
102. 80
25. 30

$2.448.48
179, 627. 06
3, 374. 09
9.45
4.174. 48
363, 622. 96
51.94
891.91
2.16
18.022, 751. 63
14.40
16.81
117.70

-$482.71
311.69
- 1 , 292. 76
-43. 33
-586.76
-79,661.30
29.08
-1,464.56
-7.61
976, 231.16
-88.40
-8.49
117. 70

17,684, 049.36

18, 577,103.07

893,053. 71

.TABLE 10.—Internal revenue receipts, by tax sources, fiscal years 1916 to 1941^
[On basis of reports of collections, see p. 406]
I n c o m e a n d excess-profits,2 including u n j u s t e n r i c h m e n t
Year
Corporation

1916
1917
1918
1919
1920
1921
1922
1923
1924...:
1925 . 1926
1927 1928
1929
1930..
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

...

$56, 993, 658
3 207, 236,828

916, 232, 697
1,094, 979. 734
1, 308,012, 533
1, 291,845, 989
1, 235, 733, 256
1, 263,414,466
1,026, 392, 699
629, 566,115
394, 217, 784
397, 515,,852
'
572,115,002
738, 520, 530
1,056, 909.063
1, 299, 918,084
. . . . 1,122,531,026
1,120, 578, 620
1,851, 985, 542

Footnotes at end of table.




Individual

$67, 943, 595
180,108,340

T o t a l income

$124, 937, 253
3 387, 345.168
3 2. 852, 324,866
2, 600, 783,903
3, 956, 936, 004
3,228,137,674
2, 086. 918,465
1,691,089, 535
1, 841, 759, 317
845,426, 352
1, 761, 659,049
879,124, 407
1,974,104.141
2,219,952,444
911,939,911
2,174, 573,103
882, 727,114
1, 095, 541,172
2, 331, 274,428
1,146,844, 764
2,410, 259, 230
833,647, 798
1, 860, 040, 497
427,190, 582
1,056, 756, 697
352, 573, 620
746,791,404
419,509,488
817,025,340
527,112, 506
1,099, 227, 508
674,416,074
1,412, 936, 604
2,148, 649, 809
1,091, 740, 746
1. 286, 311, 882
2, 586, 229, 966
2,151,364,822
1,028,833,796
2,102, 595, 996
982,017, 376
1, 417, 655,127
3, 269, 640, 669

Excessprofits

Unjust
enrich- ment

$37,176

2,630, 615
6,560,483
14, 509, 290
25,104, 608
36, 569,042
27,056, 373
18, 474,202
192, 385, 252

$6,073,351
6,216, 736
6, 683, 335
8, 536,178
9,095, 562

T o t a l income,
excess-profits, a n d
u n j u s t enrichment
$124,937,253
387, 382, 344
2,852, 324, 866
2, 600, 783,903
3,956,936,004
3, 228,137, 674
2,086,918, 465
1, 691,089, 535
1, 841, 759, 317
1, 761, 659,049
1,974,104,141
2,219, 952.444
2,174, 573,103
2, 331, 274, 428
2,410,259,230
1,860,040,497
1,056, 756, 697
746, 791,404
- 819, 655, 955
1,105, 787; 991
1, 427, 445, 894
2,179,827, 768
2, 629,015, 744
2,185,104, 530
2,129, 606, 376
3,471,121,483

REPORT OF THE SEGRETARY OF THE TREASURY

485,

TABLE 10.^—Internal revenue receipts, by tax sources, fiscal years 1916\to 1941 ^—Con. •
L i q u o r taxes
Capital
stock

Yeaj

1916
1917
1918
1919
.
1920
1921
1922
1923
1924
...
1925
1926
1927
1928
1929..
1930
1931
1932
1933......
1934
1935.1.
1936 . , . .
1937
1938.
1939.,..
1940
1941

..
-

$10,471,689
24, 996, 205
28, 775, 750
93,020. 421
81, 525, 653
80, 612, 240
81, 567, 739
87,471, 692
.90, 002, 595
97, 385, 756
8, 970, 231
8, 688, 502
5, 956, 296
46,967

80,168, 344
91,508,121
94, 942. 752
137,499, 246
139, 348, 567
127, 203.009
132, 738, 537
166, 652, 640

Estate

$6,076, 575
47,452,880
82,029,983
103, 635, 563
154, 043, 260
139, 418, 846
126,705, 207
102, 966, 762
101, 421, 767
116.041,036
lOO; 339, 852
60,087, 234
61, 897,141
64, 769, 625
.48, 078, 327
47,422, 313
29, 693,062
103, 985, 288
140, 440, 682
218, 780, 754
281, 635, 983
382,175, 326
332. 279, 613.
330. 886,049
355.194,033

^ .

$7, 518,129
3,175, 339

4, 616. 662
9,153,076
71, 671, 277
160,058, 761
23, 911, 783
34, 698, 739
28, 435, 597
29,185,118
51,863, 714

-_.

.•_

$38,110,282
8,254,342
17,284,805
28,946,888
59,715,331
63,551,491
41,347,753
44,603,166
43, 031,608
27,862,622
28,480,422
13,044,446
15,561,459
17,868,372
22,611, 275
14,757,383
9,198, 539
16,034, 755
16, 259.305
17,934,777
28,162,658
28,651,710
20,083, 581
19, 366,430
18,145, 228
22, 072, 503

8

$2,236,040
7,540,881
13,372,164
8,790,906
9,012,702
9,871,604
7,936,832
12,808,629
17,137,186
16,674,103
24,208,538
37, 595,928
46,698, 227
25,519,973
17,696,130
33,188,495
38,065,999
15,747,363
33,054,798
31,350,597
18,355,346
17,064,488
15, 527,950
12,176,497

$158, 682, 440
192, 111, 319
317, 553, 687
365, 211, 252
97.905, 276
82, 598, 065
45, 563, 350
30, 354, 007
27, 580, 381
25, 902,820
26,436, 334
21,194, 669
15, 307, 496
12, 776, 628
11, 695, 267
10, 432, 064
8, 703, 963
8,016, 045
89, 951, 748
195,363,693
256,117.118
312, 247, 468
294,477, 894
324, 271, 723
356, 292, 909
. 499,177,429

S t a m p taxes

B o n d s of ind e b t e d n e s s , Capital stock
issues of
a n d similar Sales of procapital s t o c k ,
duce for fuinterests,
deeds of consales or
t u r e delivery
veyance,
transfers
etc.*

Year

1916
1917.—
1918... .
19191920
1921
1922
1923
1924 . 1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
19361937
1938
1939
1940
1941

Distilled
F
spirits a n d m aelr m e n t e d
t liquors,
wines, inincluding
cluding
special taxes special ..baxes
i

Gift

(«)
(5)

$2,353,889
7,263,571
8,171,871
7,521,676
5,558,589
7,015,382
7,557,577
5,397,148
4,183, 218
2,884, 534
4,048,499
3,333,427
3,599,875
1,682,681
959,320
4, 206,598
7,847,743
3,950.544
2,943,542
• 5,096,814
3,599,389
248,982
93

•

$88,771,104
91, 897,194
126, 285,858
117,839, 602
41, 965,874
25, 364
46,086
4,079
5,328
1, 954
15,694
1 883
1 300
1 100
1
1

1

35,158,272
168, 95p, 585
215,561,848
249.125, 679
281, 583,886
273,191,515
263, 33,^,-223 ;
267, 77il, 426
320, 691, 547




$247,453, 544
284,008,513
443. 839, 545
483,050,854
139,871,150
82, 623.429
45, 609,436
30,358,086
27, 585, 709
25, 904, 774
26,452,028
21,195, 552
15, 307, 796
12, 776, 728
11, 695,267
10,432, 064
8, 703, 963
43,174, 317
258, 911, 333
410,925, 541
505,242,797
593, 831, 354'
567, 669,409.
587,604,p46.
624,064, 335
819,868,976

1
I
1

Playing
cards

Silver bullion,
Total stamp
sales or
taxes
transfers
1
1

$819,654
820,897
1,276,505
2,091,791
3,088.462
2,603.941
2, 787,921
3,385,227
3,731, 537
3,183,385
4, 213,414.
4,742,469
5,010,712
5,375,804
4,819,293
4,993,559
4,386,831
3,908,354
4,406.385
4,351.299
4,143, 698
4,186, 502
4,052,567
4,141,167
4,814,328
4,756,672

1

i
]
1

1
1
1

1
1

: $606
1,149,390
685,188
633,712
142,107
261,772
193,737
61, 286
1

Foothotes at end of table.

T o t a l liquor
taxes

$38.929,936
9,075,239
23 151,239
45,843,131
84 347,828
72,468,014'
58 706 965
64,875,379
62 257,554
49, 251,784
54 014,240
37,345, 552
48,829, 208
64,173, 531
77, 728,670
46,953, 596
32, 240.820
57 338 202
66.580.'038
43 133 373
68,989,884
69,919.335
46,232.990
41,082,839
38 681 243
39,056,961

486

REPORT OF THE SECRETARY OF THE TREASURY '

TABLE 10.—Internal revenue receipts, by tax sources, fiscal years 1916 to 1941 ^—Con.
Tobacco
manufactures,
including
Manufacturspecial taxes
ers', etc.,
in effect to
excise ^
J u n e 30,1926

Year

1916....
1917
1918
1919
1920
1921
1922
1023
1024
1925
1026
1927
1928
1920
1930
1031
1032
10.33
1034
1035
1036.....
1937
103S..
1939
1940.
1941 _

....

Leases of
safe deposit
boxes

Year

1916.
1917
1918
1919
1920
1921
1922.
1923
1924..-..
19251
1926
1927 . . . .
1928
1929
1930
1931
1932..
1933
1934
1935
1036
1937
1938
1939
1940
1941.

$88.003.948
103,201,592
156.188.660
206.003.092
295.809,355
255, 210. 385
270. 759. 384
309.015.493
325. 638,931
345.247,211
370.666.439
376,170.205
306.450.041
434.444. 543
450,339. 061
444. 276. 503
308, .578. 619402. 739.059
425. 168.897
4.58. 775.934
500,785. 385
551.922,580
567,777.410
579.784.074
608'. 072. 770
697,712,322

:._

$2.365,041
2. 715.851
2,317.619
1,997,410
2,039, 714
2,013,159
1,980, 525
1,988,934
2, 215,898

Footnotes at end of table.




$4,218,979
775,078
36,636. 607
79, 400. 266
267. 968, 579
229.397. 837
174.361.288
18.5.117,058
200,921. 721
140, 877. 326
150, 220,488
66,8.'-0,109
51,951,694
5, 723, 791
2,676. 261
149. 744
96.105
243,600, 368
385.201.214
342,144.686
382,716,142
449,853, 630
416,753,516
396,891,003
447,087.632
617,353,892

Soft d r i n k s

Transportation, including oil b y
p i p e line

(»).
(*)

8

$2,215,181
7,182. 219
67, 460,956
68. 675. 073
33. 504. 284
10.131.807
10,418,806

$6,209,017
17.'902.389
27, 677,041
28.442,413
29.271.522
30, 380, 784
34,662,429

$64,437, 533
2i9.9?7.183
261,671,046
273,070.001
169, 518, 727

4,186.447
4,746. 733
120,001
60.020
38.553
35,052
6,362
2,062
771

14,564.756
19.?f0.800
19,741.434
21.098,348
24.569.627
23. 977,064
24,003.719
26,367.945
27,331,114

Insurance

(5)
(5)

$6,492,025
14 508 881
18,421, 754
18 902 094
10,855,404

7. 467,298
10.370,370
9, 479. 722
9. 793.995
11,244.006
12,517.030
10.9.54,733
11.510,647
12,480,586

Checks,
drafts, or
orders for t h e Admissions
. p a y m e n t of
money

$38,456,493
41,383,199
25,645,139
25. 556
8,221
14,770.
4.288
2,304
1, 733

Telegraph,
telephone,
cable, a n d
radio facilities, etc.

$26,357,339
50.919,608
76. 720, 555
89. 730.833
73.384,956
70,175,147
77, 712. 524
30,907.809
23,980,677
17,940,637
17,724; 952
6.083.056
4.230,667
2.778,864
1,858,606
15.520,512
14,613.414
15.379,397
17,112,176
19,740.192
20,800, 779
19,470,802
21,887,916
70,963,094

C l u b dues

$2.259,057
4,072, 549
5,198,001
6,159,818
6,615, 634
7,170, 731
8,009,861
8, 690, 588
10,073,838
10,436,021
10,352.990
11,245.255
12. 521,092
11.477,723
9,204, 587
6.679.261
5,986.150
5, 784.495
6,090,923
6.287, 768
6, 550,931
6, 216,900
6, 334,909
6, 582,649

Oleomargarine, including special
taxes

$1,485,971
1,995,720
2,336,907
2,791,831
3, 728,276
2,986.465
2,121,080
2, 254, 531
2.814.104
3,038.928
3.070.218
3,164.219
3.407,600
3.611,153
3.919, 388
2,681.428
1,744. 737
1,347,191
1,476, 230
2,048,977
2,203,804
2.348.415
2.465,926
2, 210,386
2, 013,600
2,121, 713

.

Narcotics,
including
special
taxes

$245.072
277,165
185,3.59
726,137
1,514.230
1,170.318
1,269,090
1,013,736
1,057,341
. 1,090.933
981,739
797,825
690,432
605,336
688,682
607.340
521,163
457,068
495.270
580,613
554,028
573,493
574.164
672.083
610,093
690,288

487

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 10.—Internal revenue receipts, by tax sources, fiscal years 1916 to 1941 ^—Con.
Employment
Coconut,
etc., oils
processed

Year

1935
1936
1937
1938
19391940
1941

$7,314,619
11, 730, 752
11. 560,430
13, 266,652
9,024,699
5, 697.834
5,163,184

C r u d e petroleum .
processed,
etc.

$1,759,790
1,163, 755
894.183
991,248
106,055
555
359

National
Firearms
Act

Bituminous
coal

1
1

Carriers
and their
employees

Social
security
1
1

$8,015
5,342.
4,451
10, 747
9.079
12, 389
15,898

$729,218
3.211,601
3,317.259
4.161. 664
4.385, 799

$48,279
286.904
149,475,666
109,426. 628
122. 047. 644
137,871,188

• |

$265,458; 404
.593.184i 560
631.0021237
711.4731332
787,985; 273
1

Receipts in
connection
w i t h prohibition enforcement

Year

1916 .
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928.
1929..-.
1930.
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

^1

.-

:

:_.......
..

$641,029
2,152, 387
1,979, 587
729.244
855.395
660,888
416.108
502,877
925,252
727,006
1,105,172
586,150
490. 773
529, 789
378,716

Miscellaneous 7

$480,477
892.681
1,091.814
1. 501.005
3,045,183
1,975, 9"0
3,881,415
3,125.0-8
4,232,637
12,156,929
870, 777
2,009,639
1,536,971
536,111
265.651
166,518
110,569
72,435
60, 295, 759
989,792
429,891
851,822
'503.950
159. 632
189,049
62,995

Special ta.xes A g r i c u l t u r a l
not elsewhere a d j u s t m e n t
included «

$6,908,108
5,237.044
2,691. 587 '
4, 721,298
9,913,281
8, 585, 540
8,662,760
8, 035. 583
7,814,414
6,811; 558
4,546,978
7,967
9,763

239,859
180.673
1,737
1,687
189
68

•

|

•

Suear A c t
oif 1937

1
1
1

. 1
i:

j
i

1
1
1
j

•

1

$371,422,886
626,222,358
62,323,329

1

i

$30, 569,130
65,414,058
68.145.358
74,834 722

Total

$512,723,288
809.393.640
3.698.955,821
3,850.150,079
5,407, 580. 252
4.595.357. 062
3.197.451.083
2.621.745.228
2.796,179.257
2. 584.140. 268
2,835,999,892
2,865,683,130
2. 790. 535, .538
2. 939.054. 375
3.040,145.733
2.428.228.754
1. 557. 729.042
1, 619.839, 224
2.672.239.195
3.281,791.303
3.494.330.891
4,634 308,141
5.643,834,198
5,162,354,061
6,322,768,298
7,351.531, 275

'
» For figures-for 1863 to 1915, see annual report for 1929, p. 419.
I
•
2 Separate figures on corporation and individual income and excess-profits tax collections not available
for the years 1918 to 1924.
j
8 included munitions manufacturers' tax, 1917, $27,663,940; and 1918, $13,296,927.
j
* Originally schedule A, act of Oct. 22, 1914; now.covers issues and transfers of'bonds of indebtedness,
issues of capital stock, passage tickets, foreign insurance policies, and deeds of conveyance.
. * Included under stamps, bonds of indebtedness, etc.
\
6 Includes taxes on sales under act of Oct. 22, 1914, manufacturers', consumers', and| dealers' excise taxes
under the.war revenue and subsequent acts, except soft drink taxes; all taxes paid by hianufacturers of and
dealers in adulterated and process or renovated butter, mi.xed flour, and filled cheese; aind for 1932-41, manufacturers' excise taxes (act of 1932, as amended) except soft drinks.
i
^ Includes receipts, in addition to those classed as miscellaneous, as follows: (a) for| 1916-33, delinquent
taxes collected under repealed laws, except delinquent collections on automobiles for 1929 and 1930, included
under "Manufacturers' excise taxes," and on "Capital stock." under which the cdllections for 1927-30
represent delinquencies; (b) for 1919, 1920, and 1921 receipts which remained unclassified at the time the
statistical tables were compiled; (c) internal revenue collected through customs oflfices for 1921-33: subsequently such receipts are included with "Distilled spirits"; ^d) penalties for 1916, $458,773; 1917, $871,606;
and 1918, $985,220; after 1918 all penalties are included under the respective taxes to which they relate;, (e)
for 1933 and subsequent j'-ears taxes on jewelry and candy formerly classified as manufacturers' excise taxes,
and tax on dividends.
j
8 Includes the occupational taxes imposed under the act of Oct. 22, 1914, on various classes of entertainment proprietors, brokers, and bankers, with subsequent repeals and amendments} to include hackney
automobiles and boats. Collections for 1933 and 1934 were entirely from pleasure boats.
,., tea NOTE.—Figures for 1935 and subsequent years have been revised to exclude trust fund receipts.




488

REPORT OF THE SECRETARY OF THE TREAS'URY
TABLE 11.— Expenses of the Internal Revenue, Service, fiscal year 1941
[On basis of checks issued, see p. 406]

A. D I S B U R S E M E N T S FOR COLLECTORS OF I N T E R N A L R E V E N U E F R O M T H E APPROP R I A T I O N " C O L L E C T I N G T H E I N T E R N A L R E V E N U E , 1941," BY COLLECTION
DISTRICTS

District

A-labama...
Arizona..
Arkansas
...
Cahfornia:
First d istrict
Sixth district...
Colorado
Connecticut
.
Delaware
Florida
Georgia.
Hawaii
Idaho
.:
Illinois:
First district
Eighth district
Indiana.-..._
Iowa.
Kansas
Kentucky
Louisiana._
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mis.sissippi
Missouri:
First district..
Sixth district
.
Montana
^
Nebraska
Nevada
.
New Hampshire
New Jersey:
First district.
• Fifth district
New Mexico
New York:
First district
Second district
Third district
' Fourteenth district
Twenty-first district...
Twenty-eighth district
North Carolina
1...
North Dakota..
Ohio:
First district. _
Tenth district
Elevehth'district.
Eighteenth district
Oklahoma
Oregon
Pennsylvania:
First district
• Twelfth district.
Twenty-third district..
Rhode Island
South Carohna
South Dakota..
Tennessee
Texas:
First district
Second district
Utah....
Vermont
Virginia
. Washington
West Virginia
Wisconsin..
Wyoming
Total




Salaries of collectors,^rdeputies, clerks,
etc.

Travel expenses

$178, 535. 23 $17,171.81
85,970.72
7, 675.04
131,551.31
20, 723.97

Rent

$201,815.89
95,431.43 ^
165,823.93

25,792.19
32,883. 69
4,957. 31
12,581.09
2,052. 44
6,951.43
6,251.09
2, 233. 70
1, 547. 39

737, 640.92
793. 469. 79
205,068.92
385.326.81
73, 871.04
287, 614.79
272,860. 66
93,136. 76
92,061,89

44,413. 32
16, 484. 95
13,813.87
7, 600. 64
6, 756.02
4, 333. 59
6, 557.07
4,949. 78
19,456. 37
17, 383. 77
21,696.40
12,972.44
3, 205. 36

1,161,427.43
377,154. 70
343,900.33
366, 755. 65
260,138.91
278.900.82
248,030. 71
150,049. 22
' 699,294.31
880, 868.46
819,213.31
439, 682.14
128, 237.13

12,403.38
8, 954.
39,
2, 549. 58
3,088.46
1,831.72
3,447. 71

343,019.35
'244, 759. 25
137,154.49
216, 519.85
62, 810.05
109, 260.49

6, 695.95
19, 369. 98
2,060. 37

203, 699. 71
655.105.91
76,155.03

30.902. 95
28,116.81
24, 028.04
24,322. 60
4, 423. 53
14. 533.53
5, 986.98
2, 798.13

820,288.72
882,'909.08
818, 729. 50
624.681.92
246, 940.87
392, 769.09
259,469. 75
86, 709.42

10,897.32
7, 515. 28
•6, 293.05
14, 378.17
5, 089. 27
6, 342. 76

292,167. 31
180,899.14
181,320.47
542, 338.49,
294, 824.42
217, 762.21

li" ooo.'oo'

25,'139.42
3, 248. 67
11,897.38
7,449.43
3, 561. 81
2,140.12
5,868. 27

797,823. 27
'221,168.13
560, 231.97
159, 908. 63
144,772.04
92,813.76
249,961.66

473.00
1, 256.45
4,409,52

,11,065.42
10,260.37
1, 7'48.07
2, 914.07
. 12,429.97
15,390.86
5, 472. 63
12, 787. 27
1,549.11

405,444. 25
384,778.90
89,731.26
91,171.71
314,230. 30
364,434.84
207,273.16
527, 988.04
77,806.98

36,053. 38
28, 537.88
10,867.51
8, 560. 51
3, 582. 58
23, 259.80
27,069. 92
4, 264.02
9,045. 89

1,094, 363.03
332.086. 66
315.559.82
342,741.69
228, 759. 29
249,470.81
221,633.44
132,424. 34
668,786.16
852, 909. 87
766,493. 77
404,477. 65
110, 243.86

17, 576.08
26,459. 38
13, 627.14
16,413.32
24, 623.60
25, 096. 42
18,860. 20
12, 675.10
10; 676.78
7,162.32
30,219.82
20, 279. 28
14, 379.15

315,551.58
218,687.84
117, 492.16
193, 630.00
54.183. 51
100,181.93

14, 294. 39
17,117.02
17,112.75
19,801. 39
6, 794.82.
5,454.85

770.00

189.776. 70
621,276.14
67,195.46

6, 763.06
14,459.79
6.899.20

464.00

773,784. 80
850, 688.85
, 792, 945.15
478, 630.07
232,194.29
365,896.04
226, 674. 54
76, 533.00

4,827. 61
1, 346. 77
429.80
15, 729. 25
10, 323. 05
10, 624. 52
26, 808. 23
7, 378. 29

278, 537.16
165,420.54
166,'278:97
504,561.29
250,159.30
197,258.80

2, 732.83
7,963.32
8,748.45
21,711.03
39,162.93
14,085. 65

751.777. 77
210, 362. 94
631, 538.04
148,520.95
125,387.12
80, 253.04
223, 542. 66

20, 846.08
7, 556. 52
16, 796. 55
2.938.25
15.823. 31
10,420. 60
20, 550. 63

370,286. 64
344, 972.30
84,-358.12
• 82,286.84
270, 791.84
329. 320.40
188,104.08
496,012. 73
68,882. 60

24,092.19
29, 546. 23
3, 625.07
-5,497. 80
29, 752.04
15, 314.06
13, 696.45
19,188.04
7, 375. 27
958,448.99

Total

$5, 390. 37
1,134. 67
3, 548. 65

$718.48
651.00

675, 795. 35
726, 573.96
189,244.10
363, 368. 55
68, 236.02
257, 279. 58
239, 539. 55
86. 639.04
81,468. 61

20,347,!

Miscellaneous

5, 474.26

""'sie.'ee'
'i,"i23'98"

6,075.00
2,123. 71
899.50

1,080.00
375.00
3,412.60
803. 32
1, 952. 77
408.76

176.00

10,773. 36
2, 756. 65
1, 326. 51
6,000.00
1,715.00

1,688.00
412.92
75.00
60.00

58,271.35

662,900. 23 22,027, 609.17

REPORT OF THE SECRETARY OF THE TREASURY

489

TABLE 11.— Expenses of the Internal Revenue Service, fiscal year 1941~ Continued
B.

DISBURSEMENTS FOR COLLECTORS OF INTERNAL REVENUE FROM T H E
APPROPRIATION " SALARIES AND ADMINISTRATIVE E X P E N S E S FOR R E F U N D I N G
PROCESSING A N D R E L A T E D TAXES A N D A D M I N I S T E R I N G TITLE III, R E V E N U E
A C T O F 1936, 1941," B Y C O L L E C T I O N D I S T R I C T S

District

Alabama
-.
Arkansas
California:
F i r s t district
Sixth district
Colorado.
Connecticut
Delaware
Florida.
Georgia.
Hawaii
Illinois:
F i r s t district
E i g h t h district
Indiana...'Iowa.
Kansas
Kentucky
Louisiana..
Maine
Maryland
Massachusetts
^..
Michigan...
^..
Minnesota.
Mississippi..
Missouri:
First district..
Sixth district
Nebraska
:..
N e w Jersey:
F i r s t district
Fifth d i s t r i c t . . .
New York:
. F i r s t district
Sccoiid district
T h i r d district
F o u r t e e n t h district
Twenty-first district
Twenty-eighth district.
N o r t h Carolina
Ohio:
First d i s t r i c t . . .
T e n t h district
E l e v e n t h district
E i g h t e e n t h district
Oklahoma
Oregon.
Pennsylvania:
First district.
Twelfth d i s t r i c t . . . .
Twenty-third district...
Rhode Island--.:
South C a r o l i n a .
.
Tennessee...
Texas:
F i r s t district
Second district
Vermont
Virginia
Washington...West Virginia.
..Wisconsin
_

Total..




Salaries of
deputies,
clerks, etc.

Travel
expenses

Rent

Miscellanebus

Total

$6,045.42
2, 604,00

$306. 55
29.95

$443. 52
129. 22

$6, 795. 49
2, 763.17

1,084:65
1,100.00

762.30

150.00
480.00
2,124. 42
4, 932. 28
533.73

37.90

6'40.00
'38.47
33.36
2L37

2, 486. 95
1,138. 47
33.36
209. 27
480. 00
2,164, 22
6, 955.13
571. 66

2, 833. 28
1, 566. 64
1, 680.00
900.00
6, 984.10
2, 393. 30

,39.80
346. 95
i37. 93

"675.'96"

28.82
i71. 30

15.45
.70
16.50
19.80
27.40
$282. 30

232.86
332.11
92. 48
151.80
:25.41
285. 53
176.05
620. 81
,48.00

2,862.10
1, 653. 39
.70
1,912.86
1, 248.61
7,096. 38
2, 572. 50
25.41
11,612.83
3, 367. 75
2, 936. 75
1, 951.83
2, 609.05

10, 276. 94
3,190.00
2, 376. 64
1, 763. 28
2, 609.05

768.06
- 1.70
39.30
140. 55

1,459.98
1, 560.00
1, 395.00

122. 40

!41.76

"17." 90"

169.30

1. 624.14
1, 560.00
1, 482. 20

173.10
115. 77

595.00
2, 335. 77

420.00
2, 220.00
.

, 480.00
9, 282. 26
4, 395. 36
1.080.00
600.00
1, 224. 62
4, 210.83
1,
1,
1,
2,

666. 64
511. 54
755.00
650.00
541. 60
666.64

6,128. 20
1, 695.00
1, 926. 64
48". 00
3,180.00
4,163. 92
'

3,417.50
2, 400.00
974. 97
3, 608. 30
600.00
1,170. 00
2, 220.00
124, 279. 73

1.90

170.90
182. 40
; 29. 84
47. 64
41.83
! 60. 78
151. 60

39.62
4.85
64.40

11." 45
119. 40
114.10
408. 50

' .25
146. 26
211.61

650. 90
9, 504. 28
. "4, 430.05
1,127. 64
641. 83
1, 349.80
4,362. 43
678.09
1, 630. 94
1, 869. 35
2,204.76
2, 753. 21
666. 64

114. 85

682. 27

Iss.'so"

19.19

"il3.'95'

186.35
269. 40

6, 925. 32
1,^695.00
2,104. 33
48.00
3, 480. 30
4,483. 21

168. 63
452. 45
257. 95
84.02
I 88. 78
36.25
117.14

3, 664.08
2,901. 35
1, 232. 92
3,767. 42
769.33
1, 206.26
2, 383.04

77. 95
48.90
75.10
80.'65
45. 90
4,600. 72

282.30

7,'412. 71

136,476.46

490

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 11.— Expenses of the Internal Revenue Service, fiscal year 1941—Continued
C. D I S B U R S E M E N T S F O R I N T E R N A L R E V E N U E A G E N T S F R O M T H E A P P R O P R I A T I O i S T
" C O L L E C T I N G T H E I N T E R N A L R E V E N U E , 1941," B Y D I V I S I O N S

Division

Atlanta
Baltimore..
_.
Boston
Brooklyn
Buffalo.'
Chicago..
Cincinnati
Cleveland
Columbia
Dallas
Denver
Detroit
Greensboro
Honolulu...
Huntington
Indianapolis
Jacksonville
Los Angeles.
Louisville
Milwaukee
Nashville..
Newark
New Haven
N e w Orleans
N e w York:
Second division..
Upper division..
Oklahoma City
Omaha.
PhiladelphiaPittsburgh..
_.
Richmond
Salt L a k e C i t y
San Francisco
Seattle
Springfield
St. L o u i s . . ^
St. P a u l
Wichita
Total

Salaries of
agents, clerks,
etc.

Travel
expenses

$161, 603. 04
637, 619. 46
700, 916.26
481, 137.23
339. 877. 92
981, 001.47
257, 677. 95
495. 274. 72
91, 068. 02
648. 086. 47
173, 133.08
484. 474. 09
172. 130.28
81. 559. 72
103, 026., 80
205. 068. 70
241. 612. 97
602. 316. 57
161, 957. 83
221, 484. 43
. 235. 659. 93
556. 924. 91
314. 577. 44
226, 640. 03

$9,852. 25
16.130. 56
18,076.01
1,846. 60
8, 915. 06
12, 282. 57
12, 627. 27
17,618.45
5,910.44
36. 463. 87
7. 358. 47
20,319.10
17,164. 49
5, 702. 53
7.690.28
13, 254. 26
14,059. 82
14, 764. 68
8,115.19
7,832.18
13, 036. 67
7, 732. 41
6,471.87
17, 716. 86

1, 272, 364. 75
1,118, 347. 67
38
Im, 305. 67
529.
265, 634. 75
712, 002. 68
455, 884. 40
190. 434. 78
133, 255. 84
466, 765. 28
295. 383.88
142, 739. 65
400. 219. 53
230, 741.11
150,
14,675,438.59

11,105. 55
9. 840. 42
29, 934. 44
11,314.14
17,165.41
8,817.17
11, 945. 04
9, 591.86
17, 579. 56
11, 223. 76
14, 588.17
6,890. 25
15,437.47
13,104. 78
489,479.91

Rent

Miscellaneous

Total

$1, 654.11
5, 743. 37
8, 959. 90
3, 850.85
4,410.29
18.822. 34
2, 405. 24
8,815.32
2.156. 62
7,883.17
1,883.63
5, 738. 85
3,889.12
850. 42
2, 536. 28
2, 422. 81
3. 797. 65
6, 379. 64
1,194. 04
2, 767. 60
2, 341. 51
8,630.98
5, 347. 85
3, 674. 35

$173,109.40
680. 298. 51
753. 138. 19
602. 230. 64
355. 183. 27
1,051. 504.08
274.932. 83
645. 238.85
99. 575. 08
093,862.51
182, 375.18
610.812.04
196.108. 89
88.112.67
113.628.86
220. 745. 77
260. 310. 34
623.515.89
171.267.06
232.084. 21
251,038.11
690. 796. 67
339, 501. 42
248.939. 72

202. 50
4, 569. 39

9, 887. 58
8, 557.41
4, 610. 53
3, 550. 57
7, 740. 71
5,091. 22
2,724.11
1,838.47
7, 830. 40
4, 430. 07
5,3«1.26
2, 574. 74
3, 286. 71
1,896. 96

1,293.357.88
1,137.900. 60
303, 306. 60
288, 230. 91
768,624. 24
482, 730.97
205, 644. 56
144, 865.11
506,103. 66
312, 250. 71
167. 591. 62
410, 204. 64
• 249,146. 21
170, 312. 24

238,104.95

185, 556. 68

15,688,680.03

$20. 805.12
25,186.02
15,395. 96
1.980.00
39. 397. 70
2. 222. 37
23, 530. 36
440. 00
1,429. 00
280.00
2, 925.00
375. 50
840. 00
55. 00

17, 608. 37
13,104. 26
908.48
1,155. 00
2, 456. 25
7, 836. 53
21. 083. 37
13,820. 00
9L00
14, 437.86
831. 60
5, 238. 31

D. D I S B U R S E M E N T S F O R DISTRICT SUPERVISORS OFFICES F R O M T H E APPROPRIAT I O N " C O L L E C T I N G T H E I N T E R N A L R E V E N U E , 1941," B Y D I S T R I C T S

District

Salaries of
supervisors,
clerks, e t c .

Boston
New York
Philadelphia.
Newark
Baltimore
Atlanta.
Louisville
Detroit
..
Chicago
New Orleans.
Kansas City..
St. P a u l
Denver
San Francisco
Seattle..

$649, 929.07
798, 631. 39
847. 598. 63
604, 239. 23
865, 411.38
653, 367. 01
889, 528.85
635, 868.35
1,155. 142. 50
623, 175.08
602, 625. 27
324, 213. 06
161, 748.12
829, 277. 61
221, 409. 86

Total...

9,462,065.31




Travel
expenses

129. 70
665. 51
459. 36
132. 69
506.69
612. 90
431.42
502. 68
830.85
637. 21
015.19
601.41
082. 77
694.97
990.87

Rent

Miscellaneous

$825.00 $32, 560. 74
6, 875.00 67,165. 47
9, 505.19 33,943. 77
27,670. 43
6,600.00
73, 552. 31
9,844, 37 89,162. 61
41,446.43
47, 397. 65
4,753.43
4, 213.96 69,119. 57
3, 696. 67 61, 738. 99
48,127. 42
864, 00
38,404.42
14, 571.72
686,67
61,487. 30
1,010.17
23,005.28
47,773.46

19,354.11

Total

$717,444.61
907,237. 37
9.30,606.95
657,642. 35
1,011,470.38
714.886.89
973,406. 70
•749, 522.01
1,284,306.88
636,146.96
628.631.88
413.218.89
195,989.28
931,369.95
269,406.01
10,921,187.00

REPORT OF THE SECRETARY OF THE TREASURY

491

TABLE 11.— Expenses of the Internal Revenue Service, fiscal year 1941—Continued
E. DISBURSEMENTS FOR DISTRICT SUPERVISORS OFFICES FROM T H E APPROPRIA^
TION "SALARIES AND EXPENSES, BASIC P E R M I T AND TRADE PRACTICE DIVISION,
BUREAU OF I N T E R N A L REVENUE, 1941," BY DISTRICTS
i
'

District
Boston
.
New York
Philadelphia
Newark....
Baltimore
Atlanta
Louisville
Detroit...
Chicago
New Orleans _
Kansas City
St. Paul
San Francisco
-Seattle...

_

Salaries of
supervisors,
clerks, etc.

Travel
expenses .

$6,391.84

. .
:
-

Total

$227. 90
175. 85
1,140. 70
59.65
684. 68
, 467.77
811.16
884. 55
1, 362. 08
645. 44
50C. 01
344. 80
494. 77
621. 64

82,166. 73

. .

6, 399. 84
7,868. 72
2,419.37
7, 768. 38
3, 797. 82
7,010. 87
5, 277. 42
12, 241. 68
3, 336. 56
6, 422. 92
2, 599. 92
7, 727.47
3, 903. 92

Miscellaneous

8,421. 06

Total

$207. 75
i;41.92
202. 31
25. 86
65. 25
251. 59
422. 47
794. 51
823. 10
434. 59
: 2.09
236. 19
195.15
143. 74

$6. 827.49
6, 717. 61
9, 211. 79
2, 504. 88
8, 508. 31
4, 517. 18
8, 244. 50
6,956. 48
14. 426. 86
4. 416. 59
6. 925. 02
3, 180. 91
-8,417.39
4, 669. 30

3, 936. 62

,

94, 624. 31

F. DISBURSEMENTS FOR CHIEF COUNSEL, F I E L D FORCE, F R O M T H E APPROPRIATION "SALARIES AND EXPENSES, BASIC P E R M I T AND T R A D E PRACTICE DIVISION, BUREAU OF I N T E R N A L REVENUE, 1941," BY DIVISIONS
Salaries of field
employees

Division

Travel expenses

Total

• Chicago.
Eastern
New England
• NewYork
Pacific...

$2,850.00
3, 166. 54
913.58
5, 770. 65
2,133. 28

$281. 37
219. 20
! 5.50
2.90

$3,131. 37
3, 385. 74
919. 08
5. 773. 55
2, 133. 28

Total...

14, 834. 05

508. 97

15,343.02

G. DISBURSEMENTS FOR T E C H N I C A L STAFF, F I E L D FORCE, FROM T H E APPROPRIATION "COLLECTING T H E I N T E R N A L REVENUE, 1941," BY DIVISIONS
Division
Atlantic
Central........
Chicago
Eastern
New England
New York
Pacific.
Southern.....
Southwestern.
Western
Total...




Salaries of field Travel
employees
expenses
$132,400. 62
176,207.93
205, 589. 47
224,072.17
98,178.02
324,639.61
185,910. 36
115,288. 80
156,208.36
123,370.73
1,741,865.97

$593. 35
2,089. 96
1, 565. 39
1,862.89
537. 58
1,323. 33
2. 342.19
2,166.06
1,869.88
2,852. 54
17,203.17

Rent
960. 27
179.89
593. 51
817. 36
739. 06
603. 20
838.40
425.94
275.97
865.99
245,299. 59

Miscellaheous

Total

$2,736.44
7,641.96
8,211.80
6,090.98
3,811.09
8,486.76
6,264.80
5,118.28
6; 378. 91
4,606.13

$145,690.-58
223,019. 74
251,960.17
284,843.40
123,265. 75
338,051.89
211,355.75
139,999.08
200,733.12
144,695. 39

59,i246.14

2,063,614. 87

492

REPORT OF THE SECRETARY OF THE' TREAStTRY

TABLE 11.— Expenses of the Internal Revenue Service, fiscal year 1941—Continued
H. DISBURSEMENTS FOR C H I E F COUNSEL, F I E L D FORCE, F R O M T H E ' A P P R O P R I A TION "COLLECTING T H E I N T E R N A L R E V E N U E , 1941," BY DIVISIONS
Salaries of field
employees

Division

Travel
expenses

Total

i.
. . ._
_..:.._
..

:
. . .

.

Total *

$47,249. 06
59, 201. 75
105, 725. 99
85, 267. 28
33,377.94
179. 565. 31
97, 541. 62
42,057. 70
59,384. 09
39,010. 03

$749.75
2,353.37
1,742.95
2,150. 24
413. 95
1,148. 75
4,065. 23
2, 239. 80
2,174. 94
2,085. 24

$47,998.81
61 555 12
107,468.94
87,417 52
33,791.89
180,714. 06
101, 606.85
44,297. 50
61-559 03
41,095 27

748, 380. 77

Atlantic
Central
Chicago
. . .
Eastern
.
'
New England .
.
NewYork .
Paciflc
Southern
Southwestern
..
Western

19,124.22

767,504.99

1. DISBURSEMENTS BY T H E C H I E F DISBURSING OFFICER, DIVISION OF DISBURSE
M E N T , TREASURY D E P A R T M E N T
Appropriation

Salaries

Travel
expenses

Rent

Miscellaneous

Total

Collecting the internal revenue, 1941. $10,789,268.94 $420,805.97 $125,277.33 $904,499.66 $12,239,851.90
Salaries and administrative expenses
for refunding processing and related taxes and administering title
1,664,810.50 186,218.43
III. Revenue Act of 1936,1941
36,667.67
33,892.44
1,921,489.04
Salaries and expenses, Basic Permit
and Trade Practice Division, Bu137,881.05
958.80
reau of Internal Revenue, 1941..
1,690.92
.140,530.77
Working fund. Treasury, Internal
Revenue (office for emergency
, 1,686.67
2,462.23
management, war), 1940-42
1,350.66
6,489.46
12,593,647.16

Total

610,435.43

161,845.00

941,433. 68 14, 307 361.17

J. DISBURSEMENTS IN T H E FISCAL YEAR 1941 FROM APPROPRIATIONS FOR
YEARS PRIOR TO 1941
Appropriation

Salaries

Travel
expenses

Rent

Miscellaneous

Total >

Collecting the internal revenue, 1940
$25,601.55 $295, 281.84 $52,267.00 $542,986.59. $916,136.98
Salaries and administrative expenses for
refunding processing and related taxes
and administering title III, Revenue Act
of 1936, 1940
3,756. 53 37,064.94
4,360.63
11,734.42
66 916. 52
Collecting the internal revenue, 1939
-20.24 138,968.94
138, 575.73
-372.97
Salaries and administrative expenses, sec.
tion 915, Revenue Act of 1936 (transfer
from exportation and domestic consumption of agricultural commodities. Department of Agriculture, 1936), 1937-39 .
i 139,232.26
50.00 1 139,182.26
Salaries and expenses. Federal Alcoho
83.03
Administration, 1940
6,268.93
2, 269. 33
7,621.29
Total

. .

, "29,420.87

I Excess of repayments over expenditures.




337,362.39

'56,627.63

556,667.37

980,068.26

493

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 11.— Expenses of the I n t e r n a l Revenue Service, fiscal year 1941— C o n t i n u e d
K. RECAPITULATION
Appropriation

Salaries

Collecting t h e internal r e v e n u e ,
1941:
ColleetQi-S;-,.
.$20,347,988.60
Agents
14, 675, 438. 59
Supervisors
9, 462, 065. 31
Technical Staff, field f o r c e . . .
1, 741,866. 97
Chief Counsel, field force
748,380.77
D e p a r t m e n t a l service a n d
field forces operating from
Washington . . . .
10, 789, 268. 94
Subtotal

57, 765, 008.18

Salaries a n d a d m i n i s t r a t i v e expenses for refunding processing a n d related taxes a n d administering title I I I , R e v e n u e
A c t of 1936, 1941:
Collectors.
D e p a r t m e n t a l service a n d
field forces operating from
Washington
.. .

Travel
expenses

$958, 448. 99
489, 479. 91
721, 994.12
17, 203.17
19,124.22
420, 805. 97
2, 627, 056. 38

I
Miscellaneous

Rent

$58, 271. 35
238,104. 95
47, 773. 46
245, 299. 59

125, 277. 33

Total

$662,900.23 $22,027,609.17
185,:556.58 15,588,580.03
689,354.11 10, 921,187. OO
59,246.14
2,063,614.87
767,504.99
904,499.66

12, 239,851.90

714, 726. 68 .2, 501,'556. 72

63, 608. 347.98

j

4, 500. 72

124, 279. 73

282. 30

7, 412. 71

136, 475. 46

Salaries a n d expenses, Basic Perm i t a n d T r a d e Practice D i v i sion, B u r e a u of I n t e r n a l R e v e n u e , 1941:
Supervisors
...
Chief Counsel, field force
D e p a r t m e n t a l service a n d
field forces operating from
Washington '
Subtotal
W o r k i n g fund. T r e a s u r y , Internal R e v e n u e (office for emergency management, war),
1940-42.
.
A p p r o p r i a t i o n s prior to 1941
Total

1, 664, 810, 50

186, 218. 43

36, 567. 67

33, 892. 44

1, 921, 489. 04

190, 719.15

36, 849. 97

41,305.15

2,057, 964. 50

82, 166. 73
14, 834. 05

8,42L06
508. 97

3,936.52

94, 524. 31
15, 343,02

137,881.05

958. 80

1, 690. 92

140, 530. 77

9, 888. 83

5,^627.44

250, 398.10

1,686.67
29,420.87

2,452.23
337,352.39

56,627.63

1,1350.56
556,667.37

5, 489. 46
980, 068.28

59,820,087.78

:..

1, 789, 090. 23

234,881.83

Subtotal

3,167, 468. 98

808, 204. 28

3,106,507.24

66, 902, 268. 28

CLAIMS APPROVED FOR P A Y M E N T FROM T H E R E F U N D I N G A P P R O P R I A T I O N S

Appropriation

H e f u n d i n g taxes illegally collected
Refunds a n d p a y m e n t s of processing a n d related taxes,
Bm'eau of I n t e r n a l R e v e n u e , 1941

1940 a n d prior 1941 a n d prior
years, obligated years, obligated
in 1941
in 1941
$2, 203, 204. 93

$51, 798, 325. 75

-33




$54,001,530.68
8,124,834.99

!

407631—42-

Total

T A B L E 12.—Internal revenue receipts, by States and Territories, fiscal year 1941 ^

l4^
CO

[On basis of reports of collections, see p. 406]

States, etc.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
.
Georgia
Hawaii
Idaho
Illinois
.
Indiana
Iowa...
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
.
Mississippi
• Missouri
.
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North D a k o t a . . . . . . .
Ohio
...
Oklahoma
Oregon:..
Pennsyl vania
Rhode Island
South Carolina
.-.




Income taxes 2

$13,983, 550. 00
960. 370. 87
3, 414,130. 61
6, 715,253. 98
175, 067,769.14
17, 233,338. 09
84,164, 432. 68
106, 734, 328. 43
23,481, 337. 40
34, 387, 194.12
29,176, 082. 29
8.913, 370.19
3, 337,158. 65
288,649, 006. 02
48,862, 387. 81
17, 706,792. 31
11, 673,493.78
22,126, 452. 75
23,494, 166.66
10. 265,035. 05
51,149, 940. 89
120,127, 603. 45
273, 768, 352. 78
39, 908, 156. 47
5, 054,440. 74
79, 316,091. 91
4,761, 989. 74
10,933, 052. 63
4, 970,843. 71
5.914, 290. 30
129, 361, 987. 78
2, 731,155. 43
781, 328, 349. 73
37,436, 656.34
1,162, 911.51
196, 265, 313. 30
, 23,176,808.16
: 12,194,356. 88
274,726. 787. 34
22, 317,499.:24
9,116,455. 66

Excess-profits
taxes

$672,749. 33
14, 949. 06
55, 609. 59
115, 799. 04
4, 737,565. 73
^ 167,465. 45
4, 377,830. 76
11, 553,053. 79
319,474. 79
653, 180. 31
645, 370. 33
145, 382.05
106,241.14
14, 804,475.12
3,918,920. 47
401, 897.32
219, 218. 28
569,400. 01
776.429. 74
272. 351. 65
1,842,288. 09
6, 710,109. 73
23,884, 270. 30
907, 843. 71
126,276. 22
2, 730,265. 42
124, 037. 97
208, 332. 32
72, 399. 61
190, 649. 39
6,967,934. 79
"17, 641. 86
43,208, 308. 37
1,157,571.39
31, 208. 46
23,618, 433. 32
259,378. 92
760, 582. 53
17, 292,861.12
3,839,376.16
322, 847. 89

Unjust enrichment taxes

Total income,
Miscellaneous
excess-i)rofits
and unjiist en- internal revenue
taxes 3 i
richment taxes 2 3

$269, 035. 28
41, 274. 33
95,134. 42
195, 915. 74
307. 448. 97
16,130. 81
16, 665. 31
5, 320. 25
17, 768. 73
64, 744. 59
3, 079.14
14, 711. 23
738, 305. 65
489, 285. 82
81, 802. 82
408, 815. 63
120,478. 64
271,803. 51
30, 061. 98
142, 494. 24
85, 007. 51
455, 918. 39
232, 400. 42
4, 274. 00
676. 310. 85
25, 755. 37
106, 457. 62
629.19
1, 628. 05
219, 800. 66
11, 514. 54
1,133,843. 75
608, 029. 69
1, 241. 87
316, 942. 78
109, 815. 59
51, 922. 54
. 696, 577. 98
83, 466. 02
221, 365. 66

$14,925, 334. 61
975, 319. 93
3,511, 014. 53
6,926, 187. 44
180, 001, 250. 61
17, 708,252. 51
88, 558,394. 25
118, 304,047. 53
23, 806, 132.44
35,058, 143.16
29,886, 197. 21
9, 061,831. 38
3,458, 111.02
304,191, 786. 79
53, 270,594.10
18,190, 492. 45
12. 301,527. 69
22,8ie, 331. 40
24, 542,399. 91
10, 567,448. 68
53,134, 723. 22
126,922, 720. 69
298,108, 541. 53
41,048, 400. 60
5,184, 990. 96
82,722, 668.18
4,911, 783. 08
11, 247,842. 57
5, 043,872. 51
6,106, 567. 74
136, 549,723. 23
2,760, 311.83
825,670, 501. 85
39, 202,257.42
1,195, 361. 84
220, 200, 689. 40
23, 546,002. 67
13, 006,861. 95
292, 716, 226. 44
26, 240,341.42
669. 21

$4,104, 314,21
205, 891. 38
1, 410,057. 27,
3, 407,661. 24
169,152, 480. 98
18, 333,271.05
35, 419,880.42
10, 391,983. 62
6, 561,402. 74
15, 601,810. 34
13, 058,557. 56
3, 232,530. 81
1,414, 592.99
212, 867, 636. 07
107, 958, 593. 26
7, 272,829. 97
8,411, 757.44
154,903, 806. 36
32, 211,251. 03
3,554, 017. 43
71, 381,992. 47
69, 206, 191.49
147,141, 164. 86
29, 074,860. 96
2, 058,148. 32
57, 602, 159. 61
• 3,148,080. 64
7,893, 285. 85
1, 058,588. 52
2, 002,859.10
98, 044,924. 24
994, 805.12
452, 595,710. 46
342, 771, 989. 92
625, 192. 05
138, 579,917. 48
48, 541.306. 05
4,158, 772.13
248, 963, 015. 46
12, 029, 172. 31
3, 084,179. 36

Employment
taxes, including
carriers taxes

$6, 788,953.85
314, 932.43
1, 252,478.49
2, 315,026.17
65, 696,076. 98
• 5,500,390. 74
19, 235,174. 89
5, 688,536. 28
9, 000,195. 94
6,413, 239.82
• 9,314,763.35
1, 673,804. 88
1, 432,383. 01
91, 404,867. 04
14, 882,399. 20
7, 279,322. 81
7, 701,362. 00
9, 035,499. 59
6, 650,110.62
3, 706,351.86
16, 248,334.62
36.456, 502. 02
52, 609, 038.83
18. 220,328. 34
2, 093,006. 32
26, 776,894.85
1,475, 638. 23
7, 927,086. 01
603, 443. 21
2,168, 216. 87
30, 786,267.15
766, 156. 60
189, 727, 215. 34
11,932, 700. 43
651, 192. 68
62,583, 238. 66
6, 596.685. 52
5,672, 049. 49
95, 948,901. 03
5, 642,725. 63
142. 50

Total i«

$25, 818, 602. 67
1,496,143. 74
6,173, 550. 29
12, 648, 874. 85
404, 849,808. 57
41, 541, 914. 30
143, 213, 449. 56
134, 384, 567. 43
39, 367, 731.12
57, 073,193. 32
52, 259, 518.12
13, 968,167: 07
6,305, 087. 02
608, 464, 279. 90
176, 111, 586. 56
32, 742, 645. 23
28, 414, 647.13
186, 755, 637. 35
63, 403, 761. 56
17, 827,817. 97
140, 765, 050. 31
232, 585, 414. 20
497, 858, 745. 22
343, 589. 90
336,145. 60
167, 101,J22. 64
9, 535, 501. 95
27, 068, 214. 43
6,705, 904. 24
10, 277, 643. 71
265, 380, 914. 62
4, 521, 273. 55
993, 427. 65
. 467,
,
393, 906, 947. 77
2, 471, 746. 57
421, 363, 845. 54
78, 683, 994. 24
22, 837, 683. 57
637,, 628,142. 93
43,. 912, 239. 36
, 730,991. 07

O

O

I
Ul

o

o

M
>
cl
&3
K!

South Dakota
Tennessee.-.Texas
..
Utah
Vermont..
Virginia
'
Washington _ .
W e s t Virginia
Wisconsin
Wyoming
Philippine Islands
P u e r t o Rico
T o t a l '.
. Adjustment
basis

_

-.

.

.

. .
•
'

.

'

.
_ .

1,488, 343. 93
24,727, 640. 40
. 81,747,-003. 72
5, 352, 233. 05
4, 232, 823. 41
. 43, 373, 923. 03
25, 630, 941. 57
15, 481, 215. 44
49,203,412.75
2, 314,905. 39

.

6,502.44
185, 613. 24
182, 299. 98
15, 772.15
1,183. 37
115, 264. 27
57, 232. 57
48,176.03
92, 449. 38
17,888.51

785, 537. 03
13, 314, 753.18
71, 793, 747.90
6, 796,164.13
1, 006,493. 42
225, 517, 504. 01
17, 014, 065. 66
11, 227,165.10
51,494,916. 03
1,131,991. 07
2, 270. 74
• 4,038, 081. 28

740,012. 67
8, 341,156.47
• 23,244,976.23
1,928, 726. 33
1, 554,959. 38
13, 462, 548. 39
9, 630, 037. 04
6, 316, 535. 54
15, 836,435. 38
643,448. 67

19, 531.18

30,809. 46
826, 591. 64
1, 252, 524. 38
197, 273. 50
1, 077, 324. 33
2, 478. 086.1-72,075,880.40
423, 624. 50
5,183,179. 67
39,976. 25

3,051, 205. 53
47, 395, 754. 93
178, 220, 552. 21
14, 290,169.16
7,872, 783. 91
284, 947, 325. 87
^4, 408,157. 24
33,496,716.61
~~ 121,''8107393r2r
4,148, 209.89
2, 270. 74
4, 057, 612. 46

3, 471,121,482. 09

2,954, 553, 332.12

925, 856, 460. 38

7, 351, 531, 274. 59

-1,483,633.61

12, 310, 466. 71

-683,125.46

10,143, 707. 64

3, 469, 637,848. 48

2, 966, 863, 798. 83

925,173, 334. 92

7, 361, 674, 982. 23

1, 525, 655. 83
25, 739, 845. 28
83,181,828. 08
5, 565, 278. 70
5,311,331.11
45, 967. 273. 47
27, 764, 054. 54
15, 953, 015. 97
54.479,041.80
2,372,770.15.

.
19, 531.18
3, 269,640, 668. 69
to d a i l y T r e a s u r y s t a t e m e n t
:

R e c e i p t s per d a i l y T r e a s u r y s t a t e m e n t .

...

192,385, 251. 89

9,095,561.51

1 Federal tax receipts in the various States do not indicate the tax burden of the respective States, since the taxes may be eventually borne by persons in other States.
2 Includes repealed tax on dividends.
3 Excludes certain trust fund receipts, see note 5.
.
4 Includes (on warrant basis) $34,889,895.90 from the excise tax on imported distilled spirits and $378,380.60 from the excise taxes on imported wines deposited by collectors of customs; also includes $4,779,050.99 from the sale of documentary stamps deposited by postmasters.
6 Excludes collections for credit to trust accounts as follows:
Income tax on Alaska railroads (act of July 18,1914)
.
$2,448.48
Tax on Phihppine manufactured products (act of Aug. 5,1909)
548,955.90
Tax on Philippine coconut oil (sec. 602}^, Revenue Act of 1934)
'..
.
18,022,751.63
Tax on Puerto Rico manufactured products (act of Mar. 2,1917)
.
.
2,947. 06
Total internal revenue collections reported for credit to trust funds
NOTE.—For additional information see published report of the Commissioner of Internal Revenue for the year ended June 30,1941,




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TABLE 13.—Customs collections ^ and payments, by districts, fiscal year 1941
Collections'

District

Alaska
Arizona
Buffalo.Chicago
Colorado
Connecticut
Dakota
D u l u t h a n d Superior
El Paso
Florida
•.
Galveston
Georgia
Hawaii...
Indiana.-,
Kentucky
Laredo
Los Angeles
Maine and New Hampshire.
Maryland
.
Massachusetts
Michigan
Minnesota
Mobile
Montana and Idaho
N e w Orleans
.
New York
N o r t h Carolina
:.
Ohio
Omaha
Oregon
Philadelphia.
.'.
Pittsburgh
Rhode Island
.
Rochester
Sabine
:
St. L a w r e n c e
St. L o u i s




Customs
duties and
miscellaneous
customs
collections

$3, 351
2, 321, 389
7, 422, 471
6, 547, 982
198, 056
909, 880
1, 445, 617
372, 560
2, 485,096
3, 784, 591
5, 861, 911
2, 911, 204
1, 807, 793
977, 435
805, 254
3, 329, 572
5, 562, 556
490, 318
10, 676, 646
79, 638, 890
4, 924, 257
1, 660, 724
1, 088, 478
1, 087, 646
18, 079, 393
144, 736, 621
9, 641, 097
4, 874, 332
825, 798
885, 041
27, 303,167
5, 533, 310
6, 425, 423
857, 752
53, 499
1, 089, 737
2, 707, 950

T o n n a g e tax
a n d other
collections
for D e p a r t m e n t of
Commerce

$7, 801
50
3,250
6,915
3,188
42
1,016
43, 431
47, 363
10, 531
55,075
125
414
108
184, 615
18, 619
107, 627
105, 698
6,208
259
31, 625
2
73, 921
434, 971
4,496
8,622
1
16, 558
120, 098
1,400
3,906
3,321
23,112
2,419
1,041

H e a d tax
a n d other
collections
for D e p a r t m e n t of
Justice

$112
3,921
16, 696
1,350
5,600
632
5,402
53, 359
16, 593
1,630
19, 654
13,000
27, 646
8,247
20, 755
31,141
33, 268
11, 295
2,496
29, 380
264, 987
16
2,804
13,138

724
39, 230

Payments
Collections
for all other
departments,
including
B u r e a u of
Internal
Revenue
$90
756
207, 718
3, 561, 250
116,045
554, 322
18, 572
1,619
9,345
577, 427
727,460
122, 833
223, 248
848,894
42, 505
21, 346
2,132, 365
2,083
1, 094, 722
2, 075, 825
1, 783, 976
651, 224
20,685
90
237, 797
13, 986, 523
531
391, 268
95,886
140, 222
978, 556
61, 396
169, 226
498,960
27, 596
14, 231
526, 311

Total

$11, 354
2, 326,116
7, 650,135
10,117, 497
314,101
1, 467, 390
1, 469, 831
375, 827
2, 499,843
4, 458,808
6, 653, 327
3, 046,198
2,105, 770
1, 826, 454
848,173
3, 364,026
7, 907,182
519, 267
11, 899, 750
81, 851, 554
6, 747, 709
2, 312, 207
1,152,083
1, 090, 234
18, 420,491
159, 423,002
9, 646,140
5, 274, 222
921, 685
1, 044, 625
28, 414, 959
5, 596,106
5, 598, 555
1, 360,113
104, 931
1,145, 617
3, 236, 302

Excessive
d u t i e s refunded 2

91, 631
29, 633
54, 575
3,012
7,435
7,665
7,722
68, 682
103, 902
64, 851
22, 948
38, 728
768
818
39, 955
141, 371
2,332
158, 780
257, 971
18, 325
6,113
8,146
1,021
50, 475
i 488, 493
,
50,^
50, 875
837
7,124
290, 243
31, 863
20, 775
34,056
792
4,512
58, 571

Drawback"

33, 374
175, 666
61, 860

98,067
283, 567
122
7,620
32, 664
175, 648
2,015
1, 476, 773
1, 931, 622
404, 963
1,024
183
882, 322
9, 513, 598
60, 088
281,113
19, 216
1,018, 280
23, 408
9,036
313

143

Expenses
(net obligations)

$69, 721
114,116
419, 896
424, 504
19, 478
49, 371
161, 698
94, 462
113, 496
295, 714
264, 931
81,196
199, 950
28, 271
19, 310
202, 273
501, 222
373, 485
552, 002
1, 258,154
605, 084
64, 689
68, 515
94, 421
628, 028
7,072, 848
64,03i
186, 887
13,193
149,164
870, 455
49, 820
48, 996
71, 031
52, 439
"252, 801
85, 646

Cost to
collect
$100

$614. 07
4.91
5.49
4.20
6.20
3.36
11.00
25.13
4.54
6.63
3.98
2.67
9.50
1.55
2.28
6.01
6.34
'71.93
4.64
1.54
8.97
2.80
5.95
8.66
3.41
4.44
.66
3.54
1.43
14. 28
3.06
.89
.88
5.22
49.97
22.07
2.65

San Diego
.
San F r a n c i s c o . . :
South Carolina
...
.
Tennessee
.
Vermont
.._
Virgin I s l a n d s
Virginia
Washington
..
. .
Wisconsin
I t e m s n o t assigned to districts

_

761, 380
4,876

34, 968, 881
4,005

P u e r t o Rico
Total
P u e r t o Rico collections deposited to credit of governm e n t of P u e r t o Rico

766, 256

34, 972,886

G r a n d total

7,614
43, 610
2,284

56, 881
81, 288
1,568

28,849
32, 364

392, 223, 575
9,578

...

1, 562, 350
9,976

392, 233,153

1, 572, 326

23,'503'

351, 438
14, 968
34, 501
850

118, 573
794, 009
I 32, 642
17, 588
297,175

25. 90
8.73
3.47
•5.18
17.15

33, 852
33, 842
2,875
48

1,672
28, 316
6,255

203, 487
558, 855
58, 986
2, 920, 810

2.22
11. 97
6.34

429, 516,187
_ 28, 435

8, 523, 884
123

16, 932, 341

• 20,623,423

4.80

429, 544, 621

8, 524,007

16, 932, 341

20, 623, 423

8, 524,007

16, 932, 341

20, 623, 423

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1, 572, 326

766, 256

34, 972, 886

430, 906, 531

i

SUMMARY OF COLLECTIONS AND E X P E N D I T U R E S
Collections: 3 .
Customs receipts:
Duties on imports
Miscellaneous receipts (fines, penalties, etc.)

$391,320,502.08
912,651.39

TotaL.
Collections for other departments, bureaus, etc.:
Department of Commerce
$1,572,325. 58
Department of Justice
.
766,256.29
Public Health Service
297,457.30
Internal revenue taxes
34,621,994. 78
Printing and binding
13,658.14
Sale of publications
.......
26,956.95
Philippine trust fund (oils)
5,001.24
War Department
:_
7,802.97
Federal Communications..
14.44
Total collections

'....

.•

392,233,153.47

Appropriations and expenditures:
Appropriation ''Collecting the revenue from customs''
Expenditures—obligations incurred by:
Collectors of customs
$13,534,959.11
Appraisers of merchandise
3,068,474.89
Chief chemists....319,676.00
Comptrollers of customs
779, 505.34
Agency service (investigation and patrol).... 2, 216,745.84
Administrative
704,064.39
Balance of appropriation.

37,311,467.69
3 429,544,621.16

Appropriation "Refunds and drawbacks"
.
Expenditures for refunds, drawbacks, and minor payments
of a similar nature
Balance of appropriation.

$20,900,000.00

20,623,425.57

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276, 574. 43
26, 000, 000. 00
25,456, 347. 69
543, 652. 31'

1 Customs receipts, on the basis of reports of collecting officers, are credited to the districts in which the collections aremade. Receipts in the various districts do not indicate the
tax burden of the respective districts, since the taxes may be eventually borne by persons in other districts. Customs duties and sale of insular government property for Puerto Rico
($1,361,909) are deposited to the credit of the Government of Puerto Rico,
2 Includes $20,047 of refunds of other collections.
3 Excludes duties and sale of insular government property for Puerto Rico, but includes other Puerto Rican collections (see table above).




O

1, 361, 909

1, 361, 909
393, 595, 062

20, 354"
164, 510
32, 480
5,277
5, 360

457,823
9,098, 500
940, 464
339, 671
1, 733,052
, 838
9,145, 886
4, 669,032
930, 337

4,824
81, 767
7,423
733
39

9, 012, 810
3,860, 378
696,032

•
..

9,541
1, 883, 410
84, 571
81, 555
10, 978
838
47, 346
695,002
232, 737

435, 844
7,089, 713
846,186
257, 383
1, 698, 532

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TABLE 14.—Expenditures by States and by fiscal years from April 8, 1935, to, June 30, 1941 ^ under the Emergency Relief Appropriation Acts
, for the fiscal years 1935 to 1941
00
[On basis of checks issued, see p . 406]

1936 a n d 1936 1

State

Alabama
Arizona
... .
Arkansas
California
Colorado
i
Coimecticut
Delaware.Di.strict of C o l u m b i a . .
. . . . .
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
.
Louisiana
Maine
... .. . ...
Maryland
Massachusetts
^...
Michigan...
Minnesota
.
Mississippi
1.^
Missouri
Montana...
Nebraska.._
N e v a d a _- - .
New Hampshire...
• .
N e w Jersey
...
N e w Mexico.
..NewYork
•North Carolina
.
North Dakota
Ohio
...
Oklahoma
.
Oregon
Pennsylvania
R h o d e Island
.
.
S o u t h Carolina
...
South Dakota
...




...

...

...
. .

..

:.

$45,413,631
30,218,058
45, 373, 374
202,439, 632
49,159, 388
30,957,805
4, 522,80052,942, 887
43, 818, 313
61, 696, 613
27,051,963
190,034, 656
72,153,159
32,837,317
44, 279, 766
44, 471,482
44, 738,496
22,102, 298
32, 111, 884
127, 525, 799
109, 221,045
80, 230,158
37, 500, 663
77, 734,116
42, 778,849
33,851, 281
9,635, 214
11,247,455
93,969,133
31, 288,461
466, 951, 753
46, 312, 234
23,259,822
178, 777,146
59, 965,462
33,410, 094
277, 742, 508
11, 533, 680
35,868,979
25, 347,164

1937

$39, 337,860
15i 793,641
32, 624,836
155, 332,893
31, 662, 017
24, 565. 537
3,133, 291
58, 734,903
30, 485, 951
32, 499, 635
15,401,195
169, 748, 382
72, 061, 364
32, 906, 584
46, 434, 756
40, 968, 555
30, 864,344
13, 538,872
28,921, 203
115, 953, 273
81, 381,924
64, 452, 972
34, 551,683
79, 601,021
30, 579,025
33, 785,607
4, 521,483
9,604, 638
94, 908,022
16,907,847
379,096, 260
29,428, 705
33,086, 698
154, 778,284
66, 502, 260
26,000, 703
247, 841, 396
12,895,046
27,030,615
36,430,024

1938

$23, 832,167
9,819,047
21, 095, 237
. 101,002,400
24.169, 326
'
20, 397,992
2, 021,816
40, 694,337
21,413,670
26,429,7819. 373, 427
126. 959, 759
52,193,413
21, 262,120
25, 804, 265
29, 731, 773
24, 330, 213
8,149, 754
15, 253,169
84. 523,194
74, 634, 690
46.170, 410
25,407, 523
51, 767, 012
21, 509, 046
26, 663,028
2, 207,186
6, 286, 980
73, 769, 884
9,450, 968
250,154,876
20,858, 972
21, 643, 987
131,835, 866
32, 530,189
16, 690, 235
184, 325,130
11,009,350
19,168,000
23,295, 989

1939

$41,171, 608
10, 788, 079
36,452, 557
114, 716, 341
31, 385, 618
• 26,728,389
3, 069,142
37, 066, 724
33, 515,101
44, 237,188
11,460, 020
191,047,158
73,113, 953
26, 930,184
29,812, 740
43, 538, 639
34,870, 596
9,818,140
. 16, 909, 948
109,077.397
131,014, 257
60,043,479
31, 370, 380
83.870,993
24.980, 392
28,803, 224
2,377,190
8, 203;248
89,026, 228
10,881,471
257, 211,986
31,719, 727
21,159,877
214,062, 354
46,673, 626
18, 233, 798
221, 288, 712
15, 304, 582
33,061,462
22,130, 765

1940

$37, 282, Oil
8, 942, 634
30, 703, 511
87,186, 039
23, 567, 492
17, 331, 359
2,186, 063
34, 258, 532
29,242,586
36, 306, 040
11, 614, 936
130,062,189
47, 294, 332
21, 618, 753
23, 662, 200
33, 207, 525
27, 092, 226
8, 952, 498
13, 726, 002
74, 673, 456
76,477, 822
40, 785, 687
28. 985, 221
59,856, 769
15, 860, 322
23, 693, 294
1, 706,467
5, 873, 557
61,101,129
11,252,151
156,188, 597
31,716,748
12,442, 741
111, 615, 471
36,465,159
14, 661, 851
126,049, 711
10,120,148
27,197, 948
16, 626, 333

1941

$27,368,056^
7, 567,429
21, 724, 209
76, 080, 646
16, 621, 613
11, 945, 369
2, 051, 001
31, 273, 647
25, 925,838
27, 758, 090
7,452, 319
93,163, 892
32, 456, 842
16, 960, 559
17. 723, 248
25,738,546
20, 938,827
7, 413, 437
10, 575, 801
68, 883, 791
52,012,388
33, 062,488
22, 979, 229.
46, 390, 650
9,896. 827
18,405, 291
1, 579, 075
4, 912, 381
49,036, 702
9, 327, 076
123, 460, 713
26,474, 247
8, 954, 604
81,004, 717
25, 574, 812
11,444, 252
109, 798, 818
8, 093,133
23, 694,072
9, 968, 346

T o t a l to J u n e
30, 1941
$214, 405, 333
' 83,128, 788
187, 973, 724
736, 757, 951
176, 565, 354
131, 926,451
16, 984,113
254, 971, 030
184, 401, 459
218, 927, 347
82, 353,860
901, 016, 036
349, 263, 063
. 152, 516, 517
187, 716, 975
217, 656, 520
182, 834, 702
69, 974,999
117,498,007
570, 636, 910
524, 742.126
324, 745,194
180, 794, 699
399, 220, 561
145, 604,461
165, 201, 725
22,026, 615
46,128,159
461,811,098
89,107, 974
1, 633,064,184
186, 509, 633
• 120, 547, 729
872, 073,838
257, 711, 508
120,440, 933
1,167,046, 275
68,955, 939
166,021,076
133,688,600

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Tennessee
Texas
Utah
:.
Vermont
.
Virginia
Washington
_West Virginia
Wisconsin
Wyoming
.-._.
Alaska
Hawaii
Panama Canal
.Puerto R i c o . . . ,...
Virgin Islands
Not allocated to specific States
Total expenditures

•

48, 574, 534
115,174, 542
24, 018, 396
13, 777; 570
46,829, 906
64, 942,820
50, 293, 361
83, 357, 570
13,148, 427
3, 960,994
6, 980, 777
242,824
22, 431, 093
607, 380
50, 749, 794

1 3, 424, 564, 516

33,037, 586
71,635,880
14, 517, 379
5, 661,001
27, 505,195
50, 002,115
39, 265, 943
74,486, 358
12, 561, 503
1, 596, 208
6,121, 628
455, 938
24,010, 582
699, 230
54, 609,181

23,848, 563
51, 348, 643
9, 914, 092
3, 719, 526
17, 827, 578
35,140, 554
24, 721,879
48,415, 739
8, 266,924
470, 301
4,174, 921
1,238
14, 463,873
457,994
20, 632, 374

28, 771, 917
73, 530, 209
12, 355,107
5, 611, 586
20, 740, 014
44,857, 679
' 34,507,576
.67,291,625
7, 767, 708
412,896
2, 553, 679
4,217
15,340,107
758,158
26, 345,127

27,828, 736
73, 602, 918
10, 206, 401
3, 876, 350
19, 812, 603
27, 413, 282
26,884, 794
44, 240, 995
6, 921, 759
409, 776
1, 395, 634
13, 285, 884
553,482
12, 371,474

21, 843, 056
55, 311, 336
8, 415,169
2, 900,852
16, 454, 551
22, 946,143
22, 506, 995.
33,408, 007
2,841, 208
114, 379
1, 228, 609
Cr. 4,218
15, 673, 299
908, 395
11, 062, 725

2, 860, 508, 932

2,001, 240, 379

2, 617,974, 768

1, 835, 290,498

1,431, 293, 486

183, 904, 392
440, 603, 528
79,426,544
35, 546, 885
149,169, 847
245, 302, 593
198,180, 548
351,200,294 .
50, 507, 529
6, 964, 554
21,455, 248
699 999
105, 204,838
3, 984, 639
175, 770, 675
14,170,872, 579

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1 Includes $525,848,046 for fiscal year 1935 (Apr. 8 to June 30,1935).




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TABLE 15.—Expenditures by organizations and by fiscal years from April 8,1935, to June 30,19411 under the Emergency Relief Appropriation
Acts for the fiscal years 1935 to 1941

Oi
§

[On basis of checks issued, see p. 406]
Organization

1935 a n d 1936 i

1937

1938

1939

1940

1941

T o t a l to
J u n e 30,1941
hd
O

LEGISLATIVE ESTABLISHMENT

$325,634
170, 256

$38, 692
135, 000

$115,462

$109,422

$364, 697
1, 065, 219

729, 202
1,458, 668

937, 362
1,182,110-

715, 974
682,153

682, 934
804, 893

3,894
813,306
775,304

117, 482
729, 489

3,894
3, 996, 260
5, 632, 617

Ul

2,119, 472

1, 398,127

1,487, 827

1, 592, 504

846, 971

9, 632, 771

o

62,872,808
134, 518,438

67, 202, 964
215, 370, 956

30, 203,839
169, 297, 254

28,040,118
180, 657, 282

19, 769,635
156, 586,179

12,608, 438
57,101,059

220, 697,802
913, 431,168

197, 391, 246
6,464,852

282, 573, 920
4, 861,169

199, 501,093
511, 504

208, 597, 400
301, 285

176, 355,814
316,095

69, 709, 497
242, 616

1,134,128, 970
12, 697, 521

18,107,892
6,452, 537

41,465, 266
21, 661, 695

29, 885, 296
12,186, 620

26, 775, 439
13, 722, 842

9, 960,605
9,116,837

7, 200, 477
4,688,329

133, 394, 975
67, 828, 860

63,126, 961

42, 071, 916

40,498, 281

19, 077,442

11,888,806

201, 223, 835

770,-493
194, 855
• 15,100,116

1, 033, 098
1, 675,034
17, 659, 002

84, 364
1, 843, 609
10,153,168

15, 855
1, 730, 367
10, 260, 525

32, 515, 576

1,186, 913
604, 632
13, 600, 374
152, 264
21,169,825

920, 821
877, 817
15,199, 564

28, 620,554

i9, 546, 893

13, 953,875

10,858, 822

4, Oil, 544
6, 926, 314
81, 972, 749
152, 264
126, 665. 545

11, 298,429
79, 518, 778

.

$371
345, 775

24, 560,429

i

$189,304

2,187,870

A r c h i t e c t of t h e Capitol
L i b r a r y of Congress . . . .

17, 267, 330
52,321,419

25, 562, 060
22,857, 076

26,409,136
7,840, 665

17,316,903
1,069,063

10,948,099
415, 395

108, 801, 957
164,022, 396

90, 817, 207

69, 588, 749

48,419,136

34,249,801

18, 385,966

11,363,494

272,824, 353

O

EXECUTIVE OFFICE

Office of t h e P r e s i d e n t :
B u r e a u of t h e B u d g e t
N a t i o n a l Resources P l a n n i n g B o a r d
Office of G o v e r n m e n t R e p o r t s

.

.

T o t a l Office of t h e P r e s i d e n t EXECUTIVE DEPARTMENTS

Hi

Agriculture:
Exclusive of F a r m Security A d m i n i s t r a t i o n
F a r m Security A d m i n i s t r a t i o n . . . _ _ - . .
T o t a l D e p a r t m e n t of Agriculture
Commerce
.-.

. .
. . .

. .

Interior:
Exclusive of P u e r t o Rico R e c o n s t r u c t i o n A d m i n i s t r a t i o n . . .
P u e r t o Rico R e c o n s t r u c t i o n A d m i n i s t r a t i o n
T o t a l D e p a r t m e n t of t h e Interior
.Justice
Labor
Navy
State
Treasury

. .

_
•-




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War:
Exclusive of Corps of E n g i n e e r s
Corps of Engineers (rivers a n d harbors, etc.)
Total War Department

>

'.

.

INDEPENDENT ESTABLISHMENTS

A d v i s o r y C o m m i t t e e on A l l o t m e n t s
..-Alley D w e l l i n g A u t h o r i t y
C e n s u s of P a r t i a l E m p l o y m e n t , U n e m p l o y m e n t a n d Occupations.
Civil Service C o m m i s s i o n
C o o r d i n a t o r for I n d u s t r i a l Cooperation
Employees' Compensation Commission
F e d e r a l E m e r g e n c y Relief A d m i n i s t r a t i o n . .

17,126
6,471

1
164,359

194,667

107,684
32, 838
1, 712, 777
929,721,347

11,857
133,435
6, 231, 266
3, 978,075

1, 777, 260
C r . 11
8,101
5,228,396
481, 270

8, 359,349
C r . 10,179

Federal Security Agency:
Civilian C o n s e r v a t i o n C o r p s
N a t i o n a l Y o u t h A d m i n i s t r a t i o n 2..
Office of E d u c a t i o n
P u b l i c H e a l t h Service
Saint Elizabeths Hospital
Social S e c u r i t y B o a r d

541,034, 556
35, 535. 355
418,312
3,696, 742
9,396
10, 748, 554

50,464, 244
65,619,041
1, 751, 203
3, 903,813

1,013, 528
61,156, 505
377, 283
2,812,309

118,354
75,146,908
676, 949
1, 369, 278

13, 499,416

6,456, 767

591, 442,915

135, 237, 717

224,884
127, 608,145
133, 255,148

• 421,870
241,041, 577
160,318,022

1, 270, 267,226

Total Federal Security Agency.
Federal Works Agency:
Public Buildings Administration.
Public Roads Administration
Public Works Administration
U , S. H o u s i n g A u t h o r i t y
W o r k Projects A d m i n i s t r a t i o n 2 3_
Total Federal Works Agency...
General A c c o u n t i n g Office
P r i s o n I n d u s t r i e s Reorganization A d m i n i s t r a t i o n Veterans' Administration
.
Total expenditures.

17,127
365,497
85,058

4,644
8, 988, 309
C r . 3,804

1,866,962
119, 530
174, 439
38,278,192
934,167, 210

65
7, 758,096
601

592, 622, 389
329, 505. 225
3,842,05712,496,805
9,396
32,022, 602

657
4,969,185
221,060
207,079

1, 241,405

52,157

24, 303

61,816, 392

78,452, 894

•8,126, 372

5,422,184

970, 498, 474

14, 051
30,142,064
13, 268,092
3, 615, 713
2,157, 201,118

12, 356,153
5, 932,137
180,497
1,461,791,706

6, 585, 629
3,433, 855
6,875
1, 284,780, 454

758, 279
497, 326, 532
390, 355, 372
19, 958,162
9, 435,192, 624

i
Q

1, 833,450,125

97,386
79, 692, 964
74,148,118
16, 255,077
1,427, 701,995

1, 531, 255,403

2, 235, 231, 594

1,697,895,540

2,204,141,038

1,480, 260, 581

1, 294,806, 813

10, 343, 590, 969

td

2,983, 572
63. 644
923,813

3, 565, 444
154, 388
301,670

4, 361,836
122,487
242, 767

4, 319, 857
5,702
767, 668

6,129,109'
11
906, 977

5, 539, 219
740, 233

25,899, 037
346, 232
3,883,128

1 3,424, 564, 616

2,860, 508,932

2,001,240,379

2,617,974, 768

1, 835, 290,498

1,431,293, 486

14,170,872, 579

1 I n c l u d e s $525,848,046 for fiscal y e a r 1935 (Apr. 8 to J u n e 30,1935).
2 A d m i n i s t r a t i v e expenses for N a t i o n a l Y o u t h A d m i n i s t r a t i o n u n d e r t h e E m e r g e n c y Relief A p p r o p r i a t i o n Acts of 1936, 1936, 1937, a n d 1938 are i n c l u d e d in a m o u n t s s h o w n for
W o r k Projects A d m i n i s t r a t i o n .
3 Does n o t include transfers to o t h e r F e d e r a l agencies.
^ N O T E . — E x p e n d i t u r e s of agencies affected-by R e o r g a n i z a t i o n - P l a n s 1,-117 H I , IV>^and-V are reflected-according to organizations to-whichthe-agencies-were-transferred




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oucher paym
(checks issue
fiscal years 1!
to 1941

Rural Electrification Administration:
Administrative expenses
.._._
Loans to private corporations, States, etc...
Construction of electric distribution systems
Preparation of strip maps

_.

963, 267.60
14,475,128.00
69, 596.19
312, 657. 60

Total Rural Electrification Administration

266. 09
542, 929. 68
10, 735.00

963,001. 51
13, 932,198. 32
58,861.19
312, 657. 60

15, 820, 649. 39

113,^487.91

74,498. 20

188, 513. 66

100, 225, 642.14
51, 699. 53
64, 517, 575. 51
61, 037. 00
550,425.17

99, 729,350.71
51, 687. 27
62, 619, 288. 82
61, Oil. 48
544, 278.30

496, 291.43
12. 26
1,898, 286.69
25.52
6,146.87

52, 667.98
.47
404,138.43

39, 292. 52

702,151, 613. 42
53, 752, 852. 88

696,804, 368. 58
53,621,182.75

5, 347,244.84
131, 670.13

1,842, 648. 76

458,156. 49
252,851.15

924, 367, 695.42

Undistributed to organization units *

42,827, 684. 55

704, 452,418. 67
54,005, 704.03

Total Farm Security Administration..

15, 266, 718. 62

42, 941,172.46

100, 317, 602; 64
51, 700.00
64, 922,817. 51
65,000. 00
552,452. 57

Farm Security Administration:
Administration:
General administrative expenses
Expenses for educational project
Expenses for loans and relief
Expenses for relief, Indians
_'
.
Expenses for rural rehabilitation projects
Rural rehabilitation, suburban projects, loans and
relief
:..
Sanitation and conservation projects

15, 266, 718. 62

43, 204,184. 32

Soil Conservation Service

921, 310,845. 65

913,431,167.91

7,879, 677. 74

2, 299,455. 64

757,394.13

1,134,12S, 969. 61

. 8, 698,118.88

653, 930. 77

4,416, 658.10

4,420. 533.15

Total Department of Agriculture
Commerce:
Administrative expenses
Census
Coast and Geodetic Survey
Industrial Economics
Standards
Weather Bureau

963,001. 51
13,932,198.32
58, 861.19
312, 657. 60

.

1,152,919,507.11

•

1,142,827, 088.49

7, 636,132.05
158. .16

1.103. 57
' 3, 963. 00
2, 027. 40

3, 975.05
2,456, 286. 57

1, 693, 911.19
10, 780,420. 60
50,490. 00
99, 967. 91
75,000.00
120, 315.83

1, 612, 368. 03
10, 770, 255.45
47, 350. 28
99, 948. 90
75,000.00
120,192.08

1, 587,837.14
10, 770, 253. 70
46, 392. 05
99, 948. 90
75,000.00
118, 088.80

24, 530.89
1.75
958. 23
2,103. 28

123. 75

12, 820,105. 53

12, 725,114. 74

12, 697, 520. 59

27, 594.15

3,421.63

4,974,466. 60
70, 516. 93
7,154, 994. 53
102.725. 73
108, 693.64
5,047,871.11
46,306,958:04

4, 955,131. 21
70, 516. 93
7,084, 622.44
101, 363.19
108, 693. 64
4, 933,666. 01
46,0427312:27

19,335.39

27, 317. 53
217, 397.02
4, 732. 36
595. 22
521,252.11 —

4, 737, 203.13
164,021.85
63, 666,901. 28

4, 723, 580.81
163,842.10
62,941,437. 05

13, 622.32
179.75
625,464. 23

4, 304. 22
142,852.16
6,912. 00

26, 933.15
16. 47

Total Puerto Rico Reconstruction Administration.

68, 649, 211. 69

68,468,126. 26

67,828,859.96

639, 266. 30

154,068. 38

27, 017. 06

O

67.43

.-..

. 4,741,574.78
•
164,021.85
63,736,686.59
6, 928.47

zn

65, 738.44

114,205.10
:2647645.77

W

34,086. 53

70, 372.09
1, 362. 54

o

91, 569.16

5,035,870.66
70, 516. 93
7,438,129.99
107,458. 09
108,693.64
5,173, 304.99
48,483, 604. 54

o

Total Department of Commerce
Interior:
Administrative expenses
Bituminous coal survey
Fish and Wildlife Service
General Land Office
Geological Survey
Indian.Aflairs.-.-„- -.- — - =^.... .:^. ,^. .^ _^_^-. _ _ _ ^. _^. ^^._.- .^....
National Park Service
^..
.
Puerto Rico Reconstruction Administration: 5
Administrative expenses
.
__•Relief for needy persons
Work projects
Undistributed by programs 4
-_-

Footnotes on p. 507.




81, 385.00
10,165.15

3,139. 72
'

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19.01

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124,838. 66
--17655,394739-

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TABLE 16.—Financial status of appropriations provided in the Emergency Relief Appropriation Acts for the fiscal years 1935 to 1941, as of
June 30, 1941—Continued
,

Available funds

Organization

EXECUTIVE DEPARTMENTS—Continued

Interior—Continued.
J
Reclamation
Territories a n d island possessions:
Alaska, various projects
._ _
Virgin I s l a n d s , various p r o j e c t s . . . .

N o t available for
obligation 2

K
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$66, 686, 251. 79

$66,469, 915. 24

$66, 291,434.44

$168,480.80

$5,017. 23

$221, 319.32

..

1,750,019.62
2,182,473.07

1, 747, 700.89
2,131, 696. 39

1, 747, 419. 94
2, 059,815.17

280.96
71, 881. 22

233. 55
49, 736. 79

2, 085.18
1, 039. 89

206, 685, 635. 01

202, 573, 665. 36

201, 223, 835. 20

1, 349,830.16

980, 360.19

2,131, 519. 46

4, 227,490.84
175, 527. 93
49,803.40
43,464.81

3, 743, 620. 25
175, 527. 93
49, 792.40
43, 396. 46

3, 742, 827.46
175, 527. 93
49, 792. 40
43, 396. 46

792. 79

4, 012, 337.04

4, Oil, 644. 25

792. 79

11.00

483, 938. 94

691, 904. 09
173,850. 00
6, 223, 554, 64

681,823. 22
170,476. 68
6,155, 584.61

681, 283. 22
17,0, 476. 68
6, 074, 563.81

540.00

1, 701. 67

81, 030.80

10, 212. 20

8, 379. 20
3, 373. 32
57, 757. 83

7, 089, 308. 73

7, 007,884. 51

6, 926, 313. 71

81, 570. 80

11,913.87

69, 510. 35

2,473, 744. 26
81, 950, 366. 09

2, 436, 368. 21
80,147, 779. 07

2, 372, 367.18
79, 600, 381. 66

63, 001. 03
547, 397. 51

19, 310. 48
1, 214, 522. 32

19, 065. 67
688, 064. 70

84, 424,110. 35

82, 583,147. 28

81, 972, 748. 74

610, 398. 64

1, 233, 832.80

607,130. 27

4, 919.82
147, 344. 26

4, 919.82
147, 344. 26

• 4,919.82
147, 344. 26

_

...

-

. -

. .

- -

483 870 69

O

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11.00
68.35

K|

-

_ . ._
.
.__

_-_

Navy:
A d m i n i s t r a t i v e expenses
Yards and D o c k s - . . :

..

...
.

.
.

State:
A d m i n i s t r a t i v e expenses
- - . - .
International Boundary Oommission._.

.

-

152, 264. 08

152, 264.,08

152, 264. 08

109, 334, 642. 27

108, 779, 371. 07

655,271.20

. 741.62

3,199,184. 32

5, 353, 586.16
12, 778,848. 50

5,296,746.23^
12, 442, 631. 23

5, 283, 628. 09
12,441, 987. 76

13,118.14
643. 47

43, 646. 72
43. 37

13,193. 21
336 173 90

including
'.

o

d

112, 634, 668.11

__

Treasury:
A d m i n i s t r a t i v e expenses 8 . . . _
Coast G u a r d : I m p r o v e m e n t s t o buildings,
lighthouses. . .
I n t e r n a l r e v e n u e t a x s u r v e y . - . _.




Available for
obhgation i

4,496, 286. 98

T o t a l D e p a r t m e n t of L a b o r . . .

• Total State D e p a r t m e n t

Unobligated balances
Unliquidated
obligations
outstanding

__

_

T o t a l D e p a r t m e n t of Justice

Total Navy Department

Voucher p a y m e n t s
(checks issued),
fiscal years 1935
to 1941

-

T o t a l D e p a r t m e n t of t h e I n t e r i o r .
Justice:
A d m i n i s t r a t i v e expenses
I m m i g r a t i o n a n d N a t u r a l i z a t i o n Service
Prisons
Surveys
._.

Labor:
A d m i n i s t r a t i v e expenses
Consumers'goods survey
L a b o r Statistics

Obligations

Oi
^

Procurement Division, Branch of Supply: Work relief
supply funds
1
Reimbursable from projects
....:..

308, 260.76
.

160, 557. 72
-161,432.83

Total Procurement Division.

308, 260. 76

Total Treasury Department.

130, 975, 263. 53

7 127, 073,144. 62

736,860. 06
10, 997. 60
3,480, 606.06

735, 771. 79
10, 997. 50
3, 275, 966.76

War:
Administrative expenses:
Corps of Engineers
Medical care of employees..
Quartermaster Corps
Total administrative expenses..
Corps of Engineers
Office of the Chief of Staff, work relief projects .
Quartermaster Corps
Total War Department.._.

-875.11

-161,432.83

103, 401. 45
161, 431. 30

-161,432.83

264, 832. 75

160, 557. 72
160, 557. 72
126,665,644.64

736, 771. 79
10, 997. 60
3, 259, 503.42

7 407, 699. 98

44, 301. 59
1.63
44, 303.12

309, 264. 36

3, 592, 854. 55

82,173.12

122, 365.18

88.27
16, 463. 34

122, 453. 45

4, 022, 736. 05

4, 006, 272. 71

16, 463. 34

82,173.12

165, 685, 360.86
3,193, 255. 01
106, 374, 708.97

163, 338, 886. 59
3,184, 346. 43
102, 657, 287. 74

163, 286, 623. 77
3,184, 346. 43
102, 347,109.81

52, 262.82

105, 656. 26

210,177.93

1, 323, 695. 98

2,140, 819.01
8,908.58
2,493,825.25

279, 380, 687.46

273,103, 256. 81

272,824, 352. 72

278,904.09

1, 511,424. 36

4, 766, 006. 29

17,127. 42

17,127. 42

17,127. 42

o
^
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4,227,362.62

H

INDEPENDENT ESTABLISHMENTS

O

Advisory Committee on Allotments: Administrative expenses.
Alley Dwelling Authority: Low cost housing, alley improvements
Census of Partial Employment, Unemployment and Occupations: Administrative expenses
Civil Service Commission: Administrative expenses
.-.
Coordinator for Industrial Cooperation: Administrative expenses
Employees' Compensation Commission: Injury compensation fund, including administrative expenses.^
Federal Emergency Relief Administration: Grants to States,
including administrative expenses..

934,272,779.36

Federal Security Agency:
Civilian Conservation Corps:
Acquisition of land
i..
Civilian Conservation Corps camps, including administrative expenses-_'...

982, 570. 51

982, 553. 56

982, 553. 56

692, 636, 609. 76

691, 642,199. 62

691, 639,834.95

2, 364. 67

994, 310. 23

693,619,080.26

592, 624, 763. 08

592,622,388.51

2, 364. 57

994,327.18

4,961, 359. 63
119, 344, 517. 54
205,412,899.45
1, 013, 529.83

4,947, 866. 48
119, 309, 703. 41
205, 296, 725. 72

4, 932,848.15
119, 309, 544.82
205, 262,832. 33

15,018.33
158. 59
33,893.39

3,493.15
34,814.13
116,173.73
1, 013, 629.83

330, 722, 306.45

329, 564, 295. 61

329, 506, 225. 30

49,070. 31

1,168,010.84

Total Civilian Conservation Corps.,
National Youth Administration:
Administrative expenses ^
Student aid
Work projects
_..
Undistributed by programs *.
Total National Youth Administration.
Footnotes on p . 507.




365,496.80
1, 895, 000.00
119, 536.14
176,160.00
45, 325,000. 00

365, 496. 80
1, 867, 700. 53
119, 530. 09
175,169. 47

td

365,496.80
1.866, 961. 91
119,530.09
174,438.98

>

27, 299.47
6.05

738. 62

980. 53

730.49

' 38, 364, 790.16

38, 278,192. 06

86, 698.11

934, 200, 519. 51

934,167, 210. 49

33,309. 02

6, 960, 209. 84
72,259.85

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16.95

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TABLE 16;—Financial status of appropriations provided in the Emergency Relief Appropriation Acts for the fiscal years 1935 to 1941 y as of
June 30, 1941'—Continued
•

«

Available funds

Organization

INDEPENDENT

Obligations

Voucher p a y m e n t s
(checks issued),
fiscal y e a r s 1935
to 1941

U n o b l i g a t e d balances
Unliquidated
obligations
outstanding

A v a i l a b l e for
obligation i

N o t available for
obligation 2

Federal Security Agency—Continued.
Office of E d u c a t i o n :
A d m i n i s t r a t i v e expenses
E d u c a t i o n a l projects

.

F e d e r a l W o r k s Agency:
P u b l i c B u i l d i n g s A d m i n i s t r a t i o n : D e c o r a t i o n of F e d e r a l
buildings
P u b l i c R o a d s A d m i n i s t r a t i o n : P u b l i c roads, i n c l u d i n g
grade-crossing e l i m i n a t i o n

$3, 683. 88

$2,424. 55
63, 702.42

$684.05
39, 569. 76

3,845,64L29

3,842,067. 41

3, 583. 88

66,126. 97

5,897, 289. 39
6, 647, 732. 69

5, 868, 660. 31
6, 637,920.16
12, 606, 680. 47

5, 859, 459.16
6, 637, 345.47

9, 201.15
574. 69

28,629.08
9,812. 53

12,496, 804. 63

9, 776.84

38,441. 61

9, 396:12
32, 028, 636. 81

9, 396.12
32, 022, 601. 73

6,035. 08

970, 669, 303. 38

970, 498. 473. 70

70,829. 68

.

1,926, 364.19
66,126.97

4,167, 397. 63

758, 279.47

758, 279. 47

United States Housing A u t h o r i t y

502, 955, 408.19

497, 326, 631. 78

6, 628,876.41

82, 854, 953.48
313, 339, 437. 74

82, 854,953.48
312, 435, 667.87

82, 854, 953.48
307, 500, 418. 68

4, 935, 249.19

903,769.87

395, 290, 621. 35

390, 366,372.16

4, 935, 249.19

903, 769.87

V 19,990,593.69

Housing

W o r k Projects A d m i n i s t r a t i o n : i"
A d m i n i s t r a t i v e expenses ^
...
l^and utilization a n d r u r a l r p h a b i l i t a t i o n ii
Work programs
_
Miscellaneous p r o g r a m s 12
Undistributed b y programs 4...
T o t a l W o r k Projects A d m i n i s t r a t i o n
Total Federal Works Agency




.td
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• 768, 279.47

506,828, 601. 81

396,194, 391. 22

..

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19, 990, 593. 69

19,958,161. 33

32, 432. 36

713, 756.17
820, 618. 62
504,137.96
405,093.83

367, 362,184.99
27, 786,427. 66
9,019, 642, 076.74
.20, .401,934. 38

1, 351, 571.18
34,090. 86
96,862,061. 22
3,159.45

18, 000,434.49
3, 292,039.81

324, 233.04
67, 219. 75
602,106.49
8, 679. 59
1,519,376.45

9, 557, 249, 040. 75

13 9, 633, 443, 506.48

9,435,192, 623. 77

13 98, 250,882. 71

21, 383,919.95

2,421,614.32

10, 481,020, 906.94

10,452,438, 409.18

10, 343, 590,968. 51

108,847,440. 67

24, 285, 685.33

4, 296.812.43

Public Works Administration:
L o a n s a n d g r a n t s to S t a t e s , e t c .

O

40, 253.81

974, 802, 827. 98

T o t a l P u b l i c H e a l t h Service
Saint E l i z a b e t h s H o s p i t a l
Social S e c u r i t y B o a r d : E m p l o y m e n t Security

$48, 353.88
3, 793, 703. 53

9, 396.12
33,955, 001.00

'...

$48,353.88
3,797,287.41

12, 545, 022. 08

:

P u b h c H e a l t h Service:
A d m i n i s t r a t i v e expenses ^
H e a l t h s u r v e y s a n d other projects

$61,462.48
3,900,559.69
i, 952,022.07

. .

. Total Federal Security Agency

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ESTABLISHMENTS—Continued

T o t a l Office of E d u c a t i o n

O
Oi-

•

2,901, 765. 38

971, 428. 24

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...
. .
..

369,129, 434. 86
27,887, 738. 27
9,135,006, 678.94
20,413, 773. 42
4,811,415.26

368,
27,
9,116,
20,

.

91,445.65

K!

26.155,000.00

Veterans' Administration:
A d m i n i s t r a t i v e expenses .
_
. . . .
C o n s t r u c t i o n a n d i m p r o v e m e n t of buildings, roads, a n d
streets
_•_
.

..

G r a n d t o t a l i^

. 25,899,037.19

346, 232.12

255,132.62

346, 232.12

830.19

6,808. 88

104, 680. 29

102, 316. 46

98, 547. 66

3, 768. 80

2, 363. 83

4, 513, 609.41

3,815,003.66

3, 784, 581.11

30,422.65

121,483.82

4, 618, 289. 70

T o t a r Veterans' Administration
Unallocated

25,899, 867. 38

363,041. 00

G e n e r a l Accounting Office* A d m i n i s t r a t i v e expenses
P r i s o n I n d u s t r i e s Reorganization A d m i n i s t r a t i o n :
A d m i n i s t r a t i v e expenses

3,917,320.12

3,883,128.77

34,191. 35

123,847. 65

577,121.93

td

5, 214, 484. 77

>ti

43,133,581.63

29,160, 513. 35

td

43,133, 681. 63

4, 033, 216. 32

5, 214,484. 77

a

.

...

14,170,872, 578". 62

120, 612, 902.92

4,045,002, 259. 38

3, 925,820, 667. 37

119,181, 692. 01

10,266,386,034.42
5,214,484.77

E x p i r e d a p p r o p r i a t i o n s : is
Allocated
Unallocated

14, 291, 485, 481. 54

4, 092,169,057. 33

Analysis:
U n e x p i r e d a p p r o p r i a t i o n s : Allocated

G r a n d total i*

.

14, 363, 769, 676. 62

.

T o t a l expired a p p r o p r i a t i o n s

577,121.93

10,246,483,222.16

10, 246, 061,911. 25

1,431, 310. 91

19, 902, 812. 26
6, 214, 484. 77

1^

10, 271, 600, 519.19

10, 246,483, 222.16

10, 245,051,911. 25

1,431, 310. 91

25,117, 297.03

14, 363, 769, 576. 52

14, 291,486,481. 54

14,170,872, 578. 62

120, 612, 902.92

i
o

43,133,581.63

29,150, 513. 35

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1 This column includes unobligated balances under Emergency Relief Appropriation Acts of 1935, 1938, 1939, and fiscal year 1941, the availability of which has been extended
by Congress beyond June 30, 1941; the unobligated balances of funds allocated for Federal construction projects under the Emergency Relief Appropriation Acts of 1938, 1939, and
fiscal year 1941 which are available to the bureaus to which allocated; and unobligated balances of funds allocated for other projects under the Emergency Relief Appropriation Acts
of 1939 and fiscal year 1941 which are available for obligation upon reallocation by departments to which the funds were appropriated.
2 Balances shown in this column are no longer available for allocation or obligation, but they are subject to change due to adjustments in obligations incurred prior to the expira-.
tion of the appropriations. Such balances are carried to the surplus fund of the Treasury when they have remained on the books 2 full fiscal years after the close of the fiscal years
(or which the appropriations were established.
3 Exclusive of Farm Credit Administration, Farm Security Administration, and Rural Electrification Administration.
4 Appropriated but not as yet distributed to specific programs or organization units by the administrative agency.
5 Exclusive of Puerto Rico revolving fund receipts and expenditures, of which the unexpended receipts amount to $3,012,198.39.
6 See footnote 9.
7 Expenditures under work relief supply funds include $161,432.83 reimbursable from agencies for which purchases were made. The related obligations and unliquidated obligations are not included in work relief supply fund figures, but are included in amounts shown for the agencies concerned.
8 Administrative expenses for National Youth Administration under Emergency Relief Appropriation Acts of 1935,1936,1937, and 1938 are included in amounts shown for Work
Projects Administration.
0 Includes sta,tus of funds allotted from Treasury Department administrative expense allocations prior to July 1939.
1 Does not include various'transfers O funds pro vided in th'eE mer gency Relief Appropriation Actsd^l938,1939,"and fiscal year 1941 to other Federalagenciesr -Includes amounts0
f
made available to other Federal agencies as working funds.
,
11 Administered by Farm Security Administration.
1 Includes relief for needy persons and aid to self-help and cooperative associations.
2
1 Includes unpaid obligations for personal services rendered by project workers carried on pay rolls for pay periods ending in the month of June.
3
1 For sources of funds available see "Appropriation Account."
4
1 Expired appropriations represent the portions of appropriations made under the Emergency Relief Appropriation Acts of 1936,1936, 1937, and 1938 which have lapsed by lim5
itation of law. Unexpended balances in the amount of .$23,157,231.86 have been carried to the surplus fund of the Treasury, as provided in title 31, sections 712 and 713, U. S. Code,
which transfers are not reflected in this statement. Expenditures include certified claims in the amount of $587,414.74 paid subsequent to June 30, 1939. Unobligated allocations in
the amount of $383,813.86 (revised) are available for obligation upon transfer from Emergency Relief Appropriation Acts of 1937 and 1938 to current year appropriations.
NOTE.—The status of funds of agencies affected by Reorganization Plans I and II (Public Resolution No. 20, June 7,.1939) and by Reorganization Plans III, IV, and V (Public
Res. No. 75, June 4,1940) is reflected according to organizations to which the agencies were transferred.




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TABLE

16.- -Financial status of appropriations provided i n the Emergency Relief Appropriation Acts for the fiscal years 1935 to 1941 y as of

J u n e 30, 1941—Continued

'

OJ
§

A P P R O P R I A T I O N ACCOUNT

Act of 1935
(Apr. 8,1935)

Act of 1938
Act of 1936
Act of 1937
(June 22,1936, and (June 29,1937, and (June 21,1938,
Mar. 2, 1938)
Feb. 4, 1939, and
Feb. 9, 1937)
Apr. 13, 1939)

Act of fiscal
Act of 1939
year 1941
(June 30, 1939) . (June 26,1940, and
Mar. 1, 1941)

Total

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O

FUNDS M A D E AVAILABLE

Credits:
$4,000,000,000.00 $2, 214,000,000.00 $1, 750,000,000.00 $2, 537,905,000.00 $1, 755, 600, 000.00 $1,057, 711, 357.00 $13,315,216,357.00
Specific appropriations
From appropriation for U. S. Employees'
Compensation Commission, fiscal year
1939, Public Res. No. 7, 76th Cong.,
Apr. 1, 1939
.:
2,000,000.00
2,000,000.00
From appropriation for the General Accounting Office, fiscal year 1939, Public No. 61, 76th Cong., May 2,1939
150, 000.00
150,000.00
From appropriation for the Puerto Rico
Reconstruction Administration, fiscal
year 1939, Public No. 61, 76th Cong.,
May 2, 1939
.
1,000,000.00
1,000,000.00
From appropriation for Employees' Compensation Commission, Urgent Deficiency Appropriation Act, fiscal year
. 1941, Mar. 1, 1941
800,000.00
800,000.00
From appropriation for Work Projects
Administration, Urgent Deficiency
Appropriation Act, fiscal year 1941,
Mar. 1,1941
375,000,000.00
375, 000 000.00
Total specific appropriations
Unexpended balances transferred:
From Reconstruction Finance Corporation
:
L ...
From funds provided in the Emergency
Appropriation Act, fiscal year 1936,
approved June 19,1934:
From fimds to meet the emergency
and necessity for relief in stricken
agricultural areas
From funds for emergency relief and
public work
From appropriation for national industrial recovery, contained in the Fourth
Deficiency Act, fiscal year 1933__.




4,000,800,000.00

2,214,000.000.00

1, 760, 000,000.00

500, 000,000. 00

2, 641, 065, 000.00

1, 755, 600,000. 00 1, 432, 711, 357.00

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13 694,166, 357.00
500,000,000.00

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39,124,'759. 65

1, 240,000.00

40, 364, 769.65

47, 704,412. 27

2, 630,000.00

50,334,412. 27

84,769,364. 29

6, 202,961. 75

90, 972,316.04

F r o m a p p r o p r i a t i o n for emergency relief
a n d civil w o r k s , c o n t a i n e d in t h e act
a p p r o v e d F e b . 15, 1934
.
....
F r o m a p p r o p r i a t i o n for salaries a n d expenses. N a t i o n a l Y o u t h A d m i n i s t r a tion, F e d e r a l Security A p p r o p r i a t i o n
A c t , 1941-.
F r o m r e m a i n d e r of t h e unobligated m o n eys for p u b h c w o r k s referred to in sec. 4
of t h e act a p p r o v e d M a r . 31,1933
F r o m funds established p u r s u a n t to sec.
15 (f) ofthe Agricultural A d j u s t m e n t A c t
of M a y 12,1933, a m e n d e d M a y 9 , 1 9 3 4 . .

7,701,642. 23

270,000.00

7,431,542,23

364, 213.72

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21,527,113.76

21, 527,113. 76

12,921, 502. 64

12,921,502.64

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1,433, 075, 570. 72

14,418, 352, 217. 31

o

361,116.00

174,838, 775. 97
114, 732,182.18
61,129,648.67
53,071,506.50
23, 326, 619. 03

o

T o t a l a m o u n t m a d e available b y Congress. 4, 714,278, 684.84
Transfers from t h e E m e r g e n c y Relief A p propriation Acts:
A c t of 1936.1
.Actof 1936
Act of 1937
A c t of 1938
:
A c t of 1939
E m p l o y e e s ' c o m p e n s a t i o n funds established
u n d e r t h e E m e r g e n c y Relief A p p r o p r i a t i o n
Acts of 1935,1936,1937, a n d 1938, merged i n t o
one account of which $8,625,000 was m a d e
available for fiscal year 1941, E m e r g e n c y Relief A p p r o p r i a t i o n Act, fiscal year 1941,
a p p r o v e d J u n e 26, 1940, a n d title I I I of
t h e L a b o r - F e d e r a l Security A p p r o p r i a t i o n
Act, 1941, a p p r o v e d J u n e 26, 1940
21,438, 098.49

2, 214,000,000.00

1,760,342, 961.75

139, 500,000.00

34,977, 660.97
114,732,182.18

TotaL-...
. - 4, 735, 716, 783. 33
Charges:
Transfers to t h e E m e r g e n c y Relief A p p r o p r i a tion A c t s :
A c t of 1936
: . . -139,500,000.00
A c t of 1 9 3 7 . . .
.
-34,977,660.97
Actof 1938.-.
.A c t o f 1939
A c t for fiscal y e a r 1941
-361,115. 00
Transfers-to regular appropriation-of War-De-p a r t m e n t . C o r p s of Engineers, a c t of J u l y
19, 1937
Transfers to regular a p p r o p r i a t i o n of W a r D e p a r t m e n t , C o r p s of E n g i n e e r s , a c t of J u n e
11, 1938.
Transfers to regular a p p r o p r i a t i o n of I n t e r i o r
D e p a r t m e n t , U . S. H o u s i n g A u t h o r i t y ,
Second Deficiency A p p r o p r i a t i o n Act, fiscal
y e a r 1938
-3,100,000.00

2, 353, 500,000.00




364, 213.72

2, 541,055,000.00

1, 766, 600, 000. 00

58,517,610.23

2, 544, 569. 52
50, 345, 709. 36

67,478. 82
2, 726, 797.14
23,326, 619.03

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21,438, 098. 49
1, 910,062,804. 90

2, 699, 672, 610. 23

1, 808,490, 268. 88

-114,732,182.18
-58,517,610.23
-2,544,559.62
-67,478.82

-50,345,709.36
-2,725,797.14

-23,326,619.03

1,459, 556, 580. 71

14,866,889, 048. 05

-139,500,000.00
-149,709,843.15
-58,517,610.23
-52,890,268.88
-26,481,009.99

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-7,500,000.00

-7,500,000.00

-24,000,000.00

-24,000,000.00

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-3,100,000.00

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T A B L E IQ.—Financial status of appropriations provided in the Emergency Relief Appropriation Acts for the fiscal years 1935 to 1941, as of
J u n e SO, 1941—Continued

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A P P R O P R I A T I O N ACCOUNT—Continued

Act of 1936
(Apr. 8, 1936)

Act of 1937
Act of 1938
Act of 1936(June 22,1936, and (June 29,1937, and (June .21,1938,
Feb. 4, 1939, and
Mar. 2, 1938)
Feb. 9, 1937)
Apr. 13, 1939)

Act of 1939
(June 30, 1939)

Act of fiscal
year 1941
(June 26,1940, and
Mar. 1,1941)

Total

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FUNDS M A D E AVAILABLE—Continued

C barges-C ontinued.
Transfer to regular appropriation of War Department, War Department Civil Appropriation Act, 1939
Transfer to the Federal Works Agency for administrative expenses, 1940, from the Work
Projects Administration appropriation in
the act of 1939,. Public Res. No. 20, 76th
Cong., .Time 7, 1939
Transfer to the Federal Security Agency for
administrative expenses, 1940, from the National Youth Administration appropriation
. in the act of 1939, Pubhc Res. No. 20, 76th
Cong., .Tune 7, 1939
Transfer to the Federal Works Agency, U! S.
Housing Authority, Second Deficiency
Appropriation Act, fiscal year 1938, and Reorganization Act of 1939
Transfer to U. S. Official Mail and-Messenger
Service, Post Office Department (general
fund), 1941, Reorganization Act of 1939 and
Reorganization Plan No. IV; Public Res.
- No. 75, 76th Cong., approved June 4,1940. .
Transfer to salaries and expenses, U. S. Employees' Compensation Commission, 1940,
sec. 7 (c). Emergency Relief Appropriation
Actof 1939
Transfer to salaries and expenses, U. S. Employees' Compensation Commission, 1941,
title III of the Labor-Federal Security Appropriation Act, 1941, approved June 26,
1940
' Transfer to salaries and expenses. Office of Administrator, Federal Works Agency, Independent Offices Appropriation Act, 1941,
approved Apr. 18, 1940




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—$18, 000, 000.00

-$18,000,000.00

-79,000.00

-$79,000.00

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-30,760.00

-30, 760.00

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— 1,694,148.79

-$1,694,148.79

-$27, 482. 00

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-27,48^2. 00
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-76,000.00

-75,000.00

-75,000.00

-75,000.00

-1,250.00

-1,250.00

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E m p l o y e e s ' c o m p e n s a t i o n f u n d s established
u n d e r t h e E m e r g e n c y Relief A p p r o p r i a t i o n
Acts of 1936, 1936,1937, a n d 1938 m e r g e d i n t o
one account, of w h i c h $8,525,000 w a s m a d e
available for fiscal y e a r 1941, E m e r g e n c y
Relief A p p r o p r i a t i o n A c t , fiscal y e a r 1941,
a p p r o v e d J u n e 26, 1940, a n d title I I I of t h e
-Labor-Federal S e c u r i t y A p p r o p r i a t i o n Act,
1941, a p p r o v e d J u n e 26, 1940
Transferred to t h e s u r p l u s fund of t h e T r e a s ury, title 31, sees. 712and 713, U n i t e d S t a t e s
Code
Subtotal
.
R e e s t a b l i s h e d from s u r p l u s fund—(Transfers t o
s u r p l u s r e t a i n e d i n a p p r o p r i a t i o n s for p u r p o s e s
of complete aoeounting) _

T o t a l u n e x p e n d e d balances

--5,941,942.64

4, 547,312,143. 23

2, 226, 625,875.18

5, 745, 541. 90

- $ 1 1 , 537,833. 95

-749,091.10

— 21,438,098.49

-11,469,747.32
1, 794,416, 575. 06

—23,157, 231. 86
2, 527, 762,012. 63

1, 784,978,889. 85

1,459, 527, 848. 71

14, 340, 612,344. 66

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6, 941,942. 64

11,469, 747. 32
1,805.885, 322. 38
1, 794, 288, 092. 01

2, 527, 752, 012. 63
2, 523, 445,850. 42

1, 784, 978,889. 85
1, 778, 393,121. 77

1, 459, 527, 848. 71
1, 321, 552,161. 63

14, 363, 769, 576. 52
14,170, 872, 578. 62

6, 614, 972. 54

l i , 597, 230. 37

4, 306,162. 21

6, 586,768. 08

137,976,687. 08

192,896,997. 90

561,661.49

2, 026, 801. 31
1, 686, 081. 97
2, 872, 884.80

31, 256,190.19
1, 222, 045.16
105,497, 461. 73

43,133, 581. 63
4, 033, 216. 32
119,181, 692. 01

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166, 348, 389. 96

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26,817,177. 62

.

23,157, 231.86

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BALANCES

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Unexpired appropriations:
U n o b l i g a t e d allocations:
A v a i l a b l e for obligation
^ N o t a v a i l a b l e for obligation 3
U n l i q u i d a t e d obligations

9, 298,928. 64
1, 068,023. 44
10, 743, 591. 11

U n e x p e n d e d b a l a n c e s of u n e x p i r e d a p p r o priations.Expired appropriations:
Unallocated
U n o b l i g a t e d allocations ^ . . .
U n l i q u i d a t e d obligations
U n e x p e n d e d b a l a n c e s of expired
p r i a t i o n s - _.
Total unexpended balances

-5,745,541.90

- $ 6 , 200, 000. 00

4. 553, 057, 685.13 . 2, 232, 567,817. 82
4, 526, 240, 507. 61 2, 226, 952,846. 28

N e t a m o u n t t o b e a c c o u n t e d for i
E x p e n d i t u r e s (checks issued) 2

ANALYSIS OF U N E X P E N D E D

- 2 , 951,173. 44

. .

67, 065. 75
• 28,448. 51

21,100, 543.19

95, 514. 26

895, 278. 95
4, 244, 353.16
577, 002. 33

1,140, 903. 51
4, 013, 616. 43
460, 452. 60

6, 716, 634. 43

5, 614, 972. 64

.

3,178, 302. 31
8, 222, 394. 20
101,019. 60

39, 216. 86
690, 877. 35

6, 585, 768. 08

137,975, 687. 08

3, 422,448.48
292, 836. 38

5, 214,484. 77
19, 902, 812. 26
1,431, 310. 91

3, 715, 284. 86

26,548, 607. 94

appro26, 817,177. 62

5, 614,972. 54

11, 501, 716.11
11, 597, 230. 37

4, 306,162. 21

6, 586, 768. 08

137, 975, 687. 08

192, 896, 997. 90

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1 Includes expired appropriations representing portions of the Emergency Relief Appropriation Acts of 1935, 1936, 1937, and 1938 which have lapsed by limitation of law. Unexpended balances of these lapsed appropriations in the amount of $23,167,231.86 have been carried to the surplus fund of the Treasury as provided in title 31, sees. 712 knd 713, United
States Code, which transferred balances are included in this total. Does not include appropriation of $50,000,000 to be allocated by the President for refugee relief provided in sec.
40 of the Emergency Relief Appropriation Act, fiscal year 1941.
2 Expenditures include certified claims amounting to $687,414.74 paid subsequent to the expiration of the related appropriations and the unexpended balances reflect these payments.
3 Although not available for future obligation, these balances are subject to change due to adjustments in obligations previously reported.
^ Includes $383,813.86 (revised) available for obligation upon transfer from the Emergency Relief Appropriation Acts of 1937 and 1938 to current year appropriations.




01

TABLE 17.-

-Receipts and expenditures and statement of account under the Social Security, Railroad Retirement, and Railroad Unemployment
Insurance Acts

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[On basis of daily T r e a s u r y s t a t e m e n t s ( u n r e v i s e d ) , see p . 406]
P A R T A.

C L A S S I F I E D R E C E I P T S A N D E X P E N D I T U R E S , F I S C A L Y E A R S 1936 T O 1939

Fiscal years 1936,
1937, 1938, a n d Fiscal year 1940
1939

C O M B I N E D , F I S C A L Y E A R 1940,

AND M O N T H L Y FOR T H E FISCAL Y E A R

1941

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Fiscal year 1941
July

August

September.

October

^

November

December

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RECEIPTS

Social security taxes:
E m p l o y m e n t taxes i
T a x on employers of 8 or m o r e 2 3.

$1. 239,109,660. 67 $604,694, 236. 48 $38, 063,666. 27 $123,829, 080. 25
503., 935. 79
8,131,733. 73
248,723, 639.88 107, 523, 266. 69

$2,759,179. 03 $34, 500,163. 35 $125,124,291.96
584, 083. 05 2,746,826. 26
7, 997,964. 33

$3,141,174. 73
567,641. 47

3,343, 262. 08 37,246,979. 61 133,122, 256. 29

3,698,816. 20

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T o t a l , social security taxes
Railroad R e t i r e m e n t Act:
Taxes u p o n carriers a n d their employees i
Railroad U n e m p l o y m e n t I n s u r a n c e Act:
R a i l r o a d u n e m p l o y m e n t insurance contributions 3 ^ . .
^

1, 487, 833, 200. 56

712, 217, 503.17

38,567,602.06

131,960, 813. 98

259, 733, 818. 90

120,966, 719. 36

629,446.37

7, 062, 245. 92

24, 586, 829. 39

366,039.16

4,803,806.67

29,166,284. 71

4,918,040. 78

1,178.07

118, 025. 71

1,506,475.19

s 805. 96

86, 777. 08

1,633,129. 79

T o t a l receipts
D e d u c t n e t a p p r o p r i a t i o n s a n d transfers to Federal
old-age a n d s u r v i v o r s i n s u r a n c e t r u s t fund «

1,747, 567, 019. 45

N e t receipts-




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838,102, 263. 31

39, 098, 226. 50 139,131,085. 61

1,155, 000.000. 00 ^ 537, 711, 733. 00 35,842, 714.94 119,192,109.36
592, 567,019.45 ^ 300,390, 530. 31

3,255,511.66

19, 938, 976. 25

37,613,824. 73 138, 012,840. 04

34,498, 230. 70

8 540, 301. 20 32, 093,218. 52 122, 717,357.13

703,660. 66

15, 295,482. 91

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33, 794, 670. 04

29,436, 566.

28,896, 265.46

5, 520, 606. 21

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Fiscal year 1941

_
^
T o t a l fiscal
year 1941

January

February

March

April

May

G r a n d tdtal to
J u n e 30, 1941

June

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RECEIPTS

Social s e c u r i t y taxes:
E m p l o y m e n t taxes 1.- . . . .'.. . . . . .
T a x on employers of 8 or more 2 3. _ _.

_

$33, 922, 762.36 $134, 433,126.87
53,474, 664. 69
12,081,795.43

$2, 588,404. 09 $39, 228, 336.45 $149, 678,842.08 $3, 286,666. 89 $690. 554, 674. 33 $2,534,368,571.48
779, 797. 90 97, 676,684.19
917,648.10
2,447,261. 27
7,463, 332. 27
453, 923,390. 76

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4, 065,464. 79 788, 231, 258. 62 2, 988, 281,962. 24

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T o t a l , social security taxes
Railroad R e t i r e m e n t A c t :
T a x e s u p o n carriers a n d their employees i
Railroad U n e m p l o y m e n t Insurance Act:
R a i l r o a d u n e m p l o y m e n t insurance contributions 3 4
_

46,004,547. 79

187,907, 791.46

3, 505, 952.19

603,678. 89

5, 413, 928. 64

28, 950, 732. 69

1,370, 548.04

4,388. 28

56, 863. 20

1, 674,789. 77

6,992.63

T o t a l receipts
D e d u c t n e t a p p r o p r i a t i o n s a n d transfers to F e d eral old-age a n d s u r v i v o r s insurance t r u s t fund ^.

46,612,614:96

193, 378, 683. 30

34,131,474. 66

31,827, 347. 55

132, 337, 722. 05

462, 420.04

14, 785, 267. 41

61,040, 861. 25

33,669, 054. 51

Netreceipts.

41, 676, 597. 72 157,132,174.35

7, 978, 997. 61 26,119,538.41

136, 942, 076. 40

.517,642,614.66

1,632,150.19

5 6,814,717.62

11, 732, 758.30

93,141.66

43, 053,138. 39 165, 204,313. 61 31, 817,153. 39 931, 988, 052.44 3, 617, 667, 335. 20
37,025, 348. 63 147, 475,854. 26
6,027, 789. 76

1, 082, 679. 08 8 661,300,733.42 2,354, 012, 466. 42

17, 728,469. 35 30, 734, 474.31 270, 687,319.02 1,163, 644,868. 78

1 Relates to old-age insurance benefits.
2 Second Deficiency Appropriation Act, fiscal year 1938, approved June 26, 1938, carried an appropriation of $40,661,886.43 pursuant to authorization of Aug. 24, 1937, for making
refund to certain States of portions of Federal employers' tax for 1936 collected under the Social Security Act. Also the Railroad Unemployment Insurance Act, approved June 25,
1938, appropriated to the railroad unemployment insurance administration fund amounts collected or to be collectible with respect to the calendar years 1936, 1937, 1938, and 1939,
from carriers subject to the act, under sec. 901 of the Social Security Act.
3 Relates to unemployment insurance benefits.
* These contributions represent 10 percent of amounts collected under sec. 8 of the Railroad Unemployment Insurance Act, which in addition to other collections referred to in
footnote 2 are appropriated to the railroad unemployment insurance administration fund for the administrative expenses ofthe Railroad Retirement Board in administering the act.
5 Adjusted for transfer made by check'in.the amount of $1,524.10 due from the railroad unemployment insurance administration fund to the railroad unemployment insurance
account covering cohections originally credited to the fund.
6 Includes transactions formerly classified under the caption "Old-age reserve account." Amounts are net of reimbursement for administrative expenses under sec. 201 (f) of the
Social Security Act, as amended.
7 Revised to reflect adjustment of $1,000,000 under the title "Transfers to old-age and survivors insurance trust fund," and to bring classification into agreement with the accounts.
8jExcludes in,AugustJ.2,416,.0i9_..56 representing.receipts for "Social security-taxes=Employment taxes" -Collected-prior-to-July 1,. 1940, and which are not-available for appropriation under the Federal old-age and survivors insurance trust fund, and for September an adjustment of $2,073.51 covering collections available for appropriation, making a net adjustment of $2,413,946.05 for the current fiscal year.




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TABLE 17.—Receipts and expenditures and statement of account under the Social Security, Railroad Retirement, and Railroad Unemployment
^
Insurance Acts—Continued
li^
PART . \ . CLASSIFIED RECEIPTS AND EXPENDITURES, FISCAL YEARS 1936 TO 1939 COMBINED, FISCAL YEAR 1940, AND.MONTHLY FOR THE FISCAL YEAR 1941—Continued

'

Fiscal years 1936,
1937, 1938, a n d Fiscal y e a r 1940
1939

Fiscal y e a r 1941
July

Augu.st

September

October

,

^
November

December

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EXPENDITURES

A d m i n i s t r a t i v e expenses:
Social S e c u r i t y A c t :
F e d e r a l S e c u r i t y Agency:
Social Security B o a r d (title VII)9 io..__
D e p a r t m e n t of C o m m e r c e (title V I D i "
D e p a r t m e n t of L a b o r (title V (5))io
Treasury Department ^

o
$2,086,651.96
12, 299. 03
32,697. 42
462,394. 00

$2, 268,788. 91
13,806.75
30,920. 32
452,394. 00

T o t a l , Social S e c u r i t y A c t
R a i l r o a d R e t i r e m e n t Act:io
Railroad Retirement Board: i
A c q u i s i t i o n of service a n d compensation d a t a
_
Other.Railroad Unemployment Insurance Act:
Railroad Retirement Board:
R a i l r o a d u n e m p l o y m e n t insurance adm i n i s t r a t i o n fund 312 _
._
._ _

57, 720,124. 97 11 25, 273, 002.14 11 2,584,042.41

2,765,909. 98

2,698,130. 26

Total administrative expenses. _._.

65,442,027. 97 11 32, 905,193. 62 11 3, 077, 769. 21




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$56,449, 906. 60
237,776.10
1, 032,442. 27

$22, 221, 907.85
92,742.25
323,376.04
2, 634, 976.00

$2, 205,809.60 $2, 302,852. 90
10, 217.8Q
10, 326. 32
29,708.86
27, 763. 79
462.394.00
439,331.83

$2,250,307. 59
9,136. 07
27,621. 01
439,331. 83

$2, 090,438. 93
5,911.43
27, 700. 52
469, 911,07

2,780, 273.84

2, 726,396. 60

2, 593,961.95

7, 245,107.11

2,646,441.05

307,575. 67

206,046.63

.269,108.51

234,929.48

233, 562.50

177, 237.47

476,795. 89

4,986,750.43

186,161.13

370,780.15

265, 260.39

« 236, 678. 70

293,174. 82

282,023.44

3, 232,488. 66

3,251, 782. 02

3, 253,133.82

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3,053.222.86

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3, 332,736. 76

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Fiscal year. 1941
T o t a l fiscal
year 1941
January

February

$1, 997,037.48
10,482. 07
27,123.12
439,375.48

$1, 958,096.74
4,305.86
29, 582.77
439,376.48

$2,153, 520. 67
6,038. 08
30,324.32
469,954. 72

$2, 097, 761. 92
8, 247. 53
28, 662.10
439, 375. 48

2,474,018.15

2,431, 359.85

2,669,837.79

2,674,047.03

March

April

May

G r a n d total to
J u n e 30. .1941

June

EXPENDITURES

A d m i n i s t r a t i v e expenses:
Social Security A c t :
Federal Security Agency:
Social Security Board (title VII)9 l o . . . .
D e p a r t m e n t of C o m m e r c e (title V I I ) lo
D e p a r t m e n t of L a b o r (title V (5))io
Treasury Department ^
.
T o t a l , Social Security A c t
RaOroad R e t i r e m e n t A c t : ' "
Railroad Retirement Board: i
Acquisition of service a n d compensation d a t a .
Other
. . . .
Railroad Unemployment Insurance Act:
Railroad Retirement Board:
R a i l r o a d u n e m p l o y m e n t i n s u r a n c e adm i n i s t r a t i o n fnnd 312
_
Total administrative expenses:

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$2,190,733.61 $2,076,886. 55 $25,667,884.86
113, 092. 37
13, 751.08
8, 571. 35
361,871. 56
" 13 34,039.13
103,806.46
5,372, 588.86
439, 375. 48
439,375. 49
2,609,821. 04

2,627,638. 85

31, 615,437. 65

$104,339,699. 31
443,610. 72
1, 717, 689. 87
8,007, 564. 86
114, 508. 564. 76

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231,928. 64

225,806. 68

259, 532.13

166,861.00
289, 900.11

294,942. 00
278, 212. 62

436,107. 60
248,230.73

887, 910. 50
2, 962,069. 57

887,910. 50
12,852,617. 73

241,309.02

367, Oil. 69

271, 338. 98

208,413.08

412,909.04

261,936. 94

3,396,877.28

8,860,423. 60

2, 947, 255. 71

3,024,177.12

3,190, 708. 90

3,229,221.22

3, 595,884.70

3, 673,914. 02

38, 762, 295.00

137,109, 516. 59

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" Excess credits (deduct).
I Relates to old-age insurance benefits.
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3 Relates to unemployment insurance benefits.
.
5 Adjusted for transfer made by check in-the amount of $1,524.10 due from the railroad unemployment insurance administration fund to the railroad unemployment insurance
account covering collections originally credited to the fund.
6 Includes transactions formerly classified under the caption "Old-age reserve account." Aniounts are net of reimbursement for administrative expenses under sec. 201 (f) of the
Social Security Act, as amended.
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9 Includes amounts for administrative expenses reimbursed to the General Fund of the Treasury under sec. 201 (f) of the Social Security Act, as amended, and expenses for adminfej
istration of the Wagner-Peyser Act.
^
iLIncludes_expenditures_from..appr.opriatibns_made-SpecificaUy_for.adniinistrati-ve-expenses-relating_to-^the-Social-Security-and-Railroad-Retir
—Does-not-include- >
~ur
administrative expenses payable from other appropriations. The principal agencies in the latter group are the Bureau of Internal Revenue of the Treasury Department and the
d
Public Health Service and the Oflace of Education of the Federal Security Agency (see also footnote 6).
td
II Revised to adjust classification.
Kl
1 See explanation in footnotes 2 and 4, p. 513.
2
13 Includes credit for $66,838.17 covering check in transit as of May 31, 1941, which will be charged to subsequent month.




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TABLE 17.-^Receipts and expenditures and statement of account under the Social Security, Railroad Retirement, and Railroad Unemployment
Insurance Acts—Continued

^
Oi

PART A. CLASSIFIED RECEIPTS AND EXPENDITURES, FISCAL YEARS 1936 TO 1939 COMBINED, FISCAL YEAR 1940, AND MONTHLY FOR THE FISCAL YEAR 1941—Continued

Fiscal years 1936,
1937, 1938, and Fiscal y e a r 1940
1939

Fiscal y e a r 1941
July

August

September

October

November

December

td
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^

EXPENDITURES—Continued

td

Grants to States:
Social Security Act:
Federal Security Agency:
Social Security Board:
Old-age assistance (.title I)
..
Aid to dependent children (title
IV)
- . . . . .Aid to the blind (title X)
Unemployment compensation administration (title 111)3
...__.

o
$636, 613,354. 77 $227, 632, 903. 97 $34,600,997. 26 $22, 748,623. 25 $10,506,966 11 $26, 746, 777 70 $26,135,666 45
72, 809,362. 51
16,153, 794. 51

45, 380,000.39
6,168, 334. 32

8,182, 268.33
971,633. 43

5, 803, 766. 22
658, 904. 71

110, 846, 662. 35

58,335,078. 93

15,145, 557.49

Total, Social Security Board...

735, 323,074.14

337, 516,317. 61

Public Health Service:
Public health work (title VI, sec.
601)

27,102,897.05

1, 987, 605 89
•321, 789 55

$12,425,063 90

Department of Labor:
Maternal and child health services
(title V (1))
Services for crippled children (title V
(2))---Child welfare services (title V (3))....
Total, Department of Labor

5, 803, 283 62
617,606.98

2,988 952.27
285,482. 35

343, 628. 53

524,193 81 15,191, 726 09

233, 923. 02

335, 746. 03

68, 900,456-. 51

29, 554, 922. 71

13,340, 565 36 60, 221, 800 57

32, 790, 480. 07

16, 035, 244. 55

9,438,877 68

2, 288,173 93

187, 666. 25

762,425,971 19

346,955,195 29

61,188, 630 44

29, 742, 588. 96

11, 652, 099. 70

4, 767,002. 53

317,734.17

848, 684.30

247, 900. 29

514, 981.16

691,724.19

3,291, 280.19
1,487, 240. 34

118,486. 61
203,083.13

663, 623. 54
170, 032. 76

168, 724. 09
6, 993. 29

469,818 32
300,643. 29

309,968. 42
78,196.44

87,863.89

9, 646, 523. 06

639,303.91

1, 682,340. 59

423, 617 67

1,285, 442 77

1, 079, 889. 05

163 434.45

786, 568, 554. 70

356, 600, 718.36

61,827,934' 35

31, 424, 929. 55

13,928, 449 78 53,914, 225 76

33, 982,300.02

16,198,679. 00

fej

76, 670. 56

8, 415, 764.73
4,064, 719. 08
24,132, 683 51

Total, Federal Security Agency

7,481, 082 01
803, 214 77

f

164, 276 75

2,406, 982 42

32, 902,410. 97

o
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111,930 90

13,604,832 11 52, 628, 782 99

i

16,035, 244. 56

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Total, grants to States




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Fiscal y e a r 1941
T o t a l fiscal
y e a r 1941
'

January

February

March

April

May

G r a n d t o t a l to
J u n e 30, 1941

June

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EXPENDITURES—Continued
G r a n t s to S t a t e s :
Social S e c u r i t y A c t :
Federal Security Agency:
Social Security B o a r d :
Old-age assistance (title I ) . .
A i d to d e p e n d e n t children (title
IV)....
A i d to t h e b l i n d (title X )
U n e m p l o y m e n t c o m p e n s a t i o n adm i n i s t r a t i o n (title 111)3

$25,636,417. 79

$18, 709, 610.34 $27,605,149.13

$22,443,436.38 $21,921,842.51 $10, 601, 007. 32 $260,080,458.14 $1, 023, 226, 716. 88

4, 517, 356. 68
679, 239.13

6,120, 684. 30
723, 921. 63

6, 941,192. 86
- 604,003.33

1, 993, 806.11
128,376.86

63, 221, 844. 43
7, 068, 723. 76

181, 411, 207. 33
29. 390,862. 59

2,181, 671.17

304, 792. 88

12, 614, 246. 71

1, 560, 630. 26

1,158, 517. 96

62,967, 037.48

232,148, 678. 76

41,802, 288. 02

6,943,742.17
854, 630. n

4,458,103. 97
419, 920. 92

13,482, 404. 54
46, 917,194. 61

25, 769,206. 40

33,106,537.82

P u b l i c H e a l t h Service:
P u b l i c h e a l t h w o r k (title V I , sec.
601)_...

2,375,521.63

172,367. 50

19,636. 00

2,920, 348. 66

T o t a l , F e d e r a l Security Agency

49, 292, 716.14

25, 941, 673. 90

33,126,173. 82

44,722,636. 67

T o t a l , Social S e c u r i t y B o a r d . L .

D e p a r t m e n t of L a b o r :
M a t e r n a l a n d child h e a l t h services
(title V (1))
Services for c r i p p l e d c h i l d r e n (title V
(2))
C h i l d welfare services (title V (3))
T o t a l , D e p a r t m e n t of L a b o r . . .
T o t a l , g r a n t s to States

"
_

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31,017, 668. 96 13,881, 708. 23 393, 338, 063.81 1,466,177,455. 56

99, 684. 92

26, 942. 50

10, 772, 531. 26

47,314,305. 98

31,117, 363.88 13, 907, 650. 73 404,110, 595. 06 1, 513, 491, 761. 54

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453, 978. 41

861, 214.10

137,673.53

403, 966.84
12,863.39

134,128. 37
61,044.86

465-, 850.81
321,077. 55

349, 698.37

1,374, 746.81

1,278,044.33

332,846. 76

1,788,872. 55

60,667,4G2. 96

27, 219,618.23

33,459,020. 58

46,511, 509.12

.

34,909. 77

5, 536, 013. 04

21, 956,116 27

508,341.31
31,719. 76

82, 936. 72

3,986, 417.31
1, 533, 714.46

117,846.49

11,056,144.81

44, 734, 251.38

o

15, 693,462. 23
7, 086, 673.88

889,759.43

1,001,944.19

572, 708. 39
348, 060. 01

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32,007,113. 31 14, 026,497. 22 415,166, 739. 87 1, 558, 226,012. 92

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3 Relates to unemployment i^SMT^iBce benefits.




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TABLE 17.—Receipts and expenditures and statement of account under the Social Security, Railroad Retirement, and Railroad Unemployment
Insurance Acts—Continued
P A R T A.

C L A S S I F I E D R E C E I P T S A N D E X P E N D I T U R E S , F I S C A L Y E A R S 1936 TO 1939 C O M B I N E D , F I S C A L Y E A R

Fiscal years 1936,
1937, 1938, a n d F i s c a l year 1940
1939

194C , AND M O N T H L ? FOR THE F I S C A L Y E A R

1 9 4 1 -- C o n t i n u e d

1

Fiscal y e a r 1941
July

August

September

October

November

December

T a x on e m p l o y e r s of 8 or m o r e : *
R e f u n d s to States 2
R e f u n d s to o t h e r s

$23,851.06

$75,823. 67

$40,132.30

$57,076.26

$56,182.41

$32,628.06

1,909,393.72

136,024.13

144,375.91

117, 225.35

162,665.86

167,408.66

_ .

$546,219.77

40, 661,886.43
1,803, 395.12

,

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42,365, 281. 56

1, 909,.393. 72

136, 024.13

144, 375. 91

117,226. ^5

162,665.86

167,408. 65

166,478.34

T o t a l , refunds of social s e c u r i t y t a x e s .
R e f u n d s of taxes u p o n carriers a n d t h e i r employees i_-

42,788, 745. 55

2, 455,613.49

159,875.19

220,199. 58

157,357.65

219,742.12

223, 591. 06

188,106.40

T o t a l , transfers to t r u s t accounts




. .

10,216.61

4L01

63, 770. 83

4,148.61

289. 91

394. 92

3,763. 52

2,465,830.10

159, 916. 20

283, 970. 41

161,506.26

220,032.03

223,986. 98

191,869.92

253, 500,000.00

120,650,000.00

20,000,000.00

26,000,000. 00

10,000,000.00

20,000,000.00

11 253, 500,000.00 11 120,650,000.00 11 20,000,000.00

Transfers to t r u s t a c c o u n t s :
Railroad retirement account ^
Railroad u n e m p l o y m e n t insurance administ r a t i o n f u n d transfers to u n e m p l o y m e n t
t r u s t fund (act of Oct. 10, 1940)
Railroad unemploymen.t insurance account: 3
A d v a n c e (act of J u n e 25,1938) . .
R e p a y m e n t of a d v a n c e

225, 220. 83
43,013, 966.38

T o t a l , refunds of taxes

o

156,478.34

$423,464.00

.

T o t a l , t a x on e m p l o y e r s of 8 or m o r e -

Total expenditures

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EXPENDITURES—Continued
Refunds of taxes: 1
4
R e f u n d s of social s e c u r i t y taxes:
E m p l o y m e n t taxes 1
.

^
00

26,000,000. 00

10, 000,000. 00

20,000,000.00

» 1,148,614,549.06 11 512,521,742.07 11 85,065,619.76

61,041, 636. 72

27. 322,444.70 57,386,039.81

67,459,-419.82

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o

15,000,000.00
" 15,000, 000. 00

td
19,443, 771. 78

Fiscal year 1941
T o t a l fiscal
y e a r 1941
January

February

March

April

G r a n d total to
J u n e 30, 1941

June

May

EXPENDITURES—Continued
R e f u n d s of taxes: i^
R e f u n d s of social security taxes:
E m p l o y m e n t taxes 1

$32,166.28

$49,908. 61

$43,669.77

$82,823.44

. $78,468.83

$92,972.81

$665, 703. 60

$1,635, 387. 27

157,412.78

165,431.74

188,125. 22

219, 244.60

184,467.17

166, 668. 00

1,954,427.75

40, 661,886.43
5,667,216.59

T o t a l , t a x on e m p l o y e r s of 8 or m o r e . .

157,412.78

156,431.74

188,125.22

219,244.60

184,467.17

166, 568.00

1,964,427. 75

46, 229,103.02

T o t a l , refunds of social s e c u r i t y t a x e s .
R e f u n d s o f taxes u p o n carriers a n d t h e i r e m ployees 1

189, 579. 06

205,340.35

231,794. 99

302,068.04

262,936.00

269,540.81

2,620,131.25

47,864,490. 29

T a x on e m p l o y e r s of 8 or m o r e : 3
Refunds t o States 2
Refunds t o o t h e r s

T o t a l , refunds of t a x e s - _ .

Transfers t o t r u s t a c c o u n t s :
R a i l r o a d r e t i r e m e n t account 1
Railroad unemployment insurance administ r a t i o n fund transfers' to u n e m p l o y m e n t
t r u s t fund (act of Oct. 10, 1940)
Railroad u n e m p l o y m e n t i n s u r a n c e a c c o u n t : 3
A d v a n c e (act of J u n e 25, 1938)
R e p a y m e n t of a d v a n c e
.
T o t a l , transfers t o t r u s t a c c o u n t s
Total expenditures

239.82

3,456.34

L07

429. 70

54.99

99.71

189, 818. 88

__

208,795. 69

231,796.06

302,497. 74

262,990. 99

269,640; 52

10,000, 000.00

20,000, 000.00

10,000,000.00

8,350,000. 00

..

312,126.87
15 48,176, 617.16

124, 350,000.00

498, 500, 000.00

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S
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7,500,000.00

7, 500, 000. 00

20,000,000.00

10, 000,000. 00

71, 304, 537. 54

50,452, 691.04

46,881,625.64

131,850, 000. 00

8, 350,000. 00
58, 393, 228.08

35,865,989.00

>

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7, 500,000.00
15,000, 000. 00
" 16,000,000.00

17, 500, 000.00 .
.

76,689.43
2,696, 820. 68

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506,000, 000. 00

17,869,051. 76 588,475,855. 55 2, 249, 612,146.67
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" Excess credits (deduct).
1 Relates to old-age insurance benefits.
2 Second Deficiency Appropriation Act, fiscal year 1938, approved June 25,1938, carried an appropriation of $40,561,866.43 pursuant~to^auth'orization~of Aug: 2471937; for m a k i n g refund to certain States of portions of Federal employers' tax for 1936 collected under the Social Security Act. Also the Railroad Unemployment Insurance Act, approved June 25,
1938, appropriated to the railroad unemployment insurance administration fund amounts collected or to be collectible with respect to the calendar years 1936, 1937, 1938, and 1939,
from carriers subject to the act, under sec. 901 of the Social Security Act.
3 Relates to unemployment insurance benefits.
1 Revised to adjust classification.
1
!•* These classifications were effective with the month of January 1940; figures for periods prior thereto are shown on the basis of checks issued as reported by the Bureau of Internal
Revenue.
1 This figure includes interest refunded as follows: Employment taxes, $141,627.70; taxes on employers of 8 or more (refunds to others), $184,221.24; refunds of taxes upon carriers
5
and their employees, $7,407.71.




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C71
CO

T A B L E 17.—Receipts and expenditures and statement of account under the Social Security, Railroad Retirement, and Railroad Unemployment

Ol

Insurance ^ d s — C o n t i n u e d

o

to

PART B. STATEMENT. OF ACCOUNT AS OF JUNE 30,1936 TO 1941

[Allfiguresare .cumulative as of dates indicated]
J u n e 30, 1936

J i m e 30, 1937

J u n e 30, 1938

J u n e 30, 1939

J u n e 30, 1940

J u n e 30,1941

F E D E R A L O L D - A G E AND SURVIVORS INSURANCE
TRUST FUND i

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A p p r o p r i a t i o n s b y Congress 2
I n t e r e s t on i n v e s t m e n t s

$265, 000,000. 00
2, 261, 810.97

$765,000, 000. 00 $1,155,000,000.00 $1, 705, 000,000. 00
17, 674,043. 86
44, 625,098. 67
87,113, 926. 52

$2, 393,140, 728. 28
143, 072, 204. 64

O

267,261,810.97

Total expenditures

1, 792,113, 926. 52

6, 431, 032. 22

19, 322, 615. 45

35,127, 704. 00

99,469,588.66

12, 288, 267. 00

39,128, 261.86

19, 322, 616. 46

47, 416,971. 00.

138, 597,850. 62

i

2, 397, 616,082. 40

o
td

26, 969. 35

.

6,431,032.22

2, 536, 212,932. 92

267, 234,841. 62

Assets:
I n v e s t m e n t s (3 percent special T r e a s u r y notes)
I n v e s t m e n t s (2}^ percent special T r e a s u r y notes)
U n e x p e n d e d balances:
T o credit of fund a c c o u n t
..
T o credit of disbursing oflficer

-777,243,011.64

1,180, 302,483. 22

1,744,697,965.62

267,100,000. 00

B a l a n c e to be a c c o u n t e d for

Total assets.

1,199, 625, 098. 67

26, 969. 36

Less:
Old-age benefit p a y m e n t s
.
R e i m b u r s e m e n t for a d m i n i s t r a t i v e expenses u n d e r sec. 201 (f) of
t h e Social Security Act A m e n d m e n t s of 1939

782, 674, 043. 86

662, 300.000. 00

1,177, 200,000. 00

1, 413, 200, 000. 00
324, 900,000. 00

1, 062, 600,000. 00
1, 328.100.000.00

61, 810. 97
73,030. 65

66,121. 86
3, 036,361. 36

500, 242. 33
6,097, 713.19

6, 237, 575. 95
10, 777, 506.45

267, 234,841. 62

_

113, 012, 391. 44
1,930,620.20
777, 243, o n . 64

1,180,302,483.22

1, 744, 697,956. 62




_

.

46, 620,000.00

146, 500,000.00
1, 410,821. 92

264. 750,000.00
3, 612, 698. 64

384, 900, 000.00
5, 895, 216. 03

3 498, 500,000. 00
8, 429,072. 66

46,620,000.00

B a l a n c e to be accounted for

$46, 620,000.00

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Less:
Old-age benefit p a y m e n t s

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2, 397, 616, 082. 40

RAILROAD R E T I R E M E N T ACCOUNT

A p p r o p r i a t i o n s b y Congress
I n t e r e s t on i n v e s t m e n t s

fej

46, 620,000.00

46, 620,000.00

147, 910,821.92

268,362,698. 64

390, 795, 216. 03

506, 929,072. 66

3,986,323.28.

.

79, 849,056.18

186, 623,133.49

298, 722, 206. 99

419,895,721.46

42, 634, 676. 72

68, 061, 765. 74

82, 739, 565.15

92,073,008. 04

87, 033, 351.10

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Assets:
Investments (3 percent special Treasury notes)...
Unexpended balances:
•
To credit of appropriation
To credit of disbursing officer
._
Total assets

66, 200,000.00
46, 610,000.00
10,000.00

.
>

36,621,663.62
6,013, 023.10

46, 620,000. 00

42, 634, 676. 72

67, 200, 000.00

79,400,000.00

74,000, 000. 00

234,164.14
1; 627, 601.60

13,206, 730.15
2, 333,835.00

10, 847,053. 74
1,826,954. 30

2, 603,133. 54
10, 630, 217. 56

82, 739, 665.16

92,073,008.04

87,033,361.10

68,061,765.74

UNEMPLOYMENT TRUST FUND

Deposits by States
Railroad unemployment insurance account:
Deposits by Railroad Retirement Board
Advance from Treasury (acf bi" June 25, 1938).-Transfers from States (act of June 25, 1938)*
Transfers from railroad unemployment insurance administration
fund (act of Oct. 10, 1940)
Interest on investments

1, 869, 471, 414. 37

3, 621, .368, 622. 90
106, 595, 933. 32
15,000,000.00
105,900,768.89

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o

91, 700. 94

2,828, 882. 86

18,000,904. 97

44,837, 507. i i

82, 563, 306. 98

7, 500,000. 00
131, 515. 865. 62

313, 389, 292. 64

1, 076, 221,811. 52

1, 914, 308, 921. 51

2, 872,, 948, 084. 31

3, 986, 871,080. 73

1, 000, 000. 00

191,975, 000. 00

633, 770, 000.00

1,116, 733, 000.00

1, 549, 975, 840. 99

. 1, 800, 818. 02

106, 900, 768.89

14, 662, 455. 95
16,000, 000.00

32, 336, 775. 03
15,000,000.00

Less expenditures:
State account:
Withdrawals by States-- .
_
Transfers to railroad unemployment insurance account (act
of June 25, 1938)
Railroad unemployment insurance account:
Benefit payments
.
Repayment of advance (act of June 25, 1938)

1,000,000.00

..'.

191, 975, 000.00

633, 770,000.00

1,148,086, 273. 97

1, 703, 213, 384. 91

18, 949, 421. 44

Assets:
Investments (2i^ percent certificates of indebtedness)
Unexpended balances:
Trust account
..
._
Disbursing account (railroad unemployment benefits and
refunds)

312, 389, 292. 64

884, 246, 811. 62

1, 280, 538, 921. 51

1, 72^; 861, 810. 34

2, 283, 657, 695. 82

18, 909, 000.00

312, 295,000.00

872, 000, 000.00

1, 267, 000,000. 00

1,710,000,000.00

2, 273, 000, 000. 00

40, 421. 44

94, 292. 64

12, 246, 811. 52

13, 538, 921. 51

13, 414, 266. 29

W
fej

1, 447, 644. 05

2, 663, 224.97

18, 949, 421. 44

312, 389, 292. 64

884, 246, 811. 52

1,280,538,921.51

1, 724.861, 810. 34

2, 283, 667, 695.82

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7, 994, 470.85

1 Includes transactions formerly classified under the caption "Old-age reserve account."
2 Beginning July 1, 1940, this appropriation represents amounts equal to social security taxes—employment taxes—collected and deposited to the fund under sec. 201 (a) of the
Social Security Act, as amended."
3 Appropriation reduced by the amount of $9,000,000 covering transfer for acquisition of-service and ccmpensation data, in accordance with Pubhc Resolution No. 102, approved
Oct. 9, 1940.
* Includes amounts withheld by Social Security Board under sec. 13 (d) and deposited in the fund under sec. 13 (f) of the Railroad Unemployment Insurance Act.




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Balance to be accounted for -.

Total assets

1, 058, 220, 906. 55

18, 949, 421. 44

Total receipts-

Total expenditures

310,560,409.78

2, 729, 335, 298. 63
44, 248, 661. 68
15, 000, 000. 00
1,800,818.02

18, 857, 720. 50

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522

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 18;—Amounts appropriated and expended to June 30, 1941 y under authorizations contained in the Social Security Act
Appropriated
during fiscal
year 19411

Classification

For administrative expenses:
Social Security Board 3
Department of Conimerce3
Department of Labor 3_ _ _ .
Treasury Department *
Total, administrative
penses

ex-

For grants to States:
Federal Security Agency:
Social Security Board:
For old-age assistance.For u n e m p l o y m e n t
com pensation administration
For aid to dependent
children
For aid to the blind
Total, Social Security Board
Public Health Service:
For public health workOffice of Education:
For vocational rehabilitation of persons disabled in industry s...
Total, fFederal Security Agency
Under Department of Labor:
For maternal and child
health services
For services for crippled
children
For child -welfare services. _
Total, Department of
Labor
Total, grants to States-..

Expenditures
Appropriated
fiscal
to June 30, 1941 during19412
year

$27,156,000. 00 $143, 724, 500. 00
110,000. 00
676,000.00
364,000.00
2,134,500.00

$26, 667, 884. 86
113,092.37
361,871. 56
5, 372, 588. 86

$104 339,699.31
443,610. 72
1,717,689.87
8,007, 564.86

146,434,000. 00

31,515,437.65

114,508, 564.76

270,000,000.00 1,213,660,000. 00

260.080,458.14

1,023,226,716.83

27,629,000. 00

65,500,000.00

281,760,000.00

62,967,037.48

232,148,678.76

74,000, 000. 00
9, 000,000. 00

333, 600,000. 00
56,000,000. 00

63, 221,844.43
7,068, 723. 76

181,411,207.33
29,390,852. 59

418, 500, 000. 00 1,884, 010, 000. 00
11,000,000. 00

68,833,000.00

429, 500, 000. 00 1,942,843,000. 00

Grand total

393, 338,063. 81 1,466,177,455. 56
10, 772, 631. 25

47,314,305.98

404,110, 596. 06 1,513,491,761.54

5,820,000. 00

29,144, 000. 00

5,636,013.04

21,965,115. 27

3,870,000. 00
1, 510, 000. 00

20,776.000. 00
9, 526; 000. 00

3,986,417. 31
1, 633, 714.46

16, 693,462. 23
7, 085, 673. 88

11,200,000.00

69,446, 000. 00

440, 700,000. 00 2, 002, 289, 000. 00

For other purposes:
Federal Security Agency:
Public Health Service:
For disease and sanitation investigation s...
Under Treasury Department:
For Federal old-age and
survivors insurance trust
fund
6 688,140, 728. 28 2,393,140, 728. 28
Total, for other purposes.

Total expenditures to June
30, 19412

688,140,728.28 2,393,140,728.28

11, 056,144. 81

44,734, 261. 38

416,166,739.87

1, 568,226, 012. 92

688,140, 728. 28 2, 393,140, 728. 28
688,140, 728. 28 2, 393,140, 728. 28

1,156,469, 728. 28 4, 541,863, 728. 28 1,134,822,905.80

4,065,875,305.96

1 These amounts primarily available for expenditures during fiscal year 1942. , The appropriation acts
providing funds for the Social Security Board and the Department of Labor were approved July 1, 1941;
2 On basis of daily Treasury statements (unrevised), see p. 405.
8 Includes only expenditures from appropriations made specifically for administrative expenses relating
to the Social Security Act. Does not include administrative expenses payable from other appropriations.
The principal agencies in the latter group are the Bureau of Internal Revenue, Public Health Service, and
the Office of Education.
4 Beginning Jan. 1,1940, expenditures include estimated amounts for expenses ofthe Treasury Department
(for which reimbursement was made to the General Fund) in connection with the old-age and survivors
insurance trust fund and collection of employment taxes under the provisions of sec. 201 (f) of the Social
Security Act, as amended. Appropriations for such expenditures are included in the regular annual appropriations of the Treasury Department.
8 Funds authorized to be appropriated under the Social Security Act augment existing appropriations.
6 Sec. 201 (a) of the Social Security Act Amendments of 1939 provides that after June 30, 1940, amounts
equivalent to 100 per centum of the taxes (including interest, penalties, and additions to the taxes), received
under the Federal Insurance Contributions Act and covered into the Treasury, shall be appropriated to the
Federal old-age and survivors insurance trust fund for the fiscal year 1941 and for each fiscal year thereafter.




REPORT OF THE SECRETARY OF THE TREASURY

523

TABLE 19.—Panania Canal receipts and expenditures, fiscal years 1903 to 1941
[On basis of warrants issued, see p. 405]
Expenditures
R e c e i p t s covered i n t o t h e
Treasury i

Year

1903
1904 •
1905
1906
1907
1908
1909
1910
1911
1912__.
1913
1914._
1915
1916
1917
1918
1919
1920
1921
1922._
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

....

J...
.....

.
..
.

- .
_ ,
.-.

Total

-

-

.

$371, 263.06
380, 680.10
1,178,949.85
1,083, 761; 49
705,402. 42
3, 214, 389. 48
1, 767, 284. 44
2, 982, 823. 92
4,070, 231. 27
698,647.87
4,130, 241. 27
2,869,996.28
6,160, 668. 69
6, 414, 570. 26
6, 777, 046. 66
9, 039, 670. 96
11,914,361.32
12,049,660.65
17, 869, 986. 25
27,124, 513. 33
22,903, 732. 44
24, 291, 917. 87
25,894, 701.45
28, 834, 345. 42
28,831, 447. 24
28, 971, 643. 03
26, 634, 687. 74
22,448,911.67
23,183,754.40
27,167, 390. 62
24,816,631.93
25,996,386.11
25, 401, 264.01
24, 942, 253. 42
24, 988, 604. 07
22, 442, 020. 81
20, 540, 099'. 95
648,973,729.42

Construction,
m a i n t e n a n c e , Fortifications 3
a n d operation 2
$9,986.00
4 50,164, 600. 00
3,918,819.83
19, 379, 373. 71
27.198, 618. 71
38, 093,929. 04
31, 419,442. 41
33, 911, 673. 37
37, 038,994. 71
34, 285. 276. 50
40,167, 866. 71
31, 702,359.61
24, 677,107. 29
14,888,194. 78
16.199, 262. 47
13,549,762.66,
10,954,409. 74
6, 281, 463. 72
16, 480, 390. 79
3, 041, 035. 40
3, 870, 503. 37
7, 391, 7 n . 97
9, 300, 509.73
8, 669, 333. 57
7, 863, 376. 03
10, 909, 442. 27
10, 220, 913. 25
10,497, 935. 33
10, 303, 766.15
10, 904, 319. 70
11, 780,139. 21
10, 709. 294.89
10, 233, 789. 97
11, 258, 334.90
11, 879. 521. 47
11,416,004.37
10, 737, 752. 67
25, 945, 621. 08
44, 010, 366. 22
691,264,990. 50

$30, 608.75
1,036,091.08
1,823, 491. 32
3, 376, 900. 85
4, 767, 606. 38
2,868,341.97
3, 313, 532. 65
7, 487, 862. 36
1, 661, 364. 74
3, 433, 692. 82
2, 088, 007. 66
896, 327. 45
950,189. 20
393,963.37
• 872, 689. 93
1,153, 322. 38
586, 043.94
1,165, 632. 53
943, 985. 31
999, 413. 77916, 979. 29
779,868.12
614; 916. 00
396, 310. 68
294, 413. 20
478, 946. 22
791,939. 98
1,311,830.33
1, 742, 368. 04
2,862,576.01.
6, 294,885.64
3 66, 234, 000.77

T o t a l general
expenditures

Interest paid
on P a n a m a
C a n a l loans

• $9, 986. 00
4 50,164, 500. 00
3,918,819.83
19, 379, 373. 71
27,198, 618. 71
38, 093, 929. 04
• $785, 268.00
31, 419, 442. 41 ' 1, 319,076. 58
33, 911, 673. 37
1, 692,166. 40
37, 069, 603. 46
1, 691,107. 20
35, 321, 367. 58
3,000, 669. 60
41, 991, 368. 03
3, 201, 056.81
36, 079, 260. 46
3,194,106. 95
29, 444, 712. 67
3,199, 385. 06
17, 756, 536. 75
3,189, 024. 79
19,512,795.02
3,103, 250. 67
21, 037, 624. 92
2, 976, 476. 55
12, 615, 774. 48
2, 984,888. 33
3, 040, 872. 89
9, 715, 056. 54
2, 994, 776. 66
18, 668, 398. 45
3,937, 362. 85
2, 995, 398.14
4,820, 692. 57
2, 997, 904.81
2, 992, 461.19
7,786,675.34
10,173,199. 66
2, 988,918.80
9, 822, 656. 95
2, 989, 598. 76
2,991,988. 25
8, 449, 419.97
2, 987, 329. 96
12,076. 074.80
3, 002, 235.80
11,164, 898. 56
2,991, 375. 23
11, 497, 349.10
2, 992, 366. 42
11, 220, 734. 44
2,989,627 15
11, 684,187. 82
12, 396, 055. 21
2, 969, 049. 76
2,992,453 55
11,105, 606. 47
10, 628, 203.17
2, 986,161. 55
1, 863, 500. 40
11, 737, 281.12
1, 616, 614. 50
12, 671, 461. 46
12, 727, 834. 70
1,502,876 10
' 1, 491, 369. 00
12, 480,120. 71
28,808,097. 09
1,511,758 20
49,305, 250.86
1,494.333.60
746,498,991. 27

87,619,335. 63

1 Beginning with thefiscalyear 1924, the amounts shown in this column have been revised to include the
sums received as dividends on capital stock ofthe Panama Railroad owned by the United States.
2 The amounts shown in this column have been revised to include the payments to the Government of
Panama under the treaty of Nov. 18,1903, of $250,000 per annum, the first payment being made during the
fiscal year 1913, and similar payments continuing each year since that date; but do not include the payments
to the Government of Colombia growing out of the construction of the Panama Canal of $5,000,000 per
annum during the fiscal years 1923 to 1927, inclusive:, an aggregate sum of $25,000,000 as provided for under
the treaty of Apr. 6,1914. Includes expenses of civil government, Panama Canal and Canal Zone.
8 Includesexpendituresmade from specificappropriations for fortifications of thecanalbutno expenditures
from general appropriations that may have been made for this purpose.
* This amount includes the $40,000,000 paid to tbe New Panama Canal Co. of France for the acquisition
ofthe property, and the $10,000,000 paid to the Republic of Panama in connection with the Canal Zone
as provided for under art. 14 of the treaty of Nov. 18,1903.




524

REPORT OF THE SECRETARY OF THE TREASURY
T A B L E 20.—Postal receipts and expenditures, fiscal years 1789 to 1941 ^
Expenditures

Receipts

Postal revenues Surplus postal Postal expend- AdvancesFfrom
not covered receipts covered itures exclusive General u n d
into Treasury 2 into Treasury 3 of deficiencies 2 to meet postal
' deficiencies *

Year

1789-91
1792
1793
1794
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820 '
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847 "
1848
1849

_.
--

...

..

.

-

-

_.

...
.-

...

^

--.

:.......

Footnotes at end of table.




202, 804
240,942
292, 044
335, 395
362, 949
400, 030
404,987
475,147
460, 664
506, 633
551, 684
587, 208
564,168
668,154
685, 370
908, 065
811,994
973, 601
1, no, 166
1, 204, 666.
1,105, 461
1, 058, 670
1,116, 888
1,130, 004
1,197, 758
1, 306,055
1, 447, 403
1, 624, 532
1, 659, 895
1, 707, 331

---

.

$91, 739
67,443
93, 725
99, 469
138, 220
122,156
149, 498
193,477
223, 846

1, 850, 528
1, 997, 250
2, 258, 325
2, 617, Oil
2. 823, 649
2,992,663
3,408,312
4,101, 703
4, 238,733
4,484, 667
4, 543, 522
4,407,726
4, 546,850
4, 296, 225
4,237,288
• 4,289,842,
3,487,199.
3,880,309
4, 655, 211
• 4, 705,176

$11,021
29,478
22, 400
72, 910
64, 600
39, 500
41, 000
78,000
79, 500
35, 000
16,427
26, 500
21, 343
41,118
3, 615

38
85,040
36,000
45,000
135,000
149, 788
29, 372
20, 070
71
6,466
617
602
111
470
300
101
20
. • 87
55
561
245
100
893
11

$76, 397^
64, 530
72, 039
89, 972
117, 893
131,571
150,114
179, 084
• 188,037
213, 994
265,151
281, 916
322, 364
337, 502
377,367
417, 233
453, 885
462,828
498,012
496,969
499, 098
540,166
681, Oil
727,126
748,121
804,022
916, 516
1,035, 832
1,117, 8611,160, 926
1,165, 481
1,167, 572
1,156,995
1,188,019
1, 229,043
1,366,712
1, 469, 959
1, 689, 946
1, 782,132
1,932, 708
1, 936,122
2, 266,171
2,930,414
2, 910, 605
2,757,350
2, 841,766
3, 288,319
4.430,662
4,636,536
4, 718, 236
4, 092, 030
5, 617,366
4, 353, 541
4, 298,628
4,326,692,
3, 310, 286
3, 544,82¥
4, 358, 238
4,477, 664

$407,657
53,697
21,303
810;232
536,299
22, 222

REPORT OF T H E

SOECRETARY OF T H E TREASURY

525

T A B L E 20.—Postal receipts and expenditures, fiscal years 1789 to 1941 ^—Con.
Expenditures

Receipts

Postal revenues Surplus postal Postal expend- Advances from
n o t covered receipts covered itures exclusive General F u n d
into T r e a s u r y 2 into T r e a s u r y 3 of deficiencies 2 to meet postal
deficiencies *

Year

- - .

'
•.

'

•

'

-

1880
1881
1882
1883
1884
1885
1886
1887
1888
1889

. .

_•

1890
1891
1892
1893
1894
1895
1896 .
1897
1898
1899
19001901
1902
1903
1904
1905
1906
1907
1908
1909 -

--

. .
. . .
.-'.--.
•

.
.

.

.

. . . .

F o o t n o t e s a t e n d of t a b l e .

407631—42-

-35




$5,213,245
6, 278,710
6, 066,106
5,829,339
6,400,940
6,890,178
7, 208,750
7,890,787
7,972,714
6, 648,964

8, 518, 067
8,349,296
8, 299.821
11,163; 790
12,438.254
14,556; 159
14,386,986
15,237,027
16,292,601
17,314,176

....

1860
1861
1862
>1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1876
1876
1877
1878
1879

$5,499.985
6,410,604
5,184,527
6, 240, 725
6, 255; 586
6, 642,136
6,920,822
7, 353,952
7,486,793
7,968,484

9, 281, 060
8,430,368
7, 564, 2S6
10, 557,101
11,843,089
13,388,909
15, 320,837
16,692,712
18,784, 757
18, 282,403

3, 516, 667
4, 053,192
5,396, 510

18,879,537
20, 037,045
21,915,426
22,996,742
26,471,072
26,791,314
28, 644,198
27, 531, 585
29, 277, 517
30,041,983

19,132,812
19, 264, 548
21,489,520
23,635,159
27,514,935
26, 399,988
28,-198,911
27,488, 602
28,429,152
28,684,392

4,844,579
5,131,250
6,175,000
5,490,475
4,714,045
7, 211, 646
6, 092, 540
6,170 339
5, 753,394
4, 773, 524

33,315,479
36,785, 398
41,876,410
45, 508,693
43,325,959
42, 560. 844
43,948,423
48,837,609
52,695,177
56,176,611

33,466,433
35,711,718
40,622,487
43, 252,837
47, 233, 016
45, 508,605
42,823, 266
46,481,381
53,411,606
58,475,796

3,071,000
3,896,639

60,882, 098
65,931,786
70,930,476
75,896,933
75,080,479
76,983,128
82,499,208
82, 665,463
89,012, 619
95,021, 384

1850'
1851
1852
1853
1854
1855
1856
1857
1858
1859

59,407,825
68,340, 624
72,989,962
75, 666,927
76,807,994
76,197,028
81,643,410
82,947,836
87, 563,130
93,439,950

6,875, 037
4,741,772
4,051,490
5,946,795
8, 250, 000
11,016,-542
9,300, 000
11,149,206
10, 504,040
8, 211, 670

102,354, 679
111,631,193
121,848,047
134. 224,443
143, 582. 624
152.826, 585
167,932,783
183, 585,006
191,478,663
203, 662, 383

100, 534,158
110, 657,952
122,407,064
136,042. 501
145, 892:863
152,355,715
165,802,431
182, 647, 654
195, 500,901
201, 541, 092

7, 230,779
4,954,762
2,402,153
2, 768. 919
6, 502, 631
15,065, 257
12, 673, 294
7, 629, 383
12,888, 041
19, 501, 062

- — •-

$1,041,444
2,153, 750
3, 207, 346
3, 078,814
3,199,118
3,616,883
4, 748,923
4,808, 658
9,889,546
6,170,895
3,561,729
749,314
999.980
250, 000

74,503
4, 641 611
8,193,652
6, 501, 247
3,056, 037
3,868,920

526

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 20.—Postal receipts and expenditures, fiscal years 1789 to 1941 ^—Con.
Receipts
Year

1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

.

Expenditures

Postal revenues S u r p l u s postal Postal expend- A d v a n c e s from
n o t covered receipts covered itures exclusive General F u n d
i n t o T r e a s u r y 2 i n t o T r e a s u r y 3 of deficiencies 2 t o m e e t postal
deficiencies *
.._'
.

.
. . .
-- -

--

-

.
-

- .
:...

1940

$224,128,658
237,879,824
246,744,016
266,619, 526
284,134,566
283,748,165
312,057,689
324, 526,116
295,845, 261
274,941,126

$221,514,528
237,660,705
246,961,344
261,081,506
283,558,103
291,944,881
300, 728,453
319.889,904
322, 628,094
362,160,763

$8,495,612

418,607,441
489, 506,490
481, 316,006
624,366, 214
574. 773, 905
616,119, 721
640,286,690
687,364.998
693,674,815
687, 709,010

114 854
130,128.458
64 346 235
32. 526,915
12 638 850
23, 216, 784
39, 506 490
27,263,191
32 080, 202
94,699, 744

705,484,098
656,463, 383
688,171,923
687,631,364
686; 733,166
630, 795, 302
665, 343, 356
726,201,110
728, 634, 051
745,965, 076

711, 985, 635
656,885,960
590, 846,193
582. 626,064
578, 763, 705
632. 632.848
667,620.819
730,918,898
728,186, 746
743,409, 675

91 714 451
145,643,613
202.876, 341
117, 380,192
52.003, 296
63,970,405
86,038,862
41,896,945
44, 258, 861
41, 237, 263

766,948,627
812,827, 736

" 766,862, 530
806,881, 500

40 870 336
30, 064,048

431,937,212
463,491,275
484, 772, 047
632,827, 926
672, 948, 778
599, 591, 477
659,819,80
683,121,989
693,633, 921
696,947, 578

$3,800,000
3, 500,000

"""'5,'26o,"oo6'
48,630, 701 •
89,906,000
5, 213,000
81,494

,

1 568 195'
1,027,369
6,636, 593
6,500,000
2, 221, 095
343,511

" Revised.
1 From 1789 to 1842 fiscal year ended December 31; from 1844 to date, June 30. Figures for 1843 are for a
half year, January 1 to June 30.
2 Postal revenues and expenditures, except surplus postal receipts covered into the Treasury and postal
deficiencies paid out of the General Fund of the Treasury, are based upon reports of the Post Office Department. Postal expenditures include adjusted losses, etc.—postal funds and expenditures from postal balances;
but are exclusive of departmental expenditures in Washington, D. C , to the close of fiscal year 1922, and
amounts transferred to the civil service retirement and disability fund, fiscal years 1921 to 1926, inclusive.
For 1927 and subsequent j^ears the ZM percent salary deductions are included in "Postal expenditures,"
the deductions having been paid to and deposited by disbursing clerks for credit of the retirement fund.
3 On basis of warrants issued from 1793 to 1915, and on basis of daily Treasury statements (unrevised)
(see p. 405) from 1916 to date.
4 On basis of warrants issued prior to 1922 and on basis of daily Treasury statements (unrevised) (see p. 405)
for 1922 and thereafter. Exclusive of amounts transferred to the civil service retirement and disability fund
under act of May 22,1920 (41 Stat. 614), and amendments thereto on account of salary deductions oi2y^ percent,
as follows: 1921, $6,619,683.59; 1922, $7,899,006.28; 1923, $8,284,081; 1924, $8,679,658.60; 1925, $10,266,977; and
1926, $10,472,289.59. See note 2. The item "Postal deficiency" represents advances from the General
Fund of the Treasury to the Postmaster General to meet deficiencies in the postal revenues. These figures
do not include any allowances for offsets on account of extraordinary expenditures or the cost of free mailings
contributing to the deficiency of postal revenues certified to the Secretary of the Treasury by the Postmaster
General pursuant to the act of Congress, approved June 9,1930. See exhibit 73 on page 401 for statement of
account.




BEPORT OF THE SECRETARY OF THE TREASURY

527

TABLE 21.—Selected receipts and expenditures of the Government, fiscal years 1789
to 1941
[On basis of w a r r a n t s issued from 1789 to 1930, a n d on basis of checks issued for 1931 a n d s u b s e q u e n t years,
see p . 405]

Fiscal year

1789-91..
1792
1793..,..
1794
1795
1796
1797
1798
1799

Receipts
from sales
of p u b l i c
lands- -

Expenditures

Fiscal year
Indians

Pensions»

$27,000
13,649
27, 283
13, 042
23,476
113, 564
62, 396
16, 470
20, 302

$4,836
83,541
11, 963

$176,814
109,243
80. 088
81,399
68,673
100.844
92. 257
104.845
96,444

• 1800..
1801-1802..
1803..
1804..
1806..
1806..
1807..
1808-.
1809...

444
167, 726
188,628
165,676
487, 527
640,194
765.246
466.163
647,939
442,262

31
9,000
94, 000
60, 000
116,500
196,500
234,200
205,425
213, 575
337, 504

64,131
7.3, 533
85. 440
62,902
80, 093
81,856
81,876
70,500
82, 576
87,834

1810...
1811...
3812...
1813..
1814...
1816...
1816..
1817__
1818...
1819...

696,549
1.040, 238
710,-428
835, 655
1,135,971
1, 287,959
1,717,985
1, 991, 226
2,606, 565
3, 274, 423

177, 626
151,876
277,846
167,358
167, 395
630, 750
274, 512
319, 464
505, 704
463,181

83,744
75, 044
91, 402
86,990
90,164
. 69.656
188,804
297,374
890, 720
2, 416,940

1820..
1821..
1822..
1823..
1824..
1826..
1826..
1827..
1828..
1829..

1,636,872
1, 212,966
1,803,582
916, 523
984.418
1,216,091
1,393. 785
1,496,845
1,018,309
1, 517,175

315, 760
477,005
675,007
380,782
429.988
. 724,106
743,448
760,625
706,084
576, 345

3, 208,376
242, 817
1,94 S, 199
1,780, 589
1,499,327
1, 308,811
1, 556, 594
976,139
850;574
949, 694

1830-.
1831..
1832..
1833..
1834..
1835..
1836..
1837..
1838..
1839..

2,329,356
3, 210, 8r5'
2, 623,381
3, 967,683
4.857, 601
14, 757, 601
24,877,180
6, 776,237
3,081,940
7,076,447

622, 262
930. 738
1,352, 420
1,8.02,9.81
1,003, 953
1,706,444
4,616,141
4,348,076
5, 504,191
2, 628,917

1.363, 297
1,170, 665
1,184,422
4, 589,152
3.364, 285
1,954,711
2,882, 798
2,672,162
2,156,086
3,142,884

Footnotes a t end of table.




Receipts
from sales
of public
lands

Expenditures
Indians

Pensions *

$3,292, 683
1840
1,366,627
1841
1,335,798
1842..
897, 818
1843 2........
2,059, 940
1844
2,077,022
1845
2,694,452
1846
2,498, 365
1847
3,328, 643
1848
1. 688,960
1849

$2,331,795
2, 594,063
1,201,062
581,680
1.179.279
1, 540,817
1,021,461
1,470,306
1,221,792
1, 373,119

$2,603,950
2,388, 496
1,379,469
843, 323
2,030,698
2, 396,642
1,810, 371
1,747,917
1,211,270
1,330,010

1, 859,894
2,352, 306
2,043,240
1,667,085
8, 470, 798
11, 497,049
8,917,645
3,829,487
3, .513,716
1, 756, 687

1, 665,802
2,895, 700
2,980,403
3,905,745
1, 563,031
2, 792, 5.52
2,769,430
4,267, 543
4,926,739
3,625,027

1,870,292
2,290,278
2,403,953
1,777,871
1,237, 879
1,450,163
1,298,209
1,312,043
1,217, 488
1,220,378

1, 778, 558
870, 659
152, 204
167,617
588,333
996, 563
665,031
1,163, 576
1,348,716
4,020, 344

2,949,191
2,841,358
2,273,224
3,164,367
2, 629, 859
5,116,837
3,247,065
4,642, 532
4,100,682
7,042,923

1,102,926
1,036,064
853,095
1,078,991
4.983,924
16, 338,811
15, 605, 362
20,936. 552
23,782,387
28,476,622

1870.
1871.
1872..
1873...
1874
1875....
1876
1877.
1878...
1879

3, 360,482
2, 388, 647
•2,675,714
2,882.312
1,852, 429
1,413, 640
1,129,467
976, 264
1,079, 743
924, 781

3,407,938
7,426,997
7,061, 729
7,961,705
6, 692,462
8,384, 657
5,966, 558
5, 277,007
4.629.280
6,206,109

28,340,202
34, 443,895
28, 533, 403
29, 359,427
29,038, 416
29, 456, 216
28,257, 396
27,963, 752
27,137,019
35,121,482

1880.....
1881
1882.
1883
1884....
1885
1886
1887
1888...
1889

1,016, 507
2, 201,863
4,753,140
7,955,864
9,810, 705
5. 705,986
6,630,999
9,254,286
11,202,017
8,038, 652

6,945,457
6, 614,161
9, 736,748
7, 362, 591
6,475,999
6, 562,495
6,099,158
6,194, 523
6,249, 308
6,892,208

56,777,175
60,059; 280
61, 345,194
66,012, 574
65,429, 228
56,102,268
63,404,864
75,029,102
80,288, 509
87,624,77©

1860...
1851
1852
1853
1854
1855
1856....
1857...
1858
1859.
1860
1861.
1862.
.....:
1863_.
1864....
1865.
1866....
1867.....
1868
1869

528

REPORT OF T H E SECRETARY OF THE TREASURY

T A B L E 21.—Selected receipts and expenditures of the Government, fiscal years 1789
to 1941—Continued
Receipts
from sales
of public
lands

Fiscal year

$6,358; 273
1890
4,029, 535
1891
3,261,876
1892
3,182,090
1893
1,673,637
1894
1895
- -- 1,103, 347
1,005, 523
1896
864, 581
1897
1,243.129
1898....
1, 678,247
1899....
.-.
--

J i_» •»-' w 1-

1900
1901
1902
1903
1904
lonK

1910
1911
1912
1913
1914..
]915
1916

-

Expenditures

Receipts
from sales
of public
lands

Fiscal year
Indians

Pensions!

$6.708,047 $106,936,855
8; 527,469 124,415,951
11,150, 578 134, 583,053
13, 345, 347 159,357,558
10. 293, 482 141,177,285
9,939, 754 141,395,229
12,165, 528 139,434,001
13.016, 802 141,053.165
10,994,668 147, 452, .369
12,805,711 139,394,929

2,836,883
2,965,120
4,144,123
8, 926, 311
7,453,480
4.859,250
4,879,834
7,878,811
9, 731. 560
7,700, 568

10,175,107
10.896.073
10,049,585
12,935,168
10.438.350
14.236.074
12, 746,859
15,163. 608
14, 570,756
16,694,618

140,877,316
139,323,622
138,488,560
138,42.5,646
142,559,266
141,773,965
141,034,562
139,309,514
153,892,467
161,710,367

6,355,797
5,731, 637
5,392,797
2,910,205
2, 671,775
2,167,136
1,887, 662

18, 504,132
20,933,869
20,134,840
20,306,159
20,215,076
22.130.351
17, 570,284

160,696,416
157,980,575
153,590,456
175,085, 450
173.440,231
164,387,942
159, 302, 351

1917.
1918
1919

:.

1920
1921
1922
:..._.
1923
1924
1925
1926
1927
1928—.
1929
1930
1931..
1932
1933...
1934
1935'
1936..
1937
1938
1939..
1940
1941

.

..

Expenditures
Indians

Pensions 1

$1,892,893 $30, 598.093 $160,318,406
1,969.465 30,888,400 181,137,754
1,404,705 34, 593, 257 221, 614, 781
40, 516, 832
41,470, 80S
38, 600,413
45,142, 763
46,754. G26
•38,755,457
48,442,120
36,791,649
36,990,808
34,086, 586

213,344, 204
260,611,416
252, 576,848
264,147,869
228 261 565
218. 321. 424
207,189,622
230, 556,065
229, 401,462
229, 781,079

395, 74.4 32,066,628
230.302 26,778, 585
170,339 26,125,092
102,561 22, 722, 347
99,336 23.. 372,905
86, 757 27; 918.899
74, 355 28,875; 773
71,218 36;933,148
95,649 ' 33, 378, 389
248,461 46,964,171

220,608,931
234, 402, 722
232. .521,292
234,990, 427
319,322,034
373,804, 501
309,065,694
.396,047,400
402,779,083
416, 720,951

" 117,020 3 37,821,090
178,246 3 33,587,984

429,178,230
433,147,890

1, 910,140
1, 530,439
895, 391
656, 508
622,223
623, 534
754,253
621,1.87
384.651
314, 568

" Revised.
1 Includes only Army and Navy pensions for service prior to World War, and fees of examining surgeons
in Pension Bureau, and is exclusive of payments made by the War Risk Insurance Bureau and Veterans'
Bureau to veterans of the World War, and salaries under Bureau of I'ensions, which are included in civil
and miscellaneous expenditures.
» From 1789 to 1842 the fiscal year ended Dec. 31; from 1844 to date, on June 30. Figures for 1843 are for ahalf year, Jan. 1 to June 30.
* Excludes interest accounts which are included in trust fund expenditures.




PUBLIC

DEBT

Public debt outstanding
T A B L E 22.—Description of the public debt issues outstanding J u n e 30, 1941
[On basis of daily Treasury statements (revised), see p. 406]

Title and authorizing act

Date of loan

When redeemable or
payable

Interest payment
date

Average price
received

Amount
Authorized

Issued

O
Retired

Outstanding

INTEREST-BEARING DEBT
Public Issues

W

3 % PANAMA CANAL LOAN »

Acts of Aug. 5, 1909 (36 Junel, 19111
Stat. 117); Feb. 4, 1910
(36 Stat. 192);and Mar.
2, 1911 (36 Stat. 1013).

- On J u n e l , 1961.

Mar., June, Sept.,
and Dec. 1.

$102.582

$290 569,000.00....

$50, 000,000. 00

$200,000. 00 $49, 800,000.00

i

u
>

2 3 ^ % POSTAL SAVINGS
BONDS 8

Act Of June 25, 1910 (36
Stat. 817).

o

Kl
Jan.l, Julyl, 19211935.

On and after 1 year;
20 years from issue.

Jan. and Julyl

Par

J a n . l , 1916.

30 years from issue

Jan., Apr., July,
and Oct. 1.
do

Exchange at par.

Indefinite

117,410, 700.00

2, 820. 00 117, 407, 880. 00

15, 761,000. 00

15, 761, 000. 00

13,133, 500. 00

O

13.133, 500. 00

3 % CONVERSION BONDS 8

Act O Dec. 23, 1913 (38
f
Stat. 269).
Act of Doc. 23, 1913 (38
Stat. 269).
Total pre-war and
postal
savings
bonds.

Jan. 1, 1917

Footnotes at end of table.




do.....

do.

Ul

196,102, 380. 00

cl
Kl

to
CO

ox

TABLE 22.—Description of the public debt issues outstanding June 30, 1941—Continued
Title and authorizing act

Date of loan

When redeemable or
payable

Interest payment
date

Average price
received

GO
O

Amount
Authorized

Issued

Retired

Outstanding
fei
hi
O

INTEREST-BEARING DEBT—Con.
Public Issues—Con.
T R E A S U R Y BONDS 9 ^^

Act Of Sept. 24, 1917 (40
Stat. 288), as amended:

O

43^% bonds of 1947-62. Oct. 16, 1922...

I On and after Oct. 15,
.-.
1947; on Oct. 16, Apr. and.Oct. 15... /Par
\Exchangeatpar.
L 1952.

4% bonds of 1944-54 - _ Dec. 16, 1924..

On and after Dec. 15,
1944; on Dec. 15,
1954.

(Par...
•Juneand Den. 1 5 . . •{Exchangeat par.
[$100.50

On and after Mar. 16,
1946; on Mar. 15,
1956.
On and after June 15,
,1943; on June 16,
1947.

Mar. and Sept. 15. $100.50..

3 ^ % bonds of 1946-56. Mar. 15, 1926. .
3 ^ % bonds of 1943-47- June 15, 1927.-

334% bonds of 1941... Aug. 16,1933...

On and after June 15,
1946; on June 15,
1949.
On and after Sept. 15,
1951; on Sept. 15,
1956.
OnAug. 1, 1941

3M%bondsofl943-45». Oct. 15, 1933...

[On and after Oct. 15,
1943; on Oct. 15,
[ 1945.

3H% bonds of 1946-49. Junel5, 1931-.
37o bonds of 1961-55 -- Sept. 15,1931--

3Ji% bonds of 1944-46. Apr. 16,1934..




Onandafter Apr. 15,
1944; on Apr. 15,
1946.

$511,864,000.00
252, 098, 300. 00
763, 962, 300. 00 $5,016, 500. 00 $758,945, 800.00
224, 513. 500. 00
532. 420, 300. 00
290,154, 700. 00

Ul

o

1, 047, 088, 500. 00 10. 396,100. 001,036, 692, 400. 00
494,898,100.00
6; 818, 000.00 489,080,100. 00

fei

>
June and Dec. 15.- f$100.50.
\Exchangeat par.
do.

Par

Mar. and Sept. 15. Par

.....

Hi
O

249, 598, 300. 00
245, 256, 460. 00
494, 854, 750. 00
821,406, 000.00

40, 719, 550. 00 454,135, 200.00
2, 779,000.00 818, 627,000.00

800,424, 000. 00

44, 992,000. 00 755,432, 000. 00

603, 985. 600.00
-. Bonds,
Feb.and Aug. 1-.. / P a r .
certifi231,057,500.00
cates of indebt\ExchangeatRar.
edness. Treas836. 043,100. 00 787,904,850. 00 47,138, 250.00
ury bills and
notes not to ex500. 421, 950. 00
Apr.andOct. 15... /$101.60
ceed in the ag900, 716, 550. 00
\Exchangeatpar.
gregate $65,000,-|
000,000
out- 1,401,138, 500. 00
610, 250.00 1,400, 528, 250. 00
standing at any 1, 518, 858,800. 00
Exchange at par.
121,150.00 1, 518,737,660.00
....do
:.-.
one time.

td
fei

n

3 % b o n d s of 1946-48. _ J u n e 15, 1934..

On a n d after J u n e 15,
1946; on J u n e 15,
1948.

33^% bonds of 1949-62. D e c . 15, 1934..

O n a n d after D e c . 15,
1949; on D e c . 15,
1952.

2 ^ % bonds of 1955-60. M a r . 15, 1935..

fOn a n d after M a r . 15,
1955; o n M a r . 15,
L 1960.

2M% bonds of 1945-47- S e p t . 16, 1935.

I O n a n d after Sept. 15,
1945; o n S e p t . 15,
[ 1947.

J u n e a n d D e c . 15__

.do..

'•Mar.andSept.l5..

Par
Exchange at par.
$103.125
$103.6625
Par

-.

Exchange at par
a n d $100.50.
$101.59375
$101.56250
$100.78125

507,477.950.00
317,030,100.00
98, 708. 000. 00
112,669.000.00
1,035.88.5,050.00
491,377, 100. 00

E x c h a n g e a t par.
Par

2 K % bonds of 1948-51. M a r . 16, 1936..

.do..

/Par
\ E x c h a n g e a t par.

J u n e 15, 1936..

On a n d after J u n e 15,
1951; o n J u n e 15,
1954.

J u n e and Dec-15-.

/Par
\ E x c h a n g e a t par.

23^% bonds of .1949-53. D e c . 15, 1936-.

On and
1956;
1959.
[On a n d
1949;
1953.

after Sept. 15,
o n S e p t . 15,

M a r . a n d S e p t . 15.

after D e c . 15,
on D e c . 15,

•June a n d D e c . 1 5 - .

Par
/Par.
—-.-.
\ E x c h a n g e a t par.

981.848.050.00

23^% b o n d s of 1945. _ . D e c . 15, 1937-.

23^% b o n d s of 1948. _- M a r . 15, 1938..
2 M % bonds of 1958^63. J u n e 15, 1938..

O n D e c . 15, 1946..

On Sept. 15,1948
O n a n d after J u n e 15;
1958; o n J u n e 15,
1963.

-do.

M a r . a n d Sept. 15.

Par'--.

/Par
June and Dec. 15.\ E x c h a n g e a t par.




1, 000. 001,223,495,850.00

td
fei

^
1, 000. 001,626,687,150.00
21, 500.00

td
Hi

o

981,826, 550.00

i
373,900. 001,786,130,150. 00

293.613.250.00
247,330.300.00

^
fei.

>
d

ZP

540,843, 550. 00
450,978,400. 00

td
Kj

571,736.200.00
347, 044, 400. 00
1 918, 780. 500. 00

F o o t n o t e s a t e n d of t a b l e .

fei

i
o

1,006.641,950.00
779, 862.100. 00

540,843.550.00
4.50.978.400.00

o

w
24,950.00 1, 214,428,950.00

1,290,756,650.00
33.5,931,500.00

1,786,504,050.00
/Par
\ E x c h a n g e a t par.

63, 550.00 2,611,092.650. 00

727, 033, 950. 00
496, 462, 900.00

1,626,688,150.00
2 M % bonds of 1956-59. S e p t . 15. 1936-

td

568.717,800.00
645.736,100.00

1, 223, 496, 850. 00
2M% bonds of 1951-54.

o

101,971,000.00
106,541,000.00
98, 215. 000. 00

1, 214, 453. 900. 00
On a n d after M a r . 16,
1948; on M a r . 15,
1951.

td
fej

2, 304,429. 200.00

2, 611,156. 200. 00
.do

11,650. 001,036,873,400.00
2,000.00 491,375,100. 00

918,780,600.00

CO

TABLE 22.—Description of the public debt issues outstanding June 30, 1941—Continued
CO

Amount
T i t l e a n d authorizing act

D a t e of loan

W h e n r e d e e m a b l e or
payable

A v e r a g e price
. received

Interest p a y m e n t
date

Authorized

Issued

Retired

Outstanding

INTEREST-BEARING DEBT—Con.

td
fei
Tj

o

Public Issues—Con.

td

TREASURY BONDS^ 1"-COU

23^% bonds of 1950-62.

Sept. 15, 1938-.

O n a n d after Sept. 16,
1950; on S e p t . 15,
1962.

[Par
I E x c h a n g e a t par.
M a r . a n d Sept. 15. l E x c h a n g e a t
I $102.50.

1^

$461,690,100.00
404, 707,100. 00
319, 444, 500. 00
1.185,841,700.00

2 ^ % bonds of 1960-65.

D e c . 16, 1938.

O n a n d after D e c . 16,
1960; on D e c . 15,
, 1965.

JuneandDec.l5.

{

Par
Exchange at par.
Exchange
at
• $102,375.

402,892.800. 00
188,196, 700. 00
894, 295. 600. 00
1,486.385,100.00

2% b o n d s of 1947
2% b o n d s of 1948-50
( d a t e d D e c . 8,1939)

—.do
D e c . 8, 1939.

2 1 ^ % bonds of 1951-53. D e c . 22, 1939..
23^% bonds of 1954-66- J u l y 22, 1940..
2% b o n d s of 1953-55.. Oct. 7, 1940..:.
2% b o n d s of 1948-60
( d a t e d M a r . 15,
1941).
23^% bonds of 1962-54.

23^% bonds of 1956-58.
Total Treasury
bonds




M a r . 16, 1941.

M a r . 31, 1941.

June 2,1941...

O n D e c . 15, 1947
O n a n d after D e c .
1948; on D e c .
1950.
O n a n d after D e c .
1951; on D e c .
1963.
O n a n d after J u n e
1954; on J u n e
1966.
O n a n d after J u n e
1953; o n J u n e
1955.
O n a n d after M a r .
1948; on M a r .
1950.
O n a n d after M a r .
1952; on M a r .
1954.

15,
15,
15,
16,

.do.,
.do..

L-do

E x c h a n g e at p a r .
Par

/Exchange at par.
IPar
-.

$1,185,841,700.00

701, 074,900. 00
671,431,160. 00

fei
$500. 00 1, 485, 384, 600. 00
2, 000. 00

701, 072, 900.00
57i; 431.150. 00

1,018.051.100.00
100, 000. 000. 00

Ul

fei
o
td
fei
td
Kl

o
1,118.051,100.00
680, 692.350. 00

15,
15,

-do..

Par

.

1,118,051,100.00
680, 692,350.00

15,
15,

-do..

Exchange at par.

724, 677, 900.00

724, 677,900.00

16,
15,

M a r . a n d Sept. 15. E x c h a n g e a t p a r .

1.115, 358, 400. 00

1,116,368,400.00

15,
15,

Par.
.Exchange a t p a r .

576,145,150.00
447,423, 200.00

O n and after M a r . 15,
1956; on M a r . 16,
1958.

o

fei

>^

td
fei

>

Ul

—-do..

-do-.

Bonds,
certificates of indebtedness. T r e a s u r y bills a n d
/Par
notes n o t to
l E x c h a n g e a t p a r . ' exceed in t h e
aggregate $55,000,000,000 outstanding at any
one t i m e .

1, 023, 508.350. 00
661, 750, 800. 00
7S5. 390.950. 00
1,448,141, 750.00

d

td
Kj

1,023, 568,360.00

1,448,141,750.00
30,215,059,200.00

U N I T E D STATES SAVINGS
BONDS 2 0 10

Act Of Sept. 24, 1917 (40
Stat.28F), as amended:
Series and approximate yield to maturity (%):
A-1935
2.90

B-1936

2.90

C-1937

2.90

C-1938

2.90

D-1939

2.90

D-1940_...: 2.90
D-1941

2.90

D-1941

2.90

Defense series:
E-1941..- 2.90
F-1941-.. 2.63

G-1941-.. 2.50
Unclassified
sales
2.90

Various dates from
Mar. 1, 1935.

Various dates from
Jan. 1, 1936.
Various dates from
Jan. 1, 1937.
Various dates from
Jan. 1, 1938.
Various dates from
Jan. 1. 1939.
Various dates from
Jan. 1, 1940.
Various dates from
Jan. 1 to Feb. 28,
1941.
Various dates from
Mar. 1 to Apr.
30, 1941.
Various dates from
May 1,1941.
do-..

do...
Various-

Total United
States s a v ings bonds...

After 60 days from issue date, on demand at option of
.owner; 10 years
from issue date.
do

Sold at a discount;
payable at par
on maturity.

$75.00..

227, 677, 366.25

65, 927,947.00

171,749,419.25

-do-.

$75.00..

405,087,163.34

92, 613, 716.34

312,573,447.00

o
td
>^

-do.,

.do.,

$75.00..

505, 323, 989.00

99,103, 554.25

406,220,434. 75

o

-do-,

.do.,

$75.00..

570,315,380. 50

80, 694, 519. 25 489,620,861.25

-do-,

-do-,

$75.00-.

888, 747,433.26

-do.,

-do.,

$75.00-.

1,054,032,827.25

-do-.

.do-.

$75.00-.

338,944,650.00

3,821,343. 75

-do-.

$75.00-.

• 69, 719,837. 50

1,023,093. 75

-do..

$75.00-

122, 743,875. 00

28,856.26

122, 715,018. 75

..do..

$74.00..

68,178,198.00

48,988.00

68,129,210.00

Semiannually
Par.-Sold at a discount; $75.00_payable at par
on maturity.

404,754,800.00
134,857, 221.01

542,100.00

404,212, 700.00
134,857,22L01

-do-.

79,973,560.25

808, 773,873.00

45,887,060.25 1, 008,145, 767.00
336,123, 306.25

•=1

W

i,

68, 696, 743. 76
td

-do-.
After 6 months from
issue date, on demand at option of
owner; 12 years
from issue date.
do.
After 60 days from
issue date, on demand at option of
owner; 10 years
from issue date.

Kl

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fei
Ul

d

td

Kl
4,330,818,002.01

Footenotes at end of table.




Cn
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REPORT OF THE SECRETARY OF THE TREASURY

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P I




TREASTTRY NOTES 1" ll 1'

A c t Of Sept. 24, 1917 (40
S t a t . 288), as a m e n d e d :
R e g u l a r series;
1H% C-1941....
134% A-1942
2 % B-1942
184% C-1942

/Par

D e c . 16,1936.

O n D e c . 15, 1941-.

J u n e a n d D e c . 16_

J u n e 16, 1937.
S e p t . 15, 1937.

O n M a r . 15, 1942O n Sept. 15. 1942.

M a r . a n d Sept. 15.
do
:..

O n D e c . 15, 1942-

Pa .
-.
June and Dec. 15. \fE x crh .a.n g e at p a r .

D e c . 15, 1937.

\Exchange at pai:.
Par
Exchange at par.

93. 960. 200.00
110,465.200.00
204.425, 400. 00
426,349. 500.00
342,143,300.00

204.425,400.00
426, 349. 600 00
,342,143,300.00

pi

232. 375, 200.00
1 H % A-1943.

J u n e 16,1938.

O n J u n e 15, 1943-

.do.

/Par
\ E x c h a n g e a t par.

..do-

[Par..
{Exchange at par.
[Exchange at $101.

1 H % B-1943.

, D e c . 15,1938.,

1% C-1943-..
34% D-1943..
% % A-1944..
1% B-1944...
1% C-1944.-.
%%.\-1945..

J u n e 15, 1940..
M a r . 15, 1941..
J u n e 15, 1939..
N o v . 1, 1939...
Dec. 22, 1939:.
M a r . 15, 1940..

O n D e c . 15, 1943-.

O n Sept.
On Mar.
On J i m e
OnMar.
O n Sept.
OnMar.

15, 194315, 1943.
15, 1944..
15. 1944.
16, 194415, 1945.

420.973.000.00
279,473, 800.00
65. 963, 700.00
415,519,50.0.00
515,210.900.00
283,006, 000.00
718,024, 200.00

3,000.00

629,113,900.00
Ul

1, 500. 00 420.971,500.00
279,473 800 00
65,963. 700.00
600.00 415,519.000.00
515, 210, 900.00
283,006.000 00
11,000.00 718,013,200.00

fei.

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Total regular
series

4, 532, 565, 400.00

National defense series:
34% D-1944
34% B-1945

o

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328. 577. 200. 00
39,282, 600.00
63,113. 200.00

M a r , a n d Sept. 16. Exchange at par
.—-do
do
-.
J u n e a n d D e c . 15.. : - . . . d o . —
M a r . a n d Sept. 15.
do
do
do
-—do
do

232, 375, 20Q. 00

378. 233.900. 00
250,883,000.00
629,116,900.00

td
fei

o

219,035, 700.00
13. 339. 600.00

fei
J a n . 31,1941..
D e c . 18, 1940-

On Sept. 15, 1944O n D e c . 15, 1945„

M a r . a n d Sept. 15 P a r
J u n e and Dec. 1 5 do-.

635,064. 400.00
530,838, 700.00

635,064,400.00
630.838, 700 00

Total national
defense series.

1,165,903.100.00

Total Treasury
notes

5,698, 468, 500.00

fei

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Ul

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•

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=

Footnotes at end of table.




CTI
CO

cn

T A B L E 22.—Description of the public debt issues outstanding J u n e SO, 1941—Continued

Ot
CO

Oi

Amount
T i t l e a n d authorizing act

D a t e of loan

W h e n redeemable or
payable

Interest p a y m e n t
date

Average price
received
Authorized

Issued

Retired

Outstanding

td
fei

[INTEREST-BEARING DEBT—Con.

O
td

Public Issues—Con.

1^

TREASURY BILLS 13

O
Act Of Sept. 24, 1917 (40
S t a t 288), as-amended:
Series m a t u r i n g a n d
a p p r o x i m a t e yield
to m a t u r i t y (%): (3)
J u l y 2, 1941.0.055
J u l y 9 , 1 9 4 1 . . .079
J u l y 16,1941. .093
J u l y 23,1941. .097
J u l y 30,1941. .097
A u g . 6 , 1 9 4 1 . . .096
Aug. 13,1941- . 069
Aug. 20,1941. . 070
-\ug. 27,1941- .
Sept. 3,1941.. .107
Sept. 10,1941. . 100
Sept. 17,1941.. 103
Sept. 24.1941. .066

fei

fei
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
June
June
June
June

2, 1941.9, 1941-16, 1941-23, 194130, 19417, 1941-.
14, 194121, 1941.
28, 1941.
4, 1941..
11, 1941.
18, 1941.
25, 1941.

J u l y 2, 1 9 4 1 . . . .
J u l y 9, 1 9 4 1 . . . .
J u l y 16, 1941...
J u l y 23, 1941...
J u l y 30, 1941...
A>ug. 6, 1 9 4 1 . . .
A u g . 13 , 1941..
A u g . 20, 1941..
A u g . 27, 1941..
Sept. 3, 1941...
Sept. 10, 1941..
Sept. 17, 1941..
Sept. 24,1941..

/$99.986..
$99.980..
$99.976..
$99.975..
$99.976..
Sold at a discount $99.976..
' p a y a b l e a t par $99.983..
$99,982-.
on m a t u r i t y .
$99.983..
$99.973..
$99.975..
$99.974..
^$99.983..

$100, 571,
000. 00
100, 091,
000. 00
100,439,000. 00
100,101,000. 00
100, 089,
000. 00
100, 031,
000. 00
100, 004,
000. 00
100, 519,
000. 00
100, 257,
000. 00
200,139,000. 00
200, 299,
000. 00
2O0, 608,
000. 00
100,068,000. 00

Total Treasury
bills

Ul

fei
o
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Ki

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ADJUSTED SERVICE
BONDS 14

J u n e 16, 1936.

On d e m a n d ; on a n d
after J u n e 15, 1946.

J u n e 15..

Par.

Bonds,
certificates of i n d e b t edness. Treasu r y bills a n d
notes n o t t o
exceed
in
t h e aggregate
$65,000, 000, 000
outstanding at
a n y one t i m e .

fei

42,28.4,821,532. 01

Special I s s u e s




00
00
00
00
00
00
00
00
00
00
00
00
00

1,603,196, 000. 00

Total
pubhc
issues
-:

Act of Sept. 24, 1917 (40
Stat. 288), as a m e n d e d ;
A d j u s t e d Compensation P a y m e n t Act, 1936:
m % b o n d s (Governm e n t life insurance
- funds series 1946).

000.
$100, 571,
000.
100, 091,
000.
100, 439,
100,101,000.
000.
100, 069,
000.
100, 031,
000.
100, 004,
000.
100, 519,
000.
100, 257,
200,139,000.
000.
200, 299,
000.
200, 608,
000.
100, 068,

td
fei

>

3
500,167, 956. 40

500,157, 956. 40

TREASURY NOTES 1*

Act Of Sept. 24, 1917 (40
Stat. 288), as amended:
Federal old-age and
survivors insurance
trust fund:
Old-age reserve
account:
3% series 1942 Various dates from
June 30, 1937.
3% series 1943 Various dates from
June 30, 1938
3% series 1944 Various dates from
June 30, 1939. .
Federal old-age
and survivors
insurance trust
fund:
21.^% series
1944.
21.^% series
1945
21.^% series
1946.

do

382, 000, 000.00

382, 000,000.00

do

June 30-.1

497,400, 000.00

497, 400,000. 00

290,900, 000.00 $117,800, 000. 00

173,100, 000.00

hj

do...
do-...

.. . . . - d o

O

td

6

fei
T3

Various dates from
• Mar. 15, 1940.
Various dates from
June 30, 1940.
June 30, 1941

Railroad retirement
account:
3% series 1942 Various dates from
Aug. 6. 1937.
3% series 1943 Various dates from
June 30, 1938.
3% series 1944 Various dates from
July 14, 1939.
3% series 1945 Various dates from
June 30, 1940.
Civil service retirement fund:
4% series 1942 Various dates from
June 30, 1937.
4%'series 1943 Various dates from
June 30, 1938.

Footnotes at en(3 of table.



After 1 year from d a t e
of issue; on J u n e 30,
1942.
After 1 year from d a t e
of issue; on J m i e 30,
1943.
After 1 y e a r from d a t e
of issue; on J u n e 30,
1944.'

do
After 1 year from d a t e
of issue; on J u n e 30,
1945.
After 1 year from d a t e
of issue; on J u n e 30,
1946.

283, 000, 000. 00

725,900, 000. 00

726,900,000.00

do-.

319, 200, 000. 00

do

do

I

u>

319, 200,000. 00

-.—do

do.....

After 1 year from d a t e
of issue; on J u n e 30,
1942.
After 1 y e a r from d a t e
of issue; on J u n e 30,
1943.
After 1 y e a r from d a t e
ofissue;onJune30,
1944.
After 1 y e a r from d a t e
ofissue;onJune30,
1945.

283, 000, 000. 00

.—do .

do.

o
td
fei
td
Kj

....do.--

—

80, 000, 000. 00

36,400, 000. 00

43,600, 000. 00

do

12,200,000.00

• 12, 200, GOO. 00

....do

10, 000, 000. 00
8, 200,000.00

8,200, 000. 00

t

10,000, 000.00

do

do

O
fej

fej
do.-

fei
do

>
Ul

td
Kj

After 1 y e a r from d a t e
of issue; on J u n e 30,
1942.
After 1 y e a r from d a t e
of issue; on J u n e 30,
1943.

do
do

do
—.

do-'

.

122,300, 000.00

122,300,000. 00

145, 400, 000. 00

145, 400, OQO. 00

CO

TABLE 22.—Description, of the public debt issues outstanding June SO, 1941—Continued

CJI
CO
00

Amount
T i t l e aiid aUthori^ihg act

D a t e of loan

W h e n r e d e e m a b l e or
payable

Interest p a y m e n t
date

Average price
received
Authorized

Issued

Retired

Outstanding

td
fei

iNTEkEST-BEARING
DEBT—Con.

O
td

Special I s s u e s — C o n .
TREASURY NOTESI^—COU,

A c t Of S e p t . 24, 1917,
etc.—Continued.
Civil service retirem e n t fund—Con.
4% series 1944 Various d a t e s from
J u n e 30, 1939.
4% series 194J

Various dates from
J u n e 30,1940.

4% series 1946 J u n e 30, 19413 % series 1944 J u n e 15,1940-.
3 % series 1945 V a r i o u s d a t e s from
A u g . 9, 1940.
3 % series 1946 J u n e 30,1941
Foreign service
ret u ' e m e n t fund:
4 % series 1942 Various d a t e s from
J u n e 30, 1937.
4 % series 1943 Various d a t e s from
J u n e 30, 1938.
4% series 1944 Various d a t e s from
J u n e 30, 1939.
4% series 1945 Various d a t e s from
J u n e 30, 1940.
4% series 1946 J u n e 3 0 , 1 9 4 1 . :




o
fei
$125,400, 000.00

$126,400,000. 00

-do:

151,400, 000. 00

161, 400, 000. 00

-do-

lOOi 000,000.00

100,000,000.00

-do-.

200, 000.00

200,000.00

..do-

. 569,000.00

569,000.00

,-do.

16, 000.00

16,000.00

-do-

-do-

885,000,00

885,000.00

.do.

-do-

738,000.00

738,000.00

-do-

..do.

872,000.00

872,000.00

-do.

-do.

1,602,000.00

1, 602,000.00

-do.

-do.

616,000.00

616,000.00

After 1 year from d a t e J u n e 30-.
of issue; on J u n e 30,
1944.
After 1 year from d a t e
do-..
of issue; on J u n e 30,;
1945.
After 1 year froni d a t e . . — d o - . .
of issue; on J u n e 30,
1946.
After 1 year from d a t e
do..
of issue; on J u n e 30,
1944.
A f t e r ! year from d a t e
„do.
of issue; on J u n e 30,
1945.
After 1 year from d a t e
-doof issue; on J u n e 30,
1946.
After 1 year from d a t e
of issue; oh J u n e 30,
1942.
After 1 year from d a t e
of issue; oh Jiihe 30,
1943.
After 1 year from d a t e
of issue; on J u n e 30,
1944.
After 1 year from d a t e
of issue; on J u n e 30,
1945.
After 1 year from d a t e
of issue; on J u n e 30,
1946.

Par..

Ul
fei

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td
fei

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td
Kl

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Bonds,
certifii^cates of i n d e b t edness. T r e a s u r y bihs and
n o t e s n o t to
' exceed in t h e
aggregate $66,000,000,000 o u t standing at any
one time.

td

;>
Ul

Canal'^'Zone'^retlrement fund: 8
4% series 1942! Various dates from
June 30, 1937.
4% series 1943| Various dates from
June 30,1938.
4% series 1944 Various dates from
June 30, 1939.
4% series 1945 Various dates from
June 30, 1940.
4% series 1946 June 30, 1941
Alaska railroad
retirement fund:
4% series 1942..

Various dates from
July 1, 1937.

4% series 1943---. Various dates "from
June 30, 1938.
4% series 1944

Various dates from
June 30,1939.

4% series 1946

Various dates from
June 30,1940.

4% series 1946.... June 30,1941
Postal Savings System:
2% series 1943.--. Various dates from
Aug. 6, 1938.
2% series 1944
2% series 1945
Government Tfe insurance fund:
2% series 1943--2% series 1944

After
date
June
After
date
June
After
date
June
After
date
June
After
date
June

1 year from
of issue; on
30, 1942.
1 year from
of issue; on
30.1943.
1 year from
of issue; on
30.1944.
1 year from
of issue; on
30.1945.
1 year from
of issue; on
30.1946.

-do-

.do

603,000.001

603,000.00

-do-

.do

599,000.00

699,000.00

-do-.

-do

624,000.00

624,000.00

-do-

-do

1,328,000.00

1, 328,000.00

-do-

-do

2, 234,000.00

2,234,000.00

Various dates from
July 11,1938.
Various dates from
June 30, 1939.

After
date
June
After
date
June

td
fei
O
td

o

fei

.—do-,

-do.

265, 000. 00

265,000.00

.--do..

-do.

225, 000. 00

225, 000.00

— -do.,

-do.

196, 000. 00

196, 000. 00

.-..do-.

-do.

229, 000.00

229, 000. 00

— :do-.

-do.

90, 000.00

90,000. 00

After 1 year from June 30, Dec. 31-.
date of issue; on
June 30,1943.
Various dates from After 1 year from . . . . - d o - — .
July 11, 1939.
date of issue; on
June 30,1944.
Jan. 31,1941
- After 1 year from . . . . . d o
date of issue; on
June 30, 1945.

Footnotes at end of table.



After 1 year from date
of issue; on June 30,
1942.
After 1 year from date
of issue; on June 30,
1943.
After 1 year from date
of issue; on June 30,
1944.
After 1 year from date
of issue; on June 30,
1945.
After 1 year from date
of issue; on June 30,
1946.

1 year from June 30of issue; on
30, 1943.
1 year from . . . . . d o . . .
of issue; on
30,1944.

tei

o
fei

-do.

96, 000, 000. O l $63, 000, 000. 00
O

33,000,000. 00

-do.

40, 000, 000.00

40, 000,000. 00

-do.

16, 000,000.00

15, 000, 000. 00

-do,

42, 600, 000. 00

42, 400, 000. 00

200, 000. 00

-do

24, 659,000. 00

20, 500, 000. 00

4, 059,000. 00

fe!

>

Ol
CO
CO

T A B L E 22. —Description of the public debt issues outstanding J u n e 30, 1941-—Continued

Title and authorizing act

Date of loan

When redeemable or
payable

Interest payment
date

cn
O

Amount

Average price
. received

Authorized '

Issued

Retired .

Outstanding
td
fei

INTEREST.BEARING
DEBT—Con.
Special Issuies—Con.

^
o
td
»^
o

TREASURY NOTES 14—coU.

Act O Sept. 24,1917, etc.—
f
•
Continued.
Government life insurance fund—Con.
2% series 1945--. Various dates from
Sept. 20, 1940.
National service life
insurance fund;
3% series 1945

Various dates from
Feb. 19,1941.

Federal Deposit Insurance Corporation:
2% series 1943— Various dates from
Jan. 26, 1939.
2% series 1944

Various dates from
Dec. 1, 1939.

2% series 1945

Various dates from
Jan. 18, 1941.

Federal Savings and
Loan
Insurance
Corporation:
2% series 1946--. Various dates from
Nov. 22, 1940.
Total special
Treasury
notes




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After 1 year from
date of issue; oh
June 30,1946.
After 1 year from
date of issue; on
June 30, 1945.

June 30

Par

.$26,500, 000. 00

$26, 500,000. 00

2,800,000.00

-

2,800,000. 00

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After 1 year from June and Dec. 1--.
date of issue; on
Dec. 1, 1943.
After 1 year from . . . . . d o
date of issue; on
Dec. 1, 1944.
do
After 1 year from
date of issue; on
Dec. 1, 1945.

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30, 000,000. 00 $20,000,000.6o

10,000,000. 00

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60,000,000.00

60, 000,000. 00

20, 000, 000. 00

20,000,000. 00

After 1 year from
date of issue; on
June 30, 1945.

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June 30, Dec. 31 ..

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B o n d s , certificates of indebtedness. Treasury bills and
. notes not to
exceed in the
aggregate $65,000,000,000 outstanding at any
one time.

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5, 050, 000. 00

6,050,000. 00

3,327,600, 000. 00

d

CERTIFICATES OF I N D E B T E D N E S S 1^

Act of S e p t . 24, 1917 (40
S t a t . 288), as am e n d e d :
A d j u s t e d service cer- V a r i o u s dates-from
tificate fund 4 %
J a n . ly 1941.
series 1942.
U n e m p l o y m e n t t r u s t J u n e 30,1941fund 2 J^ % series 1942.

O n d e m a n d ; on J a n .
1, 1942.

Jan.l

-do.

19,800,000. 00

On d e m a n d ; on J u n e
30, 1942.'

J u n e 30, D e c . 31-.

-do-.

2, 273, 000, 000. 00

500, 000. 00

19, 300, 000. 00
2, 273, 000, OCO. 00

T o t a l special issues.

6,120, 057, 956. 40

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Total interestbearing d e b t

48,404,879,488. 41

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2, 292, 300,000. 00

T o t a l certificates

MATURED DEBT ON
WHICH INTEREST
HAS CEASED

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OLD DEBT *

1, 260,340. 26

M a t u r e d prior to A p r . 6,
1917.

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3 % LOAN OF 1 9 0 8 - 1 8

O n A u g . 1, 1918-

Act of .June 13, 1898 (30
S t a t . 467).

198, 792, 660.00

198, 667, 840.00

124, 820.00

F e b . 1, 1895-

Called for r e d e m p t i o n F e b . 2, 1925.

162, 315, 400.00

Called for r e d e m p tion J u l y 1, 1935.

646, 250,150.00

162, 297, 200.00

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A p r . 1, 1900.

643,989,660.00

2, 260, 500.00

Acts of J u n e 28, 1902 (32 J A u g . 1, 1906.
S t a t . 484); D e c . 21,
1905 (34 S t a t . 6).
I N O V . 1, 1908-.
F o o t n o t e s a t e n d of t a b l e .

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2 % PANAMA CANAL LOAN




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18, 200. 00

2 % CONSOLS OF 1930 ^

A c t of M a r . 14, 1900 (31
S t a t . 48).

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4 % LOAN OF 1925

Acts of J u l y 14, 1870 (16
S t a t . 272), as a m e n d e d ;
J a n . 14, 1875 (18 S t a t .
296).

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Called for r e d e m p tion A u g . 1, 1935.
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54, 631, 980.00

54, 566, 780.00

65, 200.00

30, 000,000.00

29, 989, 960.00

10,040.00
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4 H % " T H m D LIT^ERTY
LOAN

Act O Sept. 24, 1917 (40
f
Stat. 288), as amended.
4J4%

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4,176,650,050.00 4,173,850,150.00

1,799, §00.00

FOUBTH LIBERTY
LOAN

Act Of Sept. '24, 1917 (40
Stat. 288), as amended.

Oct. 24, 1918-.

Bonds with final digits 1, 9, and 0 called
for r e d e m p t i o n
Apr. 16,1934; bonds
with final digits 2
and 8 called, for redemption Oct. 15,
1934; bonds with
final digits 5, 6, and
7 called for redemption Apr. 15,. 1935;
and bonds with
final digits 3 and 4
called for redemption Oct. 15,1936.

6,964,581,100.00 6,952,513,800.00

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12,067,300.00

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VICTORY NOTES

Act of Sept, 24, 1917 (40
Stat. 288), as amended:
3H% Victory notes.. May 20, 19194%% Victory notes..

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Called for redemption June 15, 1922.
Symbols A co F called
for r e d e m p t i o n
Dec. 15, 1922; balance of loan matured May 20,1923.

661,160.00

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800.00

TREASURY BONDS

Act Of Sept. 24, 1917 (40
Stat. 288); as amended:
3H% bonds of 194043.
3M% bonds of 194143.




July 16, 1928Mar. 16, 1931-

Called for redemption June 15, 1940.
Called for redemption Mar. 15, 1941,

359.042,960.00

352,585,000.00

6,467,960.00

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594, 230.050.00

676,179,000.00

19,051,050.00

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TABLE 22.—Description of the public debt issues outstanding June 30, 1941—Continued
Amount
T i t l e a n d authorizing act

D a t e of loan

W h e n r e d e e m a b l e or
•payable

Interest payinent
date

Average price
received
Authorized

Issued

Retired

Outstanding

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MATURED DEBT ON
WHICH INTEREST
HAS CEASED—Con.

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TREASURY NOTES
A c t Of Sept. 24, 1917 (40
S t a t . 288), as a m e n d e d :
5 % % series A - 1 9 2 4 - . .
4M%series A-1925...
4 ^ % s e r i e s A-1926..4^^% series B - 1 9 2 5 . . 43^%series B - 1 9 2 6 - . .
41^%series C - 1 9 2 5 . . 4i!^%series A - 1 9 2 7 . . .
4 % % series B-1927...
S}^i% series A-1930-32
•31/2% series B-193032
3 M % series C-193032.
3 M % series 1932
.;.
3 % series A-1934
3 % series .A-1935
23/g% series B - 1 9 3 4 . - .
33^% series A - 1 9 3 6 . . .
3)4% series A-1937--.
3 % series B-1937
2M% series B - 1 9 3 6 . . .
25/^% series A - 1 9 3 8 . . .
2>^% series C-1936--2>^% series B-1938.-L
1 ^ % series B - 1 9 3 5 - - .
2V^% series C - 1 9 3 5 . - .
2 H % series D - 1 9 3 5 . - .
3 % series C-1937
3 % series C-1938
2 H % series A-1939--1 1 ^ % series D-1936
2 H % series D-1938




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J u n e 15, 1921--.
F e b . 1, 1 9 2 2 . . . .
M a r . 15, 1922..
J u n e 15, 1922.-.
A u g . 1, 1 9 2 2 . . .
Dec. 15, 1922...
•Jan. 15, 1923—
M a y 15, 1 9 2 3 - .
M a r . 15, 1927.
Sept. 15, 1927-

On J u n e 15, 1 9 2 4 - - - - O n M a r . 15, 1925
O n M a r . 15, 1926
O n D e c . 15, 1925
On Sept. 16, '1926
O h J u n e 16, 1925
O n .Dec. 15, 1927.
O n M a r . 16, : 1 9 2 7 - . _ . .
Called M a r . 15, 1931— d o

J a n . 16, 1928..-

C a l l e d . D e c . 15, 1931-

607,399, 650.00

Dec. 15, 1931-.
M a y 2, 1932--".
J u n e 15, 1932..
A u g . 1, 1932..-.
do
Sept. 15, 1932..
Oct. 15, 1932-.
Dec. 15, 1932..
F e b . 1, 1 9 3 3 . . .
M a y 2, 1933...
J u n e 15, 1933..
A u g . 16, 1933-.
J a n . 29, 1934...
F e b . 19, 1934..
-...:do
M a r . 15, 1934..
J u n e 15, 1934..
Sept. 15, 1934..
.--do—--..

On
On
On
On
On
On
On
On
On
On
On
On
On
On
On
On
On
On
On

600,446, 200.00 600, 366, 600. 00
244, 234,600.00 244, 169,100. 00
416, 602,800. 00 416, 614, 800. 00
345, 292,600. 00 345, 236, 600. 00
365.138, 000.00 364, 950, 300. 00
834,401, 500. 00 834, 067,100. 00
508, 328,900. 00 508, 105,400.00
360, 533,200.'00 360, 460, 600. 00
277, 516,600. 00 277, 400, 200. 00
572,419, 200. 00 572, 253, 000. po
623, 911,800. 00 623, 463. 800. 00
353,865, 000. 00 342, 656. 800. 00
628,101, 600. 00 628, 030, 600. 00
418, 291,900. 00 418, 133, 000. 00
428, 730,700. 00 428, 664, 300. 00
455,175, 500.00 454, 876,000.00
200. 00 1,-292, 629,100. 00
, 293, 714,
514,066, 000. 00 514, 064. 500. 00
696,416, 100. 00 596, 119.900. 00

Dec. 16, 1932-.
M a y 2, 1 9 3 4 —
J u n e 15, 1935.A u g . 1, 1934--.
A u g . 1,1936---.
Sept. 15, 1937-.
A p r . 15, 1937D e c . 15, 1936F e b ; 1, 1938--.
A p r . 15, 1936.Tune 15, 1938-.
A u g . 1, 1935-.
M a r . 15, 1935D e c . 15, 1935F e b . 15, 1937M a r . 15, 1938J u n e 15, 1939..
Sept. 15, 1936Sept. 15, 1938-'

$311,191, 600.00 $311, 175,400.00
601, 599,500.00 -.601,594, 500.00
617, 769,700.00 :617, 766, 900. 00
335,141, 300.00 '335, 112, 900. 00
486, 940,100.00 486, 932, 800. 00
469, 213,200.00 469, 200, 700. 00
366,981, 500.OC 366; 966, 900. 00
668, 201,400.00 668. 185. 800. 00
450. 00 1,360, 341, 550. 00
1, 360,456,
619,495, 700. 00 619, 426, 350. 00
607, 346,100.00

$16, 200.00
5,000.00
2, 800.00
28,400.00
7,300. 00
12, 500. CO
14, 600.00
16,600.00
114, 900. 00
69, 350. 00
53, 660.00
79, 600. 00
65, 500. 00
88, 000. 00
57, 000. 00
187, 700. 00
344, 400.00
223, 500. 00
72, 600. 00
116, 400: 00
166, 200. 00
448, 000. 00
11, 209,200.00
71, 000. 00
158, 900.00
66, 400. 00
299, 500. 00
1,185, 100.00
1, 500. 00
200.00

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1H%
1^%
1H%
iy8%
1H%
1H%
1H%
15^%
IH%
l>i%

series E-1936series A-1940.
series B-1940series B-1939 .
series C-19.39series C-1.940series A-1941series B-1941.
series D-1939.
series E-1938-

D e c . 15, 1934.
M a r . 15, 1936.
J u n e 15, 1936J u l y 15, 1935.
Sept. 16, 1935.
D e c . 16. 1936.
M a r . 16, 1936.
J u n e 15, 1936.
J u n e 15, 1937.
S e p t . 15, 1937.

On
Ori
On
On
On
On
On
On
On
On

J u n e 15, 1936-.
M a r . 15, 1940J u n e 16, 1940-.
D e c . 16, 1939M a r . 1.5, 1939.
D e c . 15, 1940M a r . 15, 1941J u n e 15, 1941-.
Sept. 15, 1939.
D e c . 15, 1938.-

616,400. OOI 686, 599, 000.
1,378, 364, 200. 00 1, 366,462,900.
738, 428, 400. 00 737,136, 200.
,526, 233, 000. 00 525, 967. 600.
941, 613, 750. 00 940,883, 260.
737, 161.600.00 735, 520, 700.
676, 707, 600. 00 673,831,000.
-503, 877, 500. 00 496,156,800.
426. 554, 600. 00 426. 403, 600.
433; 460, 900. 00 433,379,900.

17,400.00
11,901, 300. 00
1, 292, 200. 00
266,400. 00
730, 600. 00
1, 640, 900. 00
2, 876, 600. 00
7, 720, 700. 00
151, 000. 00
81,000. 00

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C E R T i n C A T E S OF I N D E B T EDNESS

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Act of Sept. 24, 1917 (40
S t a t . 288), a s a m e n d e d :
Certificates of i n d e b t edness
(various
.. r a t e s ) .
T R E A S U R Y .BILLS

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Various.

3. 226, 750. 00

Various-

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Act. Of S e p t . 24, 1917 (40
S t a t . 288), a s a m e n d e d :
. - T r e a s u r y bills (various r a t e s ) .

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105, 792, 000. 00

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TREASURY SAVINGS CEKN
TIFICATES

314-414% issue of D e c .
15, 1921.
3-4% issue of Sept. 30,
1922. "
3 M - 4 H % issue of D e c . 1,
1923.
Total
matured
d e b t on w h i c h
.interest
has
ceased
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D e c . 16, 1921..
S e p t . 30, 1922..
D e c . 1, 1 9 2 3 . - .

6 y e a r s from d a t e of
issue.
—-:do—
::
-do..

138, 288, 376. 20

138,259, 501. 20

28, 875. 00

205, 662, 045. 20

205, 562,145. 20

99,900. 00

169, 511, 791. 25

159, 467, 716. 25

44, 076. 00

204, 995, 810. 26

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TABLE 22.—Description of the public debt issues outstanding June SO, 1941—Continued

Oi
Title and authorizing act

Date of loan

When redeemable or
payable

Interest payment
date

Average price
received

Amount
Authorized

^ Issued

Retired

Outstanding
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NONINTERESTBEARING DEBT

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OLD D E M A N D NOTES

Acts of July 17, 1861 (12
Stat. 259); Aug. 5, 1861
(12 Stat. 313); Feb. 12,
1862 (12. Stat. 338)
(greatest amount ever
authorized to be outstanding, $60,000,000) -

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7 $60,030,000.00

$53,012.50

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FRACTIONAL CURRENCY

Acts of July 17, 1862 (12
Stat. 692); Mar. 3, 1863
(12 Stat. 711); June 30,
1864 (13 Stat. 220)
(greatest amount ever
authorized to be outstanding. $50,000,000)

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368,724,080.00

«1,970,950.66

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LEGAL T E N D E R NOTES

Acts of Feb. 25. 1862 (12
Stat. 345); July 11,1862
(12 Stat. 532): Mar. 3,
1863 (12 Stat. 710);
May 31, 1878 (20 Stat.
87); Mar. 14, 1900 (31
Stat. 46); Mar. 4, 1907
(34 Stat. 1290) (greatest
amount ever authorized to be outstanding,
$450,000,000)---.-




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346,681,016.00

346,681,016.0"

NATIONAL B A N K N O T E S
( R E D E M P T I O N ACCOUNT)

The act of July 14, 1890
(26 Stat. 289), provides
that balances standing
with the Treasurer of
the United States to
the respective credits
of national banks for
deposits made to redeem" the circulating
notes of such banks
and all deposits thereafter received for like
purpose, shall be covered into the Treasury
as a miscellaneous receipt, and the Treasurer of the United
States shall redeem
from the general cash
in the Treasury the
circulating notes of said
banks which may come
into his possession subject to redemption,
* * * and the balance remaining of the
deposits so covered
shall, at the close of
each month, be reported on the monthly public debt statement as
debts of United States
bearing no interest (authorized to be outstanding at one time,
indefinite)
Footnotes a t end of table.




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172, 612,804. 60

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TABLE 22.—Description of the public debt issues outstanding June 30, 1941—Continued
00
Title and authorizing act

NONINTERESTBEARING DEBT—
Continued
Thrift and Treasury savings stamps, unclassified sales, etc
Total noninterestbearing debt
Total debt
Less gold reserve
Gross debt as shown
on statement of
the public debt
June 30, 1941

Date of loan

When redeemable or
payable

Interest payment
date

Average price
received

Amount
Authorized

Issued

Retired

Outstanding
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$3, 765, 758. 25

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526, 083, 541. 91
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49,134,968,840. 58
156,039,430. 93

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48,978,919,409. 65

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1 This issue bore interest at the rate of 4H percent from Oct. 15, 1933, to Oct. 15, 1934,-and thereafter at the rate of 3}4 percent.
2 Amounts issued and retired for series A to F inclusive include accrued discount; amounts outstanding are stated at current redemption values. Amounts issued, retired and
outstanding for series G are stated at par value.'
3 Treasury bills are sold on a discount basis on coinpetitive bidding. The average sale price of these series gives an approximate yield on a bank discount basis.
< For detailed information and amounts outstanding June 30, 1929, see table 24 in annual report for 1929, p. 456. For amounts retired subsequent to 1929, see table 31, p. 574 of this
report and corresponding tables in reports for 1930 to 1940.
5 After deducting amounts officially estimated to have been lost or irrevocably destroyed.
6 The total gross debt June 30,1941, on basis of daily Treasury statements (unrevised) was $48,961,443,635.71 and the net amount of pubhc debt redemptions and receipts in transit,
etc., was $17,475,873.94.
7 Includes amounts authorized to be outstanding at present time and amounts issued on deposits including reissues.
T A X EXEMPTIONS:

In hands of foreign /^oZrfers.—Applicable only to securities issued prior to Mar. 1,1941: Bonds, notes, and certificates of indebtedness of the United States, shall, while beneficially
owned by a nonresident alien individual, or a foreign corporation, partnership, or association, not engaged in business in the United States, be exempt both as to principal and
interest from any and all taxation now or hereafter imposed by the United States, any State, or any of the possessions ofthe United States, or by any local taxing authority.
8 Exempt from the payment of all taxes or duties of the United States, as well as-from all taxation in any form by or under State, municipal, or local authority. (The Supreme
Court has held that this exemption does not extend to estate or inheritance taxes imposed by Federal or State authority.)
8 Securities issued prior to Mar. 1, /54i.—Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United-States, any State, or any of the possessions of the TJnited States, or by any local taxing authority, except (a) estate or inheritance taxes, and {b) graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-pr.ofits taxes, now or hereafter imposed by the tJnited States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest
on an amount of bonds authorized by the act apDroved Sept. 24, 1917, as amended, tbe prmcipal of which does not exceed in the aggregate $5,000 owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in clause {b) above. The following is applicable to savings bonds only: For the purposes of determining
taxes and tax exemptions the increment in value of savings bonds represented by the difference between the price paid and the redemption value received (whether at or before
maturity) shall be considered as interest.




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1 Securities issued on and after Mar. 1, 1941.—Income derived from these securities is subject to all Federal taxes now or hereafter imposed. The securities are subject to estate,
0
inheritance, gift, or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any
of the possessions of the United States, or by any local taxing authority. The following is applicable to savings bonds only: For the purposes of taxation any increment in value of
savings bonds represented by the difference between the price paid and the redemption value received (whether at or before maturity) shall be considered as interest.
Attention is invited to Treasury Decision 4550 ruling that bonds, notes, bills, and certificates of indebtedness of the Federal Government or its agencies, and the interest thereon,
are not exempt from the gift tax.
1 Securities other than National Defense series issued prior to Mar. 1, /.94/.—Exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) now or
1
hereafter imposed .by the United States, any State, or any of the possessions of the United States, or by any local taxing authority.
1 National Defense series issued prior to Mar. 1, 1941.—Exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or
2
any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, or gift taxes, and (b) all income, excess-profits and war-profits taxes,
now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations.
•
1 Any income derived from Treasury bills, whether interest or gain from their sale or other disposition does not have any exemption, as such, and loss from the sale or other dis3
position of any such bills does not have any special treatment, as such, under Federal tax acts now or hereafter enacted. The bills are subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but are exempt from all taxation' now or hereafter imposed on the principal or interest thereof l5y any State, or any of the possessions of the
United States, or by any local taxing authority. For purposes of taxation the amount of discount at which the bills are originally sold by the United States is to be considered to be
interest.
^
. i^ These issues being investments of various "Government funds and payable only for the account of such funds have no present tax liability.
•_

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MEMORANDUM RELATING TO OTHER OBLIGATIONS

Obligations of the United States payable on presentation:
Matured interest obligations outstanding
Discount accrued on Treasury (war) savings certificates, matured series
Settlement warrant checks outstanding
Disbursing officers' checks outstanding

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$72,473,842. 59
3,334,356.00
6, 248.024.11
355, 508,973. 74

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Total

:

437, 565,195. 44

Contingent liabilities: i •
Obligations of governmental agencies guaranteed by the United States:
Matured (principal and interest) for which cash has been deposited with Treasurer of the United States
Unmatured (principal)
Total

^

^

.

.

.
13,658,235. 05
6,359,619,105.28

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6; 373, 277, 340. 33

On credit of the United States:
Tennessee Valley Authority
Depositors' funds. Postal Savings System

^

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-

8,300,000.00
1, 346, 764, 255.68

«
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Total
Federal Reserve notes (face amount)
1 Details on p. 692.




^

,__^__^_,_____^.,^

1
:
,._.,__.^_^_—^___^_^^_._.,_^____^_^__^__,^_._^__^
•

•

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1,355,064.256.68
6, 714, 688, 346.64
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650

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 23.—Principal of the public debt outstanding at the end of each fiscal year
from 1853 to 1941 ^
.[On basis of daily Treasury statements (revised), see p. 405]
Interestbearing 2

June 3 0 —

1853
1854
1855
1856. - •
1857
1858
1859
1860
1861
1862.
1863
18641865
1866
18671868
1869
1870
1871
1872
1873
1875
1876
1877
1878
1879
1880.
1881
1882
1883.1884
1885-.
1886
1887 ..
1888
1889..
1891.
1892...
1893
1894
1895
1896
1897
1898
1899
1900
1901
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1916
1916
1917. ._
1918
1919
1920
1921
1922
1923
1924
1926-. .
1926
1927

-

-—
.-

._.
•.

_
...
.

. .

- ..

^

. .

$162.249
$59, 642, 412
199, 248
42,044. 517
170, 498
35,418,001
168,901
31,805,180
197,998
28. 503,377
170,168
44. 743. 256
165, 225
58, 333, 156
160, 575
64.683. 256
159,125
90; 423, 292
230, 520
. 365, 356, 045
171.970
707,834, 255
366, 629
1, 360, 026,914
2,129, 425
2, 217, 709, 407
4, 435,866
2,322.116,330
1, 739.108
2, 238,954,794
1, 246, 334
2,191, 326.130
6,112,034
2,151.495,066
3, 569, 664
2, 035,881, 095
1,948,902
1, 920. 696. 750
7, 926, 647
1,800, 794,100
1, 696, 483,950
51,929,460
1, 724, 930,750
3, 216. 340
1, 708, 676. 300
11, 425, 570
1, 696, 685, 450
3, 902.170
1, 697.888, 500
18,648,610
1, 780, 735, 650
5, 594,070
1,887,716.110
37,015.380
1, 709. 993,100
7, 621. 205
1, 625. 567, 750
6,723,615
1,440,810,400
16, 260, 555
1, 324, 229,150
7,831,165
1.212. 563,850
19,655,955
1,182,150,950
4,100, 745
1,132,014.100
9,704,195
1.007. 692, 350
6,114.915
2, 495,846
936. 522, 500
1,911.235
815,853,990
1,815,555
711,313,110
1,614,705
610,529.120
2, 785,875
585,029, 330
2, 094. 060
585. 037,100
1,851.240
635,041,890
1, 721, 590
716. 202, 060
1, 636. 890
847, 363,890
1, 346.880
847.365,130
1, 262. 680
847, 367. 470
1, 218, 300
1,046,048,750
1,176,320
1,023,478,860
1. 415. 620
987,141. 040
1,280,860
931,070, 340
914,541,410
. 1,205,090
1,970,920
895.157, 440
1,370,245
895.158, 340
1,128,135
895,159,140
1,086,815
894,834, 280
897, 503, 990
4,130.015
913, 317,490
2,883, 855
913,317,490
2,124,895
915, 353,190
1,879,830
963, 776, 770
1, 760, 450
965, 706, 610
1, 659, 550
967,953,310
1, 552, 560
1, 507, 260
^=-969,759,090
971, 562, 590
^ 1,473,100
2,712,549,477
14, 232, 230
11,985,882, 436
20, 242, 550
25, 234,496, 274
11,109, 370
24,061.095,362
6, 747, 700
23, 737, 352.080
10,939, 620
22,711,035,587
25, 250,880
22,007, 590, 754
98,172,160
20. 981. 586, 430
30,241,250
20,210,906,251
30,242,930
19,383,770,860
13,327,800
18.250.943,966
. 14,707,235
17,317,696,097 1
45,331,660

1928
1
Footnotes at end of table.




Matured

Noninterestbearing '

$158,591,390
411,767,456
455,437.271
458,090,180
429.211,734
409. 474, 321
390,873, 992
388,503, 491
397, 002. 510
399,406. 489
401, 270. 191
402, 796.935
431. 785, 640
436,174, 779
430. 258,158
393. 222, 793
373,088, 595
374.181.153
373. 294. 667
386.994. 363
39,0.844.689
389, 898, 603
393.087. 639
392, 299,474
413,941,255
451,678.029
446,613,311
431, 705, 286
409.267,919
393, 662, 736
380, 403, 636
374, 300, 606
380.004, 687
378,989. 470
373, 728, 570
378,081,703
384.112,913
389, 433, 654
238. 761, 733
233,015,585
245, 680,157
243,659,413
239,130,656
235,828,510
246, 235, 695
251, 257, 098
276.056, 398
232,114,027
231. 497, 584
236,751,917
228.301, 285
225, 681, 585
218,729, 530
219,997,718
252,109, 878
248,836,878
237,503, 733
236, 428, 775
230.075. 350
227, 958.908
227, 792, 723
243.924,844
239, 292, 747
275.122,993
246,084,419
244, 523,065
241,263,806

Total gross
debt
$59,804. 661
42, 243. 765
35. 588. 499
31. 974. 081
28, 701, 375
44.913,424
58. 498. 381
64,843,831
90,582.417
524.177,955
1,119.773,681
1,815.830,814
2,677,929.012
2. 755, 763.929
2.650.168,223
2. 583. 446, 456
2. 545.110, 590
. 2. 436. 453, 269
2,322.052,141
2, 209. 990,838
2,151.210,345
2.159.932.730
2.156, 276, 649
2.130,845,778
2.107. 759.903
2,159,418,315
2,298.912.643
2, 090.908,872
2.019,285.728
1,856.915,644
1,721.958.918
1.625, 307, 444
1,578,551.169
1.555,659,550
1,465. 485.294
1,384. 631. 656
1.249,470.511
1,122.396,584
1,005,806. .561
968,218,841
961.431.766
1,016,897,817
1,096,913.120
-1, 222, 729. 350
1,226,793.713
1, 232. 743,063
1, 436. 700, 704
1,263.416,913
1, 221, 572. 245
1,178,031,357
1,159.405,913
1,136.259,016
1,132.357,095
1,142. 522. 970
1,147. 178,193
1,177. 690, 403
"1,148.315,372
1,146, 939. 969
1,153, 984,937
1,193, 838, 505
1,193.047. 745
1,188, 235,400
1,191, 264.068
1,225.145,568
2, 975, 618. 586
12, 243, 628, 719
25,482.034,419
24,297.918,412
23,976,250,608
22, 964,079.190
22,349.687,758
21,251,120,427
20,616,272,174
19. 643,183,079
.18,510,174,266
17,604, 290, 563 1

Gross debt
per capita
$2.36
1.62
1.32
1.15
1.01
1.53
1.93
2.06
2.83
16.03
33. .56
53.33
77.07
77.69
73. 19
69.87
67.41
63.19
58.70
54.44
51.62
50 47
49.06
47 21
45. 47
45 37
47 05
41.69
39.35
35 37
32.07
29. 60
28.11
27 10
24.97
23 09
20.39
17.92
15.75
14.88
14.49
15 04
15 91
17.40
17 14
16.90
19 33
16.56
15.71
14.89
14.40
13 88
13.60
13.50
13.33
13.46
12.91
12 69
12.28
12.48
12.26
12.00
11.83
11 96
28.57
115 65
240. 09
228. 32
221.09
208.97
200.10
186.86
177.82
167.70
156.04
146.69

BEPORT OF THE SECRETAEY OF THE TEEAStfRY

551

TABLE 23.—Principal of the public debt outstanding at the end of each fiscal year
from 1853 to 1941 ^—Continued
Interestbearing >

J u n e 30—

1929
1930
1931
1932
1933
1934
1936
1936
1937
1938
1939
1940
1941

:

--

$16,638,941. 380
15.921,892, 350
16, 519. 588, 640
19,161, 273. 540
22,157,643,120
26, 480, 487.920
27, 645, 229.826
32, 755. 631. 770
35.802. 586,915
36. 578. 684.98?
39.891.b44.494
42, 380, 009. 306
48, 404,879, 489

Matured

$50,751,399
31,715.370.
51,822,845
60,086, 685
66,910,825
64, 266, 380
230, 662.905
169, 362,896
118,529,616
141.350.510
142.293, 290
204. 590. 740
204, 995, 810

Noninterestbearing 3
$241, 604,969
231, 700, 579
230,073,658
265, 649, 541
315,118,219
618,331, 688
825, 274, 361
620,389. 957
505,974,491
447. 451,959
411.279,534
386.44.3.910
369,044,111

T o t a l gross
debt
$16,931.197,748
16,185, 308, 299
16.801,486,143
19,487,009, 766
22,538,672,164
27,053,085,988
28,701,167.092
33, 545, 384, 622
36,427,091,021
37,167.487.451
40,445,417,318
42. 971,043.956
48,978,919,410

Gross d e b t
per capita
$139.40
131.49
135. 37
. 165.93
179.21
• - 213.66
• 225 07
261. 20
281.82
285. 43
30S. 34
< 326. 66
367. 68

1 Figures for 1853 to 1885, inclusive, are taken from "Statement of receipts and expenditures of the Government from 1855 to 1885 and principal of public debt from 1791 to 1885," compiled from the official records
of the Register's office. Later figures are taken from the monthly debt statements and revised figures
published in the annual reports of the Secretary of the Treasury.
» Exclusive of the bonds issued to the Pacific railways (provision having been raade by law to secure the
Treasury against both principal and interest) and the Navy pension fund (which was in no sense a debt,
the principal being the property of the United States).
3 Includes old demand notes; United States notes (gold reserve deducted since 1900); postal currency and
fractional currency less the amounts officially estimated to have been destroyed; and also the deposits held
by the Treasury for the retirement of Federal Reserve Bank notes, and for national bank notes of national
banks failed, in liquidation, and reducing circulation, which prior to 1890 was not included in the published
debt statements. Does not include gold, silver, or currency certificates, or Treasury notes of 1890 for redemption of which an exact equivalent of the respe.ctive.kindsof money, on bullionwas.heldJn the Treasury.
< Eevised.




TABLE 24.—Comparative statement of the public debt outstanding June 30, 1934 to 1941

Ol

[On basis of daily Treasury statements (revised), see p. 405]
Class
Interest-bearing:
P u b l i c issues:
M a r k e t a b l e issues:
Consols of 1930
P a n a m a C a n a l loan b o n d s .
C o n v e r s i o n b o n d s of 1946-47.
P o s t a l savings b o n d s
L i b e r t y loan b o n d s Treasury bonds
T r e a s u r y n o t e s . - -Certificates of i n d e b t e d n e s s T r e a s u r y bills

J u n e 30, 1934

J u n e 30, 1935

J u n e 30, 1936

J u n e 30, 1937

J u n e 30, 1938

rs:)
J u n e 30, 1939

J u n e 30, 1940

J u n e 30, 1941

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$599, 724, 050. 00 $599, 724, 050.00
124, 701, 580. 00
124, 701, 680.00
$49,800, 000. 00
$49,800, 000. 00
$49,800, 000.00
$49, 800, 000. 00
$49, 800. 000. 00
$49. 800. 000. 00
28,894. 500. 00
28, 894, 500. 00
28.894, 500. 00
28,894, 500. 00
28.894, 600. 00
28, 894, 500. 00
28.894. 500. 00
28. 894. 500. 00
101, 943, 340. 00
78, 030. 240. 00
120,881. 020. 00
119, 086, 360. 00
118, 065, 420. 00
117, 776,160. 00
117, 586, 760.00
117,407,880. 00
6, 34.5, 774,300. 00 1. 3.34. 968. OOn. 00
9, 332. 732, 350. 00,12. 683. 570, 300. 65 17,167.930, ioo. 65 19,935,749,855. 55 21.846,529,955.55 25, 218, 322, 655.55'26, 654, 797.450. 06 30, 215, 059, 200.00
6, 653, 111, 900. 00.10. 023. 251.900. nO 11, 380.986, 060. 00 10,617,241,250.00 9,146. 922, 950. 00 7, 242, 709. 700. OOl 6, 382, 600,100. 00 6, 698. 468, 500. 00
1, 517, 245. 000. 00
1,404.035,000.00 2, 062, 898, 000. 00 2, 353, 516, 000. 00 2, 303, 094, 000. 00 1,154,164, 000. 00 1. 307, 569, 000. 00 .1. 302.194. 000. 00 1, 603,196, 000. 00

T o t a l m a r k e t a b l e i s s u e s - 26, 084, 218, 920. 00 26, 949 961, 670. 00 31,102, 006 670. 00 33, 053,866. 910. 00 32,343.876, 820. 00 33,965, 072, 010. 00 34, 436. 872, 810. 00 37, 712, 826, 080. 00
N o n m a r k e t a b l e issues:
U n i t e d States savings bondsDepositary bonds A d j u s t e d service b o n d s of
1946
.. Total n o n m a r k e t a b l e
issues
T o t a l p u b l i c issues-




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316. 222.800. 00

802,126.199.05 1,240, 432, 055.15 1,874. 023,877.10 2. 908. 212, 720.86 4, 330,818, 002. 01
615, 000. 00

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711, 260, 300. 00

62,036.156.25

388,574,850. 00

240, 562, 450. 00

td

3, 169, 242, 539. 36 4. 571, 995,452. 01

6

318,701,150.00

282,894, 650. 00

62, 036,156. 25 1, 027,483,100.00 1,190,701,049. 05 1, 5.59,133, 205.15 2,156.918,627.10

261, 029,818. 50

26, 084. 248, 920. 00 27.011,987,826.25 32,129. 489, 770.00 34.244.566.959.05 33,903. 010, 025.15 36,121, 990. 637.10 37,605,115,349.36 42, 284,821, 532. 01

Ul

Special issues:
0Id-age reserve account ( n o t e s ) .
F e d e r a l old-age a n d survivors
insurance t r u s t fund ( n o t e s ) .
R a i l r o a d r e t i r e m e n t account
(notes)
Civil service' r e t i r e m e n t fund
(notes) - Foreign
service
retirement
fund (notes) C a n a l Zone r e t i r e m e n t fund
(notes)Alaska Railroad r e t i r e m e n t
fund ( n d t e s ) P o s t a l Savings System (notes) Federal
Deposit
Insurance
Corporation (notes)
F e d e r a l Savings a n d L o a n I n s u r a n c e Corporation (notes) N a t i o n a l service life insurance
fund ( n o t e s ) - Government
life
insurance
fund (adjusted service b o n d s ) .
Government
life
insurance
fund (notes)
Adjusted
service certificate
fund (certificates)
Unemployment
trust
fund
(certificates)--T o t a l special issues _--

267,100, 000. 00

662.300. 000. 00 • 1.177. 200. 000. 00 1, 413. 200, 000. 00 1. 062, 500. 000. 00
324. 900, 000. 00 1, 328,100, 000. 00
66, 200, 000. 00

67.2on. nno. no

79, 400, 000. 00

74, 000, 000. 00

238, 700, 000. 00

247, 700, 000. 00

274, 700. 000. 00

309,400, 000. 00

388, 903. 009. CO

46.5. 400. 009. 00

550, 200, 000. 00

645. 285. 000. 00

2,437, 000.00

2,693,000.00

2, 884, 000. 00

3, 111, 000. 00

3, 323, 000. 00

• 3,528,090.00

3.928, 000. 00

4. 713, 000. 00

2,302,000.00

2, 349, 000. 00

2,849, 000. 00

3,304,000. 00

3. 662, 000. 03

3,946, 000. 00

4, 284,030. 00

5, 388, 000. 00

126, 000, 000. 00

100, 000, 000. 00

52, 000. 00
30, 000, 000. 00

327, 000.00
46,000.000.00

563, 030. 00
128, 000, 000. 00

767. 000. 00
96. 500, 000. 00

1, 005, 000. 00
88, 000, 000. 00

100,000,000.00

100, 000, 000.00

95. 000, 000. 00

85. 000, 000. 00

101, 000, 000. 00

66. 000, 000. 00

90, 000, 000. 00

35, 000,000.00

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5, 060, 000. 00
2,800, 000. 00

117, 800, 000. 00

155,600,000.00

' 126, 800, 000. 00
18,909.000. 00

396, 239, 000. 00

633. 242. 010 00

37.600.000.00
312, 295, 000. 66

600,157, 956. 40

500,157,956.40

600,157. 956.40

23, 000, 000. 00

500,167, 955. 40

600,157, 956. 40

36, 359, 000. 00

24, 259, 000.00

30, 759, 000. 00

25,800, 000.'00

1975007060.60

• li,'3O0.O06.00

"i9r3'66,~Oo676o

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872. 000. 000. 00 1.267.000.000.00 1. 710. 000. 000. 00 2, 273, 000, 000. 00

626. 142. 000 00 1. .558. 019. 9.^6 40 2. 675. 674. 956. 40 3. 769. 853. 9.'=i6. 40 4. 774. 893. 956. 40 6. 120. 057. 956. 40

T o t a l interest-bearing d e b t . - 26,480. 487, 920. 00 27. 645, 229.826. 25 32, 765, 631, 770. 00 35, 802, 686, 915. 45 35, 578. 684. 981. 65 39,891. 844, 493. 60 42, 380, 009, 305. 76 48, 404. 879, 488. 41




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TABLE 24.—Comparative statement of the public debt outstanding June 30, 1934 to 1941—Continued
Class

J u n e 30, 1934

N o n i n t e r e s t - b e a r i n g (public issues):
M a t u r e d d e b t on^'Which interest
h a s ceased
1.
U n i t e d States notes (less gold 'reserve)
D e p o s i t s for r e t i r e m e n t of national
b a n k a n d F e d e r a l Reserve B a n k
notes
-"----'
O t h e r d e b t bearing n o interest
T o t a l noninterest-bearing ( p u b lic issues)
-----^
T o t a l gross d e b t




J u n e 30, 1941

J u n e 30, 1936

J u n e 30, 1937

J u n e 30, 1938

J u n e 30, 1939

$64, 266, 380. 26

$230, 662,905. 26

$169, 362,895. 26

$118,529,615.26

$141,360,610^26

$142, 293, 290. 26 $204, 590 740. 26 $204, 995,810. 26

190,641,585.07

190, 641, 585. 07

190,641, 586. 07

190,641,585.07

190,641.685. 07

190.^641.585. 07

190, 641,586. 07

190,641, 685. 07

322, 340. 598. 00
5, 349, 605.16

629, 307,198. 00
5,326,677. 20

424. 440, 470. 50
5, 307,901.40

310. 038, 301. 50
5, 294, 604. 04

251, 527, 461. 50
5. 282.912.92

215,365,126.50
5, 272,822. 77

189, 999,123. 50
5, 803, 201.33

172. 612. 804. 60
5,789, 721. 41

672,698,068.48 1,065,937,265.63

789,752.862.23

624.504.105.87

588,802,469.75

563.572,824.60

591,034,650.16

574,039,92L 24

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-- 27,053, 086, 988.48 28, 701,167, 091. 78 33. 646, 384,622. 23 36,427,091, 021. 32 37,167, 487,451. 30 40, 445, 417, 318.10 42,971, 043.955.92 48,978,919,409. 65

Gross d e b t p e r c a p i t a
C o m p u t e d r a t e of interest p e r a n n u m
on mtexest-bearing d e b t o u t s t a n d i n g
(percent)
Revised.

J u n e 30,1940

J i m e 30, 1935

213.65

225. 07

261. 20

28L82

285.43

308. 34

1 326.66

367.68

3.181

2.716

2.569

2.582

2.589

2.600

2.683

2.518

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TABLE 25.—Composition of the public debt at the end of the fiscal years 1916 to 1940 and by months from July 1940 to June 1941 *
[In millions of dollars.

On basis of daily Treasury statements (revised), see p. 405]

Year and month

J u n e 30—
1916
1917
1918
1919 . . .
1920—..
1921
1922
1923
1924
1925 . . . .
1926..1927.1928
1929
1930 . .
1931
1932 . .
1933.
1934—.
1935
1936
1937
1938
19391940
M o n t h ended—
1940—July
August
September
OctoberNovember.
December..
1941—January
February
March
April
M a y ..
June

Bonds

.

-

-

--

—
J

.
-

-

-

-..
- - -

-

-

- - - - - - - -

--

.
-_

--

.
:

-

1-

_
-

.-- -

.

-

-

-

---

Notes«

Certificates
of indebtedness a n d
Treasury
bills

$967
2,412
9, 911
17.188
16, 218
16,119
15, 965
16, 635
16,025
16, 842
16,928
15,220
13, 021
12,125
12,111
13,531
14, 250
14,223
16, 510
14, 936
18, 395
21, 324
23, 602
27, 572
29,920

$4
27
369
4,422
5,074
4,919
4,9i7
4,441
4,149
2,740
1,799
1,986
2,582
2,267
1,626
452
1,261
4,648
6,653
10. 023
11, 381
10, 617
9,147
7.243
6,383

$273
1,706
3,625
2,769
2,699
1,829
1,031
808
533
453
686
1,252
1,640
1,420
2,246
3,341
3.063
2,921
2,053
2,354
2,303
1,154
1,308
1,302

30,650
30, 699
30, 732
31,496
31, 635
31, 613
31, 789
31,910
33, 675
33,648
34, 018
,. 34,983-

6, 384
6,384
6,384
6,660
5,660
6,178
6,813
6,813
5,722
5,721
5,721
-6,698

1,302
1,303
1,303
1,307
1,308
1,310
1,307
1,306
1,604
1,603
1,603
1,603

Special issues
to Government agencies a n d
t r u s t funds

T o t a l interestbearing
debt

Matured
d e b t on
which
interest
has ceased

D e b t bear- T o t a l gross
ing no
debt
interest

$95
204
359
462
607
764291
309
323
396
633
626
1, 558
2,676
3,770
4,775

$972
2,713
11,986
25, 234
24, 061
23, 737
22, 711
22, 008
20, 982
- 20,211
19,384
18, 251
17, 318
16. 639
15, 922
16, 520
19,161
22, 158
26, 480
27, 646
32, 756
36,803
36, 579
39. 892
42,380

$1
14
20
11
7
11
25
98
30
30
13
15
45
61
32
52
60
66
64
231
169
.119
141
142
206

.$252
249
238
236
230
228
228
244
239
275
246
246
241
242
232
230
266
315
518
825.
620
506
447
411
386

$1,225
2,976
12, 244
25, 482
24, 298
23, 976
22, 964
22, 350
21. 251
20, 516
19, 643
18, 510
17, 604
16, 931
16,185
16,801
19,487
22, 539
27,053
28,701
33, 546
36, 427
37,167
40. 445
42, 971

4,853
4,934
5,063
6,102
5,209
5,370
5,426
5,534
6,683
5,707
5,834
6,120

43,190
43, 320
43,482
43,563'
43, 711
44,471
46,334
45, 563
46, 583
46, 679
47,176
48,406

198
205
212
197
187
191
181
180
220
186
190
205

386
383
381
380
379
377
376
• 374
372
372
370
369

43, 779
43, 905
44, 070
44„147
44, 279
45, 030
46,897
46,116
47,177
47, 236
47,737
48,979

'

» For an analysis of the items included in each category in this table, see the Statement of the Public Debt of the United States issued after the close of each month. Details
for June 30, 1941, are shown in table 22 on p. 629 of this report, and details for the close of prior fiscal years are shown in similar tables appearing in reports for those years.
2 Includes Treasury (war) savings securities.
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals. For monthly figures back to June 1916, see annual report for 1936, p. 413, and corresponding
tables in subsequent reports.




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l*ublic debt operations

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T A B L E 26.—Public debt receipts and expenditures, monthly J u l y 1940 to J u n e 1941^ with totals for the fiscal years 1937 to 1941 ^
[On basis of daily Treasury statements (unrevised), see p. 405]

July

August

September

.

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1941

1940
October

November

December

January

February

March

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RECEIPTS

M a r k e t operations:
CashT r e a s u r y bills- _.
T r e a s u r y notes Treasury bonds
United
States
savings
b o n d s (including u n classified sales)
Subtotal
Adjusted service b o n d s
Exchanges:
Treasury notes.. .
Treasury bonds.
'Subtotal




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$501,607,000.00 $400, 636,000.00 $400, 537, 000. 00 $605, 363,000. 00 $402, 099, 000. 00 $402, 883,000. 00 $501, 783,000.00 $400, 982, 000. 00 $701,181,000.00
530, 838, 700. 00 634, 583, 500.00
480, 900. 00
554, 422, 795.00
« 500. 00
" 20,000. 00
9, 401, 090. 00
671,311, 760. 00
72,997, 075. 03
1,245,915,836.03
• 295 300. 00
1, 762, 800. 00
1, 762, 800. 00

53, 358, 893. 66

47,121, 644. 60

463, 394,983. 66 447, 638, 644. 60
270 900. 00

187 300.00

52,220,676.65

50, 079, 932. 28

82, 207, 227. 25

189, 275, 832. 69 120, 680,174. 30

131, 961, 202. 33

'557,583,176.65 452,178, 932. 28 1, 015, 928, 927. 25 1, 325, 642, 332. 69 522,143,074.30 1. 387. 564. 997. 33
221.200. on

724, 677, 555. 50
724, 677, 900. 00

179.100.00

• 160 150.00

147.600.00

150 300. 00

194 350.00
66, 039, 700. 00
1, 562,163. 000.00
1, 627, 202, 700.00

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T o t a l fiscal year

1941
April

May

June

1941

1939

1940

1938

1937
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RECEIPTS

M a r k e t operations:
Cash:
T r e a s u r y bills
. . $501, 271, 000. 00 $400,811, 000. 00
T r e a s u r y notes
< 11,500.00
^
2i, 733, 855. 5o
Treasury bonds
U n i t e d States savings b o n d s (including
unclassified s a l e s ) . . .
61, 967, 535. 64 374, 777,141. 79
T r e a s u r v (war) savings securities . . _D e p o s i t s for r e t i r e m e n t of n a t i o n a l b a n k
notes.
-584, 972, 390. 64 ,775,576,64L79

Subtotal-

156, 400. 00

Adjusted service b o n d s - Exchanges:
T r e a s u r y notes
Treasurv bonds.-

133, 250. 00

^

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$701,114, 000. 00 $5. 820. 266, 000. 00 $5, 371, 611, 000 $5, 227, 365, 000 $3, 757, 949, 000 $3, 604, 543, 000
852, 904.100
670, 668. 500
219, 035, 700
1,165, 903.100. 00
864, 582, 900
293, 513, 250 1, 221, 413, 000
671, 431,155
661, 750, 800. 00 1, 918. 588, 300. 00

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4, 775, 752. 095

6, 198, 591.109

Ut

6, 561, 350

12, 750. 800

140. 589, 400

o

1, 793. 952,100
1,018.051,100

527,165, 300
2,507.718.800

1, 056. 719,300
1, 617, 089, 300

204, 425, 400
1, 546, 939.100

2, 812, 003, 200

3, 034, 884,100

2, 673, 808, 600

1, 751, 364, 500

604, 653, 947
198

7,194, 395, 840

7,475,092,961

2, 237, 800. 00

8. 356. 800

1,150, 810, 389
542, Oil

1,683,597,211.43 10, 462,137.147. 45

1,290

628, 400.00

200. 00

924, 000. 00
67, 726. 500. 00
786, 390. 950. 00 3, 073, 860, 450. 00

628, 400.00

200. 00

787, 314, 950. 00 3,141, 586, 950. 00

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600, 000

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Subtotal

--.

-

-.

« Counter entry (deduct).
1 For figures for years 1933 to 1936, see annual report for 1937, p. 336.




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519, 731, 009

712,476,470
91

320, 732, 411. 43 1, 667, 379, 747. 45

141, 950. 00

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TABLE 26.—Public debt receipts and expenditures monthly July 1940 to June 1941, with totals for the fiscal years 1937 to 1941 1—-Con.
1941

1940
July

August

September

October

November

December

January

February

March

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RECEIPTS—Continued
Special issues:
A d j u s t e d service certificate
fund (certificates)
Unemployment trust
fund
(certificates)
F e d e r a l old-age a n d s u r v i v o r s
insurance t r u s t fund (notes) 2
Railroad r e t i r e m e n t a c c o u n t
(notes)
Civil service r e t i r e m e n t fund,
(notes)
Foreign service
retirement
fund (notes)
Canall Zone r e t i r e m e n t fund
(notes)
Alaska Railroad r e t i r e m e n t
fund (notes)
P o s t a l Savings S y s t e m (notes)
G o v e r n m e n t life insurance
fund (notes)
N a t i o n a l service life insurance
fund (notes) . .
Federal Deposit
insurance
Corporation (notes)
F e d e r a l Savings a n d L o a n I n surance C o r p o r a t i o n (notes)
Subtotal

,
$9,800,000.00
$38,000, 000.00 $85, 000,000.00

$5,000,000.00

$41,000,000. 00 $113,000,000.00

$22,300,000.00

$171,000,000.00

163,000,000.00

159,000,000.00

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40,000,000.00 $113, 000, 000. 00

6, 000, 000.00
88,800, 000. 00

130, 000. 00

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40, 000.00

40, 000. 00

33,000.00

1, 720, 000. 00

1, 960,000.00

70, 000. 00

37,000.00

1,164, 000. 00

^

25, 000. 00

175, 000. 00

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15, 000,000.00
1,000,000.00

2, 000, 000. 00

500,000. 00
300, 000. 00

1, 750,000. 00
91.130. 000. 00 166. 040. 000. 00

375, 000. 00

.300, 000. 00

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20, 000, 000. 00

14, 000,000. 00

128. 969. 000. 00

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830, 000. 00

500, 000. 00

55. 040. 000. 00 114.783.000.00

187. 520.000. 00

600. 000.00

88. 260. 000.00 114,195. 000. 00 • 171.612.000.00

T o t a l p u b l i c d e b t receipts^ 1,376,942,935.03 554, 795, 883. 56 613, 865, 944. 50 1, 337, 522, 276. 65 667,141, 032. 28 1,-203, 609, 077. 25 i, 414, 049, 932. 69 636, 488, 374. 30 3,186, 574, 047. 33




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1941
April

May

T o t a l fiscal y e a r
June

1941

1940

1939

1938

1937

RECEIPTS—Continued
Special issues:
A d j u s t e d service certificate fund (certificates).
U n e m p l o y m e n t t r u s t fund (certificates)
^
F e d e r a l old-age a n d s u r v i v o r s i n s u r a n c e
t r u s t fund (notes) 2 _
. . .
R a i l r o a d r e t i r e m e n t a c c o u n t (notes)
Civil service r e t i r e m e n t fund (notes)- . . _.
Foreign service r e t i r e m e n t fund (notes) - C a n a l Zone r e t i r e m e n t fund ( n o t e s ) . .
A l a s k a Railroad r e t i r e m e n t fund ( n o t e s ) .
P o s t a l Savings S v s t e m (notes)
G o v e r n m e n t life insurance fund (bonds)
G o v e r n m e n t life i n s u r a n c e fund ( n o t e s ) . - - - N a t i o n a l service life i n s u r a n c e fund (notes) _
. Federal Deposit Insurance
Corporation
(notes)--F e d e r a l Savings a n d L o a n I n s u r a n c e Corp o r a t i o n (notes)

T o t a l p u b l i c d e b t receipts

.

$15, 300, 000
2, 264, 000, 000

$23, 000,000
1, 726, 000, 000

$32,000,000
1, 423,870, 000

$54, 900, 000
596, 439, 000

510, 200, 000. 00 1, 003, 200, 000. 00
6, 000, 000. 00
100, 058, 000. 00
192, 985, 000. 00
616,000.00
1, 446, 000. 00
2, 234. 000. 00
3, 398, 000. 00
90, 000. 00
290,000. 00
15, 000, 000. 00

582, 900, 000
12, 200, 000
144,000, 000
1,161, 000
.
637,000
204, 000
40, 000, 000

514, 900, 000
11,000,000
121, 700, 000
857, 000
610, 000
236, 000
96,000,000

395, 200, 000
• 81, 200, 000
161, 600, 000
. 731, 000
609,000
.275; 000
25, 000, 000

267,100, 000

26, 500, 000. 00
2, 800,000. 00

24, 400, 000

42, 759, 000

34,000, 000. 00

66, 000,000

30, 000, 000

26, 000,000

3,150, 802, 000

2, 667, 062, 000

2,158,485, 000

1, 498,863, 956

915, 408. 091. 79 5, 388, 627, 111. 43 17, 846, 730, 897. 45 13,166, 557, 840 13,083,600,411

9, 620, 796, 495

9, 689,408, 965

700, 000. 00

500, 000. 00
650, 000.00

300, 000. 00

~

48, 000.00

1, 500, 000.00

651, 806,190. 64

22, 500, 000. 00
775,000.00

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881, 000
"634,000
52, 000

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5, 050,000. 00

139, 698, 000. 00 2, 917; 473, 000. 00 4, 240, 769, 000. 00

1 For figures for years 1933 to 1936, see annual report for 1937, p. 336.
2 Includes transaction formerly classified imder the^caption "Old-age reserve account."




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500,157, 956

49, 000. 00

66. 049, 000. 00

Subtotal--....-...:

$19, 800,000.00
2, 930, 300, 000.00

$10,000,000. 00
55, 000, 000. 00 $137,000,000. 00 $2,281,000,000.00

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TABLE 26.—Public debt receipts and expenditures, monthly Jidy 1940 to June 1941, with totals for the fiscal years 1937 to 1941 ^—Continued
1941

1940
July

August

September

October

November

December

January

February

March

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EXPENDITURES

M a r k e t operations:
Cash:
$491, 758.000.00 $389,112.000.00 $391, 774,000.00 $513,724,000.00 $407, 952, 000.00 $394, 544, 000.00 $504, 861. 000. 00 $399, 670,000.00 $397, 040, 000.00
T r e a s u r y bills
441. 250.00
5. 500. 00
11. 500. 00
72. 000.00
1,000.00
7,000. 00
• 2. 600.00
17.000.00
2, 500.00
Certificates of i n d e b t e d n e s s . .
1,130,450.00
968, 150. 00 10, 525, 650.00
767, 550.00
495, 100. 00
644, 950. 00
1, 111, 800.00
11, 495, 050.00
1, 643,100.00
Treasury notes.1, 243. 900.00
791, 850. 00
5, 574. 4.50.00
6, 709, 700.00
1, 700. 950. 00
1,917,150.00
2, 575. 600.00
27, 945. 800.00
Treasury bonds. . . 12.135.150.00
11.826, 186. 25 11, 065. 256. 25 10, 450,140. 00 12. 933, 580. 75 11,775,128.50
11. 632. 727.25
11,16L246.50
13, 454, 887. 75
11,756,569.00
U n i t e d States savings b o n d s . .
• 2, 229, 950. 00
1, 635. 850. 00
1, 498. 000.00 . 1, 607. 950.00
2, 157, 800 00
2, 372. 750 00
1, 374, 250.00
1,482.618.50
3,075,450 00
Adjusted service b o n d s
93. 050. 00
376. 650. 00
74.050 00
39, 400.00
397. 450. 00
67. 750 00
189. 200. 00
304, 450 00
431. 800.00
First Liberty b o n d s . .
179, 350.00
182, 650. 00
208,-250. 00
170,150 00
259. 250. 00
216, 600 00
232, 400: 00
249,550 00
177, 750". 00
Fourth Liberty bonds
800.00
500. 00
500. 00
500 00
102. 420.00
200 00
560. 00
70. 500 00
60.00
Postal savings b o n d s
55, 748. 75
11,129. 50
19, 413. 75 . ,., 12,066.25
15, 852 00
35, 245. 79
113, 034. 76
19, 628 50
18,410.00
Other d e b t items
:..
N a t i o n a l , b a n k notes and
Federal
Reserve
Bank
1, 741, 315. 00
1. 223, 070.00
1, 274, 210 00
1, 491, 790.00
1, 854, 685.00
2, 662. 595. 00
1, 622,137. 00
notes
1
651, 675 00
1, 532, 685.00
Subtotal

521, 666, 572. 50 409, 318, 387. 29 409, 728, 794. 25

Exchanges:
T r e a s u r y note^
Treasury bonds
Subtotal

1, 762, 800.00

531. 712. 005.00 424, 487, 325. 75 424, 609. 913. 75 529, 577. 652. 00 417. 445. 810. 26

1, 762, 800 00




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453,596,061.25

724, 677, 900.00

1,141 004 700 00
486, 198, OCO. 00

724, 677, 900.00

1, 627, 202, 700.0.0

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1941
April

May

T o t a l fiscal year
June

1941

1940

1939

1938

1937

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EXPENDITURES

M a r k e t operations:
Cash:
$526,167.000.00 $389,438,000.00
T r e a s u r y bills
-_
26. 500. 00
Certificates of i n d e b t e d n e s s
71, 500. 00
1.452. 150.00
T r e a s u r y notes
:.
1,177. 900. 00
Treasury bonds
.
8. 298. 300. 00
4,969,500.00
U n i t e d States savings b o n d s
13, 264, 956. 50
13, 966, 760. 75
T r e a s u r y (war) savings securities
Victory notes
A d j u s t e d service b o n d s
.
1,436,800.00
1,100,650.00
105, 600.00
F i r s t L i b e r t y b o n d s '...
40, 400. 00
Second L i b e r t y b o n d s
-Third Liberty bonds.-Fourth Liberty bonds 151, 850. 00
463, 800.00
Postal savings b o n d s
100. 00
Consols of 1930:
P a n a m a C a n a l Donds
_~O t h e r d e b t items
15, 387. 86
14, 7 n . 25
N a t i o n a l b a n k notes a n d Federal R e 914, 737. 00
1, 291, 975.00
serve B a n k notes

.

Subtotal

Subtotal

-- -

351, 613. 42

264,818

303, 442

1,181,466

1, 225, 445.00

17, 386, 319.00

25, 367, 293

36,162, 335

59,110, 840

114, 402,169

2, 733,100.00
140,860.00

22, 705,168. 50
2, 260, 660.00

30, 221, 631
1, 366,100

42, 367, 950
2, 335, 900

82, 624, 200
13,782,900

246, 450.00
1, 620.00

2, 737, 050.00
177, 760. 00

3, 080, 600
193, 060

6, 430, 600
295, 280

15, 440, 000
1, 024, 960

412, 600, 397.00

729, 125, 349. 01 5, 815. 626, 449. 42

5, 679, 794,014

5, 301, 041, 216

5,166. 031. 3 l l

4, 624, 988, 227

-.

-_
.._-

284,000. 00
344, 400. 00

1, 865, 966, 600.00
787, 314, 950.00 1, 275, 620. 350.00

2, 534, 292, 200
277, 711,000

3, 034, 884,100

2, 673,808, 600

. —--_ -_ —.

--

628, 400. 00

200. 00

787, 314, 950.00 3,141, 586, 950. 00

2, 812, 003, 200

3, 034, 884,100

2, 673, 808, 600

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1, 751, 364, 500

200.00

1, 751, 364, 500

1 For.figures for years 1933;;to3l936, see annual report for 1937, p. 336.




20, 985.01

$3, 666,199, 000
2, 533, 700
72, 061. 650
532, 400
36, 206, 922
41,675
42,150
696, 531, 400
14, 850, 5^0
132,100
160, 000
19,457, 600
1, 789, 200
8.950
36. 700
2, 061

551, 768, 181. 36

_-

Exchanges:
T r e a s u r y notes
Treasury bonds

$690,408,000. 00 $5,496,438,000.00 $5, 368, 965,000 $5,066, 764,000 $4,856. 487,000
20. 500.00
678. 850. 00
434, 700
619. 550
1. 034. 550
17,115. 150. 00
48. 527. 000.00
105, 534, 550
64, 752, 950
68, 393, 000
9,000
2, 375,-650.00
76, 238,000. 00
. 30,116,100
322,400
82, 000, 208
14; 838, 699.00
148,126, 038. 50
114, 260,162
66, 629, 995

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TABLE 26.—Public debt receipts and expenditures, monthly July 1940 to June 1941, with totals for the fiscal years 1937 to 1941 ^—Continued

July

.

August

September

October

November

December

January

February

March

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EXPENDITURES—Continued

Special issues:
A d j u s t e d service certificate fund
$500,000.00
(certificates)
U n e m p l o y m e n t t r u s t fund (cer25,000, 000.00
tificates)
F e d e r a l old-age a n d survivors
i n s u r a n c e t r u s t fuhd (notes)2--- . 6,000,000.00
Railroad
retirement
account
(notes)
- .
...
Civil service r e t i r e m e n t fund
(notes).-.
Foreign service r e t i r e m e n t ifund
(notes)
C a n a l Zone r e t i r e m e n t
fund
(notes). - .
P o s t a l S a v i n g s S y s t e m (notes)
G o v e r n m e n t life insurance f u r d
20, 000, 000.00
(notes)
F e d e r a l D e p o s i t I n s u r a n c e Corp o r a t i o n (notes)
Subtotal
T o t a l public debt expenditures .




50, 500, 000.00

Oi.

to

1941

1940

Cn

$500,000.00

$300,000.00

$500,000.00

$9, 600,000.00

11, 000, 000.00

11,000,000.00

6,000,000.00

12,100, 000.00

10, 000, 000.00

$5,000,000.00

1,800,000.00

1,800,000.00

3, 500,000.00

1, 600,000.00

1, 300,000.00

1, 300,000.00

24, 000.00

12, 000. 00

18,000.00

18, 000.00

19,000.00

23,000.00

• 21,000.00

13, 000.00

15, 000. 00

5, 000.00

26, 000.00

12, 000.00

23,000.00

35,000.00

•O

11, 200, 000.00

23,000,000.00

$10,000,000.00

$6,000,000.00

11,500,000.00

5,000,000.00

6, 700,000.00

1, 400,000.00

10,000. 00
72,000.00

$10,000,000.00

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10, 782,000. 00

36, 437,000. 00

16, 827, 000. 00

7,123, 000.00

27,144, 000. 00

32,131, 000. 00

6, 346, 000.00

22, 556,000.00

573, 929, 372. 50 420,100, 387. 29 446,165, 794. 25 1, 273, 216, 905.00 431, 610, 325. 75 451, 753,-913. 75 561, 708, 652.00 423, 791, 810.26 2,103, 354, 761. 25

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1941

April

May

T o t a l fiscal y e a r

June

1941

1940

1938

1937

td

EXPENDITURES—Continued
Special issues:
A d j u s t e d service certificate fund (certificates)
U n e m p l o y e m e n t t r u s t f u n d (certificates)
F e d e r a l old-age a n d survivors insurance
t r u s t fund (notes)2
-•
R a i l r o a d r e t i r e m e n t a c c o u n t (notes)
Civil service r e t i r e m e n t fund (notes)
Foreign service r e t i r e m e n t fund (notes)
C a n a l Zone r e t i r e m e n t fund (notes)
A l a s k a railroad r e t i r e m e n t fund (notes)
P o s t a l Savings S y s t e m (notes)
G o v e r n m e n t life i n s u r a n c e fund (notes)
Federal Deposit Insurance
Corporation
(notes)
Subtotal
Total public debt expenditures-.

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$11, 800,000. 00
$250, 000.00
2, 262, 300,000.00 2, 367, 300,000. 00

10,000,000.00
1, 600, 000. 00
24, 000. 00
23, 000.00

$5, 000,000. 00
1,400.000.00
1,100,000. 00
33, 000. 00
20, 000.00

16,000, 000. 00

5,000,000.00

275, 900,000. 00
10,000, 000. 00
76,900, 000.00
457,000. 00
2, Of 0.000. 00
52,000. 00
3, 500, 000.00

$23, 500,000
1,821,000, 000

$43, 800,000
864,165,000

$144,100. 000
303, 053,000

45, 200,
10,000,
657,
326,

000
000
000
000

72,100, 000
15, 000,000
514, 000
251,000

44,000,000

71, 500, 000
36, 500, 000

13,000, 00029,400, 000

10, 000,000

70, 000,000

14,000, 000

35,000,000

22,000, 000
59, 200, 000
763, 000
299, 000

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654, 000
179, 000

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41, 797, 000.00

12, 553, 000.00 2, 631, 409,000.00 2,895, 605, 000.00

2,145, 762, 000

1,472,883,000

1,040, 830, 000

666, 986, 000

594,183, 581. 36

425,153, 597. 00 4,147,849, 299. 01 11,852,818,399.42

10, 637, 559, 214

9, 808, 808, 316

8, 880,669, 911

6, 943, 338, 727

1 F o r figures for y e a r s 1933 to 1936, see a n n u a l report for 1937, p . 336.
2 I n c l u d e s t r a n s a c t i o n s formerly classified u n d e r t h e c a p t i o n " O l d - a g e reserve a c c o u n t . '




360, 700, 000.00
11, 400, 000. 00
97, 900, 000. 00
659,000. 00
2, 294,000.00
52, 000.00
23, 500, 000. 00
20, 000, 000.00

$29, 300, 000
1,331, 000, 000

111, 000, 000

$250,000.00
15,000,000.00

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T A B L E 27.—Public debt retirements chargeable against ordinary receipts during the fiscal year 1941, and cumulative totals from J u l y 1, 1917,
to J u n e SO, 1940 and 1941, by sources and issues

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[On basis of d a i l y T r e a s u r y s t a t e m e n t s (revised), see p . 405]
Face a m o u n t
retired

Detail
P u r c h a s e s and/or r e d e m p t i o n s for c u m u l a t i v e sinking fund:
C u m u l a t i v e total to J u n e 30,1940
F i s c a l y e a r 1941:
Redemptions:
3>^% T r e a s u r y b o n d s of 1940-43

»

C u m u l a t i v e t o t a l to Jurie 30,1941

$6,098, 948,000.00
36, 959. 600.00

36. 959. 600. 00

-

-..

6,135. 907, 600. 00

1 454. 212,199. 22

-^

P u r c h a s e s and/or r e d e m p t i o n s of bonds, etc., from cash r e p a y m e n t s of principal b y foreign g o v e r n m e n t s , being r e p a y m e n t s of loans u n d e r
L i b e r t y b o n d acts (received u n d e r ratified or unratified d e b t a g r e e m e n t s ) :
C u m u l a t i v e total to J u n e 30, 1940
Fiscal year 1941 no r e t i r e m e n t s
C u m u l a t i v e total to J u n e 30,1941

-—-

:.-

_

464, 169, 257. 31

454, 212,199. 22
2 149,138,300.29
149.138, 300. 29

3 4.691,419.71
548,000. 00

3 4, 683.178. 70
548, 000. 00

5, 239, 419. 71

5, 231,178. 70

207, 271, 600. 00

207, 271, 500.00

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207, 271, 500.00

207, 271, 500. 00

Ul

908,163, 950.00

908,163, 950. 00

908,163, 950. 00

908,163. 950. 00

^ 8,229,950.00
1. 321. 200.00

8, 229, 950. 00
1, 321. 200. 00

9. 551,150. 00

9. 551. 150. 00

-

."

-.

-

P u r c h a s e s and/or r e d e m n t i o n s from npt paminF^ dprivpd frnm Fpdpral i n t p r m p d i a t e crpdit b a n k s ^franchise tax receipts):
C u m u l a t i v e total to J u n e 30. 1940
Fiscal year 1941: 1^^% T r e a s u r y notes series B-1941
C u m u l a t i v e total to J u n e 30,1941

.

-.

---

---

R e d e m p t i o n of b o n d s , etc., received as r e p a y m e n t s of principal b y foreign g o v e r n m e n t s , u n d e r ratified d e b t agreements:
C u m u l a t i v e total to J u n e 30, 1940
-.
Fiscal year 1941, no r e t i r e m e n t s
C u m u l a t i v e total to J u n e 30,1941

-

-

-

 u m u l a t i v e t o t a l
C


to J u n e 30,1941

-

-

R e d e m p t i o n of b o n d s , etc., from r e p a y m e n t s of principal of loans to States, municipalities, etc., P u b l i c W o r k s A d m i n i s t r a t i o n :
C u m u l a t i v e total to J u n e 30 1940
Fiscal year 1941: 1 ^ % T r e a s u r y notes, series B-1941
-.
.-.

-

-

R e d e m p t i o n of b o n d s , etc., received as interest p a y m e n t s on obligations of foreign g o v e r n m e n t s , u n d e r ratified d e b t agreements:
C u m u l a t i v e total to J u n e 30 1940
.
-'
-Fiscal year 1941 no r e t i r e m e n t s
- C u m u l a t i v e t o t a l t o J u n e 30,1941-,-

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149. 809.170. 07

-

-

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2149, 809,170. 07

-

P u r c h a s e s a n d / o r r e d e m p t i o n s from franchise tax receipts derived from F e d e r a l R e s e r v e B a n k s :
C u m u l a t i v e total to J u n e 30, 1940
Fiscal vear 1941 no retirpmpnf<?
C u m u l a t i v e t o t a l to J u n e 30,1941

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6,128. 222. 843. 87

1 464,169. 257. 31

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$6.091, 263, 243. 87

--

-

Principal amount
paid

-

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Redemption of bonds, etc., from deposits of excess capital by Commodity Credit Corporation:
Fiscal year 1941:
3H% Treasury bonds of 1941-43
----1M% Treasury notes, series C-1940
--.
1 ^ % Treasury notes, series B-1941
---

591, 600.00
10, 842,800.00
14, 225,100.00

591, 600. 00
10, 842. 800.00
14. 225,100.00

Total-

25, 659, 500.00

25. 659, 500. 00

Cumulative total to June 30,1941-

25, 659, 500.00

25, 659, 500. 00

4 112. 842. (

' 112, 842. 69

Redemption of Liberty bonds issued in the year 1918 from bequest of James Reuel Smith:
Cumulative total to June 30. 1940
Fiscal year 1941, no retirements
-

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Cumulative total to June 30, 1941.
Redemption of bonds, etc., received for estate taxes:
Cumulative total to June 30, 1940
--.
Fiscal year 1941, no retirements---

66, 277, 900.00

«11,181, 365. 30

5 11,181, 366. 30

500. 00
1, 500.00
2, 000. 00
1, 000.00
500.00
11. 000. 00

^ . 000. 00
1,000. 00
500. 00
11,000.00
.-

Cumulative total to June 30,1941.

Cumulative total to June 30,1941.

66, 277, 900. 00

500. 00
1, 500. 00

Fiscal year 1941, forfeitures:
Treasury bonds:
2M% of 1949-63
2% of 1947.Treasury notes:
1H% series A-1943-.
1H% series B-1943 -M%series A-1944. -^ % series A-1946---

Total purchases and redemptions:
Cumulative total to June 30,1940Fiscal year 1941

66, 277, 900. 00
66. 277, 900. 00

Cumulative total to June 30,1941.
Redemption of bonds, etc., received as gifts and forfeitures or from miscellaneous sources:
Cumulative total to June 30, 1940
'
-

Total-

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16, 600. 00
11,197. 865.;

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16,500.00

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11,197. 865. 30

« 7,918. 856. 355. 08
64, 504. 800. 00

8 7, 900, 634, 430.07
64, 504, 800.00

7, 983, 360,155.08

7, 965, 039, 230:07

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1 Includes $7.31 transferred to Fourth Liberty loan principal account in fiscal year 1940 and applied as partial reimbursement for the redemption of a $50 bond from that account.
See note 4.
2 Includes $1,240,735.59 applied to the gold reserve.
3 Includes $1,819,669.71 applied to the gold reserve.
^
.
* Includes $42.69 transferred to Fourth Liberty loan principal account in 1940 and applied as partial reimbursement for the redemption of a $50 bond from that account. See note 1.
» Amounts exclude $4,842,066.45 written off the debt Dec. 31, 1920, on account of fractional currency estunated to have been lost or destroyed in circulation.




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TABLE 28.—Summary of transactions in interest-bearing and noninterest-bearing securities, fiscal year 1941
[On basis of daily Treasury statements (revised), see p. 405]
Class of transactions

Amount

I. Transactions in interest-bearing securities (as affecting the outstanding public debt):
A. Interest-bearing securities outstanding June 30,1940
B. Interest-bearing securities issued during the-fiscal year 1941:
1. Upon original subscription against cash received
2. Upon exchange, etc., for securities of equal par value retired
-3. Upon adjudicated claims for replacement
4. Total securities issued

,

$42, 380, 009, 305. 76

-.-

-

-

.-.

-

-

22,998,162, 030. 65

C. Total interest-bearing securities to account for (items A and B-4)-_

_--.

D. Interest-bearing securities retired during the fiscal year 1941:
1 Account of redemption
2. Account of exchange, etc., for securities of equal par value issued
3. Account of loss or destruction (covered by insurance or bonds of indemnity)

•

-

4. Total securities retired
..L
E. Securities outstanding June 30,1941, which matured during the fiscal year
F. Total interest-bearing sectirities outstanding June 30, 1941
G. Total interest-bearing securities accounted for (items D-4, E, and F)

:...
•-

-

--.
-..

-

11.715,0.82,128.00
5,136,994, 045.00
568, 325. 00
16,852, 644,498. 00
120,647,350. 00
48, 404, 879, 488. 41

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65, 378, 171, 336. 41

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2,331.50
6, 000. 00

^

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19, 308, 804, 660. 00
7, 993, 446,100. 00

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27, 302,258, OOL 50

3. Total securities on hand June 30,1940-B. Interest-bearing securities received from Bureau of Engraving and Printing during the fiscal year 1941.

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65,378,171, 335.41

II. Transactions in interest-bearing securities and securities which matured prior to July 1,1940 (as affecting the accountability of the Treasury Department and its agents):
A. Securities on hand June 30,1940:
1. Retired:
(a) Adjusted service bonds retired account of redemption—in ofiice of Treasurer of the United States
:
lb) Treasury bond retired account of denominational exchange—in Federal Reserve Bank
2. Unissued:
(a) Securities in Division of Loans and Currency
(6) Securities in Federal Reserve Banks and other Treasury agencies (exclusive of the Division of Loans and Currency)




I 17, 860, 599, 660. 65
5,136,994,045. 00
568,325. 00

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45, 263, 368, 220. 00 .

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C . Securities received for r e t i r e m e n t d u r i n g t h e fiscal y e a r 1941:
1 A c c o u n t of r e d e m p t i o n :
(a), I n t e r e s t - b e a r i n g securities (see i t e m I , D - 1 , a b o v e ) (b) Securities m a t u r e d prior to J u l y 1,1940
--.
- (c) Securities bearing n o interest
.-2. A c c o u n t of e x c h a n g e , etc., for securities of equal p a r v a l u e issued:
(a) I n t e r e s t - b e a r i n g securities (see i t e m I , D - 2 , above)
(6) Securities m a t u r e d prior to J u l y 1, 1940
3. A c c o u n t of loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of i n d e m n i t y ) :
(a) I n t e r e s t - b e a r i n g securities (see item I, D - 3 , above)—(b) Securities m a t u r e d prior to J u l y 1,1940
4. T o t a l securities received for r e t i r e m e n t

-

-.
-i

---

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89, 580, 737,182.25

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i 18,084,729,000.00

@

---

6,136,994, 045. 00
66, 550.00

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---

568,325. 00
31, 300.00

-

-.-

-

--

F . Securities delivered to t h e Register of t h e T r e a s u r y d u r i n g t h e fiscal year 1941:
1. A c c o u n t of r e d e m p t i o n :
(a) I n t e r e s t - b e a r i n g securities (see i t e m I I , C-1 (a), above)
(b) Securities m a t u r e d prior to J u l y 1, 1940 (see i t e m I I , C-1 ( b ) , above)
(c) Securities bearing no interest (see i t e m I I , C-1 (c), above)
-2. A c c o u n t of exchange, etc., for securities of equal par value issued:
(a) I n t e r e s t - b e a r i n g securities (see item I I , C-2 (a), above)
(6) Securities m a t u r e d prior to J u l y 1, 1940 (see i t e m I I , C-2 ( b ) , above)
.- 3. A c c o u n t of loss or d e s t r u c t i o n (covered b y insurance or b o n d s of i n d e m n i t y ) :
(a) I n t e r e s t - b e a r i n g securities (see i t e m I I , C-3 (a), above)-'-(b) Securities m a t u r e d prior to J u l y 1,1940 (see i t e m I I , C-3 ( b ) , above)
4. U n i s s u e d securities (excess s t o c k ) :
(a) B y Division of L o a n s a n d C u r r e n c y
---•..
(6) B y F e d e r a l R e s e r v e B a n k s a n d other T r e a s u r y agencies (exclusive o f t h e Division of L o a n s a n d C u r r e n c y )
5. T o t a l securities delivered to t h e Register of t h e T r e a s u r y

6,136, 994,045.00
66,550. 00

17,015,110,870.76

--

:

E . Securities issued d u r i n g t h e fiscal y e a r 1941:
1. U p o n original s u b s c r i p t i o n against cash received:
(a) I n t e r e s t - b e a r i n g securities (see item I , B - 1 , above)
:
2. U p o n exchange, etc., for securities of equal p a r value retired:
(a) I n t e r e s t - b e a r i n g securities (see i t e m I, B - 2 , above)
'.
(6) Securities m a t u r e d prior to J u l y 1, 1940
3. U p o n adjudicated claims for r e p l a c e m e n t :
(a) I n t e r e s t - b e a r i n g securities (see item I, B - 3 , above)
(6) Securities m a t u r e d prior to J u l y 1, 1940--.
.-

2 11,767,140,773.60
8 120,301,776.00
8,102.25

568, 325. 00
31, 300. 00

:

.-.-

-

D . T o t a l securities t o a c c o u n t for (items I I , A - 3 , B , a n d C-4)

4. T o t a l securities issued

-

..-

-

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23, 222, 389, 220. 00

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M l , 757,143, 005. 00

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120, 301, 775.00
8,102. 25

i, 136,989,045. 00
66, 650.00

fej

668, 325. 00
31,300. 00
197,600,485.00
':, 257, 284,400. 00
21,469,992,987.25

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F o o t n o t e s a t e n d of t a b l e .




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TABLE 28.—Summary of transactions in interest-bearing and noninterest-bearing securities, fiscal year 1941—Continued

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Class of transactions

Amount

11. Transactions in interest-bearing securities and securities which matured prior to July 1,1940, etc.—Continued.
G. Securities on hand June 30,1941:
1. Retired:
(a) Adjusted service bonds retired account of redemption—in office of Treasurer of the United States.
(6) Securities retired account of denominational exchange (Treasury bond and note)—in Federal Reserve B a n k . .
2. Unissued:
,
(a) Securities in Division of Loans and Currency
(6) Securities in Federal Reserve Banks and other Treasury agencies (exclusive of the Division of Loans and Currency)
3. Total securities on hand June 30,1941
H. Total securities accounted for (items E-4, F-5, and G-3)

^...

-..
-.-.

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$100.00
10,000.00
35,114, 344, 425. 00
9, 774,000, 450. 00
44,888, 354, 975. 00

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I, 580, 737,182. 25

1 Includes discount accrued on United States savings bonds in amount of $65,007,745.75, and receipts in amount of $59,286,929.40, representing unclassified sales of United States
savings bonds in amount of $59,284,679.40 by Post Office Department and payments in the amount of $2,250 credited in Treasurer's account in the fiscal year 1941, for which original
registration stubs were received by the Treasury Department in prior fiscal years.
2 Includes United States savings bonds in the face amount of $190,087,875, redemption value of which is $148,029,229.50.
3 Includes matured Treasury (war) savings securities of which $59,495 was charged to interest and $35,400 to principal.
4 Includes United States savings bonds in the face amount of $1,794,762,850, sale price of which is $1,448,339,510.50; also includes United States savings bonds issued by the Post
Office Department in amount of $676, for which original registration stubs have been received by the Treasury Department, but for which payments have not been received and
credited in the Treasurer's account.
* Excludes United States savings bonds in net amount $5,500, reported as received by Register of the Treasury, due to redemptions disallowed in one fiscal year not being covered
by repayments until a subsequent fiscal year.'




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T A B L E 29.—Summary of transactions i n interest-bearing securities, by form of issue, fiscal year 1941
[On basis of daily Treasury statements (revised), see p. 405]
Pre-war a n d
pos a
United
postal sav- T r e a s u r y b o n d s savings States D eb o n i ts r y Adjustedn serbonds
d
vice b o d s
ings b o n d s

Account

.2, 424, 262, 850

I I I . Retired d u r i n g 1941:
A. A c c o u n t of r e d e m p t i o n
B . A c c o u n t of exchange, e t c . , for se-.
curities of equal p a r value issued
C. A c c o u n t of loss or destruction
(covered b y insurance or b o n d s
of i n d e m n i t y )

7,500

35,400

1,599,169,811

5,820, 266,^000

2,950,100,000

17,860, 599,661

o

1, 993,806,100

685,095,000

500, 000

5,136,994,045

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4, 618,103, 700

6, 505, 361, 000

2, 950, 600,000

22,998,162, 031

568, 325

46, 500
•

615,000

1, 313,135, 950

148, 028, 230

22, 705,169

2, 422, 028,000

6,429, 910,000

2, 379,100,000

11, 716,082,128

i

2, 424, 262,850

28,057, 375

2,100

1, 993,805,100

685,095,000

500,000

5,136,994, 045

o

7, 500

35, 400

478, 925

46, 500

3, 737, 434, 200

176, 564, 530

196,106, 480

V. O u t s t a n d i n g J u n e 30, 1941

196,102, 380

4,100

30, 234,110, 250 24, 330', 818,002

22, 753, 769 - 4, 415, 833,100

6,116,005,000

2, 379, 600,000

16,852,644,498

o

1 740, 720, 406 9,038, 306, 700

1, 692, 550, 000

2, 292, 300,000

48, 525, 526, 838

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615,000

I 740, 720, 406

2, 292, 300,000

48, 404, 879, 488

12, 238, 200

19, 051, 050
30, 215.059, 200 24, 330, 818,002

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568, 325

616,000

1 Includes $500,157,956.40 of 4i/i% adjusted service bond.s—Government life insurance fund series 1946,
2 Includes discount accrued on United States savings bonds in the amount of $65,007,745.75.
NOTE.—Figures are rounded to nearest dollar and will npt pecej^sarily add to totals,




2, 624, 298, 600

174, 780

I V . O u t s t a n d i n g J u n e 30, 1941
D e d u c t interest-bearing d e b t which
m a t u r e d d u r i n g t h e year
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5, 271, 620

5, 453,900

D . TotaL retired d u r i n g 1941

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2, 286, 400

478, 925

7, 416, 747,000

Total ^

2,237,800

$615,000

28, 057, 375

5, 279,120

D . T o t a l i.ssued d u r i n g 1941

Certificates of
indebtedness

2,100

4, 092, 448, 750 21,570,633,511
6, 271, 620

Treasury
bills

1 $761,187,775 $8, 936, 036,100 $1,302.194.000 $1,721,300,000 $42, 380, 009,306

$196, 281, 260 $25, 554, 797, 450 $2,908, 212, 721

T. O u t s t a n d i n g J u n e 30, 1940
I i , Issued d u r i n g 1941:
A . U p o n original subscription against
cash received
B . U p o n exchange, etc., for securities
of equal p a r v a l u e retired
- C. U p o n adjudicated claims for replacement

Treasury
notes

89, 354,000

9,026,068, 500

1, 603,196.000

120, 647i 350

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T A B L E 30.—Changes in interest-bearing debt, by issues, fiscal year 1941

Of

O-

[Oh basis of daily T r e a s u r y s t a t e m e n t s (revised), see p . 405] 1

Detail

P u b l i c issues:
Bonds:
Pre-war b o n d s :
3 % P a n a m a C a n a l loan of 1961
..3 % conversion b o n d s of 1946
3 % conversion b o n d s of 1947
2 K % postal savings b o n d s ( n i n e t e e n t h to forty-ninth series).
T o t a l pre-war b o n d s
Treasury bonds:
4M% of 1947-52
4% of 1944-54
:
3M% of 1946-56
.
33^% Of 1943-47
13 ^ % of 1941-43
.
33^% of 1946-49
-:--3 % Of 1951-55
:
3 M % 0 f 1941
:
--3 K % of 1943-45
-3M% Of 1944-46
3 % of 1946-48
3 H % of 1949-52
--2 % % of 1955-60
.
2M% of 1945-47
2M% Of 1948-51. _•
•
2M% Of 1951-54
.
2M% of 1956-59
2y2% of 1949-53
-2 H % o f 1945
1
2 H % of 1948
2M% of 1058-6323/^% of 1950-52
--.
2 ^ % Of 1960-65
2%nf 1947
•
2% of 1948-50 (dated D e c . 8, 1939)--.
2M% of 1951-53
2M% of 1954-56
2% of 1953-55
2% of 1948-50 ( d a t e d M a r . 15, 1941).




Outstanding
J u l y 1, 1940

Issues d u r i n g year

Redemptions
d u r i n g year

Transfers to m a tured debt

Outstanding
J u n e 30, 1941
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$49, 800,000.00
15,761,000.00
- 13.133,500.00
117,585,760.00

$174, 780.00

196. 281, 250.00

. 174, 780.00

758,
036,
-489,
454,
544,
818,
755,
834,
400,
518,
035,
491,
611,
214,
223,
626,
981,
786.
540,
450,
918,
185,
485,
701,
571,
118,

800.00
400.00
100.00
200.00
050.00
000.00
000.00
200.00
250.00
650.00
400.00
100.00
650.00
950.00
850.00
150.00
.550.00
650.00
550.00
400.00
600.00
700.00
600.00
400.00
150.00
100.00

525, 819, 000.00
"787,"3i4,'950."o6'

1, .500.00
$680,692,3.50.00
724, 677. 900.00
1,115,308,400.00

$4,100.00

$49. 800, 000.00
15,761,000.00
13,133, 500.00
117, 407, 880.00

4,100.00

td

196,102, 380.00
758, 945, 800.00
1,036, 692. 400.00
489,080,100.00
454,135,200.00

19,051,050.00
818, 527,000.00
755, 432, 000.00
47, 138, 250.00
1, 400,528, 250.00
1, 518,737, 650. 00
1,035, 873, 400. 00
491, 37.5,100.00
2, 611,092, 650. 00
1, 214.428, 950.00
1, 223,495, 850. 00
1, 625,687.1.50. 00
981, 826. 550.00
1, 785,130,150. 00
540, 843. 550. 00
450, 978, 400.00
918. 780. 600.00
1,185, 841,700.00
-1, 485,384. 600.00
701, 072, 900.00
571, 431,150.00
1,118, 061,100.00
680, 692,350.00
724, 677.900.00
1,115, 368, 400.00

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23^% of 1952-5423^% of 1956-581
Total Treasury bonds-.

26, 554, 797, 450.00

United States sa vines bonds:
Series A-1935.
Series B-1936
Series C-1937
Series C-1938
Series D-1939
Series D-1940
Series D-1941--.^
Defense series:
E-1041
F-1941G-1941.
Uijcl.assified sales

3% adjusted service bonds of 1945-.
Treasury notes:
Regular series:
13/^% series C-1940-13^% series A-1941.13^% series B-1941..
I3i% series C-1941-.
1^% series A-1942.2% series B-1942
1M% series C-1942-13^% series A-1943-.
13/^% series B-1943 -1% series C-1943.--.
M% series D-1943.-M%series A-1944.-l% series B-1944
1% series C-1944.--^ % series A-1945--National defense series:
^ % series D-1944--%% series B-1945--Total Treasury notes .




4, 99?, 448. 750. 00

1,313.135,950.00

19.051,050.00

30,215,069.200.00

4,101. 746. 50
7, 671.047. 25
10, 222, 859. 25
12,648,130.75
21,521,966.00
450,841,721.00
408, 664, 487. 50

6.551,989.00
13, 339, 523. 50
18, 434, 848. 75
23,338,811.50
41, 229, 677. 25
•39, 558, 997. 75
4,844,437.50

171,749,419.25
312. 573. 447.00
406; 220, 434. 75
489, 620. 861. 25
808, 773, 873.00
1,008,145, 767.00
403, 820,050.00

28.856.25
48, 988.00
542, 100.00

75. 572. 541. 61

122,743,875.00
68,178.198.00
404, 754, 800.00
59, 284, 679. 40

122.715,018.75
68,129.210.00
404,212,700.00
134,857.221.01

2, 908, 212, 720. 85

1,570,633,510.65

148,028. 229. .=0

4, 330. 818,002. 01

174.199.661.75
318, 241, 923. 25
414, 432, 424. 25
500,311,542.00
828, 481, 584. 25
596, 973,043. 75

Total United States savings bonds..
2% depositary bonds

1.023, 568. 350.00
1.448,141.750.00

1,023, 568. 350.00
1,448,141,7.50.00

261,029, 818. 50

2, 237,1

1.00

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615,000.00

615,000.00

-.

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22, 705,168. 50

=

S

240, 562,450.00
-

737,
676,
503,
204,
425,
342,
-232,
629,
420,
277,

600.00
600.00
500.00
400.00
500.00
300.00
200.00
900.00
500.00
000.00

415,
515,
283,
718,

735, 520, 700.00
673,831,000.00
496,156,800.00

500.00
900.00
000.00
200.00

1, 640,900,00
2, 876, 600.00
7, 720, 700.00

2,000.00
1,000.00
1, 762, 800.00
65, 963, 700.00
500.00

'ii,'ooo."oo'

1, 233, 629, 600.00

635,054,400.00
530, 838, 700.00
1,905.523,000.00

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204, 425, 400.00
425, 349, 500.00
O
342,143,300.00 . fei
232, 375, 200.00
629,113,900.00
H
420, 971, 500.00
H
279, 473, 800. 00
KJ
65, 963, 700.00
^
415,519,000.00
n
615, 210,900.00
2
283,006,000.00
^
718,013, 200.00
^

635,064, 400.00
630, 838.700.00
6. 382, 600,100.00

--—-

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•

12, 238, 200.00

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5, 598, 468, 500.^00

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T A B L E 30.—Changes in interest-bearing debt, by issues, fiscal year 1941—Continued

Cn

to
Outstanding
J u l y 1, 1940

Detail

P u b l i c issues—Continued.
T r e a s u r y bills ( m a t u r i t y v a l u e ) :
Regular series m a t u r i n g :
J u l y 3, 1940
J u l y 10, 1940
J u l y 17, 1940 J u l y 24, 1940
J u l y 31, 1940 .
Aug. 7, 1940
A u g . 14, 1940
...
Aug. 21, 1940
Aug. 28, 1940.
Sept. 4, 1940
Sept. 11. 1940
;
..
Sept.-18, 1940
Sept. 25, 1940
Oct. 2, 1940
;
.-..
.
Oct. 9, 1940--Oct. 15. 1940
Oct. 23, 1940
Oct. 30, 1940
N o v . 5, 1940
..
N a t i o n a l defense series m a t u r i n g :
N o v . 13, 1940
--.1
N o v . 20; 1940
•
N o v . 27, 1940
Dec. 4, 1940
..
D e c . J l , 1940
.....
D e c . 18, 1940
. Dec. 26, 1940
J a n . 2, 1941
:
J a n . 8. 1941
J a n . 15, 1941
J a n . 22,1941
J a n . 29, 1941
:
F e b . 5 , 1941
F e b . 13,1941
F e b . 19,1941
F e b . 26,1941
Regular series m a t u r i n g :
M a r . 6,1941
M a r . 12,1941
M a r . 19,1941
..
M a r . 25,1941
A p r . 2, 1941




Issues d u r i n g year

Redemptions
d u r i n g year

Transfers to m a tured debt

Outstanding
J u n e 30, 1941

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..

..
.

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.

.
..

--.
..--:

.
:

.

._

..
._ .

.

.

l.

:

$100,525,000.00
100, 685,000. 00
100, 245,000. 00
100,043,000.00
100,051,000. 00
100, Oil. 000.00
100,028.000.00
100,105,000.00
100, 202,000.00
100,008,000.00
100,004,000. 00
100,117,000.00
100,169,000.00
$100, 294,000.00
100, 384,000.00
100,098,000.00
100, 407,000.00
100, 424,000. 00
100, 372,000. 00

$99, 897,000.00
97, 375,000. OOIOO, 246,000.00
96, 983,000. 00
98, 995.000.00
95, 873,000.00
99, 556,000.00
99, 234,000.00
99, 347,000.00
99,119,000.00
98, 762,000.00
99, 940,000.00
99, 955,000. 00
100, 294.000.00
100, 219,000. 00
98, 518.000.00
100,047,000. 00
100, 250.000.00
100, 272,000.00

$628,000.00
3,310,000.00

3,060,655.6b
1,055.000. 00
4,138,000.00
472,000. 00
871,000. 00
855.000. 00
889,000. 00
1, 252,000.00
177,000. 00
213,000.00
165,000.00
1,580,000.00
360,000.00
154,000.00
100,000.00

100,071,000.00
100,156,000.00
100,026,000.00
100,100,000.00
100,120,000.00
100, 298,000. 00
100,019,000. 00
101, 450.000. 00
101, 946, 000.00
100, 551,000.00
100, 504, 000. 00
100, 912. 000. 00
100,130, 000. 00
100, 411, 000. 00
100, 302,000. 00
101, 255, 000. 00

100,036,000.00
98, 480.000. 00
99, 276,000.00
98, 210,000.00
99, 957,000.00
100, 296,000.00
100,019,000.00
100, 749,000.00
100,950,000.00
99, 794,000.00
100,089,000.00
100, 508, 000.00
96,042,000. 00
100,122,000. 00
92, 890,000. 00
100, 334, 000.00

701,000.00
986,000.00
757.000.00
415, 000. 00
404,000.00
4, 088,000.00
289, 000. 00
7,412,000.00
922,000. 00

100, 971, 000. 00
101, 205,000. 00
100, 278, 000. 00
100,429, 000. 00
100,435, 000. 00

100, 279,000.00
99, 872, 000. 00
95, 535,000. 00
99,499,000. 00
100,395, 000.00

692,000. 00
1, 333, 000. 00
4, 743,000. 00
930,000. 00
40,000.00

35,000. 00 .
1, 686,000.00,
750,000.00
1, 890,000.00
153, 000. 00
2,000.00

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100,002, 000.00
100, 023, 000. 00
100,024, 000.00
101, 299, 000.00
100, 451, 000. 00
100, 294, 000. 00
100,110, 000. 00
100,127, 000. 00
200, 284, 000. 00
200, 317, 000.00
200,167, 000.00
100, 413, 000. 00
100, 571, 000. 00
100, 091 000.00
100, 439, 000. 00
100,101 000. 00
100, 069, 000. 00
100, 031, 000. 00
100, 004, 000.00
100, 519, 000.00
100, 257, 000.00
200,139, 000.00
200, 299, 000. 00
200, 608, 000. 00
100, 068, 000. 00

Apr. 9,1941.-A p r . 16,1941.A p r . 23, 1941-A p r . 30,1941-M a y 7 , 1941—
M a y 14, 1941-.
M a y 21, 1941..
M a y 28, 1941-.
J u n e 4,1941-..
J u n e 11, 1941..
J u n e 18, 1941..
J u n e 25, 1941..
J u l y 2-, 1 9 4 1 . . .
J u l y 9, 1 9 4 1 . . .
J u l y 16, 1941..
J u l y 23, 1941..
J u l y 30, 1941..
A u g . 6 , 1941...
A u g . 13, 1941-.
A u g . 20, 1941-.
A u g . 27, 1941..
S e p t . 3, 1 9 4 1 . Sept. 10. 1941S e p t . 17, 1941S e p t . 24,1941..
Total Treasury bills.
Special issues:
Bonds:
A d j u s t e d service b o n d s ( G o v e r n m e n t life i n s u r a n c e fund series).
Treasury notes:
F e d e r a l old-age a n d s u r v i v o r s i n s u r a n c e t r u s t fund series:
Old-age reserve a c c o u n t series
F e d e r a l old-age a n d s u r v i v o r s i n s u r a n c e t r u s t fund series
R a i l r o a d r e t i r e m e n t series
Civil service r e t i r e m e n t fund series:
4 % series
.
3 % series
Foreign service r e t i r e m e n t fund series
C a n a l Zone r e t i r e m e n t f u n d s e r i e s . .
Alaska R a i l r o a d r e t i r e m e n t fund series
P o s t a l Savings S y s t e m series
G o v e r n m e n t life i n s u r a n c e fund series
N a t i o n a l service life i n s u r a n c e fund series
Federal Deposit Insurance Corporation series...
F e d e r a l Savings a n d L o a n I n s u r a n c e C o r p o r a t i o n series
Certificates of i n d e b t e d n e s s :
A d j u s t e d service certificate fund series
-:
U n e m p l o y m e n t t r u s t fund series

1, 302,194, 000. 00

99,782, 000. 00
98,894, 000.00
99, 763 000. 00
100, 946, 000.00
99,693 000.00
97, 729, 000. 00
93, 240, 000. 00
91,665, 000. 00
193, 345, 000. 00
195, 362, 000. 00
193,198, 000. 00
97, 057, 000. 00

220, 000.00
1,129, 000. 00
251, 000. 00
363, 000. 00
758, 000.00
2, 555, 000. 00
5, 870, 000.00
8, 462, 000. 00
5, 939, 000. 00
3, 955. 000.00
6, 959, 000.00
3, 356, 000. 00
$100, 571, 000. 00
100, 091, 000. 00
100, 439, 000. 00
100,101, 000.00
100, 059, 000.00
100,031 000. 00
100, 004, 000.00
100, 519. 000. 00
100, 257, 000.00
200,139, 000. 00
200, 299, 000. 00
200, 508, 000. 00
100,068, 000. 00

o

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1, 603,196, 000.00

$'

1,062, 500,000. 00
1, 328,100,000. 00
74,000, 000.00

5, 429, 910, 000. 00

Ul
fej

500,157, 956.40

5, 820, 266, ooo; 00

o

S
fej

500,157,966.40

td

Kl
1, 413, 200, 000. 00
324, 900, 000. 00
79, 400, 000. 00
650, 000,000. 00
200, 000. 00
3, 926, 000. 00
4, 284, 000. 00
767, 000. 00
96, 500, 000. 00
24, 259, 000. 00
65,000, 000. 00
11, 300, 000. 00
1, 710, 000, 000. 00

360, 700,000. 00
1, 003, 200, 000. 00
6, 000, 000. 00
192,

"ii^ioo'ooo'oo'

400, 000. 00
686, 000. 00
1, 446, 000.00
3, 398, 000. 00
290, 000. 00
15, 000, 000.00
26, 500, 000. 00
2, 800, 000.00
34, 000, 000. 00
6,050, 000. 00

19, 800, 000. 00
2, 930, 300, 000. 00

644, 600,000. 00
785,000. 00
4, 713, 000. 00
6, 388, 000. 00
1,005, 000. 00
88,000,000. 00
30, 759, 000. 00
2, 800,000. 00
90,000, 000. 00
6, 050,000. 00

97,900,000. 00

11,800,000.00
2, 357, 300,000. 00

659,000. 00
2,294, 000. 00
52, 000. 00
23, 600, 000. 00
20,000, 000.00

T o t a l special issues-

4, 774, 893, 956. 40

4, 240, 769, 000. 00

42, 380. 009, 305. 76

17,860,599,660.65

11,715,082.128.00

• 19, 300,000. 00
2, 273,000, 000. 00

fej

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6,120,067, 956. 40

2, 895, 505, 000. 00

T o t a l all s e c u r i t i e s . .




O
td

120, 647, 3.50. 00

48, 404, 879, 488. 41

Ol
CO

T A B L E 31.—Transactions in noninterest-bearing securities, by issues, fiscal year 194i

cn

[On basis of daily Treasury statements (revised), see p. 405]
R a t e of
interest i

T i t l e of issue

MATURED

D E B T ON W H I C H I N T E R E S T

I. Pre-war and p o s t a l savings b o n d s , etc.:
Oregon war d e b t
C o m p o u n d interest notes (1864-66)
F u n d e d loan of 1907 (refunding)
Refunding certificates (1879)
1-year notes of 1863 ..
Consols of 1857
F u n d e d loan of 1891 (refunding)
_
L o a n of 1908-18
Loan of 1925
--.
Postal savings b o n d s
Consols of 1930
...
P a n a m a C a n a l loan of 1916-36
P a n a m a C a n a l loan of 1918-38
-- -\.\\ other issues 3

HAS

.

.--•

-.
- .-

....

Percent
6
26
4
4
6
6
4

2H
2
2
2
Various

- -.-

Outstanding
J u n e 30, 1941

td
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o
td
$2, 250.00
156. 250. 00
344, 200.00
8, 260. 00
29, 960.00
83, 650. 00
18, 700. 00
125,120. 00
58, 200. 00
34,140. 00
2, 260. 750. 00
90, 240. 00
85, 060. 00
618, 060. 26

$150.00
30.00
800.00
10.00

300. 00
40,000.00
2, 980. 00
250. 00
25, 040. 00
75, 020.00.

$4,100.00

$2 100 00
156, 220. 00
343,400. 00
8, 250 00
29, 960. 00
83 650 00
18. 700. 00
124, 820 00
18, 200.00
35 260 00
2, 260, 500. 00
65 200 00
10, 040.00
618, 060. 26

3, 914, 840. 25

144, 580. 00

159, 200. 00
2, 731, 400. 00
8,950.00

1, 754, 850.00
11, 950. 00
491, 700. 00
2,150.00

$300.00
3,000.00
300.00

6, 428,
147,
2, 239,
6,

11, 082, 900. 00

2, 260, 650. 00

3, 600. 00

486, 000. 00
686, 700. 00

23, 000.00
34, 150.00

10, 750. 00
6, 750. 00

463 000 00
652, 550. 00

H3

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8,822 250 00

.

4,100.00

3, 774, 360. 25

o
4
- - . ---

--.

4H
--

Second L i b e r t y loan:
Second 4's
Second 43^'s

4
4^

- .-

L -.

.
.

T o t a l L i b e r t y loan b o n d s




Issued a n d
Transfers from
retired account interest-bearing
of exchange, etc.
debt

^

Total

. ---

R e t i r e d acc o u n t of
redemption

33-^. -^ 8,183,350.00

I L L i b e r t y loan b o n d s :
F i r s t L i b e r t y loan:
F i r s t 33/^'s
First4's
F i r s t 43^'s
First-second 434's

Total

Issued account
- of original
subscription

CEASED

T o t a l pre-war a n d postal savings b o n d s , etc

T h i r d L i b e r t y loan
F o u r t h L i b e r t y loan

Outstanding
J u l y 1, 1940

500.00
250.00
700.00
800 00

1,172, 700. 00
.

-

-

.

--

4K
4K

57, 150. 00

17, .500. 00

1,115 550 00

1, 886, 300. 00
14, 804, 350. 00

86,400.00
2, 737, 050. 00

27, 900. 00
48,850.00

1 -799 900 00
12, 067. 300 00

28. 946, 250. 00

5,141. 250. 00

97, 850. 00

23, 805, 000.00

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III. Treasury bonds:
33^'s b o n d s of 1940-43
3 ^ ' s b o n d s of 1941-43

.

Total Treasury bonds
I V . Victory notes:
Victory 3 ^ ' s
Victory 4 ^ ' s

.-

...^

--_

-

3H

--.
-

.- -

.-

V. T r e a s u r y notes, series:
A-1924 A-1925
' B-1925
----C-1925
A-1925
B-1925-.
A-1927
B-1927
A-1930-32
B-1930-32
C-1930-32
'
-.
1932
A-1934
B-1934
•A-1935
B-1935
C-1935
D-1936
.
A-1936
B-1936-C-1936
D-1935
E-1936
A-1937
B-1937
C-1937
A-1938--.-B-1938
C-1938
D-1938
E-1938
A-1939
B-1939.-- -.-C-1939
D-1939
---A-1940
B-1940

--

---

-

-

---

--...:

----

4^
4^
43^
434
43^
434
33^
33/2
33^
3M
3
23^
. 3

--

-

-

-

23^
23^
SV,
2H
2V^

-

.--

-

33I

..
---:

.--

--

---

-

---

--

- -.

- .

.-

3
3
2^
2V^
3
23^
IK

--

-

Footnotes at end of table.



--

-

----

19,051, 050. 00

6, 457, 950.00
19, 051, 050.00

19, 051, 050. 00

25. 509 000 00

m

IK

38, 722, 400. 00

900. 00
578, 250. 00

100. 0017,100. 00

800 00
561 150 00

579,150. 00

m
4%

---

38, 722, 400. 00

45,180,350.00'

--------

T o t a l Victory notes

45,180, 350. 00

3^

17, 200. 00

561 950 00

16. 200. 00
5,000.00
29, 900. 00
12, 500. 00
2. 800. 00
7, 300. 00
14, 700. 00
17. 400. 00
115,000.00
71, 000. 00
50, 450. 00
84, 500. 00
86, 500. 00
67.000. 00
134, 000. 00
11. 209, 200. 00
71, 000. 00
158,900.00
205, 300. 00
91,100. 00
198, 700. 00
1, 500. 00
82. 400. 00
480, 900. 00
271, 500. 00
78, 400. 00
240, 900. 00
535.900.00
384, 500. 00
448. 800. 00
206, 700. 00 •
1, 809, 500. 60
655, 400. 00
-936,550.00
290, 700. 00
15, 078. 500. 00
4, 734. 600. 00

1, 500.00

100. 00
1, 800. 00
ion.00
1, 660. 00
6, 900. 00
5, 000. 00
21,000. 00
45,000. 00

'•

17, 500. 00
18, 500. CO
32, 500. 00
•

65, 060. 00
135, 500. 00
48.000. 00
12, 000. 00
124. 500. 00
87, 900. 00
85. 000. 00
162. 600. 00
125, 700. 00
524, 400. 00
390. 000. 00
206. 0.50. 00
139. 700. 00
3,177. 200. 00
3, 442, 400. 00

"*
=

16, 200. 00
5,000.00
28,400.00
12 .500 00
2 800.00
7, 300.00
14 600.00
15 600 00
114, 900.00
69, 350.00
53 550 00
79, 600.00
65, 500.00
57, OCO. 00
88 000 00
11. 209, 200. 00
71,000.00
158, 900.00
187, 700.00
72 600.00
165, 200.00
1 500.00
17 400 00
344 400.00
223, 500. 00
65 400.00
116. 400. 00
448 000 00
299, 500. 00
296 200 00
81, 000. 00
1,185 100. 00
265, 400.00
730, 500. 00
151. 000. 00
11, 901. 300. 00
1. 292. 200. 00

fej
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CTX
C71

T A B L E 31.—Transactions in noninterest-bearing securities, by issues. fiscal year 1941—Continued

C7T

Oi
T i t l e of issue

M A T U R E D D E B T ON W H I C H I N T E R E S T H A S

R e t i r e d acc o u n t of
redemption

Transfers from
Issued and
retired a c c o u n t interest-bearing
debt
of exch m g e , e t c .

Outstanding
J u n e 30, 1941.

td
fej
Percent
13^
X 13^

!

.

V I . Certificates of i n d e b t e d n e s s :
. T a x issues, series:
TJ-1921
TD-1921
' TS-1921
.
TD-1922 TM-1922
TM-1924
TJ-1929
TS-1929-'
TD-1929
TD-2-1929
TM-1930
_
.
TJ-1930
TS-1930
TD-1930
TJ-2-1931
TS-1931
TS-2-1931
TD-2-1931
TM-1932
TJ-1932
;
TS-1932
i -• T S - 2 - 1 9 3 2
^^ •"TO-1932
TM-1933
- - •.. •.
TJ-1933-F i r s t - m a t u r i n g M a r . 15,1933 , __ _ . _ . .
TS-1933-TD-1933
-- .
TAG-1933
.
TD-2-1933
.TM-1934
_
TJ-1934
.
-_
TD-1934
-




Issued account
of original
subscription

CEASED—Con.

V. T r e a s u r y notes, s e r i e s — C o n t i n u e d .
C-1940—.
A-1941 •
-B-1941 .
T o t a l T r e a s u r y notes

Outstanding
J u l y 1, 1940

R a t e of
"interest i

.,

5
5
6
43/2
534

4H
4K2
434
434
434
53^

lit
IH
23/8

13^
VA
2

•

•

fi
33^
33^
13^
2
1 ^

H
4
4M

-

1

,

1

2K

1, 500.00
2,000.00
1, 500. 00
1,000. 00
3,000. 00
1,000. 00
1,800. 00
11, 500. 00
57,000. 00
2, 500. 00
68, 500. 00
21, 500. 00
2,000. 00
6,000. 00
1,000. 01
15,50). 00
5, ODO. 00
1,000. O
D
2,000. 00
426,030. 00
3, 500. 00
• 156,000.00
22,000. 00
136,000. 00
509,000. 00
56,300. 00
. 296,000.00
855, 000. 00
115, 500. 00
588,000. 00
71,000. 00
359,000. 00
22, 500, 00

$8,959,600.00

$1, 640, 900.00
2, 876. 600. 00
7, 720, 700. 00

12, 238, 200. 00

»
$38. 885, 30). 00

.

$1. 640, 900.00
2, 876, 600. 00
7, 720. 700. 00

42,153, 900. 00

• 1,500.00
2,000. 00
1, 500.00
1, 000. 00
1, 000. 00
1, 000. 00
1, 700. 00
11, 500. 00
67,000.00
2, 500. 00
68, 500. 00
11, 500. 00
2,000. 00
6,000. 00

2,000. 00
100. 00

....
10,000.00
i, 000.00
10,000.00

,

10,000. 00
6, 000. 00
7,000. 60
i2,750. 55
25, 000. 00
337,000. 00
50, 000. 00
115, 500.00
50,000. 00

6,555.55

1

6, 600. 00
5,000. 00
1, 000. 00
2,000. 00
416, 000. 00
3, 500. 00
150, 000. 00
22,000. 00
129, 000.00
609, 000. 00
43, 550. 00
271, 000. 00
619, 000. 00
65, 500. 00
472, 500. 00
21, 000. 00
359, 000. 00
16,000. O
Q

O
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TS-1934
A l l other issues *..
L o a n issues, series:
4-B
-..B-1922
.--._
A-1932
A-1933
B-1933
All other issues ^.

Various

12,000.00
9,000.00

4H
63^
33^
3M
2
Various

1,000. 00
1,000.00
40, 000. 00
4, 500. 0018, 000. 00
3,000. 00

T o t a l certificates of i n d e b t e d n e s s - .
V I I . T r e a s u r y bills, series m a t u r e d : i
A p r . 27, 1932.M a y IS, 1932
.
A u g . 17, 1932
M a y 17, 1933
A u g . 9, 1933
Sept. 5, 1934
M a y 22, 1936-.
J u n e 5, 1935
A u g . 28, 1935
Sept. 18, 1 9 3 6 . Dec. 31, 1935
J u n e 3, 1936
J u n e 10, 1936
J u l y 22, 1936
Au!?. 26. 1935
Dec. 23, 1936
,Tan. 27, 1937M a y 12, 1937
J u n e 9, 1937
J u l y 28, 1937
Sept. 16, 1937
Sept. 16, 1937
Do
Sept. 17, 1937
•Do —
- Oct. 6, 1937
. Oct. 13, 1937
N o v . 24, 1937
_...
Dec. 16, 1937
J a n . 12, 19.38
:
J a n . 26, 1938
:....
F e b . 23, 1938
M a r . 2, 1938
M a r . 9, 1938
:.'.
.-.
M a r . 18, 1938
•.
M a r . 19. 1938
Do
,
M a r . 23, 1938

Footnotes a t end of table.




-.

,.
,.

_.

3,910, 600. 00
2.483
2.751
.425
.228
.481
.434
.208
.219
.108
.094
.157
.151
.176
.177
.131
.118
.089
.213
.130
.120
.117
.545
.543
.531
.507
.316
.333
.386
.419
.667
.715
.617
.552
.545
.117
.129
.124
.578

1, 000. 00
21, 000.00
10, 000. 00
16, 000. 00
7, 000. 00
4, 000.00
30, 000. 00
12. 000.00
30, 000. 00
25, 000. 00
10. 000. 00
19, 000. 00
8, 000. 00
10, 000. 00
10, 000.00
40. 000. 00
40, 000. 00
16, 000. 00
11, 000. 00
10. 000. 00
45, 000. oo1. ooo. 00
768. 000. 00
10, 000.00
7. 000.00
100. 000. 00
50. 000. 00
68. 000. 00
50. 000. 00
85. 000.00
190. 000. 00
20. 000. 00
40. 000.00
230. 000. 00
40. 000. 00
120. 000.00
6. 000. 00
60, 000.00

1% 000.00
9,000.00
1,000. 00
20,000.00

"8," 555.'55'
683, 850.00

1,000. 00
20,000. 00
4, 600. 00
10, 000. 00
3,000. 00
3, 226, 750. 00
1, 000. 00
21, 000. 00
10, 000. 00
16,000.00
7, 000. 00
4, 000. 00
30, 000. 00
12, 000. 00
30.000. 00
25,000.00
10, 000. 00
19, 000.00
8, 000. 00
10,000. 00'

.1.0,000. 00
1, 000.00

'i5,'555.'55'
124,000. 00
10.000. 00
2,000. 00

20,000. 00
40, 000. 00
200, 000. 00
16.000.00
100, 000. 00
1, 000. 00
60,000.00

40.
40,
15,
li,

000. 00
000. 00
000.00
000.00

45,000. 00
1, 000. 00
644, 000.00
5.000. 00
100. 000. 00
50; 000. 00
58, 000. 00
50, 000. 00
85, 000. 00
170,000.00
20,000.. 00

td
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o
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13
-

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30,000. 00
25, 000. 00
20, 000. 00
6, 000. 00

C71

T A B L E 31.—Transactions i n noninterest-bearing securities, by issues, fiscal year 1941—Continued
00
T i t l e of issue

R a t e of
interest i

Outstanding
J u l y 1, 1940

Issued a c c o u n t
of original
subscription

Retired acc o u n t of
redemption

Transfers from
Issued a n d
r e t i r e d a c c o u n t interest-bearing
of exchange, etc.
debt

Outstanding
J u n e 30, 1941

td
fej.

MATURED*_;DEBT ON W H I C H INTEREST H A S CEASED—Continued

VII.

T r e a s u r v bills, series m a t u r e d i — C o n t i n u e d .
M a r . 30", 1938
A p r . 6, 1938
Do._. .
:
A p r . 13, 1938
--A p r . 20, 1938
A p r . 27, 1938
:
Do.M a y 11, 1938-.
M a y 18, 1938 J u n e 1. 1938
.
J u n e 8, 1938
_.:
,
Do
---J u n e 16. 1938
J u n e 17, 1938
.
J u n e 22, 1938
--Do
J u n e 29, 1938
.-•
J u l y 6, 1938
J u l y 13, 1938
A u g . 3, 1938
A u g . 24, 1938
Sept. 7, 1 9 3 8 . - - Sept. 14, 1938
•.
Sept. 28, 1938
'.
'
N o v . 9, 1938
.
1-N o v . 16, 1 9 3 8 . - ----N o v . 23, 1938
-.
:
:
N o v . 30, 1938--1----.
.1---.Dec. 7, 1938...
---------.
— --:---.:Dec. 14, 1938—
----Dec. 21, 1938
Dec. 2 8 , 1 9 3 8 -:--:::-:---::---.J a n . 11, 1939
J a n . 18, 1939-.- — --.--::----------:--.J a n . 25, 1939- ——
— — — . — ---.
F e b . 8, 1.939
-----.--.:
- - - - - - - . F e b . 15, 1939
ll----l-------:
F e b . 23, 1939
- - - :
•_---.:.--------M a r . 1, 1939
------------—-:
M a r . 8, 1939
-.
M a r . 15, 1939-:
-1
.- — :-.




Percent
0.619
.490
.065
.514
.502
.485
.103
.478
.078
.085
.711
.073
.059
.068
.441
.067
.384
.139
.429
.033
.026
.040
.027
.011
.044
.047
.048
.047
.049
.103
.106.142
.022
.018
.026
.022
.027
. 026
.021
.017
.013

$15,000.00
20,000.00
6, 000.00
50, 000.00
- 30,000.00
40, 000.00
232, 000.00
40, 000.00
100, 000.00
80, 000.00
53, 000. 00
141,000.00
34,000.00
25, 000. 00
200, 000.00
10, 000. 00
50, 000. 00
1,000, 000. 00
50, 000.00
150,000.00
18,000.00
40,000. 00
250,000. 00
101,000. 00
60,000. 00
100, 000. 00
100,000.00
1,820,000. 00
60, 000. 00
315, 000.00
200,000.00
600, 000. 00
20,000. 00
497,000.00
50,000. 00
106,000. 00
20,000. 00
917,000. 00
10, 000. 00
300,000.00
645,000.00

$15,000.00
$20,000.00
6,000.00
50, GOO. 00
30.000.00
40. 000. 00
10, 000.00

O
td
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222,000. 00
40,000.00

100, 000.00
2, 000. 00
13,
25,
200,
10,

000.00
000. 00
000.00
000. 00

80,000. 00
51,000.00
141, 000. 00
21, 000. 00

50, 000. 00
1,000,000.00
50, 000. 00
50, 000. 00

1

40,
50,
-15,
30,

OOO.-OO
000. 00
000.00
000.00

1, 747,000. 00
10, 000. 00
66, 000. 00
150,000.00
• 150,000.00
20, 000. 00
70, 000. 00
60, 000.00
24,000. 00
417,000.00
10,000. 00
130,000.00
10,000.00

100, 000. 00
18,000. 00

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200, 000. 00
86,000. 00
20,000. 00
100,000. 00
100,000 00
73, 000. 00
50 000 00
250, 000. 00
50, 000. 00
350, 000. 00

427,555.66
82.000. 00
20,000.00
500, 000. 00
170,000. 00
635,000. 00

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- M a r . 22, 1939M a r . 29, 1939A p r . 12, 1939A p r . 19, 1939A p r . 26, 1939M a y 3, 1939- M a y 10, 1939-.
M a y 17, 1939-.
M a y 31, 1939-.
J u n e 7, 1939--.
J u n e 14, 1939J u n e 21, 1939:J u n e 28, 1939J u l y 5, 1 9 3 9 - .Tuly 12, 1939J u l y 19, 1939..
J u l y 26, 1939..
A u g . 2, 1939..
A u g . 9, 1939--.
Aug. 16, 1939-.
A u g . 23, 1939-.
A u g . 30, 1939-.
S e p t . 6, 1939.-.
S e p t . 13,1939-.
S e p t . 20, 1939-.
Oct. 11, 1939...
Oct. 18,1939...
N o v . 1, 1939...
Dec. 6,1939...
D e c . 13, 1939..
D e c . 20,1939..
Dec. 27,1939J a n . 3, 1940.--.
J a n . 10,1940...
J a n . 17, 1940...
J a n . 24, 1940...
J a n . 31,1940...
F e b . 7, 1940...
F e b . 14,1940..
F e b . 21,1940..
F e b . 28, 1940M a r . 5, 1940..
M a r . 13, 1940.
M a r . 20, 1940.
M a r . 27, 1940.
A p r . 3, 1940...
A p r . 10, 1940.A p r . 17, 1940A p r . 24, 1940..
M a y l , 1940--.

Footnotes at end of table.




.006
.000
.000
.001
.007
.002
.004
.005
.004
.0003
.002
.003
.003
.016
.025
.023
.016
.012
.009
.006
.005
.004
.004
.004
.003
.012
.015
.022
.108
.159
.125
.082
.036
.022
.033
.027
.028
.017
.020
.018
;015
.016
.019
.018
.007

.001
.004

50, 000. n
o
56, 000. n
o
5, 000. 00
30, 000. n
n
200, 000. n
n
65, 000. n
n
60, 000. n
n
10, 000. n
n
521, 000. n
n
60, 000. 00
482, 000. o
n
38, 000. n
n
263, 000. 00
VO, 000. n
n
681, 000. n
n
88, 000. n
n
., 065, 000. n
n
29, 000. n
o
251, 000. 00
25, 000. 00
685, 000. 00
10, 000. o
n
310, 000. o
n
40, 000. 00
296, 000. 00
20, 000. 00
247, 000. 00
400, 000. o
n
365, 000. n
n
75, 000. 00
779, 000. o
n
650, 000. o
n
214, 000. n
o
727, 000. o
n
272, 000. n
n
261, 000. 00
265, 000. 00
660, 000. 00
865, 000. 00
592, 000. 00
355, 000. n
n
839, 000. n
n
253, 000. n
n
767, 000. n
n
247, 000. n
o
665, 000. o
n
761, 000. 00
839, 000. 00
084, 000. 00
790, 000. 00

10,000.00

40,000. 00
56 000 00
5, 000. 00
30, 000. 00
100, 000. 00

100, 000.00
65, 000. 00

121,555.55
53,000.00
79, 000. 00
10,000. 00
8,000.00
70, 000.00
490,000.00
60, 000. 00
1, 065, 000.00
4, 000. 00
251, 000. 00
26, 000. 00
130,000. 00
310, 000.00
10,000.00
16,000.00
20,000.00

J

60, 000. 00
10 000. 00
400, 000. 00
7, 000. 00
403, 000. 00
28, 000. 00
' 255,000.00

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91, 000. 00
38, 000. 00

o

25, 000. 00
655, 000. 00
10 000.00
30 000 00
280, 000. 00
247,000. 00

.
_

400,000.00
340,000.00
47,000.00
1, 669,000.00
550, 000.00
1,160,000.00
727,000. 00
2,182,000.00
2, 240, 000. 00
6,000.00
2, 660, 000. 00
416,000.00
• 4,020,000.00
596,000.00
552,000.00
1,198,000.00
4, 603,000.00
1, 237,000.00
'440,000.00
757,000.00
926,000.00
. 2,663,000.00
2.430.000.00

25 000.00
28,000.00
210 000.00
54,000.00
90, 000. 00
21, 000. 00
260,000. 00
449, 000. 00
672,000. O O
'
761, 000. 00
187,000. 00
55,000.00
264, 000. 00
10, 000. 00
126, 000. 00
4,000. 00
913,000.00
421. 000. 00
360. 000.00

o

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CTI

C7t
OO

TABLE 31.—Transactions in noninterest-bearing securities, by issues. fiscal year 1941—Continued
R a t e of
interest i

T i t l e of issue

Outstanding
J u l y 1, 1940

Issued a c c o u n t
of original
subscription

R e t i r e d acc o u n t of
redemption

Issued a n d
Transfers from
retired a c c o u n t interest-bearing
debt
of exchange, etc.

o
Outstanding
J u n e 30, 1941

M A T U R E D D E B T ON W H I C H I N T E R E S T H A S C E A S E D — C o n t i n u e d

V I I . T r e a s u r y bills, series m a t u r e d ^ — C o n t i n u e d .
M a y 8, 1940
,
M a y 15,1940
M a y 22,1940
•
M a y 29,1940..
J u n e 5, 1940
J u n e 12,1940
- --J u n e 19,1940
J u n e 26,1940
V a r i o u s scries from J u l y 3, 1940, to J u n e 25, 1941, m a t u r e d
d u r i n g fiscal y e a r : «
R e g u l a r series
-N a t i o n a l defense series
. .

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$856,000.00
660,000.00
9,825,000.00
14,138,000.00
1,300,000.00
390,000. 00
1,673,000.00
1, 565,000.00

$458,000.00
4.50,000.00
8,890,000.00
13,838,000. 00
954, 000.00
356, 000.00
1, 526,000.00
1,405,000.00

$398,000.00
210,000.00
935, 000.00
300,000. 00
346,000.00
34,000.00
47 000.00
161,000.00

•

Various
Various

Hcj
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$52, 375,000. 00
36,979,000.00

52, 375, 000.00
35, 979,000.00

89, 364,000. 00

105 792 000.00

i
o

7, 550.00
15, 575.00
11, 275. 00

28 875 00
99, 900. 00
44,076.00

n

208,250. 00

35,400. 00

172, 850. 00

O
fej

204, 590, 740. 26

120, 242, 280. 00

190, 641, 585.07
53,012. 50
189,999,123. 50
1,976,328.33
3, 773, 860. 50

17,386, 319. 00
5, 377. 67
8,102. 25

190,641,585.07
53 012 50
172, 612 804. 50
1, 970, 950. 66
3, 765, 758. 25

386,443, 909. 90

17,399, 798. 92

369, 044,110. 98

82, 966, 000.00

T o t a l T r e a s u r y bills
V I I I . T r e a s u r y (war) savings securities:
T r e a s u r y savings certificates:
I s s u e d D e c 15,1921
I s s u e d S e p t . 30,1922 I s s u e d D e c . 1,1923

Percent
0.001
.005
.006
.005 -

_

--.

T o t a l T r e a s u r y s a v i n g s certificates
I X . T o t a l m a t u r e d d e b t on w h i c h i n t e r e s t h a s ceased

36,425.00
116, 475.00
55, 350. 00

65, 528, 000.00

•

$97,850.00

120, 647, 350. 00

td

204, 995, 810. 26

D E B T BEARING N O INTEREST

I.
II.
III.
IV.
V.

U n i t e d S t a t e s n o t e s (less gold reserve)
Old d e m a n d notes
National a n d Federal Reserve B a n k notes
Fractional currency
T h r i f t a n d T r e a s u r y savings s t a m p s (unclassified sales, etc.) _
Total debt bearing no interest

.

1 Treasury bills are sold on a discount basis on competitive bidding. The average sale price of these series gives approximate yield on a bank discount basis.
2 Interest compounded.
3 Represents issues in which there were no transactions during the fiscal years 1930 to 1941; for amount of each issue outstanding (unchanged since June 30,1929), see annual report
for 1929, p. 478.
4 Represents issues in which there were no transactions during the fiscal years 1933 to 1941; for amount of each issue outstanding (unchanged since June 30,1932), see annual report
for 1932, p. 418.
* For details, see p . 672.




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REPOKT OF THE SECRETARY OF THE TREASURY

581

T A B L E 32.—Issues, maturities, and redemptions of interest^bearing securities, exclusive of trust account and other special issues, J u l y 1940 through J u n e 1941 ^
Date

R a t e of
interest'

"Issue

1940
Julyl
3
10
10
17
17
22
24
24
31
31
31
31
31
31
31
31
31

Postal savings b o n d s , series 19
_ - _
T r e a s u r y bills, issued A p r 3, 1940
T r e a s u r y bills, m a t u r i n g Oct. 2, 1940
- T r e a s u r y bills, issued A p r . 10, 1940 . - T r e a s u r y bills, m a t u r i n g Oct. 9, 1940
T r e a s u r y bills, issued A p r . 17, 1940 T r e a s u r y bills, m a t u r i n g Oct. 16, 1940
T r e a s u r y b o n d s of 1954-56
T r e a s u r y bills, issued Apr. 24, 1940
T r e a s u r y bills, m a t u r i n g Oct. 23, 1940
T r e a s u r y bills, issued M a y 1, 1940
.
T r e a s u r y bills, m a t u r i n g Oct. 30, 1940
U n i t e d States savings b o n d s , series A-1935
U n i t e d States savings b o n d s , series B-1936
U n i t e d States savings bonds, series C-1937
United States savings b o n d s , series C-1938-United States savings b o n d s , series D-1939
United States savings b o n d s , series D-1940
-U n i t e d States savings bonds, unclassified s a l e s - . Miscellaneous
Total, July

Aug.

•

7
7
14
14
21
21
28
28
31
31
31
31
31
31
31

0.008
.004
.015
.007
.032
.021
.057
.028
2.90
2.90
2.90
2.90
2.90
2.90
2.90

2
2
7
7
9
9
16
16
23
23
30
30

Treasury
Treasury
Treasury
change
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury

bills, issued J u l y 3, 1940
bills, m a t u r i n g J a n . 2, 1941
- _-- notes, series C-1940, redeemed in exfor T r e a s u r y bonds of 1953-55 -- - -b o n d s of 1953-55
bills, issued J u l y 10, 1940. - _
bills, m a t u r i n g J a n . 8. 1941
-_bills, issued J u l y 17, 1940
bills, m a t u r i n g J a n . 15, 1941
bills, issued J u l y 24. 1940
bills, m a t u r i n g J a n . 22, 1941bills, issued J u l y 31, 1940 bills, m a t u r i n g J a n . .29, 1941

Footnotes at end of table.




100,685,000.00
100,384,000. 00
100, 246,000.00
100.098,000. 00
683, 692, 350. 00
100,043,000.00
100,407, 000. 00
100, 051, 000.00
100, 424, 000. 00
218,850. 75
866. 470. 75
1, 535. 050. 60
1, 676, 532. 50
2,862. 718. 25
65, 321, 231. 25
10, 616, 221. 03

616,171. 25
1, 295, 353. 25
1, 774,926. 50
2, 208,043. 25
3, 695, 456. 00
2,166, 618. 75

613, 379,869. 00
100,011,000.00

100,372, 000. 00

155,571,555.55
"•"155,'166," 555'55'

100, 028, 000. 00
100,105,000. 00
100, 202, 000.00

100,026,000. 00
121,950. 00
504. 273. 75
836, 939. 25
942,495. 75
1,548.191.71
48, 425, 212. 50
979,830. 60

461, 688. 50
1,176, 573. 50
1. 602,985.00
2,146.809. 60
3, 318, 908. 75
2,454, 281. 25

453. 993, 893. 56

411, 507, 745. 60

500.00

,0. 089
.036
.118
.038
.095
.032
.046
.013
2.90
2.90
2.90
2.90
2.90
2.90
2.90

100, 008, 000. 00
100,100,000.00
100, 004, 000. 00
100,120,000.00
100,117,000. 00
100, 298,000. 00
100,169,000. 00
100, 019, 000. 00
490.910. 00
640,112. 00
737,315.50
899. 450. 25
1,315,458.50
61, 970, 512. 50
< 18,833,114. U

559, 001.00
1, 2C5, 780. 75
1, 744, 574. 75
1,964,137. 00
3, 425,127. 50
2, 734,106. 25

447, 658, 644. 50

411, 933, 727. 25

3,000. 00

. Total, September
Oct.

$72,800.00
100,625,000.00
$100.294,000.00

500. 00

1

4 T r e a s u r y bills, issued J u n e 5, 1940 . -_
4 T r e a s u r y bills, m a t u r i n g Dec. 4, 1940
11 T r e a s u r y bills, issued J u n e 12, 1940
11 T r e a s u r y bills, m a t u r i n g Dec. 11, 1940 --- - -__
18 T r e a s u r y bills, issued J u n e 19, 1940
18 T r e a s u r y bills, m a t u r i n g Dec. 18, 1940
25 T r e a s u r y bills, issued J u n e 26, 1940
25 T r e a s u r y bills, m a t u r i n g Dec. 26, 1940 . - . 30 U n i t e d States savings b o n d s , series A-1935
30 U n i t e d States savings bonds, series B-1936
30 United States savings b o n d s , series C-1937
30 U n i t e d States savings b o n d s , series C-1938
30 United States savings bonds, series D-1939
30 . U n i t e d States savings bonds, series D-1940
30 U n i t e d Stales savings bonds, unclassified s a l e s - - Miscellaneous
_._

Amount mat u r e d (or redeemed)

1, 255, 296, 425. 03

-

T r e a s u r y bills, issued M a y 8, 1940
T r e a s u r y bills, m a t u r i n g N o v . 6, 1940
. . _
T r e a s u r y bills, issued M a y 15, 1940
T r e a s u r y bills, m a t u r i n g N o v . 13, 1940
T r e a s u r y bills, issued M a y 22. 1940
T r e a s u r y bills, m a t u r i n g N o v . 20, 1940
T r e a s u r y bills, issued M a y 29. 1940
T r e a s u r y bills, m a t u r i n g N o v . 27, 1940
U n i t e d States savings b o n d s , series A-1935
United States savings b o n d s , series B-1936
U n i t e d States savings b o n d s , series C-1937
U n i t e d States savings b o n d s , series C-1938
-U n i t e d States savings b o n d s , series D-1939
.U n i t e d States savings bonds, scries D-1940
United States savings bonds, unclassified s a l e s - - .
Miscellaneous
- Total, August

Sept.

:.

Percent
24
0.000+
.024
.OOOH.017
.001
.008
2M
.004
.005
.007
.004
2.90
2.90
2.90
2.90
.2.90
2.90
2.90

A m o u n t issued s

0.024
.000
VA
2
.017
Negative
0.008
Negative
0.006
Negative
0.004
Negative

151,455,555.55
724, 677, 555. '^^

151,946,555.55

100, 294, 000. 00
724, 677,900. 00
100, 384, 000. 00
100,098, 000.00

100, 551, 000; 00
100, 407, 000. 00
100, 604, 000. 00
100, 424, 000. 00
100,912,000. 00

582

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 32.—Issues, maturities, and redemptions of interest-bearing securities, exclusive of trust account and other special issues, J u l y 1940 through J u n e 1941 ^-—
Continued
.,
Date

R a t e of
interest 2 A m o u n t issued«

Issue

1940
Oct. 31
31
31
31
31
31
31

United
United
United
United
United
United
United

States
States
States
States
States
States
States

savings
savings
savings
savings
savings
savings
savings

bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,

series A - 1 9 3 5 - - - . _.
series B-1936
series C-1937
series C - 1 9 3 8 - . . - . series D-1939
series D-1940:
-.
unclassified sales--..

Total, October-Nov.

6
6
13
13,
20
20
27
27
30
30
30
30
30
30
30

Percent
2.90
2.90
2.90
2.90
2.90
2.90
2.90

. .

T r e a s u r y bills, issued A u g . 7, 1940
-. - . .
T r e a s u r y bills, m a t u r i n g F e b . 5, 1941
T r e a s u r y bills, issued A u g . 14, 1940
T r e a s u r y bills, m a t u r i n g F e b . 13, 1941 (national
defense series)
.
T r e a s u r y bills, issued A u g . 21, 1940
-.
T r e a s u r y bills, m a t u r i n g F e b . 19, 1941 (national
defense series)
T r e a s u r y bills, issued A u g . 28,1940
T r e a s u r y bills, m a t u r i n g F e b . 26, 1941 (national
defense series)
U n i t e d States savings b o n d s , series A-1935
U n i t e d States savings b o n d s , series B-1936
U n i t e d States savings b o n d s , series C-1937
U n i t e d States savings b o n d s , series C-1938U n i t e d States savings b o n d s , series D-1939U n i t e d States savings b o n d s , series D-1940
U n i t e d States savings b o n d s , unclassified s a l e s . - Miscellaneous
_

$442, 284. 75
642, 579. 00
646, 345. 25
907, 017. 76
1, 282, 787. 00
47,362,406.25
1, 037, 256. 65

4
4
11
11
16
18
18
18
26
26
31
31
31
31
31
31
31

1, 282, 261, 676. 66 1 238 111 086.25

155,135,555. o"o

.003
.021-

100,411,000.00

.003
.028

100,302,000.00

.004
2.90
2.90
2.90 •
2.90
2.90
2.90
2.90

101, 256, 000.00
366. 825. 75
496, 425. 25
578, 751. 50
. 807,555.00
1, 513. 302. 50
43, 650, 525. 00
2, 666, 546. 28

569, 606. 50
975, 767. 00
1,480,485. 25
1, 964, 395. 25
3, 308,-954. 75
2, 766, 037. 50

462,178.932. 28

411, 700, 756. 25

. 100 372 000.00
100,071,000.00
100,166,000.00
100, 026,000.00

500.00

T r e a s u r y bills, issued Sept. 4,1940
0.036
T r e a s u r y bills, m a t u r i n g M a r . 6, 1941 (national
.002
defense series)
T r e a s u r y bills, issued Sept. 11,1940
.038
T r e a s u r y bills, m a t u r i n g M a r . 12, 1941 (national
defense series)
_
_
.001
T r e a s u r y notes, series C-1940
_
T r e a s u r y bills, issued Sept. 18,1940.
.032
T r e a s u r y bills, m a t u r i n g M a r . 19, 1941 (national
defense series)
Negative
T r e a s u r y notes, series B-1946 (national defense
series)
%
T r e a s u r y bills, issued Sept. 25,1940
0.013
T r e a s u r y bills, m a t u r i n g M a r . 26, 1941 (national
defense series)
Negative
U n i t e d States savings b o n d s , .series A-1936
2.90
U n i t e d States savings b o n d s , series B-1936
2.90
U n i t e d States savings b o n d s , series C-1937
2.90
U n i t e d States savings b o n d s , series C-1938
2.90
U n i t e d States savings b o n d s , series D-1939
2.90
U n i t e d States savings b o n d s , series D-1940.
2.90
U n i t e d States savings b o n d s , unclassified s a l e s . - 2.90
Total, December

$598,893. 50
1,161,394. 75
1, 652, 378. 75
2,148,925. 25
3, 424,181. 50
2,850,412. 60

0.004
.002
.007

Total, November _
Dec.

Amount mat u r e d (or redeemed)

100,100,000.00
100,971,000.00
100,120, 000.00
101, 205,000.00
12,483,700.00
100, 298, 000.00
100, 278, 000.00
530,838,700.00
100,019,000.00
538,167.75
1, 033. 663. 75
1, 299.803. 60
1,743. 468. 50
3,169, 330. 25
2, 665, 706. 25

1,015,928,927; 25

.

100,429,000. 00
429,158. 25
925,971. 25
830.630.75
1,167,387. 75
2, 371,123. 56
53, 856, 787. 50
22, 626,168.19

423,470,840. 00

1941
Jan.

1
2
2
8
8
15
16
22
22
29
29

Postal savings b o n d s , series 20
T r e a s u r y bills, issued Oct. 2, 1940 _
Treasuiry bills, m a t u r i n g A p r . 2, 1941
defense series)
T r e a s u r y bills, issued Oct. 9, 1940
T r e a s u r y bills, m a t u r i n g A p r . 9, 1941
defense series)
T r e a s u r y bills, issued Oct. 16, 1940
T r e a s u r y bills, m a t u r i n g A p r . 16, 1941
defense series)
T r e a s u r y bills, issued Oct. 23, 1940
T r e a s u r y bills, m a t u r i n g A p r . 23, 1941
defense series)
T r e a s u r y bills, issued Oct. 30, 1940 _
T r e a s u r y bills, m a t u r i n g A p r . 30, 1941
defense s e r i e s ) . - .
_

Footnotes at end of table.




106,080.00
101,450,000.00

2H
0.000
(national
Negative
Negative

100,435,000.00

Negative
Negative

100,002,000.00

Negative
Negative

100,023,000.00

Negative
Negative

100,024,000.00

Negative 1

101, 299,000.00

101,946,000.00

(national
100, 551,000.00

(national
100, 504,000.00

(national
100,912,000.00

(national

REPORT OP THE SECRETARY OF THE TREASURY

583

TABLE 32.—Issues, maturities, and redemptions of interest-bearing securities; exclusive of trust account and other special issues, July 1940 through June 1941 ^—
Continued
Date

R a t e of A m o u n t issued 3
interest 2

Issue

Amount mat u r e d (or redeemed)

1941
Jan.

31
31
31
31
31
31
31
31
31

T r e a s u r y notes, series D-1944 (national defense
series)
U n i t e d States savings b o n d s , series A-1935
U n i t e d States savings b o n d s , series B-1936
U n i t e d States s a v i n g s b o n d s , series C-1937
U n i t e d States savings b o n d s , series C-1938
U n i t e d States savings b o n d s , series D-1939.
U n i t e d States savings b o n d s , series D-1940.
U n i t e d States savings b o n d s , series D-1941
U n i t e d States savings bond's, unclassified s a l e s . . .
Total, January

Feb.

6
5
13
13
19
19
26
26
28
28
28
28
28
28
28
•28

5
5
,12
12
15
16

.

15
15
15
15
19
19
26
26
31
31
31
31
31
31
31

2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90

$636,064, 400.00
214, 464. 25
848,855. 25
1, 508,115. 75
1, 646, 837. 75
2, 805, 792. 50
62, 372, 891:25
28,169.181. 25
101, 719,683. 69
1,326,123,232.69

_

T r e a s u r y bills, issued N o v . 6, 1940--- .
0.002
T r e a s u r y bills, m a t u r i n g M a y 7, 1941 (national
defense series) Negative
T r e a s u r y bills, issued N o v . 13, 1940 (national defense series)
0.003
T r e a s u r y bills, m a t u r i n g M a y 14, 1941 (national
defense series). .000-fT r e a s u r y bills, issued N o v . 20, 1940 (national defense series)- •
.003
T r e a s u r y bills, m a t u r i n g M a y 21, 1941 (national
defense series)
.007
T r e a s u r y bills, issued N o v . 27, 1940 (national defense series) .004
T r e a s u r y bills, m a t u r i n g M a y 28, 1941 (national
defense series)
.043*
U n i t e d States savings b'onds, series A-1936'
2.90
U n i t e d States savings b o n d s , series B-1936
2.90
U n i t e d States savings b o n d s , series C-1937
2.90
U n i t e d . S t a t e s savings b o n d s , series C-1938-- — - . .
2.90
U n i t e d States savings b o n d s , series D-1939
2.90
U n i t e d States savings b o n d s , series D-1940
.-2.90
U n i t e d States savings b o n d s , series D - 1 9 4 1 - 2:90
U n i t e d States savings b o n d s , unclassified s a l e s - - 2.90
Miscellaneous.-.
Total. February

Mar.

--

Percent




518, 402,660. 75
100,130,000.00

100, 451,000.00
100, 411,000. 00
100, 294, 000. 00
100,302,000.00
100,110,000.00
101, 256,000.00
479, 291. 76
1,119, 636. 75
1, 587,098. 60
1, 724, 869. 60
2, 984, 361. 60
3,865,115. 50
14, 775.00

621, 662.174. 30

_ .

100,127,000.00
119,35L76
492,882. 75
821, 347. 25
916, 995. 75
1, 600, 596. 75
84,024, 378. 50
23, 596, 650. 00
9, 207,971. 66

413, 875,628. 60

1, 600. 00

T r e a s u r y bills, issued D e c . 4,1940^ (national defense series)
0.002
T r e a s u r y bills, m a t u r i n g J u n e 4, 1941
200, 284, 000. 00
.086
T r e a s u r y bills, issued D e c . 11, 1940(national defense series)
.001
T r e a s u r y bills, m a t u r i n g J u n e 11, 1941
200, 317, 000. 00
.120
T r e a s u r y notes, series A-1941 redeemed in exchange for T r e a s u r y b o n d s of 1948-60 and Treasu r y notes, series D-1943
T r e a s u r y b o n d s of 1941-43 redeemed in e'xchange
for T r e a s u r y b o n d s of 1948-50 a n d T r e a s u r y
notes, series D-1943
1,115, 368, 400.00
T r e a s u r y b o n d s of 1948-50
•- . .
32,400, 400.00
T r e a s u r y notes, series D-1943
H
T r e a s u r y b o n d s of 1941-43 called for r e d e m p t i o n - .
3H
T r e a s u r y notes, series A-1941—matured
VA
T r e a s u r y bills, issued D e c . 18, 1940 (national defense series)
Negative
200,167,00.0.00
T r e a s u r y bills, m a t u r i n g J u n e 18, 1941
0.117
T r e a s u r y bills, issued Dec. 26, 1940 (national defense series)- Negative
T r e a s u r y bills, m a t u r i n g J u n e 25, 1941
100, 413, 000.00
0.066
T r e a s u r y notes, series B-1941 retired in exchange
for T r e a s u r y b o n d s of 1952-54 a n d T r e a s u r y
notes, series D-1943
. VA
T r e a s u r y b o n d s of 1952-54
2H 1,023, 568. 350.00
32,639, 300.00
T r e a s u r y notes, series D-1943
482,940. 50
U n i t e d States savings b o n d s , series A-1935-2.90
527,972. 26
U n i t e d States savings b o n d s , series B-1936
2.90
719,406. 75
2.90
U n i t e d States savings b o n d s , series C-1937
-.
873,129. 26
2.90
U n i t e d States savings b o n d s , series C-19381

Footnotes at end of table.

$534, 566.00
1,157,808.00
1, 761, 945. 25
2,105.424.00
3, 616, 648. 25
3, 767,089. 25

m

100,971,000.00
101, 206, 000.00

661,226,200.00
486, 642,600.00
68, 327.450.00
16, 481,400.00
100,278,000.00
100,429, 000.00

480,062,600.00
524, 826.00
•1,114,068.60
1, 471,608. 50
1,973. 513. 50

584

REPORT OF THE SECRETARY OF THE

TREASURY

T A B L E 32.—Issues, maturities, and redemptions of interest-bearing securities, exclusive of trust account and other special issues, J u l y 1940 through J u n e 1941^—
Continued
Date

1941
M a r . 31
31
31
31

U n i t e d States
U n i t e d States
U n i t e d States
U n i t e d States
Miscellaneous

savings
savines
savings
savings
-

bonds,
bonds,
bonds,
bonds,

Total, March
Apr.

2
2
9
9
16
16
23
23
30

30
30
30
. 30
.30
30
30
30
30

7
7
14
14
21
21
28
28
31
31
31
31
31
31
31
31
31
31
31

series D-1939
.series D - 1 9 4 0 . .
series D - 1 9 4 1 . .
unclassified sales

Percent
2.90
2.90
2.90
2.90

2
2
2
4
4
11
11
15
18
18
25
25

100, 571,000. 00

Negative
a 079

100,091,000. 00

Negative
a 093

100, 439. 000.00

Negative
a 097

100,101,000.00

Negative
a 097
2.90
2.90
2.90.
2.90
2.90
2.90
2.90
2.90

100,069,000. 00
434. 230. 25
531.178.50
631.701.75
882.078. 25
1, 251, 789. 00
967.113.50
143,631,243.75
* 86,361,799.36

598,089. 25
1,087,966. 00
1,511,695.00
1.877.141. 75
3,141.300. oa
4,062,308. 25
986,456. 25

563, 238,535. 64

615,047,956. 5a

._...

T r e a s u r y b o n d s of 1941 redeemed in exchange for
T r e a s u r y notes, series D-1943 a n d T r e a s u r y
b o n d s of 1956-58...-_
T r e a s u r y b o n d s of 1956-58
T r e a s u r y notes, series D-1943
T r e a s u r y bills, issued M a r . . 5 , 1941
T r e a s u r y bills, m a t u r i n g Sept. 3, 1941
T r e a s u r y bills, issued M a r . 12, 1941
T r e a s u r y bills, m a t u r i n g Sept. 10, 1941
T r e i s u r y notes, series B-1941
T r e a s u r y bills, issued M a r . 19. 1941
T r e a s u r y bills, m a t u r i n g Sept. 17, 1941
T r e a s u r y bills, issued M a r . 26, 1941
Treaisury bills, m a t u r i n g Sept. 24, 1941
-




100, 435,000. OO

Negative
0.055

T r e a s u r y bills, issued F e b . 6, 1941 (national defense series) .
Negative
T r e a s u r y bill.^, m a t u r i n g Aug 6. 1941
a 096
T r e a s u r y bills, issued F e b . 13. 1941 (national defense series)
.000+
T r e a s u r y bills, m a t u r i n g Ausr. 13. 1941
.069
T r e a s u r y bills, issued F e b . 19, 1941 (national defense series)
'
.007
T r e a s u r y bills, m a t u r i n g Aue. 20. 1941
.070
T r e a s u r y bills, issued F e b . 26, 1941 (national defense series)
.043
T r e a s u r v bills, m a t u r i n g Aug. 27. 1941
.069
U n i t e d States savings bonds, series A-1935.
2. 90
U n i t e d States savings bonds, series B-1936.._ — -2.90
U n i t e d States savings b o n d s , series C-1937.,
2.90
United States savings b o n d s , series C-19.38
2.90
U n i t e d States savings b o n d s , series D-1939
2.90
U n i t e d States savings b o n d s , series D-1940
2.90
U n i t e d States savings b o n d s , series D-1941
2.90
U n i t e d States savings b o n d s , series E-1941
2.90
U n i t e d States savings bonds, series F-1941
2.53
U n i t e d States savings b o n d s , series G-1941
2. .50
U n i t e d States savings b o n d s , unclassified s a l e s . . . .
2.90
Miscellaneous
_

Footnotes at end of tab.le.

$3, 365. 715.00
4, 51a 26a 00
494,906. 25

3.037,118, 652. 33 2,117, 978. 537. 75

Total, M a y

June

$1, 276.077. 76
2.077, 515. 25
161,841, 937. 50
4 35,887,776.92

Amount matured (or redeemed)

500.00
_

T r e a s u r y bills, issued J a n . 2, 1941 (national defense series)
T r e a s u r y bills, m a t u r i n g Jiily 2. 1941
T r e a s u r y bills, issued J a n . 8, 1941 (national defense series)
----T r e a s u r y bills, maturiner J u l y 9, 1941
T r e a s u r y bills, issued J a n . 15, 1941 (national defense series)
T r e a s u r y bills, m a t u r i n g J u l y 16. 1941.-'T r e a s u r y bills, issued J a n . 22, 1941 (national defense series)
T r e a s u r y bills, m a t u r i n g J u l y 23. 1941
T r e a s u r y bills, issued J a n . 29, 1941 (national defense series)
T r e a s u r y bills, m a t u r i n g J u l y 30. 1941
U n i t e d States savings b o n d s , series A-1935
U n i t e d States savings bonds, series B-1935
U n i t e d States savines b o n d s , series C-1937
U n i t e d States savings b o n d s , series C-1938
U n i t e d States savings bonds, series D-1939
U n i t e d States savings bonds, series D-1940
United States savincs b o n d s , series D-1941
__
U n i t e d States savings bonds, unclassified s a l e s . . .
T o t a l , April

May

R a t e of
interest 2 Amount issued 3

Issue

100,002,000.00
lOa 023,000. OO
100,024,000.00
101,299, ooa oa

100,451.000. oa
100,031,000. 00
100,294,000. oa
100,004,000.00
100,110,000. oa
100, 519, 000. 00
100,127.000. oa
100, 257, 000. 00
360,128.00
485,823.00
563, 642. 75
786, 441. 25
1, 472, 427. 00
702.868. 25
5 a 281. 818. 75
67, 744, 768. 75
37.816.812.00
2n,42a3oaoo
13,142,112. 04

10,000. oa
775,588,141.79

0.086
.107
.120
.100

VA

414,958, 760. 75-

787,920,850. oa

31^

2A
H

634. 439. oa
1,034.015. 5a
1,346, 27a 5a
1, 844,836. oa
3, 253. 039. 26
4, 324,628. 25
1, 528, 781. 25
750. oa

1,448, 747,650. 00
, 924, ooa 00

200, 284,000. oa

200,139. 000. 00
200,317,000. oa
200, 299,000. 00

. 117
200, 608. 000.00
.103
.065
.066 """io6,"o68," ooo.'oo"

23. 815,000. oa
200,157, 000. 00'
100,413,000. oa

585

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 32.—Issues, maturities, a n d redemptions of interest-bearing securities, ex-

clusive of trust account and other special issues, J u l y 1940 through J u n e 1941 ^—^
Continued

1941
J u n e 30
30
30
30
30
30
30
30
30
30
30

R a t e of A m o u n t issued 3
interest 2

Issue

Date

United
United
United
United
United
United
United
United
United
United
United

States
States
States
States
States
States
States
States
States
States
States

savings
savings
savings
savings
savings
savings
savings
savings
savings
pavings
savings

bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,
bonds,

Percent
2.90
series A-19352.90
series B-1936
2.90
series C-1937
2.90
series C-1938
2.90
series D-1939
2.90
series D-1940.
2.90
series D-1941
2.90
series E-1941
_.
2.53
series F-1941
series G-1941
. 2.50
2.90
unclassified s a l e s . - -

Amount mat u r e d (or redeemed)

$420,651. 25
908,492. 50
. 813,612.25
1,142, 209. 50
2, 320, 701. 48
623,016.75
1.153,656.25
61,728.675.00
28, 876, 280. 00
183,133, 900. 00
39,511,216.45

$459, 335. 75
1, 036, 327. 00
1, 257. 559. 00
1.674,713.00
4, 577.909. 00
3, 486. 354. 75
1, 734, 581. 25
21,731 25
48.988. 00
.542,100. 00

2, 471, 518, 061. 43 '1, 527, 755, 449. 00

Total, June
T o t a l for fiscal year 1941

.

13, 602, 567,197.45 8,918,123,018.60

1 On basis of daily Treasury statements (unrevised), supplemented by special statements on public debt
issue.'', redemptions, and exchanges by the Bureau of the Public Debt.
2 For Treasury bills, average rates on a bank discount basis are shown; for United States savings bonds,
the approximate yield to maturity is shown.
.
»
>
3 For United States savings bonds, amounts shown represent cash receipts and/or accruals.
* Deduct. Represents excess of am.ounts transferred from unclassified sales to sales of a designated series
over amounts received as unclassified sales.

T A B L E 33.— Sources of public debt increase or decrease, fiscal years 1915 to 1941
[In thousands. On basis of daily Treasury statements (unrevised), see p. 405]
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts
Foreign p a y m e n t s
Year
Sinking
fund

1915
1916
1917
1918 - 1919
1920
1921
$251,100
1922
275, 045
284,019
1923
295, 987
1924
306, 309
1925
317, or2
1926
333,528
1927
354,741
1928
370, 277
1929
388, 369
1930
391, 560
1931
412,555
1932
425, 660
1933
359, 492
1934
573,001
1935
403, 238
1936
103, 815
1937
65.116
1938
48; 518
1939 ,
128, 349
1940
37,011
1941
T o t a l . - - 6,135, 883

Bonds
N e t earnFranreceived
Bonds
ings, •
Bonds,
a n d n c t e s for loans chise t a x Federal
Bonds,
receipts,
Cash
from
etc., reetc., re- received
Federal intermerepayceived a s ceived a s fores- . P u b l i c
diate
Reserve
ments
Works
repaytate
interest
credit
of p r i n Adminis- Banks
ments
taxes
paybanksi
cipal
tration
of p r i n ments
. cipal

Commodity
Credit
Corporation capital stock
repayments

$1,134
$7,922
72, 670
• 73,939
64, 838
32,140
38, 509
386
4,394
19, 254
19, 068
571
51,135
48, 246

$22, 965
22, 823
29, 000
25, 000
27, 429
37, 896
40, 335

$68, 753
87,914
135,970
135", 260
134,962
135, 307
137,747
69.456

1, 546
210

$93
3,141
26, 349
21, 085
6,569
8,897
47

2,922
60, 724
60, 333
10, 815
3,636
114
59
818
250
2, 667
4,283
18

1, 354
147

2
20
73
1

30,977

$680
• 509
414
. 369
265
172
74
21.

2,037
1

68

142
142

120

464,169

Footnotes on p. 586.




1,501
585
648

$8,095
134
1,321
207, 271

908,164

66, 278

9, 550

149, 809

$25, 364

6,239

. 25,364

586

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 3 3 . ^ Sources of publicdebt increase or decrease, fiscal years 1915 to 1941— Con,
[In thousands]
P u b l i c d e b t retirem e n t s chargeable
against ordinary
receipts—Contd.
Year
Miscellaneous
gifts,
forfei- .
tures, etc.
1915 1916
1917
1918---1919
192019211922
1923
1924
1925
1926
1927 _
1928-1929
1930
1931
1932 -1933
1934 .
1935
1935 -1937
1938 -1939
1910.
1911--

--

-

Total

S u r p l u s or
deficit 2 of Increase or
receipts
decrease 2 Increase or
(general,
decrease 2 T o t a l gross
special, a n d in uGeneral
in gross
debt
F n d balt r u s t acdebt •
ance
counts •
combined)3

$48, 478
853,357
$1,134
9, OSS, 254
8,015 13, 370, 637
78, 746
212, 475
$13
4 6,010 427,123
86, 724
422, 695
393
313,802
402, 850
655
309, 657
458, 000
93
505, 367
466, 538
250, 505
208
487, 376
377, 768
63
519, 555
635, 810
5, 578
3,090 „540, 255
398, 828
549, 604
160
184,787
553, 884
61
183,789
440, 082
85
902, 717
412, 630 5 S, 153, 097
53
461, 605 5 3, 068, 267
21
359,854 5 3,154, 616
15
573, 558 ^2,961,886
556
403, 240 5 4, 640, 726
1
103,971 5 2, 878, 078
14
55, 465 51,143,147
139
58, 245 5 2, 710, 731
12
15 129,184 5 3, 604, 665
54,250 ^5,315,742
15

---

--

.

Total

$82, 262
897,116
447, 487
333,342
893, 968
191, 977
277,573
98, 834
135, 628
17, 576
7,834
' 2A, 056
31, 470
61,185
8,106
153, 337
54,747
445, 008
1, 719, 717
740, 576
840,154
128, 037
337,555
622, 307
947, 482
742, 431

$1,191,362
$33, 783
1, 225,145
2,976, 519
1, 750, 473
9, 479, 507 12,455, 22>)
13,029, 281 25, 484, 505
.1,185,185 24, 299, 321
321,871 23, 977, 451
1,014,069 22, 963. 382
613,674 22, 349, 707
1,098, 894 21, 250, 813
734,619 20, 516,194
872, 978 19, 643, 216
1,131,309 18, 511, 907
907,614 17, 604, 293
673, 205 15, 931, 088
745, 779 16,185, 310
615, 972 16, 801, 281
2, 685, 721 19, 487, 002
3, 051, 670 22, 538, 672
4, 514, 469 27, 053,141
1, 647, 752 28, 700, 893
5, 077, 650 33,778,543
2, 646, 070 36, 424, 613
740,127 37,164, 740
3, 274, 792 40, 439, 532
2, 527, 999 42, 967, 531
5, 993, 913 48, 951, 444

16,152 7, 987, 880

----

2, 475, 032

General
Fund
balance

47, 770, 082

53,282, 930

$158,142
240,404
1 137 520
1, 585,007
1, 251, 665
367, 702
649.678
272,106
370, 939
235, 411
217, 836
210,002
234, 057
265,527
326, 713
' 318, 607
471, 944
417,197
862. 206
2, 581,922
1,841,346
2, 681, 610
2, 553, 473
2, 215, 918
2, 838, 225
1, 890, 743
2, 633,174

1 Act of Mar. 4, 1923 (42 Stat. 1456, sec. 206 (b)), requiring division of net earnings was amended by act of
May 19, 1932 (47 Stat. 159, sec. 3). Act of Aug. 19, 1937 (50 Stat. 715, sec. 30), provides for franchise tax.
2 Deficit and decrease in italics.
» For explanation of accounts, see p. 406.
* Includes $4,842,056.45 written off the debt Dec. 31, 1920, on account of fractional currency estimated to
have been lost or destroyed in circulation.
5 Covers all expenditures of the Reconstruction Finance Corporation including payments against credits
established for the Reconstruction Finance Corporation through the purchase of its notes under sec. 9 of
the Reconstruction Finance Corporation Act.
NOTE.—Figures are rounded to nearest thousand and will not necessarily add to totals.
RECAPITULATION
[In thousands]
Retirements from—
Charges asainst ordinary receipts
Surplus of receipts
-

-

Total.-:
Increase in debt on account of—
Deficit in ordinary receipts.Increase in General Fund balance
• Total

-------

Netincrease-Gross debt:
June 30, 1915
June 30, 1941
Netincrease

----

$7,987,880
3,507,990
-

--

-----.-,

--------




.-.:

56,790,920
2,475,032
59,255,962

1--

.

$11,496,870
-

47,770,082
--

.---

----

1,191,362
48,961,444
-----1
-- 47,770,082

REPORT OF THE SECRETARY OF THE TREASURY

587

TAIBLE 34.— Transactions on account of the cumulative sinking fund, fiscal year 1941
[On basis of daily Treasury statements (revised), see p. 406]
Unexpended balance July 1, 1940
---Appropriation for 1941:
Initial credit:
(a) Under thei Victory Liberty Loan Act (2).^%
of the aggregate amount of Liberty bonds
and Victory notes outstanding on July 1,
1920, less an amount equal to the par
amount of any obligations of foreign
governments held by the United States
on July 1. 1920)
.J.
$253,404,864.87
(6) Under the Emergency Relief and Construction Act of 1932 (21/^% of the aggregate
amount of expenditures from appropriations made or authorized under this act)7,860,606.83
(c) Under the National Industrial Recovery
Act (2\i% of the' aggregate amount of
expenditures from appropriations, made
or authorized under this act)—- - . 80,392,263.27

$2,117,348,781.87

$341,657/734.97

Secondary credit (the interest which would have
been payable during the fiscal year for which the
appropriation is made on the bonds and notes
purchased, redeemed, or paid out of the sinking
fund during such year or in previous years)

244,171,053.99
685,828, 788.96

Total available, 1941

-

Securities retired in 1941:
SH% Treasury bonds of 1940-43

-------

2,703,177,67a 83

Par amount
$36,959, 600.00

Principal cost
$36,959,600.00

Unexpended balance June 30, 1941--

36,969,600.00
2,666,217,970.83

T A B L E 35.—Transactions on account of the cumulative sinking fund, fiscal years
1921 to 1941
[On basis of daily Treasury statements (revised), see p. 405 ]
Appropriation
available ^

Year
1921.
1922
1923
1924
1925.1925
1927
1928. —
1929
1930—
1931
1932
1933
1934
1936
1936...1937
1938.-..
1939.
1940
1941

-.---------

..

.

.

----:

:

."

---

Total

---

.

---•

D e b t retired
(par amount).

$256. 230, 010. 66
274,516,965.89
284, 156, 439. 19
294, 927, 023. 26
306, 656. 759. 52
321, 184. 577. 22
336. 890. 916; 27
355,081.401. 18
370. 241. 327. 02
382. 925. 558.19
392.1.52.205.17
410, 85a 121. 31
425.575.012.75
438. 540. 888. 81
573.183.651.62
5.53. 224. 372. 89
722, 550, 4.58. 86
1,196.526.189.72
1,712,184.276.95
2. 24.5. 64a 231. 87
2, 703,177, 570. 83

$261. 250. 250. 00
275. 896. 000. 00
284.018,80a00
295. 987. 3.50. 00
306. 308, 400. 00
317. 091. 75a 00
333. 528, 400. 00
3.54.741.3oaoa
370. 277,100. 00
388. 368, 950. 00
391, 66a ooa 00
412. 554, 760. 00
425. 6fi0. 300. 00
3.59. 491. 900. 00
573. 000, 000. 00
403. 34a 7.5a 00
103. 733. 650. 00
65. 232. 400. 00
48. 514. .50aOO
128.291.4.50.00
35,959, 600.00

8. 794,440,814. 70

6,135, 907, 600.00

Expended
(principal cost)
$254, 844, 576. 50
274,481 902.16
284.149,754.16.
294, 927,019. 67
306. 666. 736.01
321.184. 468. 20
336, 890, 832. 47
355, 080, 563.11
370.241,297 84
382. 925, 400. 49
392 1.52 187 50
410, 850. 073. 60'
425 569 628 44i
359,186,053 82'
673, 000, 000. 00
403, 340, 750. 00'
103, 733, 650. 00
65, 232, 400.0048. 514, 500.00
128. 291. 4.50. 00'
36,969, 600. Oa
6,128, 222,843.87

1 Unexpended balance each year included in appropriation available for next year, but excluded from total.
Unexpended balance $2,666,217,970.83 at end of 1941.




588

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 36.—Securities retirei through the cumulative sinking fund, par amount
and principal cost, to J u n e SO, 1941
[On basis of daily Treasury statements (revised), see p. 405]
Issue
Liberty bonds:
First 3H's
First 4's
First 4i<'s
First-second 43^'s
Second 4'S- -Second 4i<'s
Third 4^'s
Fourth 4^'s
Victory notes:
3Vs
43^'s
Treasury bon fis:
4.1/^% of 1947-52
4% of 1944-54 . . . r . . . .
3V% of 1946-56
33^% of 1943-47
33/^% of 1940-43
3W% of 1941-43
3VR% of 1946-49
3% of 1951-55
33^% of 1941
3K% of 194.3-45
3;^% of 1944-46
3% of 1946-48
31^% of 1949-52
. 21^% of 1955-60
.-.
234:% of 1945-47
Treasury notes:
5H% series B-1924
43.^% series A-1925..--:
43^% series B-1925
4H% scries C-i925
43.^% series A-1926
4}4% series B-1926
4H% series A-1927
434% series B-1927
3H% series A-1930-32..
33/^% series B-1930-32..
. 31^% series C-1930-32-.
3W% series 1932 ..3%series A-1934.
21/^% .series D-1935
314% series A-19.36
234:% series B-1936
2^/^% series C-1936
1H% series D-1936
1H% series E-1936
3K% series A-1937
3% series B-1937
.3% series C-1937..
2 ^ % series A-1938
2 ^ % series B-1938
3% series C-1938
2H% series D-1938
114% series E-1938
2H% series A-1939
13^% series B-1939
1H% series C-1939
13^% series D-1939
iys% series A-1940
1K% series B-1940
Total-




Par amount

Principal cost

$142, 090.650
1. 831, 600
123, 491.600
428. 800
670,900
374. 735, 400
1, 251.876. 000
1,043, 670, 550

$142,090. 650. 00
1.824.103.09
123,493.498. 13
428, 800. 00
671,196. 27
374. 988. 667. 88
1, 268, 640. 946. 97
1,043, 484,085. 28

106. 186, 900
610, 684,150

104. 542, 256. 28
604,759,347.07

103, 000,000
101, 000,000
11, 315, 900
113, 199, 900
1, 018. 300
9, 564. 200
26, 798. 000
60, 217.900
691, 284. 850
41. 989.300
359. 556.100
418. 764,000
7, 513,700
6, 940,000
18, 573.600
10, 555, ,1.00
25, 951, 900
1. 875. 900
7, 862, 800
57, 215,300
22. 473, 500
21, 562,900
15. 560,000
12. 500,000
3, 484,100
17, 001, 750
8, 919,000
11, 240,000
10, 366, 200
11, 353, 750
10, 744, 400
61. 543, 600
15, 569, 500

10, 000. 00
69, 100.00
7. 000. 00
38.169, 957. 24
72. 862.346. 05
48,487, 927:18
2,3ia 379.60
8, 517,873. 61
581, 378. 40
602. 614. 64
121. 15a 00
la 000. 00
000. 00
2, 050. 00
55. 950. 00
24,
103. 028,635. 62
101. 004.123. 53
11, 279,715. 38
113,196, 011.61
1,018, 300. 00
9,485, 492. 59
26, 880.711.16
60. 217.900. 00
687. 390,338. 29
41. 682.698. 99
358, 811,853. 00
418, 764,000. 00
7. 513,700. 00
5, 940,000. 00
18, 581.100. 00
10, 542,080. 01
25, 913.939., 07
1, 875.900. 00
7, 852,800. 00
57, 209,592.52
22.438. 520. 95
21, 562.900. 00
15,541, 747.20 •
12, 393,106. 26
3, 484.100. 00
17,001, 750. 00
8,919. 000. 00
11,240, 000.00
10, 355,200. 00
11, 353,750. 00
10, 744,400. 00
61, 543,600. 00
15, 669,600. 00

6,135, 907, 600

6,128, 222, 843. 87

10,000
69.100
7,000
,901,550
,972,250
, 353, 000
, 321, 500
,678. 300
589,900
609, 750
121,150
10, 000
2,000
55, 050
24, 950

589

REPORT OF THE SECRETARY OF THE TREAS'URY

Interest on the public debt
TABLE 37.—Interest on the public debt, payable, paid, and outstanding unpaid,.
fiscal year 1941
[On basis of daily T r e a s u r y s t a t e m e n t s (revised), see p . 405]
Outstanding
unpaid June
30, 1940

Issue

Pre-war b o n d s
Postal savings b o n d s - - - L i b e r t y b o n d s a n d Victory notes-_
Treasury bonds
-T r e a s u r y notes
Certificates of i n d e b t e d n e s s
T r e a s u r y (war) savings securities i
T r e a s u r y bills i
U n i t e d States savings b o n d s ^
Adjusted service b o n d s
Total
--1 A m o u n t s represent discount t r e a t e d

$322,037.82
133,708.95
6, 331, 334. 24
25, 001,098. 61
2,579,817.61
851, 694. 91
3, 393,850.00
31, 636, 814. 00
7 a 250. 356. 14
as interest.

D u e and payable
d u r i n g 1941

$2, 360,909. 35
2,938, 759. 00
18. 36
804. 361,499.16
160, 778, 55a 68
49,394,066.14
613, 253. 51
65,007, 745. 75
30, 308,158. 74
1,115, 763, 06a 58

P a y m e n t s during 1941

Outstanding
unpaid June
30, 1941

$2, 360, 040. 49
2, 931, 798. 00
314, 662. 95
803,033, 690. 99
160.914, 455.19
. 49,398, 145. 95
59, 495. 00
613, 253. 51
65,007, 745. 75
25, 571, 930.30
1.110, 205, 219.13

$322, 906. 68
140, 669. 95
6,016, 689. 65
26, 328, 906. 77
2,444,012.00
847, 615.10
3, 334, 355.00
36. 373.042. 44
75. 808,197. 69

TABLE 38.—Interest paid on the public debt, by issues, fis'cal years 1939 to 1941 ^
[On basis of w a r r a n t s issued, see p . 406]
E a t e of
interest

Issues

D e b t u n m a t u r e d as of J u n e 30 in t h e
respective year:
P a n a m a C a n a l loan of 1961
Conversion b o n d s of 1946-47-.*-.'Postal savings b o n d s
T r e a s u r y b o n d s of 1947-52
-T r e a s u r y b o n d s of 1944-54
T r e a s u r y b o n d s of 1946-56-T r e a s u r y b o n d s of 1943-47
T r e a s u r y b o n d s of 1941-43T r e a s u r y b o n d s of 1946-49_T - e a s u r y b o n d s of 1951-55.-T r e a s u r y b o n d s of 1941- - T r e a s u r y b o n d s of 1943-45
T r e a s u r y b o n d s of 1944-46
T r e a s u r y b o n d s of 1946-48
T r e a s u r y b o n d s of 1949-52
--T r e a s u r y b o n d s of 1955-60T r e a s u r y b o n d s of 1945-47
T r e a s u r y b o n d s of 1948-51-T r e a s u r y b o n d s of 1951-54
T r e a s u r y b o n d s of 1956-59
.-T r e a s u r y b o n d s of 1949-53
--T r e a s u r y b o n d s of 1945.
T r e a s u r y b o n d s of 1948
-. T r e a s u r y b o n d s of 1958-63
T r e a s u r y b o n d s of 1950-52
T r e a s u r y b o n d s of 1960-65
T r e a s u r v b o n d s of 1947.
T r e a s u r y b o n d s of 1948-50.
T r e a s u r y b o n d s of 1951-53
- --T r e a s u r y b o n d s of 1954-56
• T r e a s u r y bonds.of 1953-55
_ T r e a s u r y b o n d s of 1952-54
--.
T r e a s u r y b o n d s of 1956-58
U n i t e d States savings b o n d s
series A-1935-U n i t e d States savings b o n d s
series B-1936- U n i t e d States ' savings b o n d s
series C-1937-.
U n i t e d States savings b o n d s
series C-1938
U n i t e d States savings b o n d s
series D-1939
U n i t e d States savings b o n d s
scries D-1940
Adjusted service b o n d s of 1945—.
Adjusted service b o n d s , Governm e n t life insurance fund series,
1946—-:
T r e a s u r y notes at various interest rates
T r e a s u r y notes, old-age reserve
account s e r i e s . - .
--^F o o t n o t e s at e n d of t a b l e .
407631—42

39




Percent
3
3
2K
4^
4
3^
3J^
3

1^
3H
2%
2H
2H
2M
2%
2y,
2V,
2V2
2H
2'^

1939

$1, 491, 289. 00
865, 520. 25
2, 939,191. 25
32, 236, 294.15
41,492, 975.00
18, 313, 348. 73
15, 257, 650. 01
18, 413, 910. 93v
25, 590,809. 00
22, 550,864. 25
27,104,976.32
45, 420, 572. 08
49, 253, 059. 31
31, 08a 325. 25
15, 350, 975.04
74, 809, 855. 79
33, 335, 211. 86
33, 536, 728.07
44. 758, 379. 53
26,959,121.07
44,546,335.14
13, 493,098. 70
11,259,753.88
24, 891, 424. 75
2, 789, 49a 86
a 7,392, 774. 49
6, 944,782. 60

2
2U

r
^

1940

$1, 511, 757. 00
868, 225. 60
2, 935, 519. 25
32,151, 92a 75
41,133,362.00
18, 316, 808. 23
15, 204, 048. 35
18, 393,18a 55
25, 483,094 08
22, 599, 039. 00
27, 087, 925. 50
45, 458, 704. 01
49, 253, 510. 26
30, 944,856. 00
15,341,739.77
74. 885, 584.16
33,361,945.91
33, 640. 796. 30
.44.6)6,359.19
25', 989, 336. 37
44, 627, 409.88
13,498,841.23
' 11,268.714.62
25,174, 423. 57
29, 620, 397. 73
40,512,4.57.97
13,983,255.00
5, 779, 843.94
11, 712, 66a 26

2A
2A

1941

$1,493,824. 60
855, 495. 50
2,931,798.00
32,185, 554.10
41, 325,19a 00
18, 303, 762. 70
15,211,437.39
25, 498. 616. 04
22, 585, 773. 50
35, 722, 854 97
45, 483, 930. 34
49, 313, 249. 91
31, 081, 336. 50
15, 314, 443. 50
74, 909, 656. 76
33, 367, 470. 56
33, 629. 843. 48
44, 678, 654. 46
26, 94a 179.00
44, 472', 465. 34
13,485. 673.94
11,269, 23a 19
25,166„015. 95
29. 623, 894. 38
40,575,042.12
13,924,702.50
, 11, 401, 735.85
26,091,474.66
13, 407, 783. 74
9, 729, 880. Id
2 87.730. 41
2 44. U

3 2.9

4, 454,081. 60

4, 269,066. 25

4,101, 746. 50

3 2.9

8,436, 274. 60

8, 021, 893.09

7, 671,047. 25

3 2.9

11, 373, 653. 50

10, 740, 868. 75

10, 215, 359. 25

3 2.9

3, 707,070. 50

13, 325, 679. 25

12,642,158.25

5, 740, 404. 75

21,489,734.75

3,167, 685. 85

§,'262,187.69

8, 887, 689. 75
3,064,822.26
22, 607,108.04

3 2.9
!2.9
3

3

22, 607,108. 04

22, 507,108.04

104, 473, 886. 50

4J^

66,177,011.32

63,429,957.34

26, 951,054. 81

41, 312,803. 26

33,138, 641.10

590

REPORT OF' THE SECRETARY OF THE TREASURY

TABLE 38.—Interest paid on the public debt, by issues, fiscal years 1939 to 1941 ^—Con.
Issues
Debt unmatured as of June 30 in the
respective year—Continued.
• Treasury notes, Federal old-age
and survivors insurance trust
fund series
Treasurj'- notes, railroad retiirement accomit series
Treasury notes, civil service retirement fund series
Treasury notes, civil service retirement fund series
Treasury notes, foreign service retirement fund series
Treasury notes, Canal Zone retirement fund series.--.
Treasury notes, Alaska Railroad
retirement fund series
Treasury notes. Postal Savings
•
System, series
Treasury notes, Government life
insurance fund series
• 'Treasury notes, national service
' life insurance fund series
Treasury notes, Federal Deposit
• Insurance Corporation series
Treasury notes, Federal Savings
and Loan Insurance Corporation series-..
' - Certificates of indebtedness, adjusted service certificate fund^
series
•.
Treasury bills ^..-...
Debt matured as of June 30 in the respective year:
Old debt matured issued prior
to Apr. 1, 1917
Consols of 1930
First Liberty loan bonds
First Liberty loan bonds (converted)
First Liberty loan bonds (converted)
First Liberty loan bonds (second converted)
Second Liberty loan bonds
Second Liberty loan bonds (converted)
.
Third Liberty loan bonds
Fourth Liberty loan bonds
Victory Liberty loan notes
Victory Liberty loan notes War savings stamps
Treasury savings certificates
Panama Canal loan of 1916-36
Panama Canal loan of 1918-38
Treasury bonds of 1940-43
Treasury bonds of 1941-43
Treasury notes at various interest rates
Treasury notes, old-age reserve
account series
Treasury notes, civil service retirement fund series
Treasury notes, foreign service
retirement fund series
Treasury notes. Canal Zone retirement fund series
.
Treasury notes, Alaska Railroad
retirement fund series
-..
Treasury notes. Postal Savings
System series
Treasury certificates
Certificates of indebtedness, at
various interest rates
Certificates of indebtedness, unemployment trust fund seriesCertificates of indebtedness, adjusted service certificate fund
series
Treasury bills •*--Total
'

Rate of
interest

1941

1940

Percent
• 2H

$1,176,024. 59

$14,872, 637.02

$2, 201,876. 72

2, 282, 616. 39

2,633.867.53

16, 947, 791. 77

19, 629, 508.18

21, 702, 663.01

. 246.90

14,361.04

121, 759.01

126,117.49

163,789.04

159,002.86

166,675.09

126; 032. 44

21,089.87

29,500. 87

35,936.98

893,763. 60

2,013,290. 76

1,939,374.04

283,194. 62

126,174.86

229,990.44

2,074,606.10

978,852.46

1,441, 678.98

16,425.35

4,262.72
34,630.14
32,980. 62

2

3M

19,781.42
122, 698. 37

7,578.08
356,884. 32

1,277. 26
193. 00
74,116. 65

1, 317.17
242. 00
63,606.16

155. 64
55. 75
61, 693.11

1,480. 69

2, 660. 38

30, 211.16

3, 226. 48

4M

23,647.67

4K

4

279. 44
6,117.00

"15.94
4,883. 62

614.13
4,630.00

4^
4>i
4M

9, 718. 55
28, 971. 82
356,357.92

12,186.93
29,178. 60
252,897.99

3,762. 26
72, 761.41
1,000.00
^ 80.00

4,671.12
61,893.89
100.00
1.20

11,919,118.43

11,928,627.88

5,488.93
19, 702. 57
204,861.15
12.45
1,752. 66
59,045.00
450.00
134. 00
375.10
833, 782.08
18, 636,031.49

33, 667,726.12

30,106,417.97

1,368,328.76

1,935, 245.91

19,573.71

26, 216.07

23,087.35

4, 566. 38

86,779.85

14,337.02
13.00

2
2

3H

19,745,978. 64
7,947,000.00
3,446,586. 30

2.080. 00
356. 50

383.00

6,791.84

3,601.02

4.081. 73

2K

26,836, 602.17

37,726, 798.84

48,962,'649. 64

4

987,879. 46
281, 622. 07
94a 958,138. 78

747, 617.81273, 385.04

433,923. 50
266,369.19
1,110, 205, 219.13

1,041,448,261.64

1 F o r details for t h e fiscal years 1918 to 1929, see a n n u a l report for 1929, p . 503; a n d for later years, similar
tables in s u b s e q u e n t reports.
2 D e d u c t excess of credits, collection of interest accruals, a n d counter: >w a r r a n t a d j u s t m e n t s .
\ discount basis.
• A p p r o x i m a t e yield if held to m a t u r i t y .
^ Sold on a c




•REPOBT OF T H E SECRETARY

OF T H E

TREASURY

591

T A B L E 39.— Amount: of interest-bearing debt outstanding, the computed annual
interest charge, and the computed rate of interest, for the fiscal years 1916 to 1941i
and by months from J u l y 1940 to J u n e 1941 ^
[On basis of d a i l y T r e a s u r y s t a t e m e n t s (revised), see p . 406]

Year and month

Y e a r ended J u n e 30—
1916•1917
_-......
19181919
.
1920
1921-..'......
1922....
19231924
:
19251926
1927
1928-1929
L
1930
1931
1932
1933
1934
;
_
1935
1
1936
1937—..
19381939
_..
1940
1941
M o n t h ended—
1940--July
Augu.st
. September.
October
NovemberDecember.
1941—January...
February..
March
April
May
June

Interest-bearing
debt 2

C o m p u t e d ann u a l interest
charge

Computed
rate of
interest

$971, 562, 690
2, 712, 549,476
11, 985, 882,435
25, 234, 496, 273
24,061, 095,361
23, 737, 352,080
22,711, 035, 687
22, 007, 590, 764
20, 981, 586,429
20,21 a 906, 251
19,383, 770i 860
18, 260, 943, 965
17, 317, 695, 096
16, 638, 941,379
16, 921, 892, 350
16, 519, 588, 640
19,161, 273, 540
22,157, 643,120
26,480, 487,920
27, 645, 229,825
32, 755, 631,770
35,802, 686,915
36, 578, 684,982
39,891, 844,494
42,380, 009, 305
48,404, 879,488

$23, 084,635
83, 625,482
468, 518, 644
1, 054,204, 509
1,016, 692, 219
1,029, 917,903
962, 896, 635
927, 331,341
876, 960, 673
829, 680,044
793, 423,952
722, 675, 653
671, 353,112
666, 654,311
606, 031,831
588, 987.438
671, 604; 676
•742, 175, 955
842, 301,133
750, 677,802
838. 002,063
924, 347,089
947, 164,071
1,037, 107,765
1,094. 721, 802
1, 218,693,931

Percent
2.376
3.120
3.910
4.178.
4. 225
4.339
4.240
4. 214
4.180
4.105
4.093
3.960
3. 877
3,946
'3.807
3.566
3. 505
3.350
3.181
2.716
2. 659
2.682
2.589
2.600
2. 683
2.618

43,190, 425, 524
43, 32a 109,105
43,482, 408,445
43, 663, 458,401
43, 711, 378,410
44,471, 127,091
45,333, 806, 281
45, 562, 631, 753
46, 583, 389,171
46, 679, 193, 749
47,176, 441, 205
48,404. 879,488

1,114, 987, 258
1,118, 2ia 887
1,122, 060, 918
1,127, 589.059
1,131, 288,656
1,141, 157,162
1,152, 185,919
1,158, 400,847
1,178, 161,821
1,181, 347,468
1,194 463,906
1, 218,693,931

2. 682
2.681
2.680
2.688
2.688
2.566
2.542
2.542
2.529
2. 631
2.632
2.518

1 F o r m o n t h l y d a t a back to J u n e 30, 1916, see a n n u a l reports for 1929, p . 609; for 1936, p . 442; a n d corresponding tables in sub.sequent reports.
» T h e interest-bearing d e b t includes discount on T r e a s u r y bills from J u n e 30, 1930, t h e a m o u n t being
d e d u c t e d from t h e interest-bearing d e b t JDrior to calculating t h e average interest r a t e .




592

REPOKT OF T H E SECRETARY OF T H E TREASURY

r*^
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IH

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rt.M • c ^
^ rt QJ

^, « S

fl^
. ^iJcOCM
rtOS

CM

gCMCM
O

w

H o m e Owners' Loan Corporation,
a c t of J u n e 13, 1933, as a m e n d e d :
3 % b o n d s , series A, 1944-62
2 K % b o n d s , series G, 1942-44
VA% b o n d s , series M , 1945-47...

.....do.
.—do.
....do.

(20)
(20)
(20)

M a y l , 1 9 3 4 . . . M a y l , 1 9 4 4 - . . M a y l , 1952..
J u l y l , 1935--_ J u l y l , 1 9 4 2 - . . J u l y l , 1944..
J u n e l , 1 9 3 9 . . - J u n e 1, 1 9 4 5 . . . J u n e l , 1947..

M a y 1, N o v . 1 . .
J a n . 1, J u l y 1
J u n e 1, D e c . 1 . . .

778,578,200.00 1,195,701.84
101,441.87
876, 438, 625. 00
754, 904, 025. 00
118, 303. 22

779.773,901.84
875, 640, 066.87
755,022, 328. 22

1,415,446.93

2,410,336.296.93

2,408,920.850.00
Reconstruction Finance Corporation,
act of J a n . 22, 1932, as a m e n d e d :
^ 8 % notes, series N
y^Jo notes, series P - 1
J^% notes, series R - 1% notes, series S
^ % notes, series U . l l i J o notes, series V -

Tennes.see Valley A u t h o r i t y , a c t of
M a y 18, 1933, as a m e n d e d .
' U . S. H o u s i n g A u t h o r i t y , a c t of
Sept. 1. 1937, as a m e n d e d :
V/i,% notes, series B , 1944
14% n o t e s , series E , 1941..

(21)
(21)
(21)
(21)
(22)
(22)

.Tuly 20, 19.38N o v . 1, 1938.F e b . 15. 1939N o v . 10, 1939.
A p r . 17, 1941do

J u l y 20, 1941.
N o v . 1, 194L.
J a n . 15, 1942J u l y 1, 1942- Oct. 15, 1942J u l y 15, 1943-

J a n . 20, J u l y 20-.
M a y 1, N o v . 1J a n . 16, J u l y 15-Jan." 1, J u l y I L . A p r . 15, Oct. 16J a n . i 6 , J u l y 16--

M

(0
Principal a n d
interest.
.- — do

211,460.000.00
299, 739. 000. 00
310. 090. 000. 00
275,868. 000. 00
319,895.000.00
324.397,000.00

368.64
6, 284. 57
508. 71
1,358. 65

211,460,358.64
299, 745, 284. 67
310, 090. 608. 71
275, 869.358. 55
319,895,000.00
324, 397, 000.00

3 1,741,449,000.00

-do.
-do-do-do-do.do-

8,510.47

1,741,457,610.47

O

(')
(23)

F e b . 1, 1939-.

F e b . 1, 1944..

F e b . 1, A u g . 1 -

114,157,000. 00

1,815. 06

114,168.816.05

(23)

N o v . 1, 1940-.

N o v . 1, 1941..

M a y 1, N o v . 1.

112.099,000.00

435. 00

112, 099, 435. 00

2, 250. 05

226, 258, 250. 05

6, 369,619,105. 28 2,710,980.20

6.362,330,085. 48

8 226, 256, 000. 00
United States Maritime Commission, a c t of J u n e 29, 1936, as
amended.
Total unmatured obligations...

O

-O

>

(J)

o

M A T U R E D OBLIGATIONS

F e d e r a l F a r m M o r t g a g e Corporation, a c t of J a n . 31, 1934, as
amended:
1M% b o n d s of 1939
Federal Housing A d m i n i s t r a t i o n , a c t
of J u n e 27, 1934, a s a m e n d e d :
M u t u a l m o r t g a g e i n s u r a n c e fund:
2 K % d e b e n t u r e s , series B —
fourth called.

142, 200.00

245. 26

142,445.25

>
d

Ul
26, 600.00

351. 76

25,961.76

F o o t n o t e s at e n d of t a b l e .




Ox
CO

TABLE 40.—Contingent liabilities of the United States, June SO, 1941—Continued
Extent of
guaranty by
the United
States

Title and authorizing act

Ot
CO

.Amount
Tax
exemptions

Date of issue

Redeemable
(on and after)

Payable

Interest
payable

Principal

Matured
interest ^

Total

GUARANTEED BY THE UNITED
STATES—Continued

H.

MATURED OBLIGATIONS—continued

O
td

Home Owners' Loan Corporation:
Act of June 13, 1933:
4% bonds of 1933-51
Act of June 13, 1933, as amended:
2M% bonds, series B, 1939-49
2% bonds, series F , 1938
1M% bonds, series F, 1939
%% bonds, series K, 1940
%% bonds, series L, 1941

^

-

^

$12,980.00

361, 046.84
3, 620. 00
687. 78
140.24
4, 257.98

8,821.921. 84
69. 520. 00
36,.937. 78
444, 540. 24
1, 392, 957.98

382, 632. 84

10, 778, 857.84

Ul

1 10. 664, 025. 00 383, 229. 85

10,947,254.85

ow

$8,460,875.00
66, 000. 00
36, 250. 00
444, 400. 00
1,388, 700.00

•

.8 10,396,225.00

Total
Total matured obligations.

6, 370,183,130. 28 3, 094, 210. 05 6, 373. 277,340. 33

Total, based on giiarantees-

o:
td

Tennessee Valley Authority, act of
May 18, 1933, as amended:
23^% bonds, series A
23^% bonds, series B

(") "

Date of deposit.

•

On.demand...

(24)

Sept. 1, 1938—

(")

June 15,1939..

Sept. 1, 1943, Mar. 1, Sept. 1..
and 1945.
June 15, 1969, June 16, Dec. 15.
1960, and 1961.

2
1, 309,446,890.55 37, 317, 365.13 1 1, 346,764, 255.68

(10)

(13)

3, 000, 000.00

3,000,000.00

5, 300, 000.00

5, 300, 000.00
8, 300, 000. 00

« 8, 300, 000.00
4
1, 317, 746,890.55 37,317,365.13

Total, based on credit of the
. . United States.

1,366,064,266.68

OTHER OBLIGATIONS




•

^o

(»)

.._.

Federal Reserve notes (face amount),
; act of Dec. 23,-1913, as amended. ^

^
>

O N CREDIT OF THE UNITED STATES

Secretary of Agriculture, act of May
12, 1933.
Postal Savings .System (act of June
25, 1910, as amended), funds due
depositors at 2% interest. •

•

$12,980.00

(15)

1 6,714,688,346.64
6

'

>.
d
Ul

i !P^unds have been deposited with the Treasurer of the United States for payment of outstanding matured principal and interest obligations guaranteed by the United States.
2 Does not include $65,000,000 face amount of }4% interim .notes, second series due Sept. 12, 1941, and $75,000,000 face amount of 3^% interim notes, third series due Oct. 28, 1941,
held by the Treasury and reflected in the public debt.
3 Does not include $19,916,260 face amount of H% notes, series Q-2 due Jan. 1,1942, held by the Treasury and reflected in the public debt.
1 Under sec. 15c of the Tennessee Valley Authority Act of 1933, as amended by the act Of July 26, 1939, the Tennessee Valley Authority is authorized to issue bonds not to exceed
in the aggregate $61,500,000, having a maturity of not more than 50 years from the date of issue, and bearing interest not to exceed 3H percent per annum. Such bonds shall be fully .
and unconditionally guaranteed both as to principal and interest by the United States.
5 The following bonds having an acgreaate face amount of $56,772,500 issued under the Tennessee Valley Authority Act of 1933, as amended, are held by the Treasury and reflected
in the public debi; under sec. 15a, 2H% bonds, series A, due Dec. 15,1948, $272,500; under sec. 15c, 1%% bonds of 1943-51, $10,000,000; 2)4% bonds of 1947-57, $15,000,000; 2 ^ % bonds of
^
1951-63, $15,000,000; 2.^% bonds of 1955-69, $16,500,000.
H
6 Does not include .$85,000,000 face amount of ]4% notes, series G due Dec. 31, 1941, held by the Treasury aud reflected in the public debt.
"^
7 Debentures authorized to be issued by the U. S. Maritime Commission under the Merchant Marine Act, 1935, as amended, shall be fully and unconditionally guaranteed as to
^
principal and interest by the United States.
•
^
8 Does not include $59,450 face amount of bonds in transit for redemption on June 30, 1941.
"^
B The Secretary of Agriculture is authorized pursuant to act of May 12, 1933, to borrow money upon all cotton in his possession or control and deposit as collateral for such loans
^
warehouse receipts for such cotton,
•^
10 The faith of the United States is solemnly pledged to the payment of the deposits made in postal savings depository offices, with accrued interest thereon.
1' Interest paj'^able quarterly from 1st day of month next following the date of deposit.
13
1 Offset by cash in designated depository banks amounting to $29,961,042.95, which is secured by the pledge of collateral, as provided in the regulations of the Postal Savings
2
M
System, having a face value of .$28,529,500; cash in possession of the System amounting to .$68,086,945.07; Government and Government-guaranteed securities with a face value of
•
$1,246,124,740, and other assets. The postal savings deposits shown on the June 30, 1941, Public Debt Statement are as of Mar. 31, 1941.
1 Bonds issued on the credit of the United States.
3
'
U).
1 Held by the Reconstruction Finance Corporation.
*
^
i« Federal Reserve notes are obligations of the United States and shall be receivable by all national and member banks and Federal Reserve Banks and for all taxes, customs,
Q
and other public dues. They are redeemable in lawful money on demand at the Treasury Department, in the city of Washington, District of Columbia, or at any Federal Reserve
?d
Bank.
.
H
1 In actual circulation, exclusive of $8,879,203.36 redemption fund deposited in the Treasury and $277,953,075 of their own Federal Reserve notes held by the issuing banks. The
8
H
collateral security for Federal Reserve notes issued consists of $7,108,000,000 in gold certificates and in credits with the Treasurer of the United States payable in gold certificates, and
>•
$1,498,000 face amount of commercial paper.
'^
1 Bonds and the income derived therefrom exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes).
7
H
1 The National Housing Act as amended by the National Housing .A.ct Amendments of 1938, approved Feb. 3, 1938, reads in part as follows: "Such debentures as are issued in
8
exchange for property covered by mortgages insured under sec. 203 or sec. 207 prior to the date of enactment of the NTational Housing Act Amendments of 1938 shall be subject only
Q
to such Federal, State, and local taxes as the mortgages in exchange for which they are issued would be subject to in the hands of the holder of the debentures. * * * Such deben^
tures as are issued in exchange for property covered by mortgages insured after the date of enactment of the National Housing Act Amendments of 1933 shall be exempt, both as to
^
principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or posses3
sion thereof, or by any State, county, municipality, or local taxing authority." Under the Public Debt Act of 1941 interest upon and gain from the sale of debentures shall have no '
g
exemption under Federal tax acts now or hereafter enacted, except such debentures as may be issued on contracts entered into prior to Mar. 1, 1941.
^
1 With reference to the debentures issued prior to Mar. 1, 1941, in the name of the housing insurance fund, the National Housing .\ct Amendments of 1938, approved Feb. 3,
8
•_-,
1938, states that "Such debentures as are issued in exchange for mortgages insured after the date of enactment of the N'ational Housing Act Amendments of 1938 shall be exempt, both
Ld
QO i-n principal and T T f o r o c f
r n m all a v o f - i n n
a - v n a r t i o n r ' t o v a c estate, i r t V i a r i i - a r t n a Qr>/-1 rr! f f taxes) now or hereafter imr-vocQ/-? by h a United States, by a n \ T Territory,
lfir»onrlDnr>\7 r\r
^V
as to r\r^^nn^•nc^^ cm./-l iinterest, ffrom <all ftaxation f(except- surtaxes, a d - a i - a inheritance, and gift ^CIVQC>> -nrwrr rvr> h a r a o t i - a r ' imposed K T T fthe T T r » ! f Q r l Q f o f o o K T T any T ' o r r i f n v T T rdependency, or
H
possession thereof, or by any State, county, municipality, or local taxing authority." Under the Public Debt Act of 1941 interest upon and gain from the sale of debentures shall have
^
no exemption under Federal tax acts now or hereafter enacted, except such debentures as may be issued on contracts entered into prior to Mar. 1, 1941.
^
' 2 Exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any District,
0
c\
Territory, dependency, or possession thereof, or by any State, county, mimicipality, or local taxing authority.
pj
21 Exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any TerriKJ
tory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
22 Income derived from these securities is subject to all Federal taxes, now or hereafter imposed. The securities are subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but are exempt from all taxation now or hereafter, imposed on the principal or interest thereof by any Territory, dependency, or" possession of the United States, or
by any State, county, municipality, or local taxing authority.
23 Exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or by any State,
county, municipality, or local taxing authority.
24 Bonds which have been issued by the Tennessee Valley Authority on the credit of the United States as provided in sec. 15 of the Tennessee Valley Authority Act of 1933, as
Cni .
amended, have all the rights and privileges accorded by law to Panama Canal bonds authorized by sec. 8 of the act of June 28,1902, ch. 1302, as amended by the act of Dec. 21, 1905
cO
(ch. 3, sec. 1, 34 Stat. 5), as now compiled in sec. 743 of title 31 of the U.-S. Code.
Cn




TABLE 41.—Contingent liabilities of the United States as of June 30, 1934 lo 1941

Ox
CO

F a c e a m o u n t of c o n t i n g e n t liability
Agency

Obligation
J u n e 30,1934

J u n e 30,1935

J u n e 30,1936

J u n e 30,1937

J u n e 30,1938

J u n e 30,1939

J u n e 30,1940

J u n e 30,1941

G U A R A N T E E D BY THE U N I T E D
STATES

C o m m o d i t y C r e d i t Corporation.
Federal F a r m M o r t g a g e Corporation.
Federal Housing Administration:
M u t u a l mortgage insurance
fund.
H o u s i n g insurance fund
H o m e O w n e r s ' L o a n Corporation.
R e c o n s t r u c t i o n F i n a n c e Corporation.
U . S. H o u s i n g A u t h o r i t y
T o t a l , based o n g u a r a n tees.
ON

O
Notes
Bonds

$206,174,000.00 $206,174, 000. 00 $405, 794, 000. 00 $696,252,000.00

--

$311, 634, 200. 00 $1,226,699,400.00 $1,422,185,100.00 $1,422,190,900. 00 1, 409, 759,900. 00 1, 379,409, 900. 00 1-, 269, 387,900. 001, 269, 387, 900. 00

•=1

90, 366.19

Debentures

683,459. 76

2, 634, 398. 67

6, 477,106. 28

8, 049, 366. 28

do
Bonds—-

2, 023, 850. 00 ' 9,304,000.00
134, 318, 950. 00 2, 647, 313, 525. 00 3. 044, 218,475. 00 2, 987, 078, 600. 00 2,937,169,125. 00 2,927, 948, 600. 00 2, 603, 359, 700. 00 2, 408, 920,850. 00

Notes

234, 814, 666. 67

249, 771, 665. 67

251, 629, 656. 67

255,234,666.67

298, 872, 665. 67

819, 689, 000. 00 1, 096, 357, 000. 00 1, 741,449, 000. 00
114,157,000.00

. . . do

114,157, 000.00

T e n n e s s e e Valley A u t h o r i t y
T o t a l , based on credit of
the United States.

680,767,816.57 4,122, 684, 691. 674, 718, 033, 241. 67 4, 664, 594, 632. 85 4, 852, 659,151. 43 6, 450, 012, 898. 67 5, 497, 656, 555! 286, 359, 619,105. 28

>

58,486, 654. 00 45; 000, 000. 00
Notes
F u n d s d u e 1,197, 986, 761. 90 1, 204, 932, 325. 60 1, 231, 746, 569. 50 1, 267, 749, 526. 20 1, 261, 876, 391. 90 1, 262, 369, 779. 20 1, 293, 604, 240. 90 11,309,446,890.56
depositors.
'8,300,000.00
8, 300, 000. 00
Bonds
8, 300, 000. 00
1, 256, 473,415. 90 1, 249, 932, 325. 60 1, 231, 746, 669. 50 1, 267, 749, 626. 20 1, 251,875, 391. 90 1. '270, 669, 779. 201, 301,804, 240. 90 1,317,746,890.65
Ul
F e d e r a l R e - 3, 325, 255, 033. 00 3, 234, 959,135. 00 4,021,632,607.00 4,195,006,553.25 4,139,147, 770.18 4, 502, 272, 695. 67 5,188,054, 343. 865, 714,688, 346. 64
serve notes.

1 Amount shown is as of June 30,1941; the amount shown on the June 30,1941, Public Debt Statement is as of Mar. 31, 1941.
NOTE.—These amounts do not include any outstanding matured principal and interest obligations guaranteed by the United States for which funds have been deposited with the
Treasurer of the United States for their payment, and do not include guaranteed obligations owned by the Treasury.




O

O

OTHER O B L I G A T I O N S

Federal Reserve System

i

226, 256, 000. 00

CREDIT OF THE UNITED
STATES

Secretary of Agriculture
P o s t a l Savings S y s t e m

o

d

597

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 42.— Average yield on long-term-, partially tax-exempt United States Governinent bonds, by months, J a n u a r y 1919 to J u n e 1941 ^
[Averages of daily figures. P e r c e n t per a n n u m ]

Year
1919-.
1920--.
1921...
1922-.
1923--1924--1925-1925—
1927-.1928-1929—
1930-1931-193219331934..1935--1936.-.
1937..1938-1939-.
1940-.
1941

Jan.

Feb.

4.63
4.70
5.05
4.93
5.285.23
4.50
4.46
4.32
4.33
4.30
4.28
3.95
3.96
3.77
3.71
3.48
3.51
3.19
3.18
3.52
3.62
3.43
3.41
3.20
3.30
4.11
4.26
3.31
3.22
3.32
3.50
2.79
2.88
2.80 • 2.77
2.47
2.46
2.65
2.64
2.47
2.44
2.32
2.30
L99
2.10

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

4.73
5.09
5.27
4.41
4.38
4.28
3.96
3.71
3.37
3.17
3.74
3.29
3.27
3.92
3.42
3.20
2.77
2.71
2.60
2.64
2.34
2.26
2.01

4.72
5.28
5.24
4.28
4.39
4.23
3.93
3.70
3.35
3.20
3.64
3.37
3.26
3.68
3.42
3.11
2.74
2.68
2.80
2.62
2.30
2.25
L96

4.67
6.58
5.26
4.26
4.37
4.16
3.87
3.67
3.31
3.24
3.64
3.31
3.16
3.76
3.30
3.02
2.72
2.66
2.76
2.51
2.17
2.38
L92

4.69
5.64
5.27
4.24
4.34
3.98
3.79
3.67
3.34
3.29
3.59
3.25
3.13
3.76
3.21
2.98
2.72
2.66
2.76
2.52
2.13
2.39
,L91

4.72
6.67
5.26
4.14
4.34
3.94
3.79
3.68
3.36
3.42
3.54
3.25
3.15
3.58
3.20
2.92
2.69
2.65
2.72
2.52
2.16
2.28

4.78
6.67
6.22
4.12
4.36
3.91
3.85
3.70
3.32
3.48
3.71
3.26
3.18
3.45
3.21
3.03
2.76
2.61
2.72
2.51
2.21
2.25

4.73
6.43
5.12
4.19
4.36
3.92
3.85
3.70
3.30
3.46
3.70
3.24
3.25
3.42
3.19
3.20
2.85
2.60
2.77
2.68
2.65
2.18

4.71
6.08
4.83
4.30
4.40
3.87
3.82
3.68
3.29
3.47
3.61
3.21
3.63
3.43
3.22
3.10
2.85
2.62
2.76
2.48
2.60
2.10

4.81
6.21
4.64
4.33
4.37
3.90
3.79
3.62
3.23
3.38
3.35
3.19
3.63
3.45
3.46
3.07
2.83
2.63
2.71
2.50
2.46
L97

4.90
5.40
4.47
4.32
4.35
3.96
3.80
3.56
3.17
3.45
3.36
3.22
3.93
3.35
3.53
3.01
2.83
2.51
2.67
2.49
2.35
L89

Average
4.73
5.32
5.09
4.30
4.36
4.06
3.86
3.68
3.34
3.33
3.60
3.29
3.34
3.68
3.31
3.12
2.79
2.65
2.68
2.56
2.36
2.21

1 F r o m J a n . 1, 1919, t h r o u g h Oct. 14, 1925, yields are based on all o u t s t a n d i n g partially tax-exempt Gove r n m e n t ' b o n d s with 8 or more years to earliest call date; from J u l y 17,1928, yields are based on all o u t s t a n d i n g
partially tax-exempt G o v e r n m e n t b o n d s w i t h 12 or more years to earliest call d a t e ; for the period from
Oct. 15, 1925, t h r o u g h J u l y 15, 1928, there were n o b o n d s w i t h more t h a n 8 b u t less t h a n 12 years to earliest
call d a t e . D u r i n g t h e period J a n . 1, 1919, t h r o u g h Oct. 14, 1926, the average included certain L i b e r t y loan
issues, whereas after Oct. 14, 1925, it included only T r e a s u r y b o n d s . For b o n d s selling above par a n d callable at par before m a t u r i t y , t h e yields are c o m p u t e d on t h e basis of r e d e m p t i o n at first call d a t e ; while for
b o n d s selling below par, yields are c o m p u t e d to m a t u r i t y . M o n t h l y averages are averages of daily figures.
E a c h daily figure is an u n w e i g h t e d average of t h e yields of t h e issues used based on t h e d a y ' s closing price
on t h e N e w Y o r k Stock Exchange, except t h a t on d a y s w h e n an issue did not sell the m e a n of closing b i d
a n d ask q u o t a t i o n s on t h e N e w Y o r k Stock Exchange was used. T h e t a b l e below shows t h e issues of
G o v e r n m e n t b o n d s which were included in the above averages.

Issue

F i r s t L i b e r t y loan converted 43^% of 1932-47
Second L i b e r t y loan converted 4M% of 1927-42..
T h i r d L i b e r t y loan 43^% of 1928
F o u r t h L i b e r t y loan 43^% of 1933-38
T r e a s u r y bonds:
• 1947-52, 43i%
1944-54, 4 %
1946-56,3^%.
_
1943-47, 3 H %
—1946-49,33^%
:
o
1951-55, 3 %
----.
1949-52,
1955-60, 2li,%..
1951-54, 2 % % . .
1956-59, 2'M%..
1949-53, 23^%..
1958-63, 234%..
1960-65, 2 V A % . .

1954-56, 23^%..
1953-66. 2 % . . . .




D a t e b o n d is
first included
in average

D a t e b o n d is
first excluded
from average

Jan.

June
Nov.
Sept.
Oct.

16,1924
15,1919
15,1920
16,1925

Oct.
Dec.
Mar.
June
June
Sept.
Dec.

15,1935
15,1932
15,1934
15,1931
15,1934
15.1939
16,1937

1,1919
dododo-.

Nov.
Dec.
Mar.
July
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
June
Dec.
July
Oct.

1,1922
15,1924
15.1926
12.1927
15,1931
15,1931
15.1934
15.1935
16.1936
16,1936
15.1936
15,1938
15,1938
22,1940
7,1940

J u n e 15,1939"
Dec."i5,'i937

J u n e 15,1941

Ox
CD

TABLE 43.—Prices and yields of Treasury bonds and notes and of securities guaranteed by the United States
[Decimals except in yield c o l u m n are t h i r t y - s e c o n d s ] .
Price range since d a t e of issue i
Amount
D a t e of issue o u t s t a n d i n g
(millions)

Issue

High
Price.

T R E A S U R Y B O N D S AND

Treasury bonds:
3 3 ^ % - A u g . 1.1941
3 H % — J i u i e 15, 1943-47
33^%—Oct. 15, 1943-45
33i%—Apr. 15, 1944^6
4%—Dec. 16, 1944-64
2M%—Sept. 15, 1945-47
2 3 ^ % - D e c . 15, 1945
334%—Mar. 15, 1946-56
3%—June 16, 1946-48
33^%—June 16, 1946^9
43^%—Oct. 15, 1947-62
2%—Dec. 15, 1947-2 % - M a r . 16, 1948-60 3
2^4%—Mar. 15, 1948-61
23^%—Sept. 15, 1 9 4 8 - - . .
2%—Dec. 15, 1948-50-33^%—Dec. 16, 1949-62
23^%—Dec. 15, 1949-53
23^%—Sept. 16, 1950-52
2 ^ % — J u n e 16, 1961-64
3%—Sept. 15, 1951-55
23^%—Dec. 15, 1951-63
23^%—Mar. 15, 1952-54 3
2%—June 15, 1963-55
2 3 € % - J u n e 16, 1954-56
2>g%—Mar. 15, 1955-60
23^%—Mar. 15, 1956-58 3
2M%—Sept. 16, 1956-59---.
2 M % - J u n e 15, 1958-63
2M%—Dec. 15,1960-65
T r e a s u r y notes:
VA% C—Dec. 15,1941
1M% A — M a r . 16, 1942
2% B—Sept. 15, 1942
VA% C—Dec. 15, 1942
% % D — M a r . 15,19433




Date

Price

Yield, 2
J u n e 30,
1941

•nd
O

Date

SI

NOTES

•
.
-:-

»

-

Price,!
J u n e 30,
1941

Low

•-_....

-----1
-.

O
Aug.
June
Oct.
Apr.
Dec.
Sept.
Dec.
Mar.
June
June
Oct.
Dec.
Mar.
Mar.
Mar.
Dec.
Dec.
Dec.
Sept.
June
Sept.
Dec.
Mar.
Oct.
July
Mar.
June
Sept.
June
Dec.

15,1933
15,1927
15.1933
16.1934
15,1924
16.1935
15.1937
15,1926
15.1934
15,1931
15,1922
15.1938
15,1941
16.1935
15,1938
8.1939
15.1934
15.1936
15.1938
15.1935
15,1931
22.1939
31.1941
7.1940
22,194.0
15.1935
2.1941
15.1936
15,1938
15,1938

$47
454
1,401
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
451
571
491
1,786
1,186
1,627
755
1,118
1,024
725
681
2,611
1,448
982
919
1,485

Dec.
June
Sept.
Dec.
Mar.

15.1936
15.1937
15,1937
15.1937
15,1941

204
426
342
232
66

109.24 N o v . 19,1936
111.14 J u n e 5,1939
111.07 J u n e 6,1939
111.26 J u n e 7,1939
116.19 J u n e 22.1939
110.12 Dec. 12.1940
109.24 Dec. 14,1940
116.14 Dec. 14,1940
112. 28 Dec. 16,1940
113.19 Dec. 14,1940
122.22 Dec. 14,1940
•107.20 Dec. 12.1940
103.10 J u n e 25.1941
111.18 Dec. 12,1940
111.01 Dec. 12,1940
107. 00 Dec. 12,1940
115.04 Dec. 12,1940
108. 28 Dec. 10.1940
108.30 Dec. 10,1940
110.24 Dec. 30,1940
113.24 Dec. 30.1940
106.24 J u n e 26,1941
105.12 J u n e 26.1941
105.01 J u n e 25,1941
106. 31 J u n e 26,1941
111.30 Dec. 12.1940
104.02 J u n e 26.1941
111.06 Dec. 30.1940
111.07 J u n e 26.1941
111.23 J u n e 26,1941
103.06
104.18
105. 28
105.03
101.04'

J u n e 5,1939
M a y 18,1939
A p r . 6,1939
J u n e 24,1939
J u n e 25,1941

97.29
87.20
97. 29
99.30
94.06
99.27
101.31
89.18
97.28
83.05
98.18
99.14
100. 22
99.10
100.30
101.10
101.07
96.19
99.16
98.16
82.08
101.08
101.04
101.19
102.02
98.30
102.24
98.10
99.15
99.14

Jan,
Jan.
Jan.
Sept.
Jan.
Sept.
Dec.
Jan.
Sept.
Jan.
Oct.
Sept.
Feb.
Apr.
Apr.
May
Dec.
Apr.
Sept.
Apr.
Jan.
May
Mar.
Feb.
July
Sept.
May
Apr.
Sept.
Sept.

10,1934
11,1932
10,1934
17.1934
11,19.32
17.1935
15,1937
12,1932
17,1934
11,1932
8,1923
25,1939
25,1941
1,1937
2,1938
24,1940
15.1934
8,1937
25.1939
1,1937
11,1932
24.1940
20.1941
15,1941
24,1940
20.1935
27,1941
1,1937
25,1939
25,1939

100.07
106.09
106.31
108.02
111.24
108.19
108.06
113.08
110.17
111.01
119.06
106.16
103.09
109. .30
109.16
106.14
113.12
108.03
108.11
110.12
113.04
106. 20
105.06
104.29
106. 26
111.19
103. 31
110. 29
111.00
111.16

97.31
99.26
100. 25
101.05
100. 22

A p r . 9.1937
S e p t . 7.1937
Sept. 16,1937
Dec. 16,1937
F e b . 25,1941

102.00
102.11
103.14
103. 07
101.03

0.76
.16
.20
.35
.57
.68
.63
'.87
.83
.85
1.09
.96
1.48
1.20
1.12
1.10
1.44
1.48
1.63
1.62
1.60
1.66
1.96
1.56
1.66
1.91
2.18
1.92
1.98
2.03
< 11^^2

iVA2
. 4 11^2
4 21^2

.11

o
SI

o

•=1

13^% A—June 15,1943._
1% C—Sept. 15. 1943-....
. 13^% B—Dec. 15,1943
1% B—Mar. 15, 1944
M% A—June 16, 1944
1% C—Sept. 15, 1944M%D—Sept. 15, 1944 3
M% A—Mar. 15, 1946%% B—Dec. 16, 1946 3

,
....

.

.

J u n e 15,1938
J u n e 15,1940
D e c . 16,1938
N o v . 1,1939
J u n e 15,1939
D e c . 22,1939
J a n . - 31,1941
M a r . 15,1940
D e c . 18,1940

629
279
421
616
416
283
635
718
531

103.00
102.15
103.08.
102.16
101.15
102.16
100.13
101.12
100.18

A p r . 3,1940
N o v . 8,1940
A p r . 2,1940
N o v . 9.1940
D e c . 9,1940
D e c . 9,1940
J u n e 26,1941
D e c . 9,1940
D e c . 12,1940

99.04
100. 22
98. 30
100.13
97.16
100.10
99.21
98.26
99.07

Sept.
June
Sept.
June
Sept.
June
Mar.
June
Apr.

102.04
101.31
102.12
101.31
101. 08
102.03
100.12
101.07
100.08

6,1939
11,1940
6,1939
10.1940
6,1939
11,1940
3.1941
10,1940
7,1941

.04
.11
.16
.27
.33
.34
.63
.42
td
hd
O
SI

GUARANTEED SECURITIES

Federal Farm Mortgage Corporation bonds:
3%—Jan. 16, 1942-47
2^%—Mar. 1, 1942-47
33^%—Mar. 15,1944-64
3%—May 16, 1944-49
Home Owners' Loan Corporation bonds:
23^% G—July 1, 1942-44
3% A—May 1, 1944-52.
13^% M—June 1, 1946-47
Reconstruction Finance Corporation notes:
14% N—July 20, 1941
1/8% P—Nov. 1, 1941
>g%R—Jan. 15, 1942
.1% S—July 1, 1942
K% U—Oct. 15, 1942 3
.
.
13^% V—July 15, 1943 3
•_....
1% W—Apr. 15, 1944 3
Commodity Credit Corporation notes:
5i% D—Aug. 1, 1941
. 1%E—Nov. 15, 1941
^A% F—May 1, 1943
United States Housing Authority notes:
H% E—Nov. 1, 1941
l%% B—Feb. 1, 1944

J a n . 15,1935
M a r . 1,1935
M a r . 15,1934
M a y 15,1934

^

236
103
95
835

• 106. 27
106.15
110.07
109. 22

June
June
June
June

8,1939
6,1939
8,1939
5,1939

100.01
98.23
98.02
96.03
98.20
96.03
96.24

Sept.
Sept.
Sept.
Sept.

102.00
101. 30
107.03
107.06

17,1935
21,1935
18,1934
12,1934

N o v . 16,1935
S e p t . 12,1934
S e p t . 25,1939

•

*l?^2
<9^2
.61
.48

102.06
106. 27
102. 25

.07
.66

July
May
June

1,1935
1,1934
1,1939

875
779
766

105. 22
109.18
103. 26

June
5,1939
J u n e 6,1939
D e c . 13,1940

July
Nov.
Feb.
Nov.
Apr.
Apr.
July

20,1938
1,1938
15,1939
10,1939
17.1941
17,1941
3,1941

211
300
310
276
320
324

101.10
101.11
101.09
101. 25
100. 24
101.04
100. 25

June
June
Mar.
Mar.
June
June
June

6,1939
9,1939
11.1940
15,1940
27,1941
27.1941
26,1941

99.19
99.19
99.16
100.18
100.13
100.21
100. 22

Sept.
Sept.
Sept.
May
Apr.
Apr.
June

11,1939
11,1939
7,1939
28,1940
15,1941
10,1941
30,1941

100.01
100. 23
100. 22
101. 02
100. 23
101.03
«100.22

Aug.
Nov.
Aug.

1,1939
2,1939
1,1940

203
204
289

100. 24
101.14
101.02

M a r . 15,1940
M a r . 18.1940
D e c . 14,1940

99.08
100.17
100.06

S e p t . 6,1939
A p r . 12,1941
A u g . 15,1940

100.19
100: 23
100. 28

Nov.
Feb.

1,1940
1,1939

112
114

100.05
103.02

N o v . 4,1940
D e c . 14,1940

100. 01
99.07

May
9,1941
S e p t . 25,1939

100. 02
102.14

O

.78

.31
4^2

8

*H2
.32
.59
8.75
<1%2
4 1^2

O

.27
.06
.43

1 Treasury bond prices prior to Sept. 30,1939, and guaranteed bond prices prior to Oct. 30,1939, are closes on New York Stock Exchange. Other prices are mean of closing bid and
ask quotations in the over-the-counter market. "When issued" prices are included in history beginning Sept. 30, 1939.
5 Computed to call date when prices are above par; to maturity date when prices are below par. Yields are percent per annum.
3 Taxable issues.
4 Excess of price over zero yield.
«When issued,




Ox
CO
CO

600

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 44.—Summary data from Treasury survey of the ownership of securities
issued or guaranteed by the United States, analyzing ihe ownership of such securities by classes of holders of each issue outstanding on J u n e 30, 1941
P u b l i c m a r k e t a b l e interest-bearing securities 1
H e l d b y b a n k s a n d insurance companies covered
in T r e a s u r y s u r v e y '

- .s

1

.9

0

1

''3

i

0 c3
0.0

. --

Total bonds
T o t a l , wholly e x e m p t
from Federal income
taxes
i l . P a r t i a l l y e x e m p t from F e d e r a l
income taxes:*
T r e a s u r y bonds:
33^% A u g u s t 1941
3?'^% J u n e 1943-47
334% October 1943-45
33<% April 1944-46
4 % December 1944-54
2 % % S e p t e m b e r 1945-4721/^% D e c e m b e r 1945
334% M a r c h 1 9 4 6 - 5 6 - : —
3 % J u n e 1945-48 L
3V^% J u n e 1946-49
414% October 1947-52
2 % December 1947
2 H % M a r c h 1948-61
23.2% S e p t e m b e r 1948
2 % December 1948-50. - . .
2>M% December 1949-52. _
23^% D e c e m b e r 1949-63..
23^% S e p t e m b e r 1950-52...
23/4% J u n e 1951-54
3 % S e p t e m b e r 1951-56....
^ 23€% D e c e m b e r 1951-53-2 % J u n e 1953-56
2 3 i % J u n e 1954-56
2>g% M a r c h 1956-60
2 M % S e p t e m b e r 1956-59..
2M% J u n e 1958-632M% D e c e m b e r 1960-65_.




>

S

EH

"0'

ill
..S 0

w

P a r t A. P a r values in millions of dollars
10

94
244
129
104
318
200
198
292
267
36
481

78
220
98
89
303
194
161
284
251
35
451

71
195
82
79
286
187
150
275
244
34
448

7
26
15
10
17
7
11
9
7
2
3

24
31
16
16
6
37
8
61
30

2, 353

2,164

2,050

114

189

20
122

117
50
29

13
1

13
1

13
1

-(*)
(*)

1

204
426
342
232
629 ,
280
421
615
416
283
718

(*)

(*)

17

(*)
(*)

11
17
24
7
4
3
30
2
3

6
8
12
3
7
6
3
1
10

43
. 87
65
31
120
37
74
111
77
61
96

67
96
149
98
191
43
150
112
82
186
141

67

802

1,312

(*)

1

31

73
49
29

(*)

6
•

7

196

14

14

13

(*)

1

(*)

1

31

151

4,663

2,367

2,177

2,063

114

190

123

67

833

1,463

47
454
1,401
1,519
1,037
1, 214
541
489
1,036
819
759
701
1,224
451
671
491
1,786
1,186
1,627
756
1,118
726
681
2,611
982
919
1,485

7
253
770
895
633
790
422
315
637
485
409
564
909
360
447
378
1,172
887
1,163
292
777
585
522
1,080
684
670
1,051

6
194
680
657
428
557
326
197
434
328
238
489
660
283
378
230
907
670
679
198
704
554
386
510
310
263
429

3
140
507
574
357
481
286
144
341
239
156
468
618
259
365
153
741
520
477
111
648
531
354
345
245
207
359

(*)
59
117
145
100
110
29
58
187
64
80
34
158
26
52
43
269
134
198
122
157
44
48
447
178
95
123

40
142
514
479
304
314
90
116
213
271
270
104
157
65
72
71
346
165
276
342
174
96
111
1,085
221
163
311

9, 529 2,074 5,441 4,362 1,079 3,086

6,500

T o t a l T r e a s u r y b o n d s . . 25, 628 17,044 11, 603

Footnotes at end of table.

3
0

4,467

T o t a l notes
Bonds:
Postal savings .
Panama Canal.
Conversion

.9 a

" P OT

1^

10

S

.a
05 C S

B

"0

a".

>

1

•3
I . W h o l l y exempt from Federal
income taxes: 3
Notes: '
13<% D e c e m b e r 1941
1 % % M a r c h 1942-2 % S e p t e m b e r 1942
1^4% D e c e m b e r 1942
13^^% J u n e 1943
1% S e p t e m b e r 1943
\ \ i % D e c e m b e r 1943
1% M a r c h 1944
% % J u n e 1944 . -.
1% S e p t e m b e r 1944
% % M a r c h 1945.
--

775 insurance
companies

6,322 b a n k s

1

0

Issue, classified b y tax-exemption
provision

03 O)

2
2
55
58
73
189
82 -239
71
205
86
223
40
96
63
117
94
202
89
157
81
171
22
74
142
248
24
78
13
68
77
148
166
265
150
218
202
474
87
94
56
74
23
32
32
136
165
570
65
273
55
407
70
622

137
189
158
178
66
100
• 168
132
113
53
210
65
45
111
218
177
412
75
58
15
108
465
231
.339
492

2
14
52
50
47
45
30
17
34
25
59
21
38
11
23
37
47
. 41
62
20
15
16
28
105
• 43
68
130

601

REPORT OF THE SEORETARY OF THE TREASURY

TABLE 44.— Summary data from Treasury survey ofthe ownership of securities
issued or guaranteed by the United States, analyzing the ownership of such secu-^
rities by classes of holders of each issue outstanding on June 30, 1941—Con.
P u b l i c m a r k e t a b l e interest-bearing securities»
H e l d b y b a n k s a n d insurance companies covered
in T r e a s u r y s u r v e y
OQ

to
. 6,322 b a n k s

•'•B

a

Issue, classified b y tax-exemption
provision

.2

o

03

1

o

i
s

3

IOT

8x2

Is

1

fl

II

'S

.9

a

2

S fl-^

•1

•

ll

776 insurance
companies

.9 a i.gt

C d >
Q

:fl o

3

B

5 S'fl

t-- c3 03

o

H

"S'S O
J

w

o
'3
,o

1.
W

P a r t A . P a r values in millions of d o l l a r s — C o n t i n u e d
I I . P a r t i a l l y e x e m p t from. Federal
income taxes*—Continued.
G u a r a n t e e d issues:^
C o m m o d i t y C r e d i t Corporation:
5^% A u g u s t 1941
1 % N o v e m b e r 1941. - .
% % M a y 1943
Federal F a r m Mortgage
• Corporation:
' 3 % J a n u a r y 1942-47- 234% M a r c h 1942-47•
33<% M a r c h 1944-64..
3 % M a y 1944-49
- Federal Housing Administration d e b e n t u r e s
Home
Owners'
Loan
Corporation:
23i% July 1942-44--3 % M a y 1944-52
• 1 3 ^ % J u n e 1945-47--Reconstruction Finance
Corporation:
7^% J u l y 1941
K % N o v e m b e r 1941-.
K % January 1942---.
1% J u l y 1942-U n i t e d States H o u s i n g
Authority:
34% N o v e m b e r 1941-1 ^ % F e b r u a r y 1944-.

203
204
290

142
174
244

138
172
241

4
2
3

24
8
8

20
4
4

4
5
4

"n"

237
103
95
835

155
87
60
611

104
69
28
352

93
60
18
322

11
9
11
31

51
18
32
159

47
• 17
30
145

3
1
2
14

"n"

17

10

2

2

8

8

875
779
756.

734
369
666

711
274
614

686
209
689

25
66
24

23
95
61

11
86
43

12
10
8

23
141
6

119
269
84

212
300
310
276

183
265
278
236

182
222
264
223

176
220'
257
218

6
2
7
6

2
42
14
13

1
28
11
9

1
15
3
4

1

28
35"
30
40

112
114

96
100

95
96

94
93

1
2

1
4

1
2

6,715

Total guaranteed
issues

166
182
252

4,347

3,794

3, 587

207

563

466

(*)

2

96

(*)

35
22
38
80
16
34
229
7

(*)

i6

( * ) •

2

14

87

271

1,097

T o t a l , pairtially ex. e m p t from F e d eral income t a x e s . 32, 343 21, 391. 15, 397 13,116 2,282 6,993 4,827 1,166

3,356

7,597

•

I I I . Subject t o Federal income
taxes:
Bills:
J u l y 1941 m a t u r i t i e s
;
August'1941 m a t u r i t i e s - - Sept. 1941 m a t u r i t i e s .
. Total b i l l s - . - - - - - Notes:
^ % M a r c h 1943 -_•
^ % S e p t e m b e r 1944.
^ % Decernber 1945
T o t a l notes

501
401
701
. 1, 603

.

66635.
631

- - - - - - 1,232

Footnotes at end of table.




341
261
643

337
259
540

332
252
529

6
7
11

4
2
3

1,145 • 1,135

1,112

23

10

•

"

'

(

*

4
2
3

(*)

16
547
466

14
512
433

12
465
404

2
46
29

2
35
33

2
• 24
24

1,029

959

881

77

70

49

.

161
140158.

10

)

459'

1
11
9

39
16
. 9

11
73:
66.

21

64

13&'

602

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 44.—Summary data from Treasury survey of the ownership of securities
issued or guaranteed by the United States, analyzing the ownership of S7ich securities by classes of holders of each issue outstanding on June SO, 1941—Con.
P u b l i c m a r k e t a b l e interest-bearing securities 1
H e l d b y b a n k s a n d insurance companies covered
in T r e a s u r y s u r v e y
fl

'S
fl

t

o

fl
o
fl

fl

Issue, classified b y tax-exemption
provision

.9

ce

§

'3

o

1 1

P

ll
li

775 insurance
companies

6,322 b a n k s

8

h

Is

is

.9 a
^ 9

si

ce'fl '2

gag
CO C

>

1

03 § a P ' O

OT

in.flfl

o

o

'5

OT'S

fl OT

2

>.
03

"oS O 03

w

w

P a r t A . P a r values in millions of d o l l a r s — C o n t i n u e d
I I I . Subject to F e d e r a l income
taxes—Continued.
Treasury bonds:
2 % M a r c h 1948-60..
23^% M a r c h 1962-54
23^% M a r c h 1956-68

1,116
1,024
1,448

876
711
1.098

748
602
793|

555
294
473

193
309
319

128
108
306

121
100
261

8
9
45

86
115
89

153
199
261

T o t a l T r e a s u r y b o n d s . . 3, 687

2, 686

2,143

1,322

821

542

481

61

290

612

G u a r a n t e e d issues: *
Reconstruction Finance
Corporation:
K % October 1942
13^% J u l y 1943

320
324

Total guaranteed
issues

644

T o t a l , subject t o
F e d e r a l income
taxes
I V . Grand total

:

7.067

290
290
.

273
. 272|

262
258

11
14

17
19

16
11

1
8

• 1
1

29
33

580

5451

620

25

36

27

9

2

'62

3,835

946

658

567

101

355

1,273

5,439

4,781

44,072 29,196 22, 366 19,014 3,342 6,841 6,506 1,334 4,544 10, 332
P a r t B . Percentage d i s t r i b u t i o n b y g r o u p s of investors

- I . W h o l l y e x e m p t from F e d e r a l
i n c o m e taxes: 3
Notes:
. 1 K % D e c e m b e r 1941
1 ^ % M a r c h 1942
2% S e p t e m b e r 1942
1 ^ % D e c e m b e r 1942
13/^% J u n e 1943
1% S e p t e m b e r 1943
13.i% D e c e m b e r 1943.
1% M a r c h 1944
^ % J u n e 1944. -•1% S e p t e m b e r 1944
. M % M a r c h 1945--

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

46.1
57.3
37.7
4.4.8
50.6
71.447.0
66.7
6L8
12.9
67.0

38.2
51.6
28.7
38.4
48.2
69.3
38.2
65.1
60.3
12.5
62.8

34.8
45.8
24.0
34.1
45.5
66.8
35.6
63.4
58.7
1L9
62.4

3.4
6.1
4.7
4.3
2.7
2.5
2.6
1.7
1.7
.6
.4

8.3
5.6
9.1
6.5
2.5
2.1
8.8
L6
1.4
.4
4.2

5.4
4.0
7.0
3.0
.6
Ll
7.1
.4
.7
.1
2.8

2.9'
L6
L8
3.4
L9
.. L l
1.7
1.2
.7
.3
L4

2L1
20.4
19.0
13.4
19.1
13.2
17.6
2L6
18.5
21.6
13.4

32.8
22.5
43.4
42.0
30.4
16.4
3.5.6
21.7
19.7
65.7
19.6

T o t a l notes-

100.0

62.7

48.4

45.9

2.6

4.2

2.7

L6

18.0

29.4

100.0
100.0
100.0

n.3
1.6
.3

10.8
L4
.3

10.7
1.2
.3

.2

.4

.1
.2

.4

26.6

62.2
98.4
. 99.7

Total bonds.

100.0

7.2

6.9

6.8

.1

T o t a l , whoUy e x e m p t
from F e d e r a l i n c o m e
taxes

100.0

50.8

46.7

44.2

2.4

:

Bonds:
P o s t a l savingsPanama Canal...
Conversion

Footnotes a t end of table.




i

-2

(*)

(*)
(*)

.3

.1

,.3.

15.9

76.9

4.1

2.6

L4

17.9

.3L4

603

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 4:4:.-^Summary data from Treasury survey of the ownership of securities
' issued or guaranteed by the United States, analyzing the ownership of such securities by classes of holders of each issue outstanding on J u n e 30, 1941—Con.
P u b l i c m a r k e t a b l e interest-bearing securities ^

fl
Issue, classified b y tax-exemption
provision

fl
fl

0

fl
fl

.0

Te
0.

^

)
Held by banks and insurance companies covered A T03
03
in Treasury survey
Sf^
a^
776 insurance
6,322 banks
companies

1
fl

'2
'0

1

as

0

3
0

'3

H

^

>

.9

0
IO"

5S"^
•<j<

\B
fe

11
^
.11 til >>
0

; t i OT 03

. r i 03

f^^3

fl OT
fl tU5

2
0
y •

5
2
0

aB0
•^

«

TO 2 >

.fl
"0

g.9|
£9"

•fl 03 ^

u^fl fl "3'o 03
t ^ c8 cc

^

10

W

P a r t B . Percentage distrjbution by groups of investors—Continued
I I . P a r t i a l l y e x e m p t from F e d e r a l
income taxes: ^
Treasury bonds:
33i% A u g u s t 1941
100.0
3 ^ % J u n e 1943-47
100.0
33-^% October 1943-45
ioo. 0
3}4% April 1944-46.
100.0
4 % D e c e m b e r 1944-64
100.0
2 K % S e p t e m b e r 1946-47.. 100.0
23^% D e c e m b e r 1946
100.0
3M% M a r c h 1946-56
100.0
3 % .lune 1946-48
. 100.0
33'^% J u n e 1946-49
100.0
4 K % October 1947-62
100.0
2% December 1947:
100.0
2 ^ % M a r c h 1948-51
100.0
• 23^% S e p t e m b e r 1948.---. 100.0
2% D e c e m b e r 1948-50
100.0
33^^% D e c e m b e r 1949-52.. 100.0
23^% December 1949-63--. 100.0
23^% S e p t e m b e r 1950-62-. 100.0
2M% J u n e 1951-54
100.0
3 % S e p t e m b e r 1951-55
100.0
23i% December 1961-53-. 100.0
2 % J u n e 1953-55
100.0
23<% J u n e 1964-66---•..... 100.0
2 ^ % M a r c h 1955-60
100.0
2 ^ % S e p t e m b e r 1956-59.. 100.0
2M% J u n e 1958-63.
100.0
2 % % D e c e m b e r 1960-66... 100.0
Total Treasury bonds..
G u a r a n t e e d issues:»
C o m m o d i t y C r e d i t Corporation:
$^% A u g u s t 1941
. 1 % N o v e m b e r 1941...
- •
M % M a y 1943..Federal F a r m M o r t g a g e
Corporation:
3 % J a n u a r y 1942-47-.
23^% M a r c h 1942-47..
33i% M a r c h 1944-64..
3 % M a y 1944-49
Federal H o u s i n g A d m i n istration debenturesH o m e Owners' Loan Corporation:
23<% J u l y 1 9 4 2 - 4 4 . . . .
3 % M a y 1944-52
13/2% J u n e 1945-47....
Reconstruction F i n a n c e
Corporation:
V
• . . 3 ^ % J u l y 1941
K % N o v e m b e r 1941.>^% J a n u a r y 1 9 4 2 . - . .
1% J u l y 1942
F o o t n o t e s at e n d of t a b l e .




10.6
42.7
41.4
43.3
41.3
46.7
60.3
40.3
41.9
40.0
31.4
69.8
63.9
62.7
66.2
46.8
50.8
,56.5
41.7
26.2
63.0
76.4
56.7
19.6
31.6
28.6
28.9

5.7
30.8
36.2
37.8
34.4
39.6
62.9
29.4
32.9
29.2
20.6
66.8
42.3
67.4
64.1
3L2
41.6
43.8
29.3
14. 7
58.0
73.2
52.0
13.2
24.9
22.6
24.2

4.9
12.1
6.2
6.4
6.8
7.1
'7.4
10.8
9.1
10.9
10.7
3.1
11.6
6.3
2.3
15.7
9.3
12.6
12.4
11.5
5.0
3.2
4.7
6.3
6.6
6.1
4.7

4.2
12.8
13.5
15.7
19. 8
18.4
17.7
23.9
19.6
19.2
22.5
10.6
20.3
17.3
11.9
30.1
14.8
18.4
29.1
12.6
6.6
4.4
20.0
21.8
27.8
4^.3
41.9

.4
9.9
9.8
12.4
15.2
14.7
12.2
20.4
16.2
16.1
14.9
7.6
17.2
14.6
7.9
22.6
12.2
.14.9
25.3
9.9
6.2
2.2
16.9
17.8
23.6
36.9
33.1

100.0

64.0

43.6

36.8

7.8

20.4

16.4

100.0
100.0
100.0

82.0
89.2
86.9

70.1
85.3
84.1

68.1
84.3
83.1

2.0
1.0
1.0

11.9
3.9
2.8

2.0
1.4

66.4
84.6
63.5
61.2

43.9
67.0
29.7
42.2

39.2
68.3
18.6
38.6

4.6
8.7
U.l
3.7

21.5
17.6
19.0

19.8
16.5
32.0
17.4

1.3
1.0
1.8
1.7

100.0

59. 2

12.6

10.3

2.3

46.6

83.9
47.4
88.1

81.3
35.2
81.3

78.4
26.8
78.0

2.9
8.3
3.2

2.6
12.2
6.8

1.3
10.9
5.7

1.4
1.3
1.1

100.0
100.0
100.0
100.0

86.3
88.3
89.7
86.6

85.8
74.0
85.2

83.0
73.3
82.9
79.0

2.8
.7
2.3
1.8

.9
14.0
4.6
4.7

.6
9.3
3.6
3.3

5.0
1.0
1.4

85.1
31,3
36.7
31.5
29.3
25.9
16.6
23.7
20.5
33.0
35.6
14.8
12.8
14.4
12.6
14.6
19.3
13.9
17.0
46.3
15.6
13.2
16.3
4L6
22.5
16.7
20.9
24.4

-46.0

100.0
100.0
100.0

(*)

2.2
2.5
1.4

100.0
100.0
100.0
100.0

13.0
8.4
9.5
9.6
9.1
5.4
11.9
18.1
7.8
10.6
4.9
12.9
6.8
9.1
8.8
16.1
11.3
12.2
16.2
14.9
6.1
7.0
17.1
18.1
10.3
8.3
11.6

14.9
56.7
65.0
58.9
61.0
65.1
78.0
64.4
61.6
59.2
53.9
80.6
74.3
79.8
78.3
77.0
66.6
74.8
70.9
38.7
69.6
80.7
76.7
41.4
69.5
72.9
70.8

3.8
3.1
3.7
3.3
4.5
3.7
5.5
3.5
3.3
3.1
7.8
3.0
3.1
2.4
4.0
7.5
2.6
3.5
3.8
2.6
1.3
2.2
4.1
4.0
4.4
7.4

18.0
10.8
13.1

.2
11.6

15.6
36.3
27.3
40.8 '

2.6
18.1

13.6
34.5
11.1
13.2
11.7
9.7
14.5

604

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 44.—Summary data from Treasury survey of the ownership of securities
issued or guaranteed by the United States, analyzing the ownership of such securities by classes of holders of each issue outstanding on June 30, 1941—Con.
P u b l i c m a r k e t a b l e interest-bearing securities 1
H e l d b y b.anks and insurance companies covered
in T r e a s u r y s u r v e y
bfl

Issue, classified b v tax-exemption
provision

s
fl
o
fl

1

775 insurance
companies

6,322 b a n k s

' fl
.2

>

1

03

o

8|
B

3
&

SOT
BM

'ce

1

Cf.

li
ll

.9 .

8
tn

fls

II
1

1

fl-sa

"0

- a i.gi
a9
^8

"cc

I

1

£:9^

fl fl
lo ce cfl 2.2?
pi

fi

P a r t B . P e r c e n t a g e d i s t r i b u t i o n b y groups of i n v e s t o r s — C o n t i n u e d
I I . P a r t i a l l y e x e m p t from F e d e r a l
income taxes 4—Continued.
G u a r a n t e e d issues s—Con.
U n i t e d States H o u s i n g
Authority:
3 < % N o v e m b e r ^941.- 100.0
l H % F e b r u a r y l 9 4 4 - - 100.0
Total guaranteed
issues.-..

100.0

T o t a l , p a r t i a l l y exe m p t from F e d eral income t a x e s . 100.0
I I I . Subject t o F e d e r a l i n c o m e
taxes:
Bills:
J u l y 1941 m a t u r i t i e s
100.0
A u g u s t 1941 m a t u r i t i e s - - - 100.0
S e p t e m b e r 1941 m a t u r i ties
100.0

85.7
87.4

84.8
83.6

84.2
81.8

.6
1.8

.9
3.8

.6
1.8

.3
1.9 """."5'

14.3
12.1

75.1

66.4

62.8

3.6

9.7

8.2

1.5

4.7

19.2

66.1

47.6

40.6

7.1

18.5

14.9

3.6

10. 4

23.5

68.1
65.1

67.3
64.6

66.3
62.8

1.0
1.7

.8
.5

,

.8
.5

32.1
34.9-

.4

" • ( ' * • ) "

22.5.

77.6

77.0

.• 75. 6

1.6

.4

100.0

71.4

70.8

69.4

1.4

.6

(*)

.6

100.0
100. 0
100.0

24.2
86.1
87.8

21.1
80.6
81.6

17.6
73.2
76.1

3.3
7.2
5.5

3.2
5.5
6.2

2.4
3.8
4.6

.8
1.7
1.7

59.1
2.6
1.7

16' 7
11.5
10.6

100.0

83.5

77.8

71.5

6.3

5.7

4.0

1.7

6.2

11.3

100.0
100.0
100.0

78.6
69.4
75.8

67.1
58.8
64.8

49.8
28.7
32.7

17.3
30.2
22.0

11.5
10.5
21.1

10.9
9.8
18.0

.7
.9
3.1

7.7
11.2
6.1

13.7
19.4
18. a

T o t a l T r e a s u r y b o n d s - - 100.0
G u a r a n t e e d issues: ^
Reconstruction Finance
C o r p o r a tion:
K % October 1942
100.0
1 3 ^ % J u l y 1943
100.0

74.9

69.7

36.9

22.9

15.1

13.4

1.7

8.1

17.1

90.6
89.6

85.3
84.0

81.9
79.6

3.4
4.3

5.3
5.9

5.0
3.4

.3
2.5

.3
.3

9.1
10.2

100.0

.90.1

84.6

80.7

3.9

5.6

4.2

1.4

.3

9 6

100.0

77.0

67.7.

54.3

13.4

9.3

7.9

1.4

5.0

18 Q

mo 0

fifi.?

.^•0. 7

43.1

7.6

15.5

12.5

3^0~ 10.3

23^4

T o t a l bills
Notes:
% % M a r c h 1943
% % S e p t e m b e r 1944
% % D e c e m b e r 1945
T o t a l notes
Treasury bonds:
2 % M a r c h 1948-50---^.-.2 } i % M a r c h 1952-54
' 2 3 ^ % M a r c h 1956-68
-

Total guaranteed
issues -T o t a l , subject to
F e d e r a l income
taxes
I V . G r a n d totpl

.

•

28 6

*Less than $500,000 or'less than 0.05 percent.
1 Public marketable securities include all securities issued except (1) special issues to Gov.ernment agencies
and trust funds, (2) adjusted service bonds, and (3) United States savings bonds. The aimount of United
States savings bonds reported by the banks and insurance companies-covered was $222 millions, maturity
value. These were divided as follows: Commercial banks, $173 millions; mutual savings banks,.
$19 millions; and insurance companies, $30 millions.
2 Excludes exchange stabilization fund.
3 Securities the income from which is exempt from the normal rates and the surtax rates of the Federal
income tax.
,
.
4 Securities the income from which is exempt from the normal rates of the Federal income tax. (In the
case of partially tax-exempt Treasury bonds, interest derived from .1:5,000 of principal amount owned by any
single holder is also exempt from the surtax rates of the Federal income tax.)
«iExcludes obligations sold directly to the Treasury.
''
.
NOTE.—Figures are rounded to the nearest million dollars or the nearest one-tenth of 1 percent and will
not necessarily add to totals.




605

REPORT OF THE SECRETARY OF THE TREASURY

CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES
TABLE 45.— Current assets and liabilities of the Treasury at the close of the fiscal
years 1940 and 1941
[On basis of daily Treasury statements (unrevised), see p. 406]
1940

Increase or
decrease (—)

1941

GOLD

Assets: Gold

._ _

$19, 963, 074, 512. 62 $22, 624, 083,167.18 $2, 661,008, 654. 56

.

Liabilities:
2,882, 260, 629. 00
•Gold certificates ll
Gold certificate fuhd—Board of Governors,
Federal Reserve S y s t e m
14, 928,032, 390. 77
R e d e m p t i o n fund—Federal Reserve n o t e s . _ .
10, 862, 551.14
Gold reserve 2 . . .
:
155,039,430.93
E x c h a n g e stabilization fund
1, 800,000, 000.00
Gold in General F u n d . . .
185, 879, 610. 78

—3,889,480. 00
2, 569, 255,120.03
-1,983,347.78

19, 963, 074, 512 62

22, 624,083,167.18

2, 661, 008, 654. 56

1,353,161,688.25
498,127, 922. 00

1,435, 909,152. 83
492, 018,405. 00

^ 82, 747, 474. 68
—6,109, 517. 00

1, 861, 289, 610. 26

1,927, 927, 567. 83

76, 637, 967. 58

1,828, 786, 049. 00
1,162, 722. 00
21,340,839.25

-1,914,430,087.00
1,160, 622 00
12, 335, 858. 83

85,644,038. 00
- 2 , 1 0 0 . 00
- 9 , 003, 980. 42

1,861, 289, 610. 25

Total

2,878, 371. 049. 00
17,497, 287, 510. 80
8, 879, 203. 36
156, 039,430. 93
1, 800,000, 000. 00
283, 606, 973. 09

1, 927, 927, 557. 83

76, 637,967. 58

"

97, 626, 362. 31

SILVER

Assets:
Silver bullion ( m o n e t a r y value)
Silver d o l l a r s . _

Total-

:.-.

-

Liabilities:
Silver certificates o u t s t a n d i n g 1
T r e a s u r y notes of 1890 o u t s t a n d i n g 1
Silver in General F u n d . . . .

. _

Total
GENERAL

FUND

Assets:
I n T r e a s u r y offices:
Gold (as above)
Silver a t m o n e t a r y v a l u e (as above)
Subsidiarv silver coin
Silver bullion a t recoinage value
Silver bullion a t cost value
Minorcoin.U n i t e d States notes
Federal Reserve n o t e s . . . F e d e r a l Reserve B a n k n o t e s - - i
N a t i o n a l b a n k notes
Unclassified collections, etc

'

Subtotal-.._

general a n d limited d e p o s i t a r y b a n k s
(except foreign):
T o credit of T r e a s u r e r of t h e U n i t e d
States.To
credit
of other
Government
oflScers
In transit
_ .

1, 003,133, 436. 39

112, 225, 593. 43

263, 999, 083. 27
310, 064,180. 06

1, 010, 712, 697. 42
13, 372, 536. 21

746, 713, 614.15
23 436 716 27

1, 024, 085, 233. 63 ,

770,150,330.42

805, 379, 000. 00

661,174, 000. 00

- 1 4 4 , 206, 000. 00

.•

Footnotes at end of table.
407631—42
40




60, 878, 237. 79

60, 677, 718. 33

9, 799,480. 64

32, 321, 992. 02
2, 806, 558.11

• 58, 995, 358. 62
2, 666, 081. 71

26, 673, 366. 60
-141,475.40

86, 006, 787. 92

Subtotal
In treasury, Philippine Islands:
T o credit of T r e a s u r e r of t h e U n i t e d
States
I n transit
I
Subtotal

97, 626, 352. 31
- 9 , 003, 980. 42
193,954.10
-759,963.87
22, 022,945. 98
421, 426. 01
487, 955. 00
— 1,171 702 50
127, 687. 00
—76 431 00
2, 357, 340. 82

253, 934, 903. 21

Subtotal..

I n special depositaries account of sales of
G o v e r n m e n t securities.
In

283, 605, 973. 09
12, 335,858. 83
3, 962, 760.15
1, 664. 00
665, 284, 279. 26
2,417,494.18
2, 553, 062. 00
13,166, 702. 60 •
348, 514. 50
441, 900. 00
19,124, 226. 88

890, 907,841. 96

I n Federal Reserve B a n k s :
T o credit of T r e a s u r e r of t h e U n i t e d
States. - .
In transit.
.

185,879, 610. 78
21, 340, 839. 25
3, 768, 806. 05
761, 627. 87
643, 261, 333. 28
1,996,068.17
2, 065,107. 00
14, 328, 405. 00
220, 827. 50
618,331.00
16, 755,886. 06

122, 338,158. 65

35, 331, 370. 74

1, 696, 559. 25
221'. 65

1,475, 276. 76
1,733.38

-221,283.49
1,611.73

1, 696, 780. 90

1, 477, 009.14

- 2 1 9 , 771. 76

606

REPORT.OF THE SECRETARY OF THE TREASURY

T A B L E 45.— Current assets and liabilities of the Treasury at the close of the fiscal
years 1940 and 1941— Continued
1940

1941

Increase or
decrease (—)
V

GENERAL FUND—Continued

Assets—Continued.
In foreign depositaries:
To credit of other
officers.
.....

Government

Total assets. General Fund

. .

Liabilities:
Treasurer's checks outstanding..
Deposits of Government ofiicers:
Post Office Department-.
Board of trustees. Postal Savings System.
Postmasters, clerks of courts, disbursing
officers, e t c . ---.
Uncollected'items, exchanges, etc

$189, 214. 44

$283,471. 68

$94, 257. 24

2, 038,114, 628. 43 . 2, 812,491, 308, 50.

774 376 780 07

8, 546,177. 06

6,967,305.67

—1,688,871.38

5,363,814.36
67,833,917. 62

5, 781, 364. 66
67,410,871. 23

417.640.30
-423, 046. 29

59, 859, 968. 49
5, 767, 509. 57

• 95, 268,093. 04
3, 899, 621. 79

35, 408,124. 55
— 1,867,887.88

.147,371,387.09 ,

179,317,246.39

31, 945, 859. 30

142,776,989.84
585,186, 084. 38
1,162, 780, 067.12

143,173, 774. 44
605, 376, 936. 62
1,884, 623, 351. 05

396, 784. 60
20,190,862. 24
721,843, 283. 93

Subtotal

1,890,743,141.34

2, 633; 174, 052 11

742,430, 920. 77

Total General Fund, liabilities and balance.

2, 038,114, 528,43

2, 812, 491, 308. 50

774,376,780.07

Total liabilities. General Fund
Balance in General Fund:
Increment resulting from reduction in weight
of gold dollar
..
' Seigniorage (silver)^
Working balance

1 Does not include amounts held in Treasury offices and by Federal Reserve Banks and agents in custody
for the Treasurer of the United States. See table on p. 173.
. 2 Reserve against United States notes ($346,681,016 in 1940 andl941) and Treasury notes of 1890 outstanding
($1,162,722 in 1940 and $1,160,522 in 1941). Treasury notes of 1890 are also [secured by silver dollars in the
Treasury.
3 Excess of credits (deduct).
. * This seigniorage represents the difference between the cost value and the monetary value of silver bullion
revalued and held to secure the silver certificates issued on account of silver bullion acquired under the
Silver Purchase Act of 1934 and under the President's proclamation dated Aug. 9, 1934.
NOTE.—The amount to the credit of disbursing oflQicers and certain agencies was $1,842,920,763.58 on June
30, 1940, and $2,714,787,075.69 on June 30, 1941.

T A B L E 46.— Balance in the General F u n d of the Treasury at the end of each month,
fiscal year 1941 ^
[On basis of daily Treasury statements (unrevised), see p. 405]

End of month

July
August
September
October
November
December—.
January.February
March--.
April
i
May
June

1940
---

1941

Balance of increment resulting
from reduction
in weight of gold
dollar

$142, 796, 795.17
142 816, 382.16
142, 849, 915. 54142, 977, 721. 04
142,994, 515.14
143,014, 754.43
143,049,329.52
143, 072, 703. 48
143,097,981. 25
143,124,173.16
143,161,827.11
143,173; 774. 44

iorage 2

Working balance

$688,102,407. 85 $1,526,836,970.40
690, 457,103. 09 1, 720. 388,084. 86
691, 921,133. 63 1, 680, 330, 883. 51
594, 528,782 14 1,182,661,298.04
696, 762, 631. 78 1, 078, 248,045. 35
697, 385,898.10 1,188, 064. 323. 22
599, 430, 502 94
600, 676, 911. 22
601,642,250.16
602, 790, 545. 39
603, 775, 387. 25
605, 376, 936. 62

1, 282, 644,666. 28
957,181, 624. 72
1,970,259,257.99
1,679, 469, 586. 25
1,167, 473,140.14
1,884, 623, 35L 05

Total balance

$2, 257, 736,173.42
2,453, 661, 570.11
2,415,101,932 68
1,920,167,801.22
1,816,995,192 27
1, 928,464.976. 75
2,025,024, 498. 74
1, 700, 831, 239. 42
2 714,999, 489. 40
2, 425, 384, 304. 80
1,904,400, 364. 50
2,633,174.06211

1 For monthly balances back to October 1915, see annual reports for 1930, p. 698; 1934, p. 377; and corresponding tables in subsequent reports.
..
2 This item of seigniorage represents the difference between the cost value and the monetary value of silver
bullion revalued and held to secure the silver certificates issued on account of silver acquired under the
Silver Purchase Act of 1934 and under the President's proclamation dated Aug.-9, 1934.




607

BEPORT OF ; THE SEGKETABY OF THE TBEASUEY

TABLE 47.—Assets and liabilities of the exchange stabilization fund as of June 50,
1940 and 1941

.

.

June 30, 1941

June 30, 1940

Assets and liabilities
ASSETS

Cash:
Treasurer of U. S., gold
. Treasurer of U. S., checking account
Federal Reserve Bank of New York, special account.. Disbursing officers' balances and advance accounts--.

$1,800,000,000.00
' 1,664,334.28
127,198, 969. 36
11,072 26

Total cash-.
...
r.
1,'
Special accounts of Secretary of Treasury—Federal Reserve Bank
of New York—special account No. 1 (gold) LDue from foreign banks (foreign exchange):
Francs
Belgas
Sterling-.
--.
Central Bank of China (secured deposits):
66,000,000.00 yuan (gold held as collateral, $19,379,016.66)
65,018,698.63 yuan (gold held as collateral, $19,379,016.66)
Investments—Treasury bonds 2
Accrued interest receivable 2.
Other accounts—deferred charges
Commodity sales contracts—deferred charges.,-.1.-.

Si, 800,000,000.00
1, 581, 892 07
106,896, 315.84
16,084.85
1,908, 494, 292. 76

;, 774, 376.

), 020,180. 63

918,948.78

. 17.

17.88
505.06
2, 980.05

606.

2,836.
1,112 600.

117,998.12
448, 723.13
9, 730. 73
. 36.71
2 636.00

1,448, 723.
9, 730.
6,013.
.. 2,.636.

2,044,377,619.16

2, 026, 996, 868. 22

Accounts payable:
Vouchers payable.
Due to foreign banks
Capital account
Earnings,^ less general expenses *..

4,018.06
22,845, 963: 21
2,000,000,000.00
21, 627, 537.89

1,816.99
97, 537. 99
2,000,000.000.00
26, 896, 513. 24

Total liabilities and capital-

2,044, 377, 619.16

2,026, 995,868.22

Total assets.
LIABILITIES AND CAPITAL

NOTE.—Annual balance sheets for the years 1934 through 1940 may be found on page 789 of the Annual
Report of the Secretary of the Treasury for 1940. Quarterly balance sheets commencing. December 31.
1938, may be found in the Bulletin of the Treasury Department beginning ^ith the March 1939 issue.
1 See Schedule No. 1.
a.See Schedule No. 3.
» See Schedule No. 2. < See Schedule No. 4.

.

.

.

,
SCHEDULE NO. 1

LOCATION OF GOLD HELD BY AND FOR ACCOUNT OF THE EXCHANGE STABILIZATION FUND—SPECIAL ACCOUNT NO.l

Location

June 30,1940

June 30,1941

Amount in ounces
Gold held by:
Federal Reserve Bank of New Y o r k . . . : . . - U. S. Assay Office, N. Y., held in safekeeping
Total

...

462,392 042
1,995,327.406

250,485.974
2, 290,056.419

2,467,719.448

.'

2, 540,641.393

Amount in dollars
Gold held by:
Federal Reserve Bank of New York.
U. S..Assay Office, N. Y., held in safekeeping
TotaL-




1

$16,183,721.49
69,836,459.14

$8,767,009.10
80 161,939.68

86,020,180.63

88,918,948 78

608

REPORT OF T H E SECRETARY

OF THJE

TREASURY

T A B L E 47.—Assets and liabilities of the exchange stabilization fund as of J u n e 30^
194Q and 1941—Continued
;

SCHEDULE NO. 2
TOTAL EARNINGS OF THE EXCHANGE STABILIZATION

F r o m J a n . 31,
1934, to J u n e 30,
1940

Source

Profits on British sterling transactions
Profits on F r e n c h franc transactions
...- Profits on gold bullion (including profits from h a n d l i n g charges on
gold)
----Profits on silver t r a n s a c t i o n s .
Profits on sale of silver bullion to T r e a s u r y (nationalized)
Profits on i n v e s t m e n t s
- -_ .
I n t e r e s t on i n v e s t m e n t s
Miscellaneous profits.
-I n t e r e s t earned on foreign balances
I n t e r e s t earned on Chinese y u a n . - . .
. .
Total -

FtjND

F r o m J a n . 31,
1934, to J u n e 30,
1941

$310,494.44
351,537.99
12,907, 527.19
105,371.27
3,473, 362. 29
1,019,326.18
3,235,149.14
473.74
56,717.37
1, 265, 655.11

• 17,972, 095.55
105,371.27
3,473, 362. 29
1,019,326.18
3,473,579.14
473,74
9 2 551.68
1, 654, 277. 23

22, 726,615.72

.

$310,638.09
351,637.99

28, 353, 213.16

SCHEDULE No. 3
INVESTMENTS—CLASSES

OF TREASURY BONDS H E L D FOR ACCOUNT OF THE EXCHANGE STABILIZATION
ON J U N E 3 0 . 1941 1

F a c e value

Principal cost

Accrued
interest

$10,000.000.00
50,000.00
402, 000.00

$10,000.000. 00
., 49, 640. 63
399. 082. 60

$9, 221.31
56. 35
453. 07

10.452 000.00

10.448.723.13

..

-

Average
rate at
which
b o n d s are
held

;9,.730. 73

Class

2 ) 4 % T r e a s u r y b o n d s of 1951-53
2 M % T r e a s u r y b o n d s of 1958-63
2^4% T r e a s u r y b o n d s of 1960-65

FUND

Total

100. O O
OO
99. 2813
99. 2743

1 No investments were purchased or sold during the fiscal year 1941 and therefore the amounts held on
June 30,1940, were the same as those held on^June 30, 1941.
SCHEDULE No. 4
ADMINISTRATIVE E X P E N S E S OF THE EXCHANGE STABILIZATION

F r o m J a n . 31,
1934 to J u n e
30,1940

Classification

Salaries
Travel'"
Subsistence
T e l e p h o n e a n d telegraph
S t a t i o n e r y , etc
Another
Total

:




'.

• .
-

-

•

-.
.-

.. _

. .
-

FUND

----

-

..

s

$723. 720. 40
47. 753. 95
35,108.04
279, 656. 42
13,811.21
99. 027.81
1,199,077.83

F r o m J a n . 31,
1934 to J u n e
.30»1941$914. 924. 58
• 63,001.47
37, 825. 68
314,121. 44
16,417.92
120,408.83
' 1, 456, 699. 92'

609

REPORT OF THE SECRETART OF THE TREASURY

; T A B L E 48.— Securities, other than obligations'of foreign governments, owned by the
United States Government, J u n e 30, 1941
tOn the basis of the face value of the securities received by the United States, with due allowance for repayments. To the extent that the securities are not held in the custody of the Treasury the statement is made
up from reports received from other Government departments and establishments]
Authorizing act
Capital stock:
Banks for cooperatives
Central Bank for Cooperatives-.
Commodity Credit Corporation
Defense Homes Corporation
Defense Plant Corporation LDefense Supplies Corporation i
Disaster Loan Corporation
Electric Home and Farm Authority--.
Export-Import Bank of Washington 2_.
Federal Crop Insurance Corporation-Federal Deposit Insurance Corporation.
Federal Farm Mortgage Corporation-.
Federal home loan banks i
Federal intermediate credit banks
Federal: land banks;Federal National Mortgage Association.!
Federal sayings and loan associations..
Federal Savings and Loan Insurance
Corporation. 3
Hoine Owners' Loan Corporation
Inland Waterways Corporation
Metals Reserve Co.i
Panama Railroad Company
Production credit corporations
. Reconstruction Finance Corporation-.
R F C Mortgage Company i
Regional agricultural credit corporations.
Rubber Reserve Company i
Tennessee Valley Associated Cooperatives, Inc.
U. S. Housing Authority
-.
U. S. Housing Corporation'*
.
U. S. Spruce Production Corporation..

Amount

June 16,1933, as amended.
do
:...
do.__
Jan. 22, 1932, as amended..
do
--.
doFeb. 11, 1937, as amended.
June 15, 1933, as amended.
do
Feb. 15, 1938
June 16, 1933, as amended.

$69,000, 000.00
20,000,000.00
100,000, 000.00
10,000, 000.00
6,000,000.00
6,000,000.00
24,000, 000. 00
850, 000.00
176,000, 000.00
14, QOO,000.00
150,000, 000.00

Jan. 31,1934, as amended-.
July 22, 1932, as amended .
Mar. 4, 1923, as amended .
July 17,1916, as-amended .
June 27, 1934, as amended.

100,000, 000.00
124, 741,000.00
60, 000,000.00
67, 516, 685-. 00
10,000,000.00

June 13, 1933, as amended.
June 27, 1934

23, 570, 900. 00
100,000,000.00

June 13, 1933,as amended,
June 3, 1924,as amended -.
Jan. 22, 1932, as amended-.
June 28, 1902
June 16, 1933,asamended.
Jan. 22, 1932, as amended-,
Jan. 31, 1936, as amended-,
July 21, 1932,^ as amended .

200,000, 000.00
12,000, 000.00
6,000,000.00
7,000. 000. 00
105,000, 000.00
325,000, 000.00
26,000, 000.00
5,000, 000.00

Jan. 22, 1932, as amended..
May 12,1933
._.

2,000,000.00
1,000.00

Sept. 1, 1937
May 16, 1918, as amended.
July 9, 1918, as amended.-

1,000,000.00
1, 847, 725.11
100, 000.00
• $1, 747,727,311.11

Paid-in surplus:
Federal land banks
Federal National Mortgage Association.!

May 12, 1933, as amended.
June 27,1934, as amended.

145, 724. 985. 79
1,000,000.00

Bonds and notes:
Commodity Credit Corporation
Reconstruction Finance Corporation..
Tennessee Valley Authority
U . S . Housing Authority

Mar. 8, 1938, as.amended-.
Jan. 22, 1932, as amended-.
May 18, 1933, as amended.
Sept. 1,1937

140,000,000.00
19, 915, 250. 00
66, 772, 500. 00
85,000,000.00

146,724, 985. 79

301,688,750.00

Other securities:
Farm Credit Administration:
Seed, feed, drought relief, and crop
production loans.
Loans from agricultural marketing
act revolving fund.
Loans to joint stock land b a n k s . - .
Farm Security Administration: Rural
rehabilitation loans to'farmers, etc.^
Interior Department: Indian loans
Navy Department: Sales of surplus
property.
Public Works Administration: Advances to States, municipalities, railroads, and others.
Footnotes at end of table.




July 1, 1918, as supplemented.
June 15, 1929, as amended.

178, 788,451.37

May 12,1933, as amended.
Apr. 8, 1935, as supplemented.
June 18, 1934, as amended.
July 9, 1918, as amended-.

2, 883. 29
460, 864, 478.03

June 16, 1933, as amended.

97,020,053.53

84,187, 411.99

2, 672 192 88
4, 431,030. 78

610

REPORT OF THE SECRETARY OF THB TREASTTRY

TABLE 48.— Securities, other than obligations of foreign governments, owned by the
United States Government, June 30, 1941—Continued
Authorizing act
Other securities—Continued.
Puerto Rico Reconstruction Administration:
Loans
1
Capital stock of Puerto Rico
Cement. Corporation.
Rural Electrification Administration:
Advances to cooperatives, States,
and private utilities.^
Treasury Department:
Counties and municipalities
Railroads
Securities received by the Bureau
of Internal Revenue in settlements of tax liabilities.
U. S. Maritime Commission: Ship
construction and reconditioning
loans, ship sales notes, etc.

Apr. 8,1935, as amended do-.
-do-

Amount

$4,225,102 30
1,219,600.00
289, 438, 775. 60

July 21,1932, as amended .
Feb. 28, 1920, as amended.
July 1,1898, as amended-.

2,101,000.00
25, 212, 577. 88
60,166. 41

Sept. 7,1916, as amended.

79,089,719.12
- $1,229,313,453.18

Less:
Face amount of above securities acquired by Government corporations
from corporate funds or by exchange
for corporate obligations:
Home Owners' Loan Corporation 3.
Reconstruction Finance Corporation.7

3,425,454,500.08

100,000,000.00
609, 305, 569.03
709,305,559.03

Total face amount of securities
owned by the United States.

2, 716,148,941.05

Amount due the United States from the Central Branch Union Pacific Railroad on account of bonds
issued (Pacific Railroad Aid Bonds Acts, approved July 1,1862, July 2,1864, and May 7, 1878):
Principal
- - $1,600,000.00
Interest
1,611,625.08
Total

3,211,626.08

1 Reconstruction Finance Corporation funds.
' '
» Reconstruction Finance Corporation funds, $174,000,000.00;-and appropriated funds, $1,000,000.00.
3 Home Owners' Loan Corporation obligations issued to the Federal Savings and Loan Insurance Corporation for capital stock subscription.
* The balance of the amount paid in by the United States on outstanding stock is $34,077,190.66. Above
amount represents net amount of assets available to liquidate such stock.
* Includes Reconstruction Finance Corporation funds amounting to $75,056,984.49.
* Includes Reconstruction Finance Corporation funds amounting tp $182,497,574.54.
' For securities purchased with Reconstruction Finance Corporation funds, see footnotes 1, 2, 6, and 6*




TABLE 49.—Principal of the funded and unfunded indebtedness of foreign governments to the United States, the] accrued and unpaid interest
thereon, and payments on account of principal and interest, as of November 15, 1941
F u n d e d indebtedness

Country

Total indebtedT o t a l payness ( p a y m e n t s
on principal
m e n t s received
deducted)

Armenia
Belgium
Cuba
Czechoslovakia
Estonia
Finland
France
Germany (Austrian
i n d e b t e d n ess) ^
Great B r i t a i n
Greece
Hungary _
Italy
Latvia
Liberia--Lithuania Nicaragua 6
Poland
Rumania
Russia
Yugoslavia
Total-..

P a y m e n t s on account

Indebtedness

P r m c i p a l (net)

Accrued interest

$24, 999, 095.86
470, 204, 713. 74

Unfunded indebtedness

Principal

Interest ,

Indebtedness
Principal .
(net)

Accrued
interest

P a y m e n t s on account i

Principal

Interest

O

$11, 959,917.49 $13, 039,178. 36

$52191,273.24 $400, 680, 000.00
12, 285, 751. 58
2 165, 855, 717. 87 20,134,092 26
165,241,108.90
3 22,193, 246. 28
1, 248,432 07
16, 466, 012 87
8, 413, 044. 53
8, 039. 601. 83
6, 050, 689. 77 4, 297, 758, 632. 70 486, 075, 891. 00 3, 863, 650, 000. 00

$69, 524, 713. 74 $17,100,000.00

$14,490, 000. 00

614, 608.97 19, 829, 914.17
5,727,233.41
373, 442 70 ' " " m m 17
434,108, 632. 70 161, 350,000.00

1, 246,990.19
4, 780, 976. 33
38, 660, 000. 00

$2, 057, 630. 37 $18, 643, 642 87
10, 000, 000. 00 2, 286, 751. 58
304,178. 09
1, 441.88
309, 315. 27
64, 689, 588.18 221, 386, 302.82

862, 668. 00
862, 668. 00
25, 980, 480. 66
40, 098.78
5 26,020, 679. 44
202,181, 641. 56 367, 896, 657.11
5, 805,850, 288.81 2,024,848, 817. 09 •4, 368, 000. 000. 00 1, 437, 850, 288. 81 232, 000, 000.00 i, 232, 770, 518. 42
3, 821.865. 42
35, 337, 855.42
4,127, 056. 01
31, 516. 000. 00
981,000.00
1, 983, 980. 00
2,922 67 ' 1,169,153.34
753. 04
3 2,494,151.10
"
585, 591.10
452 514.90
537, 263. 44
1, 90s; 560. 00
73, 995. 50
27,182. 255. 48 37,100, 000. 00
2, 032. 082, 255. 48 100,829,880.16 2,004, 900, 000.00
364, 319. 28 57, 598, 852. 62
5, 765, 708. 26
2, 275,164. 25
. 621,520.12
130.828.95
3 9,154, 628. 46
761, 549. 07
6, 879, 464. 20
9, 200. 00
10,471.56
36, 471. 56
26, 000.00
1, 546. 97
2, 001, 072. 04
234, 783. 00
3 8,198, 754. 04
1, 237,956. 58
1,001, 626. 61
6,197,682 00
26, 625. 48
168, 575. 84
141, 950. 36
2, 048, 224. 28
71, 674, 410. 31 1. 287, 297. 37
3 277, 731, 410. 31
22, 646, 297. 55
206, 057, 000. 00
19, 310, 775. 90
3, 794,134. 96 2, 700, 000. 00
263, 313. 74
2 67, 654, 695. 39 1 4, 791, 007. 22
1, 798, 632.02
63, 860, 660.43
29,051. 46
8 8,750,311.88
414, 252, 222 20
8 8, 750, 3 n . 88
192, 601, 297. 37 221, 650, 924.83
636,059.14
62,164, 218. 78
727, 712 55
2, 588, 771. 69
61, 625, 000. 00
539, 218. 78 1,225,000.00

O
• H

M

i

s
o

13, 730, 365, 520. 39 2, 750,173, 766. 01 11, 231, 001,470. solo 2 060.112 731. 45 475, 714, 256. 21 1, 321,114, 672 19 204, 661, 214.86 234, 690,103.19 2&i, 990, 396.99 671, 364,430.62

'

' '

1 Payments of governments which have funded were made prior to the date of the funding agreements.
2 Differences between principal of funded indebtedness and amounts here stated represent deferred payments provided for in the funding agreements, for which "bonds" of the
respective debtor governments have been or will be delivered to the Treasury.
3 Increase over amount funded due to exercise of options with respect to the payment of interest due on original issue of bonds of debtor governments.
4 The German Government has been notified that the Government of the United States will look to the German Government for the discharge of this indebtedness of the Government of Austria to the Government of the United States.
•
5 Includes additional bonds aggregating $3,489,482.75 received July 23, 1937 ,in exchange for bonds aggregating $1,207,742 and annuities aggregating $69,634.46, payable on Jan. 1,
'1933, 1934, and 1935, but postponed as provided by agreements of May 8, 1930, and Sept. 14, 1932.
6 The United States held obligations in the principal amount of $289,898.78, which; together with accrued interest thereon, were canceled on Oct. 6, 1939, pursuant to agreement of
Apr. 14, 1938, between the United States and the Republic of Nicaragua, ratified by the United States Senate on June 13, 1938.
< Does not include payment of $100,000 by Rumanian Government on June 15, 1940, which was made as "a token of its good faith and of its real desire to reach a new agreement
'
covering" Rumania's indebtedness to the United States.
8 Represents proceeds of liquidation of financial affairs of the Russian Government inthis country. (Copies of letter-dated May 23,1922, from the Secretary of State and of reply of
the Secretary of the Treasury dated June 2, 1922, in regard to loans to the Russian Government and liquidation of affairs of the latter in this country appear in the Annual Report of
the Secretary of the Treasury for.1922, as exhibit 79, p. 283,, and in the combined annual reports of the World War Foreign Debt Commis.sion, as exhibit 2, p. 84.)
" Includes balances of amounts postponed under provisions of joint resolution of Dec. 23,1931. (For amounts postponed, see p. 35 of Annual Report of the Secretary of the Treasury
for 1932.)




!>
Ul

d
Kj-

o

TABLE 50.—Principal of the funded and unfunded indebtedness of foreign governments to the United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of November 15 of each year from 1928 to 1941
F u n d e d indebtedness
Year

Total indebtedness ( p a y m e n t s
on principal
deducted)
•

Total payments
received

Indebtedness
P r i n c i p a l (net)

Accrued interest^

Unfunded indebtedness

P a y m e n t s on account
Principal

ts3

Interest

Indebtedness
P r i n c i p a l ( n e t ) Accrued interest

P a y m e n t s on account i •
Principal

Interest

o
?d

$28, 764, 278. 81 $152 552 048. 00 $764, .545, 559. 35 $243,907,551.77 $118, 533, 986. 97 $303, 257, 052.84 $742, 657, 994. 05
1 9 2 8 . - - $11,853,405,768.55 $1, 963. 023, 654. 25 $11, 452, 200, 951. 00
32 541, 624. 25 191, 565, 786. 00
904, 763, 750. 32 229, 466, 727. 85 111,974,607.40 303, 269, 975. 51 753,005, 691. 75
1929---- 11, 829, 755, 777. 51 2 162 505, 203. 58 11, 455, 772 818. 00
34, 205, 294.13 391,962 510.50 1, 045, 687,129. 58 204, 851, 842. 85 122, 215, 868.14 281, 989, 667. 78 671, 353, 934.11
11, 641, 264, 883. 62 2 391, 993. 341. 97 11,279,990,878.50
1930
28, 572. 000. 00 443, 310, 743. 87 1, 230. 926. 551. 95 204, 851, 842.85 132 472 899. 00 281,989,557.78 671,353,934.11
11,598,501,461.42 2, 627, 580, 897. 72 11, 232, 504, 719. 57
1931---184, 440,108. 35 443,310,743.87 1,230;925;551.95 204, 851, 842. 85 142 703,960.00 281, 989, 667. 78 671,353,934.11
11, 793,172 530. 78 2, 627, 580, 897. 72 11, 261,176, 719. 57
1932
301, 236, 727. 54 475, 057, 858. 04 1, 309, 305, 852. 24 204, 851,113. 64 152 991, 527. 33 281, 990, 396. 99 671, 352 997. 61
1 9 3 3 - - - . 11, 888, 508, 973. 91 2 737, 707,104. 88 11, 229, 429. 605. 40
605, 668, 208. 95 475, 275, 018. 00 1, 318, 422 753. 28 204, 851,113. 64 163, 230, 507. 58 281, 990, 396. 99 671, 352, 997. 61
12 102 952 275. 61- 2 747, 041,165. 88 11, 229, 212, 445. 44
1934
721, 489,130. 85 475, 341, 727. 53 1, 318. 750, 034. 75 204, 851,113. 64 173, 474, 529. 27 281, 990, 395.99 671, 354, 430. (^2
1 9 3 5 . - - - 12 328, 960, 509. 67 2 747,435,589.89 11, 229,145, 735. 91
939,181,132 78 475, 411, 625. 44 1, 319, 423, 577. 34 204,851,113.64
183, 719, 983. 93 281, 990, 396. 99 671, 364, 430. 62
1936.--- 12 556, 828, 068. 35 2 748,180, 030. 39 11, 229, 075, 838. 00
1 9 3 7 - . - - 12 786,196,128. 24 2 748, 574, 488. 89 11, 231, 232 007. 83 1,155,141,124. 08 475, 483, 719. 27 1, 319, 745, 942. 01 204, 851,113. 64 193, 971, 882. 69 281, 990, 396. 99 671, 354, 430. 52
1 9 3 8 - - - . 13, Oil, 846, 749. 58 2 749, 249, 727. 71 '11, 231,157, 710. 25 1, 372,121, 903. 50 475, 558, 016. 85 1, 320, 345, 883. 25 204, 551, 214.86 204, 005, 920. 97 281, 990, 396. 99 671, 354, 430. 52
13, 237, 290, 908. 97 2 749,663,012 53 11, 231, 081, 200. 76 1,587, 414, 5U. 64 475, 634, 525. 34 1, 320, 683, 658. 58 204, 5B1, 214. 86 214, 233, 981. 71 281, 990, 396. 99 671, 354, 430. 52
1939
1940---. 13, 463, 473, 869. 84 3 2 750,163, 927. 85 11,231,001,470.89 1,803,-449,141.64 475, 714, 256. 21 1, 321,104, 844. 03 204, 561, 214. 86 224, 462, 042. 45 281, 990, 396. 99 671, 354, 430. 52
13, 730, 365, 520. 39 2, 750,173, 756. 01 11, 231, 001, 470. 89 2, 050,112, 731. 45 475, 714, 256. 21 1, 321,114, 572.19 204, 561, 214.85 234, 590,103.19 281, 990, 396. 99 671, 354, 430. 62
1941
1 Payments of governments which have funded were made prior to the dates of the funding agreements.
2 Includes balances of amounts postponed under provisions of joint resolution of Dec. 23, 1931 (for amounts postponed see p. 35 of Annual Report of the Secretary of the Treasury
for 1932).
3 Does not include payment of $100,000 by Rumanian Government on June 16, 1940, which was made as "a token of its good faith and of its real desire to reach a new agreement
covering" Rumania's indebtedness to the United States.




O

W
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>

ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
TABLE 51.—Combined statement of assets and liabilities of governmental corporations and credit agencies of the United States, as of June 30, 1941
[Ln millions of dollars. Compiled from latest reports received by the Treasury]
SUMMARY

Liabilities a n d
reserves

Assets

C8

C o r p o r a t i o n or agency

o

Qi

»- o

fl

i

o

2
1,082
Reconstruction Finance Corporation
244
C o m m o d i t y C r e d i t Corporation
- 114
E x p o r t - I m p o r t B a n k of W a s h i n g t o n . .
F e d e r a l C r o p I n s u r a n c e Corporation
54
F e d e r a l D e p o s i t I n s u r a n c e Corporation
T e n n e s s e e Valley A u t h o r i t y
P u b l i c W o r k s Administration
97
33
U . S. M a r i t i m e Commission
289
R u r a l Electrification A d m i n i s t r a t i o n
1,870
H o m e O w n e r s ' L o a n Corporation
F e d e r a l Savings a n d L o a n I n s u r a n c e
Corporation
170
Federal H o u s i n g A d m i n i s t r a t i o n
194
Federal N a t i o n a l M o r t g a g e Association
9 315
U . S. H o u s i n g A u t h o r i t y
263
F a r m Credit Administration
Federal F a r m M o r t g a g e C o r p o r a t i o n 630
Federal land banks ' S 1,818

•Ps

S3
.fl

fl il
fl
o

0

62
1
2
8
19
9

8

61

(*)

419

36
8

47
7 183

111
1
58
14

25
53
32

4
13
21
53

6
104

fi27
6 79
6 59

103
10

. "(*)""
761
4

20
6
5

(*)

47
(*)
753
5
(*)
(*)
10
" " ( • * ' ) "

385

38
3

2

28
64
3

(*)

49
170

(*)

'5
0

fi .

"

(

•

1
4
11
78

1

cs

X

>
P4

1
0

1

VI
"Oi
c3

0

fl
03

535
100
186
14
150
327
97
169
119
108

325 . 6 210
100
175
14
160
«327
«97
M59
"119
200

2
2
129
131
108
183 " " " 5 9
292
108
22 - 64
86 """is
6
182
19
201
90 " " " " 9 2
318
138
86
455 ."'8" 227
6
221
59
280
221
2 1,376
100
3 1,475 i."279
94
435
10 8 2,242
1,805
1 1,807

129
126
64
19
138
69
100
213

100
29
125
«64
10
9
1
137
"59
100
681 10146

*

)

"

(*)

(*)

---

221

o

'Oi

535
100
186
14
289 " " " 1 3 9
327
97
169
119
108

(*)

127

6

||i

fl
0

69 2,175
1,056 2,711 81,747 6 360
140
159
15 1,097 8 697
997
186
18
4
4
29
565
257 """"57
267
402
18
75
97
^"286
12
454
286
305
190
190
13
308
2,484
100 2,692 2 436
48
319

- (*)11

(*)

3
o

fi

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0.

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III

i

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o
429

li

'53

o

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Distri bution 3
of U n i t e d
States
fl
interests
fl •

1"

a>

Investments

.2

Proprietary
interest

>
SI
126
O

H*)
56
i-i^

176
MOO

92
85
"i
^8

Footnotes at end of table.




CO

TABLE 51.—Combined statement of assets and liabilities of governmental corporations and credit agencies of the United States, as of
June 30, 1941—Continued
•

'

J—I

[In millions of dollars]
SUMMARY—Continued
Liabilities a n d
reserves

Assets

Proprietary
interest

.1
Jfl

>>

(-1

Investments

©
rfl > .

o

Corporation or agency

1

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17
14
1
15

255
74
7

36
24
46

8

6
63

Q

o

fl
Federal i n t e r m e d i a t e credit b a n k s
B a n k s for cooperatives-P r o d u c t i o n credit corporations
Regional agricultural credit corporationsWar
emergency
corporations
and
agencies (in l i q u i d a t i o n ) :
N a v y D e p a r t m e n t (sale of s u r p l u s
w a r supplies)
Secretary of t h e T r e a s u r y ( U . S.
Railroad A d m i n i s t r a t i o n ) .
U . S H o u s i n g Corporation
U . S. S p r u c e P r o d u c t i o n Corporation
Other:
D i s a s t e r L o a n Corporation - Electric H o m e and F a r m A u t h o r i t y F a r m Security A d m i n i s t r a t i o n
F e d e r a l Prison Industries, I n c
I n t e r i o r D e p a r t m e n t ( I n d i a n loans)I n l a n d W a t e r w a y s Corporation ^K.
N a t i o n a l defense corporations i6
P a n a m a Railroad Co.'^
P u e r t o Rico R e c o n s t r u c t i o n A d ministration

3

(*)
(*)

2
1

.

(*)

1

1

(*)

(*)

(*)
(*)
64

19
17
461
4

a'

1

""("*")" (*)
(*)
(*)
(*)
(*)

12

(*)

322
128
111
22

4

4

1

(*)

1
6 41

(*)
2

© o S)

(*)

'"("*)"

19
40

1
1

36

(*)
270
(•)

©

2

•1
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o

fl © 03

237
2

(*)

(*)
12

85
113
111
21

237
16

(*)

1

1

-

5

85
109
111
21

4

4
2

8

c3

'ft

CQ

s

02

'fl

• ( * )

23
18
527
10
3
25
311
54

1

OT

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1

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CO

fi

(*)

1

4

fl
o

'(*)

(*)

(*)
(*)
(*)
(*)

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C3.2

•

©

O c3

©'OT

-.5
CQ

IS

(*)

17
28

."fl

"fl

§

fl fl

1
fl

1
fe

fl 5

Distribution
of U n i t e d
States
interests

(*)
(*)

"""iio

(*)
1
10 "'"267
2 (*)

17
145

(*)

1
276
2

(*)•

(*)
22
1
382
10
3
24
35
52
8

60
89
105
5

^ 1.?
12

04

«(*)

34

(*)

22
24
1
1
382 •»382
10
«4
3
«3
24
12
35
27
62
7
8

25
20
6
16

.

«8

cS2

(*)

(•)

"(*)

(*)

81

6
12
8
45

267
b 2

RFC Mortgage Company ' .
Tennessee Valley Associated Cooperatives, Inc..
- -_
Treasury Department:
Advances to Federal Reserve
Banks for industrial loans _
Federal savings and loan associations
Railroad loans (Transportation
Act, 1920)
Securities received by the
Bureau of Internal Revenue in
settletnent of tax liabilities
Securities received from the
Reconstruction Finance Corporation under act of Feb.
24, 1938
Interagency items: 1
2
Due from other governmental
corporations or agencies
Due to other governmental
corporations or agencies

- 6 2: : : : " 7

.(*):

65

..(*)

•

:

2

(*)

(*)

76

2

49

50 "

25

28

28

24

24

24

25

25

«25
O

(*)

(*)

(*)

(*)

303

2

303

303
39

39

hSOS

424 3,887 3,335

653 ^^452

890

598

636 1,871 1. 670 15. 608 6,403 3,775 L119 11, 297 4, 311

8,105

637

376

802

123

890

598

636 1,871

14, 038 6,403 3,775

1,119 1,119

a2

39

123

1,570 1,570

2

303 «303
39 -55

802




a(*)

O
2

2

376

Footnotes at end of table.

(*)

24

25

25

' 49

( * ) •

«28

2S

28
24

637

-

25

(*)

(*)

(*)

Subtotal
8,106
Less: Interagency interests included above
Total

25

452

10,178 3,860

39

451

1

424 3,436 2,884

552

Ul

452

462

>
O
»=1

H

ZP

cl

SI
•Kj

J—I

Ox

TABLE 51.—Combined statement of assets and liabilities of governmental corporations and credit agencies of the United States, as of
June 30, 1941—Continued
[In millions of dollars]
DETAILS
Reconstruction
Finance
Corporation

Commodity
Credit
Corporation

ExportImport
B a n k of
Washington

Federal
Crop
Insurance
Corporation

Federal
Deposit
Insurance
Corporation

Tennessee
Valley
Authority

Public
Works
Administration

U.S.
Maritime
Commission

Rural
Electri- OH o mres '
wne
fication
Loan
A d m i n - Corpoistraration
tion

Federal
Savings
and
Loan
Insurance
Corporation

Federal
homo
loan
banks

Federal
Housing
Administration

ASSETS

Loans:
Banks
Railroads
______
Insurance companies.--'B u i l d i n g a n d loan associations
. . .
_ _ . _ .
M o r t g a g e loan companies
Agricultural credit corporations ' . . . . . _ _
Cooperative aSvSociationsStates, Territories, etc ._
_ . . . . . .
J o i n t stock l a n d b a n k s
Ship construction a n d reconditioning loans
M o r t g a g e loans (not otherwise classified)
C r o p , livestock, a n d c o m m o d i t y loans
.
O t h e r loans
Totalloans
_
Preferred capital stock, etc.:
B a n k s a n d t r u s t companies .
. L_
I n s u r a n c e companies
_.Other
.
Cash:
W i t h T r e a s u r e r , U n i t e d States
.
On h a n d a n d in b a n k s In transit
I n t r u s t funds w i t h T r e a s u r e r , U n i t e d States i'
Investments:
U n i t e d States securities
Obligations guaranteed b y U n i t e d States:
Federal F a r m Mortgage Corporation
_
U . S. H o u s i n g A u t h o r i t y
H o m e Owners' Loan Corporation.
_ .
Federal Housing A d m i n i s t r a t i o n - . . !
Commodity Credit Corporation
. . . . .
Reconstruction Finance C o r p o r a t i o n . . . . . .




54

125
480
24
4
38

(*)

169

(*)

33
1,870

(*)

244

1,082
_

244

-

54

114

33

97

(*)

289

1,870

170

7 183

(*)

1

52

(*)

' (*)
(*)

"8

17
2

97"
2

9

1

44
14

25

63

14

1

(*)
51

_

4

114

296

429

..

.

11
274

97

111
2

(*)

12

-

419

-

(*)
103

.

(*)

' \

1
5

32

8

Tennessee Valley Authority bonds

.....

Foderal intermpdiafp credit bank securities

46

Other investments
Accounts and other receivables
Accrued interest receivable
Real estate and business property:

.

. .

4
8 23

6 72
7
5

(*)

Vessels and rolling stock
Stores and suunlies
Real estate and other nronertv held for sale
Other assets
.

44
4

Total assets other than interagency
Interagency assets: Due from governmental corporations or afifencies
Interagency proprietary interests: Capital stocks and
paid-in surplus of governmental corporations
Total, all assets

. --.

_

Railroad bonds and securities

.......

6 68
1

(*)
(*)

(*)

(*)

753

1,646

1,082

713

(*)

10

16

185

18

(*)

7

19
2

382

34
1

.(*)

16
22
1

(*) .
3

29

556

402

296

464

308

(*)

2,492

131

292

86

131

292

86

76

17
2

13
100

362
2,711

(*) 11

319

442

1

(*)

1

(*)

12

•97

(*) 27
(*)

(*)
(*)

3

305

(*)

1
1

6

1,097

186

18

656

402

97

2,692

LIABILITIES

Bonds, notes, and debentures:
Obligations guaranteed by United States i*
Other
Accrued interest payable:
Guaranteed bv United States
Other
Other liabilities
Deferred income
Reserves:
For nncollectible items
Other operating reserves

81, 741

2,419

8 696

5

68

125

101

" Total liabilities other than interagency
Interagency liabilities: Due to governmental corporations or acencies

2,107

857

69

140

. Total, all liabilities
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies
Earned surplus and undivided profits

2,176

997

Total liabilities, capital, and surplus

Footnotes at end of table.



325

100
170

(*)
-...

(*)

1

(*)

(*)

252
1

19
2

3

18
14

26
1

286

2,484

.- 7

(*)

4
4

267

18

4

(*)

31
234

257

75

(*)

67

. 175

""^'m

2,711

1,097

(*)

2

(*)
2

108

22

190

289

0 327

«97

2,484

2

108

22

«169

200

100

171

«64

^92

14

190
»119

18
8
3

2
6
5

2,592

131

292

-.
185

1

286

(*)

5 210

(*)
(*)

16

1

6 206
29

(*)

18

666

402

97

464

308.

86

TABLE 51.—Combined statement of assets and liabilities of governmental corporations and credit agencies of the United States, as of
June 30, 1941—Gontinued

I—A

00

[In millions of dollars]
DETAILS—Continued
War
Federal
ReemerFarm Federal
Na-"
gional
ProU.S.
Farm Federal Federal Banks duction agricul- gency
intertional Housing Credit
for
mediate
Mort- Author- Admin- Mortland
tural corporacredit
gage
gage
Lstrabanks *8 credit coopera- corpocredit tions and
Corpoagencies
tives
ity
banks
Assotion
rations corpo- (in liquiration
ciation
rations dation)

other

Total

ASSETS

Loans: .
Banks -.
Railroads
Insurance companies
. Building and loan associations
Mortgage loan companies
- _-.
Agricultural credit corporations
-'
Hooperativp. assnp.iations
. _
_
States, Territories, etc.
Joint stock land banks . Ship construction and reconditioning loans
Mortgage loans (not otherwise classified)
Crop, livestock, and commodity loans Other loans.
Totalloans
Preferred capital stock, etc.:
Banks and trust companies _
.
Insurance companies
•
Other
.--Cash:
With Treasurer, United States--On hand and in banks
In transit
.
In trust funds with Treasurer, United States i'
Investments:
United States securities
.
'.
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
U S Housing Authority
Home Owners' Loan Corporation
Federal Housing Administration
Commodity Credit Corporation
.
Reconstruction Finance Corporation
,




25

--

(*)

--

16

74

6
9309
316.

630

178
69
263

194

630

1,818

265
256

1,818

(*) .
602
597

8,106

65

7
74

7

-

25

(*)
4

.--

(*)

19

14
1140

(*)

9

"17

115

36

24

1

(*)

15

(*)

1

(*)
6

104

46

1

-. .
_

,

•

429
208

(*)

(*)

3
11

268
93
1
14
802

(*)
.

(*)

6"

1

8

....._

...-.

13

(*)

106
483
2
33
4,584
685
1,293

(*)

(*)
194

4

179
506
24
174
38

:;::;::: : : : : : : : : ; i : : : : : : : i ;:::::: : : : : : : : - : i

8
1
108
1

«,«

8
763
8
62

TftnnpssPP-Vallp.y Ant.hnrity b o n d s

Federal land bank bonds
Ffidp.ral interrnpdiat.p. o.rp.riit bank .c;ftp.uritTfis
Production credit associations—class A stock
Railroad bonds and securities
Ship sales notes
Other investments
. . .
Accounts and other receivables.-.J
Accrued interest receivable
_
. ._ .
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
.
Stores and supplies
Real estate and other property held for sale
Other assets

4

'_

3
62

(*)
M
1

(*)

1
2

(*)

32
17

.

(*)

142
28

-

(*)

1
4

(*)

70
8

11

(*)
(*)

(*)

456

280

1,472

2,234

310

3

201

(*)
(*)
(*)

(*)

2

6

127

3
1
1

(*)

(*)

...

Total assets other than interagency __
Interagency assets: Due from goveriunental corporations or
agencies
Interagency proprietary interests: Capital stocks and paid-in
surplus of governmental corporations-.
Total, all assets

2

• 761

10 8

12

(*)
(*)
(*)

^]

22

111

128

(*)

7

(*)

3 62
18

3
481
117

33
33
5
260
41

6
1

(*)

(*) 46

(*)

572
54
9
1,497
373

1,094

14, 038

341

1,119
13 462

201

456

1,475

2 242

322

1,270
46

280

1,738

1
1

15, 608

16 6, 370
2,204

25
20

33
21
627
-66

235

19
14

22

1,436

14

111

128

7

LIABILITIES

Bonds, notes, and debentures:
Obligations guaranteed by United States i*
Other
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities .
. .
.
Deferred income
'
Reserves:
For uncollectible items
Other operating reserves
Total liabilities other than interagency- .
interagency liabilities: Due to governmental corporations or
agencies
-.
Total, all liabilities-..
Footnotes at end of table.




—

—

8 226
85
1
1
4

1

(*)

(*)

_(*)

10
4

(*)

220

44

36

221

1,373

1, 806

2

1

1,376

1,807

(*)

1

(*)
(*)

(*)

2

(•)

2

(*)

(*)
(*)

1
1

5
90

233

92

85

182

318

221

'237

(*)
237

12
15

(*)

1

379
488
60

(*)
(*)

10,178

471

1,119

531

11, 297

CO

TABLE 51.—Combined statement of assets and liabilities of governmental corporations and credit agencies of ihe United States, as of
June 30, 1941—Continued
[In niillions of dollars]
DETAILS—Continued

O

Federal
Federal
Farm
ProNau. s.. Credit Farm Federal Federal Banks duction
intertional
for
Housing Admin- Mortmediate coopera- credit
Mortland
gage
Author- istracredit
corpogage
Corpo- banks 18 banks
tives
ity
rations
Assotion
ration
ciation

Regional
agricultural
credit
corporations

War
emergency
corporations and
agencies
(in liquidation)

Other

W
t=l

Total

Q

LIABILITIES—Continued

Capital and surplus:
Capital stock
Paid-in surplus _.
. Reserves from earned surplus:
Reserve for dividends and contingencies..Legal reserves
Earned surplns and undivided profits .,,
Total liabilities, capital, and surplus

O
10
1
.

1
141

1
7

c5

201

466

«59

100

177
1 146
0

60

93

105

5
17

«39

(*)

«835
19

(*)

3,634
494

19
67
26
280

1,475

5

1

19

19

5

cl

cS2

51

46
82
56

2 242

322

128

111

22

7

1,436

16 608

* Less than $500,000.
a Nonstock (or includes nonstock proprietary interest).
^ Excess interagency assets (deduct).
c Deficit (deduct).
1 The total of assets and liabilities for each corporation and agency will include interagency items, i. e., the amounts due to and due from other Government corporations and
agencies.
2 Excludes unexpended balances of appropriated fimds.
3 Also includes real estate and other property held for sale.
4 Includes capital stock and paid-in surplus of Government corporations and agencies.
6 Adjusted for interagency items and items in transit.
6 Also includes deposits with the Reconstruction Finance Corporation and accrued interest thereon.
7 Shares of State building and loan associations, $37,277,410; shares of Federal savings and loan associations, $145,576,960.
8 Excluded are the following amounts in bonds and notes held by the Secretary of the Treasury, which are shown as interagency liabilities: Tennessee Valley Authority, $56,772,500;
U. S. Housing Authority, $85,000,000; Commodity Credit Corporation, $140,000,000; Reconstruction Finance Corporation, $19,915,250.
0 Also excludes contract commitments. As of June 30, 1941, the U. S. Housing Authority has entered into definite contracts calling for maximum advances of $709,943,500.
Advances have been made in the amount of $309,293,275, as of June.30; 1941, against loan contract commitments amounting to $405,320,000. The Housing Authority has also agreed to
disburse $213,103,000 on additional loan contract commitments amounting to $304,623,500, now being financed by securities issued by local housing authorities.
1 Includes $241,640 due to Federal land banks from the U. S. Treasury for subscription to paid-in surplus.
0
1 Includes cash in trust funds.
1
1 Represents interagency assets and liabilities of the Treasury Department and of Government agencies, which agencies are not included in this statement.
2
1 Represents interagency holdings of capital stock and paid-in surplus items which are not deducted from the capital stock and paid-in surplus of the corresponding organizations.
3
1 Excludes obligations reacquired and held by the issuing organizations.
4
1 Included in this amount are $10,533,475 matured obligations for which cash has been deposited with the Treasurer of the United States.
6
1 In.cludes Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, and Defense Homes Corporation.
6
17 Figures shown are as of May 31, 1941; figures for June 30, 1941, are not available. Panama Railroad Company figures are as of Apr. 30, 1941.
1 Includes the assets and liabilities of the Federal land banks of Louisville, Ky., and Houston, Tex., which have retired the capital stock and paid-in surplus previously held by
8

the Federal Government.
10 Represents money deposited with the Treasurer of the United States for the payment of matured principal and interest.
http://fraser.stlouisfed.org/
NOTE.—Figures are rounded to nearest million and will not necessarily add to totals. For complete figures see daily Treasury statement for July 31,1941.

Federal Reserve Bank of St. Louis

Ul

O

o
• ^

W
pi

>

T A B L E 52.—Proprietary interest of the United States in governmental corporations and credit agencies, as of J u n e 30, 1929 to 1941
[In t h o u s a n d s of dollars]
g

Corporation or agency

1929

1

1934

1935

1936

1937

1938

1939

1940

1941

531,117

552, 000
3,000

574, 853
4, 645

633,306
83, 927

664, 631
77,317

690,172
100,000

747, 593100,000

665, 225
100,000

535,196
100,427

13,843

18,163

21,064

21,789

47, 535

79, 538

184, 649

6,000

8,000

14,000

150,000
2 9, 000
145, 423

150,000
63, 956
466, 749

150,000
95, 992
267, 927

150, 000
178, 919
146, 634

160, 000
216, 736
51, 597

150,000
234, 208
54, 641

150,000
268, 613
94, 670

150,000
327, 093
97, 020

142, 940

181,962

151,227

• 87,289

98, 742

112, 757

163, 688

168, 784

169, 709

823
165, 976

7,864
169, 260

12, .570
159,089

69,199
140, 438

94, 567
123, 547

l i s , 674
107, 637

101, 597

1 Reconstruction F i n a n c e Corpora•fc^
tion .
• ^ Commodity Credit Corporation-E x p o r t - I m p o r t B a n k of W a s h i n g -

1933

14,000

1931

1932

503,421

1930

103,844

108,235

113,125

118,283

123, 621

129, 389

^

32,464
81, 646
28,866

102, 040
99, 542
29, 710

48,184
120,514
29,706

47,803
124, 741
34, 665
146,841

43, 992
124,741
39, 556
142, 686

34,137
124, 741
50,342
138, 238

23, 671
124, 741
64, 072
137, 762

td
Hi
o

ton

»^ Federal C r o p I n s u r a n c e Corpora^
tion
Federal Deposit I n s u r a n c e CorporationTennessee Valley A u t h o r i t y , ._Public Works Administration
U . S. Shipping B o a r d — M e r c h a n t
Fleet Corporation
209,804
U . S. M a r i t i m e Commission
R u r a l Electrification A d m i n i s t r a tion H o m e O w n e r s ' L o a n Corporation
Federal Savings a n d L o a n I n s u r ance Corporation
F e d e r a l savings a n d loan associations
Federal h o m e loan b a n k s
Federal H o u s i n g A d m i n i s t r a t i o n
U . S. H o u s i n g A u t h o r i t y
6,762
F a r m Loan Board—crop loans
F a r m Credit Administration
F e d e r a l F a r m M o r t g a g e Corporation
Federal land b a n k s . --- --- 383
Federal i n t e r m e d i a t e credit b a n k s - 31,876
B a n k s for cooperatives
-- - P r o d u c t i o n credit corporations
Regional agricultural credit corporations

Footnotes at end of table.




207, 682

216, 745

233, 018

224,102

998

43, 204
159,796

391,860

652,669

(^)

144,000

1,000
81,000

(3)

623, 394
292
32, 763

238 .
33, 973

125,176
35,963-

2 74,000

524, 339

656,861

659, 212

134,403

111,687

91,887

124, 872
62, 710

200,000
205,118
105,083
128, 624
120,978

200,000
235, 783
107,894
161,044
120,939

200,000
266,462
109, 944
148,689
121,142

200,000
304, 403
114,846
165,464
121,427

200,000
313, 943
118,393
161,155
122, 076

200,000
312, 773
120, 524
165,068
122,216

100, 000
213,483
84, 696
108,836
110,641

43, 620

43,000

56,700

36,035

26,782

17,776

18,747

19,966

20,867

O

i
o

td
tei

58,982

197, 000
164, 000
85, 000
111.000
106,000

O

tei
td
tei

>
d
td

to

TABLE 52.—Proprietary interest of the United States in governmental corporations and credit agencies^ as of June SO, 1929 to 1941—Continued

Corporation or agency
W a r E m e r g e n c y corporations a n d
agencies (in l i q u i d a t i o n ) :
S u r p l u s w a r supplies
Securities received b y Secretary
of Navy—sales of s u r p l u s
property
U . S. H o u s i n g Corporation
U . S. Railroad A d m i n i s t r a t i o n .
U . S. S p i u c e P r o d u c t i o n Corporation
W a r F i n a n c e Corporation
Other:
Disaster L o a n Corporation
-.
Electric H o m e a n d F a r m Authority
.-.
Subsistence h o m e s t e a d s (Re' settlement Administration).
F a r m Security A d m i n i s t r a t i o n
Federal National Mortgage
Association
>
F e d e r a l Prison I n d u s t r i e s , I n c
Interior D e p a r t m e n t ( I n d i a n
loans)
I n l a n d W a t e r w a y s Corporation
N a t i o n a l defense corporations
P a n a m a Railroad C o m p a n y - . .
P u e r t o Rico R e c o n s t r u c t i o n
Administration
R F C Mortgage Company - ,.
Tennessee Valley Associated
Cooperatives, I n c
Treasury Department:
A d v a n c e s to Federal Reserve B a n k s for i n d u s trial loans
Railroad loans ( T r a n s p o r t a t i o n Act, 1920)




1929

1930

1932

1931

,

1933

1934

1935

1937

1936

1938

1939

1940

1941

°
928

• 855

787

828

828

• 828

433

383

5,723
3,867
1, 751

5,574
2, 793
1,299

5,030
2,315
1, 244

4,938
2,020
1,157

4, 924
1,916
1, 257

4,910
2 1, 950
2 1, 200

5,085
1,989
1,132

5,026
1,990
1,106

353
532

'••-417
531

414
334

408
333

417
313

21,000
200

336
- 120

438
30

21, 000

872

839

2 3, 000

25,000

79,875

127, 669

,

4,785
2,014
531

4,708
1,980
118

4,645
1,925
114

287
30

293
10

298
2

5,660

9,262

865

902

4,399

5,014

5,576

4,672
1,829
110

4,431
1,848
64

300

304

16,873

22, 632

22, 466

938

1,074

1,201

169,373

256, 275

307,889

382,052

11, 066
6,575

12, 652
7,449

15. 557
8,478

18,956
9,787

(»)

(0

534
23,980

40, 504

42,136

42, 669

-

1,911

2,529

2,894

2,672

24, 607

2 24, OOO

23,750

24,602

24, 642

24,981

24, 853

24,411

45, 557

43, 626

2 43, 000

43,147

43, 334

44, 256'

45,885

46,678

49, 341

23,985
34, 648
51,999

10,167

3,701
25, 358

3,897
25,309

6,388
25, 259

8,099
26,313

7 566
25, 353

305

20, 974

24,391

9,996

19, 768

299

302

302

301

297

293

20,932
62, 699

54, 792

39,942

38,926

38,482

37,711

^
tN3

[In thousands of dollars]

26, 646

27, 421

27, 546

27, 546

27, 646

27 546

31,192

30,590

30, 230

30, 230

30,230

30,186

25, 213

Securities received from^
Reconstruction Finance
Corporation under act of
February 24, 1938
Securities received by the
Bureau of Internal Revenue in settlement of tax
liabilities
Interagency items: ^
Due from other governmental corporations or
agencies
.. .
Due to other governmental
corporations or agencies..

•

1,819
759

955
824

939
778

352,398
643

1, 594,629 2 3,404,000
'317,134

2 496,000

3, 693, 439
/, 290,454

4,038,067

1,813,311

3, 617, 962
1,815, 696

891,810
14, 630

2,374

2,101

172

2,774

Subtotal
--- 386, 020
Less: Interagency proprietary in• terests included above
Total proprietary interest of
U. S. exclusive of interagency interests

•

60

275, 066

106,012

303, 013

12,230

12,272

38,635

2,570

759, 692

1,920, 560

O
^1
=

3, 047,882

6,049,162

6, 782,805

6, 765,018

6,446, 674

4, 261, 391

3,897,000

3,876, 978

274,121

530,033

3,887,425

2 800,000

/, 338,960

1,515,550

/, 475, 895

156,000

181, 000

210, 000

451, 741

^^
W

2, 773,761

4, 249,162

4, 443,846

4, 249,468

3,970,779

4,105, 391

3,716,000

3, 666,978

3,436, 684

Ul

tei386,020

630,033

759, 692

1,920, 560

1 Figures are rounded to the nearest thousand and will not necessarily add to totals.
2 Estimated.
3 Transferred to the U. S. Maritime Commission.
< Transferred to the Farm Credit Administration.
* Corporation abolished effective July 1, 1939, pursuant to Reorganization Plan No. II.
6 Transferred to the Farm Security Administration.
^ Represents interagency assets and liabilities of the Treasury Department and of Government agencies, which agencies are not included in this statement.
NOTE.—Amounts for 1940 and prior years have been revised to conform to classification in effect as of June 30, 1941.




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STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES

to
i4^

TABLE 53.—Stock of money, money in the Treasury, in the Federal Reserve Banks, and in circulation June 30, 1913 to 1941 ^
[000 omitted, except in per capita figures]
M o n e y outside of t h e T r e a s u r y ,

M o n e y held in t h e T r e a s u r y

June 3 0 -

Stock of
money *
Total

A m o u n t held
as security
against gold
a n d silver
certificates
(and Treasu r y notes of
1890)

Reserve
against
United
States notes
(and T r e a s u r y notes of
1890)

I n circulation
H e l d for Federal Reserve
Banks and
agents

AU Other

Total

Held b y Federal Reserve
Banks and
agents

Amount*

P o p u l a t i o n of
continental
United
States
(estimated)

P e r capita

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1913 .
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1926
1926.
1927
1928
1929
1930
1931
1932
1933—..
1934
1036




$3,777,021
3, 797,825
4,050, 783
4,641,730
6, 678,774
6,906,237
7, 688,413
8,158,496
8,174,628
8,'276,070
8,702,788
8,846,542
8, 299,382
8,428,971
* 8,667,282
8,118.091
8, 538,796
8.306,564
9.079,624
9,004.505
10,078,417
13, 634,381
16.113,036

$1,834,112
1,845, 670
1,967,665
2,356. 536
2.859. 396
2,976. 251
2, 907.812
• 2.379,664
2,921,089
3, 615, 583
3,821,846
4, 248. 438
4.176,381
4,210,358
4,159,056
3,726,650
3, 789.886
4,021.937
4,227, 735
3,493,122
3, 797,692
8,408, 392
9.997.362

$1,475,783
1.507.179
1, 619,429
2,057. 409
2,063,391
1,407. 694
906. 673
704. 638
919.643
1,000. 578
1,150.168
1,628. 139
2.059, 799
2.139, 770
2,096. 206
1.986,761
1,854. 373
1.978, 448
2,198.103
1,979.137
1,711.721
6,463, 713
7,131,431

$150.000
150.000
152.977
162.979
162,979
162,979
162,979
162,979
152. 979
152.979
152,979
152.979
163, 621
164,189
156.421
166,039
156,039
156.039
156,039
156,039166,039
166.039
166.039

$526,295
1,205.082
1,416.086
1,184.276
1,637,857
2,108,887
2,285.170
2,260.891
1, 752,744
1,717.348
1, 712,003
1,387,650
1,662,426
1, 796,239
1, 776,690
1,235. 737
1,771.486
« 3,999,065
< 6.632,690

$208,329
188,391
195,259
146,147
116, 731
210,496
432.074
337.771
310,610
253,139
233.629
206.429
210.217
199.050
195.427
195,199
217.049
91.211
98,902
122,209
158,446
2, 798,640
2,709.891

$3,418,692
3. 459. 434
3. 702. 647
4, 242, 603
4,882,769
6,337, 681
6. 687. 275
6,483. 470
6,173, 082
6, 761. 065
6,031,111
6, 226, 243
6,182. 799
6.358.384
6,604.431
6, 379. 202
^ 603, 283
6. 263, 076
7.047.992
7,490. 520
7.992. 446
6,679, 455
6. 714, 614

$38?, 966
693,346
816,365
856. 984
810. 636
1,016.881
1,262.089
1, 297.893
1, 207,836
1.376, 935
1.367.591
1,473,118
1,753,110
1,582,676
1,856, 986
1.741,087
2,226.059
1.795, 349
2, 271, 682
1,305,985
1,147.422

$3,418,692
3,459,434
3,319, 582
3,649, 258
4,066, 404
4,481, 697
4,876, 638
6,467, 589
4,910, 992
4,463.172
4,823. 276
4.849. 307
4,815, 208
, 4,885, 266
4,851, 321
4,796, 626
4, 746, 297
. 4,521. 988
4,821,933
6.695.171
6. 720. 764
6,373, 470
6.667,093

$36.12
34.93
32.98
35. 63
39.06
42.33
45.95
61.38
45.29
40.61
43.18
42.64
41.73
41.71
40.90
39.97
39.08
36.74
38.85
45.57
45.49
42.44
43.66

97,337
99,027
100, 725
102.431
104, 145
105,869
106,136
106,422
108,445
109,893
111.693
113, 727
115,378
117, 136
118, 628
120,013
121, 456
123.091
124,113
124, 974
125, 770
126,626
127,621

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1936 .. ,
1937
1938
1939
1940
1941

17,402. 493
19.376. 690
20.096.865
23, 754, 736
28. 457. 960
32, 774, 611

11.851,635
13,686,480
14, 535, 627
17, 862, 671
21, 836. 936
24,675,186

9.355,224
10, 240.964
12, 233. 068
15, 299, 262
19,651,067
22, 300, 087

156.039
156.039
166,039
156,039156. 039
156, 039

« 6,304.027
4 6.030.913
* 7.829,838
4 10,708,118
* 14,938, 895
417, 506,167

2,340,372
3, 288,477
2,146. 520
2,407,369
2, 029. 829
2,119, 059

9,602,055
9.901.261
9,964,467
10,483, 210
11, 333.196
12,993, 346

3,360,854
3,454,206
3, 503, 676
3, 436,467
3, 485. 695
3, 380, 914

6,241,200
6,447,066
6,460.891
7,046, 743
7. 847. 501
9,612,432

48.60
49.88
49.62
53. 72
«59.47
72.16

128,429
129,257
130, 215
131, 173
» 131,950
133,212

» The flgures In this table differ from the monthly circulation statements for the following reasons: (a) Beginning June 30, 1922, the form of circulation statement was revised so
as to include in the holdings of the Federal Reserve Banks and agents, and hence in the stock of money, gold bullion and foreign gold coin held by the Federal Reserve Banks and
agents, and to include in the holdings of the Federal Reserve Banks and agents, and hence exclude from money in circulation, all forms of money held by the Federal ReserveBanks
and agents, whether as reserve against Federal Reserve notes or otherwise. For the sake of comparableness the figures in this table for earlier years have been revised to include these
changes. For full explanation of this revision, see annual report for 1922, p. 433. (fr) The form of the circulation statement was revised again beginning Dec. 31, 1927, so as to exclude
earmarked eold coin from the stock of money, and hence from money in circulation; to include in the holdings of the Federal Reserve Banks and agents, and hence in the stock of
money, gold held abroad for the account of the Federal Reserve Banks; and to include in all categories, minor coin (the bronze 1-cent piece and the nickel 5-cent piece). Beginning
on Dec. 31,1927, the circulation statement is dated for the end of the month instead of the beginning of the succeeding month, as was the practice theretofore, and figures on the revised
daily Treasury statement basis for "money held in the Treasury" instead of the unrevised basis are used. For the sake of comparableness the figures in this table for earlier years
have been revised to include these changes. For full explanation of this revision,,see annual report for 1928, pp. 70-71, and for figures for years prior to 1913, pp. 550-551. Final revisions, minor in amount, are made in some figures of the June 30 circulation staternents for use in these annual report tables.
1 The composition of the stock of money is shown in table .54 on p. 626.
' The composition of the money in circulation is shown in table 55 on p. 627.
"
* Gold certificates not included in total money in the Treasury, since the gold held as security against them is included in the second column preceding.
»Revised.




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T A B L E 5 4 . — S t o c k of m o n e y , h y k i n d s , a t t h e e n d of each fiscal y e a r f r o m 1 9 1 3 to 1 9 4 1 *
[In thousands]
J u n e 30—

1913
1914 . . . . . . .
1916
1916
1917
1918
1919..
1920
1921
1922
1923
1924
1925
1926.
1927.
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940
1941

Gold*

$1,870,762
1, 890, 657
1, 985, 539
2,444,636
..
3, 220, 242
3,162,808
3,113,306
2,865,482
3. 274, 730
3, 784, 652
4, 049, 554
4,488, 391
4, 360,382
4, 447,397
4, 587, 298
4,109,163
4, 324,351
4,534.866
4,955,921
3, 918, 596
4, 317, 554
7,856,181
9,115,643
10, 608, 417
. 12.318,271
12, 962,954
16, 110, 079
19. 963. 091
22, 624,198

Silver b u l lion 8

$1,560
313,309
708,211
835,196
1,037,163
1.230,586"
1,353.162
1, 436, 909

Standard
silver dollars 8
$568, 273
568, 272
668, 272
668, 271
568,270
499, 516
308,146
268,857
• 288, 788
381,174
491, 887
603, 755
622, 061
533,491
537, 944
539, 962
539, 961
539,960
539, 958
540,008
540,007
640, 007
545, 642
547, 080
647. 080
647, 079
547, 079
547. 07S
547, 078

Subsidiary
silver

$175,196
182,007
186,430 .
188. 890
198,275
231,857
242, 870
258, 865
271,314
271,211
269,186
277, 614
283,472
288,923
295, 590
299,010
304,187
310, 978
308, 619
304,883
298, 634
296,892
312,416
331, 716
358, 899
373, 461
379. 812
402. 261
447, 248

M i n o r coin

$56,951
59,536
61,327
63,909
69,688
78,146
82,909
92,479
98, 622
98,593
99, 056
102,445
104,004
108,891
113, 295
116, 689
120, 640
126,001
126,887
126,493
126, 746
127,711
133, 040
139,057
150.954
157,183
161, 147
173. 909
199, 364

to

U n i t e d States Federal Reserve n o t e s «
notes s

$346,681
346, 681
346, 681
346. 681
346, 681
346. 681
346.681
346,681
346, 681
346, 681
346, 681
346,681
346, 681
346,681
346, 681
346, 681
346. 681
346.681
346. 681
346, 681
346.681
,346.681
346. 681
346. 681
346, 681
346, 681
346, 681
346. 681
346,681

$84,261
176,168
647, 408
1,847, 580
2, 687, 557
3, 405,877
3, 000, 430
2, 555, 062
2, 676, 902
2, 339,048
1.942, 240
1,995, 206
2, 077, 473
2,002,811
2,194, 970
1, 746, 601
2,101, 578
3. 028, 397
3, 336, 866
3, 350, 988
• 3,492, 854
4, 296, 310
• 4,508,973
4,420,816
4, 763, 989
5, 4S1, 778
7, 001, 521

Federal Reserve B a n k
notes »

National
b a n k notes »

$9.000
12, 790
15, 444
187, 667
201, 226
150, 772
80, 495
22, 083
10,596
7,176
5,713
4,854
4,155
3,711
3,260
2,974
2,772
141, 326
160, 666
84.354
63,300
38. 472
30, 840
26, 074
22. 809
20, 704

$769,158
760, 672
819, 274
744,175
715, 420
724, 205
719, 277
719, 038
743,290
758,202
747, 440
778,012
733, 366
702, 669
704,146
699, 621
704, 294
698. 317
697,004
736,674
970, 601
954, 695
769, 096
371,722
272,164
220, 688
189. 292
167.190
151, 909

Total»

$3, 777, 021
3, 797, 825
4,050, 783
4,641,730.
5,678, 774
6,906, 237
7,688,413
8,158,498
8,174, 528
. .8,276, 070
8, 702, 788
8, 846, 642
8, 299, 382
8, 428, 971
8, 667, 282
8,118,091
8, 538, 796
8, 306, 564
9, 079, 624
9,004, 505
10, 078, 417
13, 634, 381
16,113,035
17, 402,493
19,376,690
20, 096, 865
23, 754, 736
28, 457. 960
32, 774, 611

•

P e r c e n t a g e of
gold to total
money
49.53
49.78
49.02
63.83
56.71
45.80
40.49
36.12
40.06
45.73
46.53
50. 74
52.54
52.76
52.93
60.62
60.64
54.59
54.58"
43.62
42.84
57.62
60.32
60.96
63. 57
64.50
67.82
70.15
69.03

* See note 1, p. 625. For figures for years prior to 1913, see annual report for 1928, pp. 552-653.
» A part of the gold and silver included in the stock of money is held as a reserve against other kinds of money, as follows: (1) As a reserve for United States notes and Treasury
notes of 1890—gold bullion varying in amount from $150,000,000 to $156,039,431 during the years included in the table; (2) as security for Treasury notes of 1890—an equal dollar amount
in standard silver dollars (these notes are being canceled and retired on receipt); (3) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a
monetary value equal to the face amount of such silver certificates; and (4) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates. Federal Reserve notes arepbligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are
secured by the deposit with Federal Reserve agents of a like amount"of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms
of the Federal Reserve Act, nr, until June 30, 1943, of direct obligations of the United States if so authorized by a malority vote of the Board of Governors of the Federal Reserve
System. Federal Reserve Banks must maintain a reserve in gold certiflcates of at least 40 percent, including the redemption fund which must be deposited with the Treasurer of
the United Star.es, against Federal Reserve notes in actual circulation. "Gold certiflcates" as herein used includes credit.«. with the Treasurer of the United States payable in gold
certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. The monetary value of gold was changed from $20.67-[- per fine ounce to $35.00 per
fine ounce on Jan. 31, 1934.
8 Tho totals Involve a duplication to the exten tthat United States notes. Federal Reserve notes. Federal Reserve Bank notes, and national bank notes, all included in full, are in
* part secured by gold, also included in full. Gold certificates, silver certificates, and Treasury notes of 1890 have been excluded, however, since they are complete duplications of the
equal amounts of gold or silver held as security therefor and included in the totals.




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T A B L E 55.—Money i n circulation^ hy kinds, at the end of each fiscal year from 1913 to 1941 ^
[In thousands]
Standard
Gold coin Gold certifl- silver dolcates >
lars

June30-<

1913
1914
1915
".
1916
1917
1918
1919 1920_
1921
1922....
1923 .
1924.
1925 - .
1926
1927 . . . . .
1928_
1929
1930.
1931
1932.
1933
1934
_
1935
1936.
1937
1938
1939
1940...
1941

.

...

..^

-

$608, 401
611, 545
587. 537
624, 939
666, 545
537. 230
474,875
474,822
447, 272
415,937
404,181
393,330
402. 297
391, 703
384, 957
377, 028
368, 488
357, 236
363, 020
452, 763
320, 939
(3)
(3)
(3)
(3)
(3)
(3)
(3^
(3)

$1,003,998
1,026,149
.821,869
1, 050, 268
1, 082, 926
511,190
327. 552
259.007
200, 582
173, 342
386, 456
801, 381
1,004, 823
1,057, 371
1,007, 075
1,019,149
934,994
994,841
996, 510
715, 683
265, 487
149, 740
117,167
100, 771
88,116
78. 500
7i.930
66. 793
62, 872

$72,127
70, 300
64.499
66, 234
71, 754
77, 201
79, 041
76, 749
65, 883
' 57,973
57, 262
54,015
54,289
61, 577
48, 717
46, 222
. 43,684
38. 629
34, 326
30, 115
27,995
30.013
32, 308
35. 029
38, 046
39. 446
42. 407
46. 020
52, 992

Silver certificates» •

$469.129
478, 602
403,147
476, 279
468, 385
370, 349
163. 445
97, 606
158, 843
265, 335
364, 258
364, 414
382, 780
377, 741
375, 798
384, 577
387, 073
386,915
377, 149
352, 605
360, 699
401, 456
701, 474
954,592
1,078, 071
1,230.156
1, 453, 573
1, 581. 662
1, 713, 608

- Treasury
notes of
1890»

Subsidiary
silver

M i n o r coin

$2. 657
2.428
2,245
2,098
1,970
1,851
1,745
1.656
1,576
1.510
1,460
1, 423
1,387
1,356
1,327
1,304
1,283
1.260
1,240
1.222
1,186
1.189
1.182
1.177
1.172
1,169
1,166
1,163
1,161

$154. 458
159,966
159, 043
171,178
193, 745
216, 492
229. 316
248,863
235, 296
229, 310
247, 307
262. 995
262. 009
270,072
275, 605
278,175
284, 226
281, 231
273,147
250, 220
256,865
280, 400
295, 773
316, 476
340, 827341, 942
361. 209
.384. 187
433, 485

$54, 954
57,419
58,616
62,998
68,411
74, 958
81, 780
90, 958
91, 409
89,157
93, 897
96, 952
100, 307
104,194
108.132
111,061
115,210
117, 436
117, 393
113,619
112,532
119.142
125,125
134.691
144,107
145, 625
164.869
1R8. 977
193,963

United
States
notes *
$337. 215
337,846
309, 796
328. 227
311.695
291,859
. 274,119
278,144
259,170
"292. 343
302, 749
297, 790
282, 578
294,916
292, 205
298, 438
262. 188
288, 389
299,427
289, 076
268, 809
279, 608
285, 417
278,190
281. 459
262.155
265. 962
247. 887
299, 614

Federal
R(!serve
notes 2

$70.810
149,152
506, 756
1,698,190
2. 450, 278
3, 064, 742
2, 599, 598
2, 138, 715
2, 234, 660
1, 843, 106
1.636,108
1, 679. 407
1, 702, 843
1, 626, 433
1, 692, 721
1. 402. 066
1, 708. 429
2, 780, 229
3, 060. 793
3, 068, 404
3,222,913
4. 002. 216
4, 168. 780
4,114.338
4. 483. 552
5,163. 284
6, 684, 209

Federal
National
Reserve
B a n k notes' b a n k notes^

$1,683
3, 702
10. 970
155. 014
185, 431
129, 942
71, 868
19, 969
10, 066
6,921
6, 453
4,606
. 4,029
3,616
3.206
2,929
2,746
.125.845
141. 645
81.470
51,954
37,616
30,118
25. 593
22. 373
20, 268

$716, 754
715.180
782,120
716,204
690. 635
691,407
639,472
689,608
721, 421
727, 681
711,076
733, 835
681, 709
651,477
650, 057
650, 212
. 652,812
650, 779
648, 363
700, 894
919,614
901, 872
704,263
366, 105
268,862
217, 441
. 186.480
165.155
150, 460

Total

$3, 418, 692
3, 459, 434
3, 319, .582
3, 649, 258
4. 066. 404
4,481,897
4,876, 638
6, 467. 689
4, 910, 992
4,463,172
4, 823, 275
4,849, 307
4,815, 208
4,885, 266
4,851,321
4, 796, 626
4, 746, 297
4. .521,988
4,821,933
5,695, 171
5, 720, 764
5, 373, 470
5, 567, 093
6,241.200
6. 447. 056
6 460,891
7, 046. 743
7.847.501
9. 612,432

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» See note 1, p. 625. For figures for years prior to 1913, see annualreport for 1928, pp. 554-655.
» For description of security held for redemption, see note 2. p. 626.
' Under the order of the Secretary of the Treasury of Dec. 28, 1933. as amended and supplemented on Jan. 11 and 15, 1934, all gold coin domestically owned (with minor exceptions) was required to be delivered for the account of the Treasurer of the United States, and under the Gold Reserve Act of 1934 (Jan. 30) withdrawn from circulation and lormed
into bars. Gold coin ($287,000,000) shown on Treasury records as being then outstanding was dropped from the monthly circulation statement as of Jan, 31, 1934.




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TABLE 56.—Stock of money, money in the Treasury, in the Federal Reserve Banks, and in circulation, by kinds, June 30, 1941

K i n d of m o n e y

Stock of m o n e y
Total

A m o u n t held
Reserve
as s e c u r i t y
against
against gold
United
a n d silver
States
certificates
notes ( a n d
(and T r e a s Treasury
u r y notes
notes of
of 1890)
1890)

Population
of continental
United
States (estiPer
mated)
capita

I n circulation >
H e l d for Federal
Reserve B a n k s
a n d agents

All o t h e r
money

Total

Held b y
F e d e r a l Reserve B a n k s
a n d agents

Amount

Gold
2 $22,624,197,712 $22,624,197,712 $20,384,483,333 $156,039,431
3 $2,083,674,948
$2,878,316, 619 $2,815,444,500 $62,872,119 $.47
4 5 ($17,506,166,714)
Gold certificates
4 (20,384,483,333) 4(17,506,166,714)
2,117,172
66,109,482
62,992,310 .40
12,273,438
S t a n d a r d silver dollars
491,968,334
479,694,896
547,077,816
Silver b u l l i o n . .
1,435,909,163 1,435,909,163
1,435,909,163
1,914,443,437 200,935,009 1,713,508,428 12.86
Silver certificates
U l , 914,443,437)
1,160, 622
T r e a s u r y notes of 1890 _ _
1,160, 622 .01
4 (1,160,622)
4,052,760
9,709,954 433,485,146 3.25
S u b s i d i a r y silver
443,195,100
. 4,052,760
447, 247,860
2, 672,620
2,828,870 193,962,881 1.46
Minor coin.
. .
196,791,761
2, 572, 620
199,364,371
44,622,122 299, 513,845 2.26
2, 545, 049
U n i t e d States notes
344,135,967
2, 545, 049
346, 681,016
13,148, 682 6,988,371,943 304,163,185 6,684,208,758 60.18
F e d e r a l R e s e r v e notes _ .
13,148,682
7, 001, 520, 625
Federal Reserve
Bank
348,740
notes
86,900
20, 268, 064 .15
" 20,354,964
20,703,704
348,740
1,005,800 150,460,175 1.13
443,125
151,466,975
N a t i o n a l b a n k notes
151,909,100
443,125
T o t a l , J u n e 30,1941.
C o m p a r a t i v e totals:
M a y 31,1941
...
J u n e 30,1940
Oct. 31,1920
M a r . 31,1917
J u n e 30,1914
J a n . 1,1879 _

32,774,611,367

24,576,186,185 22, 300,087,392 166,039,431 4 (17, 506,166,714) 6 2,119,059,362 712,993,345,860 3,380,913,512 9,612,432,348 72.16 133,212,000

32,486,994,400
28,457,959.874
• 8,479,620,824
5, 396, 596, 677
3,797,825,099
1,007,084,483

24,519,111,807
21,836,935,523
2,436,864, 530
2,952, 020, 313
1,845,569,804
212,420,402

22, 303,914,874
19,651,066.772
718, 674,378
2, 681, 691, 072
1,507,178,879
21,602,640

156, 039,431
156,039,431
152.979,026
152,979, 026
150,000, 000
100,000, 000

17, 509, 232,314 2,069,167,602 12,762, 565,163 3,405,918,290 9,356,646,863 70.29 133,107,000
14,938,894,942 2,029,829,320 11,333,196,181 3,485,694,857 7,847,501,324 859.47 8131,950,000
352,850,336 6,761,430,672 1,063,216,060 5,698, 214, 612 .53. 21 107,096,000
1,212,360, 791
117,350,216 5,126, 267,436 953,321, 522 4,172,945,914 40.23 103,716,000
3,459,434,174 34.93 99,027,000
188,390,925 3,459,434,174
816, 266,721 16.92 48,231,000
90,817,762
816, 266,721

1 The money in circulation includes any paper currency held outside the continental hmits of the United States.
2 Does not include gold other than that held by the Treasury.
3 Includes $1,800,000,000 exchange stabihzation fund and $143,176,930 balance of increment resulting from reduction in weight of the gold dollar.
4 These amounts.are not included in the total, since the gold or silver held as security against gold and silver certificates and Treasury notes of 1890 is included under gold, standard silver dollars, and silver bullion, respectively.
8 This total includes credits with the Treasurer of the United States payable in gold certificates in (1) the gold certificate fund—Board of Governors, Federal Reserve System, in
the amount of $17,497,287,511, and (2) the redemption fund for Federal Reserve notes in the amount of $8,879,203.
6 Includes $59,300,000 lawful money deposited as a reserve for postal savings deposits.
7 The amount of gold and silver certificate-s and Treasury notes of 1890 should be deducted from this amount before combining with total money held in the Treasury to arrive
at the total amount of money in the United States.
8 Revised.
NOTE.—For description of security held, see note 2, p. 626.




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CX)

- M o n e y outside of t h e T r e a s u r y

M o n e y held i n t h e T r e a s u r y

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REPORT OF THE SECRETARY OF THE TREASURY

629

TAX-EXEMPT AND TAXABLE SECURITIES
TABLE 57.— Estitnated amount of interest-bearing securities issued by all governmental units in the United States outstanding on June 30, 1941, classified by taxexemption status and by type of issuer ^
fin millions of dollars]
Total
all
securities

Tax-exempt
Total

Whol- Partially 3
ly 2

Taxable

All interest-bearing securities:
11,384
77,282 66,898 29,867 36,031
Total amount outstanding
Less securities held by:
302
302
U S Government O
3, 487
1,778
3, 653
1, 709
Federal agencies ^
166
3,273
376
6.360
2,897
3,087
Federal trust funds...1,988
1,213
2,184
775
196
Federal Re.serve Banks
1,649
1,649
100
1,549
State and local sinking funds
2,800
2,800
280
2,520
State and local public trust and investment funds
39
39
12
27
Territorial and insular sinking and public trust funds..
3,759
3,751
9,477
Total securities held by governmental funds, etc
16,987 13,236
Total privately held securities
.
. . . 60,296 62,662 20,390 32, 272
7,633
Securities of the United States Government:
7, 939 30,160
10.306
48, 405 38, 099
Total amount outstanding
Less securities held by:
1, 750
239
1,511
158
1,908
Federal agencies 4
..
376
2,854
3,230
6,317
Federal tr,ust funds....
3,087
1,208
1,983
776
196
2,179
Federal Reserve Banks .
....
100
100
State and local sinking funds
.
...
100
280
280
State and local public trust and investment funds
280
12
12
12
Territorial and insular sinking funds
3,487
3,441
3,868
7,366
Total securities held by governmental funds, etc
10, 796
6,865
Total privately held securities
4,071 26, 673
37, 609 30, 744
Securities of Federal instrumentalities guaranteed by the
U. S. Government: s
8
5,710
952
5, 718
Total amount outstanding'..^
6,670
Less securities held by:
302
302.
U. S. Government
267
2
8
276
Federal agencies
.
. . . . . .
277
5
5
Federal Reserve Banks...
5
272
584
304
8
280
Total securities held by governmental funds, etc
5.438
648
Total privately held securities '. . . .
5, 438
6,086
Securities of Federal instrumentalities not guaranteed by the
U. S. Government:
2, 074 1,913
2,200
161
126
Total amount outstanding
Less securities held by:
765
6
766
771
Federal agencies
...
43
43
43
Federal trust funds...
808 - 808
814
Total securities held by governmental funds, etc
6
161
120
1,266
1, 105
Total privatelv held securities..
1,386
Securities of StateWd local governments:
19,860 19,860 19,860
Total amount outstandins. . .
..
Less securities held by:
697
697
697
Federal agencies
...
1,549
1,549
State and local sinking funds
1,649
2,620
2,620
State and local public trust and investment funds
2,620
4,766
4,766
Total securities held by governmental funds, etc... 4,766
Total privately held sedurities
16,094 16, 094 16,094
Securities of Territories and insular possessions:
Total amount outstanding-.
147
147
147
Less securities held by: .
27
27
27
Territorial and insular sinking and public trust funds..
Total privately held .securities
120
120
120
1 The "total amount outstanding" of securities of the several issuers differs from the gross indebtedness
of these issuers in that the former excludes noninterest-bearing debt. The "total privately held securities"
differs from the net indebtedness of the borrowers in several additional respects. The former is »'.erived by
deducting from the total amount of securities outstanding the amount of all securities held by the United
States Government, Federal agencies, Federal Reserve Banks, and by public sinking, trust, and investment funds. Net indebtedness, on the other hand, is derived by deducting from the gross indebtedness
an amount equivalent to the total volume of sinking fund assets of the respective borrowers, but makes no
allowance for any other public assets.
2 Secm'itiesthe income from which is exempt from both the normal rates and surtax rates of the Federal
income tax.
3 Securities the income from which is exempt only from the normal rates of the Federal income tax.
United States savin,gs bonds and Treasury bonds .are classified as partially tax-e.xempt securities although,
by statutory provision, interest derived from $5,000 of principal amount of these securities owned by any
single holder is exempt from the surtax rates as well as the normal rates of the Federal income tax.
* Includes exchange stabilization fund.
* Includes certain obligations of the Tennessee Valley Authority which are "issued on credit of the United
States."
SOURCE.—Estimates are based in part on a questionnaire survey of State and local government debt and
specified funds conducted by the Division of State and Local Government 6f the Bureau ofthe Census,
Department of Commerce, and in part on a questionnaire survey of ten'itorial and insular debt and specified
funds conducted by the Division of Territories and Island Possessions of the Department of the Interior.




630

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 58.—Estimated amount of interest-bearing securities issued by all govern
by tax-exemption status
[In millions
G r a n d total

U . S. G o v e r n m e n t 2

Tax-exempt

Tax-exempt

June s o Total

Taxable
Total

Wholly

Partially

Total

Taxable
Wholly

Partially

A. T O T A L
1913 . .
1914
.
1915 . . . .
1916
1917
.
1918.:.-..
1919
1920
1921......
1922 .
1923......
1924
1925
1926
1927
1928
1929
1930 . . . .
1931
1932
1933
1934
1935
1936
1937
1938 "
1939
1940
1941......

5,531
6, 954
6,427
6,887
9,049
18, 786
32, .597
32. 257
32, 724
33,411
33, 788
33,978
34, 681
34, 856
34, 933
35, 044
35.428
35. 943
37, 026
40, 782
45,109
52,187
56, 939
63,180
65, 653
63, 889
67, 665
70, 233
77. 282

5,531
6,631
5,954 ,
6,954
6,427
6,427
6,887
6,887
9,049
9,049
. 9,187
18, 786
10,159
• 32, 597
11, 308
32. 267
32, 724
11, 922
12, 994
33, 411
14, 074
33, 788
33, 978
15, 290
34, 681
16, 646
34,856
17, 636
18,846
34, 933
36, 044
19, 892
36,428
20, 957
23, 785
35, 943
25, 750
37, 626
40, 782
28, 316
45, 109
31, 499
62,187
33, 354
35,080
66. 939
36, 947
63,179
36. 592
65, 650
34.959
63,883
34, 666
67, 665
70,166
35, 023
65,898
29. 867

9,599
22. 439
20. 949
20. 803
20,417
19, 714
18, 688
18. 036
17, 220
16.087
15,152
14, 471
12,158
11,876
12, 466
. 13, 610
18, 833
21, 869
26. 232
29, 058
28, 924
32, 989
35.143
36.031

1
3
6
10
67
11.384
B. H E L D B Y

966
966
968
968
970
970
972
972
2,713
2,713
11, 986
2. 387
25, 234
2,796
24, 061
3,112
23, 737
.2,935
22, 711
2.294
22, 008
. 2, 294
20, 982
2,294
20, 211
2,176
19. 384
2.164
18, 251
2,164
17, 318
2.166
16, 639
•. 2.168
16, 922
3,764
16.619
4,643
19,162
7,046
22,158
10.133
26,480
12,194
• 27,646
13, 565
32, 756
15, 272
35, 803
16,066
13, 492
36. 579
39, 892
12, 800
42, 380
12.917
48. 405
7.939
U N I T E D STATES

9.599
22, 439
20. 949
20, 803
20, 417
19, 714
18, 688
18, 036
17, 220
16.087
15,152
14, 471
12,158
11,876
12,116
12.025
14, 286
14, 081
17, 484
20, 738
23, 087
27,092
29, 463
30.100

AMOUNT

/

io. .306
GOVERNMENT,

1913
1
1
1
1914
1
1
1
1915
..
1
1
1
1
2
1916
2
2
2
2
2
2
2
2
1917
2
52
52
66
4
61
113
1918
...
113
153
142
158
5
153
295
1919
295
173
210
217
7
210
383
383
1920.
351
359
. 351
191
542
1921
642
8
424
432
424
1922
8
147
671
571
111
521
621
410.
419
9
410
1923
...
384
394
384
497
113
1924
497
10
132
652
652
630
520
10
520
1925
141
648
658
648
789
10
1926
789
114
749
759
749
863
863
10
1927
...
854
843
843
115
958
• 958
11
1928
916
905
116
1,021
905
11
1929
1, 021
777
224
777
331
1,108
1,001
1,108
1930
206
206
366
572
465
259
672
1931
322
672
279
386
1932
601
1,068
1,058
285
684
399
531
1,870
1933
2,401
2,401
724
1, 325
4,115
1,071
601
6,186
1934
5,186
877
4, 900
1, 649
772
2,046
6.946
1935
6,946
1, 933
752
1,182
6,597
2,093
7, 690
1936
7,690
3,252
5,574
1,671
3,034
1, 581
1937
8,608
8,608
^
4,462
2,774
2.892
1,688
4,159
7,051
7,051
1938
1,744
1
6,134
. 2,303
6,600
3, 856
7,437
7,438
1939
1,942
6,192
2,271
63
6,803
• 4. 861
8.516
8,463
1940
1,887
3,245
2.154
8,225
3.093
4,606
1941
3. 555
6.760
10. 315
1 Sec footnote 1 on p. 629.
2 On basis of daily Treasury statements (revised), see p . 405.
3 Includes Commodity Credit Corporation notes. Federal Farih Mortgage bonds, Federal Housing Administration debentures, Home Owners' Loan Corporation bonds. Reconstruction Finance Corporation
notes, Tenne.ssee Valley Authority bonds (including certain bonds issued "on credit of the United States"),
and United States Housing Authority notes. Excludes stocks and interagency loans.




•

•

REPORT OF THE SECRETARY OF THE TREASURY

631

mental units in the United States outstanding on June SO, 1913 to 1941, classified
and by type of issuer ^
of dollars]
Federal

instrumentalities: Guaranteed issues 3

Federal

Tax-exempt

Tax-exempt

Total

Taxable

S t a t e , local, a n d territorial
governments
W h o l l y tax-exempt

Total

Issues
of
States
and
localities

1
3
6
8
11
126

4, 565
4,986
5,457
6, 916
6,336
6,689
7,089
7,795
8,537
9,970
10,718
11, 765
12,964
13,813
14.893
15, 860
16, 922
18,150
19, 222
19, 490
19, 672
18.973
19,116
19, 357
19, 298
19,316
19, 776
20.044
20,007

Wholly

6

1
1
1
26
153
346
422
528
638
426
479
697

1
1
1
26
153
346
422
628
" 538
426
479
097

Issues
of Territories
a n d insular
possessions

4,528
4,949
5,417
5,876
6,290
6,643
7,042
7,746
8,476
9,893.
10,698
11, 633
12,830
13, 664
14. 735
16, 699
16, 760
17,985
19,060
19, 330
19, 517
18, 823
18, 972
19, 212
19,152
19,170
19, 626
19,891
19,860

Taxable

Total

Partially

Wholly

instrumentalities: Nong u a r a n t e e d issues <

Partially

OUTSTANDING

111
111
274
274
401
401
450
450
730
730
1,062
1,062
1,231
1,231
1,506
1,506
1,659
1, 659
L789
1,789
1,866
1,866
1,867
1,867
1,871
1,871
1,885
• 1,885
1,780
350
350
1,780
1,694
1, 585
1, 686
1,694
2,187
4, 547
4,547
2,187
2, 399
7,778
7,778
2,399
2,318
8,748
8,748
2,319
2, 229
8,295
25
8, 295.
2,257
2,16.1
6,732
1
106
6, 731
2,262
2,082
5,732
2
176
5,722
2,265
8
2,054
6, 610 *
134
5,646
66
2.199
8
1,913
6,670
161
6, 710
952
2.200
8
F E D E R A L A G E N C I E S , A N D F E D E R A L 'r R U S T F U N D S »

/

0

350
1.585
3,391
4,023
4, 415
3,993
1,204
668
390
579

8"
8
8

350
1,585
3,391
4,023
4,415
3,993
1,204
559
329
267

1
53
304

57
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919
836
847
844
844
814

67
337
166
183
139
102
103
122
131
104
104
105
* 106
106
106
106
317
928
919
836
847
844
844
808

37
37
40
40
46
46
47
"49
61
77
120
132
134
149
158
161
162
165
162
160
155
150
144
145
146
146
150
153
147

•

4 Includes Electric Home and Farm .A^uthority notes, Federal intermediate credit bank debentures, Federal land bank bonds (both those issued by the individual banks and the consolidated series), Federal National Mortgage Association notes, home loan bank debentures, and joint stock land bank bonds. Excludes
stocks and interagency loans.
« Excludes Federal Reserve Banks. Back figures revised to include individual Indian trust funds, and,
for 1934-37, securities held by the exchange stabilization fund. Back figures also are revised to exclude
securities held by joint stock land banks.




632

REPORT OF THE SECRETARY OF THE TREAStTRY

TABLE 58.—Estimated amount of interest-bearing securities issued by all govern
by tax-exemption status and
[In millions
Federal instrumentalities:
Guaranteed
issues
(partially
tax-exempt)

U. S. Government
June 30—
Total

Wholly taxexempt

Partially taxexempt

Taxable

O. H E L D BY F E D E R A L RESERVE BANKS
1913
1914
1915
1916
1917
_
1918
_ .1919
_
1920
_
1921..
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933.
1934 ..
1935
1936
1937
1938
1939
1940
1941

8
57
66
255
292
341
259
655
102
431
353
385
370
236
216
591
668
1,784
1,998
2,432
2,433
2,430
2, 526
2,564
2,551
2,458
2,179

1 See footnote 1 on p. 629.
« Data for earlier years not available.




8
67
66
58
26
25
22
17
12
6
3
3
3
3
3
301
451
1,422
1.682
1,990
2,143
2,115
1,794
1,820
1,640
1,128
775

_ ^_.
.
197
267
316
237
538
90
425
350
382
367
232
213
290
217
362
416
442
290
316
732
744
911
1,330
1,208

-

196

19
6

REPORT OF THE' SECRETARY OF THE TREASURY

633

mental units in the United States outstanding on June SO, 1913 to 1941,''classified
hy type of issuer ^—Continued
of dollars]

U. S. Government (partially
tax-exempt)

Total

June 30—

States, counties,
cities, etc.
(wholly taxexempt)

Territories and
insular possessions (wholly
tax-exempt)

D. H E L D IN SINKING FUNDS OF STATES, LOCALITIES, T E R R I T O R I E S , AND
INSULAR POSSESSIONS
1913
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931..
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

:
- .
-

621
670
736
794
861
950
1,063
1,081
1, 094
1,329
1,508
1.634
1,762
1,904
2,037
2,161
2,296
2,431
2,156
1,472
1,492
1,513
1, 634
1, 654
1, 678
1.583
1,612
1,637
1,680

50
61
52
54
65
61
59
61
77
108

620
669
735
793
860
949
1,052
1,080
1,090
1,328
1,506
1,627
1, 753
1,889
2,020
2,139
2, 281
2,418
2,141
1,399
1,417
1,436
1,454
1,473
1,491
1,501
1,530
1,535
1,549

1

1
1
1
1
1
1
1
i

1

2
7
9
16
17
12
16
13
14
23
24
.25
26
26
26
23
21
25
23

E. H E L D IN TRUST AND I N V E S T M E N T FUNDS OF STATES, LOCALITIES,
T E R R I T O R I E S , AND INSULAR POSSESSIONS
1937 6
,1938
1939
1940
1941




2,479
2,603
2, 742
2,768
2,808

•

200
210
221
269
284

2,279
2,393
2,613
2.500
2,520

8
9
4

634

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 5S,^—Estimated amount of interest-bearing securities issued by all govern,
by tax-exemption status and
[In millions

Grand total

U. S. Government

Tax-exempt

Tax-exempt

June s o .Total

Total

Taxable
Total

Wholly

Partially

Taxable
Wholly

Partially

F. TOTAL A M O U N T H E L D BY
1. 1913-36: EXCLUDES HOLDINGS BY TRUST AND INVESTMENT FUNDS
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
>1926
1927
1928
1929
1930
1931
1932
1933
1934
1936
1936

621
671
745
863
929
1,318
1,640
1,805
1,895
2,455
2,131
2, 562
2,767
3,078
3,270
3,344
3, 633
4,130
3,395
4,314
6,891
9,131
10,913
11,674

621
671
745
853
929
1, 318
1,640
1,805
1,895
2,465
2,131
2,662
2,767
3,078
3,270
3,344
3. 633
4,130
. 3,395
4,314
6,891
9,131
10,913
11,674.

621
671
745
. 853
929
1,069
1,220
1,279
1, 307
1,493
1,631
1,753
1,897
2,048
- 2,154
2,269
2,415
3,063
2,972
3,230
3,654
4,522
5, 669
5,707

249
420
626
588
962
500
809
870
1,030
1,116
1,076
1,118
1,067
423
1,084
2, 337
4,609
6,244
6,967

,

1
9
69
68
311
449
658
617
987
521
825
883
1, 043
1,129
1,089
1,132
1,692
1,133
2,435
2,733
3,809
4,136
4,419

1
9
59
68
62
30
32
30
25
21
13
13
13
14
14
625
710
1,701
1,981
2,591
2,915
2,867

249
420
626
588
' 962
' 500
809
870
1,030
1,116
1,076
1,118
1,067
423
734
752
1, 218
1,221
, 1,562

2. 1937-41: INCLUDES HOLDINGS BY TRUST AND INVESTMENT FUNDS
1937
1938
1939
1940
1941

15,191
13, 801
14,343
16, 388
16, 987

15,191
13,801
14, 342
15, 335
13,236

1 See footnote 1 on p. 629.




8,624
9,896
10, 846
11, 389
9,477

6,667
3,905
3,496
3,946
3, 769

1
53
3,761

6,039
7,295
8,433
9,597
10,796

3,465
4,594
5,496
6,989
3,868

2,574
2,701
2,937
3, 608
3,487

3,441

REPORT OF THE SECRETARY OF THE TREASURY

635

mental units in the United States outstanding on June SO, 1913 to 1941, classified
by type of issuer ^—Continued
of dollars]
t

Federal instrumentalities: Guar'
anteed issues

Federal instrumentalities: Nonguaranteed issues

State, local, and territorial
governments

Tax-exempt

Tax-exempt

Wholly tax-exempt

Total
Wholly

Partially

Taxable

Total
Wholly

Partially

Issues
of
States
and
localities

Issues
of Territories
and insular
possessions

621
670
736
794
861
960
1,053
1,081
1,094
1,329
1,508
1,634
1,762
1,904
2,037
2,151
2,296
2,432
2,156
1,423
1,467
1,614
1,826
1,921

620
669
736
793
860
949
1,052
1,080
1,090
1,328
1,606
1,627
1,753
1,889
2,020
2,139
2,281
2,419
2,142
1,400
1,443
1,589
1,800
1,895

1
1
1
1
1
1
1
1
4
1
2
7
9
15
17
12
15
13
14
23
24
25
26
26

4,324
4,455
4,498
4,548
4,793

4,298
4,432
4,469
4,514
4,766

26
23

Taxable
Total

GOVERNMENTAL FUNDS, E T C .
OF STATES, LOCALITIES, TERRITORIES, AND INSULAR POSSESSIONS

\

350
1,585
3,391
4,023
4,415

57
137
166
183
139
102
103
122
131
104
104
106
106
106
106
106
317
928
919

360
1,585
3,391
4,023
. 4,415

.

67
137
166
183
139
102
103
122
131
104
104
105
106
106
106
106
317
928
919.

OF STATES, LOCALITIES, TERRITORIES, AND INSULAR POSSESSIONS

3,993
1,204
568

3,993
1,204
559
338
272




1
63
304

835
847
844
844
814

835
847
844
844

34
27

636

REPORT OF T H E SECRETARY OF T H E TREASURY

T A B L E 58.—Estimated amount of interest-bearing securities issued by all govern by tax-exemption status and by
fin millions

Grand total

^

U. S. Government

Tax-exempt

Tax-exempt

June 30—
Total

Taxable
Total

Wholly

Total

Partially

Wholly

Partially

Taxable

G. P R I V A T E L Y
1. 1913-36: INCLUDES HOLDINGS BY TRUST AND INV^ESTMENT FUNDS
1913
1914
1916
1916.
1917 . .
1918
1919
1920
1921
1922
1923
1924
1925......
1926
._.
1927.
1928
1929.
1930
1931
1932
1933
1934 . _
1935
1936

4,910
5,283
5,682
6,034
8,120
17, 468
30. 958
30, 462
30, 830
30,966
31,657
31,416
31,914
31, 778
31,663
31, 700
31, 895
31,813
34, 231
36, 468
39, 218
43. 056
46, 026
51, 506

4,910
5,283
5,682
6,034
8,120
17, 468
30, 958
30.452
30,830
30, 966
31,657
31,416
31,914
31, 778
31, 663
31, 700
31,895
31,813
34, 231
36. 468
39, 218
43, 056
46,026
61, 605

4,910
6,283
6,682
6, 034
8,120
8,118
8,939
10. 029
10.616
11.601
12, 443
13, 537
14, 748
16, 588
16, 692
17, 623
18, 642
20, 722
22, 778
25,086
27. 945
28. 832
29,411
31, 240

9,350
22,019
20, 423
20, 215
19,455
19,214
17, 879
17,166
16,190
14.971
14,077
13, 353
11,091.
11,453
11,382
11, 273
14, 224
16, 615
20, 265

1

966
967
961
913
2,645
11,676
24, 785
23, 603
23,120
21, 724
21, 487
20,157
19, 328
18, 341
17,122
16, 229
15, 607
14, 330
15, 386
16, 727
19, 425
22, 671
23, 510
28, 337

966
967
961
913
2,645
2,325
9,350
2. 76622, 019
3,080
20. 423
2.905
20, 215
2,269
19,455
2, 273 •
19,214
2,278 • 17,879
2,162
17,166
2,161
16,190
2,161
14.971
2.162
14, 077
2,154
13, 353
3,239
11,091
3,933
11,463
5,345
11.382
8,152
11, 273
9.603
13,068
10, 650
12, 860
12, 405
15, 932

2. 1937-41: EXCLUDES HOLDINGS BY TRUST AND INVESTMENT FUNDS
1937.
1938.
1939'.
1940.
1941.

50, 462
50,088
63, 322
54, 845
60,296

60,459
60. 082
63, 313
54, 831
52, 662

I See footnote 1 on p. 629. .




27,968
25, 063
23. 820
23. 634
20. 390

22, 491
25,019
29,493
31,197
32, 272

3
6
9
14
7,633

29, 764
29, 284
31, 459
32. 783
37, 609

11, 600
8.898
7,304
6,928
4,071

18.164
20, 386
24,155
25, 856
26,673

6,865

REPORT OF THE SECRETARY OF THE TREASURY

637

mental units in the United States outstanding on June 30, 1913 to 1941, classified
type of issuer i—Continued
of dollars]
Federal

.
i n s t r u m e n t a l i t i e s : Guar'anteed issues

Federal

Taxable
Wholly

S t a t e , local, a n d territorial
governments

Tax-exempt

Tax-exempt

Total

instrumpntalities: Nong u a r a n t e e d issues

Total

Partially

W h o l l y tax-exempt
Issues
of
States
and
localities

Taxable
Wholly

Partially

Total

Issues
of Territories
and insular
possessions

•

HELD

SECURITIES

OF S T A T E S , L O C A L I T I E S , T E R R I T O R I E S , A N D I N S U L A R P O S S E S S I O N S

1,156
3, 755
4,333

54
137
235
267
691
960
1,128
1,384
1,628
1,685
1,762
.1, 762
1,765
1,779
1,674
1,588
1,870
1,471
1,400

1,156
3,755
4,333

1

'54
137
235
267
591
960
1,128
1,384
1, 528
1,685
1,762
1, 762
1,765
1,779
1, 674
1,588
1,870
1,471
1,399

3,944
4,316
4, 721
6,121
5,475
5,739
6,036
6,714
7,443
8,641
9,210
10,131
11, 202
11, 909
12, 856
13, 709
14, 626
16,718
17, 066
18, 067
18, 205
17, 359
17, 290
17, 436

3,908
4,280
4,682
6,082
5,430
5,694
6,990
6,666
7,386
8, 665
9,092
10, 006
11, 077
11,775
12,715
13, 560
14, 479
15, 566
16,918
17, 930
18, 074
17, 234
17,172
17, 317

36
36
39
39
45
45
46
48
67
76
118
125
125
134
141
149
147
152
148
137
131
125
118
119

11
120

14, 974
14, 861
15, 278
15, 496
15, 214

14. 854
14, 738
15,157
16, 377
15, 094

120
123
121
119
120

OF S T A T E S , L O C A L I T I E S , T E R R I T O R I E S , A N D I N S U L A R P O S S E S S I O N S

4,302
4,528
6,164
5,211

407631—42-

4,302
4,527
6,163
5,208
5,438

-42




1
1
3
648

1,422
1,416
1, 421
1, 355
1,386

1,394
1,304
1,238
1, 210
1,106

26
106
176
134
161

638

REPORT OF T H E SECRETARY OF T H E TREASURY
CUSTOIVIS S T A T I S T I C S

T A B L E 59.— Values oj dutiable and taxable imports for consumption and estimated
duties and taxes collected, by tariff schedules, fiscal years 1940 and 1941
Duties and irnport
taxes 1

Value
Tariff schedule
1940,
1. Chemicals, oils, and paints
2. Earths, earthenware, and glassware
3. Metals and manufactures
4. Wood and manufactures
5. Sugar, molasses, and manufactures.
6. Tobacco and manufactures
7. Agricultural products and provisions
.'
8. Spirits, wines, and other bever-

1940

$51,192,569

Value

$38,187, 376 $16, 626, 962 $10,926, 302

Duties
-33.9

23, 808, 317
93, 373, 880
17, 266, 419

22, 797, 368 9, 920, 577 8,189, 260
122,262,098 27, 301, 938 40, 663,457
22, 616, 368 1, 841, 666 1, 977, 258

-4.3
30.9
3L0

-17.5
4819
7.4

110, 643, 434
36,165, 617

111,991,301 67, 723, 437 52,192,887
37, 304, 388 22, 634, 415 22, 668, 204

L3
3.1

-9.6
-.3

169, 932, 295

142, 240, 033 53, 062, 864 47,645,541

62, 522, 790
26, 408, 380

9. Cotton manufactures
10. Flax, hemp, jute, and manu62,117. 209
factures
11. Wool and manufactures
64, 350, 618
12. Silk manufactures
4, 987, 905
13. Manufactures of rayon or other
8, 202,982
synthetic textiles
14. Pulp, paper, and books
9, 572,453
16. Sundries
127, 264, 756
Free-list commodities taxable under
the Revenue Act of 1932 and subsequent acts
^. 52, 724, 328
Dutiable under section 466, Tariff
Act of 1930, etc
276, 221
Total.

1941

Percentage increase or decrease (—)

-16.3

-10.2

50, 095, 097 37,121, 626 31, 004, 515 -19.9
16, 748, 892 9,102, 683
5, 756, 236 - 3 4 . 1

-16.5
-36.8

61, 699,195 10,430, 813 9, 379, 070
142, 713, 481 42, 690,169 96, 295, 765 12L8
3, 365, 844 2, 616, 091 1, 786,136 -32.6

-10.1
125.6
-3L7

992, 299 -60.1
2,460,923
1, 719, 837 1,088, 604 -28.4
33,400, 900 ,26,404, 278 -11.6

-59.7
-36.7
-21.0

^ 3,274,189
6.850,422
112, 469,427

116, 390, 321 11,177, 787 28,141,187

120.8

304,914

33.4

367, 079

273, 091

919, 709,163 1, Oil, 261, 879 340, 005, 668 385, 306, 912

15L8

n.7
13.3

1 Taxes collected on dutiable commodities under the revenue acts and the Sugar Act of 1937 are included
in appropriate schedules.




639

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 60.—Estimated customs duties, value of imports entered for consumption,
[ and ratio of duties to value of dutiable imports and to value of all imports, for
the calendar years 1931 to 1940 and by months from January 1940 to June 1941 *
[Dollars in thousands]

Year and month

Calendar year:
1931
1932
1933
...-.
1934..:
1935
1936
1937
1939
1940...
Month:
1940—January
February...
•March
April
May
June
July..
August
September..
October
November..
December..
1941—January
February...
March
April
May.
June

duties (including
taxes on
imports) '

$370, 771
269, 600
283, 681
301,168
357, 608
408,061
470, 505
301, 380
328, 352
318, 267
28,997
' 26,630
28,139
25, 765
26,986
27, 903
23, 662
22, 687
22, 441
28, 796
27,31331,048
31, 987
32, 642
38, 749
48,905
40,104
37,072

Value of i m p o r t s entered
for c o n s u m p t i o n

.Total

$2,088,455
1, 325,093
1,433,013
1, 636,003
2,038,905
2,423, 977
3,009,862
1, 949, 624
2, 276,099
2, 640, 656
3
3
3
3
3
3

234, 641
190.160
206, 562
203,114
203,893
205,250
217.897
214,413
196, 274
212,913
217, 300
238, 248
223, 624
216, 664
254, 654
. 274, 585
281, 351
261,099

R a t i o of
dutiable
to total

Dutiable 2

$696, 762
439, 657
629,466
644, 842
832, 423
1,038, 219
1, 243, 634
765, 964
878, 050
891,835
81,393
70, 897
78, 950
71, 698
76, 758
77, Oil
69,106
' 64,858
64, 663
78,151
75, 559
82, 791
79, 682
80,881
98,619
115, 234 •
102,031
99, 787

Percent
33.36
33.17
36.95
39:42
40.83
42.83
41.31
39.28
38.68
35.10
34. 69
3 37.28
3 38.22
3 35.29
3 37. 64
3 37.62
31.71
30.25
32.95
36.71
34.77
34.76
35.63
37.33
38.70
41.97
36.26
38.22

R a t i o of duties t o
value of—,
Dutiable
imports
Percent
63.21
59.06
53.68
46.70
42.96
39.30
37.84
39.36
37.40
35.69
35.63
36.15
35.64
36.94
33.85
36.23
34.10
34.98
34.70
36.86
36.15
37.50
• 40.14
40.36
39.33
42.44
39.31
37.16

Total
imports
Percent
17.76
19.59
19.80
18.41
17.54
16.83
16.63
16.46
14.43
12.53
.

12.36
13.49
13.61
12.69
12.76
13.58
10.81
10.68
11.43
13.52
12. 67
13.03
14.30
15.07
15.22
17.81
14.25
14.20

1 The amount of customs duties is calculated on the basis of reports of the Bureau of the Census showing
the quantity and value of merchandise imported. Figures for 1934 and previous years were compiled by
the Bureau of Foreign and Domestic Commerce; figures for 1935 and subsequent years were compiled by
the Treasury Pepartment. For figures back to 1867, see annual reports for 1930, p. 523; 1932, p. 382; and
corresponding tables in subsequent reports.
2 Imports into the Virgin Islands from foreign countries not included in "dutiable" imports for 1936 and
subsequent years.
8 Revised.




T A B L E 61.—Estimated customs duties, value of dutiable imports, and ratio of estimated duties to value of dutiable imports, by tariff schedules, for
the calendar years 1931 to 1940 and by months from J a n u a r y 1940 to J u n e 1941 ^

O

[Dollars in t h o u s a n d s ]

Estimated
duties

V a l u e of
dutiable
imports

R a t i o of
duties to
imports

Estimated
duties

V a l u e of
dutiable
imports

R a t i o of
duties t o
imports

Estimated
duties

V a l u e of
dutiable
imports

R a t i o of
duties t o .
imports

Estimated
duties

Value of
dutiable
imports

R a t i o of
duties to
imports

Year and month

O
Schedule 1.—Chemicals, oils, a n d
paints

Schedule 2.—Earths, e a r t h e n w a r e ,
a n d glassware

Schedule 3.—Metals a n d m a n u factures

Schedule 4.—Wood a n d m a n u factures

O
C a l e n d a r year:
1931...
1932
1933
1934
1935
1936
1937
1938
1939
1940
Month:
1940—January...
February..
March
April
May
June.
July
August
'
September
October...
November.
December.
1941—January...
FebruaryMarch
April
May
June




$20,279
16,041
18,286
17, 375
28, 205
25, 349
29, 264
19,"417
19,634
12, 356

$52,913
36.437
42, 296
45.438
66,105
69, 317
S3, 316
51, 958
66, 586
41,204

Percent
38.33
44.02
43.23
38.24
42.67
36. 57
35.12
37.37
34.70
29.99

1,289
1,229
1,135
1,203
1,303
1,435
1,106
731
649
854
621
802
935
843
870
919
1,111
1,486

4,112
3,842
3,610
4,029
4,722
4,592
3,071
• 2,876
2,147
2,896
2.467
2,940
3,010
3,324
3,419
3,490
3,986
4,662

31.35
31.99
32. 3429.86
27.69
31.26
36.01
25.42
• 30.23
29.49
25.17
27.28
31.06
26.36
26.45
26.33
27.88
32.57

$13,421
8,326
9,012
10, 675
11, 636
13. 620
18, 067
11,049
10, 794
8,806

$25,694
15,285
16,444
19,195
22,853
28,104
36,954
24,693
25, 369
22, 336

Percent
52.23
64.47
• 64.80
55.61
50.92
48.46
. 48.89
44.75
42.56
39.43

799
647
793
683
758
734
772
781
667
734
785
654
583
579
613
710
616

1,992
1,722
1,976
1,629
1,819
1,888
1,946
1,879
1,647
1,902
1,966
1,972
1,740
1,675
1,938
1, 985
1,794
2,355

40.11
37.57
40.13
41.93
41.67
38.88
39.69
41.56
40.50
38.59
39.93
33.16
33.51
34.57
31.63
35.77
34.28
29.55

$23,062
12, 355
17, 081
20,284
23, 305
29,496
37,136
21,493
25, 749
31,161

$68, 518
32,810
45,116
67,802
68, 013
94, 776
114,020
68,172
89, 728
102, 303

Percent
39.41
37.66
37.86
35.09
34.27
31.12
32.57
31.53
28.70
30.46

2,047
1,768
2,111
2,224
2,368
2,300
2,406
3,462
2,637
3,495
3,114
3,229
2,796
2,711
3,587
4,410
4,653
4,162

7,351
6,956
7,024
7, 689
8,287
8,591
8,566
10,103
8,633
10,199
9,762
10,142
8,-798
7,912
10,634
12,112
13,328
12,072

27.85
29.68
30.05
28.92
28.57
26.77
28.09
34.27
30.56
34.27
31.90
3L84
31.78
34.26
33.73
36.41
34.91
34.48

$2,389
1,655
3,026
2,270
2,923
2,782
3,188
2,156
2,096
1,723

$12, 749
7,128
14,191
9,904
12, 657
16, 975
19,861
13, 503
17,002
17,461

Percent
18.74
23.22
21.32
22.92
23.09
16.39
16.06
16.97
12.33
9.87

147
125
116
131
187
151
138
131
139
157
147
152
148
160
^ 162
196
196
251

1,263
1,171
1,091
1,180
1,707
1,546
1,466
1,392
1,606
1,753
1,709
1,690
1,580
1, 729
2,204
2,038
2,487
3,074

11.64
10.67
10.63
11.10
10.96
9.77
9.48
9.41
9.24
8.96
8.60
8.99
9.37
9.25
7.35
9.62
7.88
8.17

t?=l
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Schedule 5 .—Sugar, molasses, a n d
manufactures

Calendar year:
1931
1932
1933
1934
1935
1936
1937..
- 1938
1939
1940
Month:
1940—January...
February..
March....
April
May
June
July
August
September
October...
November.
December.
1941—January...
February..
March
April
May
June

Schedule 6.—Tobacco a n d m a n u factures

$99,631
76,061
67,408
43, 706
39, 986
40, 578
45, 371
45, 606
46, 218
42, 826

$74,819
45, 762
44,540
64,945
94, 953
113,423
126, 645
95,486
90,543
87, 780

Percent
133.16
166.21
151. 34
. 67. 30
42.11
35.78
35.83
47. 66
51.05
48.79

$32,310
22,481
21,542
22,486
21, 958
25, 231
24, 213
24,408
23, 927
22,173

$43,201
27,314
24, 754
25, 235
25, 974
29, 931
. 31,776
35, 803
35, 999
36, 685

Percent
74.79
82.31
87.02
89.11
84.64
84.30
76.20
68.17
66.47
60.44

3,079
3,986
4,558
4,809
4,164
4,618
4,395
3,472
3,004
2,464
2,462
1,816
3,586
4,399
6,199
.8,695
6,196
6,505

6, 606
7,291
9,012
9,589
9,162
9,356
9,168
7,259
6,134
4,980
5,603
3,623
7,648
9,202
13,468
17,150
14, 447
13, 310

46.61
64.67
50.58
50.15
45.45
49.36
47.94
47.83
48.97
49.48
43.94
60.12
46.89
47.80
46.03
60.70
42.89
41.36

1,919
1, 622
1,589
1,807
2,026
1,880
1,924
2,146
1,869
1,993
1,569
1,828
2,002
1,652
1,969
1,810
1,924
1,973

3,196
2,729
2,625
3,010
3,292
3,111
3,167
3,526
3,169
3,366
2,614
2,881
3,249
2,630
3, 2832,981
3,304
3,235

60.04
69.44
60.63
• 60.03
61.64
60.43
60.75
60.88
58.98
59.21
60.02
63.45
61.62
61.34
59.98
60.72
58. 23
60.99

Schedule 7 —Agricultural p r o d u c t s
a n d provisions

.

$56,613
43,418
46,189
63, 269
87, 559
90, 559
106,775
61, 058
66,419
46,083

$134,337
90,666
103, 941
138, 787
219,133
247,153
. 310,156
147,857
173,808
147,228

4,886
4,613
4,760
4,655
4,737
3,208
2,923
2, 613
2,422
• 3,804
3,888
3,574
4,495
4,354
5,123
6,271
4,799
3,380

15. 342
13, 960
13,4'98
13,911
16, 660
11,028
9,495
9,201
9,035
. 12,860
12, 372
10,966
11,808
11,317
12, 879
15,106
14, 867
12, 334

Percent •
42.14
47.89
44.44
38.38
39. 96
36.64
34.43
34.53
32.46
31.30
31.86
33.04
35.26
33.46
30.44
29.09
30.78
28.40
26.81
29.58
31.43
32.59
38.07
38.47
39.78
41. 51
32.28
27.40

Schedule 8.—Spirits, wines, a n d
other beverages

$376
. 418
7,414
42,471
39, 326
43, 954
46, 093
34,498
34, 206
32, 753

$1, 273
1,149
9,179
50, 202
42,384
77,169
74, 973
69,460
69,076
63,809

Percent
• 29.54
36.38
80.77
84. 60
92.79
66.96
6L48
58. 02
57.'90
60.87

2,215
1,894
2,186
2,308
2,574
5,473
2,069
1,409
2,168
3,121
3,453
3,894
1,610
1,723
2,371
2.823
4,042
2,333

3,692
3,101
3, 575.
3,778
4,357
9,250
3,388
2,356
3,483
4, 967
6,431
6,432
2, 565
2,769
3,919
4,552
6,536
3,699

59.99
61.08
6L16
61.09
69. 08
.59.17
60.77
59.83
62.25
62.83
63.58
60.54
62.77
62.22
60.50
62.02
61.85
63.07

.W
M

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w
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H
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2
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o
^
fei

Footnotes at end of table.




>

n

T A B L E 61.—Estimated customs duties, value of dutiable imports, and ratio of estimated duties to value of dutiable imports, by tariff schedules, for
the calendar years 1931 to 1940 and by months from J a n u a r y 1940.to J u n e 1941 ^—Continued
[Dollars in thousands]
Estimated
duties

V a l u e of
dutiable
imports

R a t i o of
duties to
imports

Estimated
duties

Value of
dutiable
imports

R a t i o of
d u t i e s to
imports

Estimated
. duties

V a l u e of
dutiable
imports

R a t i o of
d u t i e s to
imports

Estimated
duties

V a l u e of
dutiable
imports

R a t i o of
d u t i e s to
imports

Year and m o n t h
Schedule 9 — C o t t o n m a n u f a c t u r e s

Schedule 10.—Flax, h e m p , jute,
a n d manufactures

Schedule 11.—Wool a n d manufac. tures

pi

o
Schedule 12.—Silk m a n u f a c t u r e s

o
C a l e n d a r year:
1931
1932 .
1933
1934
1935
1936
1937 •
1938
1939
..
1940
Month:
1940—January
.
February
March
April
-.
May
..
. .
June
.
July
August
...
September....
October
November
December
.
1941—January
February
'March
April
May.. .
June

...
.




$57,780
37. 473
47,129
53, 547
62,430
68,147
77, 656
49,402
64,765
- .68,033

Percent
27.56
31.09
27.50
24. 78
24.16
24.68
24.50
24.48
19.77
15.07

$24,483
13. 270
20,639
17,187
23,510
44, 687
51,617
18, 531
' 33, 624
51, 601

$32,339
15,771
22,660
21,648
28,857
59. 298
82, 660
27,418
49, 271
77,829

Percent75.71
84.14
90.64
79.39
81.47
75.36
62.52
67.69
68.24
66.30

$7,950
2,774
2, 969
2,586
3,557
3,810
4,766
3, 327
2,776
2,148

$13,531
4,698
5,362
4,624
6,039
6.833
8,736
6,185
6,286
4,074

Percent
68.75
59.05
56.37
56.93
68.90
65.76
64.44
63.79
52.52
62.72

$13,595
9.168
10.845
10,814
10,852
14,008
17.155
9,439
9,841
7,050

$28,653
19. 249
22, 660
23, 892
27,136
35, 087
44,052
24, 288
27, 284
20,106

Percent
47.45
47.63
47.86
*
45.26
39. 99
39.92
38.94
38.86
36.07
35. 06

899
668
718
628
614
573
408
469
480
476
605
611

2,466
1,916
2,040
1,795
1,761
1,599
1,163
1,327
1,369
•1, 388
1,751
1,531

36.46
34.86
35.20
34.99
34.87
35.83
35. 08
35.34
35.06
34.29
34.55
33. 38

1,216
899
1,034
640
864
721
1,091
524
• 868
905
707
794

8,269
5,600
6,920
4,032
6,111
4.899
7,971
3,459
6,249
5,704
4,143
4,676

14.71
16.05
14.94
15.87
14.14
14.72
13.69
16.15
13.73
15.87
17.06
16.98

5,842
4,447
4,613
3,025
2,798
2,956
2,930
2,794
3,469
5,444
6,032
8,252

8,737
6,850
7,214
4, 720
4,469
4,677
4,846
4,419
5,048
7,642
7,330
11,877

66.87
64.92
63.95
64. 09
62.61
63.20
60.46
63.23
68.72
71.24
68.65
69.48

238
177
234
163
205
136
134
154
155
207
196
149

446
332
444
313
401
259
265
287
295
.395
371
276

63.36
63.31
62.70
62.08
61.12
52.51
52.55
53.66
52.54
52.41
52.83
53.99

440
481
477
652
449
407

1,264
1,414
1,423
1,623
1,338
1,167

34.81
•34.02
33. 62
34.01
. 33. 56
35.18

655
838
- 822
702
• 616
866

3,879
5,307
5,406
4,522
4,087
6,097

16.89
15.79
15.21
15.52
15.07
14.20

10,820
10, 664
9,834
14.106
11,275
11, 677

15, 703
15,188
14.613
21, 265
16, 875
^ 17, 909

68.90
70.21
67.30
66.33
66.81
65.20

148
136
139
124
145
101

276
253
268
232
278
189

53.62
53.76
53. 88
53.45
52.16
53.44

$15,927
11,652
12,959
13.271
15,083
16,819
19,029
12,092
10,829
10, 255

W
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3

13.--Manufactures
of
Schedule
r a y o n or other s y n t h e t i c textiles

Calendar year:
1931
....
1932
1933
1934
19351936
:...
1937....
._
1938
1939
1940
Month:
1940—January...
February.
March
April
May..
June
July
August
September
.October...
November.
December.
1941—.January...
FebruaryMarch
April
May
June

Schedule 14.—Pulp, paper, a n d
books

Schedule 15.—Sundries "

$2,363
1,247
1,680
794
831
2,197
3.240
2,274
3,090
1,260

$3,7182,049
3,008
1,096
1,730
5,209
7.499
6,041
10, 210
3,898

Percent
63.56
60.86
65.85
72.45
48.03
42.18
- 43.21
37.64
30.26
32.32

, $3,361
2.183
2,221
2.346
2,697
3,029
3,324
2,531
2,152.
1,278

$12. 927
8,187
8,497
9,482
11,118
13, 201
15,113
11.970
11,461
7,650

Percent
26.00
26.66
26.14
24.74
24.26
22.95
21.99
21.14
18.78
16.93

$54,846
33. 453
32. 318
31, 647
36,172
41, 545
49. 246
33, 959
35. 245
29, 558

$143. 947
80, 757
92,172
85,185
111,030
136.546
169. 064
110,444
133. 270
114, 967

Percent
38.10
. 41.42
35.06
37.15
32.58
30.43
29.13
30.75
26.45
25.71

293
165
109
144
84
60
50
46
31
46
91
141
93
90
124
103
75
102

980
640
331
486
199
163
124
103
69
102
299
503
334
330
449
357
275
330

29.90
30.66
32,93
29.63
42.21
36.81
40.32
44.66
44.93
45.10
30.43
28.03
27.84
27.27
27.62
28.85
27. 27
30.91

136
118
119
110
122
117
99
94
70
86
112
96
99
84
77
103
87
83

782
694684
661
713
721
636
580
454
495
591
540
636
621
488
739
580
590

17.39
17.00
17.40
16.64
17.11
16.23
15.57
16.21
15. 42
17.37
18.95
17.78
15. 57
16.12
15.78
13. 94
15.00
14.07

3.263
2,560
3,274
2,375
2,335
2,133
1,852
2,086
1,796
2,455
2, 416
3,011
2,201
1,990
2,361
2,261
2. 026
1,949

12. 428
10,189
12,581
9,497
9.168
8,647
7,234
7,790
6.573
• 8,763
9,500
12, 687
10,119
8,744
9,797
11.030
10, 210
10,009

26.26
26.13
26.02
25.01
25.47
24.96
25.60
26.78
27.32
28.02
25.43
23.73
21.76
22.76
24.10
20.60
19.84
19.47

•

^ Free-list c o m m o d i t i e s t a x a b l e u n d e r
t h e R e v e n u e A c t of 1932 a n d s u b s e q u e n t acts,2 d u t i a b Ic u n d e r section 466, Tariff A c t of 1930, e t c .

.

$165
6,098
10,191
9,987
10, 008
10, 396
12, 033
9, 636
11, 753
17, 235
730
711
787
859
848
1,408
1, 274
1,776
2,026
2, 555
2,115
2,144
1,378
2,039
4,020
5,121
1,894
2,103

$363
14, 823
27, 518
33,862
32,011
37, 049
41.153
33, 285
38, 394
86, 582
3, 732 ,
5,006
6,427
5,381
5,030
6,786
6,621
8,302
8,852
10, 737
9,652
10, 056
7.073
8,665
14. 342
16, 052
7,642
8,765

Percent
46.45
34.39
37.03
29.49
3L26
28. 06
29.24
28.95
.30. 61
19.91
19.56
14.20
12.25
15.96
16.86
20.75
19.24
21.39
22.89
23.80
21.91
21.32
19.48
23. 53
28.03
3L90
24.78
23.99

1 The amount of customs duties is calculated on the basis of reports of the Bureau of the Census, showing the quantity and value of merchandise imported. Figures for 1934 and
previous years were compiled by the Bureau of Foreign and Domestic Commerce; figures for 1935 and subsequent years were compiled by the Treasury Department. Total estimated
duties and total value of dutiable imports will be found in table 60. For figures back to 1890, see annual reports for 1930, p. 625; 1932, p. 383; and corresponding tables in subsequent
reports.
2 Taxes collected on dutiable commodities under the revenue acts and the Sugar Act of 1937 are mcluded in appropriate schedules.

hd
O

%
O

W
Ul
o
te)

o

tei

tei
Ul

d

NOTE.—Dollar figures are rounded to nearest thousand and will not necessarily add to totals.




00

644

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 62.—Values of dutiable imports for consumption and estimated duties collected, by countries, fiscal years 1940 and 1941
Percentage
duties to
values

Duties

Value
Country

1941

1940

1941

Value Duties

$904, 336
$538,113
10, 739, 431
8, 578, 817
1, 4.52, 719
758, 274
19,124.320
10. 048. 013
5, 068, 257
4, 843, 680
'7,522,414
13, 207, 796
533, 443
1, 268. 267
12, 747, 928
•4,129,280
688, 937 . 3.627,373
2,989,815
760.119
858, 096
4,352,011
3, 302,129
9. 643. 711
1, 924, 535
3, 043, 883
11, 846, 418
26,962,144

$721. 659
1, 540,181
831. 289
4, 460, 681
1, 722, 642
6, 642, 917
698,216
1, 893, 694
140, 621
174,.760
1, 629, 003
3, 435, 638
762, 712
11, 876, 560

8L0
18.9
65.0
44.2
37.7
52.0
56.0
41.2
2L7
27.5
38.6
36.1
24.6
42.2

79.8
14.3
57.2
44.4
35.6
60.3
65.1
45.7
20.4
23:0
37.4
35 6
25 1
44 0

' 36.2
-76.4
5.4
-76 8
-64 0
-8 8
33 1
-86.7
-95. 9
-93 0
95 6
5 5
-61 2
-4 0

34.1
-82.1
9.6
-76.7
-66.0
— 11.7
30.9
-85.2
-96.1
-94.2
89.8
4.0
-60.4
.3

8, 429, 621
105, 243, 962
2. 686. 300
12, 052, 533
353.933. 479

2, 951, 551
6, 817. 830
44, 020, 551
98, 822, 672
493, 230
1, 318, 024
1 2, 999,181
2.167, 428
200, 345, .487 1130.709,239

2, 793. 294
40, 063, 045
267, 088
602, 436

35.0
41.8
49.1
24.9

-19
-6
-81
-82

1
1
6
0

-5.4
-9.0
-79.7
-79.9

80,256,436

36.9

41 0
40 5
54 2
27.8
40.1

-43 4

-38.6

119,102, 340
116,183,023

154, 528, 312
121, 671, 710

20, 284, 082
60, 589, 808

27, 071, 486
55,137, 020

17.0
62.2

17 5
45 3

29 7
4 7

33.5
-9.0

1, 885, 568
19,199, 094

2, 579, 722
46, 475, 784

1, 291, 283
8, 208, 962

1, 879, 725
19, 584, 457

68.5
42.8

72 9
42 1

36 8
142 1

45.6
138.6

10, 533,154
1, 334, 923
2, 627, 701

9, 270, 410
3, 875, 776
3,137,039

1, 772, 692
208, 015
710, 248-

1, 369, 886
1,188, 589
1, 249, 268

16.8
15.6
27.0

14 8 - 1 2 0
30.7 190 3
19 4
39.8

-22.7
471.4
75.9

341, 538. 753 V 93. 065, 090 107.480.431

34.4

31.5

26 1

15.5

45, 513,186
1, 582, 910
5, 686, 381
12, 5.54. 048
6,645,546
21,161, 825
5,188, 339
1, 609, 218

45 2
68.2
25.7
40.8
84.6
65.2
20.1
18.2

57 9
56 3
31 5
40 2
73 5
69 9
13 9
16.7

216, 981, 300

1 43, 783, 483 99, 941. 453

40.2

46.1

59, 418, 212
39, 584, 747
2,042,118
3, 054, 937
38,161, 062
1, 759, 781
7, 045, 266
3, 768, 401
685, 686
12, 636, 498
6, 417, 975
174, 574. 683

7. 739, 843
9, 468, 859 16 1
11, 648, 001 15, 711,164 43 0
681,141
710,962 41 7
1, 232, 917
1, 351, 910 45 9
17, 896, 589 16, 293, 575 41 6
953, 000
955, 152 71 4
3, 202, 560
3, 948, 333 63 1
563, 977
679, 849 14 2
524, 475
624, 485 • 74 3
8, 507, 525
8, 666, 703 67 2
1 945, 277
1, 324, 908 26 8
1 53. 895. 305 58. 635, 900 36 0

1940
Europe:
Azores
Belgium
Bulgaria
,
France
Germany
Greece
Ireland
Italy
Netherlands
Norway.. ..
Portugal
Spain
Sweden
j.
Switzerland
Union of Soviet Socialist R e p u b l i c s . .
United K i n g d o m . . .
Yugoslavia
O t h e r countries
Total Europe
N o r t h America a n d
C e n t r a l America:
Canada
Cuba
Dominican Republic
Mexico. .Netherlands West
Indies. . .
Newfoundland
O t h e r countries
Total North America a n d Central America
S o u t h America:
Argentina
Bolivia
Brazil
Chile
Peru...
Uruguay
Venezuela
O t h e r countries
Total South America
Asia:
British.l^dia
China
Iraq
Iran
Japan
Kwantung
Netherlands Indies.
Philippine Islands..
Syria
Turkey
Other countries.:...

Percentage increase or decrease (—)

$664,080
45, 506, 262
1, 378, 523
43. 246. 842
13, 453, 821
14, 479, 800
952. 765
30, 919, 041
16,741,405
10, 884.164
2, 225, 310
9,144, 058
7,837,472
28, 087, 520 .

270. 865, 793
47, 233.156
421, 279
12,028,912
, 3, 398, 341
4, 636, 483
12, 480, 797
22,187. 827
6, 662. 723
109,049,518
47, 968, 912
27, 082, 012
1, 634, 292 .
2, 688, 688
43,.045,.369
1, 334, 036
5,072,914
3, 982, 593
706, 318
12, 666, 782
3, 533,142

1941

78, 596,113
2, 812, 942
18, 076, 245
31,193,134
9, 036, 972
30, 264, 302
37, 386, 033
9, 615, 559

1940

21, 340, 331
245, 302
3, 086, 584
1, 385, 961
3, 920,152
8, 134. 724
4, 457, 781
' 1, 212, 648

149.715,058
Total Asia..
Oceania:.
44,647,242
6,119, 015 27, 235, 392 69 7
8, 775, 853
Australia
2, 593. 730
720, 619 54 7
1, 767,149
3, 232, 498
O t h e r countries
7.886,164 27.956.011 65 7
12. 008, 351
47, 240. 972
. . T o t a l Oceania
Africa:
912, 204 •34.8
99, 018
. 2, 393,175
284, 454
Belgian Congo
2, 296, 174 40 5
2, 503, 700
6, 592, 692
6,178, 743
Egypt
1, 501, 622
1, 403, 869 38.9
4, 635, 949
3, 855, 457
Gold Coast
U n i o n of S o u t h
5, 702, 207
12, 952, 414
5, 423, 468 66 1
10,158, 662
Africa
1 859, 940
4, 006. 464
999.966 23 5
3. 659, 648
Other countries
24.136,964
30. 580. 684 1 10. 666. 387 -11,035.681 44 2
T o t a l Africa
919,709,163 11,011,261,879 340,005,668 1385,305,912 i 37.0
G r a n d total

1 Revised.




4
7
3
9
9
5
5
3

113.3
545.3
84.2
805.8
69.5
160.1
16.4
32.7

99.0

128.3

23.9
15.9
46 2
39 7
25 0
34 8
13 6
44 3
40 1 - 1 1 4
31 9
54 3
38 9
56 0
15 4 - 5 4
91 1 - 2 9
- 2
68 6
81.7
20 6

22.3
34.9
4.4
9.7
-14.6
.2
23.3
2.8
19.1
L9
40.2

66
667
50
817
94
142
68
44

16 6

8.8

61 0 408 8
27 8 - 1 9 8
59 2 293 4

345.1
-59.2

741 3
6.7
20.2

821.3
-8.3
-6.5

27.5
9.5
26.7

-4.9
16.3

33 6

38 1
34 8
30 3
41
25
36
38

9
0
1
1

10.0

254.5

3.5
13.3

T A B L E 63.—Customs' statistics, by districts, fiscal year 1941
Vessels entering

Number of entries of merchandise
Value of
exports

Alaska;
Arizona.
Buffalo
Chicago
Colorado
Connecticut
Dakota
Duluth and Superior
El Paso
Florida
.
Galveston.
Georgia
Hawaii
Indiana
Kentucky
Laredo
Los Angeles
Maine and New. HampshireMaryland
Massachusetts
Michigan
Minnesota
Mobile
Montana and Idaho
New Orleans
New York
North Carolina
Ohio
.
Omaha
^
Oregon
Philadelphia
Pittsburgh
,
RhodC'Island
Rochester
Sabine
St. Lawrence




$458,804
6,743,700
207, 515,728
15, 754,081
87,365
54,337, 277
16, 668, 073
9, 277,974
34,365,760
100, 316,379
11, 378, 375
3,461, 066
63,883, 541
114, 601, 745
14,146, 393
137,332,120
25, 015,928
297,674,482
334
17, 801, 592
7,391,745
171, 432, 242
2, 049,989,408
16,767,178
49, 621, 217
40, 230, 518
104,283,764
1,746,684
12,910,162
31, 609,331
73, 732, 295

Value of
imports

$125, 539
4,129,903
101,414,813
30, 544, 225
1,920,476
3,090, 855
25, 643, 051
19, 472,374
5, 206, 291
20,713,403
34,849, 504
10,870, 395
7,443,891
1, 900, 067
1,395,141
9, 701,692
100, 957,832
17, 261, 629
103,228, 321
223, 513, 534
92, 064, 071
5,838, 322
12,360,834
•4,610,559
116, 020, 676
1,324,345, 081
17, 634, 283
14, 516,181
1,924, 634
6,416,470
149, 534,982
13,383, 726
10,852,887
3,758,707
1,083,440
46,918,392

Number
of em-. Consumpployees tion, free
and
dutiable

19
47
160
168
7
19
62
37
46
118
108
33
89
11
7
85
212
141
244
461
255
26
29
.30
257
1,136
24
74
6
67
378
20
19
28
24
93

111
2,389
33,325
8,958
309
886
. 9, 560
6,460
2,438
5,115
2,156
422
4,182
446
238
4,272
. 11,140
11, 909
5,666
17,919
28,126
2,197
550
2,244
7,576
137,843
100
3,602
155
1, 670
9,929
738
602
2,763
72
9,728

From foreign ports
All other

Total
Direct

76
3,296
16, 97'6
25
49
12
6,429
4,854
2,954
77,990
362
26
4,623
24
3
16,298
7,682
7,852
6,243
8,776
24,479
660
632
3,186
8,985
106,150
6
274
36
558
766

lo

62
69
62
15, 653

1,778
12, 260
90,131
40,482
1,867
6,756
14, 797
9,693
18,482
22,302
8,068
1,993
8,920
2,379
3,212
28,974
39,709
36,452
45,711
58,902
73, 020
18, 702
2,449
6,073
27,077
601, 700
22,189
27, 944
990
2,366
. 57,835
3,871
8,377
6,870
1,348
28,179

1,965
17,945
140, 432
49,466
2,225
6,654
30, 786
21, 007
23, 874
105, 407
10, 586
2,441
17,725
2,849
3,453
49, 644
58, 531
56, 213
67, 510
85, 597
126, 624
21,449
3,631
10, 503
43, 637
845, 693
22, 295
31,820
1,181
4,594
68, 620
4,619
9,041
8,692
1,482
63,460

Via other
domestic
ports

From
other than
foreign
ports

tei

Total

O
O

361
566
284

24
136

591
420

tei

48

45

'452
499
602
119
186

1,439
4,889
849
1, 077
2,078

4
727
58
808
408
68

tei

2,769
1,181
228
442

'423"
2,254
657
106
204

Ul
tei
o
te)

61
10
32
105

4
2,227
4,957
1,689
1,690
2,146

o
tei.

567

371

165

1,163
3,613
41
2,315

467
2,048
13
269

62
162
2
1

1,682
6,813
56
2,585

113
1,044

336
914

126
10

' 574
1,968

39
1,671
124
1,672

6
71
386
2

tei

>

Ul

cl

46
1,742
530
1,675

Ox

T A B L E 63.—Customs statistics, by districts, fiscal year 1941—Continued
0:>
Vessels entering

N u m b e r of entries of m e r c h a n d i s e .
Value of
exports

St. Louis
San D i e g o . _
San Francisco
S o u t h Carolina
Tennessee
Vermont...
:
Virginia
..
.
Washington
Wisconsin
..
I t e m s n o t assigned to districts
Total
P u e r t o Rico

.
..
.
. .

...

G r a n d total




:

Value of
imports

Number
of em- Consumpployees tion, free Baggage
and
dutiable

$7,777,401
103,684,917
1, 608,753
11, 425, 305
64, 904,470
67, 368,995
83,826,357
1, 442,322

$6,371, 698
2,719,411
108, 253, 620
6,074,179
1,043,778
^ 40,500,659
34, 055, 264
49, 646, 402
. 8,544,011

35
50
337
13
7
109
93
245
23
830

1,785
3,140
14,395
431
243
13, 604
2,212
14,942
1,699

4,020, 563, 771
1, 562,332

2,801,854, 003
7, 077, 210

8,281
114

4, 022,126,103

2,808,931, 213

8,395

F r o m foreign ports
All other

• Total
Direct

V i a other
domestic
ports

From
other t h a n
foreign
ports

12
4,483
16,972
689
27
11,004
86,139
19,713
64

11,840
8,363
70, 221
797
843
45,723
16,881
24, 290
6,015

13,637
15, 986
101, 588
1,917
1,113
70,331
104,232
58, 945
6,768

915
311
199

15
776
56
919
1,552
113

25
1

388,125
4,099

465, Oil
9,927

• 1, 521,831
4, 319

2,374, 967
18, 346

33,461
343

12,138
361

392, 224

474,938

1, 526,150

2,393,312

33, 804

12,499

.

tei

o

7
52
8

59
372
3,326
339

Total

937
1,139
263

O
tei
tei

59
1,316
4,879
462

Ul
tei

829
726

46,428
1,429

^

1,654

47 857

'

o

tdtei

o
teJ
1^

W

tei

REPORT OF T H E SECRETARY

OF T H E

647

TREASURY

IMISCELLANEOUS
T A B L E 64.—Net expenditures for Federal aid to States,, individuals, etc. (exclusive
of funds allocated for recovery and relief), fiscal years 1920, 1940, and 1941, and
amounts appropriated for 1942, by appropriations
[1920 on basis of warrants issued; 1940 and 1941 on basis of checks issued; 1940 and 1941 as reported to the
Treasury Department by the respective administrative agencies] •
A p p r o p r i a t i o n titles

1940

1941

1942 1

$19,386.33

1920

$20, 219. 32

2 $32,437.00

159, 624.05

190,000.00

2, 660,000.00

2, 550,000.00

2, 550,000.00

2,480,000. 00

2,480, 000.00

2,480,000.00

2,082,197.81

• 2,181,076.32

2,656,000.00

19,384,914.13

20,084,368.96

20,635,000.00

61,900,181.20

108,122,000.00

270,866,832. 30

266, 666,664. 27

246,960,000.00

115,000.00

125,000.00

125,000.00

4,188,399.31

5,513,954.85

6,250,000.00

9, 500i 706.43

10, 748,057. 71

11,000,000.00

I. A P P R O P R I A T I O N S F R O M W H I C H D I RECT P A Y M E N T S
ARE
MADE
TO
STATES, INDIVIDUALS, E T C , U N D E R
COOPERATIVE
ARRANGEMENTS
INDEPENDENT

ESTABLISHMENTS

Federal Power Commission
P a y m e n t s to States u n d e r Federal
P o w e r A c t (16 U . S. C. 810)....
17. /S. Maritime Commission
S t a t e m a r i n e schools (34 U . S. C . 1121)..

(3)

(3)

Federal Security Agency
Colleges for agriculture a n d mechanic
arts (7 U . S. C. 321-343g)
.
$2, 500,000.00
F u r t h e r e n d o w m e n t of colleges of agric u l t u r e and the mechanic arts (7 U . S.
C. 343e-343g: 54 S t a t . 582)
Cooperative vocational education ih
agriculture (20 U. S. C. 11-30)
707,130.02
Cooperative vocational education in
trades a n d industries (20 U . S. C. 1 1 30)
. ..
'780,096.35
Cooperative
vocational
education,
teachers, etc. (20 U. S. C. 11-30)
619,656.42
Cooperative vocational education in
h o m e economics (20 U. S. C . 11-30) . .
Cooperative vocational education in
d i s t r i b u t i v e occupations (20 U . S. C .
11-30)
Cooperative vocational rehabilitation of
persons disabled in i n d u s t r y (29 U . S.
C. 31-45b)
F u r t h e r d e v e l o p m e n t a n d promotion of
vocational education (20 U . S. C. 15h15p; 64 S t a t . 683, 29-30; 29 U , S. C. 3 1 35) .
Vocational education and training of
defense workers (54 S t a t . 632; 10331035; 55 S t a t . 476-477)
Civilian Conservation Corps (16 U . S.
C . 5S4-684q: 64 S t a t . 581)
. .
T o promote t h e education of tlie blind
(American P r i n t i n g H o u s e for t h e
Blind) (20 U . S. C. 101, 102)
.....
30,000.00
Expenses, Division of Venereal Diseases, P u b l i c H e a l t h Service (42 U .
S. C. 24, 25; 52 S t a t . 439, 440)
G r a n t s to States for public health work,
Social Security Act, A u g . 14, 1935 (42
U . S. C. 801-803)
P a y m e n t to States, U n i t e d States E m p l o y m e n t Service (29 U . S. C. 49-491).
G r a n t s to States u n d e r Social Security
Act (42 U. S. C. 301-606, 1201-1206)...
G r a n t s to States for public e m p l o y m e n t
ofl&ces (29 U . S. C . 49-491)
N a t i o n a l Y o u t h A d m i n i s t r a t i o n (act
J u n e 26, 1940, 54 S t a t . 590; 55 S t a t .
487-488,491-492)
4, 636, 782. 79

Footnotes at end of table.




i 19,729.92
i 9, 786. 58
< 10,000.00
* 18,430.61
i 10,000.00

3, 366, 606. 00

(«)

(«)

(6)

643, 760,142.13

392,866,124. 57

418, 500,000.00

3,183.856.89

329,303,433.26

3,203,000.00

132,932,590.36

151, 767,000.00

891, 221,864.13

974, 247, 000. 00

648

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 64.—Net expenditures for Federal aid to States, individuals, etc. (exclusive
of funds allocated for recovery and relief), fiscal years 1920, 1940, and 1941, and
amounts appropriated for. 1942, by appropriations—Continued
A p p r o p r i a t i o n titles

1940

1920

1941

1942 1

I. A P P R O P R I A T I O N S • F R O M W H I C H D I RECT P A Y M E N T S
ARE
MADE
TO
STATES, INDIVIDUALS, ETC., U N D E R
COOPERATIVE ARRANGEMENTS—Con.

INDEPENDENT ESTABLISHMENTS-con.

Federal Works Agency
Cooperative construction of rural post
roads (23 U . S. C. 21, 54) (see also
i t e m s of similar t y p e u n d e r class 1 1 ) . . $20, 305,622. 76
Federfll-aid h i g h w a y s y s t e m (23 U . S.
C . 1-24, 41, 21a, 23a, 41a)
..Federal-aid secondary or feeder roads
(act J u n e 16,1956,49 S t a t . 1521, sec. 7 ) .
E h m i n a t i o n of grade crossings (act J u n e
16, 1936, 49 S t a t . 1521, sec. 8)
Public-lands h i g h w a y s (act J u n e 16,
1936, 49 S t a t . 1520, sec. 3)
U n i t e d States H o u s i n g A u t h o r i t y fund
(42 U . S. C . 1404 ( d ) , 1418; 50 S t a t .
889, 897, .sec. 4 ( d ) , 18)
A n n u a l c o n t r i b u t i o n s . U n i t e d States
H o u s i n g A u t h o r i t y (42 U . S. C. 1410).
P u b l i c Buildings A d m i n i s t r a t i o n (40
U . S . ' C . 345; 50 S t a t . 773)
20,305,622. 75

$150,469.87
106, 351,357.88

$114, 362,025.47

$100,000,000.00

18,365,138.86

17,244,492.65

16 000,000.00

29, 521,720.26

29,636, 045. 23

10,000 000.00

2,128,682.39

1,421,955.99

1,000,000.00

4, 747,176. 50

8 000.000.00

1,386,132.08

61,182,875.93

47,929,:62S. 19

218,076, 377. 26

215, 341, 323.03

134,000,000.00

978,766. 88

1, 365,185. 65

2, 500,000.00

6,848,148. 63

6,861,422. 75

6,926,208.00

18,458,266.78

1.8,477, 534. 79

18,863,628.06

1,192,369. 57

1, 432, 680. 71

21,432,681.00

Interdepartmental Social Hygiene Board
P a y m e n t s for p r e v e n t i o n a n d research,
venereal diseases (41 S t a t . 888)

1,759,202. 72 -

Veterans' Administration
S t a t e a n d territorial h o m e s for disabled
soldiers a n d sailors (24 U. S. C. 134).
( A n n u a l a p p r o p r i a t i o n s u n d e r title
"Salaries a n d expenses, V e t e r a n s '
Administration")
.
...

1,094, 584. 44

D E P A R T M E N T OF AGRICULTURE

P a y m e n t s to States a n d Territories for
agricultural e x p e r i m e n t stations (7
U . S. C. 301-308, 361-386f, 369a. 427427g) "
.- 1,440,000.00
Cooperative
agricultural
extensiop
w o r k (7 U. S. C. 301-308, 341-348,
343c-343e, 343f, 343g)
4.. 471, 693. 71
P a y m e n t s to States a n d Territories
from t h e n a t i o n a l forests fund (16
U . S. C . 6 0 0 ) . . - .
. - 1,069,886.88
P a y m e n t s t o school funds, Arizona a n d
N e w Mexico, national forests fund
(act J u n e 20, 1910, 36 S t a t . 501, 573,
sees. 6, 2 4 ) - . . .
78,807. 32
Forest-fire cooperation (16 U . S. C .
564-570)
• . . . _..:
C o o p e r a t i v e d i s t r i b u t i o n of forest
p l a n t i n g stock (16 U . S. C . 567)
C o n s e r v a t i o n a n d use of agricultural
l a n d resources (act F e b . 29, 1936, 16
u s e . o90G-690q)
P a y m e n t s to counties from s u b m a r g i nal l a n d p r o g r a m (7 U . S C . 1012)
7,06p, 347. 91

Footnotes at end of table.




23, 554. 99

23,391. 88

23,392.00

1,987,537.60

1,979,309.00

2, 425,000.00

90,331.66

78,055.84

552,042,803.99

438,456, 498. 72

'

(7)

499,388,671.00

32, 283. 53
580,643,013.12

2 39,700.00

467, 341,077.22

529,099,180.06

REPORT OP THE

SECRETARY

OF T H E

649

TREA&tlRY

T A B L E 64.—Net expenditures for Federal aid to States, individuals, etc. (exclusive
of funds allocated for recovery and relief), fiscal years 1920, 1940, and 1941, and
amounts appropriated for 1942, by appropriations—Continued.
A p p r o p r i a t i o n titles

1920

1940

1941

I. A P P R O P R I A T I O N S F R O M W H I C H D I RECT P A Y M E N T S
ARE
MADE
TO
STATES, INDIVIDUALS, E T C , U N D E R
COOPERATIVE ARRANGEMENTS—Con.
D E P A R T M E N T OF T H E INTERIOR

P a y m e n t s to States from receipts u n d e r
M i n e r a l Leasing A c t (30 U. S. C .
191)
P a y m e n t s to States u n d e r Grazing Act,
J u n e 28, 1934, p u b l i c l a n d s (43 U . S.
C.316i)
P a y m e n t s to States u n d e r Grazing Act,
J u n e 28, 1934, I n d i a n ceded lands (43
U . S. C. 315j)
P a y m e n t s to counties from receipts
u n d e r M i g r a t o r y Bird Conservation
A c t (16 U. S. C. 715e)..
P a y m e n t to States of 6% of proceeds of
p u b l i c lands (receipt limitation) (31
U . S. C. 711, par. 17; a n n u a l a p p r o priation p r o v i d e d for 1942, act J u n e
28, 1941, 65 S t a t . 310)
Revested Oregon a n d California Railroad a n d reconveyed Coos B a y wagon-road-grant l a n d s , Oregon (reimbursable) (act A u g . 28, 1937, 60 Stat.
874)
.
.-.
P a y m e n t of proceeds of-sales of Coos
B a y wagon-road-grant l a n d s a n d timber (receipt limitation) (act F e b . 26,
1919, 40 S t a t . 1179)
P a y m e n t s to Coos a n d Douglas Counties, Oreg., in lieu of taxes on Coos
B a y wagon-road-grant lands (act
, M a y 24, 1939, 63 Stat. 753)
P a y m e n t to certain counties in Oregon
in lieu of taxes on Oregon a n d California g r a n t lands (receipt limitation)
(act J u n e 9, 1916, 39 S t a t . 222, sec. 10,
a n d various s u p p l e m e n t a l acts; additional a n n u a l a p p r o p r i a t i o n p r o v i d e d
for 1939, act J u n e 25, 1938, 52 S t a t .
1129).
P a y m e n t to counties, Oregon a n d California g r a n t lands (50%)
- -.P a y m e n t to counties in lieu of taxes on
Oregon a n d Cahfornia g r a n t l a n d s , 25
per c e n t u m fund (25%) (act A u g . 28,
1937, 50 S t a t . 876)
P a y m e n t to O k l a h o m a from royalties,
oil a n d gas, south half of R e d R i v e r
(receipt limitation) (act M a r . 4,1923,
30 U . S. C . 233)
P a y m e n t to States from potash deposits, royalties a n d rentals (act F e b .
7, 1927, sees. 6 a n d 6 (30 U . S. C. 149,
285,286))
P a y m e n t to Alaska u n d e r Alaska
G a m e L a w (48 U . S. C. 199, S u b div. K ) .
.

$2,151, 654,16

$1,946, 518. 66

$2,000,000.00

603,969. 63

89,164. 99

600,000.00

11, 383.70

218,600.00

602. 08

9, 3G4.13

2,600.00

142,040.85

167, 536. 48

200,000.00

12,771.12

6, 762.10

221.00

29,486.96

30,000.00

(8)

(3)

313,846.13

668, 606. 36

660,000.00

8,786.13

10, 382.30

7,000.00

49, 255.80

142,151. 53

140,000.00

9 20, 280. 63

21, 763. 75

2 26,000.00

10 3, 203, 426. 53

2,991,120.95

3, 583,100.00

10,931,320.69

11,300,000.00

DEPARTMENT OF LABOR

G r a n t s to States u n d e r Social Security
Act, Aug. 14, 1935 (42 U . S. C. 701706, 711-716, 721)
..

9, 680, 706.10

NAVY D E P A R T M E N T

S t a t e m a r i n e schools, act M a r . 4, 1911
(34 U . S. C. 1121)
T o t a l class I . .
Footnotes a t e n d of t a b l e .




$176,689.36

140, 035. 61

(3)

(3).

35,033, 289.97. 1,456, 501,863. 96 1,689,371,635.04 1 1,654,951, 717.06

650

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 64.-—Net expenditures, for Federal aid io States, individuals, etd (exclusive
of funds allocated for recovery and relief), fiscal years 1920, 1940, and 1941, and
amounts appropriated for 194-2, by appropriations—Continued
A p p r o p r i a t i o n titles
II.

1920

1940 .

1941

19421

00

00

00

APPROPRIATIONS FOR COOPERATIVE
W O R K W I T H STATES
D E P A R T M E N T O F AGRICULTXJRE

Cooperative construction, etc., of r o a d s
a n d trails, n a t i o n a l forests (act J u l y
11, 1916, 39 S t a t . 3 5 8 ) . . .
'
$1, 699,043.82
F e d e r a l forest road construction (act
F e b . 28, 1919, 40 S t a t . 1201)
2, 650, 513. 26
F o r e s t roads a n d trails (23 U . S. C. 23,
23a) .'
F o r e s t reserve fund, r o a d s a n d trails for
States (16 U . S. C. 501)
Cooperative fire protection of forested
w a t e r s h e d s of navigable s t r e a m s (16
86,886.73
U . S. C. 563)
Cooperative farm forestry (16 U . S. C.
667-668b)

$11,478,686.21

12 $8,366, 766. 76

4, 336, 443. 81

11,478,686.21

8, 366, 766. 76

11,170,166.00

1,136,258.46

2,760,000.00

(11)

700,000.00

D E P A R T M E N T OF T H E I N T E R I O R

F e d e r a l aid, wildlife restoration
Sept. 2, 1937, 60 Stat. 917)
WAR

(act
13 451, 298. 61

DEPARTMENT.^

N a t i o n a l G u a r d (32 U . S. C . 2i, 2 2 ) _ _ . . 2, 663,485. 27
6,999,929.08

T o t a l class I I
G r a n d total

.-.

71,019,749.28 -

65, 702, 245. 05

25,331,180.00

82, 949, 734. 00

75, 205, 270. 26

39, 261. 345.00

42, 033, 219. 05 1,539,451,587.96 1,664, 576, 905. 30 1,694,203,062.06

III. EMERGENCY
APPROPRIATIONS
F R O M W H I C H G R A N T S A R E M A D E TO
STATES;

E x p e n d i t u r e s b y S t a t e s u n d e r allotm e n t s from emergency appropriations
are included or s h o w n u n d e r c o l u m n s
14, 18, 20, 21, 22, 26, 27, 30, 31, 32, 33,
a n d 34 of t h e following table, w i t h
a c c o m p a n y i n g e x p l a n a t o r y footnotes.

1 In addition to the amounts appropriated for the service of the fiscal year 1942, as shown in this column,
there are under many of the titles unexpended balances of appropriations provided for previous years which
arc available for expenditure during 1942 to meet outstanding obligations incurred in such previous years.
2 Indefinite (special account). Appropriation based on certain receipts. Amount for 1942 is estimated.
8 Transferred from Navy Department to the United States Maritime Commission, Independent Establishments, by Reorganization Plan No. IV, effective June 30, 1940.
< These accounts discontinued, but their functions are continued under the two accounts immediately
following.
6 This account discontinued in 1941 and its functions coritinued under "Grants to States for public
employraent' offices."
'6 National Youth Administration expenditures prior to 1941 were made from emergency relief funds, therefore not shown in this statement.
? Appropriation consolidated under "Cooperative farm forestry" in class II of this statement.
8 Expenditures under this caption now stated under the two combined accounts immediately following. •
9 Expenditures under Alaska Game Law for 1940 formerly included in "Federal aid, wildlife restoration"
in class H of this statement.
•
1 Includes expenditures under Alaska Game Law as stated in immediately preceding footnote. Also
0
includes $221 under "Payment to Coos and Douglas Counties, Oregon, in-lieu of taxes on Coos Bay wagonroad-grant lands" omitted in 1940.
11 Consolidated with "Forest roads and trails" immediately following.
1 Qonsists of $3,192,134.58 expended by Department of Agriculture and $6,174,632.18 expended by Federal
2
Works Agency, Public Roads Administration.
13 This figure reduced by the amount of expenditures under Alaska Game Law, now stated under Department of the Interior in class I of this statement.
NOTE.—The expenditures shown in this table include administrative expenses in some cases. Datafor
the fiscal years 1921 to 1930 are shown in the annual report for 1930, pp. 617 to 622, and for ihe fiscal years
1931 to 1939, in corresponding tables in the annual reports.for those years.




T A B L E 65.—Expenditures made by the Government as direct payments to States, etc., under cooperative arrangements and expenditures within
States which, provided relief and other aid, fiscal year 1941 ^
[ T h e records of t h e T r e a s u r y D e p a r t m e n t , except in t h e cases m e n t i o n e d Ln n o t e s a t end of t h i s s t a t e m e n t , do n o t s h o w t h e a m o u n t s disbursed or allotted to t h e several S t a t e s a n d
Territories u n d e r the respective a p p r o p r i a t i o n s s h o w n in this s t a t e m e n t , such m a t t e r s being u n d e r the control of t h e d e p a r t m e n t or e s t a b l i s h m e n t of t h e G o v e r n m e n t t h a t adm i n i s t e r s t h e activities covered b y t h e a p p r o p r i a t i o n s . T h e D e p a r t m e n t , however, for general information has compiled from its records so far as ava,ilable, a n d in other cases
from figures furnished b y t h e d e p a r t m e n t s a n d e s t a b l i s h m e n t s concerned, t h e following s t a t e m e n t , exhibiting b y States a n d Territories the a m o u n t s paid to each u n d e r t h e a p p r o priations for F e d e r a l aid to States s h o w n u n d e r classes I a n d I I in t h e preceding table. A n y discrepancies b e t w e e n this a n d t h e preceding table are d u e to u n a v o i d a b l e differences
in t h e bases u p o n which these figures h a v e been compiled. T h e a m o u n t s in this table, derived from t h e accomits of various d e p a r t m e n t s a n d e s t a b h s h m e n t s , are n o t on t h e s a m e
accounting bases, a n d are consequently n o t strictly comparable]
P A R T A — D I R E C T P A Y M E N T S TO S T A T E S , E T C , U N D E R C O O P E R A T I V E A R R A N G E M E N T S

U n d e r D e p a r t m e n t of t h e I n t e r i o r

U n d e r D e p a r t m e n t of A g r i c u l t u r e

Agricultural
extension
work

Forest funds,
etc.2

Roads and
trails 3

(1)

S t a t e s , etc.

Agricultural
experiment
stations

(2)

(3)

(4)

$172,695.12
Alabama
27, 236. 48
Alaska
102.422. 56
Arizona...
153,983. 20
Arkansas.155,941. 96
California
112,430. 96
Colorado
110, 647. 59
Connecticut
95, OlO. 20
Delaware
D i s t r i c t of C o l u m b i a .
120,801.64
Florida
....
177, 522. 92
Georgia
.^...
76,686.40
Hawaii
103, 718. 66
Idaho
176,733.11
Illinois
152, 722.60
Indiana
154,854. 64
Iowa
140, 050. 96
Kansas
168, 938. 04
Kentucky. ...
145,133.44
Louisiana
110,692.16
Maine
118,550.48
Maryland
108,182. 20
Massachusetts
166.967.84
Michigan
146. 797. 64
Minnesota.
162,651.40
Mississippi
F o o t n o t e s at end of table.




$695. 062. 82
23. 918. 00
117,005.21
578, 790. 37
402, 987. 96
211, 338. 52
129,127.74
76, 097.80

$63,581.85
15,305.05
95,434.34
143, 000. 95
376, 748. 54
110,152. 78
17, 751."00
3,113.00

219,433. 77
732, 718. 71
125, 728.49
154, 227. 74
580,215. 90
462, 703. 95
529, 534. 33
402, 975. 92
628, 720.60
457, 396.85
156, 066.44
195, 337.15
135, 930. 73
463,291.99
476,416.20
683,462. 30

139, 989. 79
91,231.91
3, 029. 00
207,215.47
9, 793. 69
10, 986. 38
1,895. 00
1,829.00
21, 939. 27
66, 247. 68
45, 208.82
14,147. 00
36, 943. 00
144, 763. 25
115,119.31
61,416. 39

.

U n d e r I n d e p e n d e n t Offices

I
State
Pasmaents
Payments
marine
P a y m e n t s to
P a y m e n t s to
from receipts u n d e r certain schools,
States under
counties from
Wildlife
under
U . S . Mari- F e d e r a l W a t e r
special
s u b m a r g i n a l restoration <
Mineral
t i m e Com- P o w e r A c t
land program
funds 5
Leasing A c t
mission
(6)

$11,526.95
21,838. 75
28, 256.87
10, 932.03
9,961.07
22,617.41
4, 061. 23
3, 301.86

$35.894. 53
35, 388. 64
125, 087.93
73,481.04
404, 400. 53
145, 960.14

'2,"067'46"

70,450. 35
16, 673. 52
37, 576.61

477. 78
448.11

382, 136. 93
18, 644. 25
2, 738. 99

85.08
818. 03
46.76

744.10
000. 08
748. 57
6.47
071. 73
304. 10
240.63
16, 646.46
11, 237.83
7, 139.40
76, 653. 22
4, 836. 77
23, 006. 78

(7)

(8)

(9)

$2,168.37

$74. 78

1,402. 38

12, 647. 72
240.50
78,122.15
4,403.92

(10)
$42. 53
277.16
356.29
15.70
12,079.88
548.09

1, 669.27

92.63
282. 47
39.75

62,870. 19
32, 664. 97
30,083. 57

45.55
262. 56
424.99

793,017.06
46, 707.96

$47,896.05

§
O
tei

State and
territorial
h o m e s for
disabled
soldiers
a n d sailors
Cl
(11)

5.00
11.40

44,873. 32
7, 908. 75
6, 081.66

$87.37

(6)

tei
hd
O

teJ
K!

$313, 596.41
22, 948.47
92, 769. 00

o
tei
tei
H3

12,847.80
168,432. 28
92,400.85
30, 009.28
18, 733. 77

3, 097. 71

30,036.48

2.37

32.95
12.50

>
Ul

c\

%
.30,841. 29

19.68

tei

16.89
11.19

108,488. 00
42,643. 51
77, 290. 20
Ox

T A B L E 65.—Expenditures made by the Government as direct payments to States, etc., under cooperative arrangements and expenditures within
States which provided relief and other aid, fiscal year 1941 ^—Continued

Ol

PART A—DIRECT PAYMENTS TO STATES, ETC., UNDER COOPERATIVE ARRANGEMENTS—Continued
U n d e r D e p a r t m e n t of t h e Interior

U n d e r D e p a r t m e n t of Agriculture

Agricultural Agricultural
s t funds,
extension • F o r e etc.2
experiment •
work
stations

States, e t c .

(2)

(1)
$166, 967.80
-105, 503.16
128, 776.60
92, 460. 64
98, 357.20
120, 525.84
103, 761. 00
179, 766.31
192, 628. 00
114, 461.92
183, 014. 76
157, 850.18
110, 175.80
224, 689. 52

Missouri...
Montana
Nebraska
Nevada...
New Hampshire
N e w Jersey
N e w Mexico
NewYork
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
'
Pennsylvania
Phihppine Islands.
P u e r t o Rico
R h o d e Island
South Carolina
South Dakota
Tennessee
..
Texas
Utah
Vermont
Virgmia
-~Virgin=IslandsTr:rr
Washington
W e s t Virginia
Wisconsin
Wyoming

$602,511.47
173, 797.64
343,758.63
73,178.64
93,200.82
171,129.46
142,485.31
485,471.51
827, 714. 56
247, 949.65
597, 685. 91
553,222.22
186,958.47
623,114. 05

Roads and
trails 3

(3)
$23, 305. 54
95,883. 30
5, 022. 08
20,416. 38
28, 594.79
35,424. 00
41. 596. 34
65, 059. 00
82,415.53
1,806. 75
10, 340.16
24, 289. 21
324,319.48
64,906. 09

(4)
$55,843.86
263,636. 20
2,953. 60
37,259. 94
46,428.58
96, 048.19
'32;6i3'46
3, 354.62
9. 379. 03
372, 290. 58
14, 736.21

Payments to
Wildlife
counties fromj
s u b m a r g i n a l restoration <
land program
(5)

(6)

$2,866. 72
1,942.98

1, 770. 54
86. 79
124.57
2,495.68
8.80
291.95
1,026.14
41.40

$35, 565.46
364. 07
21, 636. 52
83.16
9, 032. 20
9, 170.45
26, 394. 96
88, 424. 52
54, 723. 39
15, 711.65
24, •500.19
32, 902. 71
15, 972. 36
81, 124. 77

U n d e r I n d e p e n d e n t Offices

State
Payments
marine
P a y m e n t s to
from receipts P a y m e n t s
States u n d e r
u n d e r certain schools,
• under
U . S . M a r i - FederalWaterl
special
Mineral
time Com- Power Act
funds 5
Leasing A c t
mission
(7)

$42, 949. 98
82.60
68.98

(8)

(9)

$23.93
9,141.45
32.76
101. 22

(10)
$0.28
442. 71

State'and .
territorial
h o m e s for
disabled
soldiers
a n d sailors
(11)
$19, 491. 93
9, 278.47
26,417. 38

667. 74
8,284. 66
29,184. 67

320, 305. 58

73, 286. 38

64.81

"'614^88'

'70:3i'
10,405.80
696, ^ 9 . 0 2
25, 000. 00

o
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W

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734.80

$55, 786. 71
1,086.13

hd

o

1,858. 23
37.75

6, 330. 00
101, 034.84
42,994.67

o
• ^

1 ^

652.16
. 92, 080. 32
149, 464.96
114. 132.44
164, . .03.88
239, 364. 76
100, 503.68
100, 471.60
161, 144.56
119, 516.72
143, 813.44
150, 224.88
96, 769.52

Total

'

217,905.21
317,441.97
480,826. 27
108,616.74

6,861,422.75 18,477,534.79

I



7,042.92

185,065.76
69,474. 21
496,824. 02
259,909. 04
634, 573.99
1,190,437.41
121, 037. 04
112, 747. 63
632,118. 69

33,208.40
"•

'• - 1 2 3

• 59
c ^.39
108, 776.48
11, 715. 38
62, 514.87
289.25
628.15
516.87
193.20

242,141.43
48, 794. 61
27,616. 68
101,062.41

3, 513, 337.43

3,-192,134. 58

381,
41,
105,
56,

13.25
283.47
7,662.28
136. 56
1,114. 24
15.16
'634'47

309.79
35,277. 62
1,674. 55
22, 327. 70
78,296.28
26, 367. 69
2,679.88
41,046.46

16,892.40
266. 65

tei

'24,'.2'98'60

1,162.18

63, 014.96

W

18,803.21

pi

tei

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874.18
10,089.60
23.41

1,257.66

1,618.45

263.16
4, 741.99

41,721.71
26,118. 28
30,896.27
14,146. 66

653,288.97

249. 76
34, 925.33

32, 283. 63

1,169,405.90

1, 946, 518. 66

844, 918. 36

923.23
L35

_td_
58, 716. 36

173.26
169, 524.05

38, 576.14
2, 701.66

20,219. 32

1, 366,185.65

Under Federal
Works Agency

Under Federal Security Agency

Office of Education

I

Colleges for
agriculture
and mechanic
arts i

states, etc.

Total direct
payments

(12)

Payments to
States under
Social Security
Acts

Public roads,
highways «*

Other 8

Bureau of
Employment
Security ^

(14)

Cooperative .
vocational
education and
rehabilita^^o^p^

To promote
education of the.
blind, American
Printing House
for the Blind
(16)

(16)

(17)

(18)

(19).

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Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida.
Georgia...
Hawaii
Idaho.
Illinois '.
Indiana
Iowa
Kansas
i
Kentucky
Louisiana
Maine.:
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
.
Missouri
Montana
Nebraska
Nevada
New Hampshire....
New Jersey
New Mexico...
New York
North Carolina

.^.

^

.
..
...
...
-.

•

Footnotes at end of table.



..

$102, 361. 69
50, 000. 00
76, 326. 74
92, 678. 98
139, 428. 64
82, 666. 96
89, 651. 26
72, 915. 22
87, 955.16
105, 568. 93
74, 504.47
76, 442.42
163, 317. 34
109, 604. 63
100, 217. 80
93, 003. 25
101, 974. 51
95, 700. 97
79, 751. 92
89, 952.37
121, 969.69
129, 218.11
101, 355. 28
94, 578. 64
114, 384. 62
76, 574. 63
86, 851.48
71, 113. 57
75, 690: 19
119, 422. 57
.75, 176. 86
223, 942. 90
108, 770.17

$592, 518.10
108,930.78
449,192. 34
937,169. 69
200,196. 74
187, 764. 65
105, 936. 01
49, 251.15
282, 701.03
653, 698. SO
107, 391. 20
130,045. 61
1, 074, 075. 78
590, 744. 02
398, 399.47
280,362.45
546, 324.42
409, 369. 90
129,841.29
252,882. 38
535,166. 77
795, 430. 96
455, 668. 69
475, 635. 97
684, 083. 23
145. 910. 07
267, 292. 52
63,436.42
87,020. 00
519, 548. 03
118,957. 28
1,697, 247. 68
726,800. 09

$1,076.08

$4,783. 27

23, 025.84
1, 382. 26

971. 60
2,092. 68
3, 643.50
915. 55
1,121. 08

$65,000. 00
10, 000. 00
13, 040. 00
44, 920. 26
143, 437. 50
26, 000. 00
40. 593. 34
11, 028. 75

38, 055.32
"7,'633.'6i'
9,126.30
8,125. 50
1,312.38

8, 858. 89
10,101. 92
9, 232. 69
116.56

10,949. 00
20, 099. 66
2,443.85

1, 999. 25
2,354. 26
392. 38
2, 204. 78
5,848.29
2, 485. 05
3,176. 38
1, 550. 82
3, 662.18
2,466. 37
1, 775. 04
4, 689. 84
6, 418. 56
3, 232. 44
. 2, 036. 62
1, 961. 88
392. 38
952. 92
1, 214. 44
1, 401.35
9,641. 25
6, 773.54

36, 565.19
76, 000. 00
15, 000. 00
11, 243. 68
184,835. 00
81,812.11
69, 772. 52
65, 415. 00
67, 423. 76
60, 906.10
19, 400. 00
40, 000. 00
103, 366. 69
123, 964. 96
• 62, 254. 27
48, 683. 46
110, 764.40
13, 580. 20
35,609. 89
10, 670. 28
13,122. 32
102, 094. 91
10, 489. 84
304,916. 00
84,176.67

$3,166, 694. 56
470, 414.86
2, 555,132. 05
2,605, 683.60
46,835, 420. 91
9,177, 027. 37
4,616, 846. 22
596, 288. 43
1,323, 651.13
4, 589.055. 29
4, 470,216. 76
723, 753. 92
2,352, 115. 48
24, 949,909. 57
12, 835.270.14
8,495, 354. 07
6, 487,733. 63
4,437, 253.15
6,161,260. 96
2,854,614. 64
4, 660,388.15
21, 985,588.17
15,872, 771. 05
11, 929,189. 81
2, 382,588. 84
15, 090,718. 54
2, 416,557. 25
5,044, 764. 00
650, 353.12
1, 508,800. 76
9, 383,462. 92
1,329, 440. 04
34,441, 616. 03
6, 376;i69.31

$3,690,058.30
1, 751,671. 26
2, 774,737.04
6, 609,333. 58
1, 773,640. 88
1,133, 822. 36
669, 686. 94
615, 158.30
1,831, 134. 32
2, 665,220. 52
317, 049. 73
1,497, 293. 42
5,103, 693. 85
3, 268,621.10
4, 632,780. 27
3, 867,667.15
2, 612,342. 73
1, 222,219. 62
972, 818. 35
1, 070,671. 76
1, 708,335.10
6, 654,624.60
3, 583,504.61
2,790, 721. 44
4,124, 334.15
2, 809,373. 21
2, 998,491. 75
1, 730,610. 44
743, 925.86
1, 986,566.11
2, 069,430.60
7, 080,386. 20
2,978, 376.19

$8, 593,626.32
654, 378. 94
4,987, 585. 72
6, 931 217.96
57,186, 201. 27
11, 939,895. 47
6,424, 154. 47
1, 633,377. 21
1,996, 566. 25
7,326, 691. 73
8, 919,200. 94
1,443, 635.59
4, 987,381. 30
32, 601,443. 47
17, 655,910. 64
14,417, 316. 88
10, 366,393. 68
8,639,848. 70
8, 649,161. 49
4, 389,921. 73
6,454, 981. 91
24,895, 499. 77
23, 538,815.12
16,997, 749.13
6, 755,280. 40
21, 030,073. 54
6,166, 251.34
8, 964,485. 61
2, 750,410.^3
2, 712,457.28
12, 487,692. 39
4, 410,609.08
44, 653, 178. 36
10,473, 089. 64

tei

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OO

TABLE 65.—Expenditures made by the Government as direct payments to States, etc., under cooperative arrangements and expenditures within
States which provided relief and other aid, fiscal year 1941 ^—Continued
PART A—DIRECT PAYMENTS TO STATES, E T C , UNDER COOPERATIVE ARRANGEMENTS—Continued

Under Federal
Works Agency

Under Federal Security Agency
Office of Education
States, etc.

Colleges for
agriculture
and mechanic
arts
(12)

North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania.
Philippine Islands.
Puerto Rico^
Rhode I s l a n d . . . . . .
South Carolina....
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia.
virgm islands.
Washington
West Virginia..
Wisconsin
Wyoming
Total.




Cooperative
vocational
education and
rehabilitation
(13)

$78,326. 23
151,284. 28
99,301.84
81, 664.12
187,784.41

$148,012. 40
970,718. 29
512,114. 72
200,344.84
1, 475, 916.49

60,000.00
78,407. 59
91,263. 82
78,473.05
101, 998. 57
141,232.03
76, 210. 60
74,397. 79
,9.._617.A7_

344,805.10
105,024. 56
412, 034.16
122, 281. 82
591, 539.19
1,234,465. 99
125,120.26
100,438. 42

89,119. 21
91,146. 91
106, 941. 92
72, 768. 50

284,841. 57
306, 562. 54
626,513.10
115, 942. 52

5, 030,000.00

22,265,434. 28

_529.,7_S,6._7.9_

Bureau of Employment
Security ?

Payments to
States under
Social Security
Acts

Public roads,
highways«»

Other .6

To promote
education of the
blind, American
Printing House
for the Blind

(14)

(15)

(16)

(17)

(18)

$1, 260.36
1,167.40
235. 22
9,708.88

$672.65
5,624. 07
2,746.64
2,896.11
7,;828.85
392. 38
1,046.34

10, 258.69

2,073. 99
840. 81
3, 668. 75
7, 268.31
579. 22

28, 740. 36

-5X31.

_3,-3ii3..-23_

16, 488.17

1,737. 67
2, 559. 79
3,643. 60

221,039.12

125,000.00

$16, 500.00
128, 968. 25
58,960. 74
24, 094.16
273,395.03

$1,826, 391.18
25,686, 458. 70
12, 526, 322. 39
4,062, 097. 81
29,479,675.88

17, 366. 94
42,118. 44
16,781. 52
76, 214. 03
183, 546.40
12, 300. 96
10, 000. 00
_6,9.790._0.0J
39,495. 58
45, 000. 00
74, 247. 76
10, 000.00
3,183,866.89

9, 773, 450. 84
4,309, 388. 65
11,013,184. 72
954,455. 51

Total direct
payments

(19)

$1, 690, 577.31
6, 708, 697.81
2, 621, 927.85
2, 504, 222.62
6, 786, 221.14

$4,151, 581.91
34,572, 748.08
-16,610, 565.38
8,494, 268. 62
39,277, 465. 26
392. 38
300, 847.66
1,607, 348.28
787, 634. 73
3,161,478.12
1, 623,967. 72
5, 209,363. 31
2, 423,327.46
5, 356,087. 82
2,327,198.00
9, 718,958. 47
6,195, 681.67
22, 940,715. 99
1, 265, 775. 37
6, 277,159. 96
836,152. 32
2, 355,810. 30
_2._221.,335.-70- =7,JJ36, 303.-20=
2,144, 868.40
1, 864,166. 82
1,504,683.73
1, 392,496.49

13,400,726. 68
7,196,611.51
14,178,861. 92
3, 618, 261. 76

414,535, 502. 97 133,226,772.43 I 616,169,090.71

l4^

P A R T B — G R A N T S TO A N D

E J: P ] ^ N D I T U R E S W I T H I N STATES.. E T C . , ]P R O V I D I N G D I R E C T R E L I E F , W O R K

U n d e r D e p a r t m e n t of A g r i c u l t u r e

States, e t c

U n d e r D e p a r t m e n t of t h e I n t e r i o r

F a r m Security
Administrat i o n 6 10

P u e r t o Rico
R-econstruction
Administration»

(20)

Agricultural
adjustment
program» '
(21)

Virgin I s l a n d s

(22)

(23)

R E L I E F , AND O T H E R A I D , EXCLUSIVE OF L O A N S

Under War
Department

National
Guard n
(24)

Under Federal Security Agency

Civilian Con- N a t i o n a l Y o u t h P u b l i c H e a l t h
Administraservation
Service»
tion 8
C o r p s 12
(25)

(26)

(27)

Office of E d u c a tion, t r a i n i n g
of defense
workers
(28)

tei

*^

O
pi
H^

Alabama
.
Alaska...Arizona
Arkansas
California
Colorado
Connecticut
:
..
Delaware
D i s t r i c t of C o l u m b i a
Florida
Georgia
Hawaii
Idaho
Illinois
-.
Indiana
Iowa
Kansas
Kentucky
Louisiana.
...
Maine
Maryland
Massachusetts.
...
Michigan
^.
Minnesota
Mississippi
Missouri
Montana
Nebraska
.
Nevada
New Hampshire
N e w Jersey
N e w Mexico
...
NewYork
.
N o r t h Carolina
North Dakota...

Footnotes at end of table.




$4, 302,458. 61
20, 000. 41
1, 301, 202. 79
2, 679, 850. 68
5, 406, 804. 77
1, 902, 940. 06
1, 900. 95
13, 213. 91
2, 978, 657. 07 '
1, 752, 354. 48
2, 088, 249. 36
746. 89
834,401. 85
1,027,224.75
1, 297, 018. 89
497,193. 01
885, 726. 27
965, 469.49
1, 216,434. 53
230, 390. 96
122,867. 52
57, 008. 89
582, 980.04
773, 457. 03
1, 969, 419. 68
2,336, 974. 63
1, 329.839. 93
1, 994, 998.49
33, 639. 20
63, 828. 53
112, 914. 49
. 767,829. 86
364, 516. 26
2,130,152. 64
654,836. 73

$22,115, 242.03
6, 724. 94
3, 626, 635.11
25, 302, 316. 22
19, 505,485. 77
10, 221, 019. 33
623, 938. 56
520, 584. 39
- 4,270,245.66
3,483, 413. 81
22, 652, 058. 23
8, 985, 460. 87
7,086,892.'14
36,466,487. 63
19, 214, 743. 31
50, 233,115. 98
32, 264, 985. 86
12, 937, 845. 37
21,150, 890.16
1, 886, 673. 66
1, 727,108. 22
663,480. 24
10, 510,115. 36
27,100, 040. 60
29, 915, 899. 70
23,885, 927. 20
12, 329,160. 72
30,092,412.72
247, 803. 36
436, 000. 92
997, 913. 65
4,117, 570. 81
6, 074, 322. 01
18, 799, 049. 69
24, 288,329. 65

1

$889, 094. 69
60, 698. 59
364, 978.40
859, 707.11
2, 367, 522. 72
838, 763. 29
1, 479, 987.17
192, 223.46
9, 446, 637. 98
647,105.94
1, 324, 909.30
328, 768. 83
607, 664. 58
2, 740, 063.11
1, 321, 320. 76
1, 360,023. 08
1, 034, 321. 06
731, 971: 03
1,066, 814. 93
637, 666.14
1, .066,490. 40
2, 641, 009. 08
1,889, 059. 67
1, 722, 025. 89
669, 692. 68
1, 275, 746.49
266,883. 65
632, 278.00
. 104, 371. 41
351, 712.19
1, 677, 336. 76
428, 706. 39
5,096, 252. 62
624, 088. 60
519, 398. 59

$4, 760,000. 00
813, 342.00
4, 689, 000. 00
6, 949, 000.00
13, 599, 000. 00
7,139, 000. 00
1, 700, 000. 00
510, 000. 00
510, 000. 00
2, 890, 000. 00
4, 930, 000. 00
678, 573. 00
8, 499, 000.00
8, 329, 000. 00
4, 760, 000. 00
4, 930,000.00
2, 380, 000.00
• 5,099,000.00
4, 930, 000. 00
1, 360, 000. 00
3, 400. 000.00
3, 230, 000. 00
7, 989, 000. 00
7,139, 000. 00
5, 099, 000. 00
7,139,000.00
5, 099, 000. 00
2, 550, 000. 00
4, 250, 000.00
2, 040, 000. 00
3, 570, 000. 00
6, 629, 000. 00
9, 519, 000. 00
6, 629, 000.00
1, 020, 000.00

$3,150, 802. 82
16, 490. 26
604, 722. 28
2, 379, 215.89
6, 316, 321. 74
1, 286, 662. 58
1, 338, 741. 08
249, 608. 73
1, 987, 788. 79
1, 647, 654.31
3, 619, 814.44
66, 655. 02
646, 464.41
8, 634, 995. 60
3,440, 296. 29
2, 654, 667. 49
2,104, 614.39
2, 775, 293.06
2, 275, 787.18
1, 273,427.16
1,488,095.59
4,108, 824. 73
5, 793, 079. 33
2, 952, 662.36
2, 370, 416.16
3, 704, 821. 00
674, 756. 92
1, 639, 934.87
114,186. 89
487, 933. 20
3, 812, 270. 39
567, 962.10
13,456,146. 30
3, 667,105. 00
838, 460.02

$214, 415. 98
6,160. 00
23, 426. 76
143, 282.13
214, 086. 90
42,482.18
54, 200. 00
13,816.44
95, 584. 43
91,719.97
221, 494. 50
20,143. 28
16, 509. 73
308, 858. 53
137,142. 29
92, 621. 41
82, 734.12
163, 737. 23
138,021.50
^
27,149.04
92, 412.14
140, 000.00
158, 400. 00
93, 500. 00
166, 865. 34
156, 633.82
8, 401. 26
19,716.69
6,012.13
22, 000.00
156, 694.10
29,118. 62
366,794.64
219, 412. 22
19, 958. 73

$1, 053, 822. 43
105, 9 i i . 80
601, 755. 85
4,483,118. 00
531, 345. 64
1,444, 446. 94
181, 689. 40
396, 746. 41
824, 465. 21
1, 219, 434.04
81, 793. 79
242, 352. 21
2, 872, 302. 37
1,270,607 12
490, 739. 70
637, 946. 75
944, 300. 23
713, 352. 36
409, 207. 86
1,021, 407. 79
1, 833, 530. 64
2, 760, 319. 99
763, 716.02
973, 272. 84
998, 723. 56
139 291 06
299, 344. 76
57, 805.13
204, 506. 60
1, 613, 832. 59
197, 688. 45
9,737,079.12
1,020,851.44
2n.936.46

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TABLE 65.—Expenditures made by the Government as direct payments to States, etc., under cooperative arrangements and expenditures within.
States which provided relief and other aid, fiscal year 1941 ^—Continued

Ol

P A R T B — G R A N T S TO A N D E X P E N D I T U R E S W I T H I N S T A T E S , E T C . , P R O V I D I N G D I R E C T R E L I E F , W O R K R E L I E F , A N D O T H E R A I D , E X C L U S I V E O F L O A N S — C o n t i n u e d

U n d e r D e p a r t m e n t of A g r i c u l t u r e

Under D e p a r t m e n t ofthe Interior

Under War
Department

Under Federal Security Agency

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Administration 6 10

P u e r t o Rico
Reconstruction
Administration«

Virgin I s l a n d s

National
Guard n

(21)

(22)

(23)

(24)

$18, 266,
21, 479,
5, 669,
5,860,

$720,954. 28
1,269,445. 82
965,233.21
1,079, 840. 25

Ohio
Oklahoma
Oregon
Pennsylvania
Philippine Islands
P u e r t o Rico
Rhode Island
S o u t h Carolina
South D a k o t a
Tennessee
Texas
Utah
Vermont
Virginia
Virgin I s l a n d s
Washington .
W e s t Virginia
Wisconsin
Wyoming'
Total

Agricultural
adjustment
program 6

(20)

S t a t e s , etc.

12, 231. 99
1,109,623.46
1,499, 383. 54
. 806, 033. 93
4,184, 905. 21
"363,204.01
73, 580.16
700. 920. 74
82,146. 95
1,063,143.17
668, 632. 59
867,102.46
382, 902. 72
.....




58,425, 676. 91

•

.

208. 66
647. 28
814. 60
785.11

12,068, 784.82
95, 838. 79
16,008, 940. 68
18, 213, 350. 79
14, 901, 753. 98
78, 703, 906. 86
2, 827, 669. 71
1,428, 339. 61
5.857. 434. 71

$2, 406,371. 68
1, 252, 574. 09
787, 231. 86
3,414,359. 36
631,102. 85
646, 991.10
576, 760. 21
405, 714. 93
901, 719. 74
2,665,269.67
669, 641. 55
352,167. 65
918, 089. 72

$4, 688, 329. 31

$148,434.00
912, 238. 61
464, 051.41
1, 698,155. 51
346,841,65

6,494, 507. 34
2, 371, 672. 04
14, 204, 840. 66
3,831, 054.60
721,004,112. 70

4, 688, 329. 31

148,434.00

65, 702, 245.05

Office of E d u c a Civilian Con- National Y o u t h
Public Health
tion, t r a i n i n g
servation
AdministraService«
of defense
C o r p s 12
tion 8
workers
(25)

.

(26)

$4, 929, 000. 00
$6,161, 893. 76
5,439, 000. 00
3, 201, 855. 99
9, 859,000.00
942, 975.17
8, 329,000. 00 . 9, 745, 601. 23
1,011,185.00
680, 000. 00
4, 760, 000. 00
2, 550, 000.00
6,119,000.00
• 9,349,000.00
5, 780, 000. 00
1, 870, 000.00
9, 349,000. 00 '
~ " ~ 207,"53r0(r
6, 629. 000. 00
3, 740, 000. 00
7, 479,000. 00
4, 930, 033. 27
256, 666, 664. 27

(27)
$167,
141,
35,
341,

863, 971.40
729,442.33
2,176, 046. 82
843,003.87
2, 964, 219. 46
7, 267,129.82
714,842. 20
. 346, 472. 94
2,652,_561.32, . _ . .
3 1 , 3 n . 17
1, 695, 793.11
2, 220, 896. 63
3, 337, 285. 24
271,116. 38
137, 901, 776. 09

344. 50
361. 25
994. 74
823. 79

111, 100. 00
21, 220. 00
146, 249. 60
33, 500. 32
176,959.25
337, 320.12
23, 221. 41
15, 600. 00
158,^702.^
3, 718. 00
71,121.81
84, 220. 65
85, 923. 70
4, 671.11

5, 721,033.88

(28)
$2, 911, 969. 26
708,157. 03
858, 372. 94
5, 699,815. 86
399,145.88
297, 615.44
764, 058.10
151, 025.05
1, 093, 569.17
2, 540, 085. 34
618,893 84
143, 924. 75
1.183._874.66_
5,197. 50
955,127. 65
1, 243,105. SO
1, 645, 397. 95
342, 203. 54
61, 900,181.20

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Under Federal Works Agency
Highways

S t a t e s , etc.

F e d e r a l E m e r - | P u b l i c BuildUnited
gency A d ings Ad. States
ministration
ministraPublic Roads
Housing
of P u b l i c
Forest serv- Administration 6
Authority«
Works, grants 6
ice
tion 8
(29)

Alabama
$31. 54
Alaska
350, 571.84
Arizona...
257,181. 76
Arkansas..
89, 682.04
California
926,039.49
Colorado
442, 828. 52
Connecticut
Delaware
.
D i s t r i c t of C o l u m b i a .
Florida
16, 396. 70
Georgia
..
27.00
Hawaii
Idaho
611,016.90
Illinois
^ 33,275.32
Indiana.
Iowa
Kansas
Kentucky
50, 474.16
Louisiana
800.00
Maine
371.90
Maryland
Massachusetts
Michigan
56, 528.45
Minnesota
28,801. 89
M ississippi...-.
15, 976.09
Missouri
26, 418.00
Montana
390, 347.81
Nebraska....
Nevada
25, 332. 60
New Hampshire
37, 792.03
N e w Jersey
N e w Mexico
215, 979. 50
NewYork
North Carolina.
"i3,'92i."o6"
North Dakota..
Ohio
F o o t n o t e s a t e n d of t a b l e .




(30)
$637,691.87
351, 891. 83
888, 144.11
1, 333, 163. 62
582, 631.15
559, 999.16
67, 734.82
67, 656. 95
184, 903. 38
1, 244, 819. 50
161, 692. 90
314, 021. 33
1, 696, 784. 83
943, 968. 58
1, 235, 271.00
746, 229. 81
1,109, 496.82
349, 679.16
68, 972.00
476, 036. 62
760, 942.85
1, 374, 086. 79
939, 337.02
559, 197.09
1,162, 579.12
960. 79
858. 28
404, 718.10
164, 386. 88
773, 993. 62
663, 481.18
1,160, 373. 44
887, 820. 39
347, 640. 73
768.26

(31).

(32)

(33).

W o r k Projects
A d m i n i s tration 6

(34)

$1, 668, 615. 35
$537, 960. 35
$80, 838. 59 $23, 308,094.00
67, 957. 66
340, 472. 21
5, 886,
822.00
144, 097. 39
84, 812. 78
. 19,482,267.00
317, 000.04
361, 094. 30
66, 782,825.00
3, 794, 716.10 3, 097,569. 65
14, 276,316.00
814, 927. 39
336, 739.13
11, 235,424.00
468, 324.04
2,171, 409.04
.61
1, 985,
293.00
30, 580. 26
112, 523. 83
15, 675,904.00
675. 47
2, 442, 619. 04 21, 856,190. 52
22, 800,198.00
179, 242. 65
605, 713. 52 1, 077,533.15
23,674, 670.00
446, 149. 52
43, 898.18
922, 828. 77
316.00
1, 216,
43, 834. 46
. 47, 581. 78
99, 950. 34
5, 876,486. 00
74, 587.83
11. 32
90, 459,801.00
12, 263, 061. 39 1,286, 956. 75
63, 447. 39
30,956, 468.00
2, 778, 322. 74 1, 039,019.18
421, 51L63
15, 943,321.00
973, 289. 20
147, 538. 77
15, 604,207.00
839, 263. 94
419, 217. 52
22, 968,46L00
1,169, 142. 22 1, 844,356. 35
19, 005,432.00
846, 385. 61 2,288, 957. 89
297.00
259, 317. 76
6, 584,
189, 898. 06
752, 045. 35
16, 940.00
8, 771,088.00
1,415, 100.18
6.09
56, 352,295.00
056. 68
1,549, 362. 86 1, 238,
1, 049,
60. 083,568. 00
053. 06
2, 577, 3 n . 0 7
791, 068. 50
5, 937. 34
31, 466,084.00
1, 658, 829. 32
297, 275. 91
19, 607,674.00
2,228, 501. 69
811, 587. 37
42, 599,716.00
1,613, 917. 38
222, 802. 83
8, 062,964.00
503, 888. 74
583, 569. 80
140, 626.00
16,103, 261.00
4, 677, 698. 78
89, 532. 37
1, 379.277.00
13, 315. 82
4, 601,893.00
27, 448. 49
573, 370. 33
414, 845. 27
327, 262. 81
46, 598,410.00
6,898, 005. 46
312, 055. 67
8,131, 170.00
73, 709.13
14, 248, 292. 97 1, 856,252. 42 2, 215, 544. 31 117, 817,346.00
477, 297.16
220, 936.19
23,949, 270. 00
888, 025. 61
192, 862.14
7, 577,879. 00
77, 284. 36
485.04
78, 362,790.00
108, 566. 07
8, 275, 707.06

P u b l i c Buildin.es A d m i n - Office of t h e
istration,
Administran a t i o n a l detor 13
fense housing
(35)

2, 607.84

1,059, 216. 23 6, 648,890. 51
902. 72
398, 661. 35
1,066,073.05
77, 874. 78
1, 211, 964.09
1, 241, 437. 47 1,115,472. 29
55, 478, 93
1,033, 766. 86
69,097. 71 2, 697,195.17
291, 441. 90
963.13
668, 946.46
223, 538. 79
162, 536. 94
68, 371. 69
318,068. 73
2,189, 066. 42
19, 347.17
12,184. 33
25, 740.02
127, 391. 42
1, 433, 889. 21 1,051,165.18
1, 621,001.85
2, 930. 83
794, 942. 28
226, 520. 69
151, 974. 35

365,
274,
508,
526,

G r a n d total
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$1, 466, 918.18

$353,834.03

Total payments
w i t h i n States

79,171. 58
624. 36 2,008, 666. 70
698.13
2, 210. 88
889. 66
384, 681. 66
292. 22
604, 361.01
631, 370. 38

$64,175, 986. 34
1, 671,417. 80
17, 697,024. 76
68, 943,306. 37
135, 534,759.40
38, 814,009. 33
22,144, 443. 60
3, 956,143.02
60, 930,470. 31
38, 656,510. 88
63,477, 588. 63
14, 277,848. 70
25, 001,752. 36
166, 811,297.85
67, 364,881. 48
78, 731,753. 60
67,104, 008. 38
63, 387,178.07
64,020, 479. 67
12, 954,652. 83
22,834, 626. 20
74,098, 439. 74
85, 843,964. 73
76, 434,459. 86
64,015, 065.43
85, 701,043. 66
29, 414,287.71
69, 383,697. 38
993.01
6, 724,
9,090, 042. 65
68, 327,669.20
22, 311,180. 72
183,804, 391. 21
60, 557,583.17
35, 748,674. 41
125, 461,418. 94

$72, 769,612. 66
2, 325,796. 74
22, 584,610. 48
65,874, 623. 33
192, 720,960.67
60, 753,904. 80
28, 668,598. 07
5, 588,520.23
62, 927,036. 66
45,883, 202. 61
72, 396,789. 57
16, 721,384. 29
29, 989,133. 66
199, 312,741. 32
85, 020,792.02
93,149, 069. 38
67, 470,402. 06
62,027, 026. 77
62, 669,641.16
17, 344,574. 66
29, 289,608.11
98, 993,939. 61
109, 382,779. 85
92, 432,208. 99
70, 770,345. 83
106, 731,117.10
36, 680,539.05
68, 348,182. 99
9, 475,403. 54
11, 802,499. 93
80, 815,361. 69
26, 721,789. 80
228, 457,569. 67
71,030, 672. 81
39, 900,166. 32
160,034, 167.02

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TABLE 65.—Expenditures made by the Government as direct payments to States, etc., under cooperative arrangements and expenditures within
States which provided relief and other aid, fiscal year 1941 ^—Continued
^

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P A R T B — G R A N T S TO A N D E X P E N D I T U R E S W I T H I N S T A T E S , E T C . , P R O V I D I N G D I R E C T R E U E F , W O R K R E L I E F , A N D O T H E R A I D . E X C L U S I V E O F L O A N S — C o n t i n u e d

U n d e r F e d e r a l W o r k s Agency
Highways

S t a t e s , etc.

Federal EmerUnited
P u b l i c Build-|
gency A d ings AdStates
ministration
ministraHousing
P u b l i c Roadsl
of P u b l i c
Forest serv- Administration 6
Authority«
Works, g r a n t s '
ice
t i o n fl
-

Oklahoma
Oregon.r
Pennsylvania
Philippine Islands..
P u e r t o Rico
Rhode Island
South Carolina
South D a k o t a . . . . . .
Tennessee
Texas
Utah.........
Vermont
—\Zlir.g.inia=.
Virgin I s l a n d s . .
Washington.-..
West Virginia..
Wisconsin
Wyoming
Total-




(29)

(30)

$3,025.00
459,053.09
734. 56

$793,084. 37
406, 565.49
3,142, 252. 35

63,171. 95
71,894. 76
42.08
1, 249. 98
271, 356.80
23, 323.00
2,.323..20.

230; 447.00
216, 222. 60
249, 287. 77
461, 612. 91
318,800.88
1, 608,146.14
370, 292. 63
128, 495. 59
—739^504^8.

393,
71,
57,
266,

604.16
976. 36
719.00
364. 71

516,113.10
458, 049. 23
378,143. 58
522,039. 86

5,174,632.18 37,814,98L56

(31)

(32)

$1, 529,165.45
$358, 422. 89
266,080. 72
94, 921. 55
15, 605, 608. 79 1, 280, 312. 66
1, 359,165. 67
63,135. 90
1, 268, 579. 76
162, 305. 88
6, 691, 022. 96
312, 880. 97
98, 619. 91
68, 700. 23
551, 958. 66
1,069, 490. 86
3, 711, 322. 28 1, 270, 763. 68
212, 650.80
133, 254. 21
53, 908. 55
9, 694.15
935,.032..60. ->.666,.223..23.
6, 831.04
164, 930. 35
2, 839, 526. 30 1,135, 794. 41
911, 709.18
608, 997. 88
1, 737, 520. 00
551,172. 81
108, 504. 26
140,146. 58
116,682,258.43

(33)
$0.11
230, 200.43

64, 225. 20
301,160. 40
150, 976. 30
_23,.040..0().
45.00
'i79,'462."56'

W o r k Projects
Administration 6

(34)
$22, 664, 400.00
10,191, 852.00
104, 630, 552.00

P u b l i c Buildings A d m i n Office of t h e
istration,
Administran a t i o n a l detor 13
fense h o u s ing
(35)

53,464,344.18 4, 762, 249.48 1, 284, 780,436.00

I, 971.44

17,409,156.62

Grand total

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6, 403. 27 $1,820,430. 22

9,120, 880.00
374,187.43
7, 728,721.00
21, 370,926.00
7,185, 389.00
94, 264. 22
20,284, 385.00
48, 651,747.00 '2,'275,'735.'78'
7, 683,819.00
2, 616,766.00
_13,.2i6..0.83J)D. _819.,_Z8i._62.
966.00
'i27,'665.'42'
19,190, 926.00
21, 241,493.00
31, 843,560.00
1, 944,804.00

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Total payments
within States

978, 081. 46
1,848,036. 95
620, 776. 09
1,847, 790. 75
48, 941. 31
_3.9.9.,J2g,J£
863, 707. 75
"41,'648." 56'
27,981,162.57

$59,201,010. 72
30,517,095.37
161,176, 619. 87
30,821, 435.16
12,837, 250. 35
56,139, 220.56
31, 676,459. 53
50,109, 869. 49
164,465, 337. 83
19, 717,677. 47
7,062, 162. 29
_ 3 7 , 680. 477.44
657, l l L O l
42, 887, 668.83
34,164, 165.17
63, 817, 469.47
13,090, 681. 68

$75,811, 576.10
39, Oil, 363. 99
200, 454, 085.13
392. 38
32, 428, 783. 44
15, 998, 728.47
61, 348, 583.87
37,032, 547. 35
69, 828, 827. 96
187, 406, 053.82
24, 994, 837. 43
9, 417, 972.59
44. 786. 780. 64
667, 111.01
56, 288, 394. 51
41, 360, 776.68
77, 996, 331. 39
16, 708, 943.44

2,860, 227, 662.43 3,476, 396, 753.14

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1 Amounts shown in the numbered columns are based upon figures furnished by departments and agencies of the Government as follows; 1-5 and 20-21 by Department of Agriculture; 6-8 and 22-23 by Department of the Interior; 9-11 by independent offices; 12-17 and 25-28 by Federal Security Agency; 24 by War Department; 18 and 29-36 by Federal
Works Agency.
2 Column 3 comprises $1,432,580.71 payments from the national forests fund; $23,391.88 payments to school funds, national forests fund; $1,979,309.00 forest fire cooperation, and
$78,056.84 cooperative distribution of forest planting stock.
3 Column 4 comprises $459,398.90 roads and trails for States, national forests fund, and $2,732,736.68 forest roads and trails.
* Column 6 comprises $1,136,268.45 under Wildlife Restoration Act, $11,383.70 under Migratory Bird Conservation Act, and $21,763.75 under Alaska Game Law.
5 Column 8 consists of $9,364.13 payments to States of "5 percent of proceeds from sales of public lands; $89,164.99 payments to States under Grazing Act of June 28,1934; $142,151.53
payments to States from potash deposits, royalties, and rentals; $5,762.10 payments of proceeds of sales of Coos Bay wagon-road-grant lands and timber; $372,404.24 payments to counties,
W
Oregon and California grant lands;. $186,202.12 payments to counties in lieu of taxes on Oregon and California grant lands, 25 percent fund; $10,382.30 payments to Oklahoma from
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royalties, oil and gas, south half of Red River, and $29,486.95 payments to Coos and Douglas Counties, Oregon, in lieu of taxes on Coos Bay wagon-road-grant lands.
^
6 Columns 14,18, 20, 21, 22,26,27, 30, 31, 32, 33, and 34 represent expenditures wholly or in part from allocations under the Emergency Rehef Appiropriation Act of 1935 and supple^
mental acts. Column 30 includes $6,585,629.36 under the same acts, and $445,647.62 of National Industrial Recovery A ct funds.
g
7 Expenditures shown tn column 16 for the purpose of maintaining pubhc employment offices are made under provisions of the Wagner-Peyser Act and must be matched by the.
^
respective States. Exclusive of the $62,447,809.08 explained in footnote 8.
'
.
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8 Column 17 consists of $392,866,124.57 expenditures for Social Security Board; $10,931,320.69 for Department of Labor, Children's Bureau; and $10,748,057.71 for
^
Federal Security Agency, Pubhc Health Service. Ofthe $392,856,124.57, $62,447,809.08 was reported by the Bureau of Employment Security of the Social Security Board as grants
for administration of unemployment compensation as provided under title III of the Social Security Act.
'
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9 Column 18 includes $114,362,025.47for Federal-aid highway system (regular), $17,244,492.65 for Federal-aid secondary or feeder roads (regular), and $1,620,254.31 for restoration of
M
roads and bridges and flood relief (part regular and part emergency funds).
S
1 Column 20 comprises $1,378,501.70 for liquidation and management of resettlement projects and $57,047,176.21 for other expenditures. A total of $57,101,058.77 was from emergency
0
^unds and the balance from regular funds. In addition, there were expenditures of $107,673,800.35 covering rural rehabilitation loans from Reconstruction Finance Corporation funds,
oi
and $46,612,416.45 covering farm tenant loans.
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11 Column 24, District of Columbia includes $8,839,158.79 charged by War Department to National Guard Bureau.
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1 Concerning expenditures for Civilian Conservation Corps the Federal Security Agency says: "The amounts shown represent the present camp distribution of total expenditures.
2
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segregated by States on the basis of the number of camps located therein and do not represent expenditures made within or in aid of the several States."
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1 Column 36 represents expenditures under the Lanham Act, Public No. 849, approved Oct. 14, 1940 (54 Stat. 1125-1128).
3
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T A B L E 66.—Number and amount of awards of the Mixed Claims, Commission, United States and Germany, certified to the Secretary of the
Treasury by the Secretary of State and the amount paid and balance due, by classes, as of September 30, 1941

Class I

Awards certified

Total
number
of
awards

Total
amount

.

Class I I

Class III

Private Law No.
509, approved
July 19, 1940

Awards on
NumNum- account of
NumAwards of
awards Number of $100,000 and ber of other$100,000 ber of
ber of death and
awards over
awards
awards
personal
less
awards
injury

Amount

^
§

United States
Government

Number of.
awards

Amount

Pi
tei
^
o
Pi
H
O

'^.
1. Amount due on account:
Principal of wards:
Agreement of Aug. 10, 1922
Agreement of Dec. 31, 1928
Private Law No. 609, approved
July 19, 1940
Less amounts paid by' Alien Property
Custodian and others
Interest to Jan. 1, 1928. at rates specified in awards:
Agreement of Aug. 10, 1922
Agreerhent of Dec. 31, 1928
.
Private Law No. 609
Total payable to Jan. 1,1928
Interest thereon to date of payment or,
if unpaid Sept. 30, 1941, at 5% per
annum as specified m the Settlement of War Claims Act of 1928
Total
2. Payments made on account to Sept.
30, 1941:
Principal of awards:
Agreement of Aug. 10, 1922
Agreement of Doc. 31, 1928
Private Law No. 509...




t ^

M
424 $3, 549,437.75
115 666,626.00

• 4,734 $176,955,880. 92
5,682, 354. 38
2,291
1

3,996 $15, 662, 321. 98
2,169 2,447,803.92

4 $42,034,794.41

310 $114,809, 326.78
7
2, 677,926.46
1 $160,000.00

160,000.00
4,106,062. 76

181, 698, 235. 30
187, 226.85

18,010,126.90
48,012. 60

4,106,062.75

181, 611,008.45

17,962,113.40

160,000.00

42,034, 794.41

160,000.00

.117,387,262.24

42,034,794.41

139, 214. 35
117,248,037.89

745, 302.98
115,976.22

7,113,930.76
971,169.15

' 51,682,897.36
1, 562,494.67

4,967, 341. 95

26,047,203. 31

170,'^493,429.92

236,196. 75

2,061,179.06

52,957,434.79

7,026 360, 468, 784. 70

539 5, 203, 637. 70

6,165 28,108, 382. 37

317 223,450,864. 71

1 4,401 144, 254,928.83
1 2, 263 6,095, 390.66
119, 501.63

424 3, 549,437. 75
115
556, 625.00

3,977 15,494,064. 79 .:...... 1125, 211,426.29
2,148 2,445,886.69
1 3,092,878.97

78, 761,456. 32
2,649,630.04
64,000.00
262,976,094.81

........

97,492,689.89

tei
Ul

19,209, 325. 22

tei
o
Pi
tei

-g
Pi
Kj

o
tei

64,000.00
224,000.00

-

61,244,119.63

147, 229.85

42,090,650.44

. 1 371, 229.86

4 103, 334, 770.07

tei

>

Ul

cj
pi
Kj

iii9,50L63

I n t e r e s t to J a n . 1, 1928, a t r a t e s specified in a w a r d s :
A g r e e m e n t of A u g . 10, 1922
A g r e e m e n t of D e c . 31, 1928
P r i v a t e L a w N o . 509
I n t e r e s t a t 5% per a n n u m from J a n . I,1928, to d a t e of pa3maent as directed
b y t h e S e t t l e m e n t of W a r C l a u n s
A c t of 1928
-....

7,850,793.61
1,086, 361.01

3. B a l a n c e d u e on a c c o u n t :
Prhacipal of a w a r d s :
A g r e e m e n t of Aug. 10, 1 9 2 2 . . .
A g r e e m e n t of Dec. 31, 1928
P r i v a t e L a w N o . 509
I n t e r e s t to J a n . 1, 1928, a t r a t e s specified in a w a r d s :
A g r e e m e n t of A u g . 10, 1922 . .
A g r e e m e n t of Dec. 31, 1928
P r i v a t e L a w N o . 509 . . .
Accrued interest a t 5% per a n n u m from
J a n . 1,1928, on total a m o u n t p a y a b l e
as of J a n . 1, 1928, to Sept. 30. 1941
B a l a n c e d u e c l a i m a n t s as of Sept.
30, 1941

n

7,105.490. 53
970, 384.79

236,196.75

2,041,685.88

5,203, 537.70

28,057,512.68

128, 304, 305. 26

22, 249.66
3, 767.97

121,130.84
19,156. 68

pi
tei

626.057.62
15,464. 38

3 769,4.38.12
4 38, 389.03
8 795. 35
6,664

•

0)

2,277,881.63
161,684,857.27

T o t a l p a y m e n t to Sept. 30, 1 9 4 1 . . .
Less 34 of 1% d e d u c t i o n from each
payment:
A g r e e m e n t of A u g . 10, 1922.
A g r e e m e n t of D e c . 31, 1928
P r i v a t e L a w N o . 609
N e t p a y m e n t m a d e to c l a i m a n t s
to Sept. 30, 1941

746,302.98
116,976.22

160,876, 234. 77

0_

(2)

hj

119, 601.63

O

o

795. 36
539 5,177,520.07

6,125 27,917, 225.16

127,662, 783.26

teJ

118,706. 28

•M

tei .

333 102.405, 947.82
1,049,4.58. 39
28
104,498.37
1

19
21

20, 244.69
1,917. 23

8,440. 23
774.36

fl 19,493.18

41,141, 683. 60
1,047, 541.16

4 61, 244,119.63

i

104,498.37

pi
Kj

O
362 198, 783, 927.43

40

50,869.69

' 62,957,434.79
317

147, 229.85

42, 090,660.44

96,146, 669.45

1 261, 728. 22

4 103, 334,770.07

1 Includes payments on account of interest to Jan. 1, 1928, on Class III awards and Private Law No. 609; Payments on this class of awards are first applied on account of the
total amount payable as of Jan. 1,1928, as directed by the Settlement of War Claims Act of 1928 until total of all jDayments on the three classes equals 80 percent of the amount payable
Jan. 1, 1.928. Payment of accrued interest since Jan. 1, 1928, on this class of claims deferred in accordance with act.
2 See note 1.
"
8 This amount has been covered into the Treasury as miscellaneous receipts.
* Of this amount $24,150.09 has been paid to the Government of Germany. A further sum of $14,238.94 is payable in connection with the adjudication of late claims under the
agreement of Dec. 31,1928.
8 Amount withheld and covered into the Treasury as miscellaneous receipts.
9 Includes $16,218.77 interest accrued from Jan. 1,1928, to Mar. 11,1940, on $26, 612.06 representing awards plus interest to Jan. 1,1928. No applications filed by claimants. Time
for filing applications expired Mar. 11, 1940.




tei
o
pi
tei

8,440. 23
774. 36

96, 214,808. 26

310
• 7

Ul

tei
tei
t ^

Pi
tei

>
pi
Kj

O

o

662

REPORT OF T H E

SECRETARY OF T H E TREASXJRY

T A B L E 67.— Transactions, in food order stamps for the Surplus Marketing Adminis<tration from May 16, 1939, to J u n e 30, 1941
A. STAMPS ISSUED, BY STATES (MONEY VALUE)
State
Alabama
_
_
Arizona
Arkansas
_.
California
. . . ._
Colorado
Connecticut...
...
Delaware...
_
D i s t r i c t of C o l u m b i a
Florida
Georgia
_ _
Idaho
Illinois
.
Indiana
Iowa
Kansas
Kentucky...
_
Louisiana
Maine
Maryland .
.
Massachusetts. . .
Michigan
.
Minnesota
Mississippi .
Missouri
Montana
_
Nebraska
Nevada
New Hampshire
N e w Jersey
N e w Mexico
.
New York.
N o r t h Carolina . . ._
North Dakota
Ohio
Oklahoma
Oregon
.
Pennsylvania
R h o d e Island
_
S o u t h Carolina . . .
South D a k o t a
Tennessee
Texas
Utah
.
Vermont
_
Virginia
.
__
Washington
_
W e s t Virginia
Wisconsin..
Wyoming
Virgin I s l a n d s . . .
Total

Orange s t a m p s i

___-_.

._
_

.

1
..

•

.

:._.
. .

..
_

_.
..
_

_
_

.
.;

_

.

_
.

:

._

_

..

. ..
^

.

..

.

.
..'.

_
- .
_
_

i._- . .
.
_

$1,067, 250.00
2, 732,300. 00
2,026, 7 n . 00
20,382, 278.00
3,179,076.00
835, 950.00
182, 700.00

• $2,916,104.00'
1, 366,150.00«
2,071, 564. 60'
10,138,039.00'
1, 685, 538.00
556, 228.00'
91,360.00'

1, 661, 700.00
2,021, 684. 00
419, 850.00
12,213,690.00
692, 200.00
4,481,380.00
2,477, 854.00
1,180,870.00
1, 725, 225.00
719, 205.00
1, 305, 500.00
6, 686, 615.00
5,663,100.00
9,434, 390.00
3, 271,100. 00
2, 671,380.00
970,000.00
3,474, 489.00
130,600.00
1,600,600.00
3,867,450.00
934, 800.00
22,087,608.00
1,226,350.00
1,830,155.00
9,180,032. 00
4, 562,002.00
3, 668, 789.00
9,816,892.00
2, 627, 514.00
997,200.00
1,806,761.00
2, 574, 950.00
4,972,701.00
2, 888, 662.00
110,296.00
436,784.00
9, 619, 994.00

1, 344, 350.00'
2,048, 792.00'
208, 725.00'
6, 286, 515.00'
418,960.00'
2, 898,770. 00'
1,354,484.00'
1,046, 536.00'
1, 278, 662. 50369. 617. 50'
652, 760.00'
3,306,191.00
2, 824, 932.00'
5,707,401.00'
3,716,400.00"
1, 335, 690.00'
485,000.001, 745,021.00'
65,300.00'
800,486.00
1, 933, 726.00'
467, 400.00'
11,049,910.00'
1,060, 225.00'
942,122. 60'
5,244, 222.00'
6,335,140.00'
1, 834,394. 604,933, 676.00^
1,374,211.00'
1,065, 550.00972,104. 502, 223,075.00'
4, 562, 476. 50'
1,444,331.00'
65,147. 60'
385,-954.00'
6,035,776.00'

2, 267, 672.00
149,600.00
5,000.00

1,136,887.00'
74,800.00'
27,000.00-

178,687,908.00

107,767, 562. OO"

_. .
_

.

.

. _

..

»Sold to municipalities.
* Issued free in connection with the sale of orange stamps and in lieu of direct relief.




Blue stamps 2

REPORT OP T H E SECRETARY

OF T H E

TREAS'URY

663

T A B L E 67.—Transactions in food order stamps for the Surplus Marketing Administration from May 16, 1939, to J u n e 30, 1941—Continued
B . S T A M P S I S S U E D A N D R E D E E M E D , B Y M O N T H S F I S C A L Y E A R 1941, A N D B Y Y E A R S
(MONEY VALUE)

Year and month

Issued

Fiscal year 1939
Fiscal year 1940

$397,329.00
44, 309, 859. 50

Month:
1940: J u l y
August
September
October
November
December...

9, 997, 275.00
12,713,381.00
13,158, 289.00
16,938,081.00
16,503,993.00
18, 637, 204.00

1941: J a n u a r y

19,797,019.60
23,412,096.00

February
March

25,084,47L 00

-.

28,460,928.00

April...
May....

28,771,751. 60

June

28, 273, 792. 50

Redeemed

$256, 934. 76
36, 605, 226. 76
8,476,391.
10, 253, 901.
11,127, 669.
13, 791,997.
14,138, 480.
16,168, 386.
20,109,494.
3 12.
18,327,073.
3 27.
' 23, 692, 900.
3 54.
' 26, 525, 556.
3 16.
27,163,169.
3 89.
' 26, 856, 838.
31, 228.

Cumulative
amounts
outstanding
$140, 394. 25
7,945,027.00
465,911.00
925, 390. 25
956,009. 75
102,093. 60
467, 606.00
946,424.00
21,633,937.00
26, 718, 932. 25
28, 210,448. 76
146,804. 50
32, 764, 296. 76
180,023.25

Fiscal y e a r 1941

241, 748, 281. 50

215, 513, 285. 25

34,180,023.25

G r a n d total

286,455,470. 00

252, 275,446. 75

34,180,023.25

8 Stamps canceled but not redeemed

T A B L E 68.— Transactions in stamps exchangeable for cotton and cotton surpluses
for the Surplus Marketing Administration from M a y 6, 1940, to J u n e 30, 1941
A. S T A M P S I S S U E D , B Y C I T I E S ( M O N E Y V A L U E )

City
1.
2.
3.
4.
6.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.

Memphis, Tenn
Springfield, M a s s
Minneapolis, M i n n
St. P a u l , M i n n
W e s t Springfield, M a s s . .
Los Angeles. Calif
C o l u m b i a , S. C
.
Hartford, C o n n
Columbus, Ga
Houston, Tex
S t a t e of A r k a n s a s
Charlotte, N . C .
Nashville, T e n n
Waco, Tex
Brockton, Mass
Fort Wajme, I n d . . .
Grand Rapids, Mich
Greensboro, N . C
E l Paso, T e x
S t a t e of O k l a h o m a
Wichita, K a n s
San J o a q u i n area, Calif..
Lowell, M a s s
Toledo, O h i o .
S t a t e of Arizona
Akron, Ohio.
Summit County, Ohio..
S t a t e of N e w Mexico
Hillsboro, T e x
Lawrence, Mass
Sioux C i t y , I o w a

TotaL
Footnotes on p. 664.




D a t e of first
sale
May
June
June
June
Aug.
Aug.
Oct.
Oct.
Oct.
Nov.
Nov.
Dec.
Dec.

6,1940
3,1940
28,1940
29,1940
17,1940
30,1940
1,1940
2,1940
30,1940
14,1940
26,1940
13,1940
26,1940
do
...
Dec. 31.1940
Jan. 11.1941
Feb. 4,1941
Feb. 25,1941
Feb. 27,1941
Feb. 28,1941
Mar. 13,1941
M a r . 25,1941
A p r . 12,1941
do
A p r . 21,1941
M a y 29,1941
do
J u n e 2,1941
J u n e 25,1941
J u n e 26,1941
J u n e 30,1941

Green s t a m p s i B r o w n s t a m p s ^

900. 00
157, 800.00
246, 000.00
142, 500.00
10, 100. 00
1,001,000.00
• 23,700.00
52, 500.00
17,000.00
76, 000.00
26, 300.00
19, 700.00
40,000.00
33, 500.00
26, 100.00
20, 600.00
64,000.00
13,750.00
14,500.00
13,600.00
900.00
23,850.00
76, 600.00
19, 600.00
42,000.00
30, 600.00
16,000.00
5,600.00
6,400.00
2,000.00
7, 600.00

$122,900. 00
167,800.00
294,000.00
210,000.00
10,100.00
1,074,000.00
23,700.00
62, 600.00
17,000.00
76,000.00
26, 300.00
19,700.00
40,000.00
33, 500.00
26,100.00
31,600.00
73,500.00
• 13, 750.00
14, 600.00
13,600.00
43, 200.00
76,850.00
19, 500.00
63, 500.00
30,000.00
23,500.00
15,000.00
6. 500.00
~ 2,400.00
7,000.00
19,000.00

2,274,200.00

2,635,000.00

664

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 68.—Transactions in stamps exchangeable for cotton and cotton surpluses
for the Surplus Marketing Administration from May 6, 1940, to July 30, 1941—
Continued
B. STAMPS ISSUED AND R E D E E M E D , BY MONTHS (MONEY VALUE)
Issued
Month

May
•
June
July.
August..
September
October.
November

Redeemed

Green
stamps

Brown
stamps

Green
stamps

Brown
stamps

$13.000.00
70.000.00
78,000.00
32. 000. 00
197, 500.00
162. 600.00
121, 660.00
176,100.00

$31, 500.00
88.000. 00
103, 000. 00
41,000.00
216,500. 00
182,000. 00
133,150.00
186,600.00

$5.320. 50
13, 644. 76
40. 696. 25
33, 673. 75
86. 052.00
167,073. 75
119, 329. 75
140,046. 60

$13,033.00
16, 264. 75
46. 772. 60
46.366.00
101,634. 75
183,828.25
134, 579. 60
141,897.50

201, 350.00
173. 200. 00
196. 550.00
364,400.00
219,100.00
268,850.00

226.860.00
195. 700.00
257,050.00
440.400.00
238, 600.00
294, 650. 00

195,389. 25
144.165. 75
173.440.00
248,060. 25
259.467. 76
225,892. 75

213, 563.25
165,154.25
3 187,173. 75
283. 262. 60
296,013. 60
250.49L00

2, 274, 200. 00 2, 635, 000.00

1,852,231.00

2,070,033.60

1940

,

December
1941
January
February
March
April
May
June
Total

1 Issued free, for purchase of cotton products, to producers who reduce their cotton acreage planted.
2 Issued free, for purchase of cotton surpluses, to producers who reduce their cotton acreage planted.
«Includes $7 of stamps canceled but not redeemed.

PERSONNEL
TABLE 69.—Number of employees in the departmental service of the Treasury
Department in Washington, quarterly from June 30, 1940, to June 30, 1941

Bureau, office, or division

Bureau of Accounts:
Office ofthe Commissioner
Disbursement
Chief Clerk
Coast Guard
Comptroller ofthe Currency
Customs
.
Engraving and Printing
_
Federal Alcohol i
Internal Revenue2...
Mint
•Narcotics
Personnel.
Printing
Procurement
Processing Tax Board of Review
Public Debt: .
Office of the Commissioner
Pubhc Debt Accounts and Audit
Loans and Currency
Paper Custody
Register ofthe Treasury
Savings Bonds...J
Miscellaneous
' Footnotes at end of table.




Increase or
decrease
(—) since
June 30,
1940

June 30,
1940

Sept. 30,
1940

Dec. 31,
1940

Mar. 31,
. 1941

June 30,
1941

205
710
471
189
6,649
137
4,604
43
87
21
36
630
(})

232
749
133
373
462
196
5,611

240
763
135
420
463
196

266
778
134
438
444
187

263
'796
163
463
439
196
6,345

4,632
44
84
61
34
642
23

4,561
43
83
69
34
684
22

4,659
52
87
61
34
681
25

4,743
53
85
57
34
709
25

58
85
64
97
-32
7
696
-137
139
10.
-2
36
-2
79
25

36
162
1, 367
25
375
208
47

39
161
1,376
27
370
, 200
35

40
150
1,361
26
376
203
29

41
148
1,376
27
374
221
39

31
161
1,642
27
356
247
122

-6
-1
175
2
-19
39
75

665

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 69.—Number of employees in the departmental service of the Treasury
~ Department in Washington, quarterly from June 30, 1940, to June 30, 1941 —
Continued
•

Sept. 30,
1940

D e c . 31,
1940

M a r . 31,
1941

J u n e 30,
1941

21
236

24
223

65
227

69
267

36
301

15
65

4 63
61
66

94
52
85
124
267
1,058
1,147 .

99
52
91
179
267
1,115
1,129

107
65
108
271
249
1,256
1,027

96
66
106
418
256
1,330
1,049

33
5
40
418
-8
269
-692

18, 790

19,464

20,483

1,624

Secret Service
G u a r d Force
Secretary:
Office of t h e Secretary
General Counsel
Rie'search a n d Statistics
Foreign F u n d s Control '
S u p e r i n t e n d e n t of T r e a s u r y B u i l d i n g s . .
T r e a s u r e r of t h e U n i t e d States
E m e r g e n c y relief
Total

Increase or
decrease
( - ) since
J u n e 30,
1940

J u n e 30,
1940

B u r e a u , office, or division

(0

264
1,061
1, 641
18,869

-

18, 648

1 Federal Alcohol Administration abolished effective June 30, 1940, and its functions transferred to the
Bureau of Internal Revenue.
2 Includes Processing Tax Board of Review on June 30, 1940. Beginning Sept. 30, 1940, includes employees formerly under Federal Alcohol Administration, see note 1.
3 Included in Bureau of Internal Revenue.
4 Foreign Funds Control included in Office of the Secretary on June 30, 1940.
NQTE.—The figures in this table show the actual number of names appearing on pay rolls for the period
covering the last half of each month.

TABLE 70.—Number of employees in the departmental and field services of the
Treasury Department on June 30, 1940, and June 30, 1941
J u n e 30,1941

J u n e 30, 1940
B u r e a u , office, or division

Coast G u a r d . 1
Customs
J
C o m p t r o l l e r of t h e C u r rency..
Disbursement
. . __
F e d e r a l Alcohol
Internal Revenue 3
Mint
Narcotics
Procurement..
__
Public Debt
Secret S e r v i c e . .
^
Office of t h e Secretary * _ _ . , .
E m e r g e n c y relief
...
All o t h e r s
Total

Departmental
366
189

Field

Total

18,300 1 18.666
9,036
8,846

471
1,287
816
1,093
710
383
137
137
4,604 "i9,"8i3' 24,417
1,043
43
1,000
364
87
. 277
2
632
630
2.021
2,002
19
21
322
343
63
63
1,641 "4,"534' 6,175
7,895
7,895
18,859

64, 312

73,171

Departmental
463
196
439
795
(2)

Field

Increase or decrease ( - )

Total

Departmental

Field

97
7

5,694
-31

23,994 1 24,457
8,815
9,011
900
587

1,339
1,382

0)
4,743 '23,"820'
2,375 28. 503
63
2,428
282
85
367
709
" 714
21
.2,476
2,497
372
36
408
26
96
121
3, 306
1.049
4,364
9,343
9,343
20.483 64, 501 84,984

-32
84
85
204
-137
139 " 4 , ' 6 0 7 '
10
1,376
-2
5
79
3
474
2
16
50
33
25
- 5 9 2 - 1 , 229
1,448
1,624

1 Includes 13,765 in military personnel on June 30,1940, and 19,235 on June 30,1941.
2 See note 1, table 69.
3 See note 2, table 69.
4 See note 4, table 69.
NOTE.—See note, table 69.




10,189

Total

5,791
—24
62
289
—137
4,146
1,385
3
82
476
65
58
-1,821
1,448
11,813

666
'

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 71.—Number of persons retired, departmental and field services ofthe Treasury
Department, Aug. 20, 1920, to June 30, 1941, and number of persons eligible for
retirement but retained, as of Ju7ie 30, 1941
Retired
InvolunOn acOn ac- tary sepacount of count of ration, 15
age
disability
years
service

Bureau, office, or division

Involuntary separation, 30
years
service

Total

Retained
as of
June 30,
1941

DEPARTMENTAL

Accounts:
Office ofthe Commissioner
Bookkeeping and Warrants . .
Disbursement.
Chief Clerk
J
Coast Guard
Comptroller of the Currency..
Customs
.
Engraving and Printing...
Internal Revenue
Mint.
Narcotics
Personnel
Printing
Procurement
Public Debt:
Office of the Commissioner
Public Debt Accounts and Audit.
Loans and Currency
Paper Custody
Register of the Treasury
Savings Bonds
Secret Service
Secretarv
General Counsel
Superintendent of Treasury Buildings.
Treasurer of the United States...
All others
.. .

1
14
26
130
13
69
14
1,046
167
2
3
2
9
76
10
• 7
102
1
65
17
1
1
27
156
118

1

11
63
9
13
211
2
99
2
17
3
46
268
25

3
1
1
23
10
2
2

1
2
1
3
19
3
1
14
2
1
19

5
1

1
3
66

.

.

1
159
19
20
318
. 3
166
2
34
7
1
73
491
151

1

1
1

4,120

6

-69
2,844
6
, 1,177
456
23
.1,073
399

4

38
1,970

27
718
6
305
75
17
284
168

3
- 10

1
146

163
6

70.
2

6
61

4
6

639
372
6
779
• 174

1

136

1,861

FIELD

7
24
53
180
35
110
22
1,770
436

1
8
57

2,066

Total departmental
Coast Guard
Customs
Disbursement
Internal Revenue
Mint and Assay Offices
Narcotics
..
Procurement
All others

2
8
26
49
19
31
5
700
245
1

2

Total fleld

3,978

1,600

239

229

6,046

6

Grand total..

6,044

3,461

296

366

10,166

11




REPORT OF THE SECRETARY OF THE TREASURY

667

ESTIMATES
T A B L E 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 ctnd estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943
General and special accounts

Estimated, 1943 Estimated, 1942

Actual, 1941 1

BUDGET SUMMARY

Receipts (details on pp. 667 to 677)
Expenditures (details on pp. 678 to 681)

_.

$16,487, 200,000
59, 027, 992,300

$11, 943,993, 000 .$7,607,211,852.08
30,675, 796,162 12, 774.890, 323.97

42, 640, 792,300

18,731,803,162

5,167,678,471.89

1. Internal revenue:
(1) Income taxes:
Corporation:
Normal and surtax, current 2
Excess-profits tax
Declared value excess-profits tax..

3, 462,000,000
2,691,000,000
51,000,000

2, 509,000,000
1,234,000,000
24,000,000

1,649,024,603.25
164,308,967. 23
28, 076, 284.66

Total corporation
Individual, current..

6, 204,000, 000
4, 793,000,000

3,767,000,000
3,070, 000,000

1,841,409,855.14
1,314, 265,806. 56

315,000.000
4,000,000

305,000,000
6,000, 000

306,350, 258.88
9, 095, 561. 51

IExcess of expenditures
DETAILS OF RECEIPTS

...
.

Back taxes:
Corporation (normal and surtax)
and individual
.
Unjust enrichment tax .

•319,000,000

. 310,000,000

315,445,820.39

Total income taxes (cohection
basis)
Adjustment to daily Treasury
statement basis

11,316,000,000

7,147,000,000

3, 471,121, 482. 09

Total income taxes (daily
Treasury statement basis)....

11,3.16,000,000

7,147,000,000

3,469,637,848.48

239, 500,000
500; 000,000
30,700,000

232,000,000
360,000,000
150,000, 000

166,65.2,639.88
355,194, 033. 49
61,863, 714. 03

746,400,000
367,800,000
13, 500,000

. 640,000,000
353,100,000
16, 500,000

428,461,877. 30
316,736 852.63
13, 457, ISO. 70

37,000,000

27, 400,000

11,423,437.17

12, 500,000
11,900,000
5.300,000
1,400,000

12, 200,000
11, 600,000 •
33,000,000
1, 200,000

11,926,361. 64
10,123,000.68
25,304,060.09
1,039,804.94

Total back taxes

..

((2) Miscellaneous internal revenue:
Capital stock tax
Estate tax
Gift tax
Liquor taxes:
Distilled spirits (domestic and
imported) (excise tax) 2
Fermented malt liquors 2
Rectification tax 2
Wines (domestic and imported)
(excise tax) 2
Special taxes in connection with
liquor occupations
Container stamps
Floor stocks taxes
All other
Total liquor taxes

....

Tobacco taxes:
Cigarettes (small) 2
•
_
Tobacco (chewing and smoking) 2
_
Cigars (large) 2
Snufl
Cigarette papers and tubes
All other 2 •
•
Total tobacco taxes

®

Stamp taxes:
Issues of securities, bond transfers, and deeds of conveyance...
Stock transfers
Playing cards 2
Silver bullion sales or transfers
Total stamp taxes

ETootnotes at end of table.




— 1,483,633.61

1,195,800,000

1,095,000,000

818, 472, 565.15

763,400,000
53,900,000
14, 700,000
7, 500,000
1,800,000
142,000

693,900,000
' 56,000,000
14,100.000
7,300', 000
1, 700,000
140,000

616, 744, 342.40
54,927, 762. 02
13,036.904. 64
6,899, 820. 62
1, 431, 315. 35
137, 792.66

841,442,000

772,140,000

. 693,177,937. 69

26, 500,000
12,800,000
5, 700,000
25,000

25,400,000
11,800,000
5, 700.000
25,000

22,072, 503. 40
12,176,496.92
4, 758, 572. 10
51,286.28

45, 025,000

42, 925,000

39,056, 858. 70

668

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, i n detail, as
exhibited in the Budget for 1943—Continued
General a n d special accounts

' E s t i m a t e d , 1943

E s t i m a t e d , 1942

A c t u a l , 1941 1

D E T A I L S OF RECEIPTS—Continued

1. I n t e r n a l r e v e n u e — C o n t i n u e d .
• (2) Miscellaneous internal r e v e n u e — C o n .
M a n u f a c t u r e r s ' excise taxes:
Gasoline
. .
.
L u b r i c a t i n g oils
Passenger automobiles a n d m o torcycles
•.
A u t o m o b i l e t r u c k s , busses, a n d
trailers
P a r t s a n d accessories for a u t o m o biles
T i r e s a n d inner t u b e s
R u b b e r articles
Electrical energy
...
Electric, gas, a n d oil appliances....
Electric light b u l b s . . . . . . .
Electric .signs
1^
R a d i o receiving .sets, p h o n o graphs, p h o n o g r a p h records,
and musical i n s t r u m e n t s
Refrigerators, refrigerating a p p a r a t u s , and air conditioners
Washing machines.
Business a n d store m a c h i n e s
Phototi'raphic a p p a r a t u s
Optical e q u i p m e n t . . . .
Matches
L u ggage..!
Sporting goods
F i r e a r m s , shells, pistols, a n d
revolvers
Floor stocks taxes, tires a n d inner
tubes, and matches
T o t a l manufacturers'excise
taxes. ^
Retailers' excise taxes:
Jewelry, etc
Furs
Toilet p r e p a r a t i o n s

...
^...

T o t a l retailers' excise taxes
Miscellaneous taxes:
T e l e p h o n e , telegraph, radio a n d
cable facilities, leased wires, e t c .
T e l e p h o n e bill
T r a n s p o r t a t i o n of oil b y pipe l i n e . .
T r a n s p o r t a t i o n of p e r s o n s . .
Admissions
C l u b dues a n d initiation f e e s . . •..
Leases of safe deposit boxes
Use of m o t o r vehicles a n d b o a t s . . .
Coconut and other vegetable oils
processed 2
.
Oleomargarine, etc., including
special taxes a n d a d u l t e r a t e d
butter
B i t u m i n o u s coal t a x .
:..
Sugar tax 2
_.
Coin-operated a m u s e m e n t a n d
gaming devices
..
Bowling alleys a n d billiard a n d
pool tables
A h other, including repealed
taxes ^
T o t a l miscellaneous taxes
T o t a l miscellaneous internal
r e v e n u e (collection b a s i s ) . .
Adjustment
to
daily
T r e a s u r y s t a t e m e n t basis
T o t a l miscellaneous internal
r e v e n u e (daily T r e a s u r y
s t a t e m e n t basis)
-

Footnotes at end of table.




$385,400,000
45,000,000

$372,600,000
44,000,600

$343,021, 269. 39
38, 220,844. 40

7,900,000

85,800,000

81,402, 519. 06

14,600,000

16,600,600

10. 746, 619.35

26, 500,000
40, 700,000
8,100,000
60,600.000
6, 500:000
2,400,000
1, 500,000

13,083, 554. 90
61,064, 262. 05

30, 800,000
20,400, 000
• 5, 900,000
61, 700,000
6, 700,000
4, 000,000
1,600,000

:

47,021,015.62

12,100,000

13, 200,000

6,935,182.03

6, 700,000
200,000
. 4,600,000
11,200,000
400,000
8,200,000
4,600,000
11,800,000

14,000, 000
200,000
5,300,000
6,100, 000
300,000
5,100, 000
2,800,000
5,800,000

13, 278,909.68

4,300,000

4,300,000

6,621,074.38

1,884 37
96,140.82
124,205.12

8,600,000
637,000,000

720,800,000

61,700,000
63,000,000
20,400,000

34,900,000
27,200,000
11,100,000

135,100,000

73,200,000 •

610,606,481.17

62,800,000
66,600,000
14,200,000
38,000,000
159,600,000
9,900,000
4,400,000
161,800,000

44,400,000
36, 200,000
13,900,000
20,800.000
122, 600,000
9,900,000
3,700,000
• 70,300,000

2,400,000

6,200,000

6,163,184. 40

2,700,000
35,300,000
66,200,000

2,400,000
4,900,000
72,200,000

2,151,335.78
4,385, 798. 77
74,834,721.90

6,700,000

4,200,000

1,500,000

800,000 1

27,331,113. 61
12,480, 586.65
70,963,094 06
6, 682,649. 28
2, 215,898.10

1,100,000
.5,100,000

13,420, 720. 46

681,900,000

416,900,000

219,529,102.01

4,206,467,000

3,862,965,000

2,954, 553,332.12
+12,310,466. 71

4,206,467,000

3,862, 965.000

2,966,863,798.83

EEPORT OF THE SECEETAEY OF THE TREASURY

669

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 194-1 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General a n d special a c c o u n t s

E s t i m a t e d , 1943

E s t i m a t e d , 1942

$1,394,100,000
160, 400,000

$900,400,600
117, 600,000

1690. 654, 674. 33
97, 676, 584.19

1, 644, 500,000

1,018,000,000

788,231,258. 62

A c t u a l , 1941 1

D E T A I L S OF' R E C E I P T S — C o n t i n u e d

1. I n t e r n a l r e v e n u e — C o n t i n u e d .
(3) E m p l o y m e n t taxes;
Taxes on e m p l o y m e n t b y other t h a n
earners:
Federal I n s u r a n c e C o n t r i b u t i o n s
Act
Fedieral U n e m p l o y m e n t T a x A c t .
TotaL
T a x e s on carriers and^their employees
( C h . 9, S u b c h . B ' of t h e I n t e r n a l
Revenue Code)...
Total employment taxes..
Total internal revenue
2. Railroad U n e m p l o y m e n t I n s u r a n c e Act
3. C u s t o m s
4. Miscellaneous receipts:
(1) Miscellaneous taxes:
F e d e r a l i n t e r m e d i a t e credit b a n k s
franchise tax (special account)
Tonnage t a x . . . .
Immigration head t a x . . .
..
Taxes, C a n a l Zone
T a x on h y d r a u l i c m i n i n g in California (special account)
T o t a l miscellaneous taxes

, ^

(2) R e n t s a n d royalties:
R e n t of p u b l i c buildings, g r o u n d s ,
etc
R e n t of l a n d
.
Ground rent
Receipts u n d e r mineral leasing a c t s . .
Receipts u n d e r m i n e r a l leasing acts
(special account)
Receipts for range i m p r o v e m e n t s
Receipts
from
potash
deposits,
royalties and rentals
Receipts
froih
potash
deposits,
royalties a n d rentals (special account)
P o t a s h deposits, royalties a n d rentals,
act of Oct. 2, 1941 (special a c c o u n t ) .
R e c e i p t s from leases of
flood-control
l a n d s (special account)'.
R o y a l t i e s on oil, gas, etc
Royalties on coal leases in Alaska
.
R o y a l t i e s , n a v a l p e t r o l e u m reserves,
California
R e n t a l s on leases covering gas r i g h t s . .
R e n t a l s of t e n a n t farms, P u e r t o Rico
Reconstruction Administration
R e n t on films leased
R e n t of docks, w h a r v e s , a n d piers
R e n t of e q u i p m e n t
R e n t of c a m p . a n d house sites
R e n t of telegraph a n d telephone facflities
R e n t of w a t e r - p o w e r s i t e s . .
Pipe-line r e n t a l s
^
....
Deposits, rents, national
defense
housing projects (emergency funds
• for t h e P r e s i d e n t ) , N a v y a n d W a r
(special account)
Deposits, rents, national
defense
housing .projects ( U n i t e d S t a t e s
Housing Authority), N a v y and War
(special a c c o u n t s ) . :
R e n t a l or operation of p r o p e r t y , de' fense h o u s i n g .
Federal
Works
Agency
F o o t n o t e s a t end of table.
407631—42

44




194, 400,000

170, 700,000

136,942,076. 40

1, 738,900,000

1,188, 700,000

925,173,334.92

17,261,367,000

12,198,665,000

7,361, 674,982. 23

9, 500,000
297,000,000

• 8, 500,000
368,000,000

6,814, 717. 52
391,870,013.27

476,000
1,250, 500
730,000
128,300

468.000
1, 250, 600
730,000
128, 300

647, 934., 48
1,251,489.08 •
530, 986.00
123,151. 25

7,500

7,500

7.76

2, 591,300

2, 684, 300

2,453, 668. 57

706. 325
- 4,000
670,000

292,900
710,325
4,000
670,000

259, 568.07
623, 683. 66
4,031.33
676,433.00

5,130,000
300,000

6,139,000
300,000

6,194,030: 72
278,369.84

33,400

33,400

21,-400.98

300,000

300,000

192, 608. 78

40,000

40,000

40, 632.34

20,000
14, 350
8,000

20,000
14,350
8,000

« 1,148. 37
12, 854. 25
8,163. 62

900,000
200

900,000
200

744, 663. 29
161. 72

65,000
2,600
22, 200
297, 030
3,830

65,000
2,500
22, 200
299,130
3,680

34,373. 86
-3,138.64
16,076.34
274,452. 37
61, 261. 61

20,750
156,000
16,000

15, 206. 68
157,008.14
16,000.00

1, 951,700

1,600, 200

15,230.64

400, OpO

266,000

9,174. 66

12,411,062

4,985,088

21, 750
156,000
16,000

.

•670

REPORT OF THE' SECRETARY OF T H E TREASiURY

T A B L E 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, i n detail, as
exhibited in the Budget for 1943—Continued
General a n d special accounts

E s t i m a t e d , 1943 E s t i m a t e d , 1942

A c t u a l , 1941

D E T A I L S OF R E C E I P T S — C o n t i n u e d

4 . Miscellaneous r e c e i p t s — C o n t i n u e d .
(2) R e n t s a n d r o y a l t i e s — C o n t i n u e d .
. A m o r t i z a t i o n p a y m e n t s from r e n t s ,
n a t i o n a l defense housing (emergency funds for t h e P r e s i d e n t ) ,
N a v y and War
R e n t a l or operation of p r o p e r t y , defense housing, t e m p o r a r y shelter
( N a v y a n d Agriculture)
Other
J

$2,048,300

$1, 699,800

663,000
350

182,000
350

$289.42

26, 266, 287

17,548,873

8, 646,664. 38

200, 000
265, 900

200, 000
264, 200

157, 000
161,000

152, 000
161, 275

199,168.43
227, 558.82
162. 60
171, 376.15
162,487.46

217, 000
14,000
1, 720, 000
1,'000
140
5,540

213. 775
14, 000
1, 700,000
1,000
140
5,540

220,100. 32
12.447.00
1, 722. 027. 26
2. 000. 00
145. 00
8,624.68

601, 250

601,250

566, 971. 94

300

300

281.50

600, 000

400,000

2, 360. 90

30, 500
100

30, 200
' 100

23,823. 28
97.00

T o t a l p e r m i t s , privileges, a n d licenses

3, 974, 330

3, 743, 780

3, 320,132. 24

•(4) M i n t receipts:
.Profits on coinage, bullion deposits,
etc
...
...
Seigniorage
1

1, 315, 000
80, 000,000

1, 719,000
80,000, C O
O

4, 325, 360.71
67, 906,883. 71

81,315,000

81,719,000

72, 232, 244. 42

305, 021

248, 921

239, 222. 95

19, 656

253, 529.22

7,700,000

325.034.10

T o t a l r e n t s a n d royalties
(3) P e r m i t s , privileges, a n d licenses:
Alaska fund
Business concessions
C a m p a n d recreational sites
Immigration reentry permits (earned).
Licenses u n d e r Federal P o w e r Act
Licenses u n d e r F e d e r a l P o w e r Act
(special a c c o u n t ) .
P e r m i t s to operate motor vehicles.
P e r m i t s to enter n a t i o n a l p a r k s
P e r m i t s , fishing.and h u n t i n g
Pipe-line w a t e r r i g h t s . _ .
Power permits
Receipts d u e States u n d e r .Grazmg
.A.ct, J u n e 28,1934 (special account)...
R e v e n u e s , I n d i a n .-Vrts a n d Crafts
Board (special account)
R e v e n u e s , W a s h i n g t o n N a t i o n a l Airport
...
Rights-of-way on a n d o c c u p a n c y of
public lands
O t h e r . . - .1
.

T o t a l m i n t receipts
^5) I n t e r e s t , exchange, a n d d i v i d e n d s :
I n t e r e s t on deferred collections or p a y ments
I n t e r e s t on b o n d s of foreign governm e n t s u n d e r funding a g r e e m e n t s
I n t e r e s t on obligations of Reconstruction F i n a n c e C o r p o r a t i o n purchased b y t h e Scdrctary of t h e
Trea.sury
I n t e r e s t on securities received from
R e c o n s t r u c t i o n F i n a n c e Corporation u n d e r act F e b . 24,1938
I n t e r e s t on G o v e r n m e n t - o w n e d securities
I n t e r e s t on loans, P u e r t o Rico H u r r i cane Relief Commission . . I n t e r e s t on loans, P u e r t o Rico Reconstruction Ad ministration
I n t e r e s t on loans to States, m u n i c i palities, etc.. P u b l i c W o r k s , Adrain i.=;trat ion
I n t e r e s t on loans to States, municipalities, etc., defense public w o r k s . . .
I n t e r e s t from C e n t r a l B r a n c h , U n . o n
Pacific Railroad
I n t e r e s t earned on C o m m o d i t y C r e d i t
Corporation .securities,
I n t e r e s t o n loans, Housing Corporation
I n t e r e s t earned on H o m e O w n e r s '
L o a n Corporation bonds




24,000,000

.

2, 300

3,300

14, 379.79

62, 560

62,660

67,665. 30

12,000

15,000

14, 593.10

1,150,000

1, 300,000

1,878,610. 34

150,000

50,000

87. 65
.

12,000

12,000

15,220.00

5,000,000

1, 650,000

13.378.32

25,000

25,000

9, 721.17

4,000

4,000

4, 286. 70.

EEPORT OF THE SECRETARY OP THE TREASURY

671

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General and special accounts

Estimated, 1943 Estimated, 1942

Actual, 1941

DETAILS OF RECEIPTS—Continued

4. Miscellaneous receipts—Continued.
(6) Interest, exchange, and dividends—Con.
Interest earned on Tennessee Vallej'Authority vsecuritics
Interest on Federal Farm Mortgage
Corporation note^
Interest on loans, Rural Electrification Administration..
Interest on advances to Colorado
.. River Dam fund, Boulder Canj'^on
project
Interest earned on United States
Housing 'Vuthoritv notes
Interest on homestead loans. Virgin
Islands
Interest on loans, relief in stricken
agricultural areas
Interest on emergency crop loans,
Farm Credit Administration (emergency relief)
Interest on farm loans. Farm Tenant
Act
Interest collections of Farm Security
Administration (emergency relief)
Interest on farmers' seed loans
Interest on loans for Indian rehabilitation
Interest on public deposits
Interest on construction costs of public works in Colon and Panama,
, War Department
Interest on water facility loans and
construction costs
Interest and profits on investments,
Pershing Hah Memorial fund (special account)
Gain by exchange
Dividends on capital stock of Panama
Railroad owned by United States
Dividends on capital stock of Federal
home loan banks
Dividends on shares of Federal savings and loan associations.
Earnings from payments to Federal
Reserve Banks for industrial loans..
Military and naval insurance. Veterans' Administration, premiums on
term insurance (repayments to appropriations)
Federal control of transportation systems (repayments to appropriations)
Loans to railroads after termination
of Federal control (repayments to
appropriations) . . . .
Premiums on Treasury bills sold
Total interest, exchange, and dividends
(6) Fines and penalties:
Canal Zone _.
Customs Service
Enforcement of National Prohibition
Act
Antinarcotic laws _
Antitrust laws.
Immigration and Naturalization
"Service
..
Internal revenue
Liquidated damages
.
Navigation
.'
Public lands and reservations.........
Penalties, wheat marketing quotas.
Agricultural Adjustment Act of
1938..:




$264, 955. 47

$550,000

$250,000

3,000,000

1, 500,000

600

500

31,679. 21

1,500,000

3, 200, 000

6,000,000.00

5, 500, 000

2,400,000

75, 640.46

3, 300

3,300

140,000

200,000

2, 500

3,000

11, 916.84

25,000

40, 000

34,116.42
169, 334.11

1,400
4,310

1,200
4, 310

1,169.01
4,491.19

38, 000

37, 500

35,946. 72

3,110.07
406, 408. 00

784.90

92.61
5,042
40, 360

6,042
40, 360

5,042. 70
59, 961.41
360,000.00

350,000

1, 369,179.89
500,000

700,000

1,003,971.99

25,000

26,000

82,376.28

450,000

460, 000

467,172.11
2,626.19

350,000
100

264, 568. 02
10, 799. 61

42, 948, 393

20, 290, 749

13,481,161.81

40, 700
103, 000

40, 700
103,000

39,066. 70
102, 797.87

16,000
7,500
20,000

16, 000
7,500
20,000

18, 927. 76
7,695. 69
10,000.00

100, 000
. 3,500
178,050
• 76,600
5

100,000
3,600
178,190
76, 500
5

86, 756.63
6, 943. 92
196,170. 61
76, 575. 31
646. 56

1,000,000

2,000, 000

100,000

672

REPORT OF THE' SECRETARY OF T H E TREASiURY

T A B L E 72.—Receipts and expenditures i n general and special accounts, actual for the
fiscal year 1941 Cb'^d estimated for the fiscal years 1942 and 1943, i n detail, as
exhibited i n the Budget for 1943—Continued
General and special accounts

Estimated, 1943 Estimated, 1942

Actual, 1941

DETAILS OF RECEIPTS—Continued

4. Miscellaneous receipts—Continued.
(6) Fines-and penalties—Continued.
Penalties, cotton marketing quotas,
Agricultural Adjustment Act of
1938
Penalties, tobacco marketing quotas,
A.Grricultural Adjustment Act of
1938
Penalties, peanut marketing' quotas,
Asfricultural Adjustment Act of
1938...
Penalties for delinquencies of licensees
under Federal Power Act... '
Violations, air traffic regulations
Violating regulations and 8-hour law
of 1912...
Violations, Federal Alcohol Administration Act
Violations, Fair Lfibor Standards Act
of 1938
'.
Violations, Public Contracts Act
Other
:
.:....
Total fines and penalties..
(7) Fees:
.Agricultural Commodities Act
Alaska game l a w s . . .
.Alaska Road Commission
Admission fees
.:
Board of Tax Appeals
Canal Zone
1
Clerks, United States courts.
Commodity Exchange A<^t
Commissions on telephone pa3'' stations in Federal bufldings and
rented post offices..
Consular and passport
Copjnng.......
^
CopjTight
Court of Claims
Certifying railroad tarifls
Court of Customs and Patent Appeals
Customs.
Federal credit unions, Farm Credit
Administration (special account)...
. Fees and commissions, land offices,
act June 17, 1902 (32 Stat. 388) (special account)
Fees, sale of timber (Indians)
. Ffling fees, Trust Indenture Act of
1939, Securities and Exchange Commission..
Grazing.Immigration (registration, earned)...
Inspection and grading of farm products
Inspection of tobacco...
Federal Firearms Act
" Land offices (including commissions).
•
Marshals, United States courts
Migratory-bird hunting stamps
Food, Drug, and Cosmetics Act
Naturalization (earned)
Naval stores grading
.
Navigation
Patent (earned)
Purchases of discharges. Army
(special account)......Purchases of discharges," Navy and
Marine Corps
:....
Registration, securities, and' exchanges
Registration under Neutrality.Act__.
Services performed for Indians
Testing




$776,000

$767, 000

$530, 215. 27

690,000

2,000

39,077. 26

100
10, 500

76.33
10, 450. 60

47, 865

40, 865. 66

5,000
100
10, 600
27, 205
.

11,000

•

11,000

8,775.00

150, 000
10, 000
1, 651, 300
4, 675, 360

150,000
10, 000
1, 553, 300
5, 097,160

122. 702. 48
19, 959. 98
1,771,613.01
3,087, 216.43

248, 000
30, 000
10,000
15, 000
50,000
4,000
1, 600. 000

248,000
25,000
5,000
16, 000
60, 000
4,000
1, 500, 000

248. 290. 76
21,763.75
11,724.07
8, 604.11
66, 507. 21
3, 879. 28
1, 228, 595. 84
406.00

. 141. 495
2, 290; 300
52,120
360, 000
4,000
3,000

141, 920
2, 290, 300
62, 020
360,000
• 4,000
3, 000

108,131. 75
2, 378, 336. 64
51, 760. 65
352, 260. 60
3, 849. 90
3,182. 60

4.500
15,000

4. 500
15,000

4, 311. 25
16, 215. 64

160,000

158,000

143, 727.67

40,000
110, 000

40,000
105,000

40,108. 96
95, 769. 25

2,000

2,000
193,000

2,100. 00
22,006. 87
224, 781.00

87,000
1,000
25,000
12, 000
160, 000
1,000,000
40, 000
3, 000,000
3,400
200,000
4,400,000

• 87,000
1,000
25,000
12,000
160,000
1,000,000
40,000
2, 965, 000
3,400
200,000
4,200,000

41, 228.92
1, 342.02
24, 783. 44
25; 765.'32
101,881.67
1, 257, 617.00
39, 764.17
2, 635, 942. 00
3, 591. 75
198, 608.49
4,149,141.97

• 16,000

15, 000

153, 633. 66

1, 600

1,600

510,000
30,000
65,000
110,000

510,000
30, 000
55,000
110, 000

197,000

1,075.00
444, 999. 08
37,100.00
54,874. 39
105,115.30

673

EEPOET OF THE SECEETAEY OF THE TEEASTJEY

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 194-1 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943^Conimued
General a n d special accounts
D E T A I L S OF

A c t u a l , 1941

E s t i m a t e d , 1943

E s t i m a t e d , 1942

$36,000
20,500

$36,000
20,500

$35. 113.20
20, 572.00

3,620
210
1,265

3,520
236
1,256

3, 290.09
269.89
1, 690.08

16,037,800

14, 682,160

14, 262,903.14

RECEIPTS—Continued

4. Miscellaneous r e c e i p t s — C o n t i n u e d .
(7) F e e s — C o n t i n u e d .
T e s t i n g fees, enforcement of T e a
Importation Act
W a r e h o u s e Act
..
.
U n i t e d States C o u r t for C h i n a a n d
fees for C h i n a T r a d e A c t Vending machines
Other
T o t a l fees .

..

_

(8) Forfeitures:
B o n d s of aliens, contractors, etc
B o n d s of aliens ( U n i t e d States securities) (special account)
1
..
B r i b e s to U n i t e d States officers
C u s t o m s Service
1
Bonds under Narcotic Act
Bonds under National Prohibition
Act
Excess proceeds of w i t h h e l d V e t e r a n s '
A d m i n i s t r a t i o n foreign checks
Effects of deserters
I m m i g r a t i o n forfeitures
U n d e r enforcement of N a t i o n a l P r o h i b i t i o n Act
U n c l a i m e d m o n e y s a n d wages r e m a i n ing in registry of courts
Unclaimed merchandise
U n c l a i m e d funds
_.
U n e x p l a i n e d balances in cash accounts
.
Whaling Treaty A c t . . .
.
Other

T o t a l assessm.ents
(10) R e i m b u r s e m e n t s :
A u d i t i n g accounts of A m e r i c a n R e d
Cross
B y S t a t e s for e m e r g e n c y conservation
w o r k , profits on sales of l a n d s or its
products.
..
B a n k r u p t c y Act, Interstate Commerce Commission
C a b l e a n d radio messages
Collections u n d e r G r a i n S t a n d a r d s
A c t . _. . . .
Coflections u n d e r C o t t o n S t a n d a r d s
Act
Collections, r e c l a m a t i o n fund (special
account)..-




90, 392.24

3,000
325
638,000
6,260

16, 600.00
408.00
639,803.40
" 11,625.00

101,600

161, 600

181,571.40

600
275
1,000

600
275
1,000

766.00
267.42
667.60

108,000
46,000
696

108, 000
46, 000
596

98,366.32
46, 796. 03
2,643. 63

3,000
75638,000
6,260

'

'

132.69

876

876

36,805

42,805

954, 091

1,010, 341

1,060, 337. 32

18,000

145,962.69

82, 500

72, 500

72,33L68

4,000

4,000

14.44

6,000,000

6,000,000

6,384,662. 33

T o t a l forfeitures
<9) Assessments:
I m m i g r a t i o n o v e r t i m e service
O v e r t i m e service, m a r i n e inspection
• and navigation.'.
O v e r t i m e service, F e d e r a l C o m m u n i cations Commission
Colorado R i v e r D a m fund, B o u l d e r
C a n y o n project (special a c c o u n t ) . . .
R e v e n u e s , Colorado R i v e r D a m fund,
All-American C a n a l (special account)
O n F e d e r a l a n d joint stock l a n d
banks, and Federal intermediate
credit b a n k s for expenses of examinations. F a r m Credit Administration
O n F e d e r a l h o m e loan b a n k s a n d
receipts from other sources, for
a d m i n i s t r a t i v e expenses. F e d e r a l
H o m e L o a n B a n k B o a r d (special
account)

112,215

112,215

•

1, 210. 61
29,000. 00
40,308. 28

3,970.03

600,000
•

383,000

390,000

. 415,614.06

1,760,000

1,600,000

1,238, 677. 30

8, 719, 500

7,984,500

8, 261.232. 53

6, 500

6, 600

6,499.68

25,000

25, 000

23,079. 96

6,950
1,012

64,931
1,012

56,346. 60
719. 93

60, 000

60,000

65,338. 79

132, 000

132,000

131,602.90

7, 000,000

6, 000,000

4.644,685.14

674

REPORT OF T H E SECRETARY OF T H E TREASiURY

T A B L E 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and .1943, i n detail, as
exhibited i n the Budget for 1943—Continued
General a n d special accounts

E s t i m a t e d , 1943

E s t i m a t e d , 1942

A c t u a l , 1941

D E T A I L S OF RECEIPTS—Continued

4. Miscellaneous r e c e i p t s — C o n t i n u e d .
(10) R e i m b u r s e m e n t s - C o n t i n u e d .
C o m p e n s a t i o n received b y F e d e r a l
employees from p r i v a t e sources
Coos B a y W a g o n R o a d g r a n t l a n d s ,
D o u g l a s C o u n t y , Oreg
, C o u r t costs
Cost
of a d m i n i s t r a t i o n .
Federal
Power Act
D e d u c t i o n from a w a r d s of M i x e d
C l a i m s C o m m i s s i o n , .United States
and Germany
Excess witness fees.
F o r excess cost over c o n t r a c t price
B y D i s t r i c t of C o l u m b i a for a d v a n c e s
for acquisition of l a n d s u n d e r sec. 4,
act M a y 29, 1930, as a m e n d e d
B y D i s t r i c t of C o l u m b i a for share of
expenses of I?. S. D i s t r i c t C o u r t a n d
C o u r t of A p p e a l s . . . ^
M a i n t e n a n c e of D i s t r i c t of C o l u m b i a
i n m a t e s in F e d e r a l penal a n d correctional i n s t i t u t i o n s
C o n s t r u c t i o n charges ( I n d i a n Service) '.
Costs from estates of deceased I n d i ans
M a i n t e n a n c e a n d . irrigation charges,
irrig.ation s y s t e m s . I n d i a n S e r v i c e . . .
Of a p p r o p r i a t i o n s m a d e for I n d i a n
tribes
Expenses, miscehaneous
Expenses
of r e d e e m i n g
national
currency
E x p e n s e s of i n t e r n a t i o n a l service of
• ice o b s e r v a t i o n s a n d patrol
G o v e r n m e n t p r o p e r t y lost or d a m aged
G o v e r n m e n t propertj^ lost or d a m aged , N a t i o n a l G u a r d
H o s p i t a l i z a t i o n charges a n d expenses.
I n s p e c t i o n of food a n d farm p r o d u c t s .
J u r y service
M o n e y s recovered in narcotic a n d
p r o h i b i t i o n cases
L
Refunds,on e m p t y containers
R e f u n d on e n l i s t m e n t allowances and
, clothing bounties,- Coast G u a r d
R e i m b u r s e m e n t for expenses, Special
Mexican Claims Commission
R e i m b u r s e m e n t for loss on continuous discharge books, etc.. B u r e a u
of M a r i n e I n s p e c t i o n a n d N a v i g a tion
Revenues, power system, Flathead
Reservation, M o n t
.. .
R e f u n d , S t a t e a n d local taxes
R e p a i r s of R o c k I s l a n d B r i d g e , R o c k
' Lsland, 111
.
Salaries ( u n a u t h o r i z e d services)
S e t t l e m e n t of claims against various
depositors.
Transportation
Other
Total reimbursements..
(11) Gifts and c o n t r i b u t i o n s :
D o n a t i o n s to t h e U n i t e d S t a t e s
D o n a t i o n s to t h e U n i t e d S t a t e s for
n a t i o n a l defense
• M o n e y s received from persons k n o w n .
M o n e y s received from persons u n known
R e t u r n of g r a n t s . F a r m S e c u r i t y A d ministration
...'
T o t a l gifts a n d c o n t r i b u t i o n s . ,




$4,000

$5, 000

$4,102; 17

500

600

2,103. 6&
417. 74

442,000

415, 000

422,668.14

30, 000
832
280,955

30,000
832
286, 225

118,222.14
1,043. 30
220,336.94

300,000

300,000

550,000

550, 000

536,660.00

. 190,000

190,000

172,734. 51

17,750

17, 750

17, 574.15

45,000

45, 000

45,842. 50

675,450

646,150

566,732.87

186, 900
8,535

186, 900
9,036

178, 862.3(>
18,149.97

69, 470

62,820

61, 538. 24

25,000

35, 000

2, 330,872

2, 335, 921

-1,281,064.45

235, 015
306, 000
8,405

9,500
258. 015
305, 000
8,609

118,074,69'
282, 781.83
272,436. 04
6, 539.44

130
. 22, 360

130
22, 560

118. 50
11,022.88

1,100

1,100

.

300,000.00-

97, 627. OO

1,074.98.
241, 649.31

4,000

3,922. 50

175,000
6,855

170, 000
6,166

173,340. 55
8, 722.48-

8,500
3,325

8, 500
5,825

13,264.46
10, 216.91

1,960
97,880
178,648

1,950
83,880
183,748

7, 365.83
67,447. 29
120, 964. 70

13, 426,894

12,464, 549

10,301,684. 41

1,850

2,150

2,314.10

10,041
2,881

10, 041
3,780

37, 230.41
2,978.95

3,250

3,250

3,644.38

30,000

.35,000

43,005. 91

48, 022

64, 221

89,173. 75

675

EEPORT OF THE SECRETARY OF THE TREASURY

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the' fiscal years 1942 and 1943, in detail, as
' exhibited in the Budget for 1943—Continued
General a n d special accounts

A c t u a l , 1941

E s t i m a t e d , 1943

E s t i m a t e d , 1942

$8, 419, 689

$5, 942, 279

$2, 410, 757. 54

217,000

223, 200

103, 698. 63

375, 000
59, 600

375, 000
59, 600

7, 213. 25
391, 828. 06
67, 243. 40

10, 956, 650

6, 478, 550

185, 000
118, 800
20, 000

180, 000
118,800
20, 000

183, 477.16
. 100. 674. 47
28, 000.00

50, 000
83, 405
47, 200

50, 000
76, 405
47, 200

33,595.02
80. 996. 35
40, 667. 21

500, 000
39, 850
29, 575

500, 000
39, 850
29,476

364, 420. 33
39,728.93
30,450.08

12, 000
918, 505
1,350
1, 026, 050
7, 075
106, 875

12, 000
903, 034
1, 3.50
434, 060
7,075
107, 376

9,171. 25
934, 216.87
9, 763. 47
367, 475. 37
4, 266. 70
127, 219. 76

200, 000

200, 000

189,192. 33

73,500

64, 600

60, 756. 60

24, 500
91,130

24, 500
91,130

60,103. 73
85, 959.17

.500
213,015

500
215, 815

170.83
178, 045. 55

23, 776,169

16, 201, 789

7, 517, 416. 30

4, 760, 000
2.200
33, 000
1, 075, 000
17,200
15, 010, 000
700
21,100

6, 000, 000
. 2,200
33, 000
1, 022, 900
16, 700
12, 010, 000
700
21,100

5, 060, 509. 73
2,184. 50
28, 379. 79
1,046,179. 39
16, 026. 73
2, 388, 654. 78
306. 60
19, 979. 49

DETAILS OF RECEIPTS—Continued

4. M i s c e h a n e o u s r e c e i p t s — C o n t i n u e d .
(12) Sales of G o v e r n m e n t p r o p e r t y , p r o d u c t s :
Scrap a n d salvaged materials, cond e m n e d stores, w a s t e p a p e r , refuse,
etc
.
-.'
Agricultural p r o d u c t s , including livestock a n d livestock p r o d u c t s
Books, etc., U . S. C o n s t i t u t i o n Sesq u i c e n t e n n i a l Commission (special
account)
. . . .
.
C a r d indexes. L i b r a r y of Congress
Dairy products
.
Sale a n d transmission of electric
energy, Bonnevflle project, O r e g o n .
Sale and transmission of electric
energy, Bonneville project, Oregon
(special account)
Electric c u r r e n t , power p l a n t . Cool:
idge D a m , Ariz
Electric c u r r e n t
Gas from h e l i u m p l a n t s
Gas from h e l i u m p l a n t s (special account)
H e a t , light; power, a n d w a t e r
IceOld, c o n d e m n e d s u r p l u s p r o p e r t y .
Navy Department .
..
Occupational-therapy products
P h o t o duplications
Proceeds, activities fund,
United
States naval prisons ..
P u b l i c d o c u m e n t s , charts, m a p s , etc...
Public timber.
Seal a n d fox skins, a n d furs
Stores
-. .
.
Subsistence (meals, rations, etc.)
. Unserviceable Civilian Conservation
Corps property
U n d e r M i g r a t o r y B i r d Conservation
Act
Under Migratory Bird Conservation
Act (special account)
Water
W a t e r , .sec. 40 (d),..Mineral Leasing
Act of 1920 (special account)...
Other
T o t a l sales of p r o d u c t s .
(13) Sale of services:
Alaska Railroad fund receipts (special account)
Copies of hearings.
E a r n i n g s b y U n i t e d States t r a n s p o r t s .
E a r n i n g s from business operations
F u m i g a t i n g and, disinfecting
L a u n d r y a n d dry-cleaning o p e r a t i o n s .
Livestock breeding
..
..
M e d i c a l , d e n t a l , a n d hospital .services.
O v e r h e a d charges on sales of services
or supplies ( W a r a n d N a v y )
Professional a n d scientific
Q u a r a n t i n e charges (including fumigation, disinfection, inspection, etc.,
of v e s s e l s ) . .
Q u a r t e r s , subsistence, a n d l a u n d r y
service... .
.
R a d i o service
Storage a n d o t h e r charges
T e l e p h o n e a n d telegraph
Tolls a n d profits, P a n a m a C a n a l
Transportation
W o r k done for i n d i v i d u a l s , corporations, et al
...
Coflections for l a u n d r y service, N a v a l
A c a d e m y (special account)
Other.
T o t a l sale of services




•

792, 946. 24
845,488.00

.

146,000
6,550

117, 619.14
6,898. 75

179, 000

179,000

176, 447. 64

33,650
42, 905
155, 500
608, 775
12, 500, 000
40

33, 650
42,905
155, 600
594, 775
12, 600,000
40

50,192. 01
39,167. 41
156,152.41
434,812.23
18, 273,099. 08
222. 36

145,000
1,550

-

.

147, 510

147, 610

75,087. 62

200,000
10,857

193,300
10,907

110,791. 23
18, 372. 43

34,933,987

32,114, 737

28,009,973. 22

676

REPORT OF THE' SECRETARY OF T H E

TREASiURY

TABLE 72.-^-Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General and special accounts

Estimated, 1943 Estimated, 1942

Actual, 1941

DETAILS OF RECEIPTS—Continued

4- Miscellaneous receipts—Continued.
(14) Sundry receipts:
Forest reserve fund
Forest reserve fund (special account)..
Forest reserve fund, roads and trails
for States (special account)
.Forest reserve fund, payments to
States (special account)
Deposits, postal funds,. Canal Zone
(special account)
Receipts for acquisition of lands:
Cache National Forest, Utah
Nevada and Toiyabe National
Forests, Nev
San Bernardino and Cleveland
National Forests,. Riverside
County. Calif
'
Uintah and Wasatch National
Forests. Utah
United States revenues from District
of Columbia sources.
_

$4,952,800
1,116,007

$4, 374,800
714, 507

618,387

618,387

673,088.44

. 1, 625,306

1, 525, 306

' 1,432,580.71

879,210

814,140

659,221. 52

29,000

29,000

29,179. 53

20,000

20,000

20,000.00

26,000

26,000

26,446. 66

107,000

107,000

107,341.19

208, 885

208,831

227,838.04

9,482, 595

Total sundry receipts

8,437,971

7, 581, 671.12

(15) Return^'of surplus funds from Government corporations:«
Federal savings and loan associations.
Reconstruction Finance Corporation:
Purchase of stock of Federal home
loan banks
Reduction in capital or surplus
funds
..
Purchase of securities from Public Works Administration

10,466,200.00
124,741,000.00
175,000,000.00
9,000,000.00

Total*
(16)''Repayments of investments:
Collections of loans. Federal Housing
Administration
Construction costs of public works in
Colon and Panama
Crop production loan funds, act Jan.
22, 1932, and Feb. 4, 1933 (special
account)
.
. '. 1 .
Federal savings and loan associationsRepayment of principal on account of
loans to States, municipalities, etc..
Public Works Administration (special account)
Repayment of principal on emergency crop loans. Farm Credit Administration
...
Repaym ent of principal on account of
loans, Rural Electrification Administration
1..
•Repayment of principal on accountof
• loans. Farm Security Administration.
. . . ."
Sale of chattels, Farm Security Ad- ~
'' ministration (emergency relief)
Farm Tenant Act:
Repayment oS principal on account of farm loans
Receipts due counties from submarginal land program, Farm
Tenant Act (special account)...
Receipts from submarginal land
program, Farm Tenant Act
(special account)
. .
Repayment of water facility loans
and construction costs
Repayment of principal on account
of loan, Puerto Rico Reconstruction Administration
.
Principal payments on low-cost
houses, Virgin Islands.

Footnotes at end of table.




$3,818,866. 42
687,008. 61

319, 207, 200. 00

1, 350, 000

1, 550,000

2, 082,453.93

56, 383

66, 383

56,382.50

90, 000
10. 000, 000

175, 000
10, 000, 000

496,588.80

800,000

1, 205, 300

1,353,466.72

15,000

21,800

60, 980. 65

20,000

16, 000

110,982.49

.

26, 059.38
2,333.01
« 9,443.38
66,000.

53,700

32,284.65

220.200

210, 200

75, 643.67

8,000

8,000

7,765.67

160,000

200,000

258,869.96

800

800

834.38

677

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General and special accounts

Estimated, 1943 Estimated, 1942

Actual, 1941

DETAILS OF RECEIPTS—Continued

4. Misceflaneous receipts—Continued..
(16) Repayments of investments—Contiriued.
Principal payments on loans, Puerto
Rican Hurricane Relief (Commission
Repayment of principal on loans for
Indian rehabflitation (emergency
relief)
Return of advances by Eastern Massachusetts Street Railway
Representation of interests of foreign
governments growing out,of hostilities in Europe
Loans to railroads after termination of
. N - Fedeial control (repayments to appropriations)
Principal on securities received from
Reconstruction Finance Corporation under act Feb. 24,1938
Principal of bonds of foreign governments under funding agreements:
Finland
.
.
Repayment of principal on account of
loans to States, municipalities, etc.,
. defense, public works

$60,000

$100,000

$157,312.09

6,000

6,000

6,975 60

350

360

364. 68

1,800

1,800

1,832. 68
62, 246. 91

20,000

164,000

-

272, 964 87
2, 864.94

60,000

Total repayments of investments..

12,894, 633

13, 768, 333

5,047, 764. 01

(17) Sales of public lands:
Sale of public lands.
i
Sale of public lands (special account).
Proceeds ol town sites. Reclamation
Service (special account).. •.
'

70.000
40,000

70,000
40, 000

75, 462 87
102, 783. 42

Total sales of public lands.
(18) Sales of Government property:
Capital equipment, includes trucks,
horses, cars, machinery, furniture
and fixtures, and other capital
equipmen t
Land and buildings
Lands, etc., on account of mihtary
post construction fund
.
Proceeds of Fort Hall irrigation and
water system, Idaho
Standing timber (.Alaska)
Sale of town lots, Alaska .
..
Ofl^ice material, etc. (Procurement
Division)
Proceeds from submarginal land program, Farm Tenant Act
.Proceeds of .sales of vessels for the
Coast Guard
Proceeds of sales, Coast Guard stations
. Ordnance material (War)
Sale of reserve lands, reclamation
. projects, act May 20, 1930 (special
account)
.
War supplies
Coos Bay Wagon Road grant fund
(special account)
Oregon and California land grant
fund (special account)
Total sales of Government property
Total miscellaneous receipts..
Adjustment to daily Treasury
. statement
Total miscellaneous receipts,
general and special accounts
Gross receipts
Deduct net appropriation for Federal old-age
and survivors insurance trust fund
...i.
Net receipts, general and special accounts
-




5,000

5,000

4, 724.08

115,000

115, 000

182, 970. 37

354, 669
749, 520

382, 729
857,032

478, 035.65
1,606. 837. 36

200,000

105, 936

103,415. 30

500
8,500
1,000

500
8,500
1,000

418.93
8,461. 69
1, 277 00

1,400

1,400

1, 596.83

167,800

IGO, 100

96,581.12

10, 600

10, 500

10, 293. 53

1,8.50
88,000

1,850
88,000

1,847 00
242,846. 60

200,000

200, OCO

•203 29
149, 807.18

280,000 .

280,000

3, 063, 739

-

353, 564.40

1,000,000

1,000,000

1,172, 907.83

3, 097, 547

4, 228, 093. 70

240; 916,000

284, 223, 000

508,871,307.81
—718,435.33

•

284, 223,000
17,852,090,000

240, 915,000
12,816, 080,000

508,152.872.48
8, 268, 512, 586. 50

1, 364,890,000

872,087,000

601, 300, 733.42

16,487, 200,000

11,943,993,000

7,607.211,852.08'

678

REPORT OF THE SECRETARY OF THE TREASURY

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943,. in detail, as
exhibited in the Budget for 1943—Continued
General a n d special accounts

E s t i m a t e d , 1943

E s t i m a t e d , 1942

$26, 622,800
12,681,000

$25, 494,800
12, 311, 000

$24,172, 235.98
11, 425,848.47

637,000
1,4.86,000
688,000
1,473,000
26, 364, 000

568, 500
1,136, 000
736, 000
- 1, 083, 000
24,994, 600

613, 313. 61
875,212.97
768,492.42
742 545 60
22,860, 348.42

Actual, 1941'

D E T A I L S OF E X P E N D I T U R E S

1. General ( i n c l u d i n g r e c o v e r y a n d relief):
Departmental:
Legislative e s t a b l i s h m e n t
Judicial
E x e c u t i v e 'Office:
E x e c u t i v e proper
B u r e a u of t h e B u d g e t
..
N a t i o n a l Resources P l a n n i n g B o a r d .
Other
State D e p a r t m e n t
Treasury Department:
Refugee relief.
Other
W a r D e p a r t m e n t (nonmflitary):
Refugee relief
Other
D e p a r t m e n t of Justice
P o s t Office D e p a r t m e n t - .
D e p a r t m e n t of t h e Interior
D e p a r t m e n t of Agriculture;
Refugee relief . . . .
Other
D e p a r t m e n t of C o m m e r c e :
Civil iVeronautics
Other
...
D e p a r t m e n t - of L a b o r
I n d e p e n d e n t offices a n d commissions
Refugee relief, e x p e n d i t u r e s from u n a l located balance
..
. .
Unclassified
Total
A d j u s t m e n t for disbursing officers' checks
outstanding

' .

Total departmental..
D e p a r t m e n t of A g r i c u l t u r e : '
Agricultural a d j u s t m e n t p r o g r a m : .
Agricultural A d j u s t m e n t A d m i n i s tration
.
A d m i n i s t r a t i o n of Sugar A c t of 1937.
Surplus M a r k e t i n g A d m i n i s t r a t i o n . .
Agricultural A d j u s t m e n t A d m i n i s - i
t r a t i o n (act Aug. 24, 1935)
Agricultural contract a d j u s t m e n t s
Soil Conservation a n d D o m e s t i c
A l l o t m e n t Act
Federal C r o p I n s u r a n c e Act:
A d m i n i s t r a t i v e expenses . .
Subscriptions to capital stock of
Federal C r o p I n s u r a n c e Corporation..
Price A d j u s t m e n t A c t of 1938 a n d
parity payments
Unclassified .
C o m m o d i t y C r e d i t Corporation, restoration of capital i m p a i r m e n t .
F a r m Credit Administration:
B a n k s for cooperatives—capital stock
reduction
:
C r o p loans
Other .
Unclassified
Federal F a r m M o r t g a g e Corporation,
reduction in interest r a t e on m o r t g a g e s . .
Federal land banks:
C a p i t a l stock
Subscriptions to paid-in s u r p l u s
R e d u c t i o n i n interest r a t e s on m o r t gages
.
.
F a r m Security A d m i n i s t r a t i o n
Farm Tenant Act:
Loans
Other
...
Unclassified

Footnotes at end of table.




11,061,198.16
135, 464,475. 57

156,169, 500

19,000,000
156, 293, 600»

2, 000, 000
12,228,000
62, 456, 000

3, 000, 000
24, 240, 000
59,056, 000

106, 553, 800

125, 746, 300

3, 677, 346. 52
57, 500, 088 96
66, 505. 69
107,499, 987.80

118, 561, 000

4, 500, 000
127, 450, 000

6, 399, 611. 37
. 128, 656, 629.10

38, 584, 000
30, 755, 000
23,087i00086, 241, 400

37. 940. 000
37, 965; 600
23; 705,-00074, 948, 600

27, 097,489.90
45,149,835.73
23, 518, 741. 57
69,836,686.83

16,000,000

20, 000, 000

720, 487, 600

780,169, 000

676,104, 945.73

720,487, 500

780,169,000

676, 508,174.13

145,000
47, 600,000

2, 402, 000
47,800, 000

b 180, 648.94

- 5 9 6 , 771.60

j

1, 911, 681.80
50,422,089.82
52, 884, 819.92

49, 500,000

102, 000,000

76,000

150,000

.97, 486, 248.44
59,697.47

430,000,000

450,000,000

466,136,204.14

9,000,000

7, 500,000

4,996, 622. 46

6,000,000

6,000,000.00

165.000,000

205,050,000

198,267,186. 69
b 588. 91

1

1, 637,000

5,000,000
6, 436.000

5,000, 000
57,162,000
9,600,000

' 6 60,000,000.00
820,804.83
2,045,021.16
6 262.12
9, 340,201.41
^ 57,483,315.00
b 41,571; 778.71

50, 700,000

26, 800,000
58,000,000

27,929,355.94.
62,165, 326. 97

2, 500,000
1, 692,000

6,000,000
2, 643, 000

17,771,963.87
9. 515.987. 49
7.27

REPORT OF THB SECRETARY OF THE TREASURY

679

TABLE 72.—Receipts and expenditures in general and special acco'unts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General a n d special accounts
D E T A I L S OF

E s t u n a t e d , 1943 E s t i m a t e d , 1942

A c t u a l , 1941 1

EXPENDITURES—Continued

1. General (including recovery a n d relief)—Con.
D e p a r t m e n t ot A g r i c u l t u r e ' — C o n t i n u e d .
R u r a l Electrification A d m i n i s t r a t i o n :
Loans
Other
Forest roads a n d t r a i l s . .
D e p a r t m e n t of t h e I n t e r i o r : 7
R e c l a m a t i o n projects
P o s t Office . D e p a r t m e n t (deficiency)
Treasury .Department: ^
I n t e r e s t on t h e p u b l i c d e b t
R e f u n d s of taxes a n d d u t i e s :
Customs
Internal revenue
Processing tax on farm p r o d u c t s
Unclassified
- D i s t r i c t of C o l u m b i a ( U n i t e d S t a t e s s h a r e ) . . .
F e d e r a l L o a n Agency:
Federal Housing Administration
R e c o n s t r u c t i o n F i n a n c e Corporation
Other
Federal Security Agency:
Civflian C o n s e r v a t i o n Corps
National Youth Administration.
Social S e c u r i t y B o a r d :
A d m i n i s t r a t i v e expenses
G r a n t s to States (social security)
Other
Unclassified
Other.--..-....
F e d e r a l W o r k s Agency:
Public Buildings Administration:
Construction..
Other
Unclassified
Public Roads Administration.
Public Works Administration:
G r a n t s (act J u n e 21, 1938)
L o a n s (act J u n e 21, 1938)
A d m i n i s t r a t i v e expenses
United States Housing Authority
W o r k Projects A d m i n i s t r a t i o n . . _'.
Other
.
:
Raflroad Retirem.ent B o a r d :
A d m i n i s t r a t i v e expenses
A c q u i s i t i o n of service a n d c o m p e n s a t i o n
data.!.
Raflroad u n e m p l o y m e n t i n s u r a n c e a d m i n i s t r a t i o n fund
Unclassified
Tennessee Valley A u t h o r i t y
-..
R i v e r a n d h a r b o r work a n d flood control
P a n a m a Canal
Veterans' Administration
Subtotal.
2. N a t i o n a l defense:
W a r D e p a r t m e n t (mflitary).
Navy Department.
N a t i o n a l defense funds for t h e P r e s i d e n t :
E x e c u t i v e Office
State D e p a r t m e n t
Treasury Department
Navy Department
War Department
i.
D e p a r t m e n t of Justice
D e p a r t m e n t of t h e I n t e r i o r
D e p a r t m e n t of Agriculture
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of L a b o r
U n i t e d States M a r i t i m e C o m m i s s i o n
I n d e p e n d e n t offices a n d commissions:
Civfl Service C o m m i s s i o n
Federal Communications C o m m i s sion
1
F o o t n o t e s a t e n d of t a b l e .




$2,000,000
3, 500;000'
8,100,000

$6, 000,000
3,600,000
9, 600,000

$20, 665,'677. 21
3, 521,475.04
7,909, 583. 73

96, 877,000

101, 238, 500
14,000, 000

85, 596, 484. 30
30,064,047. 93

1, 675, 000, 000

1, 250, 000, 000

1,110, 692, 811. 91

19,000,000
60, 005,000
8,000, 000

19,000,000
62, 002,000
8, 000, 000

27, 331, 472. 73
64, 220,101. 51
8,115, 716. 68
16, 919. 94
6,000,000.00

6, 000,000

6, 000,000

4, 000,000

8, 000, 000

1, 700,000

1,450,000

10,199, 321. 65
4,019. 49
1, 289, 852.16

165,000,000
80, 095,000

257,396,-531.12
89, 807, 637. 71

26,190,-000
485, 600, 000
3,100,000

23,476, 000'
413, 000, 000
3,100, 000

74, 268,000

71, 023, 000

25,-667;884.-86
393, 338,063. 81
3, 262,103. 37
• b 51.88
66, 543,829. 65

19, 893,000
25, 350,000

48, 216, 000
23,167,000

89, 575,000

167, 763, 000

61, 688, 757.19
16, 988, 093. 68
t- 25, 550. 92
174, 056,134. 66

7, 000, 000

98, 817, 451. 26
975, 318. 99
3, 664,183. 40
6, 004, 531. 72
1, 284, 593, 920. 85
370, 365.19

(8)
(8)

350, 000

30,000, 000
5, 000, 000
600, 000
12,109, 000
876, 000, 000
300, 000

2, 927, 000

3, 022 000

2, 000, 000

5,000,000

887. 910. 60

2, 600, 000

2, 800, 000

145, 000, 000
191,168,000
22, 804. 000
667, 587, 000

145, 000, 000
207, 309, 000
27.956, 000
565,116, 000

3, 396, 877. 28
b.lO
51,175,171. 37
218,517,752.37
29,106, 073. 99
652, 680, 802. 08

6, 052, 704, 500

6,119, 855. 600

6, 220, 698,804. 76

18. 618, 615.000
6, 848, 959,000

11, 622. 210, 000
6, 773, 952, 400

3, 635, 608,148.85
2, 266, 368, 572.43

38, 000

11, 945, 000
1,000,000
40. 000
59,160,000
44, 500, 000
400, O Q
O
475, 000
14, 540, 000
67, 000
9,000
5, 000. 000

6, 396, 708. 45
2. 261, 735. 32
379, 067.38
42,290,051.01
36, 804, 620. 34
242, 398. 81
9, 000. 00
1, 844, 740. 53
45, 988. 29
12, 218. 87
5,'841. 75

600, 000

3,148, 200. 28

400. 000

1, 326, 853. 87

75, 000
16, 000, 000

(«)

400, 000

1, 600, 000
2,000

2,962,069.67

680

REPORT OF THE SECRETARY OF THE TREASURY

T A B L E 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 and estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
G e n e r a l a n d special a c c o u n t s
DETAILS OF

E s t u n a t e d , 1943 E s t i m a t e d , 1942

A c t u a l , 1941

EXPENDITURES—Continued

2. N a t i o n a l d e f e n s e — C o n t i n u e d .
N a t i o n a l defense funds for t h e P r e s i d e n t — C o n .
Independent offices and commissions—Con.
Federal Power Commission
F e d e r a l L o a n Agency
F e d e r a l Security A g e n c y .
F e d e r a l Works Agency
,
Selective Service
Other.....
E x p e n d i t u r e s from unallocated b a l a n c e s . .
Selective Service ( a d m i n i s t r a t i v e
expenses)
U n i t e d States M a r i t i m e C o m m i s s i o n
Defense aid (lend-lease)
F e d e r a l Security Agency:
Office of E d u c a t i o n
National Youth Administration
Other
F e d e r a l W o r k s Agency:
N a t i o n a l defense h o u s i n g . .
N a t i o n a l defense p u b l i c w o r k s (comm u n i t y facflities)
.
Public Roads Administration
Other:
E x e c u t i v e ofl&ce:
Office for E m e r g e n c y M a n a g e m e n t . . .
Other
.
D e p a r t m e n t of A g r i c u l t u r e .
D e p a r t m e n t of J u s t i c e :
F e d e r a l B u r e a u of I n v e s t i g a t i o n
Other
1.
D e p a r t m e n t of C o m m e r c e :
Civfl Aeronautics
Other..!
Treasury Department..
W a r D e p a r t m e n t (civfl functions)
P a n a m a Canal
Other
-.
Subtotal.
3. R e v o l v i n g funds ( n e t ) :
F a r m Credit Administration:
Crop production l o a n s . .
• Regional agricultural credit c o r p o r a t i o n s . .
L o a n s to joint stock l a n d b a n k s .
F a r m mortgage relief
.
F e d e r a l i n t e r m e d i a t e credit b a n k s
P r o d u c t i o n credit corporations—capital
stock...
Other
Unclassified
F e d e r a l F a r m M o r t g a g e C o r p o r a t i o n (capital
stock r e d u c t i o n , act J u n e 25,1940)
Public Works Administration:
L o a n s a n d g r a n t s to States, m u n i c i p a l i ties, etc
•__
Subtotal..
4. Transfers to t r u s t accounts, etc.:
Railroad r e t i r e m e n t account
Railroad u n e m p l o y m e n t insurance administ r a t i o n fund transfers to u n e m p l o y m e n t
t r u s t fund (act Oct. 10, 1940)
S u r p l u s M a r k e t i n g A d m i n i s t r a t i o n (surplus
commodity stamps)..
A d j u s t e d service certificate fund
N a t i o n a l service li fe i n s u r a n c e f u n d . _
G o v e r n m e n t employees' r e t i r e m e n t funds
( U n i t e d States s h a r e ) :
Civfl service r e t i r e m e n t fund
'.._
Foreign service r e t i r e m e n t fund
C a n a l Zone' r e t i r e m e n t fund
Alaska Raflroad r e t i r e m e n t fund
_.
Subtotal.. _
F o o t n o t e s a t end of t a b l e .




$6,000,000

$60, 000
16, 000, 000
250, 000
3, 900, 000

$59, 464. 61
7, 336, 019. 08
211, 056. 86
730,181.02

' 225,000,000

8,000
225,000,000

34,000,000
1, 675, 300,000
7, 600,000,000

32,600,000
680, 250,000
1, 500,000,000

17, 516,746.12.
43,755,104.95
21,394,691.36

141,270,000
8,050,000

106,155,000
47, 600,000
5,306,000

60,301. 326.32
46, 545,.087.00
1,128,060.96

285,000,000

300,000,000

41,981,535;76

170,000,000
42,000,000

130,000.000
33.000,000

40,000,000
1,140,000
10,000,000

75,000,000
555,000
25,000,000

18,000,000
400,000

14,000,000
350,000

6, 613, 680. 23

68,000,000
175,000

26,337,863.81

20,000,000
50,000,000
23, 237,000

168,000,000
135,000
39,000,000
10,000,000
25,000,000
26, 258,000

' 35, 786,186,000

' 22, 996, 625, 400

6, 301,043,165. 91

^ 90,000
625,000

b 175,000
ft 1,335,000

6 477,716.24
f 1; 356,469.57
>
30,424.87
50.00
b.40,000,000.00

6 783,000

15,000,000
b 1,152,000

b 15,000,000. 00
b 2,289,721.74
f 72.69
>

922,474.14

19,613,494.73
9,973,070. 70
979,273.08

b 100,000,000.00
14,000,000

22,807,401.43

2,602,000

26,338,000

b 136,286,103.94

191,359,000

164, 292,000

124,350,000.00

7,000,000

3,900,000

7,500,000.00

89,000,000

118,000,000

90,608,957. 25
10,000,000 00

27,000,000

19,000,000

105,258,000
630, 800
1,177,000
175,000

100,911, 662
621.-700
1,177,000
176, m

90,754,000 00
609,000.00
1,177,000.00
176,000 00

421, 599,800

408,077, 262

325,173,957. 25

4,000,000

REPORT OF THE SECRETARY OF THE TREASURY

681

TABLE 72.—Receipts and expenditures in general and special accounts, actual for the
fiscal year 1941 ctnd estimated for the fiscal years 1942 and 1943, in detail, as
exhibited in the Budget for 1943—Continued
General and special accounts

Estimated, 1943 Estunated, 1942

Actual, 1941

DETAILS OF EXPENDITURES—Continued

Public debt retirements:
Sinking fund
Retirements from excess capital of Commodity Credit Corporation
Estate taxes, forfeitures, gifts, etc

$98,710,000
1, 290,000

$79,887,200
18, 392,800
1, 720, 000

$37,010,900.00
25,363,900 00
1,885,700 00

100,000,000

100,000,000

25,000,000
75,000,000
17,000. 000,000
465, 000, 000
100,000,000

1,000,000, 000

59,027, 992,300

30, 675, 796,162

12,774,890,323.97

42. 540, 792. 300
7, 000,000,000

18,731,803,162

5,167,678,471.)

Excess of expenditures over receipts under
proposed tax legislation (including public
debt retirements)
.
.•

35, 540, 792, 300

18,731,803,162

5,167,678,471.1

Excess of expenditures over receipts under
proposed tax legislation (excluding public
debtretirements)".'..

35,440, 792,300

18,631,803,162

5,103,417.971.1

Subtotal.
Supplemental items:
Regular:
Interest on the public debt.
National defense
Work relief
^
Emergency youth program.
Grand tota-l, general and special accounts.
Excess of expenditures over receipts under present
tax legislation (including public debt retirements;.
Deduct receipts from proposed tax legislation

64, 260, 600.00

25, 000, 000

0 Deduct.
•
''Excess of credits (deduct).
1 Details of income taxes and miscellaneous internal revenue on coflection basis with totals adjusted to
basis of the daily Treasury statement (umevised). Details of employment taxes on basis of daily Treasury
statement (unrevised).
2 Collections for credit to trust funds are not included.
3 Estimate based on fact that present act expires Apr. 26,1943. If the act is reenacted in its present form
the estimated collections would amount to $5,400,000.
* Afl other, including repealed taxes. Includes brandy used for fortifying sweet wines; tobacco floor
stocks taxes; toilet preparations, 5 percent and 11 percent; narcotics, including marihuana and.special taxes;
National Firearms Act; hydraulic mining tax; and all other repealed taxes not reinstated by the Revenue
Act of 1941.
6 Represents return of capital funds pursuant to the President's letter of July 18,1940.
8 Other return of surplus funds from governmental corporations are reflected as credits against expenditures.
' Additional expenditures are included under "Departmental" above.
8 Included under supplemental items.
• Additional expenditures are included under supplemental items.




682

REPORT OF T H E SECRETARY OF T H E TREASitJRY

T A B L E 73.—Receipts and expenditures, trust accounts, increment on gold,, etc.,
actual for the fiscal year 1941 and estimated for the fiscal years 1942 and 1943, as
exhibited in the Budget for 1943
Trust accounts, increment on gold, etc.

Estimated, 1943 Estimated, 19421

Actual, 1941

RECEIPTS

Federal old-age and survivors insurance trust fund:
Appropriations
:.
.
Less reimbursements to General Fund
Net appropriations
Interest on investments..
Netreceipts
Unemployment trust fund:
Deposits by .States
Raflroad unemployment insurance account:
Deposits by Railroad Retirement Board
Transfers from States (act June 25, 1938)
,.
Transfers from railroad unemployment insurance administration fund (act Oct. 10,
1940)
Interest on investments
Railroad retirement account:
Transfers from General Fund
Interest on investments
J...,.
Surplus Marketing Administration:
. Transfers from General Fund
Sale of commodity stamps
Other trust accounts:
District of Columbia.
.:
Government life insurance fund
National service life insurance fund:
Premiums
...
Transfers from General Fund
Interest on investments
Adjusted service certificate fund:
Transfers froih General Fund
Interest on loans and investments
Civfl service retirement fund:
Transfers from General Fund (United States
share)
District of Columbia share
Deductions from employees' salaries, etc
Interest and profits on investments
Foreign service retirement fund:
Transfers from General Fund (United States
share)
Deductions from employees' salaries, etc
Interest on investments
Canal Zone retirement fund:
Transfers from General Fund (United States
share)
Deductions from employees' salaries, e t c . . . . . .
Interest on investments
Alaska Railroad retirement fund:
Transfers from General Fund (United States
share)
Deductions from employees' salaries, etc.
Interest on investments.:..^..
Indian tribal funds
:
Insular possessions
Other
• Unclassified
^
Other funds and accounts:
Increment resulting from reduction in the weight
ofthe gold dollar.......
Seigniorage

Total receipts..
Footnotes at end of table.




$1,394,100.000
29,210,000

$900,400, 000
28, 313, 000

$688,140, 728. 28
26,839,994.86

1,364.890. 000
92, 050,996

872,087, 000
71. 568. 013

661, 300, 733. 42
65,958, 278.12

1,456, 940,996

943, 655,013

717, 259, Oil. 54

1,386,100,000

1.129,900, 000

892,023, 224. 27

85,900! 000

76, 800, 000

61, 347, 271. 64
104,099,960 87

7,000,000
90, 341,081

3, 900, 000
68,007, 600

7, 500,000. 00
48,952. 549. 64

191. 359, 000
6, 250, 000

164, 292, 000
2,820.000

124, 350.000. 00
2, 533.857. 53

89, 000, 000
162,100,000

118,000, 000
213. 300,000

90. 608,957. 26
153,415, 457.00

55, 951, 209
90,946, 000

. 56,158,166
91, 326, 000

56,145, 133. 90
91,436. 517.35

26,970. 000
27,000,000
1,632,000

22, 212, 000
19,000, 000
350, 000
723,000

3,497,788.18 ^
i5,'425.'35
10,000, 000.00
444, 514. 44

105,258,000
879, 575
69,965,000
35,036,000

100,911,562
849, 640
59,975,000
30,025,000

90, 754,000.00
805,110.00
54,789, 543. 63
25,163,610. 35

630; 800
425,000
150,000

621, 700
425,000
150, 000

609,000.00
312.251.84
186,876. 39

1,177,000
1,230,000
280,000

1,177,000
1, 200,000
260,000

1,177,000.00
840,091. 74
212,812. 29

175,000
265,000
' 75,000
6, 974, 305
18, 611,130
36,190,826

175,000
•225,000
50,000
5,967,805
18,611,130
52, 485, 568

"176,000.00
145, 762. 33
38,016.98
6, 531, 203.17
18,814,931.63
49,494,149. 62

< 1,423,215.91
^
250,000
15,000,000

250,000
15.000,000

398, 606.27
20,190,852.24

3,968, 625,922

3,198,803,184

2,631,845,261. 33

REPORT OF THE SECRETARY OF THE TREASURY

683

TABLE 73.—Receipts and expenditures, trust accounts, increment on gold, etc.,
actual for the fiscal year 1941 and estimated for the fiscal years 1942 and 1943, as
exhibited in the Budget for 1943—Continued
T r u s t accounts, i n c r e m e n t on gold, etc.

E s t i m a t e d , . 1943 E s t i m a t e d , 1942

A c t u a l , 1941

EXPENDITURES

F e d e r a l old-age a n d survivors insurance t r u s t fund:
Investments
Benefit p a y m e n t s
U n e m p l o y m e n t t r u s t fund:
Investments..
.
S t a t e accounts:
W i t h d r a w a l s b y States
Transfers to raflroad u n e m p l o y m e n t insurance
account (act, J u n e 25, 1938)
Raflroad u n e m p l o y m e n t insurance
account:
Benefit p a y m e n t s
j
Railroad r e t i r e m e n t account:
Investments
Benefit p a y m e n t s
S u r p l u s M,arketing A d m i n i s t r a t i o n : Rediemption of
commodity s t a m p s . . .
O t h e r t r u s t accounts:
D i s t r i c t of C o l u m b i a
G o v e r n m e n t life insurance f u n d . .
N a t i o n a l service life insurance fund:
Investments
Benefit p a y m e n t s a n d refunds
A d j u s t e d service certificate fund:
Investments
Other
Civfl service r e t i r e m e n t fund:
Investments.
'
A n n u i t i e s and refunds
Foreign service r e t i r e m e n t fund:
Investments
A n n u i t i e s a n d refunds
C a n a l Zone retirement fund:
Investments
A n n u i t i e s a n d refunds
Alaska Railroad retirement fund:
Investments
Annuities and r e f u n d s . . .
Indian tribalfunds..
Other
...i
Unclassified
O t h e r funds a n d accounts:
P u b l i c W o r k s A d m i n i s t r a t i o n revolving fund (act
of J u n e 21, 1938)
Chargeable against increment on gold—melting
losses, etc
Special deposits (net):
District of C o l u m b i a
, I n d i a n tribal funds
Other

$1, 290, 940,996
166,000,000

$830, 655, 013
113. 000,000

1,232. 841.081

939, 357, 600

563,000, 000.00

329. 000, 000

329, 000, 000

433, 242, 840.99

7, 500,000

10, 250; 000

17, 784, 319.08

61, 250,000
135. 390,000

40. 442,000
128,873, 000

b 6,400, 000.00
121,173, 514. 47

250,000,000

293, 000,000

217, 001,988. 25

55, 361. 589
90, 946, 000

58,118, 325
91, 326,000

52, 600, 415. 65
92, 071, 389.86

52, 080, 550
4, 291, 450

40, 260, 220
1, 551, 780

2,800, 000.00
31, 041.83

3, 600. 000

3, 000,000

8, 000, 000. 00
2, 679, .464.04

100,000. 000
105, 000, 000

95, 000, 000
90,000,000

95, 085. 000. 00
72, 332, 213. 39

838, 000
362, 000

838, 000
362, 000

787, 000. 00
900. 43

1, 077, 000
1,410, 000

1,077, 000
1, 360, 000

1,104, 000. 00
1,047, 532. 22

310, 000
170, 000
5, 640, 000
66, 236, 398

• 270,000
150, 000
6, 388, 600
73, 069, 384

238, 000. 00
102, 729. 60
5, 325, 319. 30
64, 327, 993. 82
861.38

1, 970, 874

497,975

c 454,890.13

$642, 500, 000.00
64, 341,884. 66

104,099, 950 87

1,821. 67
79,129. 27
" 6, 754.32
16,199, 221.97
3, 962, 015, 938

3,146, 846,-897

4, 362, 000, OOP

3, 079, 000, 000'

217, 525, 701. 26

Total expenditures

8, 324, 015, 938

6, 225, 846, 897

2, 779,908, 866. 70

Excess of e x p e n d i t u r e s over receipts..

4, 355, 390, 016

3, 027, 043, 713

148, 063, 605. 37

Subtotal
.
T r a n s a c t i o n s in checking accounts of g o v e r n m e n t a l
agencies ( n e t ) . .

« C o u n t e r - e n t r y receipts ( d e d u c t ) .
b Excess of r e d e m p t i o n s ( d e d u c t ) ,
e Excess of credits ( d e d u c t ) .




2, 662, 383,165.44

684

REPORT

OF T H E SECRETARY

OF T H E

TREASiURY

T A B L E 74,.^-General Fund balance and effect on the public debt of financing the
deficit, actual for the fiscal year 1941 and estimated for the fiscal years 1942 and
1943, as exhibited in the Budget for 1943
E s t i m a t e d , 1943
GENERAL

FUND

E s t i m a t e d , 1942

A c t u a l , 1941

$1, 861, 329, 638.05
143, 423, 774.44
620, 376, 936. 62

$.1,884,623,351.05
143,173,774.44
605, 376, 936. 62

$1,162,780,067.12
142, 776, 989.84
585,186,084.38

2, 625,130, 349.11

2,633,174,062.11

1,890,743,141.34

-2,640,016.00

-23,293,713.00

+890,494, 526.14
-168,651,242.21

-2,640,016.00
+250, 000.00
+15,000,000.00

-23,293,713.00
+250.000. 00
+15,000,000.00

+721,843, 283.93
+396, 784. 60
+20,190,852. 24

+12, 609,984. 00

- 8 , 043, 713. 00

+742,430,920 77

1, 858, 689, 622.05
143, 673,774. 44
635, 376,936. 62

1,861,329, 638. 05
. 143,423,774.44
620, 376,936. 62

1,884, 623,351.05
143,173, 774. 44
605,376, 936. 62

2,637,740,333.11

2, 625,130, 349.11

2, 633,174,062.11

70,612,246,697.71

48, 961, 443, 535. 71

42, 967, 531,037. 68

35, 440, 792,300.00

18, 631,803,162. 00

6,103,417,971.89

4,368,000,000.00

3, 019,000; 000.00

39,808,792, 300. 00

21,650,803,162.00

6,993,912,498.03

110,421,038,997.71

70, 612, 246, 697.71

48,961,443, 535.71

BALANCE

Balance in General F u n d a t beginning of year:
'Working balance
.
I n c r e m e n t on gold..Seigniorage
..
T o t a l General F u n d balance .
Increase ( + ) or decrease (—) in General F u n d
b a l a n c e d u r i n g year:
W o r k i n g balance:
On general a n d special account
On t r u s t account, e t c . .
T o t a l increase ( ^ ) or decrease ( - )
in working ballince . . .
I n c r e m e n t on gold
..
Seigniorage
T o t a l increase ( + ) or decrease ( - ) in
General F u n d b a l a n c e . .
Balance in General F u n d a t e n d of year:
W o r k i n g balance
I n c r e m e n t on gold
Seigniorage

.

T o t a l General F u n d balance
E F F E C T ON T H E P U B L I C D E B T OF
THE
DEFICIT

FINANCING

P u b l i c d e b t a t beginning of year ..-

.

Increase in public d e b t d u r i n g year:
T o m e e t B u d g e t deficit above - . .
T o p u r c h a s e obligations of g o v e r n m e n t a l
corporations
Increase in working balance, general a n d
special accounts
.
N e t increase in p u b l i c d e b t d u r i n g year.
P u b l i c d e b t at end of y e a r .




'

. . . .

890, 494, 526> 14

INDEX
[NOTE.—The year, except where otherwise indicated, refers to the fiscal year ended June 30]

A
Accounts, Bureau of:
Page
Administrative report
95
Bookkeeping and W a r r a n t s , Division of
:
95
Budget Section
^
105
Budgetary administration and financial reporting regulations under
Executive order of Aug. 13, 1940
110
Deliverv of checks drawn against United States funds to addresses
outside t h e United States restricted by P u b . Law 828, Oct. 9, 1940-106, 382
Deposits, Division of:
Administrative report
99
Depositary bond issue, advantages t o Treasury
101
Depositary system, changes in
100'
Government Losses in Shipment Act operations
103
Disbursement, Division of:
Administrative report
96
Expenditures by States
478
Surplus commodity s t a m p transactions
97
Emergency relief funds, accounting and disbursing of
106
Financial s t a t e m e n t s :
Operations of Government corporations and agencies covered by_ _
112
Publication of, monthly in Congressional Record
111
Investments, Section of
106
Surety Bonds, Section of
105
Accounts t h r o u g h which Treasury operations are effected, description of_ _
406
Adjusted service bonds. (See Public debt.)
Adjusted service certificate fund
135, 420, 426, 446, 470
Adjusted service certificates, loans outstanding from Government life
insurance fund
..:
143
Administrative and staff officers of t h e Treasury D e p a r t m e n t , November
15, 1941
.
xvi
Admissions t a x
2, 483, 486
Agencies, governmental. (See Contingent liabilities of United States,
Securities guaranteed; Corporations a n d agencies, governmental; also
titles of certain specific agencies.)
Agricultural'adjustment program, expenditures: ,
1934-41 by years
.
458
1941 b y m o n t h s
434
194.1 by States
655
Agricultural adjustment taxes, claims allowed and refunds and r e p a y m e n t s .
221
Ainsworth Library fund, Walter Reed General Hospital
154
Airplanes a n d passengers entering United States, 1940 and 1941
202
Alaska Railroad retirement and disability fund
.
139, 422, 428, 448, 472
Alcohol Tax Unit. (See I n t e r n a l Revenue Bureau.)
Alcoholic beverages. (See Liquor.)
Ahen property t r u s t fund
1
155
Appointments, Division of. (See Personnel Division.)
Argentina, stabilization arrangement w i t h . _ :
53, 359
Armenia, obligations owned by United States, status Nov. 15, 1941
611
Attorneys and agents enrolled and disbarred
219
Automobiles entering United States, 1940 and 1941
201
Automobiles, trucks, tires, a n d inner tubes, taxes
2, 483
685
407631—42

45 *




•

686

INDEX
B
Page

Back taxes. (See Internal Revenue Bureau, Assessments; Receipts; Taxes,
Income.)
Bankruptcy, basis of property for taxation purposes determined by Pub.
No. 699, July 1, 1940
.
i
367
Bankruptcy, receivership, and reorganization cases. (See Internal Revenue Bureau, Chief Counsel's Office.)
Banks, holdings of direct and guaranteed debt:
1937-41 amount of increase by years
-._
34
By tax-exemption provisions of each issue, June 30, 1941
600
' By tvpes of securit}^, by call classes, and by tax-exemption provisions,
June 30, 1941
38
Commercial banks maturity preferences
^^
40^
Mutual savings banks maturity preferences:
41
Banks for cooperatives._"
609, 614, 621
Bases of tables, explanation of
405
Beer tax
482,485
Belgium, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Bonds of indebtedness, issues of capital stock, deeds of conveyance, etc.,
taxes
...1
482,485
Boulder Dam, charges for electrical energy and application of revenues
from project provided for by Pub. No. 756, July 19, 1940
398
Brewer's wort, etc., tax
.
483
Budget and Improvement Committee, administrative report
175
Budget estimates. (See Expenditures; Receipts.)
Budgetary administration and financial reporting, Executive order prescribing regulations of
'.
110, 395
Butter, adulterated, flour arid cheese, taxes
483

Cameras and lenses tax
483
Canal Zone retirement and disability fund
137, 422, 428, 448, 472
Capital stock sales or transfer tax
482, 485
Capital stock tax (see also Internal Revenue Bureau, Miscellaneous Tax
Unit; Taxes)
2, 221, 222, 229, 482, 485
Carriers Taxing Act taxes (see also Internal Revenue Bureau):
1936-39 combined, 1940, and 1941 by months
512
1936-41 by years
424, 487
1940 and 1941
2,484
1941 by months..'.
418
1941 and estimates for 1942 and 1943
71
Administration of taxes. (See Internal Revenue Bureau, Accounts
and Collections Unit.)
Estimates for. 1942 and 1943, discussion
^
82, 90
Central Bank for Cooperatives
1_.
609
Certificates of indebtedness. , (See Public debt.)
Checking accounts of governmental agencies, transactions, expenditures:
1932-41 by years
474
1932-41 by years and 1941 by months
411
1941 by months
450
Discussion
11
Checks, drafts, or orders for payment of money, taxes
486
Chewing gum tax
483
China:
Credit and loan to
52, 357
Stabihzation arrangement with United States for purchase of y u a n . .
358
Stabilization funds, board members appointed to administer
52, 358
Cigar taxes
..482
Cigarette papers and tubes, taxes
482
Cigarette taxes
482




INDEX

687

Circulars, D e p a r t m e n t , Nos.:
Page
394, First a m e n d m e n t , Apr. 22, 1941, relating t o distinctive paper
for currency and other securities
.
400
418, as amended, Feb. 28, 1941 general circular governing offerings of
Treasury b i l l s ! . . .
...
302
530, Third Revision, first amendment, Feb. 20, 1941, limitation on
holdings of United States savings bonds
315
-' 530, F o u r t h Revision, Apr. 15, 1941, regulations governing United
States savings bonds
. 320
530, F o u r t h Revision, first amendment, J u n e 26, 1941, registration of
United States savings bonds in n a m e of
fiduciaries
337
596, Second a m e n d m e n t , Feb. 20, 1941, United States savings bonds
series D
i
.
314
637, July 11, 1940, Treasury bonds of 1954-56
275
638, July 24, 1940, Commodity Credit Corporation notes series F
340
641, Sept. 25, 1940, Treasury bonds of 1 9 5 3 - 5 5 - . .
.
277
642, Sept. 26, 1940, fourth call for partial redemption of m u t u a l
mortgage insurance fund debentures, series B
342
643, Oct. 24, 1940, United States Housing Authority notes series E
348
646, Dec. 11, 1940, Treasury notes series B-1945, national defense
series
.
•.
.
._
282
647, J a n . 23, 1941, Treasury notes series D-1944, national defense
series
.
284
648, Feb. 25, 1941, redemption of Treasury bonds of 1941-43
279
649, Feb. 25, 1941, Treasury bonds of 1948-50
286
650, Feb. 25, 1941, Treasury notes series D-1943
J
287
651, Mar. 19, 1941, Treasury bonds of 1952-54
290
652, Mar. 19, 1941, Treasury notes series D-1943 (additional)
291
653, Apr. 15, 1941, United States defense savings bonds series E, and .
defense postal savings s t a m p s
304
654, Apr. 15, 1941, United States savings bonds defense series F and G.
309
655, Mar. 19, 1941, regulations for delivery of checks a n d w a r r a n t s
outside United States
383
656, Mar. 25, 1941, fifth call for partial redemption of m u t u a l mortgage
insurance fuhd debentures, series B
345
657, Apr. 15, 1941, regulations governing agencies for issue of United
States defense savings bonds series E
316
658, Apr. 9, 1941, Reconstruction Finance Corporation notes series U349
659, Apr. 9, 1941, Reconstruction Finance Corporation notes series V_
351
660, M a y 23, 1941, 2 percent depositary bonds
....
297
661, M a y 22, 1941, Treasury bonds of 1956-58
293
662, M a y 22, 1941, Treasury notes series D (additional)
295
Civil service retirement and disability fund
136, 422, 428, 448, 472
Civilian Conservation Corps
8, 438, 460, 476, 505, 655
Claims for relief on account of lost, stolen, destroyed, or mutilated securities
164
Coal tax
221, 222, 367, 483, 487
Coast G u a r d :
Administrative report
176
Aids to navigation, s t a t e m e n t of
180
Anchorage and moveraent of vessels, regulations enforced by captains
of t h e port
.i
185
Auxiliary established by P u b . Law 8, Feb. 19, 1941
183, 378
Aviation
186
Benefits under Article V of Soldiers' and Sailors' Civil Relief Act
362
Communications system
187
Cooperation with other d e p a r t m e n t s
177
Executive order, J u n e 3, 1941, directing certain personnel to operate
as p a r t of t h e N a v y
.
. . . 63, 381
Expenditures by States
1
.
478
Floating equipment
.
:.
191
Foreign ships, control of
. . . 63, 186
F u n d s available, obligations, and balances
.
193
Law enforcement activities.
184
Legislation and Executive authorization
:
193
Lifesaving medals awarded
...
192




688

INDEX

Coast G u a r d — C o n t i n u e d .
Page
Maritime training, administration of
183
National emergency effect upon
176
N e u t r a l i t y patrol
.
^_
185
Office of M e r c h a n t Ship Control
185
Overtime rates of compensation for certain employees authorized by
P u b . Law. 100, J u n e 3, 1941
395
Personnel and training
"188
Protection to marine commerce and life and property a t sea_
178
R e a r m a m e n t program
191 .
Recruiting
.
^
190
Regulation a n d control of vessels
.
...
6.2
Relief activities
..
179
Relief projects
:
504
Reorganization of administration completed
.
178
Reserve established b y P u b . Law 8, Feb. 19, 1941
. 64, 190, 378
Smuggling
.
184
Stations, bases, etc
^
1
192
Coconut, etc., oils processed, taxes
....
'__ 483, 487
Coins. (See Mint Service; Money.)
Colorado River D a m fund
_'._
^
158, 398
Colorado River development fund, established by P u b . No. 756, July 19,
1940
.
...
.
399
Combined s t a t e m e n t of receipts and expenditures, release date changed
111
Committees,Treasury D e p a r t m e n t , personnel, Nov. 15, 1941
xviii
v-Commodity Credit Corporation:
Allotments of notes on subscriptions among Federal Reserve districts. Series F , offered July 24, 1940_341
Assets and liabilities
..
113, 613
Credit resources increased by P u b . Laws 759, Aug. 9, 1940, and 147,
J u l y l , 1941
352
L i f e o f e . x t e n d e d b y P u b . Law 147, July 1, 1941
353
Offering of notes, July 24, 1940, series F
......
340
Proprietary interest of United States in, b y years, 1934-41
621
Restoration of capital impairment
.
..
458
Securities guaranteed by United States outstanding June 30, 1941
592
Securities owned bj^ United States
:
.
,_
609
Comptroller of Currency, Bureau of, administrative report
194
•Contingent liabilities of United S t a t e s :
Obligations issued on credit of United States, 1934-41 by years, outstanding
.
596
Outstanding J u n e 30:
1934-41 by years and by a g e n c i e s . . .
. 596
1941 by governmental corporations
,
613
1941 principal and interest
592
Securities guaranteed by United States:
1934-41 by years, outstanding
596
1941, J u n e 30, in detail
1
.
592
Bond a n d note prices a n d yields, J u n e 30, 1941
598
Borrowing power of governmental corporations and credit
agencies a n d outstanding issues held by Treasury and others
J u n e 30, 1941
33
Description of
.
592
Discussion
,
30
Financing operations conducted by Treasury for agencies, 1941
30
Holders of, discussion
,
33
Offerings, allotments, a n d redemptions
340-352
Outstanding J u n e 30, 1940 a n d l 9 4 1 , by agencies
:
31
Contributed funds. (See Social Security Act, Federal Insurance Contributions Act; T r u s t accounts.)
Conversion bonds. (See Public debt.)
Corporation income tax. (See Taxes.)
Corporations and agencies, governmental (see also Contingent liabilities of
LFnited States; Intei^est, exchange, a n d dividends):
Assets a n d habilities, J u n e 30, 1941
613
Capital funds returned by
^
50




INDEX

689

Corporations and agencies, governmental—Continued.
Page
Capital stock and obligations of, held by Treasurer, J u n e 30, 1940 and
1941
175
Capital stock owned by United States, J u n e 30, 1941
.
613
Checking accounts with Treasurer, sales and redemptions of obligations, etc.:
1932-41 by years
•
474
1941 by m o n t h s
_._
.._
450
Expenditures:
1932-41 by years
^
458
1941 by m o n t h s
436
1941 a n d estimates for 1942 a n d 1943
...
678
Financial s t a t e m e n t s submitted by Secretary of Treasury to Congress.
112
Holdings of securities issued or guaranteed by United States, by
agency and callable class of security, J u n e 30, 1941
.
42
Investments, J u n e 30, 1 9 4 1 . . .
613
Loans and subscriptions t o capital stock, J u n e 30, 1941
613
Proprietary interest of United States in:
1929-41, J u n e 30
.
..
621
1941, J u n e 30
.
613
Discussion
._
51
Securities owned by United States:
1941, J u n e 3 0 . . .
609
Discussion
j
^
49
Sources of funds by agencies:
1941
.
16
To J u n e 30, 1941
_.
_.
13
Tax-exempt a n d taxable securities outstanding, a m o u n t J u n e 30:
1913-41 by tax-exemption s t a t u s
6.31
1941
^
,
629
Uses of funds b y agencies:
1941
17
To J u n e 30, 1 9 4 1 . . .
.
15
Cotton and cotton surplus s t a m p s issued and redeemed for Surplus M a r k e t ing Administration:
1940 and 1941i
98
M a y 6, 1940, to J u n e 30, 1941, by cities and by m o n t h s . . .
66a
Credit agencies. (See Corporations and agencies, governmental.)
Cuba, indebtedness to United States, s t a t u s Nov. 15, 1941
611
Cumulative sinking;fund.
(See Public debt. Operations.)
Currency. (See Money.)
Customhouse brokers, licenses issued t o
219
•Customs, Bureau of (see also I m p o r t s ; Receipts):Administration c o s t . .
^
215, 496
Administrative report
197
Appraisement Unit
213
Collections:
1940 a n d 1 9 4 1 _ . l .
.
198
Discussion
197
Other d e p a r t m e n t s , bureaus, etc
.
496
Commodities imported under q u o t a provisions._
209
Cotton and cotton waste imported under q u o t a provisions
.211
Customs Agency Service, s u m m a r y of activities
.__
212
Drawback:
Investigations
'.
213
Paid, by districts
496
P a y m e n t s on principal commodities 1940 a n d 1941
204
Transactions 1940 and 1941
203
Dumpings, findings of, issued and revoked
208
Engineering and Weighing Division
214
Entries of merchandise:
1940 and 1941
._
201
1941 by d i s t r i c t s . !
.
645
Expenditures, 1941 by States
478
Expenses, 1941, by districts
496
Fines, penalties, etc., discussion
207




690

INDEX

Customs, Bureau of—Continued.
Page
^ Investigations
.
213
Laboratories Division, analysis of samples of merchandise
^._
214
Law enforcement activities
204
Legal proceedings
207
. National emergency effect upon
202
Personnel, n u m b e r by districts
.
645
Ports and stations, changes in
214
Protests and appeals, 1940 and 1941
204
Quota control
209
Refunds:
1940 and 1941
J
198
1941 by districts
...
496
School of Instruction
1_214
Seizures:
,
1940 and 1941 by principal t3^pes
205
Boats, automobiles, airplanes, and horses, 1940 and 1941
207
By Customs officers for other governmental agencies
207
By Customs Service and other governmental agencies, a n d n u m . ber of a r r e s t s . .
L
206
Tariff administration
208
T r a d e agreement quotas supplemented
209
Undervaluation and false classification
212
Vehicles and persons entering United States, 1940 a n d 1941
201
Vessels entering United States, by districts.
645
Violations of customs laws, collections 1940 and 1941
208
Czechoslovakia. (See Foreign- government obligations owned b y United
States.)
D
Defense. (See National defense.)
Defense aid. (See Lend-lease expenditures.)
Defense Homes Corporation
..
609
Defense P l a n t Corporation
609
Defense Savings Staff, administrative report
215
Defense Supplies Oorporation
'.
609
Deficit. (See Surplus or deficit of receipts and expenditures.)
D e p a r t m e n t s a n d establishments, regular governmental. (See Expenditures.)
Depositaries, Government, numVjer, a m o u n t of deposits, by classes, J u n e
30, 1941.100
Disaster Loan Corporation, i
354, 438, 460, 609, 614, 622
Distilled spirits tax
221, 482, 485
District of Columbia: "
.
Expenditures
446, 470
Receipts
420,426
United States share of expenditures
.
440, 462
District of Columbia teachers' retirement fund
140, 175
District of Columbia water fund
142, 175
District of Columbia workers' compensation fund
141
Dues, club and initiation fees, taxes
.
483, 486
E
Electric H o m e a n d F a r m Authority
354, 609, 614,
Electrical energy t a x
— 2,
Emergency conservation work. (See Civilian Conservation Corps.)
Emergency Relief Appropriation Acts:
Accounts and disbursements system, discussion
Allocations, obligations, expenditures, a n d balances, b y organizations, •
J u n e 30, 1941
.
Appropriations account in detail
Expenditures Apr. 8, 1935, t o J u n e 30, 1941:
By months, a m o u n t and n u m b e r of p a y m e n t s
By objects of e x p e n d i t u r e s . .
By organizations
By States
By types of work
j



622
483
106
502
508
109
109
500
498
108

INDEX

691

Employees, Treasur.y D e p a r t m e n t . (See Personnel.)
Page
Emploj^ment taxes (see also Carriers Taxing Act taxes; Social Security A c t ) :
1936-41 by years
.
___._
487
1937-41 (chart 2)
• 4
1937-41 by years
424
1940 a n d 1941
.
.
2
1941 by m o n t h s
.
_...___
418
1941 by States
494
Assessments, additional by Bureau of I n t e r n a l Revenue, 1940 a n d
1941
.
_.:
222
Engraving and Printing, Bureau of:
Administrative report
i
215
Deliveries of finished work, 1940 and 1941
216
F u n d s available and expenditures, 1940 and 1941
.
218.
Personnel
.
.
..:
217
Postage s t a m p dies engraved
217
Enrollment and Disbarment, Committee on, administrative report
.
218
E s t a t e tax (sec also I n t e r n a l Revenue Bureau, Miscellaneous Tax U n i t ;
Taxes)
l
2, 221, 222, 227,482,485
Estimates of receipts and expenditures. (See Expenditures; Receipts.)
Estonia, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Excess-profits t a x (see also Taxes)
.
-2, 482, 484, 494
Exchange stabihzation fund. (See Stabilization fund.)
Expenditures (see also Federal aid to States; Surplus or deficit):
1789-1941 s u m m a r y
i
, 413
1932-41 by years a n d 1941 b y m o n t h s , s u m m a r y
409
1932-41 by years, s u m m a r y and details
454
1933-41 by major functions and by years
476
1934-41 by major functions (chart 3)
9
1940 and 1941 s u m m a r y
.
171
1941 by months, s u m m a r y
.
9
1941 by months, s u m m a r y and details
430
1941 and estimates for 1942 and 1943, in detail
678
D e b t retirements from ordinary receipts:
1932-41 by years
.
468
1941 by m o n t h s
_'
444
Departmental:
1932-41 by years classified
456
1941 by m o n t h s classified
,
432
Emergency Relief Appropriation Acts. (See Emergency Relief
Appropriation Acts.)
Estimates for 1942 and 1943, in detail
.
678
Estimates for 1942 and 1943, s u m m a r y
91
General and special accounts:
1932-41 by years and 1941 by months, s u m m a r y
409
1940 and 1941, by functions
8
1941 by months, details
.
432
1941 by years, details
.
456
Discussion
7
Gold increment, chargeable against. (See Gold.)
Interest on public debt. (See Public debt.)
National defense. (See National defense.)
P u b h c debt by classes, 1941 by months, and 1937-41 by years
560
Public works:
1933-41 by years
476
1934-41 (chart 3)
9
Railroads. (See Railroads, Federal control of.)
Refunds:
1932-41 by y e a r s . . .
462
1941 by m o n t h s
440
Refunds, drawbacks, and s t a m p redemptions, Bureau of I n t e r n a l
Revenue, t o t a l by appropriations
220
Rehef:
1933-41 by years____
476
1934-41 (chart 3)
9
1940 and 1941, totals
.
.
8




692

INDEX

Expenditures—Continued.
Page
Transfers to trust accounts, etc.:
1932-41 by years
468
1932-41 by years and 1941 by months
409
1941 by months, classified.
444
Treasury Department activities by S t a t e s . . : :
.
478
. Trust accounts. (/See Trust accounts.)
Uneinployment trust fund. (See Unemployment trust fund.)
Export-Import Bank of Washington
353, 609, 613, 621
Exports, 1941 by districts, value of
645
.F

•

•

Farm Credit Administration:
Assets and liabilities
.
613
Crop loans, emergency, status of allocation for
502
Expenditures
436,444,458,466
Notes received by, owned by United S t a t e s . . .
609
Proprietary interest of United States in, by years, 1934-41
621
Farm Securitv Administration
436, 458, 503, 609, 614, 622, 655
Farm Tenant Act
436, 458Federal aid to States:
Appropriations for 1942, classified
647
Expenditures:
1920, 1940, and 1941, by appropriations
647
1941 by States, classified
651
Federal Alcohol Administration Act, provisions administered by Internal
Revenue Bureau, Basic Permit and Trade Practice Division
234
Federal credit unions, revocation of authority to act as fiscal agents with
respect to United States savings bonds
.
'102
Federal Crop Insurance Corporation
609, 613, 621
Federal Deposit Insurance Corporation
175, 462, 609, 613, 621
Federal Farm Mortgage Corporation:
Assets and liabilities
613
Capital stock owned by United States:
1941, June 30
.
609
Repaid to Treasury
._
50'
Proprietary interest of United States in, by years 1934-41..
621
Reduction in interest rate on mortgages
117, 436, 458
Securities guaranteed by United States outstanding June 30, 1941
592
Securities held by Treasurer for, June 30, 1940 and 1941
.
175
Federal home loan banks:
Assets and liabilities
.
613
Capital stock, owned by United States
609
Capital stock subscribed to by Secretary of Treasury:
Amount and dividends received, by banks, June 30, 1941
115
Sold to Reconstruction Finance Corporation, 1941
50, 115
Discussion
1
114
Proprietary interest of United States in, by years 1933-41
621
Federal Housing Administration:
- Assets and liabilities
'.
.
613
Proprietary interest of United States in, by years, 1935-41
621
Securities guaranteed by United States outstanding June 30, 1941
592
Federal Insurance Contributions Act. (See Social Security Act.)
Federal intermediate credit banks
609, 614, 621
Federal land banks (see also Corporations and agencies, governmental):
Assets and liabilities
613
Capital stock and paid-in surplus subscribed to by United States
436,
458; 609
Capital stock subscribed to by Secretary of Treasury:
Amount and shares repaid, by banks, June 30, 1941
116
Repaid to Treasury
•
50'
Discussion
115
Paid in surplus subscribed to by Secretary of Treasury:
Amount and repayments, by banks, June 30, 1941
:.
117
Repaid to Treasury
....
50




INDEX

693

Federal land banks—Continued.
Page
Proprietary interest of United States in, by years 1929-41
621
Reduction in interest rates on mortgages
i
116, 436, 458
Federal National Mortgage Association
•_
609, 613, 622
Federal old-age a n d survivors insurance t r u s t fund:
Appropriations and expenditures 1941, and total to J u n e 30, 1941
522
Expenditures, investments, a n d benefit p a y m e n t s :
1937-41 bv y e a r s . .
•
_
'
470
1937-41 by years a n d 1941 by m o n t h s
12,411
1941 by m o n t h s
446
Receipts, net appropriations:
1937-41 by years
426
1937-41 by vears a n d 1941 by m o n t h s
12, 410
1941 by m o n t h s
.
420
S t a t e m e n t of, J u n e 30, 1937-41
_,
520
Status J u n e 30, 1941
144
Federal Prison Industries, Inc
614, 622
Federal Reserve Bank notes:
I n circulation J u n e 30, 1916-41
_.
627
Redeemed and outstanding
..
• 173
Stock June 30, 1916-41
._
.
626
Stock, held in Treasury, held by Federal Reserve Banks, a n d in circulation, J u n e 30, 1941
628
Federal Reserve Bank notes and national b a n k notes. (See National Bank
notes a n d Federal Reserve Bank notes.)
Federal Reserve B a n k s :
Advances to for industrial loans, a m o u n t a n d repayments, by banks,
J u n e 30, 1941
._
118
Foreign accounts transfer or delivery regulated by P u b . Law 31,
Apr. 7, 1941
.
387
Holdings of direct and guaranteed debt, J u n e 30, 1941
42
Money held by, J u n e 30, 1 9 1 5 - 4 1 . . .
.
L-.
624
. Tax-exempt and taxable securities held by, a m o u n t , J u n e 30, 1 9 1 5 - 4 1 .
632
Federal Reserve notes:
Canceled, received from Federal Reserve Banks a n d branches
174
Contingent liability of United States J u n e 30, 1941
594
Direct obhgations of United States m a y be used as collateral security
until J u n e 30, 1943, P u b . Law 141, J u n e 30, 1941
.
356
I n circulation June 30, 1915-41
.
627
Issued, redeemed, and outstanding
.
173
Received and issued by Division of Paper C u s t o d y . . .
170
Stock J u n e 30, 1915-41
..
626
Stock, held in Treasury, held by Federal Reserve Banks, a n d in Circulation, J u n e 30, 1941
628
Federal savings and loan associations:
Assets and liabilities
'
615
Capital shares repaid to Treasury
50.
Capital stock a n d income shares owned by United States._^
609
Discussion
_
113
Preferred a n d full-paid income shares subscribed by United States,
J u n e 30, 1941
:.
114
.Proprietary interest of United States in, J u n e 30, 1934-41
621
Revocation of a u t h o r i t y to act as fiscal agents with respect to United
States savings bonds
.
102
Federal Savings and Loan Insurance Corporation
175,609,613,621
Federal Unemployment Tax Act. (See Social Security Act.)
F e r m e n t e d malt liquor tax. (See Beer tax.)
Finland, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Firearms, shells, and cartridges, t a x .
483
Fiscal Service. (>See Accounts Bureau-; Public D e b t Bureau; Treasurer of
United States.)
Floor tax, liquors
482
Food order stamps for Surplus Marketing Administration, M a y 16, 1939,
to J u n e 30, 1941:
Issued and redeemed by years
^..97
Issued by States
-.
.662




694

INDEX

Foreign accounts in banks, transfer or delivery regulated by P u b . Law 3 1 , Pa&e
Apr! 7, 1941
.
387
Foreign checks control:
Delivery restricted b y P u b . No. 828, Oct. 9, 1940
106
Regulations, March 19, 1941, relating to delivery of checks and
w a r r a n t s to foreign countries
.
.
383
Foreign F u n d s Control:
Administrative report
219'
Discussion
66'
Executive orders relating to control of foreign funds and foreignowned property
368
P a y m e n t s , transfers, etc., of foreign accounts in banks arranged for
by P u b . Law 31, Apr. 7, 1941
387
Regulation a m e n d m e n t s
374
S u m m a r y of Executive orders relating to control of foreign funds and
foreign-owned property
: • :.
54
Foreign government obligations owned by United States:
Accrued a n d unpaid interest and p a y m e n t s on principal and interest,
Nov. 15, 1928-41
612
Amounts due and not paid as of Nov. 15, 1941, by countries
120
Amounts due and paid, by countries, July 1, 1940, to Dec. 31, 1940__119
Amounts due and payable, by countries
.
119
Discussion
119
Finland:
Agreement between Finland and United States for p a y m e n t in
installments
389
Postponement of p a y m e n t s authorized by P u b . Law 110, J u n e 12,
1941
.
121,390
Greece, p a y m e n t of forty percent of semiannual interest due
121
Hungary:
P a y m e n t m a d e on indebtedness
'
121
Requests renewed for new debt agreement
392
Interest received, 1941 by m o n t h s
418
Intergovernmental correspondence and s t a t e m e n t s
388
P a y m e n t s , by countries, principal and interest, to Nov. 15, 1941
611
Public debt retirements from p a y m e n t s on
564, 585
Receipts from, 1933-41 by years
424
Securities held by Treasurer for Secretary of Treasury, J u n e 30, 1940
and 1941
.
'
J_i
175
Foreign-owned property:
Executive order, J u n e 14, 1941, regulating transactions in foreignowned property, and providing for reporting all foreign-owned
property
.
.
66, 370
Regulations, J u n e 14, 1941
^
375
Foreign service retirement and disability fund
138, 422, 428, 448, 472
France, obhgations owned by United States. (See Foreign government
obligations owned by United States.)
'Fur articles, tax
483
G
Gasoline tax
General F u n d :
Assets and liabilities, J u n e 30, 1940 and 1941
Balance:
1915-41, J u n e 3 0 . . . . _
1940 and 1941, J u n e 30
• 1941 by months
...
1941 and estimates for 1942 and 1943
.
Analysis of change in, between J u n e 30, 1940 and 1941
Discussion
^
Increment from reduction in weight of gold dollar
Seigniorage
Working balance:
1940 and 1941, J u n e 30
.
1941 by m o n t h s




2, 483
605
586
606
606
684
49
48
606
606
606
606

INDEX

695
Page

Germany (see also Foreign government obligations owned by United
States; Mixed Claims Commission):
Annuities under moratorium agreement, a m o u n t s due and not paid...
122
Army of Occupation, a m o u n t s due and not paid
121
Awards- of Mixed Claims Commission, a m o u n t paid and balance due,
Sept. 30, 1941, s u m m a r y
126, 660
Awards of War Claims Arbiter, a m o u n t s paid and balance due, Sept.
30,1941
...
127
Indebtedness to United States, pajanents received, and a m o u n t s not
paid, J u n e 30, 1941
122
Mixed claims, a m o u n t s due and not paid
,
'
121 ^
Special deposit account, statement, Sept. 30, 1941
..
128
Gift tax
2, 76, 87, 221, 222, 227, 482, 485
Gold:
Acquii ed by mints and assay offices
. 254
Assets and liabilities of Treasury, J u n e 30, 1940 and 1941
.
605
Bullion, in Treasury, stock of, including gold coin, J u n e 30:
1913-41
626
1941..
.
.
255
Certificate fund. Board of Governors, Federal Reserve Svstem, held in
Treasury J u n e 30, 1940 and 1941
.".
605
Certificates:
In circulation, J u n e 30, 1913-41
627
Liabilities of Treasury, J u n e 30, 1940 and 1941
605
Redeemed and outstanding
173
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation, J u n e 30, 1941
628
Coin in circulation, J u n e 30, 1913-33
627
Electrolytically refined by Mint Service
.
.
255
Increment from reduction i n weight of gold dollar:
Expenditures chargeable t o :
1934-41 by years
474
1934-41 by years and 1941 by m o n t h s
12, 411
1941 by m o n t h s
.
,
450
In General F u n d balance:
1940 and 1941
606
1941 by m o n t h s
i
606
Receipts:
1934-41 bv years
428
1934-41 by years and 1941 by m o n t h s
12,410
1941 by m o n t h s .
.
422
Industrial consumption, 1940 calendar year
255
Operations of M i n t Service
254
Percentage of gold to total stock of money, June 30, 1913-41
626
Powers to alter weight of dollar to be exercised to June 30, 1943, P u b .
Law 142, June 30, 1941
__.._
356
Production, domestic, 1940 calendar year
255
Receipts 1941
1
173
Reserve in Treasury against United States notes and Treasury notes
of 1890, J u n e 30, 1940 and 1 9 4 1 . . .
605.
Stock, J u n e 30, 1941
.
.•
628
Treasury holdings, increase in, 1941
J
.
173
Government Actuary
268
Government life insurance fund:
Expenditures
446, 470
Investments, J u n e 30, 1941
143
Loans to veterans on policies, outstanding J u n e 30, 1941
143
Receipts
.
420,426
Government Losses in Shipment Act:
Declaration of valuables under, Sept. 6, 1940 (Notice No. 2)
397
Discussion.
.
103
P r e m i u m savings on shipments (estimated), 1940 and 1941, by years,
and t o t a l to June 30., 1941
.
103
Shipments reported lost, settled, and unadjusted
104
Status of fund 1941
104




696

INDEX
Page

Great Britain, obligations owned by United States. (See Foreign government obligations owned by United States.)
Greece, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Gross debt of United States. (See Public debt.)
Guaranteed obligations of United States. (See Contingent liabilities.)
H
Highway expenditures
.
:
653, 657
Home loan banks. (See Federal home loan banks.)
.Home Owners' Loan Corporation:
Assets and habilities
613
Proprietary interest of United States in, by years, 1933-41
621
Securities guaranteed by United States outstanding June 30, 1941
593
Securities owned by United States
609
Hungary (see also Foreign government obligations owned by United States):
Awards of War Claims Arbiter and amount paid
127
Tripartite Claims Commission awards entered against
128
I
Imports:
1931-40 by calendar years, and Jan. 1940-June 1941 by months, values,
estimated duties, and ratio of duties to value:
By tariff schedules.:
640
Totals
._._...__
639
1940 and 1941, values of dutiable and taxable imports and estimated
duties and taxes collected, by tariff schedules
_.
638
1940 and 1941, values of dutiable imports for consumption and estimated duties collected, by countries
644
1941 by districts, value of
645
Income tax. (See Internal Revenue Bureau; Receipts; Taxes.)
Indebtedness of foreign governments to United States. (See Foreign
government obligations owned by United States.)
Independent offices, boards, commissions, and corporations. (/See Expenditures: and also titles of certain specific offices.)
Indian moneys:
Expenditures..-.
448, 472
Receipts
422, 428
Indians, expenditures 1789-1941
___v__
527
Inland Waterways Corporation
__..
609, 614, 622
Insurance companies, holdings of direct and guaranteed debt
34, 600
Insurance tax
486
Interest-bearing debt of United States. (See Public debt.)
Interest on public debt. (/See Public debt.)
Internal Revenue, Bureau of (see also Receipts; Taxes):
Accounts and Collections Unit:
Carriers Taxing Act taxes:
Claims allowed and refunds and repayments
221
Claims received and disposed of.
240
Returns
filed
.
240
Collections 1940 and 1941
.
1
..
220
Federal Insurance Contributions Act taxes:
Claims received and disposed of
^
.
237
Offers in compromise received and disposed of
238
Refund claims received and disposed of
237
Federal Unemployment Tax Act taxes:
Claims received and disposed of
239
. Offers in compromise received and disposed of
240
Returns received and disposed of
238
Returns filed and investigated in collectors' offices
236
Social Security Act taxes, claims allowed and refunds and repayments
.
-.
221
Stamps issued and returned
236
Administration cost
222
Administrative report.
220




INDEX

697

I n t e r n a l Revenue, Bureau of—Continued.
Pag^
Alcohol T a x Unit:
Audit Division
-..
23^
Basic Perm it and T r a d e Practice Division
234
Collections 1940 and 1941
___•
220Enforcement Division
.
....
232
Field Inspection Division
232
Laboratory Division
23S
Procedure Division
231
Producers and destributors of alcoholic beverages under supervision of
231
Assessments, additional, by class of tax, 1940 and 1941
222
Chief Counsel, Office of:
Alcohol Tax Division
.
^
249B a n k r u p t c y , receivership, and reorganization cases, received and
disposed of
^
243^
Cases closed before Board of Tax Appeals, disposition of
244
Cases closed before Processing T a x Board of Review, disposition
of
.
.
244
Civil cases received and disposed of
24S
Compromise Section cases received and disposed of
246
Criminal liability cases received and disposed of, 1940 and 1 9 4 1 . .
248Overassessments of taxes, cases disposed of by Review Division
249
Reward claims received and disposed of
248Tax cases tried by D e p a r t m e n t of Justice and decided by Federal
courts
246Claims allowed, by class of t a x 1941, and totals for 1940
221
Collections (see aZso Receipts.), summary, 1940 and 1941
220*
Expenditures 1941:
By States
...
478F r o m appropriations for prior years
__i
492
Expenses, classified, by districts and appropriations, 1941
488Income T a x Unit:
Assessments, additional, m a d e by l^ureau, 1940 and 1941
222:
Assessments, classified, 1940 and 1941
.^
224
Claims allowed by Bureau and refunds and repayments
._.
221
Claims disposed of and certificates of overassessment issued
._'
225
Collections 1940 and 1941
220
Overassessments settled, by method, and interest allowed, 1940 and
1 9 4 1 . _._
.
. 226
R e t u r n s filed, examined, investigated, etc
222
Intelligence Unit, investigations of tax fraud cases, etc
.
.
249
Miscellaneous T a x Unit:
Capital Stock T a x Division, claims received and disposed of, 1940
andl941__
229
Collections 194b"and 1941
"_'''"']_'""'"]]'"?]']
220
E s t a t e Tax Division, returns received and audited, 1940 and 1 9 4 1 .
227
Processing T a x Division:
Claims received and disposed of
230
Sugar t a x claims received and disposed of
:•
230
Sales Tax Division:
'
Claims received and disposed of, 1940 and 1941
228
Collections 1940 and 1941
228
Offers in compromise received and disposed of, 1940 and 1941.
229
Tobacco Division
228
Refunds and r e p a y m e n t s (see also Expenditures):
1941 by class of t a x and totals for 1940
.
:
221
Claims approved for p a y m e n t from refunding appropriations
493
Relief projects, allocations, obligations, and expenditures to J u n e 30,
1941
-_
504
Securities received in settlement of tax liabilities, owned by United
States
..
„_
610
Technical Staff:
Compromise, extension of time, and final closing agreement cases,
analysis of work on
242
Field divisions, operations
241
Incoine, profits, estate, and gift taxes, disputed liability procedure _241



698

INDEX
Page

Italy, obligations owned by United States.
obligations owned by United States.)

(See Foreign

government

L
Latvia, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Laws:
Publics, Nos.:
3, J a n . 3 1 , 1.941, extending time for certification of national
defense facilities and contracts for amortization purposes
360
7, i o b . 19, 1941, increasing debt limit a n d providing for P e d e r a l
taxation of future issues of obligations of United States and its
instrumentalities
337
8, Feb. 19, 1941, providing for establishment, administration, a n d
maintenance of Coast Guard Auxiliary and Coast Guard
Reserve
378
31, Apr. 7, 1941, relating to foreign accounts in Federal Reserve
Banks and insured banks
387
34, Apr. 11, 1941, section extending coal t a x for two years_
367
62, M a y 9, 1941, authorizing Secretary of Treasury to carry to
surplus fund of Treasury balances in certain t r u s t accounts
400
100, J u n e 3, 1941, authorizing overtime rates of compensation for
certain employees of t h e Coast G u a r d . J
'
.
395
108, J u n e 10, 1941, extending operations of Disaster Loan Corporation a n d Electric H o m e and F a r m Authority, providing
for increasing lending a u t h o r i t y of Reconstruction Finance
Corporation
354
110, J u n e 12, 1941, authorizing postponement of a m o u n t s payable
to United States by Finland on its indebtedness
390
117, J u n e 21, 1941, relating to purchaise of metal for minor coins_ _
357
130, J u n e 24, 1941, adjusting certain losses occurring in redemption of adjusted service bonds
339
141, J u n e 30, 1941, extending period during which direct obligations of United States, m a y be used as collateral security for
Federal E eserve notes
356
142, J u n e 30, 1941, extending time within which powers relating
to stabilization fund and alteration of dollar m a y be exercised...
356
147, July 1, 1941, extending life a n d increasing credit resources
of Commodity Credit Corporation
. 353
699, July 1, 1940, amending B a n k r u p t c y Act with respect to basis
of p r o p e r t y . . "
^
367
756, July 19, 1940, portions relating to repayments on advances to
Colorado River D a m fund, etc
398
759, Aug. 9, 1940, increasing credit resources of Commodity
Credit Corporation
352
781, Sept. 9, 1940, portion of, relating to Army, N a v y , a n d
Coast Guard contracts
.
359
792, Sept. 26, 1940, increasing lending authority of E x p o r t - I m p o r t
Bank of Washington
353
807, Oct. 8, 1940, amending Sugar Act of 1937
366
828, Oct. 9, 1940, restricting delivery of checks drawn against
United States to addresses outside United States
382
832, Oct. 10, 1940, simplifying accounts of Treasurer of United
States
-.
356
840, Oct. 10, 1940, amending Merchant Marine Act, 1936, relative
to ship construction reserve funds a n d taxes on deposit t h e r e i n . _
360
860, Oct. 15, 1940, extending for additional year provisions of
Sugar Act of 1937 and taxes
366
861, Oct. 17, 1940, Article V, of Soldiers' a n d Sailors' Civil
Relief Act, relating to taxes and public lands
362
Legal Division, administrative report
.
250
Legislative Counsel, Office of, administrative report
252
Lend-lease aid expenditures:
1941 by agencies
.
464
1941 by m o n t h s a n d agencies
443
1941, total
:.
476



INDEX

699
Page

Liberia, indebtedness to United States, status Nov. 15, 1 9 4 1 .
Liberty bonds. (See Public debt.)
Library of Congress t r u s t fund
.
Lighthouse Service. (See Coast Guard.)
Liquor taxes (see also Internal Revenue Bureau)
2, 76, 87, 222, 482,
Lithuania, obligations owned by United States. (See Foreign government
obligations owned by United States.)
Longshoremen's and harbor workers' compensation fund
> «_
M
Manufacturers' excise taxes
2, 71, 77, 88, 483,
Marihuana. (See Narcotics Bureau.)
M a r i h u a n a tax
Matches tax
.
Metals Reserve Company
.
.
Mexico, special Mexican Claims Commission awards a n d p a y m e n t s
Minor coin:
Amount authorized for purchase of metal increased. Public No. 117,
J u n e 21, 1 9 4 1 . - .
._
I n circulation J u n e 30, 1913-41
Stock J u n e 30, 1913-41
.
.
..
Stock, held in Treasury, held by Federal Reserve Banks, a n d in
circulation, J u n e 30, 1941
M i n t Service:
Administrative report
Bullion deposit transactions and transfers
Coinage
.
Deposits of gold and silver, income, expenses, and n u m b e r of employees, by institutions..^
Expenditures by States
'
F u n d s available and expenses
,
^
Gold operations
^
Industrial consumption of gold and silver, 1940 calendar year
Production, domestic, of gold and silver, 1940 calendar year
Refinery operations
'
Silver operations
Stock of coin and monetar}^ bullion in United States J u n e 30, 1941
Miscellaneous internal revenue. (See I n t e r n a l Revenue Bureau; Receipts;
Taxes.)
Miscellaneous receipts. (See Receipts.)
Miscellaneous.Tax Unit. (See I n t e r n a l Revenue Bureau.)
Mixed Claims Commission, United States and G e r m a n y :
Awards, a m o u n t s paid, and balance due, classified, as of Sept. 30, 1 9 4 1 ,
Awards, a m o u n t paid, balance due, s u m m a r y , Sept. 30, 1941
.
Sabotage claims, awards and p a y m e n t s
M o n e t a r y developments:
Discussion
^.
Legislation affecting, s u m m a r y .
M o n e t a r y Research, Division of, administrative report
M o n e y (see also General F u n d ; Gold; Mint Service; Silver):
Circulation, by kinds, J u n e 30, 1913-41^
Coin shipments between Treasury, mints, and Federal Reserve Banks,
by kinds
.
Paper currency:
Issued, redeemed, and outstanding, by classes, 1941
Shipments from Treasury
Stock, by kinds, J u n e 30, 1913-41
.
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation:
1913-41, J u n e 30, b y years
1941, J u n e 30, by kinds
i
Municipalities' and States. (See States and municipalities.)
M u t u a l mortgage insurance fund debentures, series B, partial redemption:
Fifth call. Mar. 25, 1941
'
F o u r t h call, Sept. 26, 1940
.__




611
149
485
141
486
483
483
609
130
357
627
626
628
253
254
253
256
478
256
254
255
255
255
254
255

660
126
123
52
53
257
627
173
173
173
626
624
628
345
342

700

INDEX

•
.^
N
Narcotics, Bureau of:
,Page
Administrative report
.__
257
Drug e x p o r t s . . . ^
.
260
Drugs sold by manufacturers to domestic purchasers
. 260
Enforcement activities
257
Expenditures by States
.
.
480
Harrison narcotic law, registrants
259
M a r i h u a n a T a x Act:
Activities under
.
258
Registrants.
,
-_
259
Violations of, and cases disposed of
;
259
Opium and coca leaves imported
.
259'
Violations of narcotic laws and cases disposed of
258
Narcotics t a x . .
."
221,483,486
National bank notes:
Deposits for retirement, 1938 and 1940
557
In circulation, J u n e 30, 1913-41
627
Redeemed and outstanding
173
Stock, J u n e 30, 1913-41
626
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation, J u n e 30, 1941
628
National bank notes and Federal Reserve Bank notes:
Cost of transportation and redemption to be paid from Treasury
D e p a r t m e n t regular annual appropriations. P u b . Law 832, Oct. 10,
1940
.
356
Deposits for retirement of, 1934-41 by years
554
Expenditures 1941 by months, and 1937-41 by years
560
National b a n k s (see also National bank notes):
Assets and liabilities on date of each report, J u n e 29, 1940, to J u n e
30, 1941
.
195
Condition, changes in
194
Membership and capital stock changes
.
.__
197
Unlicensed, administration of, to J u n e 30, 1941
1_ . 197
National Cancer I n s t i t u t e gift fund
.
152
National defense:
Coast Guard activities
'
176
Coast Guard personnel transfer to N a v y
:
63
Contracts:
Certification of facilities and contracts for amortization purposes,
time extended by P u b . Law 3, J a n . 31, 1 9 4 1 .
'
360
Profit limiting provisions:
R a t e on vessels reduced
.
60
Suspended on vessels and airplanes
'
•
58
Profits limited. P u b . No. 781, Sept. 9, 1940
359
Customs participation
.
202
Discussion
61
Expenditures:
1932-41 by years and 1941 by m o n t h s
1
409
1933-41 by years
476
1934-41 (chart 3)
_,
9
1940 and 1941, totals, classified
..-.
8
1941 by agencies
464
1941 b y . m o n t h s
1
9
1941 by m o n t h s and agencies
442
Navy Department:
1932-41 by y e a r s . . .
464
1933-41 by years
...
___.
476
1941 b y m o n t h s
442
1941 and estimates for 1942 and 1943
679
War D e p a r t m e n t :
1932-41 by years
464
1933-41 by years_'_
476
1941 by m o n t h s
442
1941 and estimates for 1942 and 1943
:
679




INDEX

701

N a t i o n a l defense-—Continued.
Page
Facilities:
Amortization of, under Second Revenue Act of 1940
57
Certification tim e for amortization purposes extended
60
Foreign vessels control
62
Reserve fund for construction of vessels
61
' Strategic materials acquired
^
._.
64
Taxes of those in military service deferred
362
Treasury activities, foreign funds and foreign-owned property control,
executive orders relating to
.
368
Vessel regulation and control
^
^
62
National defense c o r p o r a t i o n s . . _
614
National Firearms Act t a x .
.._
483, 487
National I n s t i t u t e of H e a l t h gift fund
152
National park t r u s t f u n d _ . J . .
1
153
National service life insurance fund:
Expenditures, 1941
446, 470
Investments
144
Receipts:
1941 by m o n t h s .
420
1941, total
426
Nicaragua, obligations owned by United States, status, Nov. 15, 1941.
611
O
Obligations of foreign governments. (>See Foreign government obligations
owned by United States.)
Oil transportation by pipe line, t a x
2, 483, 486
Oils, lubricating, t a x
>
:
2, 483
Oleomargarine tax
..
483, 486
Orders:
Executive, Nos.:
8484, J u l y 15, 1940, relating to foreign funds control
368
8493, July 25, 1940, relating to foreign funds control
_ ___
•
368
8512, Aug, 13, 1940, regulations on budgetary administration a n d
financial reporting
395
8565, Oct. 10, 1940, relating to foreign funds c o n t r o L .
369
8701, Mar. 4, 1941, relating to foreign funds control
369
8711, Mar. 13, 1941, relating to foreign funds control
370
8721, M a r . 2 4 , 1941, relating toforeign funds control
370
8746, Apr. 28, 1941, relating to foreign funds control
370
8767, J u n e 3, 1941, directing certain personnel of Coast Guard to
' operate as p a r t of N a v y
381
8785, J u n e 14, 1941, regulating transactions in foreign exchange
and foreign-owned property
370
Treasury D e p a r t m e n t , Nos.:
34, July 5, 1940, placing m a r k s m a n s h i p training of Treasury
Departmerit employees under supervision of Coordinator,
• Treasury Enforcement Agencies
393
35, July 16, 1940, directing Bureau of Customs t o report to. Assista n t Secretary G a s t o n .
^
394
36, July 19, 1940, designating D e p u t y Commissioner of I n t e r n a l
Revenue in charge of Alcohol T a x Unit t o exercise functions
relating to approval of compromises
394
37, J u l y 26, 1940, designating an assistant t o t h e Secretary
394
38, Sept. 25, 1940, designating an assistant to the Secretary
394
39, Mar. 19, 1941, estabhshing Defense Savings Staff-_^
394
40, J u n e 17, 1941, directing all authority, duties, and functions
relating to foreign funds control to' be subject to general super-vision of E d w a r d H . Foley, Jr., as Acting Secretary of t h e
Treasury
___:
395
P
P a n a m a Canal loan bonds. (See Public debt.)
P a n a m a Canal, receipts and expenditures:
1903-41.,
1932-41 by y e a r s .
•1941 by m o n t h s 407631—42

46




.

523
_._ 424,462
418,440

702

INDEX

P a n a m a Railroad Co.:
Page
Assets and liabilities
614
Capital stock owned b y United States
609, 622
Paper Currency. (See Money.)
Passengers a n d pedestrians entering United States, 1940 and 1941
201
P a y m e n t s to States. (See Federal aid to States.)
P a y roll taxes. (See Carriers Taxing Act; E m p l o y m e n t taxes; Social
Security Act.)
Pensions, expenditures 1789-1941
.
527
Pershing Hall Memorial f u n d . . .
•
'
-.
155
Personnel, Division of:
Administrative report
260
Personnel actions taken, by months, 1940 and 1941
261
Personnel, Treasury D e p a r t m e n t :
Administrative a n d staff officers, Nov. 15, 1941
xvi
Committees, departmental, Nov. 15, 1941
xviii
Number, b y bureau, office, or division:
1940 and 1941, J u n e 30, d e p a r t m e n t a l and field services
665
1941 qu8.rterly, d e p a r t m e n t a l service
664
Retained b u t ehgible for retirement, J u n e 30, 1941
666
Number, d e p a r t m e n t a l a n d field services.
260
P a y dates changed
'.
99
Retirements:
194i:
:
261
Number, by bureau, office, or division, Aug. 20, 1920, to J u n e
30, 1941
666
Petroleum, processed, t a x
483, 487
Philippine Islands:
F u n d s in T r e a s u r y :
Duties a n d taxes on articles from Philippines except coconut oil_.
156
Excise a n d import taxes under sees. 2470, 2490, 2491 of I n t e r n a l
Revenue Code and sec. 503 of Sugar A c t . . .
157
Taxes on coconut oil from Philippines
157
Time and demand deposit accounts in Treasury
157
Pistols a n d revolvers t a x
483
Playing cards tax
-_483, 485
Poland, obligations owned by United Sta,tes. (See Foreign government
obligations owned by United States.)
Postal Savings System:
F u n d s due depositors J u n e 30, 1941
_^
594
Securities held by Treasurer to secure deposits of funds J u n e 30, 1940
a n d 1941
:
175
Treasury notes issued. (See Public debt. Special issues.)
Postal Service:
Deficiencies, expenditures:
1932-41 by years
462
Advances from General F u n d
524
Factors contributing to deficit
401
Expenditures 1789-1941 by years
i.._
524
Revenues 1789-1941 by years
524
President, s t a t e m e n t Nov. 30, 1940, relative to a credit to t h e Chinese
government
357
Printing and binding expenditures. (See Printing Division.)
Printing, Division of:
Administrative r e p o r t .
262
Engraving work approved
.
264
Printing and binding:
Expenditures 1940 and 1941, by bureaus, offices, e t c . . . .
._
263
F u n d s available, expenditures, and balances, 1940 and 1941
262
Stationery supplies, available funds, expenditures, and balance, 1940
a n d 1941
- . .
264
Processing Tax Board of Review, administrative report
264
Processing t a x refunds:
1934-41 by years
.
462
1941 bV m o n t h s
:
440




INDEX

-

703
Page

Processing t a x e s . - - ^
Procurement Division:
Administrative report
Clothing, etc., purchased for refugee relief
•_<.
Emergency relief activity of
.
Expenditures by States
,
Industrial products purchased by, undep lend-lease p r o g r a m . Relief supply funds
Strategic materials procured by
64,
Surplus property dispositionTextiles purchased for Work Projec'ts Administration
Produce for future delivery, sales of, tax
\..
1
Production credit corporations
1__
609, 614,
Proprietary interest of United States in governmental corporations and
credit agencies (see also Securities owned by United States):
1929-41, J u n e 30
Discussion
Public Buildings Administration construction expenditures
438, 460,
Public debt (see also Circulars, D e p a r t m e n t ; Contingent liabilities of
United States; Expenditures; Public D e b t Service; Securities owned by
United States; United States notes):
Adjusted service bonds:
Interest paid on, 1939-41
__._
Issued, redeemed, and outstanding:
1941, J u n e 30, and description
Discussion
Issues 1941 by m o n t h s , and 1937-41 by years
Losses in redemption of, adjusted by P u b . Law 130, J u n e 24, 1 9 4 1 .
Retirements 1941 bj^ m o n t h s , a n d 1937-41 b y years
Certificates of indebtedness:
Special issues
^_.
28,
T a x and loan series
..."
'
Composition of computed interest charge a n d interest rates, J u n e 1933
to J u n e 1941, by m o n t h s (chart 4)
-...Conversion bonds
529, 552,
Defense postal savings stamps, offering April 15, 1941
Deficit financing, 1941 and estimates for 1942 and 1943
Depositary bonds:
Description and a m o u n t o u t s t a n d i n g .
Discussion
^
Description of issues outstanding J u n e 30, 1 9 4 1 . .
.
Discussion
1
Distinctive paper for currency and other securities modified
Federal Reserve Bank holdings, J u n e 30, 1915-41
Fractional currency
^
546,
Holders of increase in direct and guaranteed debt:
1932-41 a m o u n t by classes of holders and b y years
1937-41 a m o u n t by classes of holders and by years
By classes of holders and by tax-exemption provisions of each
issue, J u n e 30, 1941
By types of security, by call classes, and by tax-exemption provisions, J u n e 30, 1941
Discussion
'.
M a t u r i t y preferences of investors
.
Increase, cumulative, in direct and guaranteed debt outstanding
since J u n e 30, 1932, and absorption of, by classes of holders (chart 6)_
Increase in 19.41 and estimates for 1942 and 1943
Increase in direct and guaranteed debt outstanding, 1933-41 by years,
a n d a n n u a l absorption (chart 5)
Interest:
C o m p u t e d annual interest charge and computed rate of interest,
1916-41 by years and 1941 by m o n t h s
•_.




424
265
267
265
480
267
505
267
266
266
485
621
621
51
657

589
534
26
556
339
560
541
576
19
589
304
684
534
27
529
17
400
632
580
35
34
600
38
33
40
37
684
36
591

704

INDEX

PubHc d e b t — C o n t i n u e d .
Page
Interest—Continued.
Expenditures:
1789-1941
.
413
1932-41 by years
462
1933-41 by years
'
. 476
1934-41 ( c h a r t s )
j
_..
9
1939-41 by issues
».
.
-589
1940 and 1941
-8
1941 b y . m o n t h s
9, 440
1941 c l a s s i f i e d - . . - L
.
172
1941 and estimates for 1942 and 1 9 4 3 - .
679
Payable, paid, and outstanding unpaid, 1941 by classes of issues.
589
Issues 1941 by months, and 1937-41 by years, and classes
556
Liberty b o n d s .•.
- - - 542, 552, 560, 574, 588, 590
Limitation increased by P u b . Law 7, F e b . 19, 1941
.
.
337
M a r k e t movements in securities
..1
i..
43
Obligations other t h a n direct obligations
549
Old demand notes
i
546, 580
Operations:
.
Depositary bonds:
Offering, M a y 23, 1941, 2 % , dated J u n e 1, 1941
297
Purpose of
.
100
Financing, Treasury bonds a n d notes, s u m m a r y
20
Interest-bearing:
. By classes, s u m m a r y
566
By issues. 1
570
Issued, cumulated retirements, outstanding, by issues, J u n e 30,
1941
-.^
529
Issues, maturities, and redemptions in d e t a i l .
581
Noninterest-bearing, by issues
574
Retirements (see also Sinking fund below):
1941 by m o n t h s , aiid 1937-41 by years, and classes
560
Cumulated, by issues, J u n e 30, 1941
.
529
Retirements chargeable against ordinary receipts (see also Sinking fund below): ,
1918-41 by sources of receipts--..
413,585
1932-41 by years
468
1932-41 by years and 1941 by m o n t h s
.
409
1940 and 1941, totals
.
__.
8
1941 by issues, and cumulative totals from July 1917 to J u n e
1940 a n d 1941 by sources of receipts
564
1941 by m o n t h s .
_.
1
l - - _ 9, 444
1941 and estimates for 1942 and 1943 by sources of r e c e i p t s . .
681
Sinking fund:
1932-41 by years
468
1941_
i--_l
-587
1941 by m o n t h s
.
444
1941 and estimates for 1942 and 1 9 4 3 . . 681
Appropriations available, debt retired, a m o u n t expended,
1921-41...-_.
.
587
Discussion
28
Retirements from:
1921-41
.
'585
To June 30, 1941, by i s s u e s . . .
588
Special issues, discussion
27
Summary
.
569
Treasury bills:
Amendment, F e b . 28, 1941, of general circular governing
offerings
.
302
Discussion
21
Offering of, dated July 3, 1940, press release
298
Summary of information in press releases concerning Treasury
bills offered during 1941
.
----.
300
Tenders received and accepted for issue dated July 3, 1940,
press release ._
,
.
299




INDEX
Pubhc^debt—Continued.
Operations—Continued.
Treasury bonds:
Allotments on subscriptions among Federal Reserve dis-

705
Page

1948-50, offered Feb. 25, 1941
289
1952-54, offered Mar. 19, 1941
292
1953-55, offered Sept. 25, 1940
278
1954-56, offered July 11, 1940
276
1956-58, offered May 22, 1941
^
296
Discussion
i
20
Offerings:
July 11, 1940, 1954-56, dated July 22, 1940
275
Sept. 25, 1940, 1953-55, dated Oct. 7, 1940
.
277
Feb. 25, 1941, 1948-50, dated Mar. 15, 1941
285
Mar. 19, 1941, 1952-54, dated Mar. 31, 1941
290
May 22, 1941, 1956-58, dated June 2, 1941
293
Redemption of bonds of 1941-43, on Mar. 15, 1941, notice
of c a n . . .
278
Treasury notes:
Allotments on subscriptions among Federal Reserve dis'tricts :•
Series B-1945, national defense series, offered Dec. 11,
1940
. 284
Series D-1944, national defense series, offered Jan. 23,
1941
285
Series D-1943, offered Feb. 25, 1941
..
289
Series D-1943 (additional), offered Mar. 19, 1941
292
Series D-1943 (additional), offered May 22, 1941
296
Discussion
^
.__
20
Offerings:
Dec. 11, 1940, series B-1945, national defense series,
dated Dec. 18, 1940..-282
Jan. 23, 1941, series D-1944, national defense series.,
dated Jan. 31, 1941
284
Feb. 25, 1941, series D-1943, dated Mar. 15, 1941
285
Mar, 19, 1941, series D-1943 (additional), dated Mar. 15,
1941
290
May 22, 1941,, series D-1943 (additional), dated Mar.
15, 1941
293
United States savings bonds. {See below.)
Outstanding:
1853-1941, June 30, interest-bearing, matured, noninterestbearing, and gross
.
550
1915-41, June 30, gross debt
_..-.
.
586
1916-40 by years, and 1941 by months, interest-bearing by .
classes, matured, noninterest-bearing, and gross
555
1916-41 by years, and 1941 by months, interest-bearing
591
1934-41, June 30, interest-bearing by classes, and noninterestbearing
-__
552
1940 and 1941, June 30, interest-bearing by classes, matured,
and noninterest-bearing.
•
18
1941, June 30, description of issues
529
1941, June 30, interest-bearing:
By classes
.
569
By issues'
.
570
1941, June 30, interest-bearing by issues, and matured and noninterest-bearing
529
Limitation, statutory, increased
28, 60
Per ca{)ita gross debt, June 30, 1853-1941
.
_.
550
Tax-exempt features of various issues
.
— 548
Tax-exempt securities outstanding, amount, Feb. 28, 1941,
summary
..
48
Tax-exempt and taxable securities, amounts:
1913-41 by tax-exemption status
630
1941, June 30
629




706

INDEX

P u b l i c debt—Continued.'
Page
P a n a m a Canal loan
529, 552, 589
Postal savings bonds
529, 552, 589
Pre-war bonds
'.
-^^
574
Prices a n d yields of Treasury bonds a n d notes, J u n e 30, 1941
598Retirements. (See Operations, above.)
Second Liberty Bond Act a m e n d m e n t , discussion
28, 60*
Sinking fund. (See Operations, above.)
Special issues
27, 535, 553, 555, 558, 562
Tax exemptions removed from securities issued after Mar. 1, 1941
29, 60'
Treasury savings securities.
545, 557, 580, 590United States savings b o n d s :
Defense series E :
Agencies designated for issue o f . .
101
Offering, Apr. 15, 1941
304:
Prices of issue, redemption values, a n d approxima,te investm e n t yield a t beginning of each half-year p e r i o d - . .
308
Regulations, Apr. 15, 1941, governing agencies for issue of..
316
Defense series F and G:
Offering, Apr. 15, 1941
309
Prices of issue, redemption values, and approximate investm e n t yield a t beginning of each half-year period
. - - 313,314
Description of issues outstanding J u n e 30, 1941
533
Discussion
J..
21
Federal savings and loan associations and credit unions, revocation of authority to act as fiscal agents with respect to
102
Held by Treasurer for depositors, June 30, 1940 and 1941
175
Interest paid on, 1939-41
.__.
589
Issues 1941 by months, and 1937-41 by y e a r s . _^
556
Issues and redemptions. Mar. 1, 1935, t o J u n e 30, 1941, by y e a r s .
24 =
Limitation on holdings
315
Redemptions by denominations and yearly p e r i o d s . .
*
24
Registration iri name of
fiduciaries
337
, Regulations, Apr. 15, 1941
320
Retirements 1941 b y months, and 1937-41 b y years
560 •
Sales, 1941:
By months, denominations, and series
25
By t y p e of purchaser
i
.
26
Series D, t a x exemption and limitation on holdings
314
Victory notes
543, 575, 588
Yield, average, on bonds, by months, J a n u a r y 1919 to J u n e 1941
597
Yields of averages of long-term Treasury bonds and 3-5 year Treasury
notes, monthly, July 1932 to J u n e 1941 (chart 7)
-_._
44
Yields of averages of long-term Treasury bonds, high grade corporate
bonds, and municipal bonds, monthly, July 1932 to J u n e 1941
(chart 8)-'...
.
...
45
Public Debt, Bureau of (see also Public d e b t ) :
Administrative report
.
i
:,
160
Destruction Committee
170
Expenditures by States
480
Loans and Currency, Division of: .
Accounts, registered securities, n u m b e r a n d principal
163
Currencv, redeemed, dehveries to Destruction Committee, by
kinds:
164
Safekeeping of securities
164
Securities lost, stolen, or destroyed, claims for relief
•
164
Transactions in securities.161
Paper Custod}^, Division of
--.
169
Public D e b t Accounts a n d Audit, Division of
168
Register of t h e Treasury, security transactions
.
165
Savings.Bonds, Division of
168
Securities destroyed by Destruction Committee, n u m b e r and value
170
• Transactions in securities by Division of Loans and Currency
161
United States savings bonds, transactions. Division of Loans and Currency
162
Publiclands, receipts from sales, 1796-1941
^
:
527
Public Roads Administration expenditures
438, 460, 657



INDEX
Public Works Administration:
Allocations, expenditures, and balances
Assets and liabilities
Expenditures:
1934-41 by years
1941 b y m o n t h s
1941 by States
Obligations acquired by, owned by United States
Proprietary interest of United States in, b y years, 1934-41-Puerto Rico Reconstruction Administration

707
Page
506
613
460
438
657
609
621
610, 614, 622

R
Radio sets, phonograph records, etc., taxes
483
Railroad retirement account:
Expenditures, investments, and benefit p a y m e n t s :
1938-41 by years
.
470
1938-41 b y years a n d 1941 by m o n t h s
12,411
1941 by m o n t h s
446
Receipts:
1938-41 by y e a r s - - .
426
1938-41 by years and 1941 b y m o n t h s
12,410
1941 b y m o n t h s
420
S t a t e m e n t of, J u n e 30, 1936-41
520
Status
149
Railroad Retirement Act taxes. (See Carriers Taxing Act.)
Railroad unemployment insurance account. (See Unemployment t r u s t
fund.)
Railroad Unemployment Insurance Act, contributions 1940 and 1941
3
Railroads:
Appropriation authorized for p a y m e n t of claims under sec. 204 of
Transportation Act, 1920
.
131
Claims against United States under sec. 204 of T r a n s p o r t a t i o n Act,
1920
130
Federal control of:
Administration expenses of Treasury D e p a r t m e n t
132
Canadian Workmen's Compensation Board fund, s t a t u s
134
Claims
134
Compensation payments-^
134
Discussion
132
Expenditures, 1940 and 1941
133
Receipts, 1940 and 1941
...J
:
133
Tax refunds and other collections
1134
Proprietary interest of United States in, J u n e 30:
1929-41
:
:_
622
1941
615
Securities owned by United S t a t e s :
1941, J u n e 30
:
610Acquired under provisions of sec. 207 of Transportation Act,
1920, by carriers
^
131
Loans and r e p a y m e n t s under sec. 210 of T r a n s p o r t a t i o n Act, 1920131
On account of loans to carriers under sec. 210 of T r a n s p o r t a t i o n
Act, 1920
-132
Originally held and p a y m e n t s received, by classes
130
Principal and interest in default, by railroads, under sec. 210 of
T r a n s p o r t a t i o n Act, 1920
132
R e p a y m e n t s under sec. 202 of T r a n s p o r t a t i o n Act, 1920
133
Virginia Blue Ridge Railway promissory note sold
-._
132
Wichita Northwestern Railway C o m p a n y promissory note and
receivers' certificate sold
132
T a x on carriers and their employees. (See Carriers Taxing Act;
Taxes.)
Receipts (see also Customs B u r e a u ; I n t e r n a l Revenue Bureau; Surplus or
deficit; Taxes):
1789-1941 s u m m a r y
_.412
1932-41 by years and major sources
424
1932-41 by years and 1941 by months, s u m m a r y
.
408




708

INDEX

Receipts^—Continued.
Page
' 1934-41 by major sources (chart 2)
4
1940 and 1941 by major sources
^
._
2
1940 and 1941 s u m m a r y
_._
171
1941 by m o n t h s and major sources
418
1941 a n d estimates for 1942 and 1943
71,667
1942 a n d 1943 (estimated) and 1941 (actual), percentage distribution
of t o t a l revenues and receipts
.
._,..
70
Analysis, general and special accounts
1
Back taxes, 1940 and 1941
2
Carriers Taxing Act taxes. (See Carriers Taxing Act.)
Customs:
.
^
1789-1941 b y years
412
1932-41 by years
424
1932-41 by j^ears and 1941 by m o n t h s - .
.408
1934-41 (chart 2)
•
_
4
1940 and 1941
3
1941 b v districts
496
1941 by m o n t h s
^181941 and estimates for 1942 and 1943
71,669
1942 and 1943 (estimated) and 1941 (actual), percentage of
t o t a l receipts
70
Estimates for 1942 and 1943, discussion
.
83,90
E m p l o y m e n t taxes. (See E m p l o y m e n t taxes.)
Estimates:
1942 a n d 1943 by sources
71, 667
1942 and 1943, discussion..
• 68, 83
General and special accounts, 1932-41 by years and 1941 by m o n t h s ,
. summary
.
408
Income tax:
1863-1941 by years
412
.1916-41 by years
.
:
484
1932-41 b y years
424
1934-41 (chart 2)
4
1940 and 1941
2,482
1941 by m o n t h s
418
1941 b y States
-..494
1941 and estimates for 1942 and 1943
71,667
1942 and 1943 (estimated) and 1941 (actual), percentage of
t o t a l receipts
.
-.
^-70
I n c r e m e n t from reduction in weight of gold dollar. (See Gold.)
I n t e r n a l revenue:
1916-41 by years and by tax sources
484
1932-41 by years and 1941 by m o n t h s
_-__
408
1940 and 1941 by sources
482
1941 by States
494
Miscellaneous:
1789-1941 b y y e a r s . .
-."
412
1932-1941 b y years
424
1941 b y m o n t h s
.
418
1941 a n d estimates for 1942 and 1943
669
Miscellaneous internal revenue taxes:
1792-1941 by years
i
412
1916-41 by tax sources
485
1932-41 b y years
424
1934-41 (chart 2)
_-__.__-.
4
" 1940 and 1941 by sources
2, 482
1941 by m o n t h s
418
1941 by States
..---_
494
1941 and estimates for 1942 and 1943, classified
71, 667
1942 and 1943 (estimated) and 1941 (actual), percentage of
t o t a l receipts
-.
70
Public debt, 1941 by m o n t h s , and 1937-41 b y years, a n d classes
556
Railroad securities
130
Railroads. (See Railroads, Federal control of.)
Social Security Act taxes. (See Social Security Act.)




INDEX

709

Receipts-—Continued.
Page
Transfers (net) to Federal old-age and survivors insurance t r u s t fund:
1937-41 by years
-'
426
1937-41 by years and 1941 by m o n t h s
408
1941 by m o n t h s
418
T r u s t accounts'. (See T r u s t accounts.)
U n e m p l o y m e n t t r u s t fund. (See Unemployment t r u s t fund.)
Reconstruction Finance Corporation: '
<
Allotments of notes on subscriptions among Federal Reserve districts:
Series U, offered Apr. 9, 1941
352
Series V, offered Apr. 9, 1941
352
Assets and liabilities
--613
Borrowing power, increase
i_
32
Expenditures from funds provided by
438, 460
Lending a u t h o r i t y increased by P u b . Law 108, J u n e 10, 1941
354
Obhgations canceled by Secretary of Treasury
51
Offering of notes:
Apr. 9, 1941, series U
.
349
Apr. 9, 1941, series V - _ 349
Proprietary interest of United States in, by years, 1932-41
621
Securities guaranteed by United States outstanding J u n e 30, 1941
593
Securities owned by XTnited States
609
Securities received from, by Treasury, 1938-41, by years
623
Redemptions, public debt. (See Public debt, Operations.)
Refrigerators, mechanical, tax
483
Refunds. (See Expenditures.)
Regional agricultural credit corporations
.
_ _ 1 . _ 609, 614, 621
Relief expenditures. (See Expenditures.)
Relief funds. (See Emergency Relief Appropriation Acts.)
Relief projects, allocations, obligations, expenditures, and balances, by
d e p a r t m e n t s , bureaus, etc
.
502
Repealed taxes
'.
483
Research and Statistics, Division of:
Administrative report
268
Government Actuary
268
Revenue acts. (*See Taxes.)
Revenue legislation, discussion
55
Revolving funds, expenditures:
1932-41 by years, classified
-_•
— —.
466
1932-41 by years and 1941 by m o n t h s
_
409
1941 by m o n t h s , classified
444
R F C Mortgage C o m p a n y :
Assets and liabilities
,
615
Capital stock owned by United States
609
Proprietary interest of United States in, by years, 1935-41
622
R u b b e r Reserve Company
'
609
R u m a n i a , obligations owned by United States. (See Foreign government
obligations owned by United States.)
Rural Electrification Administration
. - - - 436, 458, 503, 610, 613, 621
Russia, obligations owned by United States, status Nov. 15, 1941
611

Safe deposit boxes tax
-'
483, 486
Savings bonds. United States. (See Public debt.)
.
Second Liberty Bond Act, as amended, a m e n d m e n t of F e b . 19, 1941,
discussion
28, 60
Secret Service Division:
Administrative r e p o r t .
268
Arrests and cases disposed of, 1940 and 1941
271
Counterfeiting, money seized, 1940 and 1941
271
Educational campaign
^
269
Expenditures by States
480
Investigations of criminal and noncriminal activities, 1940 a n d 1 9 4 1 .
271
Slug manufacturers a n d dealers, prosecution of
269
Secretary of Agriculture authorized to borrow money on credit of United
States
594




710

INDEX

Secretary of T r e a s u r y :
Page
Announcement, M a y 1, 1941, appointing American member to board
to administer Chinese stabilization funds
.
358
Corporations and agencies, financial s t a t e m e n t s
112
Statements:
Dec. 27, 1940, announcing completion of stabilization arrangem e n t between United States and Argentina
.-_359
Apr. 25, 1941, announcing signing of stabilization arrangement
involving purchase of Chinese yuan
358
Secretaries, Under Secretaries, and Assistant Secretaries of Treasury Dep a r t m e n t , March 1933 to Nov. 15, 1941
xv
Securities (see also Public debt; Tax-exempt and taxable securities):.
Destroyed by Destruction Committee, n u m b e r a n d value
170
Guaranteed by United States. (See Contingent liabilities of United
States.)
Held by Treasurer, classified according to purpose for which held,
J u n e 30, 1940 and 1941
175
I n v e s t m e n t s held in t r u s t and special funds, by funds, J u n e 30, 1 9 4 1 - 135
Issued on credit of United States, outstanding J u n e 30, 1941, description
594
Owned bj^ United States:
1940 a n d 1941, s u m m a r y
i
50
1941 in detail
600, 609
Discussion
49
Foreign government obligations, (See Foreign government
obligations owned by United States,)
Receipts:
1932-41 by years
424
1941 by m o n t h s
-1
418
Reconstruction Finance Corporation obligations canceled^-.
51
Safekeeping of, by Division of Loans a n d Currency
164
Transactions by Register of Treasury
165
Seed, feed, drought relief, and crop production loans, obligations of farmers
for, owned by United States
609
Seigniorage. (See Silver.)
Settlement of W a r Claims Act of 1928 (see also Mixed Claims Commission; T r i p a r t i t e Claims Commission; W a r Claims Arbiter), Treasury
administration of claims under
^
123
Ship construction reserve funds:
Establishment under regulations by Secretary of Treasury
360
Taxation of
361
Silver (see also M o n e y ) :
Acquired by m i n t s a n d assay offices, classified
254
Assets and liabilities of Treasury, J u n e 30, 1940 a n d 1941
605,
Bullion:
1934-41, J u n e 30, stock
626
1941, J u n e 30, held in T r e a s u r y 628
1941, J u n e 30, stock, including coin
^
255
T a x on sales a n d transfers
222, 483, 485
Certificates:
I n circulation J u n e 30, 1913-41
-.
627
Issued,, redeemed, a n d outstanding
173
Stock, held bv Federal Reserve Banks, and in circulation, J u n e 30,
1941
!1
628
Coin, stock J u n e 30, 1941
255
Dollars: '
I n circulation J u n e 30, 1913-41
627
. Stock J u n e 30, 1913-41
.
626
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation, J u n e 30, 1941
628
Electrolyticahy refined b y M i n t Service
.
255
Industrial consumption, 1940 calendar year
256
Operations of Mint Service
254
Prices, 1 9 4 1 . - 255
Production, domestic, 1940 calendar y e a r - _ 255




INDEX

711

Silver—Continued.
Page
Seigniorage:
I n General F u n d balance:
1940 a n d 1941
•
_
606
1941 by m o n t h s
:
606
Receipts:
1932-41 by years
.
424
1935-41 by years
.
428
1935-41 by years and 1941 by m o n t h s
i
12, 410
1941 by m o n t h s
i
. 418, 422
Subsidiaiy coin:.
In circulation J u n e 30, 1913-41
627
Stock J u n e 30, 1913-41
626
Stock, held in Treasury, held by Federal Reserve Banks, and in
circulation, J u n e 30, 1941
.
628
Sinking fund. (See Public debt. Operations.)
Smuggling. (See Coast Guard.)
Snuff tax____ —
482
Social Security Act (see also I n t e r n a l Revenue Bureau, Accounts and Collections U n i t ) :
Appropriations and expenditures to J u n e 30, 1941
, 522
Depositaries of public moneys designated to handle benefit p a y m e n t
accounts and clearing accounts
103
Expenditures:
1936-39 combined, 1940, and 1941 by m o n t h s
..
514
Grants to States'and-administrative:
1936-41 by years
. . 460, 476
1940 and 1941, totals
8
1941 bv m o n t h s . •
438
1941, and t o t a l to J u n e 30, 1941
522
• Federal Insurance Contributions Act taxes (see also Internah Revenue
Bureau, Accounts and Collections Unit):
1936-39 combined, 1940, a n d 1941 by m o n t h s
512
1937-41 bv years
424
1940 and 1941
2,484
1941 by m o n t h s
418
1941 and estimates for 1942 and 1943
.
71
E s t i m a t e s for 1942 and 1943, discussion
82, 90
Federal Unemployment Tax Act taxes (see also Internal Revenue
Bureau, Accounts and Collections Unit):
1936-39 combined, 1940, and 1941 by m o n t h s
512
1937-41 by y e a r s . .
424
1940 and 1941
2, 484
1941 b y m o n t h s
418
1941 and estimates for 1942 and 1943
71
Credit allowance under Second Revenue Act of 1940
.
58
Estimates for 1942 and 1943, discussion
82, 90
Title V I I I taxes. '(>See Federal Insurance Contributions Act above.)
Title I X taxes. (See Federal Unemployment T a x Act above.)
Unemployment t r u s t fund. (See Unemployment t r u s t fund.)
Soft drinks tax
486
Special Claims Commission, United States and Turkey, awards and payments
128
Special Mexican Claims Commission, awards and p a y m e n t s - 129
Sporting goods tax
.
.
483
Stabilization fund:
1940 and 1941, J u n e 30
605
Argentine peso, arrangement to purchase
-1
^
53,359
Balance sheets, J u n e 30, 1940 and 1941, and supporting schedules
607
Chinese yuan, arrangement for purchase of
52, 358
Discussion
52
Earnings
_.^
.
608
Expenses
608
Gold, location of
607
Investments
608




712

INDEX

Stabilization fund—Continued.
Page
Legislation affecting, s u m m a r y
..
.
54
Powers relating to stabilization fund to be exercised to J u n e 30, 1943,
P u b . Law 142, June 30, 1941____
356
S t a m p taxes
'
.
2, 77, 88, 482, 485
States and municipalities:
G r a n t s to, under Social Security Act, 1936-39 combined,. 1940, and
1941 by months, classified.
516
Loans and grants t o l
1
.
438, 460
Securities, taxation of income from, test cases
47
Tax-exempt' and taxable securities, amount:
1941
1
.
--.629
Held in sinking funds J u n e 30, 1941.
629
Stationery supplies expenditures. (See Printing Division,)
Strategic and critical materials:
Acquisitions of
i
64
F u n d s from sales of, to be deposited to credit of appropriation..^
65
Procurement
...
267
Tungsten ore acquired to be sold for defense production purposes
65
Subsidiary silver.coin, (See Silver.)
Subsistence homesteads (see also F a r m Security Administration)
622
Sugar:
Export, tax refunds provided by P u b , No, 807, Oct, 8, 1940
366
Extension of taxes by P u b . No. 860, Oct. 15, 1940
:.-._
366
Taxes (see also Internal Revenue Bureau, Processing Tax Division)__ 2. 221,
222, 230, 483, 487
Sui3plementa7;y sinking fund for p a y m e n t of bonds of Philippines
158
Surplus Marketing Administration, surplus commodity s t a m p transactions
for
.
.
.
97
Surplus or deficit of receipts and expenditures: .
1789-1941 by years
.
413
1916-41 by years
:
L
586
1932-41 by years
.
454
1932-41 bv vears and 1941 bv m o n t h s - .
409
1940 and 1941
1
.
.
11
1941 and estimates for 1942 and 1943
681,684
Surplus property:
Securities on account of sales of:
Held by Treasurer, J u n e 30, 1940 and 1941
175
Owned by United States
.. .
609
Securities received on account of sales, owned by United States
1929-41
622
T
T a x Appeals, United States Board of, cases disposed Of in Office of Chief
Counsel, Bureau of I n t e r n a l R e v e n u e - - .
244
T a x Research, Division of, administrative report
•
_
272
Taxable securities. (See Tax-exempt and taxable securities.)
Taxes, discussion (see also Expenditures, Refunds; I n t e r n a l Revenue
B u r e a u ; Receipts; titles of particular taxes):
, Aircraft and vessel contracts, governmental
.
58
Capital stock, estimates for 1942 and 1943
75, 87
Carriers Taxing Act. (/See Carriers Taxing Act.)
Corporation income tax, changes in:
Excess Profits Tax Act of 1940
55
Excess Profits Tax A m e n d m e n t s of 1941
59
Second Revenue Act of 1940.
:
55
E s t a t e , estimates for 1942 and 1943
.
76, 87
Estimates for 1942 and 1943
70, 83
Excess profits, estimates for 1942 and 1943
71, 73, 85
Excess Profits T a x Act of 1940
55
Excess Profits Tax Amendments of 1941
.:
-.
59
F u t u r e issues, of United States obligations taxed by P u b . Law 7, F e b .
19, 1941
337




INDEX

"

713

T a x e s , discussion—Continued.
^
Page
Income:
.
^
'
Back-..
_:
75,86
Estimates for 1942 and 1943
72, 84
Exemption of United States obligations removed
60
Increases in revenue
3
Interest on future issues of United States obligations taxable
46
Miscellaneous internal revenue, estimates for 1942 and 1943
75, 87
Public D e b t Act of 1941
60
Revenue legislation enacted in 1941
55
Second Revenue Act of 1940
55
Social Security Act. (See Social Security Act.)
S u m m a r y of 1941 laws affecting internal revenue
60
Unjust enrichment, estimates
71, 74, 86
Tax-exempt securities:.
Exemption of United States obligations removed, by Public Debt Act
of 1 9 4 1 . . .
.
60
Government issues, provisions of
548
Outstanding a m o u n t , wholly and partially, F e b . 28, 1941, by type of
exemption and by agencies, s u m m a r y
48
Tax-exempt and taxable securities:
Held by Federal Reserve Banks, amount, J u n e 30, 1915-41
632
Held by governmental funds, etc., a m o u n t , J u n e 30, 1913-41
634
Held by United States Government, Federal t r u s t funds, and agencies,
a m o u n t , J u n e 30:
1913-41 by tax-exemption status
630
1941
:
'.
629
Held in sinking, trust, and investment funds of States, etc., amount
J u n e 30:
1913-41 by tax-exemption status
633
1941
L
•
629
Outstanding amount, J u n e 30:
1913-41 by tax-exemption s t a t u s a n d t y p e of i s s u e r . .
630
1941 by tax-exemption s t a t u s and t y p e of issuer
629
Privately held, a m o u n t , J u n e 30:
1913-41, by years
.
636
1941
.
,
.
629
Telegraph, telephone, cable, a n d radio facilities, etc., tax^
. 2, 483, 486
Tennessee Valley Associated Cooperatives, Inc
.
609, 615, 622
Tennessee Valley Authority:
Assets and liabilities
613
Expenditures
440,462
Proprietary interest of United States in, b y years, 1934-41
621
Securities guaranteed b y United States, held b y Treasury J u n e 30,
1941
.
593
Securities issued on credit of United States outstanding J u n e 30, 1941 _ .
594
Territories a n d insular possessions, tax-exempt' a n d taxable securities,
a m o u n t , outstanding J u n e 30, 1941
'.
629
Tobacco manufacturers taxes (see also I n t e r n a l Revenue Bureau, Mis- ^
'cellaneous Tax Unit)
2, 77, 87, 221, 222, 482, 486
Toilet preparations t a x
.__
483
T r a d e agreements. (See Customs Bureau.)
Treasurer of United States:
Accounts simplified. P u b . Law 832, Oct. 10, 1940
356
Administrative report
.
171
Currency Redemption Division
174
Expenditures, 1941, by S t a t e s . . .
480
Treasury bills. (See Public debt.)
Treasury bonds. (See Public debt.)
Treasury, condition of, J u n e 30, 1940 a n d 1941
._
605
Treasury D e p a r t m e n t (see also Circulars, Orders; Personnel):
Accounts, description of
:
406
Administrative a n d staff officers, Nov. 15, 1941
xvi
Allocations to projects, obligations a n d expenditures to J u n e 30, 1941,
under Emergency Relief Appropriation Acts
504




714

INDEX

TreasuryDepartment-—Continued.
Page
Appropriation estimates submitted t o Budget a n d I m p r o v e m e n t
Committee
176Expenditures:
1932-41 by years
•
456
1941 bv months
.
432
1941 a n d estimates for 1942 a n d 1943
..._
678, 679
Activities by States
^
478
Lend-lease
443, 464
National defense.
442, 464
Under Emergency Relief Appropriation Acts, April 8, 1935, to
J u n e 30, 1941, by years
500
Organization (chart 1)
^_
xx
Organization a n d procedure changes:
Discussion
67
Orders relating to
393
Survey of ownership of securities issued or guaranteed by United
States
--38, 600
Treasury notes. (See Public debt.)
Treasury notes of 1890:
I n circulation June 30:
1913-41
. 627.
1941
_--628
Redeemed and outstanding
.
173
Tripartite Claims Commission, awards entered against H u n g a r y
._
128
Treasury savings securities. (See Public debt.)
T r u s t accounts (see also titles of particular funds):
Credits of tax collections to
484
Discussion
^11
Expenditures:
1932-41 by years
•.
470
1932-41 b y years a n d 1941 b y m o n t h s
12,411
1940 and 1941 s u m m a r y
.
„ 172
1941 by months, classified
446
Explanation of
407
Holdings of direct a n d guaranteed securities, bv accounts and call
classes, J u n e 30, 1 9 4 1 . . I
....
4.2
I n v e s t m e n t s held in t r u s t and special funds, by funds, J u n e 30, 1 9 4 1 . .
135
T< pppi"r)ts"

1932-41 by years, classified
_
•
426
, 1932-41 by years and 1941 by m o n t h s
12,410
1940 and 1941 s u m m a r y
172
1941 by months, classified
418
1941 and estimates for,1942 and 1943
682
Securities held by Treasurer J u n e 30, 1940 and 1941
—-.
175
Special Goveriiment issues for. (See Public debt.)
Tax-exempt securities held in. (See Tax-exempt securities.)
T r u s t funds, balances to be transferred to surplus fund of Treasury under
P u b . Law 62
.
.401;
T u r k e y , Special Claims Commission, U n i t e d ' S t a t e s a n d Turkey, awards
. and payments
129
U
U n e m p l o y m e n t t r u s t fund (see also Public debt. Special issues):
Amounts credited to each State agency and railroad unemployment
insurance account, a n d withdrawals, J u n e 30, 1941
147
Deposits bv States:
1936-41 b y years
>..
426
1936-41 b y years and 1941 by m o n t h s
12
1941 by m o n t h s
420Discussion. . .
145
Expenditures:
1936-41 by years
470'
1936-41 by years and 1941 by m o n t h s - .
12,411
1941 by m o n t h s
446'




INDEX

715

U n e m p l o y m e n t t r u s t fund-—Continued. Page
•Railroad unemployment insurance account:
1942 and 1943 (estimated) and 1941 (actual), receipts, percentage of total
.,
70
Discussion
•
145
Estimates for 1942 a n d 1943, discussion
.
83, 90
Expenditures:
1940 a n d 1941
470
1941 b y m o n t h s
.
446
1936-39 combined, 1940, and 1941 by m o n t h s
512
1940 and 1941 by years
_. 424,426
1941 by m o n t h s
418,420
Status, J u n e 30, 1941
148
Receipts, 1936-41 by years and 1941 by m o n t h s
--410
Receipts a n d expenditures, sum.mary, 1936-41
147
S t a t e m e n t of, J u n e 30, 1936-41
..
521
Status J u n e 30, 1941
146
United States Government life insurance fund. (See Government life
insurance fund.)
United States Housing A u t h o r i t y :
Allotments of notes series E on subscriptions among Federal Reserve
districts
349
Assets and liabilities
613
Expenditures
433, 460, 657
Offering of notes series E, Oct. 24, 1940
.
348
Proprietary interest of United States in, by years, 1938-41
621
Securities guaranteed by United States outstanding J u n e 30, 1941
593
Securities owned by United States
'
609
United States Housing Corporation.
609, 622
United States Maritime Commission:
Assets and liabihties
613
Expenditures:
1932-41 by vears
i
464
1933-41___:
-476
1941 by m o n t h s
-,
442
Proprietary interest of United States in, J u n e 30, 1937-41
621
Securities guaranteed by United States
593
United States n o t e s : .
I n circulation June 30, 1913-41
627
Issued, redeemed, and outstanding
173
Stock June 30, 1913-41
L
626
Stock, held in Treasurv, held by Federal Reserve Banks, and in
circulation, June 30, 1941
628
United States notes and Treasury notes of 1890, gold reserve against, in
Treasury, June 30:
1913-41
624
, 1940 and 1941
605
United States Railroad Administration
622
United States savings bonds. (See Public debt.)
United States Spruce Production Corporation
609, 622
Unjust enrichment tax
2, 482, 484, 494
V
Veterans' Administration expenditures:
1932-41 by years
1933-41 by years
1934-41 (chart 3^
1940 and 1941, totals
1941 by months
Victory notes. (See Public debt.)




•
.
•.-..
-

462
476
9
8
440

716

INDEX
• w

• .
Page

W a r Claims Arbiter, awards on account of claims of German and H u n garian n a t i o n a l s .
:
War emergency corporations
^
J
614,
Wines t a x
.
Work Projects Administration:
Allocations, expenditures, and balances
Expenditures:
1936-41 by years
.
-_
194;1 by m o n t h s
1941 by States
.
,
.

.

.

,

_

.

•

•

Y

Yugoslavia, obligations owned by United States.
m e n t obhgations owned by United States.)




.

••

o

(See Foreign govern-

126
622
482
506
460
438
657