Full text of Press Releases of the United States Department of the Treasury : Volume 32

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LI P R A R Y
PATMWI 5030

JUN 141972

TREASURY DEPARTMENT

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Establishment
of a new liaison office between the forty-three field
Procurement Officers and the Procurement bivision in Washington was announced
tody Fi# the Treasury Department.

This new office designated as the Field

Inspection Division began operation on September 3, 1940.
The primary function of the Field Inspection Division is the coordination,
simplification and standardization of the activities of the field Procurement
Officerss\who in the past have been functioning independently under the general
supervision of the Director of Procurement.

These officers, located advantageously

throughout the United States, make purshcaes for the Emergency Relief activities
and the National Youth Administration.

Their purchases, which range from road­

building and construction materials to clothing and foodstuffs, amounted to
$233,700,000 during 1939.
The Field Inspection Division, under the new plan, vail conduct regular
and periodic surveys of the variouSffices in order to coordinate wmtor pur.-- g

r
'~

WMMWP

chasing activities, simplify '*ftr procedure and standardize * N » specifications
and forms.

The surveys will be performed by six or seven men highly trained in

all phases of procurement work.
Mr. A. J. Walsh, chief of the Emergency Branch, formerly in charge of the
regional procurement office at Boston, Massachusetts, 305X131 will have supervision

yi

the Field Inspection Division.

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TREASURY DEPARTMENT
Washington
Press Service
No, 22-0

FOR IMMEDIATE RELEASE
Friday, September 6, 1940

Establishment of a new liaison office between the fortythree field Procurement Officers and the Procurement Division in
Washington was announced today by the Treasury Department.

This

new office designated as the Field Inspection Division began
operation on September 3, 1940
The primary function of the Field Inspection Division is the

of the field Procurement Officers, ?/ho in the past have been
functioning independently under the general supervision of the
Director of Procurement.

These officers, located advantageously

throughout the United States, make purchases for the Emergency
Relief activities and the National Youth Administration,

Their

purchases, which range from road building and construction
materials to pi othing and foodstuffs, amounted to ^233,700,000
during 1939.
The Field Inspection Division, under the new plan, will conduct
regular and periodic surveys of the various offices in order to
coordinate purchasing activities, simplify procedure and stan­
dardize specifications and forms.

The surveys will be performed

by six or seven men highly trained in all phases of procurement
wo rk.
Mr. A. J. Walsh, chief of the Emergency Branch, formerly in charge of the regional procurement office at Boston, Massachusetts,
will have supervision of the Field Inspection Division.
-oOo-

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
’

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}\^

Press Service
ho.
— /

0

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
September 3, 1940, the amount of $87,168, representing payment by the Greek
Government to the Government of the United States of 4$^jif the semi-annual
interest amounting to $217,920 due on November 10, 193S, on the

loan of

1929 made to the Greek Government by the United States under the agreement
of May 10, 1929*
This amount has been received by the Treasury in the same manner
as 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 which are set forth in Part II of the debt agreement
of May 10, 1929, and in accordance with the position of' the United States
as stated in the note addressed by the Secretary of State to the Greek
Minister at Washington on February S, 1936.

0O 0

TREASURY DEPARTMENT
Y/ashington

EOR IMMEDIATE RELEASE
Friday, September 6, 1940•

Press Service
No. 22-1

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 September 3, 1940, the amount of $87,168, repre­
senting payment by the Greek Government to the Government of the
United States of forty per cent of the semi-annual interest amount­
ing to $217,920 due on November 10, 1938, on the four per cent loan
of 1929 made to the Greek Government by the United States under the
agreement of May 10, 1929.
This amount has been received by the Treasury in the same
manner as 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 which are set forth
in Part II of the debt agreement of May 10, 1929, and in accordance
with the position of the United States as stated in the note
addressed by the Secretary of State to the Greek Minister at Wash­
ington on February 8, 1936.

-0 O 0 -

TRBASURT DBPAHTMSHT
Washington

Press Service
No,

TOR r e l e a s e , s o w s © h e s s p a p e r s ,
Tuesday. 3epte«bar 10. 1940 ..

9/ 5/40
ths Secretaiy of the Treasury announced last evening that the tenders
for $100,000,000, or thereabouts, of 91-day Treasury bills, to be dated
September U

and to nature December 11, 1940, *»lch were offered on

September 6, 1940, eere opened at the Federal Ressrve Bank* on September 9.
The details of this issue are as follows!
Total applied for * $255,51®#000
Total accepted
— $100,120,000
Bangs of accepted bids!

TfJ *
Lwf1
”
Average price -

*1ftA
99)988 Equivalent rate approximately 0.047 percent

99.990

«

"

*

°-038

(12 percent of the amount bid for at the low price was accepted)

1

TREASURY DEPARTMENT
Washington

Press Service
No. 22-2

FOE RELEASE, HORNING NEWSPAPERS
'Tuesday, September 10, 1940*___

The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of^91-day Treasury bills,
to be dated September 11 and to mature December 11, 1940> which were
offered on September 6, were opened at the Federal Reserve Banks on
September 9.
The details of this issue are as follows:
Total applied for - $255*518,000
Total accepted
- 100,120,000
Range of accepted bids:
High..

- loo..

Average price jjo w

•

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.'.

- •

■

■

v

99.988 Equivalent rate approximately 0.047 percent
99.990
”
”
”
0.038

(12 percent of the amount bid for at the low price was accepted)

-oOo-

2
•
6
Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

Established Quota
: Period & Country : Quantity

Calendar year
Venezuela
Netherlands
Colombia
Other countries

Molasses and sugar sirups,
containing soluble nonsugar
solids equal to more than
6% of total soluble solids Calendar year

y

: Unit of
: Quantity

1,869,014,616
527,691,192
103,978,560
98,779,632

Gallon
it
it
it

1,500,000

Gallon

: Imports as of
: Aug. 31. 1940

922,751,940
442,491,741
15,373,723
(Tariff rate
quota filled)

(Tariff rate
quota filled)

- The collectors of customs have been Instructed to collect estimated duties at the
full tariff rate of 2-1/2 cents per pound on imports of cattle weighing less than 200
pounds each entered for consumption or withdrawn from warehouse for consumption during
the period September 12 to December 31, 1940, pending fulfillment of the current tariff
rate quota.
As soon as the quota status of such imports can be determined, the collectors of
customs will be advised as to the rates of duty applicable to particular importations
and refunds will be made of excessive duties deposited on importations which come within
the quota.
-oOo

yvvv

^
f W W A S I M

* t f/ ? * ? ¥ #

The Bureau of Customs announced today preliminary figures for imports of commodi­
ties within quota limitations provided for under trade agreements, from the beginning
of the quota periods to August 31, 1940, inclusive, as follows:

Commodity
Cattle less than 200
pounds each
Cattle, 700 pounds or more
(other than dairy cows)

:
Established Quota
: Period & Country : Quantity

Calendar year
Quarter year
from July 1
Canada
Other than Canada

: Unit of
: Quantity

100,000

Head

51,720
8,280

Head

n

: Imports as of
: Aug. 31, 1940

92,603 1/

17,913
(Tariff rate
quota filled)

Whole milk, fresh or sour

Calendar year

3,000,000

Gallon

4,889

Cream, fresh or sour

Calendar year

1,500,000

Gallon

548

Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

15,000,000

Pound

6,778,626

90,000,000

Found

73,978,284

60,000,000

Pound

35,735,894

White or Irish potatoes
Certified seed
Other

Silver or black fox fur
units

12 months
from Sept. 15
12 months
from Sept. 15
12 months
from Dee. 1
Canada
Other than Canada

b
58,300

Unit

41,700

Unit

Cuban filler tobacco,
unstenmed or stemmed,
and scrap tobacco

Calendar year

22,000,000

Red cedar shingles

Calendar year

2,371,544

Pound
(Unsteznoed
equivalent)
Square

(import quota
filled)
(Import quota
filled)

13,136,514
1,941,873

TREASURY DEPARTMENT
Washington

I
1 EOR IMMEDIATE RELEASE
I Wednesday, September 11, 19^0
! ■*

Press Service
No. 2 m3

(The Bureau of Customs announced today preliminary figures for imports of oommodi-

■ ties within quota limitations provided for under trade agreements, from the beginning

I of thfe quota periods to August 31 $ 19^-0 , inclusive, as follows.

I

Commodity

j Cattle less than 200
pounds each
■ Cattlfe, 700 pounds or more
(other than dairy cows)

Established Quota
: Period & Country : Quantity

Calendar year
Quarter year
from July 1
Canada
Other than Canada

; Unit of
: Quantity

100,000

Head

51,720
<8,280

Head
u

: Imports as of
: Aug. 3 1 . 19^0

92,603 1 }

17,913

(Tariff rate
quota filled)

d
■

Whole milk, fresh or sour

Calendar year

3,000,000

G-allon

U.8S9

Dream, fresh or sour

Calendar year

1,500,000

Gallon

5hs

1

Calendar year

15,000,000

Pound

6,778,626

90.000.

Pound
000

73,973,28!+

60.000.

Pound
000

3 5 .735.S 91!

I Ifish, fresh or frozen
filleted, etc., cod,
■ f haddock, hake, pollock,
cusk and rosefish
1

B
if
■

White or Irish potatoes
Certified seed
Other

■ Silver or black fox fur
H- units

i

12 months
from Sept. 15
12 months
from Sept. 15
12 months
from Dec. 1
Canada

Other than Canada

5^,3^0

Unit

hi ,700

Unit

gy;.' Cuban filler tobacco,
^
unstemmed or stemmed,
K
and scrap tobacco

Calendar year

22,000,000

Red Cedar shingles

Calendar year

2,371*3**

(Import quota
filled)
(import quota
filled)

Pound
(Unstemmed
equivalent)
Square

1,9^1,-873

Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

Established Q.ucta
' Period & Country : Quantity

Imports as of
T.Tnit of
Aug.
31, 1940
Quant
ity:
:

%lalenda.r year
Venezuela
Netherlands
Colombia.
Other countries

Molasses and sugar simps,
containing soluble nonsugar
solids equal to more than
6$ of total soluble solids Calendar year

1,869,014,616
527,691,192
103,978,560
98,779,632

G-allon
ti
it
it

922,751,940
442,491,741
15,373,723
(Tariff rate
quota filled'*

1,500,000

G-allon

(Tariff rate
quota, filled)

1 / _ 7he collectors of customs have "been instructed to collect estimated duties at
"the full tariff rate of 2-l/2 cents per pound on imports of cattle weighing less^than
200 pounds each entered for consumption or withdrawn from warehouse for consumption
during the period September 12 to December 31, 1940, pending fulfillment of the
current tariff rate quota.
As soon as the quota status of such imports can be determined, the collectors
of- customs will be advised as to the rates of duty applicable to particular im­
portations and refunds will be made of excessive duties deposited on importations
which come within the quota.
-ooOoo-

PREBft-flSffffASTT
The Bureau of Customs announced today preliminary figures for imports of
commodities within the quota limitations provided for under the Philippine
Independence Act, as amended, and the Philippine Cordage Act of 1935, from the
beginning of the quota periods to August 31, 1940 , inclusive, as follows:

Products of
Philippine Islands

:
:

Established Quota
Quantity
Period
:

:Unit of :Imports as of
:Quantity:Aug .31,1940

Coconut oil

Calendar year

448,000,000

Pound

236,819,221

Refined sugars

Calendar year

112,000,000

Pound

91,914,123

Sugars other than refined

Calendar year

1 ,792,000,000

Pound

1,231,531,067

Cordage

12 months
from May 1, 1940

6,000,000

Pound

2,104,424

Gross

636,909

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

4,500,000

Hfcimber

Pound

125,090,521

2,048,140

TREASURY DEPAIiTSvRKT
Washington

TOR IMMEDIATE RELEASE

PreTss Service

Thursday, September 12, 1940

• 22-4

The Bureau of Customs announced today preliminary' figures for imports of
commodities within the quota limitations provided for under the Philippine
Independence Act* as amended, and the Philippine Cordage Act oi 1935* from tne
beginning of the quota periods to August 31* 1940* inclusive, as lollov/s:

Products of

Philippine Islands

:______ Established ^uota________ sUnit of jImports as of

:

tAug,31,1940 ...

Quantity

Period

Coconut oil

Calendar year

440 *000,000

pound 1

Refined sugars

Calendar year

112,000,000

Pound

91,9X4,123

Sugars other than refined

Calendar year

1,792,000,000

pound

1,231,531,067

Cordage

12 months
from l.Iay 1, 1940

6,000,000

Pound

2,104*424

Gross

636,909

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

4,500,000

-oOo-

Humber

Pound

236,819,221

125,090,521

2,048*140

DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
_____________ AUGUST 31, 1940_______ __ __________.

Nflmp and Location of Bank:

Nature of
Dividend:

The Gadsden National Bank
Gadsden, Alabama
Final
Albany Park NB & Tr. Co., of
Chicago, Illinois
Final
The Ravenswood Nat*l Bank
Chicago, Illinois
Final
The Pioneer Nat*l Bank of
Waterloo, Iowa
Final
The Citizens Nat*l Bank of
Faribault, Minnesota
Final
The Atlantic City Nat’l Bank
Atlantic City, N. J.
Final
The Peoples Nat’l Bank of
Lakewood, Hew Jersey
Final
The Southwestern Nat’l Bank of
Philadelphia, Pa.
Final
The First National Bank of
Pitcairn, Pa.
Final
The First National Bank of
Shenandoah, Pa.
Final

Date
Authorized:

Number and
Percentage
of Dividend
Authorized:

Distribution
of Funds by
Dividend
Authorized:

Total
Percentage
Authorized
Dividends Number of
to Date:
Claimants:

$

Amount
Claims
Proved:

625,900.00

51,800.00

5 3 .77 %

1,850

8.88%

1 3 1 ,000.00

71.88%

10,445

1,475,200.00

5th

16.22%

68,000.00

86.22%

4,087

416,000.00

8-27-40

5th

5.54%

88,800.00

58.54%

5,011

1,600,000.00

8-14-40

4th

7.54%

66,700.00

45.54%

2,308

884,000.00

8-1 -4 0

2nd

3.42%

228,900.00

8.42%

6,441

6,691,600.00

8-19-40

4th

10.04%

117,800.00

70.04%

4,282

1,173,100.00

8-21-40

4th

9.8 %

92,500.00

69.8 %

2,076

944,200.00

8-26-40

5th

15.8 %

110,929.00

97.8 %

2,228

702,083.00

8—28—40

5th

4.74

84,000.00

80.74%

5,927

1,771,700.00

8-5-40

5th

8.27%

8-15-40

5th

8-27-40

$

treasury department

Comptroller of the Currency
Washington

FOB BELEASB, MORHIHG NE/fSPAPEBS

Preas Se^

C®

/
2
'f^

(

During the month ended August 31? 1940? authoriza­
tions were issued to receivers for payments of dividends in ten
insolvent national banks.

Dividends so authorized will effect

total distributions of |1,040,429 to 44,655 claimants who have
proved claims aggregating $16,283,783, or an average percentage
payment of 6.39$.

The smallest and largest individual dividend

percentages authorized were 3.42$ and 16.22$, respectively, while
the smallest and largest receivership distributions were $51,800,
and $228,900, respectively.
for final dividend payments.

The ten dividends authorized were
Dividend payments so authorized

during the month ended August 31, 1940, were as follows:

. TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS
Friday, September 13 < 1940.

Press Service
• 22-5

During the month ended August 31, 1940, authorizations were
issued to receivers for payments of dividends in ten insolvent national
banks.

Dividends so authorized will effect total distributions of

$1,040,429 to 44,655 claimants who have proved claims aggregating

$16,283,783, or an average percentage payment of 6.39$.

The smallest

and largest individual dividend percentages authorized were 3.42J>
and 16.22$, respectively, while the smallest and largest receivership
distributions were $51,800, and $228,900, respectively*
dividends authorized were for final dividend payments.

The ten
Dividend

payments so authorized during the month ended August 31, 1940, were
as follows *

DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL'
BANKS AUTHORIZED DURING- THE MONTH ENDED
______________ AUG-UST TL. I QUO_____________________

Uamp

Location of Bank:

Nature of
Dividend:

The Gadsden National Bank
Final
Gadsden, Alabama
Albany Park NB & Tr. Go., of
Chicago, Illinois
Final
The Ra.venswood Nat *1 Bank
Final
Chicago, Illinois
The Pioneer Nat’l Bank of
Final
Waterloo, Iowa
The Citizens Nst’l Bank of
Final
Faribault, Minnesota
The Atlantic City Nat’l Bank
Atlantic City, N. J.
Final
The Peonies Nat’l Bank of
Final
Lakewood, New Jersey
The Southwestern Nat’l Bank of
Final
Philadelphia, Pa,
The First National Bank of
Final
Pitcairn, Pa.
The First National Bank of
Final
Shenandoah, Pa.

Date
Authorized:

Number and
Percentage
of Dividend
Authorized:

Distribution
of Funds by
Dividend
Authorized:
’
$

Total
Percentage
Authorized
Dividends
to Date:

Number of
Claimants:

*

Amount
Claims
Proved:

__ P,

525,900.00

51 ,goo. 00

53-77%

1.550

8.88$

131 ,000.00

71 .88$

10,445

1 ,475,200.00

5 th

16 *225b

68,000.00

86.22$

4,087

. ^
.
415,000.00

g_27-RC

5th

5.54%

88,800.00

*
58.54$

5,011

*. . ... ..
1,500,000.00

g_l4-40

4th

7 .54$

66,700.00

45.5^$

2,308

884,000.00

8-1-40

2nd

3.42$

228,900.00

8.42$

6,441

6,691,600.00

g— 19-UO

4th

10.04$

117 ,800.00

70.04$

4,282

1 ,173 ,100.00

8-21-40

4th

9.8 $

92,500.00

69.8 $

2,076

944,200.00

g_26-40

5th

15 .g $

110 ,929.00

97.8 Jf

2,228

702,083.00

8-28-40

5th

4 .7**$

SR,000.00

80.74$

5,927

1 ,771 ,700.00

8-5-40

5th

g.27^

8-15-40

5th

g-27-Uo

,

$

The distilled spirits industry mas invited

to attend an open hearing on October 3 and

present

by the WJpWPST today

MSk

its arguments for and

against the authorization of a four-fifth pint package for all classes of distilled

spirits#
Regulations of the

3

M

Bureau now p e m i t this size

container fat-brandy, rum, Scotch and Irish vhiskey, but excludes gin and American-

whiskies.
The A

Federal Alcohol Administration conducted jiihimirtR*

on this subject before the general reorganization

had

hearing*

but no decision

Jbt
Alcohol Tax Unit

been reached at the tune it^

oi the Internal Revenue Bureau on July

U

Since that time

requests have been

fitlUAAj
received ui£ng the authorization of a four— fifths pint, offset by a oorrtu

asking that the present regulations be left undisturbed*

The hearing m i l be held in the auditorium of the Federal Archives

Building, Uinth(&>ennsylvania Avenue, northwest, at 10.00 A.M., before Stewart

Ay

J

Berkshire, Deputy Commissioner of Internal Revenue, in charge of the Alcohol Tax

Unit.

TREASURY DEPARTMENT
Washington
Press Service
No, 22-6

FOR RELEASE, MORNING NEWSPAPERS
Friday, September 13, 1940.____

The distilled spirits industry was invited by the Bureau of
Internal Revenue today to attend an open hearing on October 3 and
present its arguments for and against the authorization of a fourfifth pint package for all classes of distilled spirits.
Regulations of the Bureau now permit this size container for
brandy, rum, Scotch and Irish whiskey, but excludes gin and Americantype whiskies.
The Federal Alcohol Administration conducted a public hearing
on this subject before the general reorganization but no decision
had been reached at the time its functions were transferred to the
Alcohol Tax Unit of the Internal Revenue Bureau on July 1.

Since

that time, requests have been received urging the authorization of
a four-fifths pint, offset by others asking that the present
regulations be left undisturbed*
The hearing will be held in the auditorium of the Federal
Archives Building, Ninth Street and Pennsylvania Avenue, Northwest,
at 10:00 A,M., before Stewart Berkshire, Deputy Commissioner of
Internal Revenue, in charge of the Alcohol Tax Unit,

-oOo-

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF AUGUST. 1940___________

Date of
Name and Location of Banks. Failures
Athol National Bank
S-3-33
Athol, Massachusetts
State National Bank in
Lynn, Massachusetts
12-23-31
First National Bank
12-23-33
Wyandotte, Michigan 1/
Britton & Koontz Nat* 1 Bank
7-1-33
Natchez, Mississippi
First National Bank
3-5-34Lyndhurst, New Jersey
Pulaski National Bank
7-11-32
Pulaski, New lork
New Holland Nat*l Bank 2/
New Holland, Pennsylvania 5- 3 1 -3 9
Citizens National Bank,
10-30-31
Philippi, West Virginia
1/

Total
Disbursements
Including
Offsets Allowed:

$

Per Cent
Dividends
Declared
to All
Claimants:

1 ,4 .
50 ,0 8 2.0 0

8 3 .57 %

1,730,021.00

73.685%

Capital
Stock at
Date of
Failure:

|

10 0 ,000.00

Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to shareholders:

$

000

200 ,000.00

000

875,005.00

111.32%

1 5 0 ,000.00

67,087.00

1 ,6 1 6 ,72 4 .0 0

65.15%

10 0 ,000.00

000

1 ,220 ,388.0 0

89.77%

10 0 ,000.00

000

1 ,3 9 4 ,49 0 .0 0

77.16%

75,000.00

000

88,672.00

82.53%

1 2 5 ,000.00

000

632,933.00

71.78%

50 ,000.00

000

Shareholders agent elected to continue liquidation after payment by receiver of principal and interest
in full to creditors.

2/

Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold,
or to complete unfinished liquidation*

l@g€

treasury department

Comptroller of the Currency
Washington

Press Service

During the month of August, 1940 j the liquidation of
eight Insolvent National Banks was completed and the affairs of
such receiverships finally closed*
Total disbursements, including offsets allowed, to
depositors and other creditors of these eight receiverships,
amounted to #9,008,320, while dividends paid to unsecured
creditors amounted to an average of 7^*46 percent of their
claims*

Total costs of liquidation of these receiverships

averaged 7*39 percent of total collections from all sources
including offsets allowed*
Dividend distributions to all creditors of all active
receiverships during the month of August, 1940, amounted to
#1,166,207*

Data as to results of liquidation of the receiver­

ships finally clos ed during the month are as follows •

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

EOR RELEASE, MORNING NEWSPAPERS
Saturday, September l4, 1940

Press Service
No. 22-7

During the month of August, 1940, the liquidation of
eight Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these eight receiverships,
amounted to ^9,008,320, while dividends paid to unsecured
creditors amounted to an average of 78.46 percent of their
claims.

Total costs of liquidation of these receiverships

averaged 7-39 percent.of total collections from all sources
including offsets allowed.
Dividend distributions to all creditors of all e.ctive
receiverships during the month of August, 1940, amounted to
ipl,l66,207.

Data as to results of liquidation of the receiver­

ships finally closed during the month are as follows:

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
___________DURING- THE MONTH OF AUGUST. 1QLO___________

Name and Location of Bank:

Date of
Failure:

Athol National Bank
Athol, Massachusetts
8-3-33
State National Bank in
12- 23-31
Lynn, Massachusetts
First National Bank
Wyandotte, Michigan 1/
12-28-33
Britton & Koontz Nat’1 Bank
Natchez, Mississippi
7-1-33
First National Bank
Lyndhurst, New Jersey
3- 5- 3^
Pulaski National Bank
7-11-32
Pulaski, New York
New Holland Nat1! Bank, P/
New Holland, Pennsylvania' 5-31-39
Citizens National Bank,
Philippi, West Virginia 10- 30-31

Total
Disbursements
Including
Offsets Allowed?

$

Per Cent
Dividends
Declared
to All
Claimants:

1 ,1*50,082.00

83-57$

1 ,730,021.00

73.685$

Cash,Assets,
Uncollected Stock
Assessments, etc.
Returned to share­
holders:

Capital
Stock at
Date of
Failure

$

100,000.00

$

000

200,000.00

000

875,005.00

111.82$

150,000.00

67,087.00

l,6l6,72U.OO

65.15$

100,000.00

000

1 ,220,388.00

89.77$

100*.000.00

000

i,39L,L90.oo

77.16$

75 ,000.00

000

88,672.00

82.53$

125,000.00

000

632,93s. 00

71 .72$

50,000.00

000

1J

Shareholders agent elected to continue liquidation after payment by receiver of principal a.nd interest
in full to creditors,

2/

Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold,
or to complete unfinished liquidation.

■

jimm
• §«

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WIMPWP

(Signed) Herbert S. Gaston

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- 2 p o s s e s s i o n s of the United States (including the Philippine

Islands) and the Canal Sons*
Following receipt of word of the Improper use of the
American flag fro© United States consular officers, Coast
Guard officers c o w u n i e a t e d with representatives of the Bulk
Carrier Corporation*

The agents asserted that they had

received a letter fro© the then master of the HOKBELAlfD on
June 3, stating that, on his own initiative, he had painted
the American flag on the side of the vessel during the
voyage from Colombo to Liverpool*

Upon receipt of the letter,

the agents said, they sent cabled orders for the removal of
the painted flag and discharged the master*

The 0GRSELAHD

arrived in Hew fork on July 12 and went into drydock there.
The text of the Treasury Department order is as follows s

For Saturday A M fs

Secretary Morgenthau announced today that the Treasury
Department has served notice on the master, agents, broker
and owner of the Panamanian motor vessel BORSELAHB that the
ship must depart forthwith from Hew York harbor and not re­
enter American waters for three months.
Improper use of the American flag on a voyage from
Colombo, Ceylon, to Liverpool, England, in April and while
proceeding up the Mersey River at Liverpool in June, in
violation of Section 14(a) of the neutrality Act of 1939, is
charged in the notification.
The order to depart from American waters was delivered
to the present master of the vessel,^the Bulk Carrier

.ag

Corporation, 80 Broad Street, Hew York City, agentsj ^the Ocean
Company , 80 Broad Street, Hew York
Freighting and. Brokerage Comp
Gl C r W
AM, 3
City, broker, efPfe %ne~Horseland Steamship Company of Panama
City, Panama,

o w n e r tik i fyL-kj^i *

Transit of the Panama Canal will be denied to the
HORSELAHD during the period in which the penalty is operative •
Ports or territorial waters of the United States are de­
fined in the Treasury notice as including ports or territorial
waters of the several States and Territories, the insular

TREASURY DEPARTMENT
Washington
x1OR RELEASE, MORNING- NEWSPAPERS
Saturday, September 14, 1940.

Press Service
No. 22-8

Secretary Morgenthau announced today that the Treasury
•Department has served notice on the master, agents, broker
and owner of the Panamanian motor vessel NORSELAND that the
ship must depart forthwith from New York harbor and not re­
enter American waters for three months.
Improper use of the American flag on a voyage from
Colombo, Ceylon, to Liverpool, England, in April and while
proceeding up the Mersey River at Liverpool in June, in
violation of Section 14(a) of the Neutrality Act of 1939, is
charged in the notification.
The order, to depart from American waters was delivered
to the present master of the vessel, to the Bulk Carrier
Corporation, 80 Broad Street, New York City, agents, and to
the Ocean Preighting and Brokerage Company, 80 Broad Street,
New York City, broker.

A copy was sent to the Norseland

Steamship Company of Panama City, Panama, owner of the ship.
Transit of the Panama Canal will be denied to the
LORSELAND during the period in which the penalty is operative
Ports or territorial waters of the United States are defined
in the Treasury notice .as including ports or territorial
waters of the several States and Territories, the insular
possessions of the United States (including the Philippine
Islands) and the Canal Zone •

2

Following receipt of word of the improper use of the
American flag from United States consular officers, Coast
Guard officers communicated with representatives of the Bulk
Carrier Corporation.

The agents asserted that they had

received a letter from the then master of the NORSELAND on
June

3)

stating that, on his own initiative, he had painted

the American flag on the side of the vessel during the
voyage from Colombo to Liverpool,

Upon receipt of the letter,

the agents said, they sent cabled orders for the removal of
the painted flag and discharged the master.

The NORSELAND

arrived in Few York on July 12 and went into drydock there.
The text of the Treasury Department order is ^as follows:

Dear Sir:
Whereas I have found that the motor vessel Norseland, of
Panamanian registry, did, on a voyage from Colombo, Ceylon, to
Liverpool, England, during the month of April, 1940, and while
proceeding up the Mersey River at the Port of Liverpool, England,
on or about June 4, 1940, use the flag of the United States
of America, or distinctive signs or markings, indicating that
the Norseland was an American vessel, in violation of section
14(a) of the Neutrality Act of 1939;
Now therefore, by virtue of the jurisdiction vested in
the Department of the Treasury by section 3 of Executive Order
No* 8233, dated September 3, 1939, (1939) 4 Fed. Reg. 3822-3,
D.I*,

and by virtue of the injunction on officers of the

United States contained in the President’s Proclamation No, 2374
of November 4, 1939, (1939) 4 Red. Reg. 4493, D.I., and by
virtue of other authority vested in the Secretary of the
Treasury, and pursuant to section 14(b) of the Neutrality Act
of 1939, you are hereby notified, as master of the aforesaid
vessel Norseland, that the vessel Norseland must forthwith
quit the ports or territorial waters of the United States and
that the vessel Norseland will, except in cases of force
majeure * be denied the right to enter the ports or territorial
waters of the United States for a period of three months from
the date on which the aforesaid vessel leaves the territorial

4

waters of the United States pursuant to this notification.
The ports or territorial waters of the United States include
the ports or territorial waters of the several States and
Territories, the insular possessions of the United States
(including the Philippine Islands), and the Canal Zone.
Very truly yours,

HERBERT E. GASTON
Acting Secretary of the Treasury.

Master of the vessel Norseland,

TO MB*

During the month of August* 19^0* no purchases
or tales of direct and guaranteed securities of the Govern­
ment took place on the Mew fork market*

(Initialed) & . f . M.

HBW
Copy to

Mr* Schwarz
Mr. Heffelfinger
Mrs* Shaw
Mr, Martin
File

FOR MEDI A T E RELEASE,
Monday, September 16, 1940*

No m a r k e t

t r a n s a c t i o n s in G o v e r n m e n t

securities for T r e a s u r y inve s t m e n t a c c o u n t s w e r e
c o m p l e t e d In August,
said today*

WO,

Secretary Morgenthau

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Monday, September 16, 1940*

Press Service
^o. 22-9

Do market transactions in Government securities for Treasury
investment accounts were completed in August, 1940, Secretary
Morgenthau said today.

-oOo-

rmmm
Washington

TOR RELEASE, MORHIHG HESrSPAISBS
T yxtey. SapUabw 17. 19A0.
9/16/40

Pra8a S*P»io«
*°* ^
' ,r

The Secretary of the Treasury announced, last evening that the tenders
for $100,000,000, or thereabouts, of 91-day Treasury bills, to be dated
Sepiea&er Id and to aature Decesfcer Id, 1940, which sere offered on
September 13, were Rented at the Federal deserve Banks on September 16.
The details of this issue are as follows i
Total applied for * $263,273,000
Total accepted
- 100,296,000
Range of accepted bidet

High

- 100.
Low
- 99.990 Equivalent rate approximately 0.040 percent
Average price « 99.992
m
m
»
0.032
«
(54 percent of the amount bid for at the low price was accepted)

TREASURY DEPARTMENT
Yfashington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, September 17, 1940#
9/l'6/4b "

Press Service
No. ?,?,«.*!o

The Secietary of the Treasury announced last evening that the tenders
for |100,000,000 or thereabouts, of 91-day Treasury bills, to be dated
September 18 and to mature December 18, 1940, -which were offered on
September 13, wpre opened at the Federal Reserve

Banks on September 16*

The details of this issue are as follows:
Total applied for - $283,273,000
Total accepted
- 100,298,000
Range of accepted bids:
High
Low
Average price

-

100.
99.990Equivalent rateapproximately
99.992
•
11
*

(54 percentof the .amount bid

0.040 percent.
0.032
u

for atthe low price wasaccepted)

-o0o<

Formation of a Red Cross Buyer’s Committee consisting of representatives of
Sears Roebuck & Co.\7fm. Filene’s Sons Co., Kirby, Block & Co.,wNew York Clothing
Manufacturers’ Exchange, and R. H. Macy Co., Inc., was announced today by Clifton
E. Mack, Director of the Treasury Procurement Division.

^ r e p r e s e n t a t i v e s from these five important commercial buying organizations
will serve in an advisory capacity to the Procurement Division which has been
designated by the Red Cross to make purchases of clothing, medical supplies, and
equipment for its refugee relief program.

U

will examine all supplie
The (jommittee
fomrai

that are offered and will then submit recommendationsjas to X305 suitable purchase
to the Procurement DiviisijasMr

The Buyer’s Committee first met on

September IT^to completeJflMte purchase

of clothing for whj.ch the Procurement Division had already i!iMlg,"^Jg|fT i

11jkjU

The committee also gave consideration to the urogram for-^SSSSSSTfurther purcha SGd)

i/J*
with particular reference’to sources/ available5'stocks and specifications

mmmm

a*44~*-

(present m m approximately 3 2 0 ,000 ,0 0 0 has ,been
the Procurement Division for

to ’

m**? refugee relief.
i
**

The Ccmmitte membership

mam. Eugene M . Adler
K Sam Kingsdale

- Sears Roebuck & Co^

(- Mn.\ Fi lene ’s Sons Co.
I

'*’**&’*, Julius H. Levy

/

- f EsCec^ Sec’v)New York ^l&thing Manufacturers’ Exci

.

\
»w
Formation of a

--

.o

^
if § 3 1
^ __ !
JiP i-'s ^ o m m itte e / c o n s fitir ig o f :r e p re s e n ta tiv e s pii

,UTU’ llllene's "ons Co., Kirby, ^lock & Co., Sears Roebuck &
Manufacturers’ Exchange, and R. H. Macy Coi,

Clothing

£i

announced today by Clifton

E. Mack, Director of the Treasury Procurement ^ivision*
Representative s
t-.fr

^ V .J «

«

^JL

| five important commercial buying organizations
| mJ i
A.»*
Division which has been designated

by the Red Cross to mak* purchases of clothing, medical supplies and equipment for its
refugee relief program.

The committee will examine all clothing supplies that are

offered and will then sifeit recommendatiorgito the Procurement Division as to suitable
^y>AJlX$Anv
t
>
1
«S¥S£X purchases «x
^ **
Lhe
!^to outline plans for sefr/eral
purchases of clothing for which the Procurement Division had already negotiated.

Snith/ representative of the National Red Cross,attended the meeting and awU,
^fewfrthe immediate msquirements for refugee relief.

The committee also gave consider

otion to the prograrr^further purchases, with particular reference to sources, aval la■
h i,
stocks and specifications. It is estimated that approximately $20,000,000 will be
allocated to the Procurement Division for refugee relief.

TREASURY DEPARTMENT
Washington
n
POR RELEASE, MORNING NEWSPAPER!S
Thursday, September 19, 1940

Press Service
No. 22-11

Eorraation of a purchasing advisory committee to assist in
the Red Cross refugee relief procurement program was announced to­
day by Clifton E. Mack, Director of the Treasury Procurement
Division.
Representatives of five important commercial buying organiza­
tions have agreed to aid the Division, which has been designated
by the Red Cross to make purchases of clothing, medical supplies
and equipment for its refugee relief program.

The committee will

examine all clothing supplies that are offered and will then sub­
mit recommendations to the Procurement Division as to suitable
purchases.
The advisory group held a preliminary meeting in New York City
this week to outline plans for several purchases of clothing for
which the Procurement Division had already negotiated.

George C,

Smith, representative of the National Red Cross, attended the
meeting and detailed the immediate requirements for refugee relief.
The committee also gave consideration to the program for further
purchases, with particular reference to sources, available stocks
and specifications.

It is estimated that approximately $20,000,000

will be allocated to the Procurement Division for refugee relief.
The Committee membership includes Eugene M. Adler - Sears
Roebuck and Company, Chicago; Sam Kingsdale - William Pilene’s
Sons Company, Boston; and Julius H, Levy - Executive Secretary
New York Clothing Manufacturers' 'Exchange, New York City.
-000-

The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of 95,355
head of cattle weighing less than 200 pounds each during the
period January 1 to September 14, 1940, inclusive, under the
tariff rate quota of 100,000 head for the calendar year provided
for in the trade agreement with Canada.
These reports also show imports of 2,065,881 squares of
red cedar shingles during this period, under the duty-free quota
of 2,371,544 squares for the calendar year provided for in the
President’s proclamation of August 26, 1940.

TREASURY DEPARTMENT
Washington
Press Service
N o . 22-12

FOR IMMEDIATE RELEASE
Monday, September 25, 1940.

The

Bureau of Customs announced today that preliminary reports

from the collectors of customs show imports of 95,355 head'of cattle
weighing less than 200 pounds each during the period January 1 to
September 14, 1940, inclusive, under the tariff rate quota of 100,000
head for the calendar year provided for in the trade agreement with
Canada,
These reports also show imports of 2,065,881 squares of
red cedar shingles during this period, under the duty-free quota
of 2,371,544 squares for the calendar year provided for in the
President’s proclamation of August 26, 1940,

oOo-

TREASURY DSPAR3MT
Washington

ft® r e le a se ,

vom m

msrtma PrJ”

s#rYi

Tneedav, S«tpV«b«r 2A. 194ft.----9 /23 /AO
The Secretary of the Treasury announced last evening that the tendere
for $100,000,000 or thereabouts, of 92-day Treasury b l U e , to be dated

Septsober 25 and to nature December 26, 1940, "hioh *•«* offered on
Septsaber 20, were opened at the Federal Heserve Banks on September 23.
Tha details of this issue are as follows?
Total applied for - $322,058*000
Total accepted
- 100,019*000
Range of accepted bids?
g ?

Arerage price

I
-

^99*.995 Equivalent rate approximately
99.997

"

"

0,020

percent.

J

(91 percent of the anount bid for at the low price m e accepted)

TREASURY DEPARTMENT
Washington
DR RELEASE, MORNING- NEWSPAPERS
Tuesday, September 24, 1940

Press Service
No. 22-13

The Secretary of the Treasury announced last evening that the
tenders for .§100,000,000 0 :
be dated September 25 and :

re

offered, oh September 20, w
September 23*
The details of this i ;sue are as follows:
Total applied for - !5322.058.000
Total accepted
100.019.000
Range of accepted bid;
.High
- 100.
low
- 99.-9!
Average price - 99*997

”

M

*

0,013

(71 percent of the amount bid for at the low price was accepted)
-0 O 0 -

n

Surgical and nodical supplies,-clothing^and textiles are

u d ipnon^jjk

in the

,
y
H
.
SSSS^reouistion for refugee relief supplies subnitted to the rocurement
Division by the American Red Cross, Director Clifton §« Mack announced today.
Items of waaring apparel on which the Procurement Division is soliciting
offers and bids include-. 150,000 men’s and boys’ suits; 50,000 men’s and women’s
shoes; 20,000 children’s shoes; 66,000 men’s sox; 66,000 women’s stockings;
34,000 children’s stockings; 20,000 men’s and women’s slickers} 50,000 children’
slickers; 5,000 men’s overalls^ a n d ^ 10,000 fleece-lined wind-breakers.

All

articles cf slothing are subject to inspection by the Red Cross purchasing
advisory committee which submits recommendations to the Procurement Division as
to the most suitable purchases.
The Division is also seeking 275,000 pounds of yarn and 4,412,000 yards of
textiles, of which outing flannel will account for 1,200,000 yards and birds-eye
for 1,307,000 yards*'|he remaining yardage will consist chiefly cf dress materia
of various kinds.

All of these materials will be distributed to the numerous

Rdd Cross work rooms throughout the country to be made into children's and women
wear, which along with the other clothing to be purchased^ will be sent to Engla
and Finland.
The request for surgical and medical supplies, the first such request to be
forwarded to the Procurement Division since the refugee relief program was ggjj

400 sets of surgical instruments; 20,000 pounds of ether/
50 tons of lint; 70 tons of boric acid; 3,000,000 sulfanilamide tablet s * l a r g e
quantity of hospital enamel ware ir --1'.The surgical
instruments and supplies,
o
y

» other medical supplies.
0174,154,will be sent to

5ngland^pie boric acid, sulfanilamide tablets and other medicinals
660,900 will be

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, September 25, 1940.

’

Press Service
No. 22-14

Surgical and medical supplies, clothing and textiles are the
major items in the newest requisition for refugee relief supplier
submitted to the Procurement Division by the American Red Cross,
Director Clifton E, Mack announced today*
Items of wearing apparel

on which the -Procurement Division

is soliciting offers and bids include: 150,000 men's and boys' suits
30.000

men’s and women’s shoes; 20,000 children’s shoes; 66,000

men’s sox; 66,000 women’s stockings; 34,000 children’s stockings,
20.000 men’s and women’s slickers; 50,000 children’s slickers;.5>000
men’s overalls, and 10,000 fleece-lined windbreakers*

All articles

of clothing are subject to inspection by the Red Cross purchasing
advisory committee which submits recommendations to the Procurement
Division as to the most suitable purchases*
The Division is also seeking 275,000 pounds of yarn and
4,412,900 yards of textiles, of which outing flannel will account
for 1,200,000 yards and birds-eye for 1,307,000 yards.

The remain­

ing yardage will consist chiefly of dress material of various kinds*
All of these materials will be .distributed to the numerous Red
Cross work rooms throughout the country to be made into children’s
and women’s wear, which, along with the other clothing to be pur­
chased, will be sent to England and Finland.
The request for surgical and medical supplies, the first such
request to be forwarded to the Procurement Division since the
refugee relief program was inaugurated, includes:

400 sets of

in*
1,

subscription

hm mjorumt

Subscriptions will be received

and at the Treasury Department, Washington*

at

the Federal Reserve Banks and Branches

M a k i n g institutions generally may sub

ait subscriptions for account of customers, but only the Federal Reserve Banks and
the Treasury Department are authorised to act as official agencies*
2*

The Secretary of the Treasury reserves the ri$*t to reject any subscrip­

tion, in whole or in part, and to close the books as to any or all subscriptions
at a n y time without notice} and any action he may take in these respects shall be
final*

Subject to these reservations, all subscriptions will be allotted in full.

Allotment notices will be sent out promptly upon allotment.
IV*
1*

PABOKT

Payment at par for bonds allotted hereunder awst be made or completed

on o

before October 7, 1940, or on later allotment, and may be made only in Treasury
Botes of Series C-1940, maturing December 1$, 1940, which will be accepted at par,
and should accompany the subscription*

Coupons dated December 15, 1940,

be

attached to the notes when surrendered, and accrued interest from *hm» 15, 1940 to
October 7, 1940 (&U & 7 2 1 3 per 11,000) will be paid following acceptance of the no1

7*
1*

g s & kal

rmnsicm

As fiscal agents of the United States, Fedsral Reserve Banks are authoria

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 Ban1

i
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 m y Issue interim receipts pending delivery of the definitive bonds*
2.

The Secretary of the Treasury may at any time, or from time to time, pr

scribe supplemental or amendatory rules and regulations governing the offering,
which will be coiaaunicated promptly to the Federal Reserve Batiks*

tfiftEf

mmmrmv,

<?a*,

Secretary of the Treasur

• 3 #
mined by such method as may be prescribed by the Secretary of the Treasury•

From

the date of redemption designated in any auch notice, internet on the bonda called
for redemption shall cease*
2.

The bonda shall be exempt, both as to principal and interest, from all

taxation now or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority, except (a)
estate or inheritance taxes, or gift taxes, and (b) graduated 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 individual*
partnerships, associations, or corporations*

The Interest cm a n amount of bonds

authorised by the Second Liberty Bond Act, approved September 24, 1917# as amended,
the principal of which does not exceed in the aggregate $5,000, owned by any indi­
vidual, partnership, association, or corporation, shall be exempt fro® the taxes
provided for in clause (b) above*
3*

The bonds will be acceptable to secure deposits of public moneys, but will

not bear the circulation privilege and will not be entitled to any privilege of
conversion#
4,

Bearer bonds with interest coupons attached, and bonds registered as to

principal and interest, will be Issued in denomination* 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 bands, and for the transfer
of registered bonds, under rules and regulations prescribed by the Secretary of the
Treasury*
5*

The bonds w i n be subject to the general regulations of the Treasury De­

partment, now or hereafter prescribed, governing United States bonds.

WTtm STATES OF AMERICA
2 hscbbt t B M m m

b«

1953*55

of

Dated and bearing interest from October 7# 1940

redeemable at the

Oue June 15# 1955

oraos of the uhitsd states at par a k d

accrued

intehbst on Am aft

JUKI 15# 1953
Interest payable June 15 and December 15

1940
Department Circular Ho. 6 a
___

TREASURE D3SPASTMEHT#
Office of the Secretary#
Washington# September 25# I W

fiscal Service
Bureau of the Public Debt
1.
1*

QFFSiSJMG OF BOHBS

The Secretary of the Treasury# pursuant to the authority of the Second

liberty Bond Act, approved September 24# 1917# ae amended# invites subscriptions# atll
par# from the people of the United States for 2 percent bends of the United States# I
designated Treasury Bonds of 1953*55# in payment of which only Treasury Botes of
Series C-1940, meturing

15* 1940, may bo tendered.

The amount of the offer!

lag wider thla oirculer will be limited to the amount of Treasury Notea of Series
0-1940 tendered and accepted*

xi. DsscairaoB or bonds
I" *
1.

'

' -■
V:.

'.

V, '

The bonde will be dated October 7, 1940, and will bear interest fro* that

date at the rate of 2 percent per annum# payable on a semiannual basis on Decem­
ber 15# 1940# and thereafter on Jane 15 and December 15 in each year until the
principal amount becomes payable.

They d l l nature June 15# 1955# but may be re­

deemed at the option of the United States on and after June 15# 1953# in d o l e or
in part# at par and accrued interest# on assy interest day or days#jj[on 4 month*1
notice ©f redemption given in such manner ae the Secretary of the Treasury shall
prescribe.

In ease of partial redemption the bonds to be redeemed will be deter-

-

2-

Subscriptions will be received at th« Federal Hasanw Banks
and Branches, and at the Treasury Department, and should be accompanied
by a like face amount of 1-1/2 percent Treasury Botes of Series C-19*D,
maturing December 15, 1910, with final coupon due December 15, 1910,
attached.

The notes will be accepted at par, and accrued interest on

such notes from June 15 to October 7, 1910, ($1*672 P*r $1»°00 face
amount) will be paid following their acceptance.
The right is reserved to close the books as to any or all eubsorlp
tions at any time without notice, and, subject to the reservations set
forth in the official circular, all subscriptions will be allotted in
fall#
Treasury Notes of Series C-1910, maturing December 15. 1910, are
now outstanding in the amount of $737,161,600.

The present offering

will be the only opportunity afforded the holders of these maturing
notes to exchange them for other interest-bearing obligations of the
United States.

Any maturing notes not so exchanged at this time will

be paid In cash when they mature.
The text of the official circular follow*i

treasury dkpartvxnt

^ashinfeion

FOR REUiASE, aOMOJfO HtlSPAPtSS,

Pp*«» Ssrrtes_

uednesdag■ September 2 5 . 1949—

Ho . 2 2 - / 5

9/2*/*0
Secretary of the
through

Treasury Korgenthau today announced the offering,

the federal Reserve tanks, of 2 percent Treasury Bonds of 1953-55,

in exchange for 1-1/2 percent Treasury Motes of Series C-19*0, maturing
December 15, 1910.
on

Exchanges sill be made par for par, and accrued interest

the notes exchanged will he paid to October 7, 19*0.

The offering of

the new bonds will be limited to the amount of maturing notes tendered and
accepted in exchange therefor.

Cash subscriptions will not be received.

The Treasury lands of 1953-55, now offered only in exchsnge for Treasury
notes maturing December 15, 19*0, will

be dated October 7, 19*0, and nd.ll

bear Interest f r * that date at the rate of 2 percent per annua, payable semi­
annually on June 15 and Leceaber 15, with the
the fractional period to

December 15, 19*0.

first coupon, however, covering
The bonds will mature June 15,

1955, but mgy b© redeemed at the option of the United States
June 15, 1953.

on and after

They will be isaued in two forms} bearer bonds with interest

coupons attached, and bonds registered both as to principal and interest,
both forms will be issued in the denominations of 450, 1-100, *500, *1,000,
*5,000, *10,000 and *100,000.
The new Treasury bonds will be accorded the same exemptions from taxation
as are accorded other issues of Treasury bonds now outstanding.
sions are

These provi­

specifically set forth in the official circular released today.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS:
Wednesday, September 25, 1940*

Press Service
No. 22-15

9/ 2 4 / 4 0

Secretary of the Treasury Morgenthau today announced the offer­
ing, through the Federal Reserve Banks, of 2 percent Treasury Bonds
of 1953-55, in exchange for 1-1/2 percent Treasury Notes of Series
C-1940, maturing December 15, 1940.

Exchanges will be made par for

par, and accrued interest on the notes exchanged will be paid to
October 7, 1940.

The offering of the new bonds will be limited to

the amount of maturing notes tendered and accepted in exchange there
for.

Cash subscriptions will not be received.
The Treasury Bonds of 1953-55, now offered only in exchange

for Treasury notes maturing December 15, 1940, will be dated October
7, 1940, and will bear interest from that date at the rate of 2
percent per annum, payable semi-annually on June 15 and December 15,
with the first coupon, however, covering the fractional period to
December 15, 1940*

The bonds will mature June 15, 1955, but may be

redeemed at the option of the United States on and after June 15,
1953.

They will be issued in two forms: bearer bonds with interest

coupons attached, and bonds registered both as to principal and in­
terest.

Both forms will be issued in the denominations of $50,

The new Treasury bonds will be accorded the same exemptions
from taxation as are accorded other issues of Treasury bonds now
outstanding.

These provisions are specifically set forth in the

official circular released today.

o

Subscriptions will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, and should be
accompanied by a like face amount of 1-1/2 percent Treasury Botes
of Series C-194-0, maturing December 15, 1940, with final coupon
due December 15, 1 9 4 0 , attached.

The notes will be accepted at

par, and accrued interest on such notes from June 15 to October 7,
1940,

($4 , 6 7 2 per $1 , 0 0 0 face amount) will be paid following their

acceptance#
The right is reserved to close the books as to any or all
subscriptions at any time without notice, and, subject to the
27QS0 i’
vations

set forth in the official circular, all subscriptions

will be allotted in full#
Treasury Botes of Series C-1940, maturing December 15, 1940,
are now outstanding in the amount of $737,161,600,

The present

offering will be the only opportunity afforded the holders of these
maturing notes to exchange them for other interest-bearing obliga­
tions of the United States,

Any maturing notes not so exchanged

at this time will be paid in 'cash when they mature.
The text of the official circular follows:

UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OF 1953-55
Dated and bearing interest from October 7, 1940

Due June 15, 1955

Interest payable June 15 and December 15

1940
Department Circular No, 641

TREASURY DEPARTMENT,
Office of the Secretary,
Washington,
September 25, 1940,

Fiscal Service
Bureau of the Public Debt
I.
1.

OFFERING- OF BONDS

The Secretary of the Treasury, pursuant to the authority

of the Second Liberty Bond Act, approved September 24, 1917, as
amended, invites subscriptions, at par, from the people of the
United States for 2 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 will be limited to the
amount of Treasury Notes of Series C-1940 tendered and accepted.
II.
1,

DESCRIPTION OF BONDS

The bonds will be dated October 7, 1940, and will bear in­

terest 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,

2
on four months’ notice of redemption given in such manner as the
Secretary of the Treasury shall prescribe.

In case of partial re­

demption the bonds to be redeemed will be determined by such method
as. may be prescribed by the Secretary of the Treasury*

Prom the

date of redemption designated in any such notice, interest on the
bonds called for redemption shall cease,
2.

The bonds shall be exempt, both as to principal and in­

terest, from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States,
or by any local taxing authority, except (a) estate or inheritance
taxes, or gift taxes, and (b) graduated additional income taxes,
commonly known as surtaxes, and excess-profits and war-profits taxes,
now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds authorized by the Second liberty
Bond Act, approved September 24, 1917, as amended, the principal of
which does not exceed in the aggregate $5,000, owned by ary indi­
vidual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above,
3.

The bonds will be acceptable to secure deposits of public

moneys, but will not bear the circulation privilege and will not be
entitled to any privilege of conversion.
4.

Bearer bonds with interest coupons attached, and bonds

registered as to principal and interest, will be issued in denomina­
tions of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
Provision will be made for the interchange of bonds of different

- 3 -

Idenominations and of coupon and registered bonds, and for the trans­
fer 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.
1.

SUBSCRIPTION AND ALLOTMENT

Subscriptions will be received at the Federal Reserve Banks

and Branches and at the Treasury Department, Washington,

Banking

institutions generally may submit subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies.
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.

Allot­

ment notices will be sent out promptly upon allotment,
IV.
1*

PAYMENT

Payment at par for bonds allotted hereunder must be made or

completed on or before October 7, 1940, or on later allotment, and
imay 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 1 5 , 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.
1

#

GENERAL PROVISIONS

As fiscal agents of the United States, Federal Reserve

Banks are authorized and requested to receive subscriptions, to
make allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts, to issue allotment notices, to receive pay­
ment for bonds allotted, to make delivery of bonds on full-paid sub­
scriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds.
2.

The Secretary of the Treasury may at any time, or irom

time to time, prescribe supplemental or amendatory rules and regu­
lations governing the offering, which will be communicated promptly
to the Federal Reserve Banks.

HENRY MORGENTJIAU, JR.
Secretary of the Treasury.

m
- 7 -

Under section 1^1 (d)(3 ) of the Revenue Act of 193&» the definition
of common carrier by Hrailroad1n was expanded to include a street or
suburban trackless trolley system of transportation, or a street or sub­
urban bus system of transportation operated as a part of a street or
suburban electric railway or trackless trolley system.
DESCRIPTION OF TABLES
Tables 1 and 2 present composite data from all the returns described
in paragraph 2, page 1.
Table 1, pages 8 - 9 •
trial groups and by
income”.

wre turns

All 193& returns are segregated by indus­
with net incomeH and Hre turns with no net

Totals for the following items are shown for each segregation

to which the items are applicable:

Number of returns, gross income,

net income or deficit, income tax, excess-profits tax and dividends paid
in cash and assets other than corporations own stock.
Table 2, page

10

, contains a historical summary of certain

items for the years 1929-1938*
the Revenue Act of 193*+»

By reason of the discontinuance, under

the privilege of filing consolidated returns,

except by railroads, the data prior to 19 3 *+ are not strictly comparable with
those for subsequent years.

-

6-

notes, mortgages, bonds, bank deposits, etc.; taxable interest on obli­
gations of the United States; rents; royalties; capital gain; gain from
sale or exchange of property other than capital assets; dividends; and
other income required by the Revenue Act to be included in gross income.
The industrial groups do not contain solely corporations engaged exclu­
sively in the industries in which they are classified, because of the
diversified activities of many corporations.

Ohe number of major indus­

trial groups shown in this release has been increased over those used for
classification of the preliminary statistics of corporation income and
excess^-profits tax returns for 1 9 3 7 * and there have been certain changes
in the definitions of the contents of the groups.

A comparison of the

industrial groups for 1938 and 1937 will be presented in the Preliminary
Report, Statistics of Income for 1938, Corporation Income and ExcessProfits Tax Returns, which will be published at a later date.
In analyzing the data, allowance should be made for the two special
deductions from gross income permitted life insurance companies under
section 2 0 3 (a), Revenue Act of 1938, relating to reserve funds required
by law, and reserve for dividends.

On 1938 returns with net income this

deduction is $1 7 *1 6 5 ,0 1 0 and on returns with no net income, $8 5 5 *1 2 7 ,53 ^*
CERTAIN CHANGES IN DEFINITIONS, PROVIDED
BY THE REVENUE ACT OF I93 S
Under section 117(a)(1) of the Revenue Act of 193®*

definition

of capital assets was changed to exclude property
ness of a character which is subject to the allowance for depreciation
provided in section 23 d).

This change enables a corporation which

sustains a loss on the sale of a depreciable asset to deduct the loss
without limitation

- 5 -

Revenue Act of 1935 as amended by the Revenue Act of 1 9 3 6 .

(For defi­

nition of '‘normal tax net income" and "undistributed profits" see
Revenue Act of 1 9 3 6 .)
ITEMS TABULATED AND CLASSIFICATIONS OF THE RETURNS
In this release "Gross income" corresponds to "Total income" (item lU
on page 1, Forms 1120 and 1120A), after transferring to deductions the
/
negative items of income reported under sources of income, plus "Cost of
goods sold" and "Cost of operations" (items 2 and 5 respectively, on page 1,
Forms 1120 and 1120A).
"Net income" shown in this release is the "Net income for excess-profits
tax computation" (item 28 on page 1, Forms 1120 and 1120A) which is equal to
the difference between "Total income" and "Total deductions" (items lU and 271
respectively, on page 1, Forms 1120 and 1120A).

The classification of the

returns into those with net income and with no net income is based on this iteml
The amount tabulated as "Income tax" consists of (l) the income tax re­
ported on the returns filed under the Revenue Act of 193^ (see paragraph 2,
page l) and (2 ) the normal tax and surtax on undistributed profits reported
on returns filed under the Revenue Act of 193& as aJuendod •fay the Revenue Act
of 1937 (see paragraph 2, page l).

The income tax liability represents an

amount prior to the allowance of credit claimed for income tax paid to a
foreign country or United States possession.
The "Excess-profits tax" is the amount reported as a tax liability.
This amount is the same as that taken as a deduction in the computation of
net income for income tax purposes, unless the return is rendered on a cash
basis.

If the cash basis of accounting is used, the deduction is the

amount of excess-profits tax actually paid within the taxable year covered
by the return.
In general, corporations are classified industrially according to
business activity which accounted for the greatest percentage of "Ibtal
receipts".

"Total receipts" means the sum of the following items? Gross

sales (where inventories are an income-determining factor); gross receipts
(where inventories are not an income-determining factor); interest on loans,

Definitions of terms:
"Net income" means the net income for income tax computation
(item 30, Forms 1120 and 1120A) as defined in section 21 of the Revenue
Act of 193S.

(Dividends received are included in this net income and

the Federal excess-profits tax is allowed as a deduction, see sections
22 and 2 3 , Revenue Act of 19 3 8 .)
"Adjusted net income" means the net income for income tax compu­
tation minus interest on Government obligations subject to the excessprofits tax.
"Dividends received credit" means 85 percent of the dividends

re­

ceived from domestic corporations (except dividends received from corpo­
rations organized under the China Trade Act of 1922, and from corporations
with income from sources within possessions of the United States which are
entitled to the benefits of section 251 of the Revenue Act of 19 3 8 ).

This

"dividends received credit" cannot exceed 85 percent of the adjusted net
income.
"Dividends paid credit" means the sum of (a) the basic surtax credit,
(b) the dividend carry-over from the first and second preceding taxable
year, (c) the deficit in the accumulated earnings and profits, as of the
close of the preceding taxable year, and (d) the amount used or irrevocably
set aside to pay or to retire indebtedness of any kind.

(For computation

of these items, see section 27, Revenue Act of 1938.)
"Special class net income" means adjusted net income minus the divi­
dends received credit.
COMPUTATION OF TAX UNDER THE PROVISIONS OF THE REVENUE
ACT OF 1936 AS AMENDED BY THE REVENUE ACT OF I937
The returns (included in this release) filed under the Revenue Act of
1936 as amended by the Revenue Act of 193l“,mmthose with taxable year begin­
ning in 1937 — "(see paragraph 2 , page l) are subject, in general, to a normal
tax graduated from 8 percent on "normal tax net income" not in excess of
$2,000, to 1 5 percent on the amount in excess of $40,000, and to a surtax on
undistributed profits, graduated from 7 percent to 27 percent.

The excess-

profits tax on these returns is computed according to the provisions of the

- 3 -

(a) Corporations with net income substantially more than
$25,OCX) (General Rule, section 1 3 )—
The tax is 19 percent of ‘’adjusted net income” minus
(a) l6j percent of “dividends received credit” and
Ob) 2^ percent of “dividends paid credit”* The divi­
dends paid credit cannot exceed 2J- percent of the
adjusted net income.
(b) Corporations with net income slightly more than $25*000
(section 1 3 )—
In order to avoid an excessive increase in the tax
for these corporations, as compared with that for
corporations with net income of $25*000 or less which
are taxable under (c) below, the tax is either that
resulting from the rates used for corporations with
net income substantially more than $25*000 or that
resulting from the computation of an alternative tax,
whichever is lower (see section 1 3 (d) for method of
computing alternative tax).
(c) Corporations with net income of not more than $25*000
(section lU)—
The tax is 12J percent of “special class net income"
not over $5*000 plus (a) l4 percent of such net
income over $5*000 and not over $20,000 and (b) l6
percent of such net income over $2 0 ,000 .
(d) Special classes of corporations subject to flat rate of
tax (regardless of amount of net income) (section lU,
and Supplement Q,):
Class of corporation

Rate of tax
(percent)

Banks and trust companies, a substantial part
of the business of which is receiving deposits
and making loans and discounts
Insurance companies
Corporations with income from sources within
possessions of the United States which are
entitled to the benefits of section 2 5 I of
the Revenue Act of 1938
Corporations organized under the China Trade
Act of 1922
Mutual investment companies 1/
Resident foreign corporations 2/

l/ The rate of tax is applicable to the difference between “adjusted net
income” and “basic surtax credit” (See Supplement Q, Revenue Act of
1938).
2 / Nonresident foreign corporations (corporations not engaged in trade or
business within the United States and not having an office or place of
business therein) file returns Form 1120NB, data for which are not
included in this report.

-

2

-

NUMBER OF RETURNS, NET INCOME OR IEFICIT, AND TAX
The number of corporation income and excess-profits tax returns
for 1938 filed through December 31, 1939 is 520,500; of which 16 9 ,8 8 5
show net income amounting to $6 ,5 2 5 ,988 ,9 I+O, while 3 0 1 ,11*6 show a deficit
of $2,853»093»270» and **9*^69 have no income data.

The income tax is

$853*578,113* the excess-profits tax $5 *9 8 7 *6 3 6 ; and the total tax
$859*5 6 5 *7^+9•

The income tax of $853*578,113 includes $1+1,569*1+98 normal

tax and $ 7 *7 7 8 ,5 6 1 surtax on undistributed profits reported on returns
with taxable year beginning in 19 3 7 as described in paragraph 2 , page 1 *
COMPUTATION OF TAX UNDER THE PROVISIONS OF THE REVENUE ACT OF I93 S
The returns filed under the Revenue Act of 1938— those with taxable
year beginning in 1938 — (see paragraph 2 , page l) are subject to the income
tax imposed by sections 13 or ll+ of the Act.

The income tax imposed by

section 13 of the Revenue Act of 1938 applies, in general, to corporations
with net income of more than $2 5 *000 * and supplants the normal tax and
surtax on undistributed profits imposed on corporations by the provisions
of the Revenue Act of 1 9 3 6 * Although the term “surtax on undistributed
profits'* does not appear in the 1938 Act, the principle thereof is retained,
since the computation of tax in accordance with section 13 may result in a
maximum rate of 19 percent if there is no "dividends paid credit" or in a
minimum rate of

16 J- percent if "dividends paid credit" is equal to or in

excess of "adjusted net income".
than $2 5 ,000 , and

Corporations with net income of not more

certain other special classes of corporations are taxed

under section ll+ lot the Revenue Act of 1938.
1 3 and ll+, applicable to

The provisions of sections

corporations other than those exempt from tax

under section 1 0 1 , are as follbws (for definitions of terms, see page 1+

)*

TREASURY DEPARTMENT
Washington

Press Service
No.
FOR RELEASE,

FOR RE'
tonday,

S<

cerpts

2SHSi

rt4t£S~p>'

Secretary of the Treasury Morgenthau today made public/prelirainary
statistics of corporation income and excess-profits tax returns for 1 9 3 8 ,
filed through December

Jl,

1939» prepared, und er the direction of Commissioner

profits

prepare
Guy f.

of Internal Revenue, Guy T. Helvering^iihTwii^rwl^^b^published at a later date
. RETURNS TABULATED
The returns covered by this release are, in general, filed under the

mi,

under 1

provisions of the Revenue Act of 1938, and- include returns for the calendar

turns j

year 1938. a fiscal year ending in the period January through June 1939* a

January

part year beginning and ending in 1 9 3 8 , and a part year beginning in 1938 and

and a j

ending in 1 9 3 9 . the greater part of the accounting period falling in 1938,

part, oi

However, there are included a certain number of returns filed under the

include

provisions of the Revenue Act of 193^ as amended by the Revenue Act of 1937

the Re^

which include returns for a fiscal year beginning in 19 3 7 and ending in the

include

period July 1938 through November 1938, and for a part year beginning in

the per

19 3 7 and ending in 1938, the greater part of the accounting period falling

beginnj.

in 1938.

account

Data are tabulated from Forms 1120 and 1120A filed by domestic corpo­

Da

rations and resident foreign corporations which are not exempt from tax under

corpora

section 101, Revenue Act of 1938; also from Form 1120L filed by life insurance

from ta

companies both domestic and foreign.

filed b

The data are taken from the returns as

filed and prior to revisions that may be made as a result of audit by the

iata ar

Bureau of Internal Revenue.

®ay be

TREASURY DEPARTMENT
Washington
Press Service
Ho. 22-16
Secretary of the Treasury Morgenthau today made public ex­
cerpts from preliminary statistics of corporation income and excessprofits tax returns for 1938, filed through December 31? 1939,
prepared under the direction of Commissioner of Internal Revenue
Guy T, Helvering.

The report will be published at a later date
RETURNS TABULATED

under the provisions of the Revenue Act of 1938, and include returns for the calendar year 1938, a fiscal year ending in the period
January through June 1939, a part year beginning and ending in 1938
and a part year beginning in 1938 and ending in 1939, the greater
part, of the accounting period falling in 1938.

However, there are

included a certain number of returns filed under the provisions of
the Revenue Act of 1936 as amended by the Revenue Act of 1937 which
include returns for a fiscal year beginning in 1937 end ending in
the period July 1938 through November 1938, and for a part year,
beginning in 1937 and ending in 1938, the greater part of the
accounting period falling in 1938.
Data are tabulated from Forms 1120 and 1120A filed by domestic
corporations and resident foreign corporations which are not exempt
from tax under section 101, Revenue Act of 1938; also from Form 11201
filed by life insurance companies both domestic and foreign.

The

data are taken from the returns as filed and prior to revisions that
®ay be made as a result of audit by the Bureau of Internal Revenue.

2
NUMBER OP RETURNS, NET INCOME OR DEFICIT, AND TAX
The number of corporation income and excess-profits tax returns
for 1938 filed through December 31, 1939 is 520,500; of which
169,885 show net income amounting to $6,525,988,940, while 301,146
show a deficit of $ 2 ,8 5 3 ,0 9 3 ,2 7 0 , and 49,469 have no income data.
The income tax is $853,578,113; the excess-profits tax $ 5 ,9 8 7 ,6 3 6 ;
and the total tax $859,565,749.

The income tax of $853,578,113

includes $ 4 1 ,5 6 9 , 4 9 8 normal tax and $ 7 ,7 7 8 , 5 6 1 surtax on undis­
tributed profits reported on returns with taxable year beginning
in 1 9 3 7 as described in paragraph 2 , page 1 *
COMPUTATION OP TAX UNDER THE PROVISIONS OP THE REVENUE ACT OP 1938
The returns filed under the Revenue Act of 1938--those with
taxable year beginning in 1 9 3 8 --(see paragraph 2 , page 1 ) are sub­
ject to the income tax imposed by sections 13 or 14 of the Act.
The income tax imposed by section 13 of the Revenue Act of 1 9 3 8
applies, in general,., to corporations with net income of more than
$2 5 ,0 0 0 , and supplants the pormal tax and surtax on undistributed
profits imposed on corporations by the provisions of the Revenue
Act of 1936.

Although the term "surtax on undistributed profits"

does not appear in the 1938 Act, the principle thereof is retained,
since the computation of tax in accordance with section 13 may
result in a maximum rate of 1 9 percent if there is no "dividends
paid credit" or in a minimum rate of 1 6 ^ percent if "dividends
paid credit" is equal to or in excess of "adjusted net income",
Corporations with net income of not more than $2 5 ,0 0 0 , and certain
other special classes of corporations are taxed under section 14

3 of the Revenue Act of 1938*

The provisions of sections 1 3 and 1 4 ,

applicable to corporations other than those exempt from tax under
section 101, are as follows (for definitions of terms, see page 4 )

(a) Corporations with net income substantially
more than $ 2 5 , 0 0 0 (General Rule, section 13)-The tax is 19 percent of ’’adjusted net income”
minus (a) M l percent of ”dividends received
credit” and (b) 2 -§- percent of ’’dividends
paid credit”^ The dividends paid credit can­
not exceed 2-2 percent of the adjusted net
income.
(b) Corporations with net income slightly more than
$ 2 5 , 0 0 0 (section 1 3 )—
In order to avoid an excessive increase in the
tax for these corporations, as compared with
that for corporations with net income of
$ 2 5 , 0 0 0 or less which are taxable under (c)
below, the tax is either that resulting from
the rates used for corporations with net in­
come substantially more than $ 2 5 , 0 0 0 or thatresulting from the computation of an alterna­
tive tax, whichever is lower (see section 1 3 (d)
for method of computing alternative tax)*
(c) Corporations with net income of not more than
$ 2 5 , 0 0 0 (section 1 4 )—
The tax is 1 2 ^ percent of ’’special class net
income” not over $5 , 0 0 0 plus (a) 1 4 percent of
such net income over $ 5 , 0 0 0 and not over
$ 2 0 , 0 0 0 and (b) 16 percent of such net income
over $ 2 0 ,0 0 0 .
(d) Special classes of corporations subject to flat
rate of tax (regardless of amount of net income)
(section 14, and Supplement Q)j
Class of corporation
Banks and trust companies, a sub­
stantial part of the business of which
is receiving deposits and making loans
and discounts
Insurance companies

Rate of tax
(percent)

- 4 Class of corporation

Rate of tax
(percent)

Corporations with income from sources
within possessions of the United
States which are entitled to the
benefits of section 251 of the Revenue
Act of 1938
Corporations organized under the China
Trade Act of 1922
Mutual investment companies l/
Resident foreign corporations 2/

I62
16^
16219 ,

Definitions of Terms:
•'Ret income” means the net income for income tax computation
(item 30, forms 1120 and 1120A) as defined
Revenue Act of 1938,

in section 21 of the

(Dividends received are included in this net

income and the Federal excess-profits tax is allowed as a deduction,
see sections 22 and 23, Revenue Act of 1938*)
’’Adjusted net income” means the net .income for income tax
computation minus interest on G-overnment obligations subject to the
excess-profits tax*
’’Dividends received credit” means 85 percent of the dividends
received from domestic corporations (except dividends received from
corporations organized under the China Trade Act of 1922, and from
corporations with income from sources within possessions of the
United States which are entitled to the benefits of section 251 of
the Revenue Act of 1 9 3 8 ),

This ’’dividends received credit” cannot

exceed 85 percent of the adjusted net income.

1/
2/

The rate of tax is applicable to the difference between ’’ad­
justed net income” and ’’basic surtax credit” (See Supplement Q,
Revenue Act.of 1 9 3 8 ),
Ronresident foreign corporations (corporations not engaged in
trade or business within the United States and not having an
office or place of business therein) file returns form 1 1 2 0 RB,
data for which are not included in this report.

"Dividends paid credit" means the sum of (a) the basic surtax
credit, (b) the dividend carry-over from the first and second pre­
ceding taxable year, (c) the deficit in the accumulated earnings
and profits, as of the close of the preceding taxable year, and (d)
the amount used or irrevocably set aside to pay or to retire indebt­
edness of any kind*

(For computation of these items, see section 27

Revenue Act of 1938.)
"Special class net income" means adjusted net income minus the
dividends received credit,
COMPUTATION OF TAX UNDER THE PROVISIONS OF THE REVENUE
ACT OF 1936 AS AMENDED BY THE REVENUE ACT OF 1937
The returns (included in this release) filed under the Revenue
Act of 1 9 3 6 as amended by the Revenue Act of 1 9 3 7 --those with
taxable year beginning in 1937--(see paragraph 2 , page 1 ) are sub­
ject, in general, to a normal tax graduated from 8 percent on
"normal tax net income" not in excess of $ 2 ,0 0 0 , to 1 5 percent on
the amount in excess" of $ 4 0 ,0 0 0 , and to a surtax on undistributed
profits, graduated from 7 percent to 27 percent.

The excess-profits

tax on these returns is computed according to the provisions of the
Revenue Act of 1935 as amended by the Revenue Act of 1936,

(For

definition of "normal tax net income" and "undistributed profits”
see Revenue Act of 1938,)
ITEMS TABULATED AND CIA SSI FICATIONS OF THE RETURNS
In this release "G-ross income" corresponds to "Total income"
(item 14 on page 1, Norms 1120 and 1120A), after transferring to de­
ductions the negative items of income reported under sources of

6
income, plus "Cost of goods sold" and "Cost of operations" (items
2 and 5 respectively, on page 1, Forms 1120 and 1120A).
"Net income" shown in this release is the "Net income for
excess-profits tax computation" (item 28 on page 1 , Forms 1 1 2 0 and
1120A) which is equal to the difference between "Total income" and
"Total deductions" (items 14 and 27, respectively, on page 1, Forms
1120

and 1120A),

The classification of the returns into those with

net income and with no net income is based on this item,
The amount tabulated as "Income tax" consists of (l) the income
tax reported on the returns filed under the Revenue Act of 1 9 3 8
(see paragraph 2 , page 1 ) and (2 ) the normal tax and surtax on un­
distributed profits reported on returns filed under the Revenue Act
of 1 9 3 6 as amended by the Revenue Act of 1937 (see paragraph 2 , page
l).

The income tax liability represents an amount prior to the

allowance of credit claimed for income tax psiid to a foreign country
or United States possession.
The "Excess-profits tax" is the amount reported as a tax
liability.

This amount is the same as that taken as a deduction

in the computation of,_net income for income tax purposes, unless
the return is rendered on a cash basis.

If the cash basis of

accounting is used, the deduction is the amount of excess-profits
tax actually paid within the taxable year covered by the return.
In general, corporations are classified industrially according
to business activity which accounted for the greatest percentage of
"Total receipts". "Total receipts" means the sum of the following
items t dross sales (where inventories are an income-determining

factor); gross receipts (where inventories are not an incomedetermining factor); interest on loans, notes, mortgages, bonds,
bank deposits, etc,; taxable interest on obligations of the United
States; rents; royalties, capital gain; gain from sale or exchange
of property other than capital assets; dividends; and other income
required by the Revenue Act to be included in gross income.

The

industrial groups do not contain solely corporations engaged exclu­
sively in the industries in which they are classified, because of
the diversified activities of many corporations.

The number of

major industrial groups shown in this release has been increased
over those used for classification of the preliminary statistics of
corporation income and excess-profits tax returns for 1937, and
there have been certain changes in the definitions of the contents
of the groups.

A comparison of the industrial groups for 1938

and 1937 will be presented in the Preliminary Report, Statistics
of Income for 1938, Corporation Income and Excess-Profits Tax
Returns, which will be published at a later date.
In analyzing the data, allowance should be made for the two
special deductions from gross income permitted life insurance
companies under section 203(a), Revenue Act of 1938, relating to
reserve funds required by law, and reserve for dividends.

On 1938

returns with net income this deduction is $1 7 ,1 6 5 , 0 1 0 and on returns
with no

net income, $855,127,536.

CERTAIN CHANGES IN PEPINITIONS, PROVIPEP BY THE REVENUE ACT OP 193
Under section 117(a) (1) of the Revenue Act of 1938, the
definition of capital assets was changed to exclude property used in

trade or business of a character which is subject to the allowance
for depreciation provided in section 23(1).

This change enables

a corporation which sustains a loss on the sale of a depreciable
asset to deduct the loss without limitation.
Under section 141 (d)(3) of the Revenue Act of 1938, the
definition of common carrier by ’’railroad” was expanded to include
a street or suburban trackless trolley system of transportation,
or a street or suburban bus system of transportation operated as a
part of a street or suburban electric railway or trackless trolley
system.
DESCRIPTION OF TABLES
Tables 1 an<d 2 present composite data from all the returns
described in paragraph 2 , page 1 .
Table 1, pages 8 - 9 *

All 1938 returns are segregated by

industrial groups and by ’’returns with net income” and ’’returns with
no net income.”

Totals for the following items are shown for each

segregation to which the items are applicable:

Number of returns,

gross income, net income or deficit, income tax, excess-profits
tax and dividends paid in cash and assets other than corporations
own stock.
Table 2 , page 1 0 , contains a historical summary of certain items
for the years 1929-1938.

By reason of the discontinuance, under

the Revenue Act of 1934, of the privilege of filing consolidated
returns, except by railroads, the data prior to 1 9 3 4 are not strict­
ly comparable with those for subsequent years.

Page 9
Table 1 - C o rp o ra tio n s, 1938, retu rn s f i l e d through December 31, 1939niajor i n d u s t r ia l groups and by retu rn s w ith net income and w ith no net incomei
number, g ro ss income, net income or d e f i c i t , income t a x , e x ce ss—p r o f i t s ta x and d ivid en d s p aid in cash and a s s e ts otner than
c o r p o r a tio n ’ s own sto ck
(Money fig u r e s in thousand^ o f d o lla r s )
Returns w ith no net income

Returns w itfi ‘n et income Jj/

I n d u s t r ia l groups 1 /

ill in d u s t r ia l groups
Mining and quarrying
Metal m ining
A n th ra cite mining
Other c o a l m ining
Petroleum
N onm etallie m ining and quarrying
Mining and quarrying not a llo c a b le
Manufa c t u r in g
Food and kindred products
Bererages
Tobacco m anufactures
T e x t i l e - m i l l products
Apparel and products made from f a b r i c s
Leather and products
Rubber products
Lumber and timber b a s ic products
Furniture and fin is h e d lumber products
Paper and a l l i e d products
Printing .and p u b lis h in g in d u s tr ie s
Chemicals and a l l i e d products
Petroleum and c o a l products
Stone, clay and g la s s products
Iro n , steel and produces
Nonferrors m etals and t h e ir products
Elecrrieai machinery and equipment
Machincry, except t r ansaer t a t ion
equipment and e l e c t r i c a l
Automobiles and equipment, except
e le c tr ic a l
T ran sp o rtatio n equipment, except
autom obiles
Other menu fa c tu r ing
M anufacturing not a llo c a b le

T o ta l
number o f
retu rn s 2 /

Number of
re turns

Gross
income 4/

Net income

Income
ta x

E xcessp r o f i t s ta x

D ividends
p aid in cash
and a s s e ts
other than
•corporation* s
own sto ck

30,347,555|

6 ,525,929

353,573

-5.988

4,780,202

301,146

40,124,162

2,853.093

357,786

1^.599

3.391

1,576,821

1 9 9 .6 2 1

28,442

264

194,570

7.551

1 , 1 6 2 ,5 6 0

152*440

20,315

2.5B5

283
37
363
1.975
682

4 9 0 ,5 6 9

95.712
1,352

89,508
1,464
a, 623
79.201
15.514
260

1,104
93
1,524
3*336

143,415
140,615
463,727
345.918

28
1,773
16,975

1 ,0 5 9
430

6 4 ,9 3 1

19.072
24,858
37,779
6o , 3 4 o
3,333

3.513

52
1
l4
131
61
6

1 ,1 3 6

73.727
17,213
505

13,606
193
1,647
10,211
2,708
77

3*955

2 ,0 5 2

94

34,118,833

2,421,335

374,171

2,360

1,574,252

54.033

17,010,574

8 3 1 ,8 7 1

8 8 ,9 6 6

304,167
127.753
124,310
79.532
30,265
25,847
26,325
19,951
33,050
68,858

344
ill

3.545,129

7 6 ,3 1 5
1 8 ,2 6 2

9,055
350

29
117
175
4q
126

215.683
58.770
97,900
41,634
14,075
18,312
17,012
14,529
19,716
43,497
77,033
221,037
155,830
53,436
86,772
4 l,l6 l
67,860

5,937

5 6 ,7 6 6

48,£12
21,717
19,590
12,787
4,750
4,087
4,331
3,003
5,109
10,917
18,570
51,827
15,003
i4 ,n o
22,51s
10,52c
15.308

ikZ

2 ,1 2 5

5.992
1 , 9 1S
I.
337

6 5 ,9 4 7
2 5 3 ,4 6 7

6o4,4pO
153,875

51

91.838

34,034

1 0 ,8 5 0

4 ,3 5 2
1 ,5 0 6

6,304,802!

HO

1,251,903

3 .2 3 7
326

l ,3 2 5 ,1 9 i

5.13s
s , 696

l ,S 4 l
2,864

1,791.565
1,262,131

2 ,2 7 4

860

755.014

557
3.095
4,711

283
1 ,0 2 9
1 ,6 5 6

732,159
335,223

2 ,2 5 6

1,107

II,
950
7.150
765
3.742

b,Slo

4,234
2,799
315
1.393
2,579

647,4ii
1.115,593

11,112

1,543,128

1 2 5 ,1 1 4

3,230,179
2 ,4 5 9 , 3 2 1

339,112
l4 6 ,4 o 6

937,333

8 8 ,9 1 5

2 , 0 2 7 ,6 1 2

137,132

(3)

202
72
66
49
26
61
49
129
did

37.815
1,424,981
842,237

1 ,9 0 8

3 6 8 ,4 6 3

2,94o
1,039
7,314
4,002
398
2,208
3,990
1,687
991

383,823
408,743

3 7 1 ,1 3 5

75.399

6 5 3 .0 6 8
4 7 9 ,1 5 9
2 , 6 3 8 *9 7 0

284,139
2,262,649
333.853

1,584

10 6

1 0 1 ,5 8 9
2 9 ,5 0 6
2 0 ,0 5 8

7.697

3»966
32,362
2 3 , o4b
2 4 ,9 3 3

^ 2 ,7 3 1
30*727
8 8 ,1 2 1
2 3 ,8 3 9
1 2 5 ,7 0 8

861

764
277
2 ,5 6 7
2 ,3 0 1

1,281
3,099
2 ,8 5 5

25,847
2 ,2 9 2
1 3 ,7 4 2

698

1 5 ,5 6 7

1 ,0 5 0

3,706

591.897

40,177

4 ,0 3 6

95,595

6l 0

1 , 0 3 9 ,1 5 0

6 0 ,9 0 0

2 .3 3 0

33
158
34

18,325
42,982
14,076

522

20,564

1 ,2 0 7

258,746
274,933
187.348

2 2 ,6 5 5

3,215

1 1 ,1 6 6

1 ,3 1 9
1 ,1 7 0
1 ,0 7 1

166,452

392

1»O83,642

12,655

4 , 2 7 5 ,6 2 8

53^,392

33,842

312
19
61

247,506
353,022
477,11U

8,927
2,095
1,673

3 ,61 5,34 0
154,767

464,167

3 6 8 ,5 1 2
4 9 0 ,1 5 4

53.076
33.334
74,951

5 0 5 ,5 2 1

5 0 ,9 1 7

1 3 ,5 2 0
70
2 0 ,2 5 1

^7 ,0 5 1 ,63 !

74-1,483

113.459

1.155

425,624

88,578

11,954,525

3 2 5 ,8 2 0

14,528

15,704

12,531,072

2 6 3 ,0 4 9

37.SS6

464

139,959

2 1 ,3 2 8

5.245,978

1 1 7 ,8 0 5

7.116

S<5,985

28,482

II,

381.536

60,253

438

225,130

5 8 ,2 1 0

5 . 2 7 6 ,7 2 7

1 6 9 ,0 6 8

5 .9 9 1

b,4l6

2,735

3,493,993
8 9 4 ,1 6 0

3 ,0 3 4

75,529
47,869
2,162
28,422
86
5.638
11,947
7.262
5.821

3,532
199
178

1 ,2 3 2
1

103,330

62
1
3
43
6
35
35
21
23

2 0 ,2 0 3
320

82
1.434

23,235
9.743
4gi
6.344
74
1.619
4,i64
2,7oO
1.706

6 3 1 ,7 8 4

15 4

141,155
6 l ,4 4 i

23
21
11
58
70
24

6.875
4,274
1.173
8.983
15,648
3.442

253

60.535

2,475,29)

2 3 4 ,6 2 6

37.495

306

158*967

1 ,0 3 6

364

2,012,oc4

2 0 6 ,1 2 9

31,002

23

s4s

252

39,134

5.357
2 ,2 0 6

1.956
546

3 7 6 ,3 3 9
7 6 4 ,4 3 0
4 3 4 ,114

2 5 .6 3 1

6,588
12,189
^.139

2 3 ,9 6 1

9,266

7,866,041

1,200,243

15.513
3.906

3.330,514

341,578

1,499,8 2 |

4 ,5 4 2

5.402
1,534
2,330

2 ,905,706

143,234

5 0 ,6 l4

Wholesale

33,153

Retail

363
250

5.393

i , "664
5 .8 5 5
n .^ 3 7

5.818
7 .3 3 6

51+7
1 ,6 6 9

3,300
1.915
i A5^

988,825

2,433,473
37.197
387. W +
961.723
487,294
314,824

74,345

39,28b
586
1 0 ,7 8 8
2 6 .5 2 7

17,533
1 1 ,3 2 1

1 ,2 2 1

1 0 9 ,6 7 9
53119 6 0
7 9 5 .6 2 6
2 1 1 ,6 1 8

2 2 ,9 2 2
5 .3 0 2

1.675
1.165
407
2.67*
3.359
765

6,428

2 .5 3 1 .7 3 1*

9 6 .3 9 9

15.316

2,958

10,880
2,331
3.3Ua
a . 356
15,739

1,230
3,676
5,292

3 .1 6 9
1 6 ,0 9 6

8 15

993.797
1 7 2 . 65s

1 2 ,2 3 2

7.326
2,933
1 9 . 1^

3 ,7 6 6
1 ,0 7 0

7.321
1 7 .0 7 6
5 0 6 ,6 1 7

41,247
192,755

4,o4i+
7.92-0
3.789

6 3 0 ,5 0 7
2 6 2 ,0 9 1

6 ,2 3 2

355.982

7.577
1,444

1,302,460

2 ,0 7 2

78,461
427,719
581,468

4,520
9,993
1,874
0
0

For fo o tn o te s , see page 1 0 .

199
3,208
5.722
1,364
257

17,074

67,303

2.371

Trade not a llo c a b le

1 ,5 0 9

2 9 0 ,0 7 0

308

2 5 8 ,3 7 0

917.933
I,
319,24|

6.315

Department, ge n e ra l m erchandise,
dry goods
L im ited -p rice v a r i e t y sto re s
M ail-order houses
Food stores
Packrge liquor sto re s
Drug stores
A pparel
F u rn itu re and house fu r n is h in g s
E a tin g and drinking p la c e s
D e a le rs in autom obiles, a c c e s s o r ie s ,
t i r e s , b a tte r ie s
F i l l i n g s ta tio n s
Hardware
Lumber and c c a l yards
Other r e t a i l trade
R e t a il trade not a llo c a b le

Dividends
paid in cash
and a s s e ts
other than
c o rp o ra tio n ’
own stock

1 6 9 ,8 8 5

715

T ran sportation
Communication
Qtiiex p u b lic u t i l i t i e s

D e f i c i t 3/

5 2 0 ,5 0 0

2,673
1.790

Public u t i l i t i e s

Number o f
retu rn s

Gross
income 4/

1 5 ,2 6 0

1,008

3

8 ,1 5 9
1 ,1 0 9

15 0
1
08

4,957
2 5 .H 5
14,675
13.107

812
434
69

29,464
1,927
3,603

859

1 5 ,6 0 6

23,804

909
665

1 5 2 ,1 1 2

6 ,0 1 1

181

1,467,823

38,948

1,419

8 9 » 126

19
568

Page 10
Table 1 — C o rp o ra tio n s, 1938, retu rn s 'file d , through December 31* 1939»"fry major in d u s t r ia l groups and by retu rn s w ith net income and w ith no net income:
number, gro ss income, n^t income or d e f i c i t , income t a x , e x c e s s -p r o fit s ta x and d ivid en d s p aid in cash and a s s e ts other than
corporation*s-own- stock - Concluded
(Money figures in thousands of dollars)

Returns w ith no net income 3/

Returns w ith net income J /
- T o ta l *■ number o f
retu rn s 2/

In d u s tr ia l groups 1/ - Concluded

•

S e r v ic e
P erso n al s e r v ic e
B u sin ess s e r v ic e
Automobile re p a ir s e r v ic e s
Amusement
O th e r, in c lu d in g schools
S e r v ic e not a llo c a b le
F in a n ce , in su ra n ce , r e a l e s ta te and
le s s o r s o f r e a l -oro-perty
Banks and tr u s t companies
Mortgage and t i t l e companies
Investm ent t r u s t s and investm ent
companies
H oldin g companies 6/
Other co rp o ra tio n s h o ld in g s e c u r it ie s j j
S e c u r ity and commodity-exchange
brokers and d e a le rs
Commercial c r e d it and fin a n ce companies
I n d u s tr ia l and personal loan companies
Other fin a n ce companies
Insurance c a r r i e r s , a g e n ts , e t c .
R ea l e s t a t e , in c lu d in g le s s o r s o f
b u ild in g s
Lesso rs o f r e a l p ro p e rty , except
b u ild in g s
F in a n ce , in su ra n ce , r e a l e s ta te and
le s s o r s o f r e a l pro p erty not
a llo c a b le

i

;

D ividends
paid in cash
and a s s e ts
other than
c o rp o ra tio n ’ s
own stock

Number o f
re turns

Gross
income 4/

82,457

28 ,6 8 7

1,498,059

110,427

2,442

10,280
4,390

686,217
188,069

363

3 .S5 2
5.935
4,082
148

342,982
144,106
3.573

51,590
11,849
5,962
28,828

1

10,319
22,463
805
42,484
6,283
104

132,757

998

1,37^,094

8 8 ,6 3 0

2 1 3 ,0 1 7
3 .0 5 6

12,146
419

2 16

175,684

7

1*6 53

1 2 0 ,6 2 5

7 1 .5 3 6

21

822,364

582,247

2 ,0 3 6
2 6 ,3 2 3

3 6 7 .2 3 7

2 6 3 ,7 6 7

15.058

6 3 ,0 6 5
500 , 229
283 , 840

1 2 , 21+5
6 7 ,^ 6 9

l ,4 i 6

Ihcome: ta x .£/

E xcessp r o f i t s ta x

23.538

273

26,617
36.1+K7
2,466
SO, 731+

3,367
5,688
333
ll,6 l4

6l
44

1 3 ,7 1 3
255

2 ,0 5 0

70

36

5 , 9 0 7 ,1 1 1

1 , 7 0 4 ,1 3 1

1 0 ,5 7 4
1+99

1,223,939
19.301

6 16

797
2,597

3 2 1 ,9 2 1
2 0 6 ,2 2 7
1 1 0 ,4 0 0

Number o f
retu rn s

Gross
income 4/

Net income

*+5 .2 9 0

12,287

2,091,998

1 6 0 ,2 7 3

14,683
7 . 0+7

3 .9 6 7

5 .0 6 9

1 ,0 2 9

221

1 .6 5 5
49

509.312
492,104
75,391
797.709
182,593
3*+.3S9

1 5 6 ,8 8 1

5 1 ,8 0 6

13*593
i ,* 3 *
1*237
1,218
5*357

:
J

D ividends
paid in cash
and a s s e ts
other than
c o r p o r a tio n ’ s
own sto ck

D e fic it

/

•

1

10.353
7*317

2,357
3.230

9
88

193
41

1 3 1 ,1 1 2

951+

1 1 ,8 7 3

25
SOX
286

325

12

3,144,877

8 1 5 .7 0 6

193,444

5,766
1,028

399,247
37.122

93.350
31,742

2 7 ,4 o4
330

512

14,581
31,^33
29,412

7 ,0 6 5
.2 9 , 9 1 1

6 bo
1 ,2 9 0

32,649

8,234

20,288
4,222
2,436
15.133
264,512

3,564
999
4 74
232
1 3 9 ,0 2 6

355
2 ,2 7 8

9, 243
50,412

1,486

1 8 ,6 7 9

14,672
1 0 3 ,3 H

84q
1.331
4,266

267,544
24,213
10,978
14,273
1,196,173

1 , 691+, 569

30.753
15.253
226,940

2 6 ,8 5 7

l4
22
15
29
57

2 5 ,6 0 2

7 5 4 ,6 1 6

124,738

1 7 ,2 6 0

3 12

70,130

64,311

1 , 0 4 3 ,9 5 7

267,764

6»3^7

1+.393

1,373

164,104

79*338

1 2 ,6 1 2

51

70,901

2,3^5

35,448

25*956

1.^73

5 .5 5 1*

1.591

53.649

1 3 ,3 2 2

l ,4 4 i

20

12 , 274

2 ,8 2 7

40,491

2 0 ,4 7 6

1.323

1 7 ,6 2 1

5.057

1 , 2 5 5 , 1+09

6 2 ,6 8 2

9,77^

385

2 3 .6 1 1

1 1 ,2 8 3

708,049

37.530

1 ,0 9 9

A g r ic u ltu r e , f o r e s t r y and f i s h e r y

9.792

2 .6 3 2

3 6 3 ,7 2 6

3 0 , 96s

4,158

142

18 , 8 O5

6,361

2 3 9 ,S45

3^,130

882

F o re str y
F is h e r y
A g r ic u ltu r e and s e r v ic e s
A g r ic u lt u r e , fo r e s t r y and fis h e r y
no*t a llo c a b le
Na^fcdre of b u sin e ss not a llo c a b le ,
except trade

524
336
8.917

80
73

8 ,1 6 0
1 1 , 56s

3^3.519

ll4
143
3.899

1
12

2 , 1+71

847
925
29,179

15

3

SO

id

17,284

793

115.931

5 .2 0 2

Construction

2,376
2 ,9 8 1
2 ,6 2 2
2 .9 0 3
8 ,1 0 2

755
1,480
1,572
531
3.319

99*211

1+7.910

1 0 ,0 3 6

4,689
2,463

1 ,2 7 6

539

375

10,787

2,990

52

220

130

203
1 8 , O55

5.756

2 0 ,7 6 1
2 0 8 ,1 2 8

1 ,1 2 7
2 9 .9 9 6

1
030

2

-

8

10

17 0

16

-

778

19

3*1^9

3.328

9 Q , o4g

14,696

2 ,2 6 6

l/fThere will be published in the ’’Preliminary Report, Statistics of Income for 1936, Corporation Income and Excess-profits
Tax Returns” a comparison of these 1938 major industrial groups with those for 1937* which were published in the
“Preliminary Report, Statistics of Income for 1937* Corporation Income and Excess-profits Tax Returns”.
Zf
Includes number of returns of inactive corporations.
3 / “Net income” or “Deficit” is the amount reported for excess-profits tax computet ion (item 28 on page 1,. Form 1120 and 1120A), which is equal to the difference between “Total income” and “Total deductions” (items l4 and 27, respectively, on
page 1. Forms 1120 and 1120A).
4/
“Gross income” corresponds to “Total income” (item l4 on page 1, Forms 1120 and 1120A), after transferring to deductions the negative items of income reported under sources of income, plus “Cost of goods sold” and “Cost of operations"
(items 2 and 5* respectively, on page 1, Form 1120).
2/
Includes $ 4 l ,5 6 9 , 49 b normal ta x and $7»776»56l su rtax on u n d is tr ib u te d p r o f i t s rep o rted on retu rn s fo r a f i s c a l year ended in period J u l y through November, 1936 (and on returns fo r a p art year which began in 1937 and ended in 1936, the
greater p a r t o f the accou n tin g p erio d f a l l i n g in 1 9 3 *0 *
6/
Consists of corporations who at any time during the taxable year owned 50 percent or more of the voting stock of another corporation and whose income from sich stock was 50 percent or more of the amount of dividends received.
jj
Consists of corporations (other than investment trusts and investment companies) who (a) at no time during the taxable year owned 50 percent or more of the voting stock of another corporation or (b) at any time during the taxable year
owned 5c percent or more of the voting stock of another corporation but whose income from such stock wps less than 50 percent of the amount of dividends received.
6j
Less than $500.

Table 2.

Corporations, 1929 - 1936, iu aggregate and by returns with net income and with no net income: number, gross income, net income or deficit, income tax,
excess-profits tax and dividends paid in cash and assets other than corporations own stock; also number of inactive corporations

Page 11

(Money figures in thousands of dollars)

19 3s 1 /

Returns with net income and with
no net income:
Number of returns
Gross income 2/
Net income less deficit
Income tax
Excess-profits tax 4/
Dividends paid in cash and assets
other than corporation1s own stock
Returns with net income
:
Number of returns
Gross income 2/
Net income 3 r
Income tax
Excess-profits tax 4/
Dividends paid in cash and assets
other than corporation’s own stock
Returns with ho not income j>/:
Number of returns
Gross income 2/
Deficit
Dividends paid in cash and assets
other than corporation’s own stock
Number of inactive corporations

l/
2/

3/
4/

£/
6/

]j

0/
Ij j

6/

6/

4 7 1 ,0 3 1
12 0 , 4 7 1 ,7 1 7
3 , 6 7 2 ,8 9 6
253, 57s

1+77,838
1 ^ 1 , 9 6 7 ,8 7 6

5 .9 S S

7-353.991
1,232.837
*+3.335

5*137*928

1 6 9 , SS 5
2 0 , 3 4 7 ,5 5 5

1 0 8 ,929 *095

6 , 5 2 5 *9 2 9
253, 57s

9.634,237
1 , 2 3 2 , 83?

5.922:

1936

1937

1 /

1 /

8/

472,857
132,277*933
7 , 3 2 6 ,2 1 7
1 , 1 6 9 ,7 6 5

1 0 0 .a 3 1 . 2 5 3

,695.9**9

9*+,l7o
583.375
7,573

i

7 1 0 ,1 5 6

24,969

7 , 511 +, 0 1 7

7*379.333

5,940,620

1 9 2 ,0 2 8

2 0 3 ,1 6 1

164,231
7 7 .^ 1 * 5 0 6
5,164,723

oj

2/

710 *156

4 3 ,3 3 5

2 1 ,6 1 3

24,969

4,780,202

7*308,77^

7 , 1 7 9 ,2 2 0

4 , 6 5 1 ,0 0 2

301,146
4© ,1 2 4 ,1 6 2
2 ,253,693

2 8 5 ,8 1 0

32,977.921
2,280,846

2 7 5 ,6 5 6
2 7 , 5 1 4 ,1 7 2
2 , 1 5 2 ,0 2 4

357*726

205,243

2 0 0 ,1 1 2

1 , 2 8 9 ,6 1 8

4 9 ,4 6 9

51,259

5 1 ,9 2 2

5 6 ,5 1 8

10 /

446,842
83,642,421
2 , 51+7 ,3 6 7
*+1 6 ,0 9 3

10 /

8 1 , 0 8 3 ,7 3 8
5 , 61*3 , 5 7 !*

2/

285,576

4 5 9 J0 4
107,515,239
3.287,545
3 9 2 ,5 #
6 , 1 5 1 ,0 2 2

1+51,881+
10 /

I 93 O-

1929

463,036
n

4 5 6 ,0 2 1
1 6 0 , 6 2 1 ,5 0 9

1 3 6 , 0 6 2 ,0 5 9
1 , 5 5 1 .2 1 8
7 1 1 ,7 0 4

£*739.758
1 . 1 9 3 . “*36

6 .9 7 6

**.359.379

3 .1 2 7 . “*59

3 , 8 8 5 ,6 0 1

i**5 , i o i
62,920,95**
**.275.197
58S.375
7.673

1 0 9 ,7 0 6

8 2 ,6*+6

46,752,366
2,965*972
4 1 6 ,0 9 3
6 ,9 7 6

3.822.599

2,385.289

3 1 2 ,8 8 2

32**. 703

36,4q4,664
3,468,774

3 7 , 9 1 0 ,2 9 9
1+, 1 8 1 ,0 2 7

3 3 7 .0 5 6
3 6 , 2 9 0 ,0 5 5

2/

1931

19 32

19 3 3

1+6 9 , 801+

**77.113
1 1 3 , 9 3 6 ,1 7 0

2 1 ,6 1 3

104,763,755
9 ,4 7 S ,2 4 i
1 , 1 6 5 ,7 6 5

193**

19 3 5

2/

l !

2/

221,420
29.561,495
6,42S,E13
711.7^4

2/

6 , 8 2 3 ,0 5 0

175.S9S

3 1 , 7 0 7 ,9 6 3
2 . 1 5 3 ,1 1 3

5 2 , 0 5 1 ,0 3 5
3 , 683, 36s

2 2 5 ,5 7 6

392,594

2 , 3 2 0 ,3 8 6

3 , 8 7 1 ,6 6 0

S , 124,241

2

]

8 , 5 1 9 ,8 1 2

2 6 9 , 1+30
1 2 9 . 6 3 3 .7 9 2
1 1 . 6 5 3 ,8 8 6
1 . 1 9 3 . 1*36

2/

8 .0 0 5 ,9 5 2

3 6 9 ,2 3 8

2 2 3 ,8 0 6

5 *533.339

“*9.375.775
7.79 6.6*7

55,464,204
6.970,913

241,616
46,500,564
4 , 6 7 7 ,5 9 5

136,591
3 0 ,9 3 7 ,7 1 7
2 , 9 ll+ , 1 2 S

1 , 0 3 6 ,7 2 1

741,570

1 , 5 6 5 ,2 1 5

2 , 2 7 9 ,2 0 3

1 , 3 6 1 ,1 9 1

5 13,860

5 9 ,0 9 4

57,232

56,752

5 6 ,7 0 0

55.7.00

53. *+15

P relim inary fi g u r e s .
For 193& - 193o, ’’Gross income” corresponds to ’’Total income” as reported on return, after transferring to deductions the negative items of income reported under sources of income, plus ’’Cost of goods sold” and ’’Cost of operations”. Unlike
former years, ’’Gross income” includes interest received on certain Government obligations, which is subject to excess-profits tax. For 1932 - 1935» -Gross income” corresponds to ’’Total income” as reported on face of return, after trans­
ferring to deductions the negative items of incoxae reported under sources of income, plus ’’Cost of goods sold” and ’’Cost of operations” (for 1934 and 1935* interest received on Liberty Bonds, etc., as reported
face of the returns has
been deducted from gross income so that gross income includes the same items as in 1932 and 1933). For 1929 - 1931* “Gross income” corresponds to "Total income” a.s reported on face of the return, after transferring to deductions the
negative items of income reported under sources of income, x^T^s ’’Cost of goods sold”.
"Net income” or “Deficit” represents the amount for excess-profits tax computation for 1936 - 193©, the amount for income tax computation for 1933 - 1935* aid. the current year net income or deficit (before deduction of prior year loss) for
1929 - 1532.
The e x c e s s - p r o fit s ta x f o r 1934 Rhd 1935 in clu d e s a sm all amount o f e x c e s s -p r o fit s ta x which appears on retu rn s w ith no net income fo r income ta x purposes because the c r e d it fo r in t e r e s t re ce iv e d on c e r ta in o b lig a tio n s o f the U nited S ta te s
and i t s in s t r u m e n t a lit ie s , which i s allow ed a g a in st net income in the computation of the income t a x , i s not allow ed a g a in st net income in the computation o f the e x c e s s -p r o fit s ta x (see A r t i c l e 1 (d ), Treasury Deciaon 4469* “R egu la tio n s
r e la t in g to e x c e s s -7 ;r o fits ta x imposed by S e c tio n ~f02 o f Revenue A c t o f 1934” ) .
The e x c e s s -p r o fit s ta x fo r 1933 became e f f e c t i v e June 3U» 1933* under the ta x provision of the N atio n al I n d u s tr ia l Recovery A c t .
The c l a s s i f i c a t i o n o f retu rn s in to those “ w ith net income” and “w ith no net income” i s based on net income fo r e x c e s s -p r o fit s ta x computation fo r 1937 ~ 193G* on net income fo r income ta x com putation fo r 1933 ~ 1936. &hd on current year net
income (b e fo re deduction o f p r io r year lo s s ) fo r 19 2 9 - 1 9 3 2 *
Consists of $4l,569 ,496 normal tax and $7*776*561 surtax on undistributed profits reported on returns for a fiscal year ended in the period July through November., 193'b (and on returns for a x>art year which began in 1937* with the greater
part of the accounting period in 1936): and $.804,230,054 income tax reported on returns for the calendar year 1936 and for a fiscal year ended in the period January through June,
1935* or part year aided in 1Q59 with the greater part of
the accounting period in 1936.
.Consists of $ 1 ,056 ,939*166 normal tax and $175*697*696 surtax on undistributed profits.
C o n sists o f $59,269,627 income ta x reported on retu rn s f o r a f i s c a l year ended In period J u l y through November, 1936 (and cn retu rn s fo r a p art year which began in 1935 witii the g re a te r p a rt o f the accou n tin g period in 1936). and
$9 6 5 *5 d 3 »lll normal ta x and $ l4 4 ,972*2o4 su rta x on u n d is tr ib u te d p r o f i t s reported on retu rn s fo r the calen d ar year 1936 and f o r a f i s c a l year ended in the period Jan u ary through Ju n e , 193T* ° r p a rt year ended in 11937 w ith the g reater p art
of the a cco u n tin g p e rio d in 1 9 3 6 .
Revised. For dividends paid in cash and assets other, than corporation’s own stock, for 1936 and 1934. see “Statistics of Income for 1535* Part 2” , page 9* footnote 2, and for 1929*see “Statistics of Income for 1934* Part 2” , page 9 *
footnote 2. For income tax for 1932* see “Statistics of Income for 1933*1 page 37* For gross income for 193u * see “Statistics of Income for 1931” . pages 32 - 33*
Deficit in excess of net income.

T a tio n in s tr u c tio n o la sse s fo r Coast ftjard
'Personnel design ated to take fligh fe**rtrffiin g aT^W ifcJa-jy1s a ir sch o o l at
X

C,

V

~X A \

Pensacola inn In 1 - j j l i i i l i m September 30 a t the Coast (Guard (B ilo xi)4 iA
»u ~

\

1

^

[Station, it was announced todays

V i m s JtjL ^ Cite——The
^ new program f t exp(
_

0

L ^ j/ y

< J l.

a id the students

zed

[who take the "stepped up" Navyij^SfSotion and decrS^^their handicaps.
En the past, Coast^^ewsff^ personnel were somewhat at a disadvantage be^sgus*
ith ers e n ro lle d a t the Navy School had had previous t r a in in g before
..
^ -■
— ■—
kii-'
T h eV rtSSrseis designed to giv e student a v ia to r s
opportunity

LX ,

r
******

*ts ^
'
familiar izjfaj themselves with actual control of

a ir c r a f t before

P en saco la.

w

1

Each course w i l l l a s t s ix

weeks, g iv in g the s tu d e n ts ^ jp P ly in g hours exp erien ce, and w i l l be open
to o f f i c e r s and e n lis te d men.
be lim ite d to four students.

At p re se n t, the <3ourse

sin ce th a t is the quota a llo t t e d the Coast Guard fo r the n ext c la s s a t

c

sfe

Pensacola/mhi

y

bu
s,

The fo u r who w illT ta k e the^brsTining ares

L ie u tsV ^ . R . ^vans, 0 . D. Weed and W. J . Lawrence and Ensign L , L . Davis.
In s tr u c tio n w i l l be given under the su p e rv isio n o f

Lieut

Commander S . C . Linholm , commanding o f f i c e r o f the B ilo x i a ir s t a t io n ,
who w ith L i e u t . R . E . M cC a ffe ry , Coast Guard in s tr u c to r a t P en saco la,
planned the

>rej> vym y\m

A Coast Guard N4Y tr a in in g plane w i l l

be used*
)on com pletion o f the f i r s t

&L.
course on November 2 ,’^ ^ T Y ^ u r e

at

a ir s t a t i o n ^ -

c la s s e s w i l l be held a t the

/

'

• •

z 2 - / y

The C o a s t G u a r d w i l l

inaugurate

preliminary aviation classes Monday for men
for

later flight

Fla.,

t r a i n i n g at t h e N a v y

R e a r A d m i r a l R.

announced today.
i n s t r u c t i o n at

R.

Waesche,

designated

school at Pensacola,

Commandant

of the

its A i r

S t a t i o n at B i l o x i ,

Miss#,

,

same

Service,

I T h a C o a s t Guard w i l l provide a t o the

to e m b a r k its
with the

special

in order

___

upon the Pensacola courses
a m o u n t of

introductory training as o t h e r s

there w i l l have.

TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS
Friday, September 27, 194-0.______

Press Service
No. 22-17

The Coast Guard will inaugurate special preliminary aviation
classes Monday for men designated for later flight training at the
Navy school at Pensacola, Florida, Rear Admiral R. R. Waesche,
Commandant of the Service, announced today.
The Coast Guard will provide the instruction at its Air
Station at Biloxi, Mississippi, in order to embark its students
upon the Pensacola courses with the same amount of introductory
training as others enrolled there,will have.
The preliminary Biloxi course is designated to give student
aviators and student aviation, pilots an opportunity to familiarize
themselves with actual control of aircraft before reporting at
Pensacola.

Each course will last six weeks, giving the students

twenty-five flying hours experience, and will be open to officers
and enlisted men of the Coast Guard.
At present, the Biloxi course will be limited to four students,
since that is the quota allotted the Coast Guard for the next class
at Pensacola.

The four who will be first to take the introductory

training are:

Lieutenants G. R. Evans, 0. D. Weed and W* J. Lawrence

and Ensign L. L. Davis.
Instruction will be given under the supervision of LieutenantCommander S. C. Linholm, commanding officer of the Biloxi Air
Station, who, with Lieutenant R. E. McCaffery, Coast Guafd instructor
at Pensacola, planned the preliminary course.
[training plane will be used.

A Coast Guard N 4 Y

Upon completion of the first Coast Guard, course on November 2 ,
it is contemplated that future classes will be held at the Air
Station at Elizabeth City, North Carolina.

-0O0-

TREASURY DI^ARTMEKT
Wash!ngton
FOR IMMEDIATE RELEASE,
Thursday, Ssptsraber 26, 1940#

Pr»«* Service
3 3 " / *

Secretary of the Treasury fcorgenthau announced today that the
subscription books for the current offering of 2 percent Treasury Bonds
of 1953-55 will close at the close of business Friday, September 27,
1940.

This offering is open only to the holders of Treasury Hotes of

Series C-1940, maturing December 15, 1940.
Subscription# addressed to a Federal Reserve Bank or Branch,
or to the Treasury Department, and placed in the mail before 12 o'clock
midnight, Friday, September 27, will be considered as having been
entered before the close of the subscription books.
Announcement of the amount of subscriptions and their division
among the several Federal Reserve Districts will be made later.

,

✓

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, September 26, 1940.

Press Service
No. 22-18

Secretary of the Treasury Morgenthau announced today that
the subscription books for the current offering of 2 percent
Treasury Bonds of 1953-55 will close at the close of business
Friday, September 27, 1940.

This offering is open only to the

holders of Treasury Notes of Series C-1940, maturing December 15,
1940.
Subscriptions addressed to a Federal Reserve Bank or Branch,
or to the Treasury Department, and placed in the mail before 12
o ’clock midnight, Friday, September 27, will be considered as
having been entered before the close of the subscription books.
Announcement of the amount of subscriptions and their
division among the several Federal Reserve Districts will be
made later.

-oOo-

I
- £ -

The quarterly quotas on imports of this class of cattle, the
produce of countries other than Canada^ for the first three quarters
of the year have been filled.

Therefore, the tariff rate quota for

the fourth quarter of 1940 for such other countries will be 6,210
head.

(Prepared by\fcha Qtio t a l5il1r'-^ip pealV “and ProW sTs' "Bureau of—
Customs)

*~PRESS- 1
The Bureau of Customs announced today the tariff rate quotas
on imports of cattle weighing 700 pounds or more each, other than
dairy cows, for the quarter year commencing October 1, 1940.
The trade agreement with Canada limits imports of this class
of cattle entered for consumption or withdrawn from warehouse for
consumption at the reduced rate of 1—1/2 cents per pound provided
for therein, to 225,000 head during any calendar year and further
provides that such imports shall not exceed 60,000 head during any
quarter year.
The Presidents proclamation of November 30, 1939, allocated
this quota between Canada and other foreign countries for the calendar
year 1940 and limits such imports at the reduced rate to 193,950 head
the produce of Canada and 31,050 head the produce of other foreign
countries, of which not more than 51,720 head from Canada and 8,280
head from other foreign countries may be so entered during any quarter
of that year.
Figures for imports of this class of cattle^the produce of Canada^
for the third quarter of 1940 will not be available until the expira­
tion of the period.

However, imports during the first two quarters

were sufficiently under the established quota for any quarter to permit
entry or withdrawal for consumption at the reduced rate of the TnaTjTmw
quantity during the third and fourth quarters.

Therefore, the tariff

rate quota on imports of this class of cattle, the produce of Canada,
for the fourth quarter of 1940 will be 51,720 head.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, September 26, 1940.

Press Service
No, 2 2 - 1 9

The Bureau of Customs announced today the tariff rate quotas
on imports of cattle weighing 700 pounds or more each, other than
dairy cows, for the quarter year commencing October 1 , 1 9 4 0 .
The trade agreement with Canada limits imports of this class
of cattle entered for consumption or withdrawn from warehouse for
consumption at the reduced rate of 1 -1 / 2 cents per pound provided
for therein, to 2 2 5 , 0 0 0 head during any calendar year and further
provides that such imports shall not exceed 6 0 , 0 0 0 head during any
quarter year.
The President's proclamation of November 3 0 , 1 9 3 3 , allocated
this quota between Canada and other foreign countries for the
calendar year 1940 and limits such imports at the reduced rate to
193*950 head the produce of Canada and 3-1*050 head the produce of
other foreign countries, of which not more than 5 1 , 7 2 0 head from
Canada and 8,280 head from other foreign countries may be so entered
during any quarter of that year.
Figures for imports of this class of cattle, the produce of
Canada,for the third quarter of 1940 will not be available until the
expiration of the period.

However, imports during the first two

quarters were sufficiently under the established quota for any quarter
jto permit entry or withdrawal for consumption at the reduced rate
°f the maximum quantity during the third and fourth quarters.

There­

fore, the tariff rate quota on imports of this class of cattle, the
Produce of Canada, for the fourth quarter of 1940 will be 51,720
Ibead

The quarterly quotas on imports of this class of cattle, the
produce of countries other than Canada, for the first three quarters
of the year have been filled.

Therefore, the tariff rate quota for

the fourth quarter of 1 9 4 0 for such other countries will be 6 , 2 1 0
head.

- 0 O0 -

"TX®.

F'O R

P a &/V\ A ^ * * ^

\M

I 'i'f t t

*

/ *t> i% *\ **x o

«&94Q
August
1940
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Cue tody %■“■
Stock in Customs Bonded Warehouses
at end
STILL WINES (Liquid Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Warehouses
at end
.
s
SPARKLING WINES
-^Lt
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Warehouses
at end
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on Liquor

July
1940

August
8 months ended
1939____ August 1940
August 1939

7,811,793
1,187,033
8,998,826
503,721

6,976,845
1,536,923
8,513,768
701,593

4,265,371
650,749
4,916,120
700,997

4,474,392
10,795,625
15,270,017
6,757,737

4,214,134
5,938,443
10,152,577
5,881,529

8,493,98 6

7,811,793

4,213,784

8,493,986

4,213,784

1,556,098
195,875
1,751,973
102,434

1,526,805
225,979
1,752,784
196,254

1,235,142
203,026
1,438,168
151,865

1,283,499
2,676,222
3,959,721
2,304,070

1,121,505
1,950,348
3,071,853
1,781,048

1,648,738

1,556,098

1,286,135

1,648,738

1,286,135

371,976
1,431
373,407
17,983

395,772
5,717
401,489
29,333

332,253
38,279
370,532
25,382

376,746
272,164
648,910
293,017

257,942
293,696
551,638
206,083

355,339

371,976

345,150

$ 1,208,466
92,549
51,573
$ 1,352,588

$ 1,725,982
163,783
86,676
$ 1,976,441

$ 1,727,259
127,506
75,477
$ 1,930,242

355,339
$ 16,679,156
1,914,196
870,016
$ 19,463! 368

br „
Marne

m

22t27#l643^1 23JS48§B63
\ y ^

jǤfp 1
Bareaa of

345,150
$ 14,664,596
1,546,721
615,780
$ 16,727 ,*097

lxua/ioUiil Vsj PAR1IYLS.NT

a -7

Washington

AS

FOR IMMRDI J ee RELEASE
Wednesday, rniinieti Q l. iq40

6-21-40

lUAK

Press Servi<

No.

'--/

fnd

^Commissioner of Customs W. R. Johnson today issu/d the following st^tenCnt
c o v e J i L ' ^ ^ i Q U o '11^ ^ 1611 li<luors
wines’ and 4ties collected tureen,
covering tMfee, 1940, with comparative! figures for iTjrfr irittfrlft: and
§nd,^ h e H w e t ^ month periods ending Jfairr'
r ^ l O , and * > ^ 1940, resuectiv^yJune
May
Tane~f
Fiscal Year
-43 40 __________ 1 9 ^ 0 ______________1939 I___________1940______________ 1939
DISTILLED LIQUORS
(Proof\Gallons)
Stock irk Customs
Q ju u t iu u J r M
Bonded Warehouses
at beginning ....
7 . 4 9 5 .1 5 0
6 ,7 6 9 ,1 9 5
*+.i.2?,9s?
4,137,917
Total Import^ (Fjpgef
and ButiableV/f.. .
ifeo6,279
1 ,592,666
73 5 .13 ^'
1 5 .3 (4 . 0 1 0
Available fo/konsumption
\ .
3 ,a b l,4 2 9
4 , 9 1 ^ ,1 7 7
8 , 3 6 1 ,8 8 3
is .^34.927
15 .3 5 1 .39J
Entered inlfo C o n -\
1
surnption/(a) . . .
* 866,422 /
1.334,352
1 2 ,3 ^2109 ,
7 6 9 ,3 9 6
ll,lll,2ltj
Sto ck in/Oustoms
\
1
*/
B onded/warehouses
\
\
a t endf
^97^845
7 .4 9 5 ^ 0
*+.1 3 7 . 9 1 7
6 ,9 J6 ,f45
‘+.137.9171
STILL WINES (L iq u id
Callous)
Stock in Customs
Bonded Warehouses
at beginning .....
1 ,778,5
1 ,1 0 1 ,34,
1.699,267
1 ,1 5 1 .29'
1 ,320,709
Toyal Imports (Free
ahd dutiable) ....
4l2»932
3^5.307
4,2 8 3 ,421
2^275
^593,57
Available for Con­
sumption .........
2,191,432
.084,574
^357.616
5,434,711
4,314,686
Entered into Con­
664,625
sumption (a)......
30§.90;
3.901,482
3,149,564
Stock in Customs
Bonded Warehouses
a t e n d ....................................
1 , 526,605
1 ,5 2 6 ,0 0 5
1 ,151,290
SPARKLING- WINES
(Liquid ^iifcns)
Stock in^Customs
k
%
X
- \
Bonde<y Warehouses
/
\
■ \
at beginning •,
_
474,7/f
*+7 ^ / 2 7
>306,2h
3 2 1,0 14
Totalimport!;(Free
and futiablei) ....
/ 2 3 .6 5s
y?7.642
5^,3 2 !
719,317
Avaimble fori Con//
jf
sumition
49
*+9y7j.055 y ' 512,641
356,W V . i . o b o ^ r
Entered into i>n- /
suifption (a) \jr
i°ip4
3 9 .3 9 3
643,863
35.553V
St oik in CustapfC
Bonded Ware/iseh^
atl end
- 3 9 5 ,7 7 2
3 2 1 ,oi4
.473,227
\
395,772
BUT m s COL^CTED o¥7
Lis%ilf^u Liquors
+.5 3 3 , 5 7 4 $ 2 ,1 3 6 , 7 1 0 $ 1 »9 0 6 ,846 i 3 ^ 6 7 3 ,6 6 7
StillyWines
5 2 0 ,9 3 6
24s,88b
17 0 ,4 5 7
3 ,\7 l,2 ii
2,748,730
SpapKling Wines
3 0 3 ,04s
...1 1 7 ,5 3 s
105,966
1,9X4,151
Totj^l
Coli y y « Duties >(Jol^
--------— 8-------- — *-=-------- — 1
L

505.13^1

|g|5.S59>^9 ? 31.514,159

TREASURY DEPARTMENT
Washington
P ress S e rv ice
No. 22-20

for im m e d ia t e r e l e a s e

Fr id a y . September 27. 19*+0

Cormnissioner o f Customs W. R. Johnton today issu ed the fo llo w in g statem ent
showing imports o f d i s t i l l e d liq u o r s and w ines, and d u tie s c o lle c t e d thereon/
covering A u gu st,19*40, w ith com parative fig u r e s fo r A u gust, 1939* and J u l y , .19^0,
| ICopCO
•
and e ig n t montn p e rio a s enam g AUgUS \j 9 •L'JJZ71 ana Augus{u|
8
months
ended
August
Ju ly
August
August 1939
19*40
19*40
_ _ i m ___ August 19*40
DISTILLED LIQUORS
(Proof G allon s)
Stock in Customs
Bonded Warehouses
4 , 4 7 4 ,3 9 2
*4,21*4,13*+
4 . 2 6 5 ,3 7 1
at b e g in n in g ........... 7,811,793
6 , 9 7 6 , 8^5
T otal Imports (Free
5 . 9 3 8 ,4 4 3
6 5 0 ,7 4 9
1 0 . 7 9 5 ,6 2 5
and D u t i a b l e ) ...* 1,187,033
1 . 5 3 6 .9 2 3
A v a ila b le fo r Con­
*+,9 1 6 ,1 2 0
15,270,017
sumption.
, 8,993»326
10,152,577
8 . 5 1 3 .7 6 0
Entered in to Con­
5,381,529
6 , 7 5 7 ,7 3 7
sumption ( a ) . . . . ,
503»721
7 0 0 ,9 9 7
701,593
Stock in Customs
Bonded Warehouses
4,213,784
8,^93,986
4,213,784
at end................ ..
8,493,986
7,811,793
STILL WINES (L iq u id
G allon s)
Stock in Customs
Bonded Warehouses
1,235,142
1 ,526,805
at b e g i n n i n g ...........1,556,093
1,121,505
1,283,499
Total Imports (Free
1,950.348
2 ,676,222
2 0 3 ,0 2 6
and D u tia b le . . . . .
195*375
225,979
A v a ila b le fo r Con­
3,959,721
3,071,853
1 ,75 2 ,7 s1* 1 ,*438,16 s
sumption . . . . . . . . . 1 , 7 5 1 * 9 7 3
Entered in to Con­
1,781,0*48
2,30*4,070
151,865
196,254
sumption ( a ) . . . * . .
102, *+3*4
Stock in Customs
Bonded Warehouses
l,64s, 738
1 ,286,135
1 ,556 ,09s
at e n d ...........................1,6*48,738
1,286,135
SPARKLING WINES
(Liq u id G allon s)
Stock in Customs
Bonded Warehouses
376,746
2 5 7 ,9 4 2
3 9 5 ,7 7 2
at b egin n in g . . . . »
3 7 1 ,9 7 6
332,253
T otal Imports (Free
272,16*4
2 9 3 .6 9 6
and D u b i a b le ...........
1,*+31
38,279
5 ,7 1 7
A v a ila b le fo r Con­
6*48,910
5 5 1 . 63s
*+Ol,*489
370,532
sumption .....................
3 7 3 ,^ 0 7
Entered in to Con­
206,083
25,332
293,017
17,933
sumption ( a ) .............
29,333
Stock in Customs
Bonded Warehouses
3 4 5 ,1 5 0
345,150
3 7 1 ,9 7 6
at end ..........................
355,339
....... 355,339
DUTIES COLLECTED ON:
D i s t i l l e d Liquors
$1,208,*466 $1,725,932 $1,727,259
$16,679,156 $1*4, 56*4,596
S t i l l Wines
92,5^9
1 6 3 ,7 2 3
127,506
l,9 lh ,1 9 6
1,5*46,721
Sp ark lin g Wines
51,573______ 86,676_______ 75,^77________870,016_______615,730
Total D u ties C o l,.
'
. ,
Z
. r
le c te d on Liquor
$1,352,523 $1,976,*4*41 $1,930,2*42 $ 1 9 ,^ 6 3 ,3 6 8 $16,727,097
(a) In clu d in g withdrawals fo r ship su p p lie s and d ip lo m atic u s e .

eOo

in c r e a s e d $ 8 ,5 1 1 ,0 0 0 and in C h in a $ 5 ,7 5 6 ,0 0 0 .^
O f a t o t a l o f $10,, 18 0 ,0 0 0 o f fe e e fc g * s e c u r i t i e s

A

/ _J

y

w h ich were r e p a t r ia t e d / ^ a n a x la b o u gh t back $ 4 ,9 7 9 ,0 0 0 o f i t s
h e ld i n
>

of

s e c u r itie s

A m erican c o u n t r i e s r e p a t r i a t e d $ 3 ,6 8 5 ,0 0 0

i

S e c u r itie s

and A s ia $ 1 ,5 & 7 ,0 0 0 . / Canada in c r e a s e d i t s

b r o k e ra g e b a la n c e s h e re $ 1 ,6 4 9 ,0 0 0 ^ L a t i n A m erica $ 1 ,2 5 4 ,0 0 0 and th e
N e th e r la n d s $ 9 2 8 ,0 0 0 .^

-

2-

O f th e So u th A m erican c o u n t r i e s , b a la n c e s o f
A r g e n tin a ro se h ere $ 5 ,4 -0 8 ,0 0 0 yto $ 8 8 ,7 3 6 , OOO0
/ C h i l e $ 5 ,3 6 3 ,0 0 0 ^ 0
$ 3 0 ,1 5 9 ,0 0 0 ; and B r a z i l $ 4 ,1 9 9 ,0 0 0 4 o $ 3 9 ,0 2 7 ,0 0 0 ^

Changes i n b a la n ce s

o f o th e r L a t i n A m erican and F a r E a s t e r n c o u n t r ie s were r e l a t i v e l y

sm all,

N e t p u rch a se s o f fo reign -o w fa e d Am erican s e c u r i t i e s
i n th e f i v e weeks t o t a l e d $ 1 0 ,4 8 7 ,0 0 0 .
$

M'*71*/?*//**■ *

Ita ly

*/

G ro ss p u rch a s e s amounted to

and g r o s s s a l e s were $

*

le d in th e a c q u i s t i o n o f A m erican s e c u r i t i e s w ith n e t p u rch a se s

o f $ 1 9 ,0 1 2 ,0 0 0 .

T h is p a r t i a l l y was o f f s e t by n e t s a le s o f $ 2 ,5 6 l,0 0 0 y y

by th e U n ite d Kingdom and $ 6 ,9 7 4 ,0 0 0 by C a n a d a .^
The d e c r e a s e i n B r i t i s h
s u c c e s s i v e month a p p a r e n t ly r e f l e c t e d
h e re a t th e tim e .

s a le s f o r th e t h i r d

th e m arket c o n d it io n s w h ich prevai

The f i g u r e *afcg^t have been h ig h e r s in c e p r i v a t e salesj

o f A m erican s e c u r i t i e s by th e U n ite d Kingdom a re n o t in c lu d e d i n statist]
appe|P(§/ing in th e B u l l e t i n .
T o t a l Am erican s h o r t-t e r m a s s e t s abroad w m < l i t t l e
changed i n th e p e r io d .

On J u l y 3 , iJ^ a m o u n te d to $ 4 7 5 ,0 0 5 ,0 0 0 compared

w ith tUmffnintfttrrfii $ 4 7 5 ,0 4 5 ,0 0 0 on May 2 9 /
$ 1 2 ,6 0 7 ,OOO^and on I t a l y $ 4 ,5 0 4 ,0 0 0 .^

C la im s on Ja p a n were red u ce d
Am erican b a la n c e s i n Canada

$cy

/ $ y 0

~ 7? o

N e t c a p i t a l i n f lo w i n t o

a

a

-2/

th e U n ite d S t a t e s ^ W / th e

f i v e weeks ended J u l y 3/ t o t a l i n g $ 3 0 0 ,9 03)000/was th e l a r g e s £ > s in c e the
o u tb r e a k o f th e European w a r, th e Septem ber T r e a s u r y B u l l e t i n d is c lo s e d "
to d a y .
In o n ly two p r e v io u s in s t a n c e s was th e movement
exceed ed * in A p r i l 19 3 J when th e n e t in flo w t o t a l e d $ 3 8 9 ,0 0 0 , OQt? a n d
in September^ 1938 when i t was $ 3 8 6 ,0 0 0 ,0 0 0 ,/ B o t h f l^ p y y a t a tim e
when f e a r o f im pending war w eigh ed h e a v i l y on E u r o p e ,
C h t>

L*\^ *& & r***'

F e a t u r in g th e movement i n th e (^5)days was
i n th e week ended„ Ju n e J_9 o f , $ 2 1 1 ,5 8 ^ ,0 0 0

F re n ch

a c countr^/~^lfeo o £ i ^
P ro ce ed s o f th e g o ld s a l e w h ich w ere c r e d i t e d to
F r e n ch b a la n c e s h e r e ,t o g e t h e r w ith ch a n ge s i n d o lla r ® / b a la n c e s o f other!

ffiftfeJ

f

co u n trie s^ b ro u g h t^ f o r e i g n s h o r t-t e r m fun& svon J u l y 3 to th e un p receden te
amount o f $ 3 )3 4 2 ,8 1 9 )0 0 0 ,^ T h is compared to th e p r e v io u s r e c o r d h ig h o f
$ 3 )1 2 6 ,5 3 9 )0 0 0 on May 2 2 , 1940.

M

F r e n ch fu n d s d u r in g t h e Q 5 y d a y p e r io d jumped
$185)708,000^ to $ 5 0 4 ,8 4 1 ,0 0 0 . ^ B r i t i s h

s h o r t-t e r m b a la n c e s h e re in crease;

$ 4 3 ,3 9 6 ,0 0 0 to $ 3 9 7 ,9 0 3 ,0 0 0 ; S w it z e r la n d $ 2 7 ,4 5 9 ,0 0 0 to $ 1 8 7 ^ 6 ',0 0 0 ;
Canada $ 2 3 ,1 8 8 ,0 0 0 't o $ 2 5 9 ,1 7 1 ,0 0 0 ; and Sweden $ 2 0 ,9 2 7 ,0 0 0 to

$187 , 636, 000.

TREASURY PEPARTMEUT.
Washington
POR RELEASE, KORNLHG NEWSPAPERS
Nonday, September 3 0 , 1 9 4 0 .

Press Service
■Ho. 2 2 - 2 1

Het capital inflow into the United States totaling $300,903,000
for the five weeks ended July 3 was the largest for any similar
period since the outbreak of the European war, the September
Treasury Bulletin disclosed today.
In only two previous instances was the movement exceeded— in
April, 1939, when the net inflow totaled 3389,000,000 and in
September, 1935, when it was 3386,000,000.

Both figures were re­

corded at a time when fear of impending war weighed heavily, on
Europe.
Featuring the movement in the thirty-five days was the
inflow in the week ended June 1 9 of 3211,589,000 for French account
resulting mostly from the sale

of gold,

Proceeds of the gold sale which were credited to French
balances here, together with changes in dollar balances of other
countries, brought foreign short-term funds in the United States
on July 3 to the unprecedented amount of 53,342,819,000.

This

compared to the previous record high of 33,126,539,000 on
May 22, 1940.
.trench funds during the thirty-five day period jumped
5385,708,000 to 3504,841,000.

British short-term balances here

increased 543,396,000 to 3397,903,000; Switzerland 3 2 7 ,4 5 9 , 0 0 0 to
i>441,046,000; Canada 023,188,000 to 5259,171,000; and Sweden
$20,927,000 to ;?187,636,000.

'The net outflow of balances occurred primarily from
Italian, •Netherlands, Belgium and Borway accounts.
three last named had b^en "frozen" here.
dropped 335,184,000 to 329,816,000.

Funds of the

Italian balances

The Netherlands withdrew

hi3,583,000 bringing its balances to 3184,716,000.

These, funds

possibly were transferred to Butch East Indian account after the
invasion of the Bo?/ Countries.

Funds of Belgium declined

splO,7 0 5 , 0 0 0 to 3 I6 I,2 6 4 ,0 0 0 , and Norway 35,1 0 5 , 0 0 0 to 859,017,0 0 0 .
Of the South American countries, balances of Argentina rose
here 75,408,000 to 788,736,000; Chile 75,363,000 to 730,159,000;
and Brazil *>4,199,000 to 339,027,000,

Changes in balances of

other Latin American and Far Eastern countries were relatively
small•
Bet purchases of foreign-owned American securities in the
five weeks totaled $10,4.87,000.

Cross purchases amounted to

347,434,000 and gross sales were 336,947,000.

Italy led in

the acquistipn of American securities with net purchases of
319,012,000, This partially was offset by net sales of 3 2 ,561,000
of American securities by the United Kingdom and 36,974,000 by
Canada.
The decrease in British sales for the third successive
month apparently reflected the market conditions which prevailed
here at the time.

The figure may have been higher since private

sales of American securities by the United Kingdom are not
included in statistics appearing in the Bulletin,

V

- 3 -

Total American short-term assets abroad were little changed in
the period.

On July 3, they amounted to §475,005,000 compared with

$475,045,000 on Lay 29.

Claims on Japan were reduced $12,607,000

and on Italy $4,504,000.

American balances in Canada increased

$8,511,000 and in China $5,756,000.
Of a total of $10,180,000 of securities which were repatriated
by foreign countries, Canada bought back $4,979,000 of its securities
held in the United States.

Latin American countries repatriated

$3,685,000 of their securities and Asia $1,587,000.

Canada

increased its brokerage balances here $1,649,000, Latin America
$1,254,000 and the Netherlands $928,000.

-oOo-

m v jk s v m

Washington
FOE KKUtSS, MOBOTG NEWSPAPERS
Tuesday, October 1, 19^0
9/30/W

kesa Service
Press

The Secretary of the Treasury announced last evening that the
tenders for $100»000,000 or thereabouts, of 92-day Treasury hills,
to he dated October 2, 19^0, and to mature January 2, 19^1» which
were offered on September 27, were opened at the Federal Reserve
Banks on September 3®*
The details of this issue are as follows*
Total applied for * $372*^66,000
Total accepted
- 101,^50,000
All of the accepted bids were tendered at par, and of the
amount e© tendered

percent was accepted.

TREASURY DEPARTMENT
Washington
Press Service
No., 22-22 ■

bOR RELEASE, MORNING NEWSPAPERS
Liesday, October I, 1940

The Secretary of the Treasury announced last evening that the
nders for $100,000,000 or' thereabouts,, of 92-day Treasury bills, to
dated October 2 and to mature January 2, 1941, which were offered
III September 27, were opened at the Federal Reserve Banks on September

The details of this issue are as follows:
Total aoplied for - $372,466,000
Total accepted
- 101,450,000
All of the accepted’bids were tendered at par, and of the amount
so tendered 64 percent was accepted*
-oOo-

TSS&SOT DEPARTMENT
Nashingtcn
Frees Service

FOE IMMEDIATE RELEASE,
Tuesday, October 1, 1940*

Secretary of the Treasury Morgenthau today announced that reports from
the Federal Reserve Banks in dicate that 1724,847,900 o f Treasury Notes o f
Series C-494Q, maturing December 15, 1940, have been exchanged fo r 2 percent
Treasury Bonds o f 1953-55*
Subscriptions and allotm ents were divided among the several Federal Re*
serve D is tr ic ts and the Treasury as follow s t
Federal Reserve
D is tr ic t
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t, Louis
Minneapolis
Kansas C ity
Dallas
San Francisco
Treasury
Total

Total Subscriptions
Received and A llo tte d
9 15,34*,000
452,610,900
19,477,600
15,494,300
45,117,800
14,004,500
100,937,900
12,914,300
n , 3 10 ,5 0 0
1 2 , 2 6 3,9 0 0
6,475.600
18,061,200
, 831,400
1724,837,900

TREASURY DEPARTMENT
Washington
Press Service
No. 22,-23.

FOR IMMEDIATE RELEASE
TuesdayT October 1, 194Q_».

Secretary of the Treasury Morgenthau today announced that re­
ports from the Federal Reserve Banks indicate that #724,847,900 of
Treasury Rotes of Series C-1940, maturing December 15, 1940, have
been exchanged for 2 percent Treasury Bonds of 1953-55.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows.
Total Subscriptions
Pficnived and Allotted

Federal Reserve
District

$ 15,34®,000
452,610,900
19,477,600
15.494.300
45,117,800
14.004.500
100,937,900
12.914.300
11.310.500
12,263,900
6,475,600

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

1 8 , 061,200

831,400
#7®4,847,900

- 0 O0 -

w

-

I

f

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 96,572 head of cattle
weighing less than 200 pounds each during the period January 1 to
September 21, 1940, inclusive, under the tariff rate quota of 100,000
head for the calendar year provided for in the trade agreement with
Canada.
These reports also show imports of 2,154,568 squares of red
cedar shingles during this period, under the duty-free quota of
2,571,544 squares for the calendar year provided for in the Presidents
proclamation of August 26, 1940.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, October 1, 1940*

Press Service
No. 22-24

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 96,372 head of cattle
weighing less than 200 pounds each during the period January 1 to
September 21, 1940, inclusive, under the tariff rate quota of
100,000 head for the calendar year provided for in the trade agree­
ment with Canada.
These reports also show imports of 2,134,368 squares of red
cedar shingles during this period, under the duty-free quota of
2,371,544 squares for the calendar year provided for in the
President’s proclamation of August 26, 1940.

-oOo-

:T.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Friday, October
194-0* -*•

Press Service
Nb*j 22-25

Gutta percha is de-resinated for the express purpose of pro­
ducing a type thereof suitable for making golf balls*
Discovery of this fact by experts of the Bureau of Customs
has resulted in taking de-resinated gutta percha off the free l i s t
as an import, and placing i t in the l i s t of "nonenumerated manufactured
articles” subject to payment of t a r iff charges.
In the case of the United States Rubber Company vs. the United
States, the Customs Court had held that certain gutta percha, so
processed that nearly a ll the resin naturally present had been re­
moved, was crude gutta percha, entitled to entry free of duty.
Such gutta percha is just the thing for making golf balls j hence
a Treasury decision announced today taking i t off the free lis t*
The Bureau of Customs in a circular to collectors says that i t
is "of the opinion that de-resinated gutta percha is no longer 'crude*
for ta r iff purposes."

CO

TREASURY DEPARTMENT
Washington

Press Service
No. 22-26

OR RELEASE, MORNING NEWSPAPERS
aturday, October 5» 1940*_____

Secretary Morgenthau announced today that the United States
Processing Tax Board of Review had established a 100 per cent per­
formance record since its creation on August 1, 1936.
He declared in this connection that the decisions of the Board
have been upheld in every one of the nineteen instances in which
decisions were handed down by higher courts including six which
reached, ultimately, the Supreme Court.

These appeals involved a

total of $1,530,647.
The Board was established under the provisions of the Revenue
Act of 1936 which provided that an independent agency be set up in
the Treasury Department for the refunding of processing taxes
collected under the Agricultural Adjustment Act, passed in 1933,
and later invalidated by the United States Supreme Court.

Its

members are appointed by the Secretary of the Treasury, from that
Department’s personnel.
Records of the Board disclose that 341 cases involving $30,707,601 have been instituted before the Board through September 15,
1940.

Of these, 272 decisions have been handed down originally

involving $8,688,303...

Of this number 263 cases involving $8,482,132

were dismissed, and in nine cases involving total claims of $206,171
refunds were granted in the amount of $12,905.
Total operating costs of the Board, which has a personnel of
23

including its eight members, have amounted to $294,143 in the

four years since its establishment through last June 30.
-o0o~

7 /4 * 0

^ Ld t,

*2-

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 2,215,210 squares of
red cedar shingles during the period January 1 to September 28, 1940.
Hie President’s proclamation of August 26, 1940, provides for
the imposition of duty at the rate of 25 cents per square on imported
red cedar shingles entered for consumption, or withdrawn from ware­
house for consumption, in excess of a quota of 2,371,544 squares
established for the calendar year 1940.
In order to provide for the control of this duty-free quota, the
collectors of customs have been instructed to collect estimated duties
at 25 cents per square on such imports during the period October 9 to
December 31, 1940, pending fulfillment of the quota.

As soon as the

quota status of such imports during that period can be determined,
the collectors of customs will be advised as to the particular importa­
tions coming within the quota in order that refund may be made of the
duties deposited thereon.

TREASURY DEPARTMENT
Washington

EOR IMMEDIATE RELEASE
October 5, 1940______

Press Service
No« 22—27

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 2,215,210 squares of
red cedar shingles during the period January 1 to Ssptember 28, 1940.
The President’s proclamation of August 26, 1940, provides for
the imposition of duty at the rate of 25 cents per square on imported
red cedar shingles entered for consumption, or withdrawn from ware­
house for consumption, in excess of a quota of 2,371,544 squares
established for the calendar year 1940.
In order to provide for the control of this duty-free quota, the
collectors of customs have been instructed to collect estimated duties
at 25 cents uer square on such imports during the period October 9 to
December 31, 1940, pending fulfillment of the quota.

As soon as the

quota status of such imports during that period can be determined,
the collectors of customs will be advised as to the particular importa­
tions coming within the quota in order that refund may be made of the
duties deposited thereon.-

-oOo-

S E C T I O N 23A - S E D U CTIONS P R O M G ROSS INCOME:
EXPENSES, COMPENSATION POR P E R S O N A L SERVICES:

S a l a r i e s p a id by e m p lo yers d u r in g th e
p r e s e n t em ergency t o em ployees who a re
a b s e n t i n th e m i l i t a r y o r n a v a l s e r v i c e
o r who a re s e r v in g th e Governm ent i n
o th e r ways a t a n o m in a l co m p e n s a tio n ,
b u t who in t e n d t o r e t u r n a t th e c o n c lu s i o n
"S*
emer& e n cy , a r e a llo w a b le d e d u c tio n s
<from, j | r o s s incom e f o r P e d e r a l incom e t a x
A d v ic e i s r e q u e s te d w h e th e r th e M com pany, w hich in te n d
t o make paym ents o f s a l a r i e s t o em ployees
tlr
s r vl0e- n a y d e d u c t amount* s o p a i d f r “
for Pederal income t a x purposes.

s?oss

income
income

*In 1 9 1 7 a n d 1 9 1 8 m a n y e m p l o y e r s a d o p t e d t h e D r a c t i r * o-p
making such payments.
A t t h a t t i m e t h e q u e s t i o n a r o s e w h eth er

income?rSIt°mfi<3

a?ou?ts S0.Paid from their gross

who were a b s e n t in th e B i i i f 81163 p a id by em p lo y e rs t o em ployees
+y,“ <Z r t
en\ in th e m i l i t a r y o r n a v a l s e r v i c e o r were s e r v i n g

intended

" T ^ V

n°“inal compensation SSTih?

ablendeductionsUf?om\ncome°nClUS^°n °f SUCh 8ervices were a11—
emergency!?® ^

W i l 1 a p p l y t0

S a l a r i e a P a i d du* i n g

<$r~

the p r e s e n t

F o r im m ediate r e le a s e

S e c r e t a r y M o rge n th a u to d a y announced a
Bureau o f I n t e r n a l R evenue r u l i n g h o ld in g t h a t sums p a id
t o em ployees a b s e n t i n t h e m i l i t a r y s e r v i c e o f th e
U n ite d S t a t e s or s e r v i n g th e Governm ent i n o th e r ways
a,
d u r in g t h e p r e s e n t em ergency
a t^ n o m in a l c o m p e n s a tio n / w ill be d e d u c t i b le fr o m g r o s s
income

f o r F e d e r a l incom e t a x p u r p o s e s .
The r u l i n g , i n re sp o n se t o s e v e r a l i n q u i r i e s

by b u s in e s s o r g a n i z a t i o n s , p o in te d o u t t h a t a s i m i l a r
practice was followed i n 1917 and 1918.
is as fo llo w s :

Text of the ruling

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, October 7/5 1940.

Press Service
^°* 22-28

Secretary Morgenthau today announced a Bureau of Internal
Revenue ruling holding that sums paid to employees absent in the
military service of the United States or serving the Government
in other ways at a nominal compensation during the present
emergency will be deductible from gross income for Federal income
tax purposes.
The ruling, in response to several inquiries by business
organizations, pointed out that a similar practice was followed
in 1917 and 1918.

Text of the ruling is as follows:

,fAdvice is requested whether the M company, which
intends to make payments of salaries to employees who
are called for military service, may deduct amounts so
paid from gross income for Federal income tax purposes.
"In 1917 and 1918 many employers adopted the
practice of making such payments. At that time the
question arose whether employers could deduct the
amounts so paid from their gross income. It was held
that salaries paid by employers to employees who were
absent in the military or naval service or were serving
their Government in other ways at a nominal compensation
but who intended to return at the conclusion of such
services were allowable deductions from income.
nThe same rule will apply to salaries paid during
the present emergency.w

-0 O0 -

TREASURT DEPARTMENT
Washington
Press Service

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. October 8. 19tf>.

'A<r

io/*?A o

7

The Secretary of the Treasury announced last evening that
the tenders for 1100,000,000, or thereabouts, of 91-day Treasury bills,
to be dated October 9, 1940, and to nature January 8, 1941, which were
offered on October 4, were opened at the Federal Reserve Banks on
October 7*
The details of this issue are as followsi

Total applied for - $500,743,000
Total accepted

-> 101,944,000

The accepted bids were tendered at prices slightly above par, and at
par.

Of the amount tendered at par, 30 percent was accepted.

TREASURY DEPARTMENT
Washington
YMh RELEASE-*, MORNING NEWSPAPERS

Press. Service
No. 2 2 -2 9

Tuesday, October 8, 1940.

10/7/40
The Secretary of the Treasury announced la st evening that
the tenders for tl00,000,000, or thereabouts, of 91-day Treasury
bills, to be dated October 9, 1940, and to mature January 8, 194.1,
which were offered on October 4, were opened at the Federal
Reserve Banks on October 7.
The details of this issue are as follows:
Total applied for
Total accepted

-

f,500,748,000 *
101,944,000

The .
’accepted bids were tendered at prices slightly above par, and
at par.

Of the amount tendered at par, 30 percent was accepted.
-oOo-

The Bureau of Customs announced today preliminary figures for inqports
of commodities within the quota limitations provided for under the Philip­
pine Independence Act, as amended, and the Philippine Cordage Act of 1935,
from the beginning of the quota periods to September 28 , 1940, inclusive,
as ^follows:

Products of
Philippine Islands

:
:

Established Quota
Period
: Quantity

:Unit of :Imports as of
:Quantity:Sept. 28.1940

.Coconut oil

Calendar year

448,000,000

Pound

262,427,997

Refined sugars

Calendar year

112,000,000

Pound

99,483,386

Sugars other than refined

Calendar year 1 ,792,000,000

Pound

1,342,654,750

Cordage

12 months from
May 1, 1940

6,000,000

Pound

2,344,298

Gross

668,341

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

4,500,000

Number

Pound

133,079,715

2,287,064

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, October 9, 19^0

Press Service
No. 22-30

The Bureau of Customs announced today preliminary figures for imports
of commodities within the quota limitations provided for under the Philip­
pine Independence Act, as amended, and the Philippine Cordage Act of 1935,
from the Beginning of the quota periods to September 28 , I9to. inclusive,
as follows!
as*
Products of
Philippine Islands

:
:

Establishe d Quota
Period
: Quantity

:Unit of ilnports as of
:Quantit y:Sept. 28,19^0

Coconut oil

Calendar year

Ukg,000,000

Pound

262,1*27,997

Refined sugars

Calendar year

112 ,000,000

Pound

99. “+83,386

Sugars other than refined

Calendar year

1 ,792,000,000

Pound

1 ,31+2 ,651*,750

Cordage

12 months from
May 1, 19*10

6 ,000,000

Pound

2 ,3*+*+,298

Gross

668,3^1

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

b,500,000

Number

Pound

133*079,715

2,287,06*4-

-

Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

Molasses and sugar sirups
containing soluble nonsugar
solids equal to more than
6% of total soluble solids

2

-

:
Established Quota
:Period & Country:
Quantity

; Unit of ; Importsjas of
: Quantity : Sept.28, 1940

Calendar year
Venezuela
1 ,869,014,616
Netherlands
527,691,192
Colombia
103,978,560
Other countries
98,779,632

Gallon
»
t»

Calendar year

Gallon

1,500,000

n

1,044,811,792
471,119,401
15,373,723
(Tariff rate
quota filled)

(Tariff rate
quota filled)

1/ - Preliminary reports show imports of 73,978,284 pounds of white or Irish certified
seed potatoes and 35,737,884 pounds of white or Irish potatoes other than certified
seed during the quota year ended September 14, 1940.
(Prepared by the Bureau of Customs)

5

i |

The Bureau of Customs announced today preliminary figures for imports of commodi­
ties within quota limitations provided for under trade agreements, from the beginning
of the quota periods to September 28, 1940, inclusive, as follows:

Commodity
Cattle less than 200
pounds each
Cattle, 700 pounds or more
(other than dairy cows)

Established Quota
________________________
IPeriod & Country:
Quantity

Calendar year
Quarter year
from July 1, 1940
Canada
Other than Canada

: Unit of : Inq>orts as of
: Quantity i Sept.28,1940

100,000

Head

51,720
8,280

Head
"

97,311

30,294
(Tariff rate
quota filled)

Whole milk, fresh or sour

Calendar year

3,000,000

Gallon

5,710

Cream, fresh or sour

Calendar year

1,500,000

Gallon

643

Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

15,000,000

Pound

7,765,900

90.000.

000

Pound

1,132,000

60.000.

000

Pound

2,681

White or Irish potatoes
Certified seed
Other

Silver or black fox fur
units

12 months
Sept. 15,
12 months
Sept. 15,

from
1940 1/
from
1940 1/

12 months from
Dec• 1, 1939
Canada
Other than Canada

58,300

Unit

41,700

Unit

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco

Calendar year

22,000,000

Red Sedar shingles

Calendar year

2,371,544

Pound
(Unstemmed
equivalent)
Square

(Import quota
filled)
(Import quota
filled)

15,188,682
2,215,210

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, October 9, 19^0

Press Service
* ^2^31

The Bureau of Customs announced today preliminary figures for imports of com­
modities within quota limitations provided for under trade agreements, from the
"beginning of the quota periods to September 28, 19^0, inclusive, as follows:

:_____ Established Quota
__Unit of
C o m m o d i t y ______ iPeriod & Country:
Quantity : Quantity
Cattle less than 200
pounds each

Calendar year

Imports as of
Sept.28,19^0

100,000

Head

97,311

51»720
8,280

Head
»

30,29^
(Tariff rate
quota filled)

Cattle, 700 pounds or
more (other than dairy
cows)

Quarter year
from July 1, 19*+0
Canada
Other than Canada

Whole milk, fresh or sour

Calendar year

3,000,000

Gallon

5,710

Cream, fresh or sour

Calendar year

1 , 500,000

Gallon

6H3

Fish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

15,000,000

Pound

7»765,900

White or Irish potatoes
Certified seed

12

9 0 , 000,000

Pound

1,132,000

$0 ,000,000

Pound

2,681

Other

Silver or black fox fur
units

months from
Sept. 15, 19^0 1/
12 months from
Sept. 1 5 , 19 U0 u

12 months from
Dec, 1, 1939
Canada
Other than Canada

58»300

Unit

Hi,700

Unit

(Import quota
filled)
(Import quota
filled)

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco

Calendar year

22,000,000

Pound
(Unstemmed
equivalent)

Red cedar shingles

Calendar year

2,371,5^

Square

15,188,682
2,215,210

- 2-

Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

:
Established Quota
:Period & Country?
Quantity

: Unit of : ImPor^
: Quantity : Sept.28,19J+Q

Calendar year
& <2
Venezuela
1 ,869 »01^-»6l6 Gallon
Netherlands
527,691,192
"
Colombia
103,97^,560
Other countries
92*779*632

Molasses and sugar sirups .
containing soluble nonsugar
solids equal to more than
of total soluble solids Calendar year

1,500,000

Gallon

l.oUU,811,792
H71.119.to

15.373.72;
(Tariff rate
quota filled)

(Tariff rate
quota filled)

U T r p F i r M n T r y ^ r e i ^ m h o w imports of"73.972.22*+ pounds of white or Irish certi­
fied seed
pounds of white, or Irish
potatoes other than cert.
U potatoes
p\J ta ilU O O and J35.737.SSU
J , 1 _/ I , -V'
XT
y
fied see d during the quota year ended September Id, 19^0 •

-0O0

‘'

- 2 EARNINGS, EXPENSES AND DIVIDENDS OP NATIONAL BANKS IN TEE SIX MONTHS
ENDED JUNE 30, I9 I+O, AND SEMIANNUALLY IN THE CALENDAR YEAR I939 .
(Amounts in thousands of dollars)
i____ Six months ended_______ ; Year ended
: June 30,
June 30, Dec. 31,5
Dec. 31,"1
: 19^0
1939'
19391 ;
1939

Capital stock par value: 1/
Preferred.................... .. $208,763
1,328,180
Common* •....... ...........
TOTAL CAPITAL STOCK........... 1 I53 II9 S3
ITwwi
Capital funds 1J...... ..... .
Cross operating earnings:
Interest and discount on loans...
Interest and dividends on bonds and
S«r»nrH
............. .
Trust department......... .
Service charges on deposit accounts.
Rent received......................
Other earnings *........ .......
TOTAL CROSS OPERATING EARNINGS..

201,012

188,366

11*2,063
15 ,10 6
2 0 ,116
25 ,S8U

297,81*2
150,505
147,337
li+,825
16,596
31,^1
18,1*26
37,^25
19,059
25,883
26,078
51,961
12,03!* ... ?4>352 ,. 42,386
1)32,380
Sl*8,4l9
416,039

21,827

kZb,008

Cross operating expenses:
Salaries and wages—
Officers......
Iknployees other than officers...
Interest on time and savings
deposits ......... ...........
Real estate taxes..............
Other taxes
Other expenses..... ...........
TOTAL CROSS OPERATING EXPENSES..

2l,U99
86,188
296]256

NET OPERATING EARNINGS............

129,752

Recoveries:
On loans................ ..... .
On bond? end securities............
All other.................... .
TOTAL RECOVERIES............
Profits on securities sold..........
TOTAL RECOVERIES AND PROFITS
ON SECURITIES SOLD.......
Losses and depreciation:
On loans.....................
On bonds and securities........ .
On banking house, furniture and
fixtures ................. .

$246,573 $2 11,7 3 3
$211,733
1,319,430 1,323,69It 1.323,691) 1
1,56g,003 1,535,427 1,939,427 I
3,3^9,512 3,1)05,118 3,405,118 1
198,958

387,32U

50,990
73,366

1)9,511
7 1 ,27 s

51,2 2 2

100,733

74,815

146,093

53,553
10,660

58,851
10,690
16 ,7 10
82.783

55,^ 0

ill),291

1 1 ,1 6 0

21,850

289,823

15,9H
82,893
29l)l*4l

32,621
169,676
581,264

126 ,216

11)0,939

267,195

17,267
17,618
.7,693
42,578
53,286......

22,897
15,772
*♦,591 - .7,890
¥ 6)565
39,W
1*0,1*03
84,517

17,0 30
17,8 53

39,927
33,631
12,1*81
86,039 '

12U.920

95,861*

123,991

86,968

210,959 _

29,631

31,540
58,807

35,631
50 ,571

67,171
109,378

11,582
.9^1+08
m,337

l6 ,3Uo
.12,659

54,988
12,1*6U
15,565
112,5*8

NET PROFITS BEFORE DIVIDENDS.........

112,968

138,870

112,706

27,922
22 ,067._
226,538 .
251,576

Dividends declared:
On preferred stock..............
On common stock.... ........ .
TOTAL DIVIDENDS DECLARED......

3,762

64,497
6s;259

1*,191
66.025
70 ,216

4,720
61),991
69,271

8,9H
130,576 _
139,487 _

TOTAL LOSSES AND DEPRECIATION...

Number of banks 1/................
Annual rate of net profits:
On common and preferred stock l/..*
On capital funds 1/•............
Annual rate of dividends:
On common and preferred stock.!/...
On capital funds.1/....... .
1/ At end of period*

.

5,209

5>170
Percent

Percent

14 .70
6.50

1 7 .7 3
8.19

8.88
3-93

8.97

l*.ll*

115 ,2 0 1

5,193
Percent
lU.68

5,193
Percent
I6.38 _

6.62

7.39

9 .0 2
1*.07

9 .08
U .10

/
TREASURY DEPABTMEHT
Washington

w

FOB RELEASE,

Press Service
7U> 2^ 2. -3 3-

J? P °.

Comptroller of the Currency Preston Delano announced today that the 5,170

FOR RE]
Saturd?

national hanks in the United States, Alaska, Hawaii and the Virgin Islands of the
United States reported gross earnings of $*426,003,000 for the six months ended
June 30, 19*40.

This represents an increase of $9 ,9 69 ,0 0 0 over the gross earnings

for the six months ended June 30 , I9 3 9 , when there were 5,209 active national hanks
in operation#
Operating expenses for the first half of 19*4-0 were $ 29 6 ,256,0 0 0 as against
$2 S9 ,823,000 for the first half of 1 9 3 9 *

Net operating earnings were $ 1 2 9 ,7 5 2 ,000 ,

an increase of $3 ,536,000 over the first half of 1 9 3 9 *
Adding to the net operating earnings profits on securities sold of $53,286,000
and recoveries on loans and investments, etc*, previously charged off of $*4-2 ,5 7 8 ,000,
and deducting losses and depreciation of $112,6*48,000, the net profits before divi­
dends for the six months ended June 30, 19*40, amounted to $112,968,000, or at an
annual rate of 1*4.70 percent of the par value of common and preferred stock and 6.50
percent of capital funds*

This figure of net profits before dividends was $25,902,000

less than the amount reported for the six months ended June 30 , 1939#
The principal items of operating earnings in the six-month period ended June 30 ,
19*4-0 were $201,012,000 from interest and discount on loans, an increase of $12,6*4-6,000
over the corresponding period in I9 3 9 ; and $1*42,063,000 from interest and dividends
on bonds and securities, a decrease of $8,*4-*4-2,000#

The principal operating expenses

were $12*4-,356,000 for salaries and wages of officers and employees, and $53,553,000
expended in the form of interest on time and savings deposits.
Profits on securities sold during the six months ended June 30 , 19*4-0, aggregated
$53,286,000 as against $8*4-,517,000 in the six months ended June 30, I9 3 9 , and losses
and depreciation on bonds and securities totaling $5*4,988,000 were $3 ,8 19 ,0 0 0 less
than in the first six months of 19 3 9 *
Dividends declared on common and preferred stock in the first half of 19*40
totaled $68 ,259 ,000 , in comparison with $7 0 ,2 16 ,0 0 0 in the first half
common
percent of capital funds

preferred capital ant

•93

TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING PAPERS
October 12, 1940

Press Service
Wo. 22-32

Saturd ay,

Comptroller of the Currency Preston Delano announced today that the 5,170
national banks in the United States, Alaska, Hawaii and the Virgin Islands of the
United States reported gross earnings of $426,008,000 for the six months ended
June 30, 1940. This represents an increase of $9,969,000 over the gross earnings
for the six months ended June 30, 1939, when there were 5,209 national banks in
operation.
Operating expenses for the fir s t half of 1940 were $296,256,000 as against
$289,823,000 for the fir s t half of 1939. Net operating earnings were $129,752,000,
an increase of $3,536,000 over the fir s t half of 1939.
Adding to the net operating earnings profits on securities sold of $53,286,000
and recoveries on loans and investments, e tc ., previously charged off of $42,578,000
and deducting losses and depreciation of $112,648,000, the net profits before
dividends for the six months ended June 30, 1940, amounted to $112,968,000, or
at an annual rate of 14.70 percent of the par value of common and preferred stock
and 6.50 percent of capital funds.

This figure of net profits before dividends

was $25,902,000 less than the amount reported for the six months ended June 30,
1939.
The principal items of operating earnings in the six-month period ended
June 30, 1940 were $201,012,000 from interest and discount on loans, an increase
of $12,646,000 over the corresponding period in 1939; and $142,063,000 from
interest and dividends on bonds and securities, a decrease of $8,442,000. The
principal operating expenses were $124,356,000 for salaries and wages of officers
and employees, and $53,553,000 expended in the form of interest on time and
savings deposits.

/

- 2-

Profits on securities sold during the six months ended June 30, 1940,
aggregated $53,286,000 as against $84*517*000 in the six months ended June 30,
1939* and losses and depreciation on bonds and securities totaling $54,988,000
were $3,819,000 less than in the fir s t six months of 1939*
Dividends declared on common and preferred stock in the fir s t half of 1940
totaled $68,259*000, in comparison with $70,216,000 in the fir s t half of 1939.
The annual rate of dividends was 8.88 percent of common and preferred capital
and 3.93 percent of capital funds.
EARNINGS, EXPENSES AND DIVIDENDS OF NATIONAL BANKS IN THE SIX IvDNTHS
ENDED JUNE 30, 1940, AND SEMIANNUALLY IN THE CALENDAR YEAR 1939.
(Amounts in thousands of dollars)

Capital stock par value: 1/

:
:

$208,763
$246,573 $211,733 $211,733
1,328,180 1.319.430 1.323.694 1,323.694
1.536.943 • 1,566,003 1.535.427 1,535.427
3,476,441
3,476,441 3,389,512 3,405,118 3*405,118

Capital funds 1/ .............. ...........................
Gross operating earnings:
Interest and discount on loans ;
Interest and dividends on bonds
and securities .......................
Trust department ...............................
Rent received ......................................... .
Other earnings ......................... .............
TOTAL GROSS OPERATING EARNINGS
Gross operating expenses;
Salaries and wages—
Officers ............................................... .
Employees other than officers
Interest on time and savings
deposits .................................. ...............
Real estate taxes ..................................
Other taxes ................................................
Other expenses ........................................
TOTAL GROSS OPERATING EXPENSES
NET OPERATING EARNINGS ...........................

Six months ended
:Year ended
June 30,
June 30, Dec. 31* s Dec. 31,
1940
1939
1939 : 1939

3

201,012

188,366

198,958

387,324

142,063
15*106
20,116
25,884
21,827
426,008

150,505
14,825
18,426
25*883
18,034
416.039

147,337
16,596
19*059
26,078
24,352
432.380

297,842
31,421
37,485
51,961
42.386
848.419

50,990
73,366

49*511
71,278

51,222
74,815

100,733
146,093

53*553
10,660
21,499
86,188
296,256
129.752

58,851
10,690
16,710
82,783
289,823
126,216

55,440
11,160
15,911
82,893
291,441
140,939

114*291
21,850
32,621
165,676
581,264
267.155

3-

Recoveries:
un xoans ............. .
On bonds and securities .................. ,
A ll other ....................................................
TOTAL RECOVERIES ..............................
Profits on securities sold ...................
TOTAL RECOVERIES AND PROFITS
ON SECURITIES SOLD ..............

17,267
17,618
7,693
42.578
53.286

17,030
17,853
4,591
84.517

22,897
-O, /(O
7,890
46,565
40,403

39,927
33,631
12.481
86,039
124,920

95.864

123,991

86,968

210,959

29,631
54,988

si <;/n
58,807

or Aqt
, 0/X

67,171
109,378

39.474

Losses and depreciation:
On loans .......................................................
On bonds and securities .....................
On banking house, furniture and
fix tu r e s ...........................................TTt
A ll other ................................................t
TOTAL LOSSES AND DEPRECIATION .

15.565
112,648

12 ,4 6 4

O
9,408
111,337

16,340
12,659
115,201

27,922
22,067
226,538

NET PROFITS BEFORE DIVIDENDS ..............

112,968

138,870

112,706

251,576

3,762.
64.497
63.259

4,191
66,025
70,216

4,720
64,551
69,271

8 ,9 1 1
13 0 ,5 76

5,170
Percent
14.70
6.50

5,209
Percent
17.73
8.19

5,193
Percent
6.62

5,193
Percent
16.38
7.39

8.88

8.97
4.14

9.02
4.07

9.08
4.10

Dividends declared:
On preferred stock ..............................t
On common stock .....................................
TOTAL DIVIDENDS DECLARED............~
Number of banks 1 / ................................ ..
Annual rate of net profits.:
On common and preferred stock 1/ .
On capital funds 1/ ..............................
Annual rate of dividends:
On common and preferred stock 1/ .
On capital funds 1/ ..... ................. 7 . . .
1/ At end of period.

t

3.93

•lm
m
lmy

14 .6 8

139.487

TREASURY APARTMENT
Washington
Press Service
No. 22*33

FOR IMMEDIATE RELEASE
Sunday, October 13» 194-0*

The following statement was made today by Secretary Morgenthau
An address Saturday evening by the Republican candidate
for the Presidency charges that the Treasury Department has
defense program thr
delayed the def
concessions.

re cent

The a.ssertion is

hat he
statement by the same candidate which revealed that
was willing that young men should be conscripte . to serve
CD

their country but unwilling that industry should be so
ary *
conscripted, if in any instance it became necessary.
The short answer is that the defense program is not
being delayed and has not been delayed,

Never in our

history has any national effort moved forward so fast,
as can very readily be seen by an examination of the
schedule of defense appropriations and, contracts.
The candidate quotes a statement by me that I did
not favor any special tax concessions or "breaks” in
favor of munitions contractors.
correct.

That is absolutely

I have never favored any tax "breaks” for

anybody outside the law.

Tax favors have been granted

to big corporations in the past, but not by this
Administration,

The Treasury favored a change in the

law which would give greater flexibility in writing
off emergency investment and that change has been
enacted into law.

That is very different from giving

favor4 outs i de the) 3a w , which we have no right or
disposition to do

o

I recognise an obligation to serve not merely
bidders on munitions contracts and other big tax­
payers who can express themselves forcibly, but also
the millions who cannot speak with so clear a voice*
I am not interested in seeking partisan advantage
out of the defense program and I deplore the effect
of statements that serve to substitute political
controversy for unity of action*

-0O0-

DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDS)
SKPTFMBER 30. 1940 _ ._

Name & Location of Bank:
The Departmental Bank
Washington, D. C.
The Rockford Nat'l Bank
Rockford, Illinois
The First Nat’l Bank of
Hillsdale, Michigan
The First Nat'1 Bank of
Paw Paw, Michigan
The Orange Nat *1 Bank
Orange, New Jersey
The 1st N.B. & Tr. Co. of
Woodbridge, New Jersey
The Commercial Nat ’1 Bk.
High Point, North Car.
The First Nat’l Bank of
Toledo, Ohio
The First Nat’l Bank of
Charleroi, Penna.
The Broadway Nat’l Bk. of
Scottdale, Penna. 1/
The 1st Nat *1 Bank of
Coeburn, Va.
First National Bank of
Logan, West Virginia

Nature of
Dividend:

Number and
Percentage
of Dividends
Date
Authorized:
Authorized:

Distribution
of Funds by
Dividend
Authorized:

Total,
Percentage
Amount
Authorized
Claims
Dividends Number of
Claimants: Proved:
to Date:

49,400.00

9 1 .4%

4,050

$ 7 7 1 ,500.00

%

256,600.00

72. %

11,842

3,595,673.00

35,600.00

4 3 .9%

1,822

399,979.00

6th

8.9 %
5. %
1.06%

23,500.00

101.06%

9 -1 1 - 4 0

3rd

6.908%

241,100.00

Final

9 -7 -4 0

6th

3.2

Regular

9 -1 1 - 4 0

8th

Regular

9 -19 -4 0

Regular

Final

9-11-40

7th

6.4

*

Regular

9-19-40

6th

8.

9-18-40
Final
Final
(Int.Part) 9-9-40

3rd

Final

f

74.408%

387,800.00

7,982

3,490,300.00

61.7

%

5,972

1,392,000.00

281,600.00

88.

%

6,738

2,816,100.00

%

306,500.00

89.

%

8,441

3,065,000.00

73,100.00

80.

%

3,017

1,461,500.00

%

3 7 .362 %

20,747.00

57.362%

1

55,529.00

%

25,300.00

35.1

%

465

193,263.00

13.1
10.

%

151,600.00

75.

%

4 ,4 6 6

%

44,500.00

10.

%

5th

10.

9 -2 7-4 0

5th

5.

Final

9 - 2 1 -4 0

2nd

Final

9 -1 7 -4 0

3rd

Regular

9 -9-40

5th

l/ Stock Assessment Bank.

664

1,516,500.00

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS

Press Service

2 2.-3 f
.During the month ended September 30 , 1940 , authoriza­
tions were issued to receivers for payments of dividends in twelve
insolvent national banks.

Dividends so authorized w i n effect

total distributions of $1,$09,347 to 55*460 claimants who have
proved claims aggregating $19,145,144* or an average percentage
payment of 7 *89$*

The smallest and largest ind i v i d ual dividend

percentages authorized were 3.2% and 37*362%, respectively, while
the smallest and largest receivership distributions were $20,747,
and #306 ,500, respectively.

Of the twelve dividends authorized five

were for regular dividend payments, six? were for final dividend
payments and one was for a final dividend payment including partial
interest.

Dividend payments so authorized during the month ended

September 30 , 1940 , were as follows;:

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS
Tuesday, October 15, 19*+0«

Press Service
No* 22-3*+

D u r i n g the m o n t h ended September 30,

19*+0, aut h o r i z a ­

tions w e r e issued to receivers for payments of dividends in
twelve insolvent n a t ional banks, . Dividends so author i z e d will
effect total distrib u t i o n s of $ l , 509,5*+7 to

55,*+60

claimants

who have p roved claims a g g r e g a t i n g $ 19 ,l*+5,1*+*+» or an average
p e r c e n t a g e payment of 7*S9$.

The smallest a n d largest individual

d i v i d e n d p e rcentages aut h o r i z e d were 3*2$ and
spectively,

37 *362$,

re­

while the smallest and largest r e c eivership d i s t r i ­

b u tions were $20,7*+7»

and $306,500,

respectively.

Of the

twelve dividends a u t h o r i z e d five were for regular dividend
payments,

six were for final di v i d e n d payments and one was for

a final d i v i d e n d payment

i n c luding partial interest.

Dividend

p a y ments so a u t h o r i z e d d u r i n g the m o n t h ended September 30,

19^+0 ,

we r e as follows:

DIVIDEND PAYMENTS TO CREDITORS OP INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
SEPTEMBER 50 , 19*10_____________ ____

Name & Location of Bank:
The Departmental Bank
Washington, D. C.
The Rockford Nat’l Bank
Rockford, Illinois
ThQ First Nat'l Bank of
Hillsdale, Michigan
The First Natfl Bank of
Paw Paw, Michigan
The Orange Nat*l Bank
Orange, New Jersey
The 1st N.3 . & Tr. Co. of
Woodbridge, New Jersey
The Commercial Nat*l Bk.
High Point, North Car.
The First Nat*l Bank of
Toledo, Ohio
The First Nat *1 Bank of
Charier oi, Penna.
The Broadway Nat!l Bk. of
Scottdale, Penna. 1/
The 1 st Nat*l Bank of
Coeburn, Va.
First National Bank of
Logan, West Virginia
u

Nature of
Dividend:

Total
N u m b e r and
Distribution Percentage
Percentage of Funds by Authorized
Dividends
of Dividends Dividend
Date
to Date:
Authorized:
Authorized: Authorized:

Final

9-11-40

7th

6.1*

i

Regular

9- 19-iK)

6th

8.

Final
Final
(int.Part)

9-13-UO

3rd

9-9-40

Final

Amount
Number of Claims
Claimant s: Proved:

$ U9 ,Uoo.oo

91. k

$

H,050

$>

256,600.00

72 .

$

11,8^2

3,595.673.00

35,600.00

1*3.9

$

1,822

399 ,979-00

6th

s .9 $
5.
%
1.06 $

664

387,800.00

9- 11-40

3rd

6.908$

2^1,100.00

7U.U08 $

7,932

3,^90,300-00

Final

9- 7-40

6th

3.2

61.7

$

5.972

1,392,000.00

Regular

9-ll-*K)

8th

Regular

9-19-1+0

Regular

23,500.00

101.06 i

$

771,500.00

$

k k , 500.00

10.

$

281,600.00

88.

$

6.73s

2,816,100.00

5th

10.

$

306,500.00

89.

$

8 *4*11

3,065,000.00

9- 27-40

5th

5-

$

73,100.00

80 .

$

3,017

i,46 i,500.00

Final

9- 21-4 )

2nd

37.362$

20,7^7-00

57.362 $

1

55 ,529-00

Final

9-17-40

3rd

13-1

i>

25,300.00

3 5 .1

$

I+65

193,263.00

Regular

9-9-40

5th

10.

$

151,600.00

75 .

$

4,466

1,516,500.00

Stock Assessment Bank.

THS&S01Y DBPAHTMOT

y*«hi8|io&
FOR m m S B , MORHIHO HWSPAPERS
Tuesday, October 15. I9^0»

Prese Servicp
$*}-'3$

10/lb/UO
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts# of 9 1 -day Treasury bills,
to be dated October 16, 19 U0 , and to nature January 1$, 19^1* which
were offered on October 11# were opened at the Federal Reserve Banks
on October lH.
The details of this Issue are as follows 1
Total applied for - $^75*559#000
Total accepted
- 100*
#000
The accepted bids were tendered at par and slightly above. "»

<r '

i

, -v.

Of the amount tendered at par, 33 percent was accepted.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, October 1 5 , 1 9 4 0 .

10/14/40

---

—

-----

-d
~
Pr®?s !®rH oe

ffo- 2E-J5

The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be dated October 16, 1 9 4 0 , and to mature January 1 9 , 1 9 4 1 , which
were offered on October 1 1 , were opened at the Federal Reserve Banks
on October 1 4 ,
The details of this issue are as follows:
Total applied for total accepted
-

$475,559,000
1 0 0 ,5 4 4 , 0 0 0

The accepted bids were tendered at par and slightly above,
Of the amount tendered at oar. 55 percent wa
s accepted.

- 0 O0 -

TREASURY UEPARt MERT
Washington

Press Service
K * 22-36

EOR IMMEDIATE REXEASE
Tuesday, October 15, 194Q»

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 98,069 head of
cattl* weighing less than 200 pounds each during the period January
1 to October 5, 1940, inclusive, under the tariff rate quota of
100,000 head for the calendar year provided in the trade agreement
with Canada.
These reports also indicate that tile tariff rate quota Oo.
6,210 head on imports of cattle weighing 700 pounds or more each,
other than dairy cows, the produce of countries other than Canada,
provided in the trade agreement for the fourth quarter of the
calendar year 1940, was filled during the week ended October 5, 1940.
For the period January 1 to October 5, 1940, inclusive, these
preliminary reports show imports of 2,307,558 squares of red cedar
shingles, under the duty-free quota of 2,371,544 squares for the
calendar year 1940 provided for in the President’s proclamation of
August 26, 1940.

O0O0O

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
__________DURING THE MONTH OF SEPTEMBER. 1940_________

Name & Location of Bank:

Date of
Failure:

Gadsden National Bank
Gadsden, Alabama

12-1-32

First National Bank
Downers Grove, 111.

Total
Disbursements
Including
Offsets Allowed:

$

Per Cent
Dividends
Declared
to All
Claimants:

Captial
Stock at
Date of
Failure:

Cash, Assets,
Uncollected Stock
Assessments, etc•
Returned to Share­
holders :

673,842.00

69.73#

6-19-31

645,407.00

68.26#

100,000.00

000

Galena National Bank
Galena, Illinois

10-9-33

2,129,986.00

94.29?

100,000.00

000

First National Bank
Winnemucca, Nevada

1 2 -10 -3 2

1,492,344.00

81.20$

200,000.00

000

Ocean City Nat *1 Bank
Ocean City, N. J.

6-18-34

607,268.00

75.37#

100,000.00

000

First National Bank
Charlotte, N. C.

12-8-30

1,516,253.00

68.74?

300,000.00

000

First National Bank
Trafford, Penna.

3-2-32

390,080.00

73.14?

30,000.00

000

First National Bank
Honaker, Virginia

3-26-34

489,984.00

103.08#

35,000.00

000

$

1 2 5 ,000.00

$

000

7

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNINONEWSPAPERS

Press Service

During the month of September, 194-0, the liquidation of
eight Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these eight receiverships,
amounted to #7>945>l64> while dividends paid to unsecured
creditors amounted to an average of 7 2 .3 3 percent of their
claims.

Total costs of liquidation of these receiverships

averaged 7*33 percent of total collections from all sources
including offsets allowed.
Dividend distributions to all creditors of all active
receiverships during the month of September, 1940, amounted to
#1,301,57S.

Data as to results of liquidation of the receiver­

ships finally closed during the month are as follows:

TREASURY DEPARTMENT

Comptroller of the Currency
Washington

EOR RELEASE, MORNING- NEWSPAPERS
Wednesday, October l6 , 19^-0

Press Service
22-37

During the month of September, 19^-0, the liquidation of
eight Insolvent National Banks was completed and the affairs of
such receiverships fin ally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these eight receiverships,
amounted to $7 *9 ^5 *16 ^, while dividends paid to unsecured
creditors amounted to an average of
claims.

72.33

percent of their

Total costs of liquidation of these receiverships

averaged 7•33 percent of total collections from a ll sources
including offsets allowed.
Dividend distributions to a ll creditors of a ll active
receiverships during the month of September, 19^-0, amounted to
$1,301,57S. Data as to results of liquidation of the receiver­
ships fin ally closed during the- month a$e as follows:

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
_________ DURING THE MONTH OF SEPTEMBER, 19^0_________

Name,. & Location of Bank:

Date of
Failure:

Total
Disbursements
Including
Offsets Allowed:

Gadsden National Bank
Gadsden, Alabama

12- 1-32

$

First National Bank
Downers Grove, 111.
Galena National Bank
Galena, Illinois
First National Bank
Winnemucca, Nevada
Ocean City\Nat,l Bank
Ocean City, N. J.

Per Cent
Dividends
Declared
to All
Claimants:

Capital
Stock at
Date of
Failure:

Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Shareholders:__________

125 ,000.00

$

000

673 ,8^ 2 .0 0

69 .73 ^

61+5,1+07.00

6 g.26$

100,000.00

000

10-9-33

2 ,129 ,98.
6 .0 0

9 U .2 9 $

100,000.00

000

12- 10-32

1 ,1+92 ,31+U.oo

81.20$

200,000,00

000

607 ,268.00

75 .375b

100,000.00

000

6- 19-31

6-ig_3 i{.

$

First National Bank
Charlotte, N. C.

12- 8-30

1 ,516 ,253.00

68 .71+$

30 0 ,00 0.00

000

First National Bank
Trafford, Penna.

3-2-32

390,080.00

73.iU%

30,000.00

000

First National Bank
Honaker, Virginia

3-26-3*+

^89 ,9 SU.oo

103.08$

3 5 ,000.00

000

2

The station, commissioned August 15, has an area of 294- acres
and cost fl,200,OCX).
Pasquotank river.
in width.

It has a 4>250-foot frontage on the

There are four concrete runways, each 100 feet

The east-and-west runway is 3>240 feet in length, the

others 3>000 feet.

Nine planes are based at the station.

There

are quarters for eight commissioned officers, two warrant officers
and 86 enlisted men.

,'T K

^ f s S

a J/ i

A'f- '.‘H

M

i*
K b

The new United States Coast GuarW^tation at Elizabeth Citv.
N. C., m i l b&-ded±Chted ^omQrjaaaiLJ^tnh^r

A

‘

f ( o>f c ^ S - c ^ , ~ £ s ~ t

m
,
*ke

iT f

'S

/y)

tv\ c

uAfJl. bft "tilfoGuQJt. 4r$&>--

Q'P^iLLiig ftCtU f isw,,',*w^

1w s

PXbra > mayor

cuum |
of Elizabeth City, ^Nte principal address will be delivered by

Urn

idsay C. Warren, member of Congress from North Carolina and
,\ j u

^

i

I

Comptroller General-de signate j ^ f t e a ^ ^
Commandant of the Coast Guard^ -jj1T~tirhnn \
h
of dedication will be spoken by

The words

• Herbert E. Gaston,

;

d U ~ -<

Assistant Secretary of the T r M 8 v u ^ S M » % ] ^ r 7 r S « r t S ^
K g lt

C

q

&j

f

'^iiili flaw* Acting Conmiiah<ter^ Norib3F'SEs:B H a E
^distinguished guests will be
introduced, including a group of Canadian officials who will come
in a Canadian Airways plane.

In the group will be iMSENMi* W. P,

Murlock, K. C., of Ottawa, Postmaster General of Canada; Major Stuart
Armour, D.S.O., of Ottawa, executive assistant to the Deputy
Minister for Air; J. A. Wilson, of Ottawa, controller, Civil
Aviation Ministry of Transportation; and Ernest Savard, of Montreal.
Canadian Airways officials also will be guests.
There will be music by the Elizabeth City High School band,
playing ”Semper Paratus'* as a prelude, nCoast Guardsmen11 as an
interlude, and “The Star Spangled Banner” as a postlude.

Invocation

and benediction will be by Commander William W. Edel, Chaplain Corps,
U. S. N.

The Norfolk lva. 1 Firemen*s band will play a concert^^to

„ls30 o*clock p.m.

1 V

A

0

TREASURY DEPART!® NT
Washington
FOR RELEASE, MORNING N E W S P A P E R S
Thursday, October 17, 1940

To7l6/40

Press Service
No. 22-38

The new United States Coast Guard Air station at
Elizabeth City, N. C., will be formally dedicated at 11 o’clock
this (Thursday) morning.
The spedting program will be opened by Jerome Flora, mayor
of Elizabeth City, and the principal address will be delivered by
Representative Lindsay C. Warren, member of Congress from
North Carolina and Comptroller General-designate, who will be
introduced by Rear Admiral R. R. Waesche, Commandant of the
Coast Guard.

The words of dedication will be spoken by

Herbert E. Gaston, Assistant Secretary of the Treasury.

Presiding

over the program will be Commander William J. Keester, Acting
Commander of the Coast Guard’s Norfolk district.
Distinguished guests will be introduced,including a group
of Canadian officials who will come in a Canadian Airways plane.
In the group will be W. P. Murlock, K. C., of Ottawa, Postmaster
General of Canada; Major Stuart Armour, D.S.!., of Ottawa,
executive assistant to the Deputy Minister for Air; J. A. Wilson >
of Ottawa, controller, Civil Aviation Ministry of Transportation >
and Ernest Savard, of Montreal* Canadian Airways officials also
will be guests.
There will be music by the Elizabeth-City High School band,
playing ’’Semper Parstus” as a prelude, f,Coast Guardsmen’* as an
interlude, and ’’the Star Spangled Banner” as a postlude* Invocation

I

and benediction will be by Commander William W. Sdel, Chaplain
Corps, U. S. N,- The Norfolk Firemen’s band will ploy a concert
from 1 to 1:30 o ’clock p.m.
The station, commissioned August 15, has 5n area of 294
acres and cost &1,200,000.
Pasquotank river*
in width.

It has a 4,250-foot frontage on the

There are four concrete runways, each 100 feet

The east-and-west runway is 3,240 feet in length, the

others 3,000 feet.

Nine planes are based' at the station.

There

are quarters for eight commissioned officers, two warrant officers
and 86 enlisted men.
-oOo-

DOMESTIC COINAGE EXECUTED, BY MINTS, DURING THE MONTH OF SEPTEMBER,
Denomination

Philadelphia

San Francisco

$106,251.50

$871 ,0 0 0.00

1939 .

Denver

Total value

$375 ,0 0 0.00

$1,352,251.50

2.704.503

:

•1,606,125,75

6.424.503

:

Total pieces

SILVER
Half dollars - - - - - - - - - - - Quarter dollars
Dimes - - - - - - - -

1 ,606 ,125.75

---- - - - - -

501,050.30

9 0 ,0 0 0.00

232 ,00 0 .0 0

823,050.30

8.230.503

:

2 , 2 13 , 1+2 7 .5 5

961 ,0 0 0 .0 0

607 ,0 0 0.00

3,731,1+27.55

17,359,509

1

Five-cent nickels - - - - - - - - -

90 U,1?5 .0 0

67 ,50 0.00

52 ,0 0 0 .0 0

1 ,023 ,675.00

20,1+73.500

:

One-cent bronze - - - - - - - - - -

592,5^5.00

50 ,0 0 0 .0 0

3 ,500.00

646,045.00

61+,6ol+,500

:

Total minor - - - - - - - - - -

1,^96,720.00

117 ,500.00

55 ,500.00

1 ,669 ,720.00

85 ,07 8,00 0

Total domestic coinage - - - - -

:
I

3 ,710 ,11+7 .5 5

1 ,072 ,500.00

662 ,500.00

5 , 1+5 1 , 11+7 .5 5

102,437,509

Total silver - - - - - - - - - MINOR

\

:

S f

._

*W '<p

-—,

/3T L

_

Si. As. A
Ift
Ipf S 0

2

, r~t

fi-l 1 1 1 .Jo
l o t .I S

P /^

S» <JL. __

/i/.

y'/if

7A

? £ tj- ij-o % . i f

/s ’

t f o ' i %/ o

A f o J f / J S .f o

f

A 7 f

I

3.4 f--*/o

0 i s .'J o t i
Z f

,6 //t //f

3,7*7,

m

I

* *

Affi.9&1

t

J?t frO /

1x%
f

X ,o

/S'

777 ^o.sy

/■o<£•

^ ntpFSrr
J $ $b till:
$1, i s i > rr~T /fS<
* fi t>So,rf
L 2&X& /W,id

As~qL

n , z, y(

/

2 /

U / tn

Jo

<f-

//

f,

3. fsi *Ii s-IS
*

&~i> fe* A#/

/I
*M **:%.

Jk J - ^ t%

'n£ ^
</>
O c to b e r 1 6 , 1 9 40.

7

41

A t o t a l o f 449»855>80^ c o i n s was p ro d u ce d by th e
Bureau o f th e M in t d u r in g th e th r e e -m o n th p e r io d e n d in g
Septem ber 3 0 .

T h is p r o d u c tio n f i g u r e s u r p a s s e s a l l p r e v io u s

r e c o r d s , a c c o r d in g t o N e l l i e

T a y lo e B o s s , D i r e c t o r o f th e M in t .

P r o d u c tio n by p i e c e s and v a lu e d u r in g th e f i r s t

q u a r te r o f

th e f i s c a l y e a r was a s f o l l o w s ?
D en om in ation
C e n ts
N ic k e ls
Dimes
Q u a r te r s
H a lv e s
T° * a l

P ie c e s

,^^700
6 8 ,0 8 2 ,6 0 0

39,279,7§Ol^
1 5 ,2 8 3 ,1 0 0

2*301^00-— ^
4 4 9 ,8 5 5 ,8 ^ 1

V a lu e

* 372WUOP
,3*404,100.
3, $2^900
3*82
~ -±r40frr96o-

$15,197,

Compared t o a t o t a l p r o d u c tio n o f 1 7 5 ,8 1 2 ,0 1 5 c o i n s d u r in g
th e com parable 1939 p e r i o d , t h i s q u a r te r * ^ o u tp u t r e p r e s e n t s
an in c r e a s e o f 155 p e r c e n t .
The t h r e e m in ts a t P h i l a d e l p h i a , D e n v e r , and San P r a n c is c o
a re w orking a t to p speed on a 2 4 -h o u r -a -d a y b a s is ^ iH fr th e r e
i s no s ig n o f a le t u p i n th e demand f o r

new c o i n s .

The

Bureau o f th e M in t a n t i c i p a t e s th e b u s i e s t y e a r i n i t s
and i s

h is to r y

a d d in g new m a ch in e ry and equipm ent t o cope w ith any

demand^ th e U n ite d S t a t e s T r e a s u r e r may make upon i t ,
D ir e c t o r s a i d .

th e

TREASURY DEPARTMENT
Washington
For RELEASE, AFTERNOON PAPERS
Thursday, October 17> 19^2

P ress S e rv ice
^ ” 39

io/i6/Uo
A t o t a l o f U U 9,S55,SU l co in s was produced hy the Bureau o f the
Mint during the three-m onth perio d ending September

This production

fig u r e surpasses a l l previo us re c o r d s , accord in g to N e l li e Tayloe R oss,
D ir e c to r o f the M in t.

|

P rodu ction by p ie c e s and valu e du rin g the f i r s t quarter o f the
f i s c a l year was as fo llo w s :
Denomination
Cents
Nickels
Dimes
Quarters
Halves
T o ta l

P ie ce s

Value

32U,U0S,'472
68,082,708

$ 3,2UU,08U.72

39.279,970

3 ,9 2 7 ,9 9 7.0 0

1 5 ,28 2,9 6 9

3,Ho 2,135.Ho

3,820,7 ^2.25

2,801,722

1 ,U 0 0 , 8 6 1 .0 0

UUgt 855,8*41

$15,797,-820.37

Compared to a t o t a l production o f 175,812,015 coins during the
comparable 19 3 9 p e rio d , t h is q u a rte r’ s output rep resen ts an in crease of
1 5 5 p e r c e n t.

The three mints a t P h ila d e lp h ia , Denver, and San Fran cisco are
working a t top speed on a 2U -hour-a-day b a se s.
letup in the demand for new coins.

There i s no sig n o f a

The Bureau of the Mint anticipates

the busiest year in its history and is adding new machinery and equipment
to cope with any demand the United States Treasurer may make upon it,
the Director said.

-0O0-

/

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE

Press Service
No. ’gl-'
NW

3nn,da^< - J u l y .-Lg , 1 9 4 0 ,

Market transactio^^^^^^^(M)vernment securities for Treasury
investment accounts

0

,resulted,

in net

#934,TJl}&, Secretary Morgenthau announced today.

-0O0 -

»haooc of

>

October 7, X$kO.

M M p 'x m & x

During the month of September, 19 *K)# the following
merket transactions took place la direct and guaranteed se­
curities of the GovernmentJ
Sales ...... ........ ......... $ 300,000
Purchases................ ....

*

let sales ......... ........ $ 300,000

Copy to Mr. Schwarz
Mrs. Shaw
Mr. M a r t i n
File

MLM

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Wednesday, October 16, 1940.

Press Service
22-40

Market transactions in Government securities for Treasury
investment accounts in September, 1940, resulted in net sales
of ^300,000, Secretary Morgenthau'announced today.

-oOo

Finson-Trammell Act*

That suggestion, of course, was quite

a different matter from the income tax amortisation pro­
visions with which Mr* Willkie confuses it*

The entire story

including the correspondence referred to by Mr* Willkie,
is set forth as a matter of public record in hearings be­
fore the Subcommittee of the Committee on Appropriations,
United States Senate, 76th Congress, First Session, on
B* R* 6149, Navy Department Appropriation Bill for 1940,
p* 106 et seq*
Mr* Willkiefs assertion that two and one half
years elapsed before the amortization problem was disposed
of is 100^ wrong*

The problem of computing costs under

the Tinson-Traramell Act, which he confuses with the tax
amortization problem, was disposed of in February, 1939*
That was just one month after the Treasury Department re­
ceived the Navy’s first formal request for consideration
of this problem*

& U .A .
fih

'

M T ****~ \

__ ___ _

Mr. Willkie in his Buffalo speech of October 15
has again charged that the Treasury Department has delayed
the defense program.
What Mr. W i l l k i e -the pa
ypftiwh; has done is to confuse the facts and to withhold
part of the record.

I prefer to believe that it is pure

ignorance that has led him to make a series of utterly
false statements.

He has mixed up the Act which limit$^jj

profits on Navy contracts with the income tax amortization
problem which was raised in discussions between the Advisory
Commission on National Defense and representatives of the
Treasury Department in June, 1940.
Let* s examine Mr. Willkie*s charges:
1.

Mr. Willkie asserts that Admiral Furlong, head

of the Bureau of Ordnance of the Navy Department, asked, on
April 13, 1938, for the income tax amortization provisions
enacted by the Second Revenue Act of 1940.
fact.

That is not the

On April 13, 1938, the Admiral addressed a memorandum

to the Judge Advocate General of the Navy, suggesting that
representatives of the Navy Department confer informally
with the Treasury with a view to the formulation of a method
to be followed in handling depreciation allowances under the

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Thursday, October 17, 1940,

PrevSs Service
No, 22-41

Secretary Morgenthau today issued the following statement:
Mr* Wiilkie in his Buffalo speech of October 15 has
again charged that the Treasury Department has' delayed,the
defense program.
What Mr, Wiilkie has done is to confuse the facts and
to withhold part of the record,

I prefer to believe that

it is pure ignorance that has led him to make a series of
utterly, faise statements*

He has mixed up the Act which

limited profits on Navy contracts with the income tax
•amortization problem which was raised in discussions be­
tween the Advisory Commission on National Defense and
representatives of the Treasury Department in June, 1940,
LetTs examine Mr, Wiilkie’s charges:
Mr. Y/illkie asserts that Admiral Eurlong, head
of the Bureau of Ordnance of the Navy Department, asked,
on April 13, 1938, for the income tax amortization pro­
visions enacted by the Second Revenue Act of 1940,
is not the fact.

That

On April 13, 1938, the Admiral

addressed a memorandum to the Judge Advocate General
of the Navy, suggesting that representatives of the
Navy Department confer informally with the Treasury with
a view to the formulation of a method to be followed
in handling depreciation allowances under the

2
Vinson-Trammell Act.

Thai suggestion, of course, was quite

a different matter from the income tax amortization pro­
visions with which Mr.Willkie confuses it.

The entire

story, including the correspondence referred to by Mr._
Willkie1 is set forth as a matter of public record in
hearings before the Subcommittee of the Committee on
Appropriations, United States Senate, 76th Congress,
First Session, on H, R. 6143? Navy Department Appro­
priation Bill for 1940, p. 106 et seq.
Mr. Willkie's assertion that two and one half years
elapsed before the amortization problem was disposed of
is 100% wrong.

The problem of computing costs under

the Vinson-Trammell Act, which he confuses with the tax
amortization problem, was disposed of in February, 1939«
That was- just one month after the Treasury Department re­
ceived the Ravy*s first formal request for consideration
of this problem*
-oOo-

/T\
U A L 'K ?

o -

t

Z Z - H ' z u

invitations for bids

rubber tire^g and tubes
., j
rrvvs^

. . . . uekfl
1 t0 Mar?h. 31,
1-41 . ^ U f ton E. Mack, Director o f f e £ f e & S ^ . v i £ o n - . ,

opened at Washington, D. C,, November 4 , 194o'

Bids

J jant,ra n ts Wi l l |^n awarde^

ggB Uzae--- [ ||r

The t h r e e - m o n t h * term con t r a c t f o r the supply 0 f these
c o m m odities was 4 £ E f e i n i t i a t e d on O c t o b e r
o f the last contract awards.
...W 6 r e l6 t

1, 1940, the dat e

P r ior to this date,

contracts

°n a s i x -motth t e r m b a s i s ^ / ^ a..

w
/hange

to t ^ n e w

officials

te™

co n t r a c t came m l T F ^ r e a e n t

y*
’•fct it woul,d"advantageous b o t h / ^ h 7

Federal Government and to the industry to make awards for
s sj?° r^er period ,
It was « 2 E i 3 S f a « t

during abnormal

times,

the

- r k e t price of crude rubber might be subject to fluctuations,
ch w o u l d affect the m a n u f a c t u r e r s adversely.

To p r e vent

hardship, the Procurement Division shortened the life of the
contract,
>

«

.

.

»

'

tires and tubes which are ordered.

„

.

t

a.llver lo
„f

S

Washington
FOR IMMEDIATE RELEASE,
Monday, October 21, 1940*

Press Service
No. 22-42

Invitations for bids on rubber tires and tubes for the
three-month period from January 1 to T.Isrch 31, 1941, were issued
today, it was announced by Clifton E. Mack, Director of the
Procurement Division
3ids will be opened at Washington,

C., November 4. 1940

The three-month term contract for the supply.of these commodities

was initiated on October 1, 1940, the. date of the last contract
awards.

Prior to this date, contracts were let on a six-month

term"basis.
The change to the new term contract came after Procurement
officials found It would be advantageous both to the Federal
Government and to the Industry to make awards for a shorter
period*

It'was learned that during abnormal times, the market

price of crude rubber might be subject to fluctuations, which
would affect the .manufacturers adversely.

To prevent such hard­

ship, the Procurement Division shortened the life of the contract.
Under the term contract, manufacturers must deliver to
the Government, within a specified period, any quantity of
tires and tubes which are ordered.
oOo

TMAStfRT
Washington
for

m s & s s , mmim w

? w

pre80 service

Tuesday, October 22, 19 U0

IB7ST/W---- ------ 2 ------

- t|3

The Secretary of the Treasury announced last evening that the tenders
for $100,000,000 or thereabouts, of 91-day Treasury bills, to be dated
October 23, I9 U0 , and to mature January 2 2 , I9 U1 , which were offered on
October IS, were opened at the Federal Reserve Banks on October 21.
The details of this issue are as follows*
Total applied for - $Ul3,2S9.000
Total accepted
- 100,500,000
The accepted bids were tendered at par and slightly above.
tendered at par, U<? percent was accented.

Of the amount

TREASURY DEPARTMENT
Washington
Press Service
No. 22-43

FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, 0ctober 22, 1940*_____
10/21/40

The Secretary o.f the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day treasury bills,
to be dated October 23, 1940, and to mature January 22, 1941, which
were offered on October 18, were opened at the Federal Reserve Bank:
on October 21.
The details of this issue are as follows?
Total applied for - $413?289,000
Total accepted
- 100,500,000
The accepted bids were tendered at par and slightly above.
amount tendered at par, 42 percent was accepted.

-oQo-

Of the

The Bureau of C u s t o m announced today that, preliminary reports from the
collectors of customs show imports of 485,211,360 gallons of crude petroleum,
topped crude petroleum, and fuel oil derived from petroleum including fuel oil
known as gas oil, the produce or manufacture of the Netherlands and its overseas territories, during the period January 1 to October 1 2 , 1940.
The quota established under the provisions of the trade agreement with
Venezuela limits entry, or withdrawal from warehouse, for consumption of these
commodities, the produce or manufacture of the Netherlands and its territories,
at the reduced rate of 1/4 cent per gallon, to 527,691,192 gallons during the
calendar year 1940.
In order to provide for the control of this tariff rate quota, the collec­
tors of customs have been instructed to collect estimated duties at the full
rate of 1 / 2 cent per gallon on such imports, the produce or manufacture of the
Netherlands and its territories, effective October 23, 1940, pending the fulfillment of the quota.

-oOo-

■ ffimpursa py 'TBS'

TREASURY DSP/RTIE NT
Ws shinyton
FOR IMY2DI/TE RELEASE,
Yonday, October 21, 1940.

Press Service
No. 22-44

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 485,211,360 gallons
of crude petroleum, topped curde petroleum, and.fuel oil derived
from petroleum including fuel oil known as gas oil, the’produce
or manufacture of the Netherlands and its overseas territories,
during the period January 1 to October 12, 1940.
The quota established under the provisions of the trade
agreement with Venezuela limits entry, or withdrawal from warehouse,
for consumption.c-f these, commodities, the produce or manufacture
of the Netherlands and its territories, st the reduced rate of
l/4 cent per gallon, to 527,691,192 gallons daring the calendar
year 1940.
In order to provide for the control of this tariff rate
quota, the collectors of customs have been Instructed to collect
estimated duties at the full rate of l/2 cent per gallon on such
imports, the produce or manufacture of the Netherlands and Its
territories, effective October 23, 1940, pending the fulfillment
of the quota.
-0O 0 -

The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of 98,616 head of cattle weighing less than
200 pounds each during the period January 1 to October 12, 1940, inclusive,
under the tariff rate quota of 100,000 head for the calendar year provided in
the trade agreement with Canada*
These reports also indicate that the duty-free quota of 2,371,544 squares
on imports of red cedar shingles entered for consumption or withdrawn from
warehouse for consumption during the calendar year 1940, provided for in the
President’s proclamation of August 26, 1940, was filled during the week ended
October 12, 1940,

—oOo—

<~“~~~~ti
Pttoparcd

xiujjhoun
ixxvjiim l
Washington
F O R IMMEDIATE RELEASE,
Monday, October 2 1 , 1940.

Press Service
No..22-45

The-Bureau of. Customs announced today that preliminary reports
from the collectors of customs show imports of 98,616 head of
cattle weighing less than 200 pounds each during the period
January 1 to October 12, 1940, inclusive, under the tariff rate
cpota of 100,000 head for the calendar year provided in the trade
agreement with Canada.
These reports also indicate that the duty-free quota of
2,371,544 squares on imports of red cedar shingles entered for
consumption or withdrawn from warehouse for consumption during the
calendar year 1940, provided for in the President's proclamation
Of August 26, 1940, was filled during the week ended October 12,1940

oOo-

any action he say take in these respect* shall be final.

Allotment notices « u i

be sent out promptly upon allotment, ant] the basis of the

allotment

sill be pub­

licly announced,

ma

iv.
1.

Payswnt at par and accrued interest, if any, for notes allotted hereunder

s*»st be aade or completed on or before November 1,

1910, or

on later allotment.

In every oaee shore payment is not ao completed, the payment with application up
to 10 percent of the amount of notee applied for shall, upon declaration aade by
the Secretary of the Treaauiy in hie dlecretlon, be forfeited to the United State.

v.
1.

o u tsa tt m n s i o s s

«a fiscal agents of the United States, Federal Reserve Banks ars a u t h o r ^

and requested to receive subscriptions, to oaks allotment* on the basis and up to
the amounts indieated by^the Secretary of tbs Treasury to the Federal Reserve Bank
of the respective districts, to lasu* allotment notices, to receive payment for
notes allotted, to sake delivery of notea on full-paid subscriptions allotted, and
they nay issue interim reeeipte pending delivery of the definitive notee.
2.

The Secretary of the Treasury nay at ary time, or from time to time, pre­

scribe supplemental or amendatory rules and regulations governing the offering,
which will be oomsaniaated promptly to the Federal Reserve Banka.
m
d-d

m o t w m im t H A V g m * $
Secretary of the Treasury*

tkm event

its© Authority shall be unable to make any such payment upon dsaand when

due, payments shall be made to the holder by the Secretary of the treasury with
money authorised to be appropriated for such purpose out of any money in the
Treasury not otherwise appropriated! and that the 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 the United States or fey any State,
county, lamiclp&lity, or local taxing authority*

These notes shall be lawful in­

vestments and may be accepted an security for all fiduciary, trust, and public
funds the investment or deposit of which shall be wider the authority or control
of the United State® or any officer or agency ttiereof.
3»

Bearer note® with interest coupons attached will be issued in denoainationa

of #1,000, H O , 000 and -1100,000*

in ,
1*

The notes will not be Issued in registered form* I

dUBSORimCS AKD ALIjOTKSHT

Subscriptions will be received at the Federal Reserve Banks and Branches

and at the Treasury Department, Washington*

Banking Institutions generally m y

submit subscriptions for account of customers, but only the Federal Bsserve Banks
and the Treasury Department are authorised to act as official agencies*

Others

than hanking Institutions will not be permltted to enter subscriptions except for
their o w 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 I
asxmnt not exceeding one-half of the combined capital and surplus of ths subscrlblrJ
bank or trust company.

Subscriptions f rC® all others must be aCoosapanled by pay­

ment of 10 percent of the amount of notes applisd for*
2*

The Secretary of the Treasury reserves the right to reject any subscrip­

tion, in whole or in part, to allot less than the amount of notes applied for, and
to close the books as to any or all subscriptions at any time without notice! and

cuit© states
1/4 m c m

misim mmmrt

notes of series

s, mis

i, 19 a

Bated and bearing in te rest from November 1 , 1940
illy aid

mcmmmmixx m

B I X ® STATES, W C R

& m m E m r a as to interest ams principal by the
GUARANTY IS S & a a S g t t m THE FACE OF EACH HOTS

xsapt both as to p rin cip al and In te re st from all taxation (except surtaxes, estate^
p i » M } and g i f t taxes) nos or hereafter imposed by the United States or by
ny S ta te , county, im m ieijm iity, or lo c a l taxing authority

1940
epartaent C i r « J a r Ho* 643

TREASURY DXPAROGSXr,
Office of the Secretary,
Hashington, October 24, 1940,

__
Fiscal Service
Bureau o f the FubUe Debt
I*

1.

OFFERING OF NOTES

The Secretary o f the Treasury, on behalf of the United States {lousing

Authority, In vites subscription s, a t par and accrued Interest, frost the people of
the United States fo r notes o f the United States Housing Authority, designated
1/4 percent notes o f Series I*

The amount of the offering is 1100,000,000, or

thereabouts*
ii*

1*

BsscaimoH

o f botes

The notes w ill be dated November 1 , 1940, and will bear interest from

th at date a t the rate o f 1/4 percent per annua, payable semiannually on Hay 1,
1941, and November 1 , 1941*

They w ill mature November 1 , 1941, and w ill not be

subject to c a ll fo r redemption prior to maturity*
2*

The notes will be issued under authority of an act of Congress (known as

"United States Housing Act of 1937*) approved| September 1 , 1937, as amended, which
provides that the notes shall bs fully and unconditionally guaranteed upon their

face by the United States as to the payment of both interest and principal* that in

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.
The right is reserved to close the books as to any or all subscriptions
at az$r time without notice.

Subject to the reservations set forth in the

official circular, all subscriptions will be received subject to allotment.
Payment for any notes allotted must be made or completed on or before November 1
1940, or on later allotment.
If plans which the United States housing Authority are working on
materialise, it is expected that private capital may be enlisted to provide
permanent financing to local housing authorities of the whole cost of their
projects.

Consequently, the United States Housing Authority may not need these

funds for longer than one year to assist such projects, in which event the notes
will be paid off in cash when they mature.
The text of the official circular followst

tmmmj mgmtmm;
Washington
FOR RELEASE, i p ! mWSPAPEKS,
Thursday, October 2A, I960*

10/ 23/40

The Secretary of the Treasury, on behalf of the United States Housing
Authority, is today offering for subscription, at par and accrued interest,
through the Federal Reserve Banks, $100,000,OCX), or thereabouts, of 1-year
notes

of

the Authority, designated 3/4 percent Notes of Series &•-

The

notes will be dated November 1, 1940, and will bear interest fro® that date
at the rate of l/4 percent per annual payable semiannually.

They will mature

on November 1, 1941# and will not be subject to call for redemption prior to
maturity.

They will be Issued only in bearer

tom

with coupons attached, in

denominations of $1,000, $10,000 arid #100,000.
The notes will be fully and unconditionally guaranteed upon their face
by the United States as to the payment of both interest and principal.

They

will be exempt both as to principal and interest from all taxation (except
surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by
the United States or by any State, county, municipality, or local taxing
authority.
Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington.
at the United States Housing Authority.

Subscriptions will not be received

Banking institutions generally may

submit subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorised to act as official agencies.
Subscriptions from banks and trust companies for their own account will be
received without deposit but will be restricted in each case to an m o u n t

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Thursday, October 24, 1940*
10/23 A

Press Service
No* 22-46

d

The Secretary of the Treasury, on behalf of the United States
Housing Authority,

is today offering for subscription, at par and

accrued interest, through the Federal Reserve Banks, $100, 0 0 0 ,000 ,
or thereabouts,

of 1 -year notes of the Authority, designated 1/4

percent Notes of Series E*

The notes will be dated November 1 ,

1 9 ^ 0 , and will bear interest from that date at the rate of 1/4

percent per annum payable semiannually,

They will mature on

November 1, 194l, and will not be subject to call for redemption
prior to maturity*
coupons attached,

They will be issued only in bearer form with
in denominations of $1 ,000 , $ 1 0 ,0 0 0 and $ 1 0 0 ,000 *

The notes will be fully and unconditionally guaranteed upon
their face by the United States as to the payment of both interest
and principal.

They will be exempt both as to principal and

interest from all taxation (except surtaxes, estate,

inheritance,

and gift taxes) now or hereafter imposed by the United States
or by any State, county, municipality, or local taxing authority*
Subscriptions will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, Washington.

Sub­

scriptions will not be received at the United States Housing
Authority*

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
Subscriptions from banks and trust companies for their own account
will be received without deposit but will be restricted in e a c h
case to an amount not exceeding one-half of the combined capital
and surplus of the subscribing bank or trust company*

Subscrip­

tions from all others must be accompanied by payment of 1 0 percent
of the amount of notes applied for*
The right is reserved to close the books as to any or all
subscriptions at any time without notice* Subject to the reservation
set forth in the official circular, all subscriptions will be
received subject to allotment*

Payment for any notes allotted

must be made or completed on or before November 1, 19^0, or on
later allotment*
If plans which the United States Housing Authority are working
on materialize,

it is expected that private capital may be enlisted

to provide permanent financing to local housing authorities of the
whole cost of their projects.

Consequently, the United States

Housing Authority may not need these funds for longer than one
year to assist such projects, in which event tne notes will be
paid off .in cash when they mature.
The text of the official circular follows:

UNITED STATES HOUSING AUTHORITY
1/4- PERCENT NOTES OF SERIES E, DUE NOVEMBER 1, 194-1
Dated and bearing interest from November 1, 194-0*
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL
BY THE UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH
NOTE

Exempt both as to principal and interest from all taxation (except
surtaxes, estate, inheritance, and gift taxes) now or hereafter
imposed by the United States or by any State, county, municipality,
or local taxing authority*
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, October 24-, 194-0

19^0

Department Circular No, 64-3

Fiscal Service
Bureau of the Public Debt
I,
1*

OFFERING OF NOTES

The Secretary of the Treasury,

Housing Authority,

on behalf of the United States

invites subscriptions, at par and accrued interest,

from the people of the United States for notes of the United States
Housing Authority,

designated 1/4- percent notes of Series E,

The amount of the offering is $100,000,000, or thereabouts,
II* DESCRIPTION OF NOTES
1,
interest

The notes will be dated November 1, 194-0, and will bear
from that date at the rate of 1/4- percent per annum, payable

semiannually on May 1, 194-1, and November 1, 194-1.

They will mature

November 1, 194-1, and will not be subject to call for redemption
prior to maturity*
2.
Congress

The notes will be issued under authority of an act of
(known as llUnited Spates Housing Act of 1937'*) approved

September 1, 1937, as amended, which provides that the notes shall
be fully and unconditionally guaranteed upon their face by the
United States as to the payment of both interest and principal;
that in the event the Authority shall be unable to make any such
payment upon demand when due, payments shall be made to the holder
by the Secretary of the Treasury with money authoiized to be
appropriated for such purpose out of any money in the Treasury not
otherwise appropriated; and that the notes shall be exempt, botn 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,
authority.

or local taxing

These notes shall be lawful investments and may be

pcccpted 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 office or agenpy thereof.
3.

Bearer notes with interest, coupons attached will be

issued in .denominations of $ 1 ,0 0 0 , $ 1 0 ,0 0 0 and $1 0 0 ,000 .

The

notes will not be issued in registered form.
III.
1,

SUBSCRIPTION AND ALLOTMENT

Subscriptions will be received at the Federal Reservw

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 subscrip-

- 3 ~
tions

6XC6p1j

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 sub­
scribing 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

subscription,

to

reject any

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 sub­
scriptions 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.i.made or completed on or before
November 1, 19^0, or on later allotment.
ment is not so completed,

In every case where pay­

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 for­
feited to the United States.
V.

1*

GENERAL PROVISIONS

As fiscal agents of the United States, Federal Reserve

Banks are authorized and requested to receive subscriptions, to
make allotments on the basis and up to the amounts indicated by

~

k

~

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 ot notes on full—paid sub­
scriptions 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.

JR.
Secretary of the Treasury.
H E NRY MORGENTHAU,

-0 O 0 -

T8KASURI B I P A M S W
Washington
R38 HSLBASB, KOSMIKO HBSSPAPS8S,

im

Press Service

-----

Secretary of the Treasury K’orgenthau announced last night

that

the subscription books for the current offering of 1/4 percent notes
of Series S of the United States Housing

Authority closed

at the

oloae of business Thursday, October 24.
Subscriptions addressed to a federal Reserve Bank or Branch,
or to the Treasury Department, and placed in the sail before 12 o'clock,
midnight, Thursday, October 24, will be considered as haring been
entered before the oloae of the eubeeription books.
Anmnmaaaant of the amount of eubeeription# ami the basis of
allotment will probably be made on Hosday, October 28.

(TREASURY DEPARTMENT
Washington
Service

FOR RELEASE, MORNING NEWSPAPERS
Friday,.. October 25. 1940.______

22-47

10/2'4/40 ~

Secretary/ of the Treasury Morgenthau announced last night
that the subscription books for the current offering of 1/4 percent
notes of Series E of the United States Housing Authority closed at
the close of business Thursday, October 24.
Subscriptions addressed to a Federal Reserve Bank, or Branch,
or to the Treasury Department, and placed in the mail before
12 o ’clock, midnight,

Thursday, October 24, will be considered as

having been entered before the close of the subscription books.
Announcement of the amount of subscriptions and the basis of
allotment will probably be made on Monday, October 28.

oOo-

TREASURT DEPARTMRST
Washington
FOR IMMEDIATE RELEASE,
Monday. October 28. 19AQ

Press Service

■5 Q

~ if

V

The Secretary of the Treasury today announced the subscription
figures and the basis of allotment for the offering of #100,000,000,
or thereabouts, of

1/4

percent notes of Series $ of the United States

Housing Authority,
Reports received from the Federal Reserve Banks show that sub­
scriptions for the new notes aggregate #1,860,000,000.

Such sub­

scriptions were allotted & percent, but not less than #1,000 on any
one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks.

FOR IMMEDIATE RELEASE,
Monday, October 28, 1940

Press Service
No. 22-48

The Secretary of the Treasury today announced the subscription
figures and the basis of allotment for the offering of £,1 0 0 ,0 0 0 ,0 0 0 ,
or thereabouts, of l/4 percent notes of Series E of the United States
Housing Authority*
Reports received from the Federal Reserve Banks show that sub­
scriptions for the new notes aggregate yl,860,000,000. Such sub­
scriptions were allotted 6 percent, but not less than $ 1 ,0 0 0 -on
any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks.
-oOo

TBHASURY DBPARTMSHT
Washington

PC® HSLSASB, M0HHI5G HBWSPAPBBS
Tuesday, October 2ft, 19**0.

Press Service

10/28

Th» Secretary of the Treasury announced last evening that the tenders
for $100,000,000, or thereabouts, of 91-day Treasury bills, to be dated
October JO, 19h0, and to nature January 29, lghl, which were offered on
October 25, were opened at the Federal Reserve Banks on October 28.
fha details of this issue are as followsj
Total applied for - $383,907,000
Total accepted
- 100,907,000
The accepted hide were tendered at par and slightly above.
tendered at par, 50 percent was accepted.

Of the amount

'TREASURY DEPARTMENT
Washington
FOR RELEASE, HORNING NEWSPAPERS
T u e s d a y , October 29, 1940-*_____
10/28/40

Press Service
22-49

The Secretary of the treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
bills, to be dated October 30, 1940, and to mature January 29, 1941,
which were offered on October 25, were opened at the federal
Reserve Banks on October 28,
The details of this issue are as follows:
Total applied for - $385,907,000
Total accepted
- 100,907,000
The accepted bids were tendered at 'par and slightly above.
amount tendered at par, 50 percent was accepted.

-oOo-

Of the

yjgg ***

The Bureau of Customs announc ed —today that preliminary reports
from the collectors of customs show imports, during the period
January 1 to October 19, 1940, inclusive, of 99,143 head of cattle
weighing less than 200 pounds each under the tariff rate quota of
100,000 head for the current calendar year provided for in the trade
agreement with Canada.

-oOo-

^-4Ti"Bpaaw b y 1

)

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports Of1498,524,566 gallons of
crude petroleum, topped crude petroleum and fuel oil, the produce or
manufacture of the Netherlands and its overseas territories/ during
the period January 1 to October 19, 1940, inclusive, under the tariff
rate quota of 527,691,192 gallons for the current calendar year, pro­
vided for in the trade agreement with Venezuela.

TREASURY DEPARTMENT
Washington
Press Service
No, 22-50

FOR IMMEDIATE RELEASE
JjUsdav, October 29, 194,0*.

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 4 9 8 ,5 2 4 , 5 0 6 gallons
of crude petroleum, topped crude petroleum and fuel oil, the produce
or manufacture of the Netherlands and its overseas territories,
during the period January 1 to October 19, 1940, inclusive, under
the tariff rate quota of 527,691,192 gallons for the current
calendar year, provided for in the trade agreement with Venezuela.
The Bureau also announced that preliminary reports from the
collectors of customs show imports, during the period January 1 to
October 19, 1940, inclusive, of 99,143 head of cattle weighing less
than 200 pounds each under the tariff rate quota of 1 0 0 , 0 0 0 head
for the current calendar year provided for in the trade agreement
with Canada.

-oOo-

Sh o rt-term balan ces i n the U nited S ta te s o f the U nited Kingdom declined
*54-, -90,000 to s-343, 013,000 from J u ly 3 to J u ly 31.
to $ 4 9 7 ,3 2 2 ,000f Belgium , $6,387,000

to

French b alan ces dropped $7,519,

$154,877,000;' I t a l y , $4,064,000 to

',7 5 2 ,0 0 0 ; and N eth erlan d s, $ 6 ,3 8 0 ,0 0 0 "to $178,336,0007
„

y

/

y '

594,774, OOO^ to $353,945,000;

Canadian balan ces rose
y

$9,862,000 to $197,498,000; and Sw itzerland,"

$8,169,000 to $ 4 4 9,2 15 , 0 00 ,
/Of the L a tin American c o u n tr ie s , A rgen tin a in creased her balan ces here
44,323,000 w h ile Mexico withdrew $5,035,000, /

“

“
Japan withdrew

$9 ,2 1 3 ,0 0 0 .
American sh o rt-term balan ces abroad decreased $ 30 , 060 , 0 0 0 *1x 5
444,945,000 fas 112,044,009 was withdrawn from Japan, $ 3 ,9 0 5 , OOO^from Canada and
$4,599,000 from I t a l y ,

J

Canada re p a tr ia te d $3,327,000 o f i t s s e c u r it ie s in the U n ited S ta te s anc
L a tin America *

$ 1 , 3 3 3 , 000 .v Minor purchases were recorded fo r other c o u n tr ie s .

m. jim y, n

m

TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G N E W S P A P E R S
Thursday, O c t o b e r 31, 1940.

ro7W4o—

------ -----

,

^ F o re ign s e l l i n g o f American s e c u r it ie s was resumed in the Tour weeks
ended J u l y *31, 1940, /he October Treasury B u lle t in d is c lo s e d to d a y .

Net

liq u id a t io n to ta le d $9,782,000 compared w ith n et purchases o f $ 1 0 ,4 8 7 ,0 0 0 *in
the preceding f i v e weeks.
^ In cre a se s o f

$100,115,000 o f fo r e ig n sh o rt-te rm fu n d s, and

$ 1 ,0 4 4 ,OOO^of fo r e ig n brokerage balan ces to g e th e r w ith a re d u ctio n o f $3,180 000 of
r e s u lte d in
*
fo r e ig n s e c u r it ie s in t h is country I t i w ^ r T S t in flo w o f c a p i t a l in to th e United
t o t a l i n g $94 ,55 7,00 0.

In the p r e v io u s f i v e weeks, n et c a p it a l in flo w to ta le d

$300,9 03 ,0 00."'
^ F o re ig n s h o r t-te r n balan ces in th e United S ta te s reached the record
breaking t o t a l o f $3,4 12 ,8 74 ,00 0 on J u ly 31 .

The previous h igh o f $3,342,819,000

was recorded Ju ly 3, 1940.
^ I n v e s t o r s o f the U nited Kingdom sw itched to the buying sid e in the
fo u r weeks period w ith n et purchases o f |7 3 0 ,0 0 0 l jf American s e c u r i t i e s .

W ^ u is ef
bondsAby B r it i s h in v e s t o r ^ d u r in g the week o f J u ly 2 ^ i
s u l egrets,

"7 fili 6|| , J |Q?i

‘

°f

The in crease w a s ^ r e than o f f s e t by I t a l i a n

n et s a le s o f $2 ,’4 10,00 0, Sw iss o f $2,030,000 and Canadian o f $ 4 ,8 2 3 ,0 0 0 .

Other

fo r e ig n co u n tries were com paratively in a c tiv e in t h e ir d e a lin g s in dom estic s e c u r ity

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, October 31* 194-0.

Press Service
No. 22-51

107^97^0

Foreign selling of American securities was resumed in the
four xreeks ended July 31, 194-0, the October Treasury Bulletin
disclosed today.

Net liquidation totaled $9,7£2,000 compared

with net purchases of ^10,4-^7,000 in the preceding five weeks#
Increases of $100,115,000 of foreign short-term funds, and
$1,044,000 of foreign brokerage balances together with a reduction
of $3,ISO,000 of foreign securities in this country resulted in
a net inflow of capital into the United States totaling
$9^,557,000*

In the previous five weeks, net capital inflow

totaled $3 0 0 ,9 0 3 *0 0 0 #
Foreign short-term balances in the United States reached
the record breaking total of $ 3 , 4-12, £74-, 000 on July 31*
previous high of $3 ,3^2,£19,000 was recorded July 3* 194-0.
Investors of the United Kingdom switched to the buying
side in the four weeks1period with net purchases of $ 7 3 0 , 0 0 0 of
American securities.

Net acquisition of $1,693*000 of domestic

bonds and stocks by British investors was recorded during the
week of July 24-.

The increase was more than offset by Italian

net sales of $2,510,000, Swiss of $2,030,000 and Canadian of
$4-,£23,000*

Other foreign countries were comparatively inactive

in their dealings in domestic securities.

2
Short-term balances in the United States of the United
Kingdom declined 15^^90# 000 "k° $3^3> 0^3 > ^^0 from July 3
July 31®

French balances dropped $7>519>0°° t 0 $^97*322,000;

Belgium, $6,387,000 to §154-, 877,000; Italy,

06 ^,000

to

'$25,752,000; and Netherlands, $6,380,000 to §178,336,000.
Canadian balances rose $9^>771f-»000 to $353,9^5,000; Sweden,
§9,862,000 to $197,^98,000; and Switzerland, $8 ,1 6 9 ,000 to
§449,215,000.
Of the Latin American countries, Argentina increased her
balances here $4-,3 2 3 ,000 while Mexico withdrew $5,085,000.
Japan withdrew $9,213,000.
American short-term balances abroad decreased $3 0 ,0 6 0 ,000
t0

1 ^1^

9 ^5 , 0 0 0

as $12,04-4-,000 was withdrawn from Japan,

$3,905,000 from Canada and §4-,599,000 from Italy.
Canada repatriated $1,327,000 of its securities in the
United States and Latin America $1,333,000.
wgp6

recorded for ether countries*

o 0 0 o 0

Minor purchases

f-

P

«Cr

N o n -p r o fit making in s t i t u t i o n s fo r the b lin d are to p a r t ic ip a t e to
the f u l l e s t degree in supplying th e needs o f the Fed eral Government, C l i f t o n E .
Mack, D ire c to r o f the Procurement d i v i s i o n , announced today*
Mr* Mack, who

i s a member o f th e Committee on Purchases o f Blind..

Made P ro d u cts, s a id i t i s p o s s ib le

these i n s t i t u t i o n s w in

be purchased by th e Government, depending on requirem ents. Approxim ately $ 2 1 2 ,0 0 0
o f blind-made products were purchased by the committee from June to September o f this
year.
A t p re se n t, the in s t it u t u io n s are in th e process o f com pleting an order
fo r 3,000,000 p illo w cases fo r th e Army.

Other a r t i c l e s m anufactured in clu d e

m a ttre sse s, brooms, mops, and door-m ats.

B efore being purchased^ th e se products

must meet s p e c ific a t io n s and pass th e r i g i d in sp e c tio n t e s t s o f th e committee*
The committee, au th o rized by^Bongress to co o rd in ate purchases from the
b lin d , i s composed o f re p re se n ta tiv e s from T reasury, War, Navy, A g r ic u ltu r e , Commerce
and In te r io r Departments.

Work o f the committee i s to encourage the m anufacture of

a r t i c l e s by the b lin d and to s e t p r ic e s which the Government w i l l pay fo r th e se
p ro d u cts•
T h ir ty -e ig h t n o n -p r o fit making i n s t i t u t i o n s , members o f the American
fo u n d atio n fo r the Blind,now are p a r t ic ip a t in g in the program.
wages which conform to the s c a le o f pay in each l o c a l i t y .

Workers are paid

A member o f the Foundation

i s a ls o on the committee*
The committee, Mr. Mack s a id , plans to make,on November 8 , a to u r o f
in sp e c tio n in New xork Gi t y and Broklyn,where th e la r g e s t i n s t i t u t i o n s are located^
to le a rn how work i s done and under what c o n d itio n s .
w i l l be e l e c t <

A t th a t t i p g , g n^w chairman

J

TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS,
Thursday, October 51, 1940.
10/29/40

Press Service
No. 22-52

Non-profit making institutions for the blind are to
participate to the fullest degree in supplying the needs of the
Federal Government, Clifton E. Hack, Director of the Procurement
Division, announced today.
Mr. Mack, who is a member of the Committee on Purchases of
Blind-Made Products, said it is possible that a large part of the
output of these institutions will be purchased by the Government,
depending on requirements.

Approximately ^212,000 of blind-made

products were purchased by the committee from June to September
of this year.
At present, the institutions are in t-e process of completing
an order for 3,000,000 pillow cases for the Army.

Other articles

manufactured include mattresses, brooms, mops, and door-mats..
Before being purchased by the Government these products must meet
specifications and pass the rigid inspection tests of the
committee.
The committee, authorized by the Congress to coordinate
purchases from the blind, is composed of representatives from
Treasury, War, Navy, Agriculture, Commerce and Interior Depart­
ments.

Work of the committee is to encourage the manufacture of

articles by the blind and to set prices which the Government will
pay .fo r the se produ c.tg •

2

Thirty-eight non-profit making institutions, members of the
American Foundation for the Blind, now are participating in
the program.

Workers are paid wages which conform to the scale

of pay in each locality.

A member of the Foundation is also on

the committee.
The committee, Mr. Mack said, plans to make, on November 8 i
a tour of inspection in New York City and Brooklyn, where the
largest institutions are located, to learn how work is done and
under what conditions.

At that time, a new chairman will be

selected.
-0 O0 -

W earing a p p a r e l f o r F i n n i s h r e fu g e e s made h o m eless
by th e war w i l l be p u rch a se d th r o u g h th e P rocurem ent D i v i s i o n
under th e $ 5 0 ,0 0 0 ,0 0 0 A m erican Red C r o ss program ,
Mack, Procurem ent D i r e c t o r ,

C lifto n E.

announced to d a y .

Item s on w h ich th e Procurem ent D i v i s i o n i s
o f f e r s and b id s f o l l o w :
underw ear;
g ir lfs ^

6 6 ,0 0 0 p a i r s

s o lic itin g

15 0 ,0 0 0 s e t s o f a d u l t * s and c h i l d r e n 's
o f m en's s o c k s ; 1 3 4 ,0 0 0 p a i r s o f w om en's,

and boy^s* s t o c k i n g s ; and 87,

189 p a i r s o f a d u l i f ^ a n d

When th e program i s c o m p le te d ,

th e s u p p l i e s ,

e x p e c te d

to c o s t $024 ,.000, w i l l be sh ip p e d t o F in la n d on v e s s e l s c h a r te r e d
by th e F in n is h Governm ent.
Red C r o s s ,

S u p p ly O f f i c e r o f th e

who i s c o o p e r a tin g w ith th e Procurem ent D i v i s i o n ,

a Red C r o ss d e le g a t e i s
d is tr ib u tio n
,

G eorge C . S m ith ,

s a id

en r o u te t o F in la n d to a rra n g e f o r th e

o f th e s u p p l i e s .

The Procurem ent D lv ls i o n / h a s \ ^ lr e a d y j f i l l e d

se v e a l

r e q u e s ts t o p u rch a se s u p p lie s f o r th e Red C r o ss r e fu g e e r e l i e f
program .

####

TREASURY DEPARTMENT
Washington
Press Service
No. 22-53

FOR RELEASE, AFTERNOON PAPERS,
i 'Thursday, October 31, 1940.
10/29/40

'Wearing apparel .for Finnish refugees made homeless by the war
will be purchased through the Procurement Division under the
$50,000,000 American Red Cross'program, Clifton E. Hack, Procurement
Director, announced today.
Items on which the Procurement Division is soliciting offers
and bids follow: 150,000 sets of adults’ and child, ren ’s
underwear; 66,000 pairs of mens’' socks; 134,000 pairs of womens’,
girls’ and boys’" stockings; and 87,189 pairs of adults’ and,
children’s shoe& •
When the. program is completed, the supplies, expected to cost
$324,000, will be shipped to Finland on vessels chartered by the
Finnish Government.

George C. Smith, Supply Officer of the Red

Cross, who is cooperating with the Procurement Division, said a
Red Cross delegate is en route to Finland to arrange for the
distribution of the supplies.
The Procurement Division already has filled several requests
to purchase supplies for the Red Cross refugee relief program.

-oOo-

A s s e t s a n d l i a b i l i t i e s o f a.1 1 a c t i v e

denies i n th e U n it e d S t a t e s and p o s s e s s i o n s , 'by c l a s s e s ,

at

th e c l o s e o f

business June 2 9 , 19*40 - Con*d.
(In thousands of dollars)
Total all : National
banks
:
banks
*
•

All banks
other than
national

:
Banks other than national
: State
: Mutual :
: (commercial): savings : Private

Other deposits (certified and cashiers1
checks (including dividend checks),
letters of credit and travelers* checks
sold for cash, and amounts due to reserve
agents (transit account))................

53*,8*5

301,925

2 3 2 ,9 6 0

2 3 2 ,0 2 3

Total deposits....................... .

7 1 ,1 5 3 ,1+58

33,07l+,U07

38,079,051

27,302,072

1 0 ,6 3 1 ,1+38

11+5 ,51+1

2 6 ,9 6 9

2,910

2l+,059

23,733

3

318

1 1 7 ,2 2 0

50,6*41

66,579

5 8 ,1 6 2

8 1 ,1 5 5

1+1,376

39,779

39,373

363

1+3

1 0 2 ,58*4-

1+9 ,71+1

52,81+3

*45,*411

7,283

1*49

*407,116

1 3 9 ,56!+

217,552

197,306

1 7 ,0 5 9

3,187

38 ,1+7 9 ,8 6 3

2 7 ,6 66,0 62

1 0 ,6 56 ,1*46

1 5 7 ,6 5 5

7 ,9 6 2

Bills payable, rediscount s, and other
liabilities for borrowed money...........
Acceptances executed by or for account of
reporting banks and outstanding..........
Interest, discount, rent, and other income
collected but not earned.................
Interest, taxes, and other expenses accrued
and unpaid........................ .......
Other liabilities (including securities bor­
rowed and dividends declared but not payable)
Total liabilities......................

7 1 ,888,502

CAPITAL ACCOUNTS
Capital stock:
Capital notes and debentures.............
Preferred stock*........................ *
Common stock....... .....................
Surplus....................................
Undivided profits..........................
Reserves and retirement account for pre­
ferred stock and capital notes and de­
bentures.... .............................

367,892
2,595,730
3,*492,259

33 ,1+0 8 ,6 39

1 2 8 ,1 7 1

100

837

8,1+17

1 2 8 ,1 7 1

12 0 ,2 0 9

159,129
1,269,8*4*4
2,2*42,298

1,178,771

2 0 8 ,7 6 3
1 ,3 25,8 8 6
1 ,21+9 ,9 6 1
1+6 8 ,2 0 3

7 10 ,5 6 8

159,129
1,260,899
1,359,983
*401,566

867 ,961+
308 ,671+

562,30*4

2 2 3 ,6 2 8

33S, 676

226,0 69

1 1 1 ,1+72

1,135

Total capital accounts....... ........*

8,325,127

3 ,1+7 6 ,1+1+1

*4,8*48,686

3,527,855

1 ,2 9 6 ,0 72

21+.759

Total liabilities and capital accounts.

80 ,2 1 3 ,6 2 9

36 ,885,080

1+3 ,328 ,51+9

31,193,917

1 1 ,9 5 2 ,2 1 8

182, *41*4

—

8 ,91+5
H+,351
328

~"'by~ c l a s s e s ,

a t tlie c l o s e o f

business June 2 9 , 1940 - Con1*!*
(in thousands of dollars)
1

: Total all
:
banks
•
Interest, commissions, rent, and other in­
come earned or accrued hut not collected*•
Other assets (including securities borrowed,
insurance and other expenses prepaid, and
cash items not in process of collection)••
Total assets* ....... .................
LIABILITIES
Demand deposits:
Deposits of individuals, partnerships, and
corporations*....................
Deposits of United States Government.....
Deposits of States and political sub­
divisions.... .........................
Deposits of banks in the United States*...
Deposits of banks in foreign countries*..•
Total demand deposits*.•••••••••......
Time deposits (including postal savings):
Deposits of individuals, partnerships, and
corporations:
Savings deposits*.....................
Certificates of deposit*.......... .
Deposits accumulated for payment of
personal loans*..................... .
Christmas savings and similar accounts*
Open accounts*.........................
Postal savings deposits................. .
Deposits of States and political sub­
divisions..............................
Deposits of banks in the United States*...
Deposits of banks in foreign countries*...
Total time deposits*....... .

:
:
*

National :
banks :
t

Ail banks 2
Banks other than national
other than • state
: Mutual
;
national : (commercial)>: savings 2 Private

1 5 ^ ,7 5 6

5 8 ,6 7 2

96,084

53,802

1*2,01*1

241

275,952

40,305

235,61*7

195,910

37,301

2,1*36

80,213,629

36,885,080

**3,328,5^9

31,193,917

11,952,218

182,4l4

29,981,981

1 5 ,9 7 6 ,7 8 6

8 0 7 ,2 7 3

ll*,0 0 5 ,1 9 5
288,468

13,912,859
288,1*67

2,529
1

89,807

518,805

3,185,961*
9,125,762
775,^61

1,936,1*56
5,641,680
31*3 ,6 7 6

1,21*9,508
3,1*81*,082
1*31,785

1,247,508
3,1*69,386
l*07,3ltl*

463

1,537
l4,64o

43, 876 ,44l

24,417,403

19,1*59,038

19,325,561*

3 ,01*9

1 3 0 ,1*25

2 3 ,6 30 ,682
1 ,220 ,1*03

6 ,9 7 7 ,7 2 7
5 3 3 ,5 3 2

16,652,955

b,071,906
6 8 2 ,9 78

1 0 ,571*,162
370

6 ,8 8 7

6 8 6 ,8 7 1

21*9,137
1*6 ,1 9 2

57,966
127, P 8
1*25,560
29,890

57,683
7l*,2l*2
1*22,333

283
52,259
430

807
2,797

527,633
303,959
8,006

331*,1*00
9 3 ,7 2 0

193,233
2 10 ,2 3 9

644
l4l

165
100

l*,975

3,031

1 9 2 ,4 2 4
20 9,9 9 8
3 ,0 3 1

26,7^,132

8,355,079

18,387,053

10,628,289

1 4 ,2 7 9

9**, 570
206,100
67^,697
76,082

3 6 ,601*
7 8 ,7 9 2

56

24,1j4 i

3,523

2 9 ,8 9 0

7,7“*i*,l*S5

o f a l l a c t ^ r e D a E f c e i n t l i e U M t e d S t a t e s and p o s s e s s i o n s , lay c l a s s e s ,

at

tlie c l o s e o f

business June 2 9 , 19*40 - Con'd.
(In thousands of dollars)
National
banks

All banks •
Banks other than national_____
other than : State
: Mutual
I
national : (commercial): savings : Private

Investments - Con'd.
Obligati ons^of^^^es^and^polit ical sub$ 1^ 230 ,1+72

$ 1,928,352

$ 2 ,3 0 2 ,12 0

$ 1 ,6 5 7 ,5 5 9

134,974
168,341

77,757
91,468

57,217
7b,873

46,692
73,744

9 ,1 5 4

2,636

1 ,3 7 1
%3

165,655

93,141

7 2 ,5 1 4

70,244

1,801

469

1,616,517
l,lb7,739

484,534

416,643
330,30b

352,93b
83,546
118,342

2 5 6 ,2 3 8

115,496
89,130

713,b84
488,605
39,830
37,b70
5^,790

l,b5b

6 5 1 ,2 2 0
2 3 7 ,2 7 9
2 6 2 ,1+63

1,131,983
821,218
298,284
153,733
144,121

2,216
5b7
201

4 #4o4,18S

1,648.245

2,755,943

1,398,493

1,348,170

9,280

722,724
7,022

216,611
841
1 2 ,9 0 5 ,2 7 5

332,230
6,068
10,831,624

167,221

2 9 ,0 74 ,9 0 9

506,113
6,181
16,169,634

6,662
113
76 ,4 7 s

1,11+8,589
Currency and coin..........................
Balances with other banks, including reserve1
balances and cash items in process of
24,535,268
collection...... ................. ......
1 ,2 3 9 ,3 0 0
Bank premises owned, furniture and fixtures.
Beal estate owned other than bank premises..
9 7 1 ,2 7 9
Investments and other assets indirectly
representing bank premises or other real
1 5 5 ,4 7 4
estate..... **.............................
Customers' liability on acceptances
10 0 ,4 3 2
outstanding*............. .......... .

582, P 3

566,286

4 9 0 ,3 3 4

1 3 ,2 9 4 ,8 0 1
5 9 7 ,2 5 1
1 1 9 ,5 1 5

11,240,467
642,049
851,764

10,291,610

b5,392
42,339

Other bonds, notes, and debentures:
U.S.Government corporations and agencies,
not guaranteed by United States:
Federal Land banks................ .
Federal Intermediate Credit banks.......
Other Government corporations and
agencies............................. .
Other domestic corporations:
Railroads................ ............ .
Public utilities.......... ............
Industrials.....*............... .......
All other............... ...........
Foreign— public and private..............
Total other bonds, notes, and
debentures... ......................
Stocks of Federal Beserve banks and other
domestic corporations..................
Stocks of foreign corporations...........
Total investments......... .......... .

3 4 6 ,5 2 1

$

6 3 3 ,1 6 7

5,261,532
74,328

$

11,394

2 ,3 0 7

1,624

279,160

905,051
124,496
571,508

43,806
531
1 ,09 b

90,082

80,611

9,469

2

52,093

50,330

5 1 7 ,0 2 2

7 ,7 6 3

A s s e t s etud. l i a b i l i t i e s

of a ll

a c t i v e banks i n t h e U n it e d S t a t e s and p o s s e s s i o n s ,

by c l a s s e s ,

at

th e c l o s e

of "business Jane 29, 1940.
(In thousands of dollars)

Humber of banks.*•»•.•••«••••.• .............
ASSETS
Loans and discounts (including rediscounts
and overdrafts):
Commercial and industrial loans*.........
Agricultural loans.......................
Open-market paper*.......................
Loans to "brokers and dealers in securities
Other loans for the purpose of purchasing
or carrying stocks, "bonds, and other
securities*.......................... .
Beal estate loans:
On farm land*.............. ...........
On residential properties*....... .....
On other properties*........ ......... .
Loans to hanks. *.........................
All other loans..........................
Overdrafts............. ........... .
Total loans and discounts*............
Investments:
XJ* S. Government direct obligations......
Obligations guaranteed by TJ.S. Governments
Reconstruction Finance Corporation......
Home Owners' Loan Corporation......... .
Federal Farm Mortgage Corporation......
Other Government corporations and
agencies*
Total U. S. Government obligations,
direct and guaranteed................

:
:

Total all • National
banks
: . banks

•
•

f
•

15,017

:
:

5,170

All banks
other than
national
9,8*4-7

: Banks other than national
: State
: Mutual
Private
•(commercial): savings
s
1/
:
551

9,239

$ IS,939
5%

312,931

218,884
306,843

441
153
4,619
30

390,039

371*,621*

3 6 6 ,2 2 9

504

7,891

2 3 4 ,4 5 2

348,881
1 3 ,2 8 8
1 ,5 1 5 ,1 0 9 4,783,724
5 5 4 ,1 2 4
3 7 ,6 5 1

1 ,6 2 6
13 b

$ 6 ,1 6 b,400
1,237,551

$ 3,602,084
623,189

528,0 83
1+8 1 ,5 8 1

2 9 7 ,5 9 2
16 8 ,6 5 0

76 ^ ,6 6 3

$ 2 ,561*, 316

$ 2,544,936

6 14 ,3 6 2
2 3 0 ,4 9 1

6 13 ,6 6 0

597,098
7,582,916
1,077,854
43,594
4,066,865
11,065
22,557,b70

9,179,227

362 ,bl*6
6,300,459
591,911
21*,859
1,996,34l
5,503
13,378,443

l5,73*»,t>6S

7,219,890

1 ,0 0 5 ,7 5 7

1,282,*«7
1*8 5 ,9 U3
18,735
2 ,0 70 ,521*
5,562

$

57

6 ,9 8 8
6 ,0 5 8

477

24,859
1 ,9 0 5 ,0 5 3
4 ,9 3 6

86,068

5,2 2 0

8,403,514

l4
4,926,492

553
48,437

8 ,5 1 4 ,7 7 8

5,869,601

2 ,596,989

48,188

36 b , 8 11

6 38 ,91*6

145

1,881,217
584,307

1,06b,195
247,715

5 3 0 ,3 5 4
5 6 0 ,7 5 7
2 5 5 ,9 9 2

108,447

815,022
336,592

2 5 3 ,8 3 2

433

80,416

184

504,554

210,615

293,939

2 2 0 ,5 7 0

73,290

79

1 9 ,7 1 0 ,5 0 3

9,111,226

10,599,277

7 ,4 3 7 ,2 7 4

3 ,1 1 2 ,9 7 4

49 ,0 29

1/ Includes trust companies and stock savings banks

C o m p a r is o n

o f

a sse ts

saati l i a b i l i t i e s

o :f a l l

^I n

tiio u s a n d a

June 29,
1940
LIABILITIES - Contimied
Deposits of States and political subdivisions,..... ..... .
Deposits of banks ...... ................................. .
Other deposits (certified and cashiers* checks, etc.)........

. $
$ 3,713,997
3 ,7 1 3 ,9 9 7
. 10,213,188
53M85
Total deposits.............. ............... ........ ..... . 77 11 ,
1
53
,15
3 ,4
,^93 8
2
Bills payable, rediscounts and other liabilities for borrowed
money................. .................................
.
26,969
Acceptances executed by or for account of reporting banks....
.
1 1 7 ,2 2 0
National bank circulation....................................
Interest, taxes, and other expenses accrued and unpaid..... .
.
102,584
Interest, discount, rent, and other income collected bat not
earned............................. ......................
8 1 ,1 5 5
Other liabilities............................... ...... .....
.
407,116
Total liabilities.......................................... . 71,888,502
7 1 ,888,502
CAPITAL ACCOUNTS
Capital notes and debentures.... ................. ..........
1 2 8 ,1 7 1
Preferred stock................... ..... ....................
3 6 7 ,8 9 2
Common stock............... ..... ................. .
•
2 ,5 9 5 ,7 3 0
Surplus *........ .................................... .......
.
3 ,1492,259
Undivided profits................ .................... ........ .•
i,
1 7 8 ^7 7 1
1,178,771
Reserves and retirement account for preferred stock and capital
notes and debentures................................. .......
56 2 ,30U
Total capital accounts......... .........................
•
8 ,3 2 5 ,1 2 7
Total liabilities and capital accounts.....................
80,213
,629
80,213,629

o^aoTTa^^(
Deo. 30,
1939

June 30,
1939

June 30,
1933

$ 3,512,3^8
9,901,87U
62l*,20*
68,566,043

$ 3 ,78 4 ,2 4 3
8,242,487
856,640
$+,5 7 6 ,6 9 4

$ 1 ,6 0 3 ,5 7 6
3.36U.8S5
679 ,6U 2
1*1,533,1170

25,551
iU9,8i+o

26 ,721;
1 *13,807

88,102

9 6 ,7 1 0

5 3 0 ,6 8 2

* 5 ,1 8 7
730,1*35
76 ,3 0 0

72,839
377,711
'“ 69 ,280,086

6 7 ,291;)
395,883) l/li/592,550
6 5 ,3 0 7 ,1 1 2
43,908,624

141,748

1 5 0 ,4 7 4
420 ,65 s) .- 2,899,541

3 8 1 ,1 9 5
2 ,6 0 2 ,5 8 1
3 ,1*5 1 ,291*
1 ,14 7 ,5 4 9
570 ,8 *
8 ,2 9 5 ,1 7 1
7 7 ,5 7 5 ,2 5 7

2,588,964)"
3 ,5 5 1 ,7 0 6
988,582
593,82*;
^ 8 ,294,20 8

3,371,321
646,246
468,180
7,365,288

7 3 ,6 0 1,3 2 0 1 /5 1 ,2 9 3 ,9 1 2

\J Licensed banks; i.e., those operating on an unrestricted basis.
2/ Not called for separately prior to December 31, 1938; previously included with loans and investments.
3J Revised to exclude acceptances of other banks and bills of exchange or drafts sold with endorsement, now reported
as contingent liabilities.
4/ Includes amounts set aside for undeclared dividends on capital stock and for accrued interest on capital notes
and debentures which, since December 31, 1938, are included with ’’Reserves”.

OH+

J-u

L L U U .'4 U .a iU - J

XMrTmj;w<J^o: XffliSWTii
A 'l

Washington

FOR RELEASE, HORNING- lOTp PAPERS

Press Service *

The Comptroller of the Currency today released the following preliminary figures, showing the assets and liabilities
of all active hanks in the United States and possessions on June 29, I9 U 0 , and comparisons of such figures with the
assets and liabilities of all active banks on December 30, 1939> June 30, 1939, and June 3 0 , 1933.
(In thousands of dollars)

Number of banks.... .....................................

.

ASSETS
Loans on real estate........... ............................
Other loans, including overdrafts...... .................
Total loans...................... ..................
•
U. S. Government securities:
Direct obligations....................................
Guaranteed obligations............................. .
Obligations of States and political subdivisions..... .
Other bonds, notes, and debentures.... ............ .....
Corporate stocks, including stock of Federal Reserve Tta-nks
Total investments..................... .............
Currency and coin........................ ...............
Balances with other banks, including reserve balances.....
Bank premises owned, furniture and fixtures..............
Real estate owned other than bank premises...............
Investments and other assets indirectly representing bank
premises or other real estate.......... ..............
Customers* liability on acceptances outstanding...... .
Interest, commissions, rent, and other income earned or ac­
crued but not collected.... ............ .............
Other assets.... •••••••.................................
Total assets....... ..... .........
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand........................... ..................
Time................................................
U. S. Government and postal savings deposits...........

June 2 9 ,

Dec. 30,

19**0
15.017

1939

$ 9,257,868
9 ,2 5 7 ,86 s
1 3 ,299,802
2 2 ,5 5 7 ,6 7 0
1 5 ,731+,668

1R.OQ6

,

$ 9 ,1 0 1 ,6 9 3
1 3 ,273,0 0 7
2 2 ,374,700

June 30,
...

1939

ic i
he
Xy^
XHO

$ S,9ll+,1^52
12,601,827
21,516,279

3*975*335
U, 230 ,1+72
U,UoU,lSS
729,7U6

15,hl+5,85S
1+,0 0 1,6 0 6
1+,008,397
1+,6 18,289
7 2 1 ,1+75

15,223,316)
—
3,567,515)'
3 ,9 0 2 ,7 0 2
U, 9 70 ,20 7
722,028

2 9 ,07^,909

28 ,7 9 5 ,6 2 5

1,11+8,589
2>+,535,268
1,239,300
971,279

1 ,19 6 ,5 3 9
2 2 ,1 9 7 ,9 3 5
1 ,2 5 1 ,7 9 s
1 ,0 56 ,262

28,385,768
”1,01+2,1+08
1 9 ,531+, 188
1 ,2 7 1 ,9 7 3
1 ,1 1 2 ,5 5 6

155,W
10 0 ,1+32

l5l+,756
_______275,952
80 ,2 13 ,6 2 9

29*981,981
2 5 ,826 ,1+52
8 8 3,355

160 ,0 8 7
13 0 ,9 6 0
1 5 0 ,1 6 6
2 6 1 ,1 8 5
7 7 ,5 7 5 ,2 5 7

28 ,2 1 1 ,5 6 8
2 5 *^0 6 ,2 6 1
9 0 9 ,7 2 8

1 6 7 ,8 5 1
12 *+,319

June 30,
1933
X(
|/
0c4
$ 9 ,6 2 7 ,531+
1 2 ,7 6 0 ,28U
22,387,818
7 ,79 5,9 9 9
3 ,0 0 1 ,1+66
6 ,351+,U7 U

778,721+
17,930,663
6 7 2 ,5 5 6

7,092,229
1,382,831
6 3 7 ,61+6
2/
1+2++,261+

158,159)
237,811+)"-- 2/ 765,905
73,301,320 2/51,293,912

25,688,8^5

ii+,0 01,839

25,137,529

20,2U5,6l5

3 6 6 ,9 50

1 *6 3 7 ,9 1 3

TKtuASUItY UfcnPAftTttLbiUX

Com ptroller o f the Currency
Washington
P ress S e r v ic e
No. 22-54

FOR RELEASE # MORNING- j&»WSPAPERS
Thursday, October 31, 19^0________

The Com ptroller o f the Currency today re le a se d the fo llo w in g p relim in ary f i g u r e s , showing the a s s e ts and l i a b i l i t i e s
o f a l l a c t iv e hanks in the U n ited S ta te s and p o ssessio n s on June 2 9 » 19^0, &nd comparisons o f such fig u r e s w ith the
a s s e ts and l i a b i l i t i e s o f a l l a c tiv e banks on December 3 0* 1939* June 3^» 1939* aud June ^ 0 , 1933*
( In thousands o f d o lla r s )
June 3 0 ,
June 30 ,
D ec. 3 O,
dune 2 9 »
1940
1933
1939
3-939 ,
1 5 , i 4 6 '1 / i 4 ,6 2 4
15,017
15.096
Number o f banks,
ASSETS
Loans on r e a l e s t a t e . . ...................................................................................................
O th e r ,lo a n s , in c lu d in g o v e r d r a fts .......................................................................
T o ta l lo a n s ............................. ......................................... ............................................
U. S . ^Government s e c u r i t i e s :
D ir e c t o b l i g a t i o n s .., ...............................................................................................
Guaranteed o b l i g a t i o n s ..........................................................................................
O b lig a tio n s o f S ta te s and p o l i t i c a l s u b d iv is io n s ................................
Other bonds, n o te s , and debentures............................................... - ............ . .
Corporate s to c k s , in c lu d in g sto ck o f Fe d e ra l Reserve B a n k s ...
.
T o ta l in vestm en ts................................................................................. ..
Currency and c o i n .....................................................................................................
B alan ces w ith other banks, in c lu d in g reserve b a la n c e s ............. ..
Bank prem ises owned, fu r n itu r e and f i x t u r e s ....................................... ..
R ea l e s ta te owned other than bank p r e m is e s ...........................................
Investm ents and other a s s e ts i n d i r e c t l y rep resen tin g bank
prem ises or other r e a l e s t a t e * .................................................................
Custom ers1 l i a b i l i t y on acceptan ces o u tsta n d in g ............................. .
In te r e s t* commissions, r e n t, and other income earned or ac­
crued but not c o ll e c t e d ......................................................................................
Other a s s e t s .................................. ....................................................................................
T o ta l a s s e t s .......................................... ................................................................ . .
LIA B ILIT IE S
D ep o sits o f in d iv id u a ls , p a r tn e r s h ip s , and co rp o ra tio n s:
Demands..............................................................................................................................
Time.....................................................................................................................................

$ 9*257*868
9,257.868
1 3 , 2 9 9 .8 0 2
2 2 , 5 5 7 ,6 7 0

$ 9 , 1 0 1 ,6 9 3

1 3 , 2 7 3 .0 0 7

22,374,700

$

8 , 9 1 4 ,4 5 2

* 9 , 6 2 7 .5 3 4
12,760,284
12,601,827
22,387,818
2 1 , 5 1 6 ,2 7 9 '

15*73^*668
3*975*835
4 , 2 3 0 ,4 7 2
4 ,4 o4,188
729,7^6
2 9 , 0 7 4 ,9 0 9

15,445,858
4,001,606
4,008,397
4,618,289
721,475
2 g . 7 9 5 .6 2 5

2 8 , 3 8 5 ,7 6 8

l ,l U s ,5 S 9
24 ,5 35 ,2 6s
1,239.300
971*279

1*196,539
22,197*935
1 , 2 5 1 ,7 9 8
1 , 0 5 6 ,2 6 2

1,042,408
19,584,188
1 , 2 7 1 ,9 7 8
1 , 1 1 2 ,5 5 6

6 7 2 , 556
7 , 0 9 2 ,2 2 9
1 , 3 8 2 ,8 3 1

2/
424,264

1 5 , 223,3 16 )

3,567*515)
3 , 9 0 2 ,7 0 2
4 , 9 7 0 ,2 0 7
7 2 2 ,0 2 8

—

7 . 7 9 5 ,9 9 9

3 ,0 0 1 ,4 6 6
6.354.474
778.724
1 7 , 9 3 0 ,6 6 3

637,646

155
100,432

1 6 0 ,0 8 7
1 3 0 ,9 6 0

1 6 7 .8 5 1
1 2 4 ,3 1 9

1 5 4 ,7 5 6

275*952

1 5 0 ,1 6 6
2 6 1 ,1 8 5

15 8 , 159 )
— 3 / 7 6 5 ,9 0 5
237,814)

80,213,629

77,575,257

7 3 . 6 0 1 ,3 2 0

3 / 5 1 . 2 9 3 ,9 1 2

29,981,981

2 8 , 2 1 1 ,5 6 8
2 5 , 4 0 6 ,2 6 1

25,688,845
2 5 *1 3 7 * 5 2 9

1 4 , 0 0 1 ,8 3 9
2 0 , 2 4 5 ,6 1 5

2 5 , 8 2 6 ,4 5 2

Comparison o f a s s e ts and l i a b i l i t i e s o f a l l banks — Continued

— .......... ................... .. . - -

LIAS Ini I LLS - Continued

( In thousands o f d o lla r s )

June 2 9 ,
. W4o

Dec.

30,
-.1939

Page 2

June 30,
1939

-----------------

June

30,
. iq^5

---------------

U. S . Government and p o s ta l savin gs d e p o s i t s . . . . ................................ $
8 6 3 ,3 5 5
$
909.726
$ 1 , 6 3 7 ,9 1 3
$
8 6 6 ,9 5 0
D e p o sits o f S ta te s and p o l i t i c a l s u b d iv is io n s ................... ................
3 ,5 1 2 ,3 68
3,784,243
3.713.597
1 . 6 0 3 ,5 7 6
D ep o sits o f banks..................................................................
9 , 9 0 1 ,3 7 6
1 0 , 2 1 3 .1 8 8
8,242.487
3 . 3 6 6 ,8 6 5
Other d e p o s its ( c e r t i f i e d and c a s h ie r s ’ checks, e t c . ) ................... . . . 536.885
6 2 6 .2 6 6
856.640
6 ? q .6 6 2
T o ta l d e p o s i t s ........................................................
£&
r
££ 1V
nli
OO
}
^)UU
aTT7^
71,153.^58
64,576,694
^1.533.670
B i l l s p a y a b le , re d isco u n ts and other l i a b i l i t i e s fo r
borrowed money..........................................................
?R KC1
OC. "fdH*
Toll
2 6 ,9 6 9
do,
O »J J * 5 3 0 ,6 8 2
A cceptances executed by or fo r account of re p o rtin g b a n k s ...*
1 1 7 ,2 2 0
1 4 9 , g4o
1 6 3 .8 0 7
6 6 5 ,1 8 7
N a tio n a l bank c i r c u l a t i o n ............................................... ...........................
7 3 0 ,6 3 5
I n t e r e s t , ta x e s , and other expenses accrued and un p aid................
8 8 ,1 0 2
102,5$+
9 6 .7 1 0
7 6 .3 0 0
I n t e r e s t , d is c o u n t, r e n t, and other income c o lle c t e d but
not earned....................................................................
XT
O-L1 X1RR
yy
6 7 . 296)
Other l i a b i l i t i e s .......................................................
407 , 1 1 6
"377.711
7QR.887> 3 A /5 9 2 ,5 5 0
T o ta l l i a b i l i t i e s .................................................................................
71 888 ROP
6 9 »2 8 0 ,0 8 6
6 5 , 3 0 7 ,1 1 2
^3 *908,624
Ca p i t a l a c c o u n t s
C a p ita l notes and deben tures..........................
1 2 8 ,1 7 1
l 4 l ,748
150,474
P re fe rre d s to c k .................................. , .
7^7 RQO
420,658)^ _ 2 , 8 9 9 ,5 6 1
3*1.195
Common s to c k * ..................................................
P »JRQR
770
2 , 6 0 2 ,5 8 1
2,588,964)
J J * 1 J'-'
S u r p lu s .............................................................
7
lino
ORQ
5 , 4 51^ 9 4
J
<-O j
3*551*706
3,371.321
Undivided p r o f i t s .....................................
1X 9 T
it y 771
T
1-l
7 yc)+1yn
X 7
(O
( fX
x ,J
Hi
-*^,
988.582
646,246
Reserves and retirem ent account fo r p referred sto ck and
c a p it a l notes and debentures................ .... . .
562,304
570.804
468 ,iOv
180
—— -■ RQ7.8P4-- T o ta l c a p it a l a cco u n ts........................... . . .
- 8,325.127
8.295.171
8
.
PQ4.PG8
7
RRR
O ilZ
— -- .JIJ U . J tArV.Vi',
T o ta l l i a b i l i t i e s , and c a p i t a l a c c o u n t s ...........................
80.213.629 .__Z7 ^ 7 *3 . 2 5 7 ,____ 73.601,520 3 / 51,293.912

]./ Licensed banks; i . e . , those operating on an unrestricted basis.
Not called for separately prior to December 31, 1938; previously included with loans and investments,
Revised to exclude acceptances of other banks and b ills of exchange or drafts sold with endorsement, now reported
as contingent lia b ilitie s .
*
b/ Includes amounts set aside for undeclared dividends on capital stock and for accrued interest on capital notes
and debentures which, since December 31» 1938. are included with ’’Reserves”.
2/
3/

Assets and. lia b ilitie s of Qll active banks in tiie United States and possessions, by
of business June 29, 1940.
(in tnousands of dollars)
: Total a ll : National : A ll banks
:
banks
:
banks
:
otner than
:
national
Number of banks..........................

15,017

5.170

classes, at the close

: Banks other than national
: State
: Mutual : Private
: (Commercial) : savings :
:
1/
9,239
551
57

9,847

ASSETS
Loans and discounts (including rediscounts
and overdrafts):
Commercial and industrial loans........
. $ 6,i66,4oo $ 3,602,084 $ 2 , 564,316
Agricultural loans.....................
623,189
614,362
• 1,237,551
Open-market paper......................
♦
528,083
297,592
230,491
Loans to brokers and dealers in securities5 .
481,581
168,650
312,931
Other loans for the purpose of purchasing
or carrying stocks, bonds, and other
securities..... ........... ............. •
764,663
374,624
390,039
Real estate loans:
On farm land.............. .............
597,098'
234 , 4 p2
302,646
On residential properties...............
7 . 322,916
6,300,459
1,282,457
On other properties.-...................
1,077,854
485,943
591,9H
Loans to banks..... . _ .................
43,594
24,859
18,735
All other loans............. .......4 .....
4 , 066,865
2 , 070,524
1,996,341
Overdrafts.......... .....................
1 1 . 06s
—.5.562 ......... 5,503
Total loans and discounts........... . • 2 2 , 937.670 - 9,179,227
13,378.1*43
Investments:
U. S. Government direct obligations..... . • 1 5 . 73^.668
7.219,890
S,5iH,77S
Obligations guaranteed by U.S.Government.,
Reconstruction Finance Corporation.... . •
366,811
638,946
1,005,757
Home Ovmers’ Loan Corporation......... .
1,881,217
1 , 0 66,195
815,022
Federal Farm Mortgage Corporation......
534,307
336,592
247,715
Otner Government corporations and
agencies........ ............
•
504,554
210,6lS ....
293.939
Total U. S. Government obligations,
direct and guaranteed.................
19.710,903
9,111,226 10,599,277
1/ Includes trust companies and stock savings

Page 3

$ 2,544,936
613,660

44l $
153

18,939

5*+9

218,884
306,843

4 ,6 19
30

6,988
6,058

366,229

504

7.891

348,881
1,515.109
554,124
24,859
1,905,053
4,936
8.403.sl4

14 —
—
...* 'J*")5
■
■
/»3/.
4 , 926.492
48.437

5 , 869,601

2 , 596,989

48,188

530,35^
560,757
255,992

108,447
253.832

145
^33
184

220.S70
.

$

7,437.274

477

13.288

‘♦,783,724
3 7 ,6 5 1

1,6 2 6
136

86,068

5.220

80,4l6

73,290 ......
. 3 , 112 ,9 7 4

7Q

49.029

Assets and lia o ilitie s of a ll active tanks in the United States and possessions,
business June 29, 1940 - Cont’d.
: Total all : National
: banks
:
banks

:
:
:

All banks : Banks otner than national
otner than : State
: Mutual
:
national :(Commercial): savings : Private

Investments - Cont’d.
Obligations of States and political sub­
divisions ....... .............
........ ....$ 4*230,472 4 1.928.362
$ 2,302.120
Other bonds, notes, and debentures:
U.S.Government corporations and agencies,
not guaranteed by United States:
Federal Land banks............ .......
13“ ,97 “
77,757
57,217
Federal Intermediate Credit banks.....
168 ,31*1
91 468
7 6 ,3 7 3
Other Government corporations and
agencies...... ......................
165,655
93 ,141
72,51“
Other domestic corporations:
Ha ilroads.... ,......... .............
1 ,616,517
484,534
1,131,983
Public utilities*.*..... ............ ..
346,521
821,218
1,167,739
Industrials............ ............. .
651,220
352,936
298,284
-ill other*...... ........ ............
S3 ,546
237,279
153,733
Foreign— public and private.;.......... .
262.463
118.342
144,121
Total otner bonds, notes, and
debentures......................... .
4.4o4,lS8
1,6“8,2“5 . 2,755,943
Stocks of Federal Reserve banks and other
domestic corporations...........
122,12k
2l6,6ll
506,113
Stocks of foreign corporations....... .
-7,022
841
6.181
Total investments............
- 29,07“ ,909 -.12,905., 275 - 16 ,169 ,631+
1,19-8,589
582,303
566 ,28b

balances and cash items in process of
collection .................................
Bank premises owned, furniture and fixtu res..
Real estate owned ot..er tnan bank premises...
Investments and other assets indirectly repre
senting bank premises or other real estate..
Customers’ lia b ility on acceptances out­
standing................................

2 k , 535 ,26s

Page 4
by classes, at the close of

$ 1 ,657,559

653.167 i

11.394

“6 ,6 9 2
73,7““

9U5“
2,63 6

1,37 1
“ 93

70,244

1,801

469

416,643
330,306
256,238
115,496
89.130

713,684
488,605
39,230
37,670
64.790

1.398.493

1.348.170

9.280

332,230
6,0o8
10.831.624
“9 0 ,33 “

167,221

6 ,6 6 2

6 .261,532

74,328

113
76,478
1,624

*

1,656

2,307
2,21 6

567
201

1 1 ,240,467
642,049
851,764

10 ,291,610
517 ,0 :2

905,051
124,496

43,806
531

971,279

13,294,801
597,251
119,515

279,loO

571,502

1,096

155 ,474

65,3 92

90,082

80,611

9 ,“ 69

2

100,432

“2.339

52,093

50 ,330

1 ,239,300

—

7.763

Assets and liabilities of all active banks in the United States and possessions, by classes', ^ t h e
of business June 29, 1940 - Cont»d.
(In thousands of doUlgrs^
:

;

Total a ll
banks

; National
• oanks

:
:
:

A ll banks
other than
national

Interest, commissions, rent, and other in­
come earned or accrued "but not collected.*
58,672
96,08415^.756
Other assets (including securities "borrowed,
insurance and other expenses prepaid, and
cash items not in process of collection).. ___ 2751 952
90.305
235.647
Total assets..........................
80,213,629 36.883,080 4-3.328.549
m IAdliil1 m s
Demand deposits:
Deposits of individuals, partnerships, and
corporations.... .......................
29,981,981 15*976> 786 1^»005,195
Deposits of United States Government.....
807,273
5 18 , 8O5
288,4-68
Deposits of States and political sub­
divisions ............. .............
3 ,1S5,964 1 , 9 3 6 ,3 6
1.249,508
Deposits of banks in the United States___
9 , 12 5 ,7 6 2 5,63,680
3*484,082
Deposits of banks in foreign countries.... , m M i . ■ 33.676
____ ^ .l, 785
Total demand deposits...........
43,876.441 24.4l7.407
19,39,058
Time deposits (including postal savings):
Deposits of individuals, partnerships, and
corporations:
23,630,682
Savings deposits......................
23»630,682 6 , 9 7 7 ,7 2 7
16,652,955
Certificates of deposit..............
1,220,9-03
533.532
686,871
Deposits accumulated for payment of
personal loans......................
93570
36,6o4
57,966
Christmas savings and similar accounts.
206,100
78*792
127,308
Open accounts..................
67 M 97
2 4 9 ,137
1+25,560
Postal savings deposits..................
76,082
46,192
29,890
Deposits of States and political sub­
divisions.....................
33^.4oo
527,633
193,233
Deposits of banks in the United States___
93,720
303,959
210,239
Deposits of banks in foreign countries....
8.006
3.031
Jua.75
Total time o e p o s i t s . 26 ,742 132
S. 355.1 QZ9.__ 1-8,3*7,053'

:

clo

se

Banks other than national
State
:Mutual
Private
commercial 1 s a v i n g s :

:
: (

•

•

53,802

4-2,04-1

24-1

195.910 ----- —A
p 4-7£
37 301
5>WJ.
31,193.917 .11,952.218 182* 414• *

..

13,912,859
288,467
1,2^+7,508
3,^ 69,386
4-07.344
19,325.564

2,529

89 ,807

1

463 1.537
56 14-.64-0
?4. 4.4.1
7. o 4 q

170.4.9?:

6,071,906 10,574,162
682,978
370

3,523

57,683
74-, 242
32,333

6,887

283
52,259
430

8O7
2,797

209,998

644
l4i

100

7,744.1+85

10.62g.28q

14.270

2 9 ,890

192,424
3.031

165

Page 6

Assets and lia b ilitie s of a ll active banks in the United States and possessions, by classes, at tne close of
business June 29, 1940 - Cont’d.
Total all : National
banks
:
banks

All banks
: other tnan
national

:
Banks otner tnan national
: State
: Mutual :
: (Commercial): savings : Private

0tuer deposits (certified and casniers'
checks (including dividend cnecks),
letters of credit and travelers’ checks
sold for cash, and amounts due to reserve
agents (transit account))................
534,885
Total deposits...... ................
71.153.458
Bills payable, rediscounts.., and other
liabilities for borrowed money....,.... .
26,969
Acceptances executed by or for account of
reporting banks and outstanding...... .
117,220
Interest, discount, rent, and other income
collected but not earned..,....... .....
81,135
Interest, faxes, and other expenses accrued
and unpaid.. ............................
102,584
Other liabilities (including securities bor­
rowed & dividends declared but not payable)
407,116
Total liabilities...........
71,888,502
capital accounts
Capital stock:
Capital notes and debentures............
128,171
Preferred stock......... .................
367,892
Common stock,....... ......... .........
2,593,730
3 ,’U921259
Surplus................ ..................
Undivided profits.... ....................
1,178,771
P.eserves and retirement account for pre­
ferred stock and capital notes and de­
bentures ........ ...................... ....... 562.309
Total capital accounts............
8,325,127
Total liabilities and capital accounts
80,213,629

301,925
33.074.407

232,960..
38.079.051

100

232,023
27.302.072

10.631,438

837
145.541

3

318

2,910

24,029

23,738

5G ,64l

66,379

58,162

41,376

39,779

39,373

363

43

49,741

52,843

45,411

7,283

149

217.552

197,-30b
27.66b,o62

17,039
10 .656,146

3,187
107.6*05

128,171

120,209

7,962

468,203

159,129
1,269,844
2,242,298
710,568

159,129
1 ,260,399
1,359,983
401,56b

223 .628
3 ,476,44l
36,885,080

338.67^
4.848,686
43,328,0^9

226,069

189.364
33.408.639

—

208,763

1 ,325,886
1 ,249,961

38,479,863 .

3,527,835
31,193,917

8,417

—

—
—

*

308,674

8,945
14,351
328

111.472
1 .296.072
1 1 ,952,218

1,135
. 29,739182,414

—

867,964

TREASURY D E P A R m H T
Washington
FOR IMMEDIATE RELEASE,
Thursday, October 31, 1940.

Press Service
J)

Secretary of the Treasury Morgenthau today announced the fin a l subscrip­
tion and allotment figures with respect to the current offering of l/U percent
notes of Series E of the United States Housing Authority.
Subscriptions and allotments were divided among the several Federal Reserve
Districts as follows:
Federal Reserve
District

Total Subscriptions Received

Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

i

TOTAL

102,519*000
1,121,061,000
56,015,000
122,861,000
15,053,000
43,251,000
169,320,000
11,395,000
11,695,000
17,769,000
18,363,000
107,125,000

Total Subscriptions Allotted
8

6,177,000
67,521,000
3,381,000
7,128,000
2,726,000
2,780,000
10,225,000
2,509,000
714,000
1,081,000
1,112,000
6,115,000

4M
»

81,859,727,000

8112,099,000

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, October 31, 1940,

Press Service
No, 22-55

Secretary of the Treasury Morgenthau today announced the final
subscription and allotment figures with respect, to the current
offering o f .1/4 percent notes of Series E of the United States
Housing Authority.
Subscriptions and allotments were divided among the several
Federal Reserve Districts as follows t
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisgo
Treasury
TOTAL

Total Subscriptions Received
$

102,519,000
1,124,061,000
56.015.000
122 ,.861,000
45.053.000
43.251.000
169.320.000
41.395.000
11.695.000
.17,769,000
18.363.000
107.425.000

fU,859,727,000

oOo-

Total Subscriptions Allotted
6.177.000
67.521.000
3.381.000
7.428.000
2.726.000
2.780.000
10.225.000
2.509.000
714,000
1.081.000
1 , 112,000
6,445,000
1 1 1 2 ,0 9 9 ,0 0 0

- 2population groups 10,000 to 25 ,000; 25,000 to 50 ,000; 50,000 to 100,000;
100,000 to 1,000,000; and, 1,000,000 and over; and (e) each city with
population of 100,000 and over.

For five cities with population of

1,000,000 and over, a separate tabulation for the corresponding metro­
politan area is also shown.
Of the 5,3b7,5SO returns tabulated, 2,b01,393t or ^ percent, came
from cities of 100,000 population and over; 1,337,507, <>r 25 percent, from
cities of 10,000 to 100,000 population; and the balance, 1,U2S,6S0 returns,
or 27 percent, came for the most part from cities, towns, and rural areas
with population under 10,000.

The data for cities with population of 10,000

and over exclude returns of residents filed in a State other than that in
which the city is located.

Such returns, together with returns of non­

resident aliens, are included in the data for cities, towns and localities
of less than 10,000 population.
Total income, the sum of the income items reported on the face of the
return, was distributed among the cities of various size in roughly the
same proportion as number of returns. Thus, of the $21,737 million total
Income tabulated, $11,0 7 7 million, or 51 percent, came from cities of 100,000
population and over; $5,159 million, or

percent, from cities of 10,000 to

100,000 population; and the balance, $5,5°0 million, or 25 percent, came
from the residual group described above.
The five metropolitan areas of Chicago, Detroit, Los Angeles, New Yoxte,
and Philadelphia (the boundaries of which were determined from county lines)
accounted for approximately 31 percent of the total number of returns and
35 percent of the total income.

The data for metropolitan areas exclude

returns of county residents filed out of the State in which the county is
located.

TREASURY DEPARTMENT
Washington

I Z L

uU y d

&

U

t J ;

Press Service
No*

1jfe,

^ A U r t ^^v^Xv

tj j

( *^ 9

Secretary of the Treasury Morgenthau today made public Section X
of ’’Statistics of Income Supplement Compiled from Income Tax Returns for
1936,M relating to distribution and sources of individual incomes* This
publication contains data from Federal individual income tax returns*
supplementing data in “Statistics of Income for 1936* Part 1*”

It

represents a portion of a special study sponsored and directed by the
Division of Tax Research of the Treasury Department and financed by
funds transferred by the Commissioner c* w~’*v *>*•«**»*»*«
under authorization of the President.
Separ trout-,

SU^

^Washingt
The tabulations were prepared from data reported for 193& on duplicate
income tax returns, Forms 10^0 and 10U0A, for nearly five and a half
million individuals, including estates and trusts.
This publication supplements "Statistics of Income for 1 9 3 6 , Part 1,”
by the use of different and more detailed classifications.

Among the new

material being shown for the first time are classifications, by size of
net income and deficit excluding capital gains and losses, of number of
returns, selected sources of income and loss, total income and total
deductions, statutory net income or deficit, and total tax.

The data are

available for (a) the United States in aggregate, (b) sex and family
relationship groups, (c) States and Territories, (d) all cities in

TREASURY DEPARTMENT
Washington
FOR RELEASE, HORNING NEWSPAPERS
Monday, November 4» 1940*______

Press Service
No. 22-56

Secretary of the Treasury Morgenthau today made public
Section I of "Statistics of Income Supplement Compiled from Income
Tax Returns for 1936," relating- to distribution and sources of
individual incomes *

This publication contains data from Federal

individual income tax returns, supplementing data in "Statistics
of Income for 1936, Part 1."

It represents a portion of a special

study sponsored and directed by the Division of Tax Research of
the Treasury Department and financed by funds transferred by the
Commissioner of vifork Projects to the Department under authorization
of the President.
The tabulations were prepared from data reported for 1936 on
duplicate income tax returns, Forms' 1040 and 1040A, for nearly five
and a half million individuals, including estates and trusts.
This publication supplements "Statistics of Income for 1936,
Part 1," by tne use of different and more detailed classifications.
Among the new material being shown for the first time are
classifications- by size of net income and deficit excluding capital
gains and losses of number of returns, selected sources of income
and loss, total income and total deductions, statutory net income
or deficit, and total tax.

The data are available for (a) the

United States in aggregate, (b) sex and family relationship groups,
(c) States and Territories, (d) all cities in population groups
10,000 to 2 5 ,0 0 0 ; 25,000 to 50,000; 50,000 to 100,000; 100,000 to
1,000,000; and, 1,000,000 and over; and (e) each city with

p

population of 100,000 and over.

For five cities with population of

1,000,000 and over, a separate tabulation for the corresponding
metropolitan area is also shown.
Of the 5?367*580 returns tabulated, 2,601,393? or 48 percent,
came from cities of 100,000 population and over; 1,337?507, or
25

percent, from cities of 10,000 to 100,000 population; and the

balance, 1,428,680 returns, or

27

percent, came for the most part

from cities, towns and rural areas with population under 10,000.
The data for cities with population of 10,000 and over exclude
returns of residents filed in a State oth^r than that in which the
city is located.

Such returns, together with returns of non­

resident aliens, are included in the data for cities, towns and
localities of less than 10,000 population.
Total income, the sum of the income items reported on the face
of the return, was distributed among the cities of various size in
roughly the same proportion as number of returns,

Thus, of the

$21,737 million total income tabulated, $11,077 million, or 51
percent, came from cities of 100,000 population and over; $5?159
million, or 24 percent, from cities of 10,000 to 100,000 population;
and the balance,$5?500 million, or

25

percent, came from the

residual group described above.
The five metropolitan areas of Chicago, Detroit, Los Angeles,
Dew York, and Philadelphia (the boundaries of which were determined
from county lines) accounted for approximately 31 percent of the
total number of returns and 35 percent of the total income.

The

data for metropolitan areas exclude returns of county residents
filed out of the State in which the county is located.
oOo-

TREASURY DSPARmSHT
lashlngton

Fm mimm, uomim newspapers
Saturday*

Prase Sendee

mrwfoer 2. 1910.

No*

11/1/40

The Secretary of the Treasury announced last evening that the tenders
for #100,000,000, or thereabouts, of 91-day Treasury hills, to be dated
Novanber 6, 1940, and to aatur. Fobruary

}, 1941,

ahioh were offered on

October 30, were opened at the Federal Reserve Banks on Hovenbar 1.
The details of this Issue are as follows:
Total applied for - #236,456,000
Total accepted
- 100,130,000
The accepted bids were tendered at prices ranging from slightly above par
down to 99*999, the average price being fractionally under par.
amount tendered at 99*999, 60 percent was accepted.

Of the

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Saturday,' November 2, 1940*____
11/1/40

Press Service
N o . 22-57

The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be dated November 6, 1940, and to mature February 5, 1941, which
were offered on October 30, were opened at the Federal Reserve Banks
on November 1.
The details of this issue are as follows:
Total applied for - $236,456,000
Total accepted
- 100,130,000
The accepted bids were tendered at prices ranging from slightly
above par down to 99.999? the average price being fractionally under
par.

Of the amount tendered at 99.999? 68 percent was accepted.

-oOo-

Press
No.

Serviae.
2 2 - __ | |

pSA^

crowds
of counterfeit
Reports

b y the S e c r e t S e r v i c e in W a s h i n g t o n
received/from San Francisco and N e w Y ork indicate

notes

the 1940
the

fair reported a total

and $40.20

season.

fair spent

and

(rate r e c e i p t s
the

in counterfeit

of $20 in coun­

coins p a s s e d during

G a t e r e c e i p t s werre $ 1 , 1 5 7 , 0 0 0 .

Visitors

to

$7,754,000.

F r o m the N e w Y o r k
notes

for passers

money.

The S a n F r a n c i s c o
terfeit

lifii'iflpi'T'
lav e a s y p i c k i n g s

7 ^ ^

^ ( 6

fair a total of

in c o u n t e r f e i t

w e r e ^ 3 !f *fC>Gf3(l.

7

ln counterfeit

coins was r e p o r t e d

Visitors

for 1940.

7, O'+O^XQ^ o n

spent ^

fair grounds.
F r a n k J.

reason
fairs

W i lson,

for the
is t h a t

c h i e f o f t he S e c r e t

low percentage
education

Service,

of counterfeit

believes

the

r e p o r t e d at b o t h

is p u t t i n g t h e n a t i o n

on g uard against

spurious money.
For more
a

than a y ear the Secret

"Know Your M oney"

phlets,

lectures

The r e s u l t ,

campaign by means

Service has been

of motion pictures,

and newspaper and magazine
C h l g J U ao n

pam­

stories.
handlers,

cashlers_a£d

c

conducting

tellers,

/ ^ g f ^ c o u n t e r f e l t

P L

>~

TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Tuesday, November
19^0
11A A 0

Press Service
No# 22~'?

Great crowds are no longer easy pickings for passers of
counterfeit money.
Reports received by the Secret Service in Washington from
San Francisco and New York indicate that those days are gone*
The San Francisco fair reported a total of $20 in coun­
terfeit notes and $^0.20 in counterfeit coins passed during
the

19^0 season. Gate receipts were $1,157*000. Visitors to

the fair spent $7,75^*000.
From the New York fair a total of $157 in counterfeit notes
and $52>7.65 in counterfeit coins was reported for 19^0. Gate
receipts were $3 1 ,^0 6 ,3 1 2 .

Visitors spent $37,0^0,209 on the

fair grounds.
Frank J. Wilson, chief of the Secret Service, believes the
reason for the low percentage of counterfeit reported at both
fairs is that education is putting the nation on guard against
spurious money.
For more than a year the Secret Service has been conducting
a "Know Your Money" campaign by means of motion pictures, pam­
phlets, lectures and newspaper and magazine stories.
The result, Chief Wilson says, is that money handlers,
tellers, cashiers and the public, including school children,
have been taught to recognize counterfeit money.

The educational

effort will be continued indefinitely throughout the country.
- 0G 0—

.IPu..

To speed p rchasing plans, November 12 has been set by the Procurement
Division as the deadline for the submission of price schedules and other pertinent
information.

There will be no public opening of quotations.

Replies will be

Sfe reviewed fey the Federal Aorks Agency with particular attention devoted to the
l

oted; monthly production^ and monthly delivery capacity.

If in line with estimates, authority will be live

the Procurement Division to

tc n / £

.,r the account of the agency.
It is contemplated that the initial purchases of household equipment
will be for a .inimu of 13,110 dwellings.

Construction of these units

has been authorized, by the iar Department*

fhe Army dwellings are to be the first

of a projected program to .
\

.

ational defense activities*

present uethod. of negotiating directly with manufacturers was adopt®

as the one best fitted for the requirements of an accelerated defense housing progra
Past experience has demonstrate that through this r.etbod equipment -**gg“
/be purchased
quickly at reasonable cost to the Government without disrupting normal commercial
distribution*
To coordina e del brery of equipment with construction progress,
L- " ' *
Umanufacturers will be furnished with instructions advising when and where to ship#
I

A

After inspection and acceptance by the field representatives of the Federal ijjbrks
Agency, fixtures will be installed by construction contractors.
iesg^s

■ 1 S T '

(j)

' U-c
U

> V

Preliminary negotiations an

S?

initiated by the Procurement

Division for mass purchases of

equipment under

*-— _ _

s f e -f-"

national defense housing prog
Negotiations

were begun by request of the Federal Works Agency. The
7 v tM ^ y ,
ao<f*»_O j

agency, which is directing

™

^r in|1^

^

Procurement Division to take necessary steps toward the purchase of the equipment
up to the point of contract awards*
.

,

+

»

Fixtures on which the Procurement Division has been asked to solicit

^®®®^nclude j bath tubs, refrigerators, combination kitchen sinks and trays, cooking
stoves, lavatories, medicine cabinets, hot water heaters, space heaters, furnaces,
range boilers, broortywall and base cabinets, and brass fittings.

Other items *4MMEI

< ^ K JU

mmmtIMmmmm
purchase.
25,000

■:--*ed by

the Federal '.Yorks Agency to those now listed for

According to present q 5 5 5 S 5 > e s t i m a t e 8 , quantities of approximately

will be required for each item although revisions may be made as construction

goes forward.
Teitersjhave been sent to manufacturers throughout the country inviting
price quotations/^in lots of 1,O OO^pn each item.1) In submitting quotations,
manufacturers ,S K . asked to supply the following dataj

maximum. monthly

MW*.

production] M h proportion of production which can be delivered to the Government]
(nwiwa

date production can be started^ and the number of items which, can be
jr

in their establishments and in their citiesy
-f!e^

3^.£‘£v*f!WWBWWSJ3J

5*9<wti>m m 'nawm

TREASURY DEPARTMENT
WASHINGTON
OR RELEASE AFTERNOON PAPERS
UESDAY, NOVEMBER 5, 19^0

PRESS SERVICE
No* 22-59
/

Preliminary negotiations have been initiated by the
Procurement Division for mass purchases of household equipment
under the national defense housing program, Director Clifton E.
Mack announced today*
Negotiations were begun by request of the Federal Works
Agency*

The agency, which is directing construction of defense

housing projects expected to total nearly $200,000,000, requested
the Procurement Division to take nec-es-sary steps toward the
purchase of the equipment up to the point of contract awards*
Fixtures on which the Procurement Division has been asked
to solicit quotations include: bath tubs, refrigerators, combina­
tion kitchen sinks and trays, cooking stoves, lavatories,
medicine cabinets, hot water heaters, space heaters, furnaces,
range boilers, broom, wall and base cabinets, and brass fittings*
Other items are to be added by the Federal Works Agency to those
now listed for purchase.

According to present estimates,

quantities of approximately 2 5 , 0 0 0 will be required for each
item although revisions may be made as construction goes forward.
Letters with specifications have been sent to manufacturers
throughout the country inviting price quotations on each item
in lots of 1,000.

In submitting quotations manufacturers were

asked to sup ly the following data;

maximum monthly production;

proportion of production which can be delivered to the Government;

2
date production can be started and the number of items which can
be stored in their establishments and in their cities*
To speed purchasing plans, November 12 has been set by the
Procurement Division as the deadline for the submission of price
schedules and other pertinent information* There will be no
public opening of quotations* Replies will be reviewed by the
Federal Works Agency with particular attention devoted to the
following factors: prices quoted; monthly production, and monthly
delivery capacity.

If in line with estimates, authority

will be given the Procurement Division to contract for the account
of the agency*
It is contemplated that the initial purchases of household
equipment will be for a minimum of 13„000 dwellings* Construction
of these units has been authorized by the War Department*

The

Army dwellings are to be the first of a projected program to
house those engaged in national defense activities*
The present method of negotiating directly with manu­
facturers was adopted as the

one best fitted for the requirements

of an accelerated defense housing program.

Past experience has

demonstrated that through this method equipment may be purchased
quickly at reasonable cost to the Government without disrupting
normal commercial distribution*
To coordinate delivery of equipment with construction pro­
gress, manufacturers will be furnished with instructions advising
them when and where to ship. After inspection and acceptance by
the field representatives of the Federal Works Agency, fixtures
will be installed by construction contractors.
-0 O0

(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SffjpVSR WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by C o u n tries o f O r ig in :
T o ta l q u o ta, p ro vid ed , however, th a t not more than 33-1/3 percent o f th e
quotas s h a ll be f i l l e d by co tto n w astes other than card s t r ip s and comber
w astes made from co tto n s o f 1-3/16 in ch es or more in s ta p le le n g th in the
case o f the fo llo w in g c o u n tr ie s : U n ited Kingdom, F ra n ce , N eth e rlan d s,
S w itz e rla n d , Belgium , Germany and I t a l y :

Country o f
O r ig in
U n ited Kingdom . . . .
Canada .............................
France .............................
B r it i s h In d ia ...........
N etherlands ................
Sw itzerlan d ................
B e lg iu m ..........................
J a p a n ...............................
China ................................
Egypt ................................
C u b a ..........................
Germany ..........................
I t a l y ................................

T o ta l

l/

(In Pounds)
TOTAL IMPORTS : E s ta b lis h e d
E s ta b lis h e d
S e p t. 2 0 , 1940; 33-1/3# o f
: TOTAL QUOTA
to Oct. 26, 1940j T o ta l Quota
:
1,441,152
75,807

4,323,457
239,690
227,420
69 ,6 2?
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263

114,032
72,727
68,783
*•

22,747
14,796
12,853
25,443
7,088

5,482,509

255,542

1,599,886

-

In clud ed in t o t a l im p o rts, column 2.

Imports S e p t.
20, 1940, to ,
Oct.26,1940
mm

“
—
—
—
-

-

■
■

Tf^ts A $ u tfV D&ftARTHS/tT

Ifoveiaber "S 1940

*'

"

/

77'U'-tfO*

The Bureau o f Customs announced today th a t p re lim in a ry rep o rts from the
c o lle c t o r s o f customs show im ports o f co tto n and c o tto n waste chargeable to the
import quotas e s ta b lis h e d by the proclam ation o f the P resid en t o f September 5,
1939, as fo llo w s , during the perio d September 20, 1940, to October 26 1940
inclusive.
*
*
COTTON (OTHER THAN HARSH OR ROUGH COTTON OF LESS THAN 3 A INCH IN STAPLE LENGTH
AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTSRS) . Annual quotas commencing September 20, by C o u n tries o f O r ig in :

Country o f
O r ig in

Egypt and the A n glo E gyp tian Sudan ...........
Peru ..........................................
B r it is h In d ia ...................
China .......................................
Mexico .....................................
B r a z il .....................................
Union o f S o v ie t
S o c i a l i s t R ep ub lics
A rgen tin a .............................
H a it i .......................................
Ecuador ..................................
Honduras ................................
Paraguay ...............................
C o lo m b ia .....................
I r a q ..........................................
B r it i s h E a st A f r ic a . .
N etherlands E a st
In d ie s ................................
Barbados ...............................
Other B r it i s h West
In d ie s 1 / ........................
N ig e r ia ..................................
Other B r it i s h West
A f r ic a 2/ ........................
A lg e r ia and T u n isia . .
Other French A fr ic a 3/

(In Pounds)
S ta p le le n g th le s s
than 1-1/8 in ches
: Imports S e p t.
E sta b lis h e d : 20, 1940, to
Quota
: O c t. 26. 1940

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

40
—

138,048
75

mm

■

:
:

S ta p le le n g th 1-1/8
in ch es or more
Imports Sept
: E s ta b lis h e d : 20, 1940, to
:
Quota
: O c t . 26, 194C

43,451,566
2,056,299
64,942
2,626

1,685,477
122,629

3,808

42

435
506
_

m
m

mm

29,909

mm

12,554

71,388
-

21,321
5,377

30,139
mm

16,004
—

689

m

2,002
1,634

m

T o ta l
138,163
14.516,882
45,656,420
Other than Barbados, Bermuda, Jam aica, T rin id a d , and Tobago.
2/ Other than Gold Coast and N ig e r ia .
3/ Other than A lg e r ia , T u n is ia , and Madagascar.
1/

1,737

m
m

1,809,885

TREASURY DEPARTMENT
Washington
FOR RELEASE., MORNINGDNEWSPAPERS
November 7, 1.9U0

P ress S e rv ic e
No. 22-60

11-—o«—H-0

The Bureau o f Customs announced today th a t p relim in ary rep o rts from the
c o lle c to r s o f customs show imports o f co tto n and co tto n waste chargeable to the
import quotas e s ta b lis h e d by the proclam ation o f the P re sid e n t o f September 5,
1939, as fo llo w s , during the p erio d September 20 , 1940, to October 2b, I9 U0 ,
in c lu s iv e .
COTTON (OTHER THAN HARSH OR ROUGH COTTON OE HESS THAN 3 / If INCH IN STAPLE LENGTH
AND CHIEELY USED IN THE MANUFACTURE OE BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS) . Annual quotas commencing September 20, by C oun tries o f O r ig in ;

_________ (in Pounds)
S ta p le le n g th le ss
Country o f
O r ig in

S ta p le le n g th 1—l/ g

Imports Sept.
Imports S e p t.
E s t a b li s h e d ; 20,1940, to E s ta b lis h e d : 2 0 , 1940, to
i
Quota
; O c t. 26.1940
Quota
: O c t. 2 6 . 1940

Egypt and the A n g lo Egypt ian Sudan . * ♦ « . .
7 S 3 ,s i 6
43,451,566
Peru . . . . . . . f .
4o
2 4 7 ,9 5 2
2,056,299
B r it i s h In d ia .....................
2,003,433
64,942
China ........................ ..
||
1,370,791
2 ,6 2 6
M e x i c o ............ . . . t
, t,
1 3 s , o4s
3,383,259
B r a z i l ........... ..
3 , SOS
61S.723
75
Union o f S o v ie t
S o c i a l i s t R ep u b lics ,
475,124
A rgen tin a
5,203
435
H a iti
**
506
237
Ecuador
9,333
Honduras . . . . . .
752
,,
Paraguay ................ ..T
S7 1
Colombia . * 4 .
124
Iraq . . . . . . . ___
195
ff
B r it i s h E a st A f r i c a . . .
2,240
29,909
Netherlands E a s t
In d ies . . . .
7 1 ,3 3 3
Barbados
1 2 ,5 5 4
Other B r i t i s h West
In d ies
1/ . . . . . . . . .
2 1 ,3 2 1
30,139
N ig e ria
5,377
Other B r i t i s h West
A fr ic a
2/
1 6 ,0 0 4
2,002
mf
A lg e r ia and T u n is ia . . .
1 ,6 3 4
Other French A f r i c a 3 / ,
__________
639
T o ta l
■l4fe6,gg2 -.13 ^ 16.1
.45.6s6.U20
1/ Other than Barbados, Bermuda, Ja m a ica , T rin id ad , and Totago*
j2/ Other than Gold Coast and N ig e r ia .
3/ Other than A lg e r ia , T u n is ia , and Madagascar.

1 , 6 3 5 ,4 7 7

122,629

42

1,737

1.809.885

(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 2 0 , by Coun tries o f O r ig in :
T otal quota, provided, however, th a t not more than 33-1/3 percent o f the
quotas s h a ll be f i l l e d by c o tto n wastes other than card s tr ip s and comber
wastes made from co tto n s o f l~ 3 / l 6 inches or more in s ta p le -le n g th in the
case o f the fo llo w in g c o u n tr ie s : U n ited Kingdom, Prance, N eth e rlan d s,
S w itzerlan d * Belgium , Germany and I t a l y :

Country o f
O r ig in

: E s ta b lis h e d
TOTAL IMPORTS : E s ta b lis h e d
: TOTAL QUOTA
S e p t. 20, 19^0: 3 3 - I / 3 °/o o f
•
to O c t. 2 6 . lqUO: T o ta l Quota

United Kingdom ..* ♦ *
Canada . * * . . « * * » * ###
France ............................. ..
B r itis h In d ia
Netherlands
Sw itzerland ««• «»». *
Belgium
Japan
China •
***••••*•#*••*
Cuba
Germany
Ita ly
••«**«*

H .3 2 3 ,^57
239,690

l l U ,0 3 2
72,727

2 2 7 ,^ 2 0
6 9 ,6 2 7
6 g , 2 l+0

6 2 ,7 3 3

Total

5 * ^ 2,509

1/

l+l+,3gg
38,559

7 6 ,3 2 9
2 1 ,2 6 3

Included in t p t a l im ports, column 2 *

1 , 1+1+1,-15 2
7 5 , S07

_

M iW %

17,322
8,135

Imports Sept*
20, 1 9 I+O, to
O c t. 26. 191+0

22,7^7
1 ^ ,7 9 6
1 2 ,8 5 3

_
ipj**
—

255 ,51+2

2 5 , 1+1+3
7 ,0 88

1,599,386

—

September
1940
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at "beginning
Total Imports (Free and Dutiable)
Available for Consumption
^Entered into Consumption (a)
(toms Bonded Warehouses
at end
STILL WISES (Liquid Gallons)!
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)

Stock in Customs Bonded Warehouses
at end
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on Liquor

September
9 months ended
1939
September 1940 September 1939

8,493,986
958,436
9,452,422
769,783

7,811,793
1,187,033
8,998,826
503,721

4,213,784
1,132L,901
5,345,685
1,840,837

4,474,392
11,754,061
16,228,453
7,527,520

4,214,134
7,070,344
11,284,478
7,722,366

8,682,438

8,493,986

3,504,803

8,682,438

3,504,803

1,648,738
167,973
1,816,711
136,036

1,556,098
195,875
1,751,973
102,434

1,286,135
250,272
1,536,407
419,605

1,283,499
2,844,195
4,127,694
2,440,106

1,121,505
2,200,620
3,322,125
2,200,653

— ^’^JLpuited from Customs
Stock in Customs Bonded Warehouses
at end
SPARKLING WISES (Liquid Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)

August
1940

Ssa&w
M
t*m
ow
vour*

1,680,675

1,648,738

1,116,802

1,680,675

1,116,802

355,339
1,728
357,067
31,832

371,976
1,431
373,407
17,983

345,150
33,604
378,754
83,887

376,746
273,892
650,638
324,849

257,942
327,300
585,242
289,970

#§4
325,235
$ 1,891,456
121,565
— _ 94,494
$ 2,107,515

355,339
$ 1,208,466 $
92,549
51,573
$ 1,352,588 $

J2T627T156
Including withdrawals
for
ship
a1 ? *
or s
^ P supplies and diplomatic use.

294,621

325,235

4,576,162 $ 18,570,612 $ 19,140,758
335,902
2,035,761
1,882,623
250,587
964,510
866.367
5,162,651 $ 21,570,883 $ 21,889,748

TREASURY. DEPARTMENT
Washington
lor Release, Afternnon Papers
Friday. November 8. 1940.
11-7-40

Press Service
No. 22- 6l

Commissioner of Customs W* R* Johnson today issued the following statement
showing imports of distilled liquors and wines, and duties collected thereon,
covering September, 1940, with comparative figures for September^ <1939, and
September
1940
DISTILLED LIQUORS
(Proof Gallons);
Stock in Customs
Bonded Warehouses
at beginning. ,*.♦...*
Total Imports (Free
and Dutiable)...#
Available for Consumpt ion.«.•...»,
Entered into Consumption (a)...,#
Stock in Customs
Bonded Warehouses
at end.
STILL WINES (Liquid
Gallons):
Stock in Customs
Bonded Warehouses
at beginning..,,.
Total Imports (Free
and Dutiable)*,'..
Available for Consumption.........
Entered into Consumption (a).,,..
Stock in Customs
Bonded Warehouses
at end#. ## . 4 •## ####
SPARKLING WINES
(Liquid Gallons):
Stock in Customs
Bonded Warehouses
at beginning,,. .v
Total Imports (Free
and Dutiable)..*
Available for Con—
sumption.
Entered into Consumption (a),....
Stock in Customs
Bonded Warehouses
at end*«.
Distilled Liquors
Still Wines
Sparkling Wines

■ Jl

LM

IS !

1!

$

August
1940

September
1959

9 months ended
Sent. 1940 Sent. 1939

8,493,986

7,811,793

4,213,784

4,474,392

4,214,134

958,436

1 ,187,033

1,131,901

11 ,754,061

7 ,070,344

9,452,422

8,998,826

5,345,685

16,228,453

11,284,478

769,783

503,721

1 ,.840,837

7,527,520

7 ,722,366

8,6 82 ,438

8,493,986

7 k a Ii is?
Gfn7
Jt

8,682,438

3,504,803

1,648,738

1 ,556,093

1 ,286,135

1,283,499

1 ,121,505

167,973

195*875

250,272

2,844,195

2,200,620

1 ,816,711

1,751,973

1,536,407

4 ,127,694

3,322,125

136,036

102,434

419,605

2,440,106

2,200,653

1 ,680,675

1,648,738

1 ,116,802

1 ,680,675

1 ,116,802

355*339

371,976

345,150

376,746

257,942

1,728

1,431

33.6o 4

273,892

327,300

357,067

373,407

378,754

650,63s

585,242

31,832

17,983

83,887

324,849

289,970

325.235

355.339

294.621 ____ 325.255

294.621

1 r.891,l|56 $1,208,146 6
121,565
92,5^9

...... 9 ^ ^

51,573

$4,576,162
335.902

250,5^7

$18,570*612 $19,140,758
2,035*761
1 ,882.,623

964,510

866,367

on^inuortie S C o lle c te d $ 2 , 1 0 7 , 5 1 5
$ 1 , 3 5 2 ,5 8 8
$ 5 ,lb 2 , 6 5 1
$21,570,883 $21,889,148
In clu d in g w ithdrawals fo r ship su p p lies and d ip lo m atic use#

TREASUBI D

m

m

Washington
FOE RELEASE, » S ®
1 1 /8/40

HSH5PAFEHS,

Jggaafegs.

_____

Press Service
3 2 - ( s >

The Secretary of the Treasury announced last evening that the tenders for
$100,000,000, or thereabouts, of national Defense Series 92-day treasury bills,
to be dated November 13, 1940, and to nature February 13, 1941, which sere
offered on November ?, sere opened at the Federal Reserve Banks on November 8,
The details of this issue are as follows s
total applied for - $205,555,000
Total accepted
* 100,411,000
Range of accepted bids:
High

- 100*

Dos
- 99*999 Equivalent rate approximately 0,004 percent
Average price - 99.999/
■
•
*
0.003
*
(69 pereeut of the m a a t t hid for at the loo price was accepted)

CO Hrj

TREASURY DEPARTMENT*
Washington
OR-RELEASE , HORNING' NEWSPAPERS
afur day, I j M m f 9, 1940.

11 /8/40

---2-----

Press Service
No. 22-62

.The Secretary of the Treasury announced last evening that the
tenders for $10u,000,000, or thereabouts, of National Defense Series
92-.day Tieasurj bills, to be dated November 13, 1940, and to mature
February 13, 1941, which were offered on November

were opened

at the E ederal Reserve Banks on November 8*
details of this issue are as follows:
Total applied for - $285,555,000
Total accepted
- 100,411,000
Range of accepted bids:
High
- 100.
'Low
- 99*999 Equivalent rate approximately 0.004 percent
Average price - 99.999/
*
I
0,003
n
(6 9

percent of the amount bid for at the low price was accepted)

-0O0

value is similarly defined, except that it is a price at which
merchandise is offered for exportation to the United States instead
of for home consumption.
Under controlling decisions of our courts, such a tax as the
"purchase" tax is a part of the "foreign value" as defined in the
present tariff law, to the extent that it is a part of the market
value or price at which such or similar merchandise is freely of­
fered for sale to all purchasers in the country of exportation.
The "purchase" tax is ordinarily included in the wholesale prices
prevailing in the United Kingdom.
It will be apparent from the foregoing that imports from the
United Kingdom which are subject to ad valorem duties must ordinarily
be assessed with such duties on the basis of a value which includes
an appropriate amount for the purchase tax unless such or similar
goods are exempt from the purchase tax when sold for home consump­
tion in the United Kingdom, or unless such or similar goods are not
offered for sale in taxable transactions for home consumption in
the United Kingdom, or unless such or similar goods are offered for
sale for home consumption in the United Kingdom only under such re­
strictions or conditions as preclude the finding of a price at which
they are freely offered to all purchasers in the usual course of
trade.

'

Ac>

2 ,X —

41

\

TREASURY DEPARTMENT
Washington

(T

\
The Treasury Department has received numerous inquiries con­
cerning the effect on imports into the United States of the so-called
"Purchase Tax" which became effective in the United Kingdom on
October 21, 1940*
This tax is imposed under a British Finance Act on sales of
many classes of merchandise to retailers in the United Kingdom*
rate is

16-2/3% or 33-1/3%,

The

depending upon the kind of merchandise.

Although called a "purchase" tax, the liability for payment is clear­
ly on the wholesaler, and in taxable sales the amount of the tax is
ordinarily a part of the selling price, whether or not it is sepa­
rately itemized.
Under

The tax does not apply to any exports.

customs lawNthe basis for the assessment of ad valorem

duties is the value declared by the importer or the value reported
by the customs appraiser, whichever is higher (section 503, Tariff
Act of 1930).

The primary basis of appraisement is the "foreign”

or the "export" value, whichever is higher (section 402, Tariff
Act of 1930).

The "foreign" value of imported merchandise is the

price at which such or similar merchandise is freely offered for
sale *for home consumption in the usual wholesale quantities and in
the usual course of trade in the country of exportation on the date
of exportation, including all expenses incident to making the mer­
chandise ready for shipment to the United States.

The "export"

TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS
Tuesday, November 1 2 , 19^0._______

P ress S e rv ice
No. 22-63

The Treasury Department has received numerous in q u ir ie s concerning
the e f f e c t on imports in to the U n ited S t a t e s o f the s o -c a lle d ’’Purchase
Tax" which became e f f e c t i v e in the U n ited Kingdom on October 21, 19^+0.
This ta x i s imposed under a B r i t i s h Finance A ct on s a le s o f many
c la s s e s o f merchandise to r e t a il e r s in the U n ited Kingdom.
1 6 - 2 / 3$ or 3 3 - 1 / 3 $ , depending upon the kind o f merchandise.

The rate is
Although

c a lle d a "purchase" ta x , the l i a b i l i t y fo r payment is c le a r ly on the
w h o le saler, and in taxab le s a le s the amount o f the ta x is o r d in a r ily a
p art o f the s e l l i n g p r i c e , whether or not i t

is se p a ra te ly item ized.

The ta x does not apply to any exp o rts.
Under Customs law o f the U n ited S t a t e s the b a s is fo r the a s s e s s ­
ment o f ad valorem d u tie s i s the value d eclared by the importer or the
value reported by the Customs a p p ra ise r, whichever i s h igh er ( s e c t i o n
503, T a r i f f Act o f 1930)*

The primary bas i s o f appraisement i s the

"fo r e ig n " or the "exp o rt" v a lu e , whichever i s h igh er ( s e c t i o n U02,
T a r i f f A ct o f 1930)*

The "fo r e ig n " value o f imported merchandise is

the p r ice a t which such or s im ila r merchandise is fr e e ly o ffe r e d fo r
sa le fo r home consumption in the usu al w holesale q u a n titie s and in
the usu al course o f trade in the country o f e xp o rta tio n on the date
o f e x p o rta tio n , in clu d in g a l l expenses in cid e n t to making the merchan­
d ise ready fo r shipment to the U nited S t a t e s .

The "export" value is

s im ila r ly d e fin e d , except th a t i t i s a p r ic e at which merchandise is
o ffe r e d fo r ex p o rta tio n to the U nited S t a t e s in ste a d o f fo r home con­
sumption.

-

2-

Under controlling decisions of our courts, such a tax as the
"purchase" tax is a part of the "foreign value" as defined in the
present tariff law, to the extent that it is a part of the market
value or price at which such or similar merchandise is freely offered,
for sale to all purchasers in the country of exportation.

The "pur­

chase" tax is ordinarily included in the wholesale prices prevailing
in the United Kingdom,
It will he apparent from the foregoing that imports from the
United Kingdom which are subject to ad valorem duties must ordinarily
he assessed with such duties on the basis of a value which includes
an appropriate amount for the purchase tax unless such or similar
goods are exempt from the purchase tax when sold for home consumption
in the United Kingdom, or unless such or similar goods are not offered
for sale in taxable transactions for home consumption in the United
Kingdom, or unless such or similar goods are offered for sale for
home consumption in the United Kingdom only under such restrictions
or conditions as preclude the finding of a price at which they are
freely offered to all purchasers in the usual course of trade.

-oOo~

Name & Location of Bank;

Nature of
Dividend:

The Seaside NB of
Long Beach, Calif,
Final
International Exchange Bk •
Washington, D. C.
Final
The First Nat*l Bank of
Final
Savanna, Illinois
The First Nat*l Bank of
Regular
Wilmette, Illinois
The New Albany Nat*l Bank
New Albany, Indiana
Final
The Rockland Nat*l Bank
Rockland, Maine
Final
The First Nat»l Bank of
Hagerstown, Maryland
Final
The First Nat*l Bank of
Midland, Maryland
Final
The First Nat'l Bank-Detroit
Detroit, Michigan
Final
The Baraga County NB of
L'Anse, Michigan
Final
The First Nat*l Bank of
Royal Oak, Michigan
Final
The Falls Natfl Bank of
Niagara Falls, N. Y.
Final
The National Bank of
Toronto, Ohio
Final
The First Nat*l Bank of
Ambler, Pennsylvania
Final
Commercial Nat'l Bank
Philadelphia, Pa,
Regular
The Ashland Natfl Bank
Ashland, Wisconsin
Final

Date
Authorized;

Number and
Percentage
of Dividends
Authorized:

10-24-40

6th

4.6>5$

10-24-40

5th

10-18-40

2nd

10-29-40

7th

6.

10-28-40

Distribution
of Funds by
Dividend
Authorized:

Amount
Claims
Proved:

27,900.00

84.0556

3,603

5.6 56

19,800.00

50.6

%

1,480

353,300.00

32.05%

43,100.00

52.0556

989

134,500.00

%

36,400.00

75.

4,146

606,800.00

4th

8,30 &

60,700.00

68.30456

1,627

748,600.00

10 -1 0 -4 0

5th

3.73$

156,800.00

91.7356

6,462

4,203,900.00

10-16-40

7th

5.25%

109,600.00

68.25/6

4,926

2,087,400.00

10-25-40

3rd

14.8656

32,300.00

59.8656

500

217,200.00

10-18-40

5th

20.

% 5 7 7 ,9 0 0

3 3 5 ,844 ,900.00

1 0 -2 -4 0

6th

6 .46 $

22,400.00

73.126756

10-23-40

5th

13.9856

86,400.00

4 6 .98 $

10-12-40

4th

8.6

%

70,700.00

88.6

10-9-40

8th

5.81%

38,100.00

10-11-40

5th

8.5U6

10-31-40

4th

10-22-40

5th

%

I

Total
Percentage
Authorized
Dividends Number of
to Date:
Claimants:

67,169,000.00

100 .

56

951

$

689,700.00

346,600.00 ^

2,505

618,100.00

%

2,108

821,800.00

76.81%

2,268

655,200.00

126,500.00

71.5156

4,600.

%

596,500.00

50.

5.12%

61,900.00

10.

1,486,300.00

%

17,175

5,965*300.00

71.1256

2 ,6 4 6

1,209,500.00

/>

S '

/

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

FOR RELEASE, MORNING NEWSPAPERS

/j

t * *

Press Service
v ' i t/

V

During the month ended October 31* 1940, authoriza­
tions were issued to receivers for payments of dividends in sixteen
insolvent national banks.

Dividends so authorized will effect

total distributions of 168,658,100 to 633*886 claimants who have
proved claims aggregating $355*989*100, or an average percentage
payment of 19*29%. The smallest and largest individual dividend
percentages authorized were 3*73% and 32 .0 $%, respectively, while
the smallest and largest receivership distributions were $19,800,
and $67*169*000, respectively.

Of the sixteen dividends authorized

two were for regular dividend payments and fourteen were for final
dividend payments. •Dividend payments so authorized during the
month ended October 31* 1940, were as follows:

TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, November 13, 19^0
11-12-UO

Press Service
No« 22- 6U

During the month ended October 31,

19U0, authoriza­

tions were issued to receivers for payments of dividends in sixteen
insolvent national hanks.

Dividends so authorized will effect

total distributions of $68,658,100 to

633>686 claimants who have

proved claims aggregating $355>9^9 ,100, or an average percentage
payment of 19*29$>*

The smallest and largest individual dividend

percentages authorized were

3 *73^ and 3^.0 » respectively, while

the smallest and largest receivership distributions were $19 ,200,
and $67,169,000, respectively.

Of the sixteen dividends authorized

two were for regular dividend payments and fourteen were for final
dividend payments.

Dividend payments so authorized during the

month ended October

31 , I9H0, were as follows:

DIVIDEND PAYMENTS TO'CREDITORS' OE INSOLVENT- NATIONAL
BANKS AUTHORIZED DURING- THE MONTH ENDED
_________________ October ~51. 1 9 4 0 __________ ______

Name & Location of Bank:

Nature of
Dividend:

The Seaside NB of
Einal
Long Beach, Calif.
International Exchange Bk.
Einal
Washington, D. C.
The Eirst Nat!l Bank of
Final
Savanna, Illinois
The Eirst Nat’l Bank of
Regular
Wilmette, Illinois
The New Albany Nat*l Bank
Einal
New Alhany, Indiana
The Rockland Nat11 Bank
Einal
Rockland, Maine
The Eirst Nat!l Bank of
Einal
Hagerstown, Maryland
The Eirst N a t ’l Bank of
Einal
Midland, Maryland
The Eirst NatTl Bank-Detro Lt
Einal
Detroit, Michigan
The Baraga County NB of
Einal
L ’Anse, Michigan
The Eirst Nat1! Bank of
Einal
Royal Oak, Michigan
The Ealls Nat11 Bank of
Einal
Niagara Ealls, N. Y.
The National Bank of
Einal
Toronto, Ohio
The Eirst Nat’l Bank of
Einal
Ambler, Pennsylvania
Commercial Nat11 Bank
Regular
Philadelphia, Pa
The Ashland N at11 Bank
Final
Ashland. Wisconsin

Number and
Percentage
of Dividends3
Date
Authorized: Anfhnri zed:

Distribution
of Funds by
Dividend
Authorized:

Total
Percentage
Authorized
Dividends
to Date:

Amount
C laims
Proved:

Number of
Claimants:

6g9,700.00

27,900.00

84.05$

3,603

19 ,goo. 00

50.6

jo

i,4go

353,300,00

43,100.00

52.05$

989

134,500.00

36,400.00

75.

t

4,146

606,goo. 00

8*304$

60,700.00

6g.304$

1,627

74g,600.00

5th

3.735k

156,goo. 00

9U73®

6,462

4 ,203,900*00

10-l6-40

7th

5*25$

109,600.00

6g ,25%

4,926

2,0g7,400.00

10-25-40

3rd

14. 86$

32,300.00

53+Z&/0

500

217 ,200.00

io-ig_Uo

5th

20.

jo

67,169,000.00

jo

577,900

335,g44,900.00

10-2—40

6th

6.k6%

22,400.00

73.1267^

951

3.46^600*00

10-23-40

5th

13 .98$

'g6,400.00

46.9g jo

2,505

6ig,100.00

10-12-40

4th

g.6 %

70,700.00

gg .6$

2,log

g21,800.00

i o _9~4o

gth

5.81$

38., 100.00

t & .Z lj o

2,26g

655,200.00

io-n-40

5th

$.5 1 %

126,500.00

71.5135

4,600

i,4g6t3oo.oo

10-31-40

4th

jo

50. %

10-22-40

5th

596,500.00
61 ,900,00

17,175
2,646

5 .965.300.00
1 .209.500.00

10-24-40

6 th

4.05%

10-24-40

5th

5.6 $

io~ig~4o

2nd

10-29-40

7th

6.

10-28-40

4th

io-io~4o

3 2 .0 5 %

10.

jo

5.12$

$

100.

71.12$

$

4
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED

Name and Location of Bank:

DURING THE MONTH OF OCTOBER. 19A0
Per Cent
Dividends
Total
Declared
Disbursements
to All
Including
Date of
Claimants:
Offsets Allowed:
Failure:

Albany Park NB & Tr. Co.,
Chicago, Illinois
5-19-31 $ 1,335,689.00
Ravenswood National Bank
516,113.00
6-25-32
Chicago, Illinois
Departmental Bank
881,997.00
7-22-32
Washington, D. C*
Pioneer National Bank
2,086,740.00
2-13-32
Waterloo, Iowa
First National Bank
556,690.00
Paw Paw, Michigan
12-28-33
Citizens National Bank
996,167.00
Faribault, Minn.
8-14.-34
Atlantic City Nat*l Bank
5,809,857.00
Atlantic City, N. J.
1-30-33
Peoples National Bank
1,631,425.00
Lakewood, New Jersey
5-14-34
Queensboro NB of the City of
1,931,296.00
8-26-31
New York, N. Y.
State National Bank
1,497,768.00
Shawnee, Oklahoma
8-9-34
Southwestern Nat*l Bank
1,960,097.00
Philadelphia, Pa.
8-17-34
First National Bank
859,556.00
3-2-32
Pitcairn, Pa.
Broadway National Bank
42,595.00
6-8-37
Scottdale, Pa.
First National Bank
210,139.00,
Coebum, Virginia
2-27-34

Cash, Assets,
Uncollected Stock
Assessments, etc*
Returned to Share­
holders: ______

Capital
Stock ai
Date of
Failure;

71.88$

$ 300,000.00

86.22$

200,000.00

91.4

106,060.00

58.4 %

200,000.00

101.06$

75,000.00

45.5i%

80,000.00

8.42$'

300,000.00

70.04$

150,000.00

79.32%

200,000.00

88.17$

100,000.00

69.8

300,000.00

97.8 %

100,000.00

57.362$

50,000.00

35.1 %

100,000.00

B

>00

P

*

r

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

[QRNING NEWSPAPERS

Press Service

During the month of October, 1940, the liquidation of
fourteen Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these fourteen receiverships,
amounted to $20,816,134, while dividends paid to unsecured
creditors amounted to an average of 45*4 percent of their claims*
Total costs of liquidation of these receiverships averaged 7.29
percent of total collections from all sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of October, 1940, amounted to
$1,253,278.

Data as to results of liquidation of the receiver­

ships finally closed during the month are as follows:

TREASURY' DEPARTIENT
Comptroller of the Currency

Washington
FOR RELEASE, MORNXNa NEWSPAPERS
Thursday, November 14, 1940

Press Service
No, 22-65

11-12-40

During the month of October, 194b, the liquidation of
fourteen Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors arid, other creditors of these fourteen receiverships,
amounted to v20,316",134> while dividends paid to unsecured
creditors amounted to an average of 45f4

percent

of their claims,

Total costs of liquidation of these receiverships averaged 7,29
percent of total collections from all sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of October, 1940, amounted, to
pi,253,278, Data as to results of liquidation of the receiver­
ships finally closed during, the month are as fallows:

Name and Location of Bank:

INSOLVENT1NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DUB INC THE MONLH OP OCTOBER, 1940
Per Gent
Capital
Dividends
Total
Stock at
Declared
Disbursements
■^ate of
to All
Including
Date of
Pailure:
Pailure: Offsets Allowed; Claimants:

1,835,629.00

71.88$

$ 300,000.00

516,118.00

86.22$

200,000.00

000

881,997.00

91.4 $

106,060.00

000

58.4 jo

200,000.00

000

2,086,7^40*00

$

00c

556,690.00

101.06$

75,000.00

000

996,167.00

^5.5^

80,000.00

000

5,809,857.0c

8.42$

300,000.00

000

1,631,I}.25.0C

sjJjSj
Om
O—
r

Albany Park NB & Tr. Co.,
Chicago, Illinois
5- 19-31 $
Ravenswood National Bank
6-25-32
Chicago, Illinois
Departmental Bank
7-22-32
Washington, D. C.
Pioneer National Bank
2-18-32
Waterloo, Iowa
Pirst National Bank
Paw Paw, Michigan
12-28—33
Citizens National Bank
g~l4~34
Par i"ban It, Minn*
Atlantic City Nat *1 Bank
Atlantic City, N. J.
1-30-33
Peoples National Bank
5~ilp-3i+
Lakewood, New Jersey
Qneenshcro NB of the City-•of
g-26-31
New York, N. Y,
State National Bank
Shawnee, Oklahoma
8 - 9 - 3 1*
Southwestern Nat11 Bank
Philadelphia, Pa*
&-17 -3 I+
Pirst National Bank
Pitcairn, Pa.
3-2-32
Broadway National Bank
6-8-37
Scottdale, Fa
Pirst National Bank
2-27-3)1
Coehurn, Virginia

Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Shareholders;

150,000.00

000

1,931,296.00

79.32$

200,Coo.00

000

1,^97,768.00

88.17$

100,000.00

000

1,960,097.00

69.8 $

300,000.00

000

859,556.0G

97.6 $

100,000.00

000

42,595.00

57.362^

50,000.00

000

210,139.00

35.1 f

100,000.00

00c

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Thursday, November i K , 1940,

Press Service
No. 22-66

Secretary of the Treasury Morgenthau announced today that all
outstanding 3-3/6 percent Treasury Bonds of 19^4-1—^3 are called for
redemption on March 15, ’A H .

Approximately 15^5,000,000 of these

bonds are now outstanding.
The Secretary indicated that it is probable that prior to the
redemption date, holders of these bonds may be offered the privilege
of exchanging them for other inte "est-bearing obligations of the
United States.
The text of the formal nptic s of call is as follows:

TFREE AN"D THREE—E1G-HTHS FERCENT TREASURY BONDS OF 191
ALL FOR REDEMPTION
To Holders of 3~3/^ percent Treasury Bonds of 19^1'~9'3; and Others
Concerned.:
1,

Public notice is hereby given that all outstanding 3“3/^

percent Treasury Bonds of l^l-V, dated March l6, l|fl, are hereb
called for redemption on March 15, 19^, on whicil date interest on
such bonds will cease,
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 reaempuion

date, be offered the privilege of exchanging all or any part of
their called bonds for other interest-bearing obligations of the
United States, in which event public notice will hereafter be
given.
HENRY MORDENTHAU, JR.,
Secretary of the Treasury,

TREASURY DEPARTMENT,
Washington, November 14, 19^0,
oOo

-

2

-

i
Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

Established Quota
:Period & Country: Quantity

Calendar year
Venezuela
1 ,869,014,616
527,691,192
Netherlands
103,978,560
Colombia
98,779,632
Other countries

Molasses and sugar sirups
containing soluble nonsugar
solids equal to more than
6% of total soluble solids Calendar year

1,500,000

-oOO'

: Unit of : Imports as of
: Quantity :• Nov. 2, 1940

Gallon
n
«
ft

Gallon

1,240,934,547
500,811,293
18,376,869
(Tariff rate
quota filled)

(Tariff rate
quota filled)

/ [ /t-esiA

o

4 a .- C T

PRESS RELEftsiV

The Bureau of Customs announced today preliminary figures for imports of commodi­
ties within quota limitations provided for under trade agreements, from the beginning
of the quota periods to November 2, 1940, inclusive, as follows:

Commodity
Cattle less than 200
pounds each
Cattle, 700 pounds or more
(other than dairy cows)

:
Established Quota
:Period & Country: Quantity

Calendar year
Quarter year
from Oct. 1, 1940
Canada
Other than Canada

100,000

: Unit of : Imports as of
: Quantity : Nov. 2, 1940

Head

99,902
*

51,720
6,210

Head

15,526
(Tariff rate
quota filled)

Whole milk, fresh or sour

Calendar year

3,000,000

Gallon

6,378

Cream, fresh or sour

Calendar year

1,500,000

Gallon

920

Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

15,000,000

Pound

8,661,641

90,000,000

Pound

2,234,495

60,000,000

Pound

147,792

White or Irish potatoes
Certified seed
Other

Silver or black fox fur
units

12 months
Sept. 15,
12 months
Sept. 15,

from
1940
from
1940

12 months from
Dec. 1, 1939
Canada
Other than Canada

58,300

Unit

41,700

Unit

Cuban filler tobaceo,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco

Calendar year

22,000,000

Red cedar shingles

Calendar year

2,371,544

Pound
(Unstemmed
equivalent)
Square

(Import quota
filled)
(Import quota
filled)

17,742,494
(Duty-free
quota filled)

TREASURY department
Washington
NOR IMMEDIATE RELEASE
Wednesday, November 13, 19^-0

P ress S e rv ice
No. 22-67

The Bureau o f Customs announced today p relim in ary fig u r e s fo r imports o f

com­

m odities w ith in quota lim it a t io n s provided fo r under trade agreem ents, from the
"beginning o f the quota perio d s to November 2, 19^-0, in c lu s iv e , as fo llo w s :
:______Established Quota_____: Unit of : Imports as of
_______Commodity___________ iPeriod & Country:
Quantity: Quantity : Nov, 2, 19^-0
Cattle less than 200
pounds each
Cattle, fOO pounds or more
(other than dairy cows)

Calendar year
Quarter year
from Oct. 1, 19^-0
Canada
Other than Canada

100,000 Head

99»9^2

51,720 Head

15,52 6
(Tariff rate
quota filled)

6,210

"

Whole milk, fresh or sour

Calendar year

3,000,000 Gallon

6,378

Cream, fresh or sour

Calendar year

1 ,500,000 Gallon

920

Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

White or Irish potatoes
Certified seed

12 months from
Sept, 15, 1940

Other

8,66l,6Hl

90.000.

000 Pound

2 231+^95

60.000.

000 Pound

12 months from
Sept. 15, 19^0

Silver or black fox fur
units

15,000,000 Pound

12 months from
Dec, 1, 1939
Canada
Other than Canada

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco

Calendar year

Red cedar shingles

Calendar year

53,300 Unit
^+1,700 Unit

Pound
(Unsteinmed
22,000,000 equivalent)
2,371»5^ Square

,

1^7,792

(import quota
filled)
(import quota
filled)

17,7^2,lJ-9^
(Duty-free
quota filled)

Commodity
Crude petroleum , topped
crude petroleum , and
fu e l o i l

:
E s ta b lis h e d Qp.ota
Q u an tity
.'Period & Country :
Calendar year
l , g 6 9 ,O lH , 6 l 6
Venezuela
N etherlands
5 2 7 , 6 9 1 .1 9 2
1 0 3 , 9 7 8 ,5 6 0
Colombia
Other co u n tries
9 8 ,7 7 9 ,6 3 2

Molasses and sugar sirup s
co n tain in g so lu b le nonsugar
s o lid s equal to more than
Calendar year
6jo o f t o t a l so lu b le s o lid s

1 , 50 0 ,0 0 0

: U n it o f
Imports as o f
: Q uantity :Nov. 2, 19^-0

G allo n
it
tr

n

G allo n

i,2U-o,93U,5i+7
5 0 0 , 8 1 1 ,2 9 3
1 8 , 3 7 6 ,8 6 9
( T a r i f f ra te
quota f i l l e d )

( T a r i f f r a te
quota f i l l e d )

(2)
C O T T O N CARD STRIPS, C OMBER WASTE, U P W ASTE, S L I V E R W ASTE, A N D R O V I N G WA S T E ,
vS
e R O R N O T M A N U F A C T U R E D O R O T H E R W I S E A D V A N C E D IN VALUE.
A nnual quo t a s
com m e n c i n g September 20, b y Countries of Origin.
T o t a l auota. provided, however, that not more t h a n 33-1/3 percent of
q uotas s U l l be f illed b y cotton w a s t e s other t h a n c a r d strips an d c o m b e r
w a s t e s m a d e f r o m cottons of 1 -3/16 inches or m o r e i n staple
in the
case of the f o l l o w i n g countries:
U n i t e d Kingdom, France, N e t h e r l a n
,
Switzerland, Belgium, G e r m a n y and Italy:

: Established
: TO T A L Q U O T A

Cou n t r y of
pn n
____ Ori
----------U n i t e d Ki n g d o m .. ..
(7arrnHn ..........
Vwancp ..... .

Br i t i s h In d i a ...
N e t h e r l a n d s .....
Switze r l a n d .....

Cuba .............
T t alv ...........

Total

l/

165,879
72,727
68,783

A,323,457
2 3 9,690
22 7 , 4 2 0
69, 6 2 7

**
-

-

22,747
14,796
12,853
—

-

. —

8,135
6,544
76,329
21,263

-

—

-

-

25,443
7,088

5,482,509

307,389

1 ,599,886

44,388
3 8,559
341,535
17,322
..

1 , 4 4 1,152
75,807

68,240

"Rialcnnm .........
.TaTt£»n ...... . t•.i
f’
.Vvi ns
...... .
J
P
.
a
'
t
m
'
h
...........
■c'SjrFu • • * .........
r.pr*mamr........

(In Pounds)_________ _ _______________ _______ _—
Imports oepu.
T O T A L IMPORTS : E s t a b l i s h e d
20, 1940, to., .
Sept. 20, 1940; 3 3 - 1 / 3 $ of
to Nov# 2, 1940 j Total Qu o t a Nov. 2, 1940 1/

I n c l u d e d i n t o t a l imports,

co l u m n 2.

-0

0

e *-

—

**
**

-

FO R ^ M M M rR E LE A SE,

7?/ a

W £ 5 8 B & f c * * A ~ m . ” •**
The Bureau o f Customs announced to d ay th a t p re lim in a ry rep o rts from the
c o lle c t o r s o f customs show im ports o f co tto n and c o tto n waste chargeable to the
import quotas e s ta b lis h e d by the proclam ation o f th e P resid en t o f SePte3^ e r 5,
1 9 3 9 ^ as fo llo w s , during the perio d September 20, 1940, to November 2, 1940,
inclusive.
COTTON (OTHER THAN HARSH OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH
AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS). Annual quotas commencing September 20, by C o u n tries o f O r ig in :

Country o f
O r ig in

Egypt and the A n glo E gyp tia n Sudan ...........
P e r u .......................... ...............
B r it is h In d ia ...................
China .......................................
Mexico .....................................
B r a z il .....................................
Union o f S o v ie t
S o c i a l i s t R ep ub lics
A r g e n t in a .................... . . »
H a it i .......................................
Ecuador ..................................
Honduras ................................
P a r a g u a y ...............................
Colombia ................................
I r a q ..........................................
B r it is h E a st A fr ic a . .
Netherlands E a st
In d ie s ................................
Barbados ................................
Other B r it i s h West
In d ie s l / ........................
N ig e r ia ..................................
Other B r it i s h West
A f r ic a 2 / .............
A lg e r ia and T u n isia . .
Other French A f r ic a 3/

_________
(In Pounds)___________
S ta p le le n g th le s s
than 1 - 1 / 8 in ches_________
: Imports S e p t,
ta b lis h e d : 20, 1940, to
Quota
: Nov. 2, 1940

783,616
247,952
2,003,453
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2 ,2 4 0

71,388

21,321
5,377
16,004

-

41
138,085
99

S ta p le le n g th 1 - l/ S
__________in ch es or more_________
: Imports Sept.
E s ta b lis h e d : 20, 1940, to
Quota______ t Nov» 2, 1940

43,451,566
2,056,299
64,942

2,709,614
122,632

2 ,6 2 6

—
3,808

76

..
-

435

1
-

506

—
—
—

—
—
29,909

m
m
«

12,554

-

30,139

1,737

**

mm

2 ,0 0 2

-

1,634

689

T o ta !__________________________1 4 .S 1 6 .8 8 2
45,656,420
1 / Other than Barbados, Bermuda, Jam aica, T rin id a d , and Tobago.
2/ Other than Gold Coast and N ig e r ia .
3/ Other than A lg e r ia , T u n is ia , and M adagascar.

8,854,059

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Thursday, November l4, ig40

Press Service

No. 22-63

The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste changeable to the
import quotas established by the proclamation of the President of September 5*
1939» as follows, during the period September 20, 1940, to November 2, 1940,
inclusive*
COTTON (OTHER THAN HARSH OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH
AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS). Annual quotas commencing September 20, by Countries of Oirgin:

Country of
Origin
Egypt and the AngloEgyptian Sudan . . .
P eru................................
British India
China ..............................
Mexico ...........................
Brazil ...........................
Union of Soviet
Socialist Republics
Argentina .....................
Hai t i .............................. ♦
Ecuador .........................
Honduras .......................
Paraguay .......................
Colombia .......................
Ir a q ................................ ,
British East Africa •
Netherlands East
Indies .......................
Barbados .......................
Other British West
Indies l/ ................
N ig eria.........................
Other British West
Africa 2/ ................
Algeria and Tunisia f
Other French Africa 3 /

(in Pounds)
Staple length less
than 1-1/3 inches
Imports Sept,
Established : 20 , 1940, to
Nov, 2, 1940
Quota
733,S i 6
21+7,9 5 2

2,003,483
1,370,791
3,333,259
613,723
475,124
5,203
237
9,333
752
371

124
195
2,240

4l
A
133,035
99
l
-

Staple length 1-1/3
inches or more
Imports Sept,
Established 20 , 1940, to
Nov. 2, 1940
Quota
43,451,566
2,056,299
64,942
2,626

3,303
- ,
1+35
506

29,909

2 , 709 , 611+
12 2,632

-

76
-

71,3 8 8

pjf

1 2 , 55 !+

1,737

2 1 ,3 2 1

-

-

:

30,139
'

-

1,634
-

2,002

-

45,656,420
133,226
14,516,332
Total
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria,
3/ Other than Algeria, Tunisia, and Madagascar.

2.S3M59

rf

5,377
16,004
639

(2)
COTTON CARD STRIPS, COMBER WASTE, LAP 'WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE, Annual quotas
commencing September 20, by Countries of Origins
Total quota, provided, however, that not more than 33-1/3 percent of the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1-3/l6 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
S w itz e r la n d , Belgium , Germany and I t a l y :

Country o f
O r ig in
United Kingdom , • * •
Canada .....................
France .....................
B r it i s h In d ia , . • • ♦
N etherlands , , . . • • •
S w itzerlan d . , . .
Belgium ...................
Japan ........................
China . . . . . . . . . .
Egypt ........................
Cuba ........... ..
Germany ...................
I t a l y ........... ..........

T o ta l

1/

E s ta b lis h e d
TOTAL QUOTA

(In Pounds)
TOTAL IMPORTS : E s ta b lis h e d
S e p t. 20, 1940: 3 3 -1 / 3 % o f
to Nov. 2 . 1940 : T o ta l Quota

A ,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263

165,879
72,727
—
68,783

5,482,509

307,389

-

—

Included in total imports, column 2,

- oOo -

1,441,152
75,807
22,747
14,796
12,853
25,443
7,088

1,599,886

Imports S e p t.
20, 1940, to
Nov. 2 , 1940 1/

£
-

-

-

~ 7 ? *.

I

The Bureau of Customs announced today preliminary figures for imports/of comrmodities within the quota limitations provided for under the Philippine Independence
Act, as amended, and the Philippine Cordage Act of 1935, Worn the beginning of the
quota periods to November 2, 1940, inclusive, \as follows:

Products of
Philippine Islands

:
:

:Unit of :Imports as of
:Quantity:Nov. 2, 1940

Established Quota
Quantity
Period
:

Coconut oil

Calendar year

448,000,000

Pound

304,103,295

Refined sugars

Calendar year

112,000,000)

Pound

107,200,156

Sugars other than refined

Galendar year

1 ,798,000,000)

Pound

1,518,577,410

Cordage

12 months
from May 1, 1940

6,000,000

Pound

2,943,407

Gross

703,403

)y

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

4,500,000

1/ The

Number

Pound

163,489,277

2,500,229

duty-free quota on Philippine sugars applies to 850,000 long tons, of which
not more than 50,000 long tons may be refined sugars.

I’OR
tdlmASL
_
Wednesday,. November 13, 194-0 '

Press Service
No. 22-69

The Bureau of Customs announced today preliminary figures for imports
of commodities witiiin the quota limitations provided for under the Philip­
pine Independence Act, as amended, and the Philippine Cordage Act of 1935,
Ifrom the beginning of the quota periods to November 2, 1940, inclusive,
as follows:
Products of
Philippine Islands

:
:

established Quota
Period
: Quantity

:Unit of :Imports as of
:Quantity:Nov. 2, 1940

Coconut oil

Calendar year

440,000,000

Pound

304,103,295

Refined sugars

Calendar year

112,000,000). Pound

107,200,156

Sugars other than refined Calendar year 1,,792,000,000) Pound

1,518,577,410

Cordage

12 months from
May 1, 1940

Buttons of pearl or shell Calendar year
Cigars

6,000,000

Pound

2 ,943 ,4.07

050,000

Gross

703,403

Calendar year

200,000,000

Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year

4,500,000

y

Number
Pound

163,489,277
2,500,229

The duty-free quota on Philippine sugars applies to 050,000 long tons, of
which not more than 50,000 long tons may be refined sugars.

T R EA SU R Y DEPARTMENT
FISCAL SERVICE
BUREAU OF A C C O U N TS

WASHINGTON

O F F IC E O F T H E C O M M IS S IO N E R

November 7* 19^0*

During the month of October, 19^0* the
following market transactions took place in direct and
guaranteed securities of the Government:
Sales ...................... $^,500,000
Purchases ................ .
Net sales ............

92>000
$+,^08,000

Borenber T* 19 ^ 0 .

TO MB.

BBX i

Borins the month of October, 19^0, the
following market transactions took place in direct and
guaranteed securities of the Governmenti
S a l e s ..................... . $^,500,000

Purchases...... .
Set s a l e s .......... .

Copy to Mr. Schwarz
Mr, Heffelfinger
Mrs* Shaw
Mr* Martin
file

MLM

(§*/

9&»QQP
#fct*W>g,000

(Initialed) lu W. &

TREASURY DEPARTMENT
Washington

Press Service

R)R IMMEDIATE RELEASE
WodnftBAfly. Ootohorw^^ 1940

-■ITo •

"—

7 t o * 3,V** 7 ^
/ *
Market transactions in Government securities for Treasury

* -7

investment accounts in Soptemfaar , 1940, resulted in net sales
ty O

8.000

Secretary Morgenthau announced today

-0 O0 -

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Friday, November 15, 19^-0

Press Serviep
No! 2 2 - 7 0

Market transactions in G-overnment securities for Treasury
investment accounts in October, 1 9 ^-0 , resulted in net sales
of $^,^03,000, Secretary Morgenthau announced today#

-

2

-

If units are presented for entry at the opening of the quota
period in excess of the quota limitations, it will he necessary to
prorate the number of units permitted entry under each entry and with­
drawal on the basis of the number presented for entry.

-0 O0 -

Fi'ypy.Jt’fifl.

thS ’ BUi'yuu1

t nTnr)

The Bureau of Customs announced today that in order to provide equal
opportunities at all customs ports of entry for the filing of entries and
withdrawals for consumption covering silver or black fox units subject to
quota limitation under the provisions of the supplementary trade agreement
with Canada, signed on December 30, 1939, at the opening of the quota
period on December 2, 1940 (December 1 falling on a Sunday), the collectors
of customs have been instructed that no entries or withdrawals for con­
sumption covering suc)z merchandise shall be accepted on that date before
12 noon Eastern Standard Time at any port in the Eastern Standard Time
Belt,

11 A. M. Central Standard Time in the Central Standard Time Belt,

10 A. M. Mountain Standard Time in the Mountain Standard Time Belt and
9 A. M. Pacific Standard Time in the Pacific Standard Time Belt.
Under the terms of the supplementary agreement, signed on December 30,
1939, 53,300 units from Canada and 41,700 units from all other foreign
countries may be entered, or withdrawn from warehouse, for consumption
during the twelve-month period commencing on December 1, but not more than
25 percent of these quotas may be entered, or withdrawn from warehouse,
for consumption during any one month.
The quota status of silver or black fox units is determined by the
time and date when entry or warehouse withdrawal for consumption covering
such merchandise is presented in proper form at the customhouse.

No quota

status will attach in December by reason of the presentation of an entry
or withdrawal in any prior period.

TREASURY DEPARTMENT
Washington
For Immediate Release
Friday, November 15, 19^0.

Press Service
No. 22-71

The Bureau of Customs announced today that in order to provide
equal opportunities at all customs ports of entry for the filing of
entries and withdrawals for consumption covering silver or black
fox units subject to quota limitation'under the provisions of the
suoplementary trade agreement with Canada, signed on December

J0 f

1939> at the opening of the quota period on December 2, 19^0
(December 1 falling on a Sunday), the collectors of customs have
been instructed that no entries or withdrawals for consumption
covering such merchandise shall be accepted on that date before
12 noon Eastern Standard Time at any port in the Eastern Standard
Time Belt, 11 A.M. Central Standard Time in the Central Standard
Time Belt, 10 A.M. Mountain Standard Time in the Mountain Standard
Time Belt and 9 A.M. Pacific Standard Time in the Pacific Standard
Time Belt,
Under the terms of the supplementary agreement, signed on
December 30, 1939, 53,300 units from Canada and ^1,700 units from
all other foreign countries may be entered, or withdrawn from ware­
house, for consumption during the twelve-month period commencing
on December 1, but not more than 25 percent of these quotas may be
entered, or withdrawn from warehouse, for consumption during any
one month.
The quota status of silver or black fox units is determined by
the time and date when entry or warehouse withdrawal for consumption
covering such merchandise is presented in proper form at the

- 2 ~
at the customhouse*

No quota status will attach- in December by

reason of the presentation of an entry or withdrawal in any
prior period.
If units are presented for entry at the opening of the quota
period in excess of the quota limitations, it will be necessary to
prorate the number of units permitted entry under each entry and
withdrawal on the basis of the number presented for entry.
OoO-

TREASURY D2PAHIMSHT
Washington

for

m:m%$ mmm jotspapirs,
If >

f *w«*

—

a ^ .

service

n 'Z^

The Secretary of the treasury announced last evening that the tenders for
#100,000*000, or thereabouts, of Rational Defense Series, 91-day Treasury bills
to be dated November 20, 1910# and to nature February 19# 1941# sfcleh sere
offered on November 15, sere opened at the Federal Reserve Banks on November 18
The details of this issue are ae follows*
Total applied for - #280,853,000
Total accepted
- 100,302,000
Range of accepted bids? (l&oeptiitg one bid of #128,000)
High
low

* 100.
- 99*999
Average price - 99.9W

Squlvalent rate apprcodnately 0*004 percent
*
*
*
0*003
*

(95 percent of the amount bid for at the low price m s accepted)

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, November IQ , 1940.
ir/1 8 / 4 0 "
---- ■

Press Service
No. 22-72

The Secretary of the Treasury announced last evening that the
tenders for #100,000,000, or thereabouts, of

National Defense

Series, 91-day Treasury bills, to be dated November 20, 1940, and to
mature February 19, 1941, which were offered on November 15, were
opened at the Federal Reserve Banks on November 18.
The details of this issue are as follows:
Total applied for - #280,833,000
Total accepted
- 100,302,000
Range of accepted bids:

(Excepting one bid of #128,000)

High
- 100,
Low
- 99.999 Equivalent rate approximately 0,004 percent
Average price - 99*999/
11
,f
M
0.003
n
(75 percent of the amount bid for at the low price was accepted)

-oOo-

TREASURY DmraflSHT
Washington
FOR RELEASE, SfORBXHG NEWSPAPERS

Press Service

Tuesday. November 26, 1940*
11 /2 5m'

^ 0

The Secretary of the Treasury announced last evening that the tenders
for $100,000,000, or thereabouts, of national Defense Series, 91-day
Treasury bills, to be dated November 27, 1940, and to mature February 26,
1941, which were offered on November 22, were opened at the Federal Reserve
Banks on November 25*
The details of this issue are as follows:
Total applied for - $298,636,000
Total accepted
- 101,256,000
Range of accepted bids?
High
t rym
s m p
(57

- 100,
99*999 Equivalent rate approximately 0.004 percent
price - 99.999
*
0.004
"

percent of the amount bid for at the low price was accepted)

TREASURY DEPARTMENT
Washington
Press Service
No. 22-73

The Secretary of the Treasury announced last evening that the

the Federal Reserve Banks on November 2 5 .
The details of this issue are as follows:
Total applied for - $298,636,000
Total accepted
- 101,256,000
Range of accepted bids:
High
Low

- 100.
“ -

Average price -

99.999' Equivalent rate approximately 0.004 percent
99.999
M
n
n
0.004
"

(57 percent of the amount bid for at the low price was accepted)
-oOo-

Foreign selling of American securities continued, net sales

X
amounting to $11,662,000. In the previous four weeks period net sales
totaled $9,782 , 0 0 0 In addition to British sales of $4,479,000,
Italy and Switzerland also reduced their holdings of American securities)
Canada and Netherlands showed s m a l l n e t

purchases. Gross purchases

qp-p’re^ated $18 ,087,000 ''and gross sales $29,749,000.
La..tin# America, Asia and Canada were the principal purchasers
of foreign securities held in this country.

Small net sales by

Switzerland, United Kingdom and Germany reduced the total net
mnanciaaea purchases to $1,677,000.

4 =
JLIL’LIL 'l

m n rr, ,r

>

United States Thanks and jankers reported purchases of
$4,53^805,000 in spot and forward foreign exchange during the twelve
months and sales of $4,522,502,000.

Their net short position in
V

foreign currencies was reduced from $24,600,000 on August 30, 1939

y
to $11,006,000 on September 4, 1940.
Statistics in the Bulletin for the latest period reported,
August 7, 1940 to Sentember 4, 1940, disclosed net capital inflow
into the United States of $198,230,000.

In the four weeks just

preceding caoital inflow amounted to $94,557,000.

llsi

Short-term foreign funds in this country for the five weeks
increased $188,545,000

is

Ir —

1

"'»»■

‘rfMr,".+pr-

British funds rose $42,706,000 as the result
of gold sales and continued liquidation of American securities.

O.ononiol

funds increased $41,949,000; Swiss,$27,173,000; Swedish,$20,949,000;
French, $17,859,000; Argentine, $10,833,000; and Panazna**f $6fWK%000.
i, i ,L g

e

"TT-— !

Mflw

i n,ia,i t. « r

As of Sent ember 4, 1940, the United Kingdom had. total short—ter.,
funds here of $385,719,000\ France, $515,191,000;^Belgium, $150,907,000;
Germany, $10,539,000 j^Italy, $UQ^DQO0MQ $26 ,055,000\ Netherlar.cj
A

$217,997,000; "Switzerland, $476,388,000;'

$182,732,000; Sweden,
and Canada, $395,894,000.^

Domestic banks’ claims on foreigners declined $19,103,000
in the five weeks

^

HMaBBBi

^ ^

~^

■fl

_p_

During the period, foreign investors were active in American
l

security markets, trading a reported total of $1,436,818,000 domestic
stocks and "bonds.

Gross purchases aggregated $670,862,000 and gross

sales war® $^6 5 ,9 5 6 ,000/showing a net liquidation of $95,094,000.^
In addition, foreign countries repatriated $132,745,000 <>f their
securities held in the United States*
British end Canadian net sales of American securities totaling
$195,326,000 vwere more than counterbalanced hy net purchases of
$59,470,000 "for Swiss account, $ll,567,000/for Italian account,
$1 0 ,038,000 ^f or Dutch account, and repurchases of foreign securities
by Canada amounting to $60 ,988,000,^Latin America, $17,955,000,^
Trance, $14 ,6 9 3 ,0 0 0 ,K ’’other Europe” , $13,622,000, and Asia, $10,331,000
'The first year of the war showed a decrease of $57,630,000
in American funds abroad with decreases appearing in all sections except
Latin America and Asia.

Claims on Europe declined $103,632,000 led by

the United Kingdom where our funds decreased $44,274,000'and Germany
*?f

oqr

000 /Claims on Asia rose $53,121,000 "and on Latin America

$8,230,000.
A feature of the period was the reduction in the amount, of
acceptances outstanding, indicating a diminution in financing by this
>i -i ■
*
- & more 0f
lyorvf" -foroim control of tra.de*
method
because
of
stringent

foreign

----- kerage^
---- — -

- x' iff ,

^
«j p.iiti.ji

during the twelve m

o

n

t

h

■'

|

/
With a net capital inflow of $806,831,000 in the first year
Q jL kK K X * * * -

of the

war, the United States became haven for refugee

funds unsurpassed in world history, statistics in the November
i/v\ (^ L ^ j

.letin]revealedj today.

c^ t/KA Treas

V K U & -- ^

O ck*.

Foreign banking funds

^

^ *V,

•eached the record-breaking total of $3,
While most other countries were increasing their balances
here in the period, August 30, 1939 to September 4, 1940, the

J

United Kingdom withdrew $320,924,000.

British withdrawals,

consisting primarily of a reduction of $157,321,000^in deposits
4

and liquidation of $158,428,000 in American securities,

w p»

in addition to heavy gold sales used to finance purchases of war
«.

0J

,

\

S gJL lo ef

f£fn

„

0~4rht^

Principal movement of capital during the twelve months was
the increase in deposits here for foreign account.

Deposits

4

$742,1^7,000, yffi

„ , to

,
/
A
/
$3,435,278,000 on September 4, 1940 from $2,593,101,000 on August 30,
19 39.
French short-term funds in the period increased $200,805,000,
the greater part of which was deposited, here last June. Countries
included in the item "other Europe", principally Scandinavian and
Balkan, increased their reported deposits here $226,521,000.

Other

large increases in deposits in American banks were: $196,323,000/

/
for Swiss account; and $144,181,000 for Asiatic account.

Smaller

increases were recorded for Latin America, Canada, Netherlands and

/

y A

Italy, amounting to $54,701,000, $42,711,000, $27,151,000 and
$14,938,000 Respectively.

1

TREASURY DEPARTMENT
Washington

FOR RELEASE, AFTERNOON NEWSPAPERS
Friday, November 29* 194-0,
II/2 7 / 4 0

Press Service-

No. 22-74

With a net capital inflow of $S06,&31,000 in the first
year of the current war, the United States became haven for
refugee funds unsurpassed in world history, statistics in the
November Bulletin of the Treasury Department revealed today.
Foreign banking funds in this country reached the record-breaking
total of $3,601,4-19,000. .
While most other countries were increasing their balances
here in the period,

August 3 0 , 1939 to September 4, 194-0, the

United Kingdom withdrew $320, 924-, 000,

British withdrawals,

con­

sisting primarily of a reduction of $1 5 7 )3 2 1 ,0 0 0 in deposits
and liquidation of $15S>, 42$$, 000 in American securities,

in addi­

tion to heavy gold sales were used to finance purchases of war
material.

Sales of securities are those reported by banks,

brokers and dealers,

and do not include sales made through other

channels,
Principal movement of capital during the twelve months
was the increase in deposits here for foreign account*

Deposits

rose $74-2,1 7 7 ,000, to $3)^35)276,000 on September 4-, 194-0 from
$2,693,101,000 on August 30, 1939*
French short-term funds in the period increased
$200,6 0 5 ,000, the greater part of which was deposited here last
June,

Countries included in the item "Other Europe", princi-

pally Scandinavian and Balkan, increased their reported deposits
here £226,521,000,

Other large increases in deposits in American

hanks were: £196,323,000 for Swiss account; and £.144,181,000 for
Asiatic account.

Smaller increases were recorded for Latin

America, Canada, Netherlands and Italy, amounting to £54,701,000,
£.42,711,000, £.27,151,000 and £.14,938,000 respectively.
During the period, foreign investors were active in
American security markets, trading a reported total of
£1,436,818,000 domestic stocks and bonds.

Gross purchases

aggregated £670,862,000 and gross sales £765,956,000, showing
a net liquidation of £95,094,000.

In addition, foreign countries

repatriated £132,745,000 of their securities held in the United
States.
British and Canadian net sales of American securities
totaling £193,326,000 were more than counterbalanced by net
purchases of £59,470,000 for Swiss account, £11,567,000 for
Italian account, £10,038,000 for Dutch account, and repurchases
of foreign securities by Canada amounting to £60,988,000, Latin
America, £17,955,000, Prance, £14,693,000, "Other Europe",
£l3,622,000, and Asia, £l0,331,000.*
The first year of the war showed a decrease of £57,630,000
in American funds abroad with decreases appearing in all sections
except Latin America and Asia,

Claims on Europe declined

£103,632,000 led by the United Kingdom where our funds decreased
£44,274,000 and Germany £26,988,000.

Claims on Asia rose

£53,121,000 and on Latin America £8,280,000,

A feature of the period was the reduction in the amount
of acceptances outstanding, indicating a diminution in financing
by this method because of more stringent foreign control of trade.
Foreign brokerage balances showed net inflow of $>15,498,000
during the twelve months.
United States banks and bankers reported purchases of
$4,531,805,000 in spot and forward foreign exchange during the
twelve months and sales of $4,522,502,000.

Their net short

position in foreign currencies was reduced from $24,600,000 on
August 30, 1939 to $11,006,000 on September 4, 1940.
Statistics in the Bulletin for the latest period re­
ported, August 1, 1940 to September 4, 1940, disclosed net capi­
tal inflow into the United States of $198,230,000.

In the four

weeks just preceding capital inflow amounted to $94,557,000.
Short-term foreign funds in this country for the five
weeks increased $188,545,000.

British funds rose $42,706,000

as the result of gold sales and continued liquidation of
American securities.

Canadian funds increased $41,949,000;

Swiss, $27,173,000; Swedish, $20,949,000; French, $17,869,000;
Argentine, $10,833,000; and Panamanian, $6,862,000.
As of September 4, 1940, the United Kingdom had total
short-term funds here of $385,719,000; France, $515,191,000;
Belgium, $150,907,000; Germany, $10,539,000; Italy, $26,055,000;
Netherlands, $182,732,000; Sweden, $217,997,000; Switzerland,
$476,388,000; and Canada, $395,894,000.

Domestic banks’ claims on foreigners declined §19*103*000
in the five weeks to £425,842,000,
Foreign selling of American securities continued, net
sales amounting to £11,662,000.

In the previous four weeks

period net sales totaled £9,782,000,

In addition to British

sales of £4,479,000, Italy and Switzerland also reduced their
holdings of American securities.
small net purchases.

Canada and Netherlands showed

Gross purchases aggregated (18,087,000

and gross sales §29,749,000.
Latin America, Asia and Canada were the principal purchaser
of foreign securities held In this country.

Small net sale s by

Switzerland, United Kingdom and Germany reduced the total net
purchases to §1,677,000.
#

2

The Committee on the C l a s s i f i c a t i o n of U n i v e r s i t i e s
and Colleges told C a p t a i n James Pine,
Academy,
who

S u p e r i n t e n d e n t of the

that Dean R. G. D. R i c h a r d s o n of B r o w n University,

i n s pected the A c a d e m y f o r the Association,

h a d commented

on "the splen d i d student b o d y and on the p r o g r a m of inst r u c t i o n
w h i c h a p p e a r e d to the C o m m i t t e e to be e x c e l l e n t l y con c e i v e d and
organized."
The Coast G u ard A c a d e m y p r o v i d e s a f our— y e a r course
of i n s t r u c t i o n for candidates

for c o m m issions as officers.

The

inst r u c t i o n is b a s i c a l l y scientific and e n g i n e e r i n g in character.!
There are at p r e sent 264 students,

d i v i d e d into four classes.

at H e w London,

C o n n * , h e r e a f t e r will

b a c h e l o r of science,

receive the degree of

a result of a c t i o n taken b y

of A m e r i c a n U n i v e r s i t i e s and rep o r t e d
Waesche,

C o m m andant of the Service.

the A s s o c i a t i o n

to R e a r A d m iral R* R
He recei v e d w o r d that the

A s s o c i a t i o n ’s committee on the c l a s s i f i c a t i o n o f u n i v e r s i t i e s
and colleges h a d voted u n a n i m o u s l y to place

the A c a d e m y on its

acc r e d i t e d list.
The Coast Guard A c a d e m y trains y o u n g m e n to become
officers o f the Coast Guard,
Department.

m a r i t i m e a g e n c y of the T r e a s u r y

Congr e s s r e q u i r e d the approval o f the A s s o c i a t i o n

of A m e r i c a n U n i v e r s i t i e s b e f o r e

it w o u l d authorize

the science

degree to b e con f e r r e d on A c a d e m y graduates.
The A c a d e m y ’s q u a l i f i c a t i o n as an i n s t i t u t i o n w i t h
the

right to grant

the degree is the result of several years

of p r e p a r a t i o n w h i c h in c l u d e d s t r e n g t h e n i n g of the f a c u l t y and
add i t i o n of p h y sical equipment.
places

the A c a d e m y g r a duate on

The A s s o c i a t i o n ’s approval
the same educational

f o o ting as

the gr a d u a t e of ^ c i v i l i a n u n i v e r s i t y on w h o m the science degree
is c o n f e r r e d . —

I mprovement

in the A c a d e m y ’s faculty,

equipment a n d

courses of study in recent yea,rs has bee n m a d e t h r ough sug­
gestions

ing,

of the A c a d e m y ' s a d v i s o r y committee,

H a r v a r d University;

chusetts

Prof.

of w h i c h

George E. Russell,

Institute of Technology;

Massa­

and Judge T. W. Swan,

U n ited States Circuit Court of Appea3rWs,

N ew Y o r k City.

o f the

fit
G l,

s
*
-■—

Graduates of the U n i t e d States Coast G u a r d A c a d e x ^ S ^ T ^
at N e w London,

Conn., h e r e a f t e r will

b a c h e l o r of science,

receive the degree of

a result of a c t i o n taken b y the A s s o c i a t i o n

of A m e r i c a n U n i v e r s i t i e s and re p o r t e d
Waesche,

Com m a n d a n t of the Service.

to H e a r Ad m i r a l R. R.
He re c e i v e d w o r d that the

A s s o c i a t i o n ’s committee on the c l a s s i f i c a t i o n o f u n i v e r s i t i e s
and colleges h a d voted u n a n i m o u s l y to place

the A c a d e m y on its

a c c r e d i t e d list.
The Coast Guard A c a d e m y trains y o u n g m e n to become
officers o f the Coast Guard,
Department.

m a r i t i m e a g e n c y of the T r e a s u r y

C o n g r e s s r e q u i r e d the approval o f the A s s o c i a t i o n

of American Universities before

it w o u l d authorize

the science

degree to b e c o n f e r r e d on A c a d e m y graduates.
The A c a d e m y ’s q u a l i f i c a t i o n as an i n s t i t u t i o n w i t h
the

right to grant

the degree

is the result of several years

of p r e p a r a t i o n w h i c h i n c luded s t r e n g t h e n i n g of the f a c u l t y and
a d d i t i o n of ph y s i c a l equipment.
places

The A s s o c i a t i o n ’s approval

the A c a d e m y graduate on the same e ducational

the g r a duate of

a

f o o ting as

c i v i l i a n u n i v e r s i t y on w h o m the science degree

is conferred.

~1a

^Academy a d v i s o r y committee

^

--j-

frho neaeo
...and.
dean of engineering,

'pi'UfB'SUWS
consists of Prof.

Co l u m b i a Univ e r s i t y ;

J. W. Barker,

?

Prof. H a r r y Clifford,

d ean o f engineering, H a r v a r d U n i v e r s ity; Prof.

George E. Russell,
j

G fc x X * .

C U Ju o .

J

e \

M a s s a c h u s e t t s Institute or T e c h n o l o g y j and Prof. H. L. Seward,
Yale U n i v e r s i t y y
I

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Sunday, December 1, 19^-0♦______

Press Service
No. 22-75

Graduates of the United States Coast Guard Academy at
New London, Conn., hereafter will receive the degree of bachelor
of science, a result of action taken by the Association of
American Universities and reported to Rear. Admiral R. R. Waesche,
Commandant of the Service.

He received word that the Associa­

tion’s committee on the classification of universities and
colleges had voted unanimously to place the Academy on its
accredited list.
The Coast Guard Academy trains young men to become officers
of the Coast Guard, maritime agency of the Treasury Department.
Congress required the approval of the Association of American
Universities before it would authorize the science degree to be
conferred on Academy graduates.
The Academy’s qualification as an institution with the right
to grant the degree is the result of several years of preparation
which included strengthening of the faculty and addition of
physical equipment.

The Association’s approval places the

Academy graduate on the same educational footing as the graduate
of an accredited civilian university on whom the science degree
is conferred.

j

Improvement in the Academy’s faculty, equipment and courses
of study in recent years has been made through suggestions of
the Academy’s advisory committee, of which Prof. H. L. Seward,

2
of Yale University, is chairman.

The other members of the com­

mittee are Prof, J. W, Barker, dean of engineering, Columbia
University; Prof. Harry Clifford, dean emeritus of the graduate
school of engineering, Harvard University; Prof, G-eorge E.
Russell, Massachusetts Institute of Technology; and Judge T. W.
Swan, of the United States Circuit Court of Appeals, New York
City.
The Committee on the Classification of Universities and
Colleges told Captain James Pine, Superintendent of the Academy,
that Dean R, G, D. Richardson of Brown University, who inspected
the Academy for the Association, had commented on ,rthe splendid
student body and on the program of instruction which appeared
to the Committee to be excellently conceived and organized."
The Coast Guard Academy provides a four-year course of
instruction for candidates for commissions as officers.

The

instruction is basically scientific and engineering in character.
There are at present 2 6 ^ students, divided into four classes.

-oOo-

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
■Tugffto. December 3. I % 0 .

Press Service

t i - H

12^40

The Secretary of the Treasury announced last evening that the tenders for
$100,000,000, or thereabouts, of Rational Defense Series, $L~d&y Tiwaaury bills,
to be dated Deeeaber 4, 1910, and to nature March 5* 1941, which were offered on
Roveafoer 29, were evened at the Federal Reserve Banks on December 2.
The details of this issue are as follows»
Total applied for - $374,375#O0G
Total accepted
- 100,968,000
Range of accepted bldss (Excepting onetender of
High
low
Average price

<*»100*001
- 99.999 Equivalent
- 99.999/
*

$100,000)

rate approximately 0.004 percent
«
*
0.002
*

(23 percent of the amount bid for at the low price was accepted)

TREASURY DEPARTMENT,
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, December 3, 1940.

Press Service
No. 22-76

The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of National Defense Series,
91-day Treasury bills, to be dated December 4-, 194-0, and to mature
March 5j 19^1, which were offered on November 29, were opened at
the Federal Reserve Banks on December 2,
The details of this issue are as follows:
Total applied for - $374,375,000
Total accepted
- 100,§6 $,COO
Range of accepted bids: (Excepting one tender of $100,000)
- 1 0 0 .0 0 1
~ 99*999 Equivalent rate approximately 0.004 percent
Average price - 99*999/
"
11
«
0 .0 0 2
n
High

aL o w

(23

percent of the amount bid for at the low price was accepted)

-0 O0 -

-1

>

^

I. 19*0
iir ^ l- lh ^im t ift ti> « Ti-i-i

Hr. taabraa.
Hr. fiassai Isfutil as at U*00 thi* «miit that Mr fm«ri«k m u i | « hat
laft Msbsa ant It Ht* la 9«ar fm e t absab lt^$ f.a. Uaitm, fataasiay, Itossabar k .
S# trill b* aeaa«f«itl*ft Hr Hr. Playfair «f tbs Srttirii frastary. Fiaasst trill f» ap
ts w t Mr FraSsrlefe, prabably Issria* Hit Hr alrylsaa HMiftt asraiaf. H u w l
Mar ssassatlsa* frsa as in rsgtf* to arraagassata far swr Mtmrtctimi, ata.,
tritH miura.
Flsassit raat«& alia tht axast tax* af satfe saamlfss as ths fraasayy nay flat
is i H fias*. H t IHIIH Hittif aatislpitst fiviaf sat H coammiqua ittslf. Hat
H t W U H ts sails is Ha t e tbs aaast tax* sf m a t e m m m i q w t . Masaat sacfsatsi
«•»* tars a*a. m r n I sbtalaaft tbs Starstar?*• agprsrsl Is th« falls*!** wordlag:
*ia ssaUsaatlsm «f H a Siasasaisas H i H
flat* la lOy, Sir
FraSariefc Fbiltip* Has arrival la «ri«r ts visas Hi latast stall*bit
lifavtUa bafara His Umltat Mats# fraasasr**
9s M s tais la ths fata sf a fFaasaa?
aasti

tha ftUttlli vtiiiti sl|H H

•Sssratarr Hss«satha® aaasaassi tatsy that, la t m H a a U a i af H a
HietflHsit Shiah task flats la tfubiagtaa .lariat IHr* if1*©, Mr HrsisrlaH
FfelHtf•» ©alar Sssrstary sf tbs British fraaimry, Hi la* ts arrlta la tbs
Halts! Malta shsatli ts flats lbs latsat availabl* lafsraatlsa bsfort tbs
Waits! Matas frtaasrr.f
S

I

|

■

'#

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, December
19^0.

Press Service
No, 22-77

Secretary Morgenthau announced today that, in continua­
tion of the discussions which took place in Washington during
July, 19^0, Sir Frederick Phillips, Under Secretary of the
British Treasury, is due to arrive in the United States today
to place the latest available information before the United
States Treasury,

-0 O0 -

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, December 6 , 1 9 ^0 .

Press Service
No. 22-73

The Bureau of Customs announced today that the December,
1 9 ^0 ,

quotas for Canada and for other countries, which limit

the quantity of silver or black fox furs, skins, parts, articles
and foxes which may be entered, or withdrawn from warehouse,
for consumption during any month, as provided for in the
supplementary trade agreement with Canada, have been exhausted.
Entry, or withdrawal from warehouse, for consumption of these
commodities is therefore prohibited until the beginning of the
next quota period.

o o 0 o o

feLkwJMKT W

/*y 6

» /r

OP DISTILLED LIQUORS AND WINES AND DUTIES COLLECTED THEREON - OCTOBER 1940

DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Exp or tedr-f roiii-Oustro
Stock in Customs Bonded Warehouses
at end
STILL WINES (Liquid Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (free and Dutiable)
Available for Consumption
Entered into Consumption (a)

7/ if
#

October
1940

September
1940

October
1939

10 months ended
October 1940 October 1939

8,682,438
1,061,282
9,743,720
1,084,044

8,493,986
958,436
9,452,422
769,783

3,504,803
1,478,667
4,983,470
1,110,359

4,474,392
12,815,343
17,289,735
8,611,564

4,214,134
8,549,011
12,763,145
8,832,725

8,658,556

8,682,438

3,872,233

8,658,556

3,872,233

1,680,675
129,623
1,810,298
250,548

1,648,738
167,973
1,816,711
136,036

1,116,802
437,311
1,554,113
369,385

1,283,499
2,973,818
4,257, 317
2,690, 654

1,121,505
2,637,931
3,759,436
2,570,038
sswsSWB-

a*

Stock in Customs Bonded Warehouses
at end
SPARKLING WINES (Liquid Gallons)1
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)

1,559,503

325,235
4,201
329,436
53,915

1,184,596

1,559,503

1,184,596

294,621
72,701
367,322
58,809

376,746
278,093
654,839
378,764

257,942
400,001
657,943
348,779

308,504

274,786

308,504

$ 1,891,456 $ 2,752,386
121,565
303,829
94,494
175,788
$ 2,107,515 $ 3,232,003

21,247,101
2,261,593
1,125,790
24,634,484

$ 21,893,144
2,186,452
1,042,155
$ 25,121,751

1,680,675

355, 339.
1,728
357,067
31,832

mem
274,786
DUTIES COLLECTED ON:
I Distilled Liquors
^ Still Wines
t Sparkling Wines
^ Total Duties Collected on Lfquor

$ 2,676,489
225,832
161,280
$ 3,063,601

325,235

■Fere
$dtred^
■»
i
Wi9*r
(a) Including withdrawals for ship supplies and diplomatic use.

9,

(Prepared by Division of Fiscal Administration, Bureau of Customs)

TREASURY DEPARTMENT
Washingt on
Por Release, Morning Papers
Monday. December 9. 19*40.
12 -6-1+0

Press Service
No. 22-79

Commissioner of Customs W. R. Johnson today issued the following statement
showing imports of distilled liquors and wines, and duties collected thereon,
covering October, 191+0, with comparative figures for October 1939, and September
October

19140

September
I91+Q

October
10 months ended
1939
October 19*+0 October 1939

DISTILLED LIQUORS
(Proof Gallons):
Stock in Customs
Bonded Warehouses
at beginning....* 2,622,*+32
8,1493,926 3 ,50*4,803 *4,147*4,392
*+,21*+, 13 *+
Total Imports (Pree
and Dutiable)...* 1 ,061,222
1 ,*+72,667 12 ,815,3*43 2,5*49.011
952,1436
Available for Con­
sumption. ........ 9,7*43.720
9,*+52,*+22 14,923,1470 17 ,229,735 12 ,763,1*45
Entered into Con­
sumption (a)..... i,os*+, o*+*+
2,611 ,56*+ 2,232,725
769,723
1 ,110,359
Stock in Customs
Bonded Warehouses
at end....*...,** 8,653,556
2,6g2,*+3g 3 .272,233
8,658,556
3,872,233
STILL WINES (Liquid
Gallons):
Sttcjc in Customs
Bonded Warehouses
at beginning....
1 ,620,675
l,6*+g,73g
1 ,116,202
1 ,223,*499 1 ,121,505
Total Imports (Eree
and Dutiable)....
129,623
167,973
*437,311
2,973,318
2,637,931
Available for Con­
sumption. ........., 1 ,210,292
1 ,216,711
1,55*4,113
*4,257,317
3,759, *436
Entered into Con*sumption (a).....
250,5*+2
136,036
2,690,65*+ 2,570,032
369,325
Stock in Customs
Bonded Warehouses
at end........... 1.559,503
1 ,620,675
1 ,12*+,596
1 ,12*4, 596 1 ,559,503
SPARKLING WINES
(Liquid Gallons):
Stock in Customs
Bonded Warehouses
at beginning.....
29M 21
376,7*46
325,235
355,339
257,9*42
Total imports (Pree
and Dutiable)....
*+,201
1,722
*+00,001
72,701
272,093
Available for Con­
sumption. .......
357,067
329.*436
367,322
■ 6514,839
657,9*43
Entered into Con­
sumption (a).....
31,232
58,809
372,76*4
53,915
3*42,779
Stock in Customs
Bonded Warehouses
at end.
27*4,7S6
27*+. 726
302.50*+
325.235
302.50*+
DUTIES COLLECTED ON:
Distilled Liquors
$2,676,1+29
$1 ,291,*+56 $2,752,326 $21,2*+7 ,101 $21 ,293,1 ^
Still Wines
225,232
2,126,*+52
303,S29
121,565
2.261,593
•--Sparkling Wines
161.220
9*+. *+9*+
115,1$%._JUl2i,I90__ 1.0*42,155. —
Total Duties Collected-, 063 601
$2,107,515 $3 ,232,003 $2^,
$25,121,751
«n Liquor
*
9
(a)
Including withdrawals for ship supplies and diplomatic use*

63k,kzk

TREASURY DEPART&SUT
Washington
foe release , mmam hbwspapers
Tuesday. December 10« 1940
12/9/40

_

Press Service

Mo.

The Secretary of the Treasury announced last evening that the tenders
for $100,000,000, or thereabouts, of National Defense Series, 91-day Treasury
bills, to be dated December 11, 1940, and to nature torch 12, 1941, #»loh
«re offered on December 6, were opened at the Federal Reserve Banks on
December 9*
The details of this issue are as follows!
Total applied for - $406,052,OCX)
Total accepted

~

101,204,000

Range of accepted bids*

(Excepting one tender of $5*000)

High
Low

- 100.001
.
%
.
- 99.999 Equivalent rate approximately 0*004 percent.
Average price - 99.999/
"
"
"
°*001
(12 percent of the amount bid for at the lew price m s accepted)

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, December 1 0 , 19^0

12/9 A o

--------------------

Press Service
Mn 90 an
‘- C - — 0 U

The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of National
Defense Series, 91-day Treasury bills, to be dated December 1 1 ,
19^*0, and to mature March 12, 19^*1, which were offered on
December 6 , were opened at the Federal Reserve Banks on
December 9 *
The details of this issue are as follows:

Total applied for
Total accepted

-

$4-06,052,000
101,204,000

Range of accepted bids: (Excepting one tender of $5 ,0 0 0 )
High
k °w
Ave rage
price

- 100*001
“ 99*999 Equivalent rate approximately 0*004
percent.
-

99•999/Equivalent rate approximately 0 * 0 0 1
percent.

(12

percent of the amount bid for at the low price was
accepted)

o o 0 o 0

IV.
1.

M E M ?

Payment at par and accrued interest, if any, for notes allotted here­

under Mist be made or collated on or before December 18, 1940, or on later allot­
ment*

In every case where payment Is not so completed, the payment with applica­

tion 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 peraitted 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
Beserv© Bank of its district.
V.
1.

d i m

PfiDYI3I0$8

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, pre­

scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated proaptly to the Federal Reserve Banks*

H&UHT HQH1EHTHAU, JR.,
Secretary of the Treasury.

-

3*

2

-

Th© notes will be accepted at par during such time and under such rules

and regulations a® 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 denomina­

tions of $100, $500, 11,000, $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 De­

partment, now or hereafter prescribed, governing United States notes.
III.
1.

SUBSCRIPTION AKD ALLOISIKIfT

Subscriptions will be received at the Federal Reserve Banks and Branches

and at the Treasury Department, Washington.

Banking institutions generally may

submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorised to act as official agencies.

Others

than banking institutions will not be permitted to enter subscriptions 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 bne-half of the combined capital and surplus of the sub-

|:
'P
scribing 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 subscrip­

tion, 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 th© allotment will be
publicly announced.

UNITED STATES OF AMERICA
3/4 PERCENT TREASURY NOTES OF SERIES B~1945
NATIONAL DEFENSE SERIES

Dated and bearing interest Ire® December 18| 1940

Oue December 15# 1945

Interest payable June 15 and December 15

X940
Department Circular No. 646

TREASURY DEPARTMENT,
Office of the Secretary,
Washington, December 11, 1940*

Fiscal Service
Bureau of the Public Debt
I,
1*

OFFERING OF NOTES

The Secretary of the Treasury, pursuant to the authority of the Second

Liberty Bond Act, approved September 24# 1917# as amended, invites subscriptions,
at par and accrued interest, f ron the people of the United States for 3/4 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.

II.
1.

DESCRIPTION OF NOTES

The notes will be dated December 18, 1940, and will bear interest from

that date at the rate of 3/4 percent per annua, 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 reds^p-

tion 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 hereafter

imposed by the United States, upon the

income or profits of individuals, partnerships, associations, or corporations.

Subscriptions will be received at the federal Reserve Banks and
Branches, and at the Treasury Department, Washington.

Banking insti­

tutions generally nay submit subscriptions for account of sustonors,
but only the federal Reserve Banks and the Treasury Department ere
authorised to aet as offlelal agencies.

Subscriptions from banks and

trust companies for their own account will be received without deposit
but will be reetrloted In each caee to an amount not exceeding one-half
of the combined oapltal and eurplue of the subscribing bank or trust
company.

Subscriptions from all others must be accompanied by payment

of 10 percent of the amount of notcc applied for.
The right le reserved to eloee the bocks as to any or all subscrip­
tions at say time without notion.
announced.

The basis of allotmant will be publicly

Payment for any notes allottsd must bs made or eomplsted on

or before December 18, 1940, or on later allotment.
The text of the official circular followst

TMAStmT D1PAHTWOR
Washington
FOB XSUUSS. H O M I N G TOSPAFSRS
Wednesday, Deesnbsr ll» 19*M),

Frees Service
la. £L 3 -~ § ~ l

Secretary af tha Treasury Morgenthau today announced the offering, through
tha Federal Beserve Banks, far eash subscription at par and accrued Utaraat,
of a 5-year 3/** percent Xatlonal Defense Series of fraaaury Iotas, designated
Series B-19^5. in the aaount af $500,000,000, or thereabouta.
Tha Treasury Iotas of Series B-19**5 will be dated Deceaber 10, I9U0, and
will bear interest fro* that data at tha rata of 3/^ paroant par annum, payable
sealannually on dune

15

and Deceaber

15 ,

tha first coupon being for a period

slightly loss than sin monthsj they will nature

December 1 5 , 19 ^5 ,

and will net

be subject ta sail far redeaptien before that data* The nates will be issued
only la bearer farm with eeupens attached, in tha dsaealnatleas of
$1 ,000 , $5 ,000 , $10 ,0 0 0

and

$10 0 , $50 0 ,

$10 0 ,000 ,

The mates now offorod will bo exempt, both as to priaolpal and lntoroat,
froa all taxation now ar hereafter lnpesed by tha Halted States, any State, or
any of tha poseeesioas af tha Halted States, or by any local taxing authority,
azoopt (a) aetata ar lnharltaaoa taxes, ar gift taxes, and (b) all laeeas,
excess-profits, Mid war-profits taxes, now or heroaftor lnpesed by tha Halted
States, upon tha lacone ar profits of individuals, partnerships, asseoiatlans,
ar aarparatlana,
Tha Issue now announced la tha first offering af Satlenai Defense Series
Treasury Sates, authorised by the anendnant to tho Sooond Liberty Bend dot
contained In Sec,

}02

of the leveaue Act of 19^0, and this is the first occasion

on which Treasury notes have been leaned subjest to ell federal

intern

taxes.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, December 1 1 . lqKo.
1 2 / 1 0 / 4-0

----- 1—

Press Service
M®

4-----

*

ox

Secretary of the Treasury Morgenthau today announced the
offering, through the Federal Reserve Banks, for cash subscription
at par and accrued interest, of a

j/k -

percent National

Defense Series of Treasury Notes, designated Series B-194-5, in the
amount of #5 0 0 ,0 0 0 ,0 0 0 , or thereabouts*
The Treasury Notes of Series B-1 9 ^ 5 will be dated December IS,
1 9 ^0 ,

and will bear interest from that date at the rate of 3 / 4-

percent per annum, payable semiannually on June 1 5 and December 1 5 ,
the first coupon being for a period slightly less than six months/
they will mature December 1 5 , 19 4 *5 , and-will not be subject to call
for redemption before that date*

The notes will be issued only in

bearer form with coupons attached, in the denominations of #1 0 0 ,
#5 0 0 , #1 ,0 0 0 , #5 ,0 0 0 , #1 0 , 0 0 0 and #1 0 0 ,0 0 0 .
The notes now offered will 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 hereafter imposed by the United
States, upon the income or profits of individuals, partnerships,
associations, or corporations*
The issue now announced is the first offering of National
Defense Series Treasury Notes, authorized by the Amendment to the
Second Liberty Bond Act contained in Sec. 302 of the Revenue Act

2
of 19^0, and this is the first occasion on which Treasury notes
have been issued subject to all Federal income taxes.
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.

Subscript •

tions 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 1 G percent of the amount
of notes applied for*
The right is reserved to close the books as to any or all
subscriptions at any time without notice.
will be publicly announced.

The basis of allotment

Payment for any notes allotted must

be made or completed on or before December lg, 1 9 J+0 , or on later
allotment.
The text of the official circular follows:

UNITED STATES OF AMERICA
3A

PERCENT TREASURY NOTES OF SERIES B - I A 5
NATIONAL DEFENSE SERIES

Dated and bearing interest from December 1 $, 19^-0
Due December 1 5 , 19^*5
Interest payable June 1 5 and December 1 5

Department Circular No. 6^6
____

TREASURY DEPARTMENT;
Office of the Secretary,
Washington, December 1 1 , 19^C

Fiscal Service
Bureau of the Public Debt

1*
1,

OFFERING OF NOTES

The Secretary of the Treasury, pursuant to the authority

of the Second Liberty Bond Act, approved September 24-, 1917> as
amended, invites subscriptions, at par and accrued interest, from
the people of the United States for 3 /^ percent notes of the United
States, designated Treasury Notes of Series B-19^5* National Defense
Series *

The amount of the offering is #5 0 0 ,0 0 0 ,0 0 0 , or thereabouts.
II.

1*

DESCRIPTION OF NOTES

The notes will be dated December IS, 1 9 ^0 , and will bear

interest from that date at the rate of 3 A

percent per annum, pay­

able on a semiannual basis on June 1 5 and December 1 5 in each year
until the principal amount becomes payable.

They will mature

December 1 5 , 19^5* 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,

2
or by any local taxing authority, except (a) estate or inheritance
taxes, or gift taxes, and (b) all income, excess-profits, and warprOfits taxes, now or hereafter 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.
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 #1 0 0 , $5 0 0 ,,$1 ,0 0 0 , $5 ,0 0 0 , $1 0 , 0 0 0 and $1 0 0 ,0 0 0 .
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*
HI.
1*

SUBSCRIPTION AND ALLOTMENT

Subscriptions will be received at the Federal Reserve Banks

and Branches and at the Treasury Department, Washington.

Banking

institutions generally may submit subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies.

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

- 3 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 1 0 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.
1

*

PAYMENT

Payment at par and accrued interest, if any, for notes

allotted hereunder must be made or completed on or before December
IS, 19^0, or on later allotment*

In every case where payment is

not so completed, the payment with application up to 1 0 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.
1*

GENERAL PROVISIONS

As fiscal agents of the United States, Federal Reserve

Banks are authorized and -requested to receive subscriptions, to
make allotments on the basis and up to the amounts indicated by

(
- l i ­

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 sub­
scriptions 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.

Hie Bureau of Customs announced today that preliminary reports
from the collectors show imports of 180,974,537 Philippine cigars
(exclusive of cigarettes, cheroots of all kinds, and paper cigars and
cigarettes including wrappers) during the period January 1 to November
30, 1940, inclusive.
The Philippine Independence Act, as amended by the Act of August 7,
1939, Public No. 300, 76th Congress, provides for a duty-free quota of
200,000,000 of such cigars entered, or withdrawn from warehouse, for
consumption during the calendar year 1940.
In order to provide for the control of this duty-free quota, the
collectors of customs have been instructed to collect estimated duties
on such imports, effective December 16, 1940, pending fulfillment of
the quota.

Upon receipt by the Bureau of Customs of complete reports

from customs officers for the period in which the quota may be filled,
the collectors of customs will be advised as to the particular entries
or withdrawals, or portions thereof, coming within the quota, in order
that excessive duties deposited may be refunded.

-oOo-

■
(P r r pnyw* by ■tbo»'frwoau ef-. dimtiMiJi )

>

t

T R E A S U R Y DEPA R T M E N T

Washington
FOR IMMEDIATE RELEASE
Tuesday, D e c e m b e r 10, 19^0

The B u r e a u of Customs
f rom the c o l l e c t o r s

November J O ,

a n n o u n c e d today that p r e l i m i n a r y reports

sho w Imports

(exclusive of cigarettes,
and ciga r e t t e s

Press^Service
No. 22-82

of

cheroots

i n c l u d i n g wrappers)

l^ ^ O ,

1 $ 0 , 97^*>537 P h i l i p p i n e cigars
of all kinds,

d u r i n g the p e riod Ja n u a r y

7,

duty-free

1939,

P u b l i c No.

q u o t a of

f r o m warehouse,

300,

as a m e n d e d b y the Act of

76 th Congress, provides for a

200,000,000 of such cigars entered,

duties

or w i t h d r a w n

for c o n s u m p t i o n d u r i n g the calendar year

In order to p r o v i d e for the control
the collectors

on such imports,

fillment of the quota.

19 ^-0 *

of this d u t y -free quota,

of customs nave b e e n i n s t r u c t e d to collect

complete r e p o r t s

1 to

inclusive*

The P h i l i p p i n e I n d e p e n d e n c e Act,
August

a n d p a p e r cigars

effective D e c e m b e r lb,

e s t i mated

19^0, pe n d i n g f u l ­

U p o n receipt by the B u r e a u of Customs of

from customs o f f icers f o r the p e r i o d in x^hich the

a u ota may be filled,

the c o l l ectors

of customs will be a d v i s e d as

to the p a r t i c u l a r

entries or withdrawals,

w i t h i n the quota,

in order that

or portions thereof,

comin

excessive duties d e p o s i t e d may be

refunded*

-0 O0 -

TREASURY DEPARTMENT
Washington
FOR RSLSASS, MORTOJO NEWSPAPERS,
Thursday. December 12* 1940*-----

Press Service

22-V3

12/11/40
Secretary of the Treasury Morgenthau announced last night
that the subscription books for the current offering of 3/4 percent
Treasury iotas of Series B-1945, Rational Defense Series, closed at
the close of business Wednesday, December 11*
Subscriptions addressed to a Federal Reserve Bank, or
Branch, or to the Treasury Department, and placed in the sail be­
fore 12 o*clock midnight Wednesday, December 11, will be considered
as having been entered before the close of the subscription books*
Announcement of the amount of subscriptions and the basis
of allotment will probably be sade on Saturday, December 14*

T R E A S U R Y D EPARTMENT
*Washington

F O R RELEASE, MORNING- NEWSPAPERS,
Thursday, D e c ember 12, 1940.
1 2 /11/ 4 0

Press Service
Wo* 22-S3

S e c r etary of the T r e asury M o r g e n t h a u a n n o u n c e d last
night

that the s u b s c r i p t i o n books for the current

3/4 p e r cent T r e asury notes
Series,

Branch,
before

of Series 33-1945, National

c l o s e d at the close of business Wednesday,
Subsc r i p t i o n s

12 o'clock mid n i g h t Wednesday,

as

Defense

D e c ember

a d d r e s s e d to a F e d eral Reserve Bank,

or to the T r e a s u r y Department,

considered

of f e r i n g of

11*
or

and p l a c e d in the mail
D e c e m b e r 11, will be

h a v i n g b e e n e n t e r e d before the close of the

s u b s c r i p t i o n books.
Announcement
basis

of the amount

of subscriptions an d the

of allotment w i l l p r o b a b l y be made

o o 0 0 0

on Saturday,

De c e m b e r l4*.

2
The Bureau of Customs announced today preliminary figures for imports of com­
modities within the quota limitations provided for under the Philippine Independence
Act, as amended, and the Philippine Cordage Act of 1935, from the beginning of the
quota periods to November 30, 1940, inclusive, as follows:

Products of
Philippine Islands

:
:

:Unit of :Imports as of
Quantity :Nov. 30,1940

Established Quota
Quantity
Period

Coconut oil

Calendar year

448,000,000

Pound

327,546,054

Refined sugars

Calendar year

112,000,000)

Pound

110,742,761

Sugars other than refined

Calendar year

1,792,000,000)

Pound

1,686,107,063

Cordage

12 months from
May 1, 1940

6,000,000

Pound

3,491,594

Gross

735,014

\y

Buttons of pearl or shell

Calendar year

850,000

Cigars

Calendar year

200,000,000

Number

Scrap tobacco and stemmed
and unstemmed filler
tobacco

Calendar year

y4<500,000

Pound

180,974,537

3,540,235

1/ The duty-free quota on Philippine sugars applies to 850,000 long tons, of which
not more than 50,000 long tons may be refined sugars.
ft

-oOo-

BtU'etUl BrCBWijg g - ..

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE
Wednesday, December 11, 19*+0

P ress S e rv ice
No. 22 - 8U

The Bureau o f Customs announced today p relim in ary fig u r e s fo r imports o f
commodities w ith in the quota lim ita tio n s provided fo r under the P h ilip p in e
Independence A c t , as amended, and the P h ilip p in e Cordage A ct o f 1935* from the
b egin n in g o f the quota p e rio d s to November

Products o f
P h ilip p in e Is la n d s

i
:

JO,

19*+0, in c lu s iv e , as fo llo w s :

E s ta b lis h e d Quota
Q u an tity
P erio d
:

:U n it o f : Imports as o f
: Q u an tity : Nov. 30, 19^0
Pound

327,5^6,05^

Pound

1 1 0 , 7 ^2 ,7 6 1

1 , 7 9 2 , 0 0 0 , 000)

Pound

1 , 6 8 6 , 1 0 7 ,0 6 3

6 , 0 0 0 , 0 00 .

Pound

Coconut o i l

Calendar year

*+4g,000,000

R efin ed sugars

Calendar year

1 1 2 , 0 0 0 , 000 )

1/

) mi

Sugars other than r e fin e d

Calendar year

Cordage

12 months from
May 1 , 19^0

B u ttons o f p e a rl or s h e ll

Calendar year

350 ,0 0 0

C ig a rs

Calendar year

2 0 0 , 000,000

Scrap tobacco and stemmed
and unstemmed f i l l e r
tobacco

Calendar year

k , 50 0 ,0 0 0

Gross
Number

Pound

3.^ 1 . ^
7 3 5 . 0 1^

180,97 *+,537

3 ,5 140,235

l/ The d u ty -fr e e quota on P h ilip p in e sugars a p p lie s to 850 ,0 0 0 lon g to n s , o f which
not more than 50*000 lo n g tons may be r e fin e d su gars.

00

- O -

(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1 -3/16 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany and Italy:

Country o f
O r ig in
U n ited Kingdom . . . .
Canada .....................
France .....................
B r it i s h In d ia . .
N etherlands . . . .
Sw itze rla n d . . . .
Belgium ...................
J a p a n ........................
China ........................
Egypt ........................
C u b a ...........................
Germany ...................
I t a l y ........................

T o ta l

1/

: E s ta b lis h e d
: TOTAL QUOTA

(In Pounds)
TOTAL IMPORTS : E s ta b lis h e d
S e p t. 20 , 1940; 33-1/3* o f
to Nov. 30.1940: T o ta l Quota

4,323,457
239,690
227,420
69,627
68,240
U ,3 8 8
38,559
341,535
17,322
8,135
6,544
76,329
21,263

385,882
141,703
68,783
—

1,441,152
75,807
22,747

5,482,509

596,368

1 , 5 9 9 ,8 8 6

Included in total imports, column 2.

1 4 ,7 9 6

12,853
25,443
7,088

Imports Sep t.
20, 1940, to
Nov. 30,1940 1 /

—
-

DEPARTMENT

/AX*'*'

j ^Washington

FOR IMMEDIATE RELEASE
December 11, 1940

~7/6

7 S'

The Bureau o f Customs announced to day th a t p re lim in a ry rep o rts from the
c o lle c t o r s o f customs show im ports o f co tto n and c o tto n waste chargeable to the
import quotas e s ta b lis h e d by the proclam ation o f the P resid en t o f September 5,
1939, as fo llo w s , during the p erio d September 2 0 , 1940, to November 30, 1940,
inclusive.
COTTON (OTHER THAN HARSH OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH
AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS). Annual quotas commencing September 20, by Countries of Origin:

Country o f
O r ig in

Egypt and the A n glo S g y p tia n Sudan ...........
P e r u ..........................................
B r it i s h In d ia ...................
C h i n a ..................... .................
Mexico .....................................
B r a z il .....................................
Union o f S o v ie t
S o c i a l i s t R ep u b lics
A rgen tin a .............................
H a i t i .......................................
Ecuador ..................................
Honduras ................................
Paraguay ................................
Colombia ................................
I r a q ..........................................
B r it i s h E a st A f r ic a . . ,
N etherlands E a st
In d ie s ................................
Barbados ................................
Other B r it i s h West
In d ie s 1/ ........................
N ig e r ia ..................................
Other B r it i s h West
A f r ic a 2 / ...........
A lg e r ia and T u n isia . .
Other French A fr ic a 2/

(In Pounds)
S ta p le le n g th le s s
than 1-1/8 in ch es
:
Imports S e p t.
: E s ta b lis h e d : 2 0 , 1940, to
Quota
: Nov. 3 0 , 1940

S ta p le le n g th 1-1/8
in ch es or more
Imports Sept.
E s ta b lis h e d : 2 0 , 1940, to
Quota
: Nov. 30 , 1940

/
783,816
247,952
2,003,4-83
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240

45
24,280
138,755
48,935

529
-

43,451,566
2,056,299
64,942
2,626
-

3,808

435
506

4,790,996
223,854
-

80

2
-

29,909

-

12,554

1,73 f

-

-

•
2
•
-

-

71,388
-

21,321
5,377

-

16,004
—
689

—
-

30,139
2,002
1,634
—

212,546
45,656,420
14,516,882
T o ta l
l / Other than Barbados, Bermuda, Jam aica, T rin id a d , and Tobago.
2/ Other than Gold Coast and N ig e r ia .
2/ Other than A lg e r ia , T u n is ia , and M adagascar.

5,016,669

TREASURY DEPARTMENT

Washington

JOR IMMEDIATE RELEASE
Wednesday, December 11, 19^+0

Press Service
• 22-85

The Bureau of Customs announced today that preliminary reports from the col­
lectors of customs show imoorts of cotton and cotton waste chargeable to the im­
port quotas established by the proclamation of the President of September 5, 1939.
as follows, during the period September 20, 19*+0, to November 30, 19^0, inclusive,
COTTON (OTHER THAN HARSH OR ROUGH COTTON OP LESS THAN 3 /U INCH IN STAPLE LENGTH
AND CHIEFLY USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS). Annual quotas commencing September 20, by Countries of Origin:
—

Country of
Origin

(In ruuuuo/
\xu
Pounds)
Staple length less
than 1 - 1 /8 inches
: Imports Sept.
t Established : 20, 19^-0, to
: Quota
: Nov. 30, 19^0

Egypt and the AngloEgyptian Sudan . . . . . . .

:
:
:

PP“TO . . . r ................................

783,816
21+7,9 5 2
2 , 003 , 1+83

British I n d i a ..... ..
China .................
1,370,791
Mexico ................
8 , 883,259
618,723
Brazil ..... ..........
Union of Soviet
1+7 5 , 12 *+
Socialist Republics . .
5,203
Argentina ..............................
237
Haiti ............ ...........
Ecuador........... ••••
9,333
7^2
Honduras ....... ......
Paraguay ................................
271
12b
Colombia ..............
195
Traq ................. ..
2 , 2*+0
British East Africa ....
Netherlands East Indies.
71,322
Barbados ..... .
Other British West
2 1 ,3 2 1
Indies 1/ ...... ..
5.377
Nigeria ..................................
Other British West
1 6 , 00*+
Africa 2/ ■ . . . , ................
Algeria and Tunisia ....
689
Other French Africa 3./ •*
Total

l*+, 516,882

—
1+5

2^,280
_

Staple length 1-1/8
inches or more
: Imports Sept.
Established: 20, 19^0. to
Quota
: Nov. 30, 19^0
^3 ,^ 5 1 ,5 6 6
2 , 0 5 6 ,^ 9 9
fc-4.981+.91+2
2 ,6 2 6

132,755
5-2,935

3,808

529

1+35
506

>+,7 9 0 ,9 9 6
2 2 3 , 85 *+
—
80

2

-

2

-

29,909

-

1 2 , 551+

-

30,139

2 1 2 , 5^6

2 ,0 0 2
1 , 631+

—
1+5 , 656 , 1+20

l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3 / Other than Algeria, Tunisia, and Madagascar.

1,737
-

—
5 , 016,669

(2)

COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
Commencing."'- September 20, "by Countries of Origin.
Total quota, provided, however, that nor more than 33“ 1/3 percent of the
quotas shall be fille d by cotton wastes other than card strips and comber
wastes made from cottons of 1 - 3/16 inches or more in staple length in the
•j case of the following countries: United Kingdom, Prance, Netnerlands,
Switzerland, Belgium, Germany and Italy:
--------------p
Country of
Origin

(In Pounds)
I Established TOTAL IMPORTS : Established Imports Sept.
20, 1940, to
X TOTAL QUOTA Sept. 20, 1940: 33-1/3# of
Nov. 30 * 1940 l /
__________________to Hor.Mb 19^0:

United Kingdom . . . .
Canada.......................*
Prance .........................
British India ............
Netherlands ..............
Switzerland ..............
Belgium .......................
Jan a n ...........................
China ............................
Egypt .................. .. •••
Cuba..............................
Germany .......................
Italy ...........................
Total
l/

U , 3 2 3 , 1+57
2 3 9 ,6 9 0

227,420
6 9 . 62T
68,240
44,388
38,559
3 M..5 3 5

385,882
11+1 ,7 0 3
—
6 8 ,7 3 3

1 , 4 4 1 ,1 5 2

75,807
2 2 , 7^7
11+ . 79 #
12,853

-

1 7 ,3 2 2

8,135
6,544
76.329

2 5 ,4 4 3

2 1 ,2 6 3

—

7,088

5 , 1+8 2 ,5 0 9

5 9 6 ,3 6 8

1 . 5 9 9 .8 8 6

Included in total imports, column 2.

-

Commodity
Crude petroleum, topped
crude petroleum, and
fuel oil

2

-

Established Quota
:Period & Country:
Quantity
Calendar year
Venezuela
1,869,014,616
Netherlands
527,691,192
Colombia
103,978,560
Other countries
98,779,632

Molasses and sugar sirups
containing soluble nonsugar
solids equal to more than
6$ of total soluble solids Calendar year

1,500,000

Unit of
Quantity

Gallon

Gallon

-oOo-

fTt T p r 1"1 in Hu

riu inwit 11|i ijaj lumu j

1,423,675,310
511,739,472
18,376,869
(Tariff rate
quota filled)

(Tariff rate
quota filled)

r/
The Bureau of Customs announced today preliminary figures for imports of

commodi­

ties within quota limitations provided for under trade agreements, from the beginning
of the quota periods to November 30, 1940, inclusive, as follows:

Commodity
Cattle less than 200
pounds each

Cattle, 700 pounds or more
(other than dairy cows)

Established Quota
____ __________________________
> Unit of
Imports as of
Period & Country: Quantity
: Quantity : Nov, 30. 1940

Calendar year

Quarter year
from Oct. 1, 1940
Canada
Other than Canada

100,000

Head

(Tariff rate]
quota filled)]

51,720
6,210

Head
n

31,802
(Tariff rate
quota filled)

Whole milk, fresh or sour

Calendar year

3,000,000

Gallon

6,923

Cream, fresh or sour

Calendar year

1,500,000

Gallon

936

Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish

Calendar year

15,000,000

12 months
Sept. 15,
12 months
Sept. 15,

White or Irish potatoes
Certified seed
Other

Silver or black fox fur
units

from
1940
from
1940

12 months from
Dec. 1, 1939
Canada
Other than Canada

Pound

9,442,194

90.000.

000
Pound

12,821,555

60.000.

000
Pound

58,300

Unit

41,700

Unit

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco

Calendar year

22,000,000

Red cedar shingles

Calendar year

2,371,544

Pound
(Unstemmed
equivalent)
Square

1,535,459 1

(Import quota
filled)
(Import quota
filled)

18,886,093
(Duty-free
quota filled)

treasury Department
Washington
,
FOR IMMEDIATE RELEASE
Wednesday, December 11, 19^0,

P ress S e rv ic e
u0# 22-S6

The Bureau of Customs announced today preliminary figures for imports of
commodities within quota limitations provided for under trade agreements, from
the beginning of the quota periods to November 3°,
--------------------------- :
E s ta b lis h e d Quota
Commodity_____________ ;P erio d & Country: Q u a n tity
Cattle less than 200
pounds each

Calendar year

C a ttle , 700 pounds or Quarter year
more (other than dairy from Oct.l, 1 9 W
Canada
cows)
Other than Canada

inclusive, as follows^
V Unit' o f : Imports a s ^ o f
Q u a n tity : Nov- 30. 19.,£

100,000

Head

( T a r i f f rate
quota f i l l e d )

51,720

Head

31,302
( T a r i f f rate
quota f i l l e d )

6,210

ft

Whole m ilk , fr e s h or
sour

Calendar year

3,000,000

Gallon

6,923

Cream, fr e sh or sour

Calendar year

1,500,000

Gallon

936

15.000.

000Pound

9,U^2,19^

90.000.

000Pound

12,321,555

60.000.

000Pound

1,535>^59

Eish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
White or I r i s h p o tato es
C e r t i f i e d seed
12 months from
S e p t. 15, 19^0
Other
12 months from
S e p t. 15 > 19^0
Silver or black fox fur 12 months from
Dec. 1, 1939
units
Canada.

Other than Canada

Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar shingles

Calendar year

53 joo

Unit

1 4 ,7 0 0

Unit

22,000,000
2,371,5^

(import quota
fille d )
(Import quota
fille d )

Pound
(Unstemmed
equivalent)
Square

18,3S6,093
(Duty-free
quota filled)

- 2 -

Commodity
Crude petroleum , topped
crude petroleum , and
fu e l o i l

: " ‘ L E s ta b lis h e d Quota
' : U n it o f
iP eriod & Coun tr y : Q uantity? Q u a n tity
Calendar year
Venezuela
1 , 8 6 9 , O lH , 6 l 6
N etherlands
527,691,192
Colombia
103,978,560
Other co u n trie s
98,779,632

Mole.sses and sugar sirjip s
c o n ta in in g so lu b le nonsugar
s o lid s equal to more than
6$ o f t o t a l so lu b le s o lid s Calendar year

~o0o~

1,500,000

G a llo n
n
H
,r

G a llo n

: Im p o r ts a s o f
: Nov> 30, 19^0

1,1*23,675,310
511,739,^72
1 8 ,3 76 ,8 6 9
( T a r i f f rate
quota f i l l e d )

( T a r i f f rate
quota f i l l e d )

The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 110,742,761 pounds of
refined and 1,686,107,063 pounds of other than refined Philippine
sugars during the period January 1 to November 30, 1940, inclusive.
The Philippine Independence Act, as amended by the Act of
August 7, 1939, Public No. 300, 76th Congress, provides for a duty­
free quota on Philippine sugars of 850,000 long tons, of which not
more than 50,000 long tons may be refined sugars entered, or withdrawn
from warehouse, for consumption in the calendar year 1940.
In order to provide for the control of these duty-free quotas,
the collectors of customs have been instructed to collect estimated
duties on such imports, effective December 18, 1940, pending fulfill­
ment of the quotas. Upon receipt by the Bureau of Customs of complete
reports from customs officers for the period in which the quotas may
be filled, the collectors of customs will be advised as to the
particular entries or withdrawals, or portions thereof, coming within
the quotas.

-oOo-

■
(Pr gpai1

)

TREASURY DEPART ICENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, December 1 1 , 19^0.

Press Service
No, 22-67

The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of 1 1 0 ,74 -2 , 7 6 1
pounds of refined and 1 ,6 6 6 ,1 0 7 , 0 6 3 pounds of other than refined
Philippine sugars during the period January 1 to November 3 0 , 194-0,
inclusive.
The Philippine Independence Act, as amended by the Act of
August 7; 1939 > Public No, 3 0 0 , 7 6 th Congress, provides for a duty­
free quota on Philippine sugars of 6 5 0 ,0 0 0 long tons, of which not
more than 5 0 ,0 0 0 long tons may be refined sugars entered, or
withdrawn from warehouse, for consumption in the calendar year 1 9 4 -0 ,
In order to provide for the control of these duty-free quotas,
the collectors of customs have been instructed to collect estimated:
duties on such imports, effective December 1 6 , 194-0, pending fulfill­
ment of the quotas.

Upon receipt by the Bureau of Customs of

complete reports from customs officers for the period in which the
quotas may be filled, the collectors of customs will be advised as ]
to the particular entries or withdrawals, or portions thereof
coming within the quotas.
-o0 o~

BANKS AUTHORIZED DURING THE MONTH ENDED

__________ NOVEMBER 30 . 192.0

Name and Location of Banks

Nature of
Dividend:

2/

Distribution
of Funds by
Dividend
Authorized:

1 1 - 6 -4 0

4th

4.05$

$ 11,500.00

1 1 - 2-4 0

5th

2.21$

17,600.00

1 1 - 6-40

6th

5.

11-22-40

8th

3.717*

19,000.00

11-19-40

7th

6.

$

11-19-40

5th

5.

11-19-40

Total
Percentage
Authorized
Dividends
to Date:

Number of
Claimant s:

Amount
Claims
Proved:

1,143

$ 284,000.00

65.71$

4,676

795,400.00

63.

7,834

2,509,746.00

91.717*

2,001

537,000.00

90,900.00

96.

4,428

1,515,400.00

*

554,100.00

5th

3 .73 *

63,800.00

1 1 - 12 -4 0

6th

5.

11(25)40

*

125,437.00

*

$

23,008 11,082,600.00
3 ,3 6 6

1,711,700.00

9,634

3,102,000.00

69.3*

1,970

485,500.00

89.78$

4,065

1,188,400.00

3,155

801,600.00

7,213

3,044,300.00

1

25,650.00

5 0 .73 $

to

1/

Number and
Percentage
of Dividends
Authorized:

#
to

City National Bank
Huntington Park, Calif. Final
Bank of Brightwood
Washington, D. C.
Final
The Waukegan Nat’l Bank
Waukegan, Illinois
Regular
The First National Bank of
Vincennes, Ind.
Final
The American NB & Tr.Co., of
Benton Harbor, Mich.
Regular
The Capital Nat*l Bank of
Lansing, Michigan
Regular
The American Nat*l Bank of
Asheville, N. Carolina
Final
The First Nat*l Bank of
Portsmouth, Ohio
Regular
The Peoples Nat*l Bank of
Wellsville, Ohio
Final
The First National Bank of
The Dalles, Oregon
Final
The First NB & Tr. Co., of
Bedford, Pennsylvania
Final l/
The County Nat*l Bank of (Partial )
Clearfield, Pa.
(Interest)
First National Bank of
(Partial )
Saegertown, Pa.
(Interest)
The Citizens Nat*l Bank of
Greenville, Tennessee
Final
American Nat* 1 Bank of
Final
Paris, Texas
The Parksley Nat*l Bank
Parksley, Virginia
Regular

Date
Authorized :

_______

$

155,100.00

6th

1 5 .3 *

74,300.00

1 1 - 8-40

6th

9.78*

116,200.00

11-26-40

5th

7.

1 1 - 8-40

Int.

9.603$

292,300.00

11-14-40

Int.

6.736*

1,728.00

11-18-40

4th

9.34*

49,100.00

74.84$

3,209

499,100.00

1 1 - 20-40

6th

1.86$

14,700.00

4 6 .86$

2,021

789,100.00

11-4-40

1st

34,300.00

2 0 .;; %

730

171,700.00

20.

*

$

56,100.00

100.

$

109.603$
5 6 .736 *2 /

An interest dividend will be paid at a later date.
Sole creditor of receivership paid 100 percent principal and interest in full thru princij
50$ and partial interest dividend of 6.736$, plus other non-dividend cash payments-

ride

'€

TREASURY DEPARTMENT

Comptroller of the Currency
Washington

MORNING NEWSPAPERS

Press Service

Q. 3 - ** #

v /
During the month ended November 30, 1940, authorizations

were issued to receivers for payments of dividends in sixteen in­
solvent national banks.

Dividends so authorized will effect total

distributions of $1,676,215 to 78,454 claimants who have proved
claims aggregating $28,543,196, or an average percentage payment
of 5.87$.

The smallest and largest individual dividend percent­

ages authorized were 1.86$ and 20.$, respectively, while the
smallest and largest receivership distributions were $1,728, and
$554,100.00, respectively.

Of the sixteen dividends authorized

five were for regular dividend payments, nine were for final divi­
dend payments and two were for partial interest dividend payments.
Dividend payments so authorized during the month ended November 30,
1940, were as follows:

TREASURY DEPARTMENT
Comptroller o f the Currency
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Saturday. December lU. 1940
1 2 / 1 3 / to

Press Service
No, 22-88

During the month ended November 30, 1 9 U0 , a u th o riz a tio n s
were is su e d to r e c e iv e rs fo r payments o f dividends in s ix te e n in ­
s o lv e n t n a tio n a l banks.

Dividends so au th o rized w i l l e f f e c t t o t a l

d is t r ib u t io n s o f $ 1 , 6 7 6 ,2 1 5 to 7 8 »454 claim an ts who have proved
claim s a g g re g a tin g $28,543,196» cr an average percentage payment
o f 5 .8 7 $ .

The sm a lle s t and la r g e s t in d iv id u a l divid en d p e r c e n t-

ages a u th o rized were 1.86^ and 20.$>, r e s p e c tiv e ly , w hile the
s m a lle s t and la r g e s t re c e iv e r s h ip d is tr ib u tio n s were $1,728, and
$554,100.00, r e s p e c t iv e ly .

Of the s ix te e n dividends au th o rized

f i v e were fo r re g u la r divid en d payments, nine were fo r f i n a l d i v i ­
dend payments and two were fo r p a r t i a l in te r e s t divid en d payments.
D ividend payments so au th o rized during the month ended November 3 0 ,
1940, were as fo llo w s :

DIVIDE®id Pa y m e n t s TO CREDITORS 0f INSOLVENT NATIONAL
Bim S AUTHORIZED DURING TErS MONTH ENDED
NOVEMBER 10. 1940
Total
Number and
Distribution Percentage
Percentage
of funds by
Authorized
Nature of
Date
of Dividends Dividend
Dividends
Dividend: Authorized t Authorized: Authorized:
to Date:

Name and Location of Bank;
City National Bank
Huntington park, Calif,
final
Bank of Brightwood
Washington, D. C.
final
The Waukegan Nat’l Bank
Waukegan, Illinois
Regular
The first National Bank of
Vincennes, Ind,
final
The American NB & Tr. Co.,of
Benton Harbor, Mich.
Regular
The Capital Nat*l Bank of
Lansing, Michigan
Regular
The American Nat’l Bank of
Asheville, N, Carolina
final
The first Nat’l Bank of
Portsmouth, Ohio
Regular
The Peoples Nat*l Bank of
Wellsville, Ohio
final
The first National Bank of
The Dalles, Oregon
final
The first NB & Tr. Co., of
Bedford, Pennsylvania
final l]
The County Nat’l Bank of
(Partial)
Clearfield, Pa.
(interest)
first National Bank of
(Partial )
Saegertown, Pa,
(interest)
The Citizens N a t !l Bank of
Greenville, Tennessee
final
American Nat’l Bank of
Paris, Texas
final
The Parksley N a t 11 Bank
Regular
, /Parksley, Va,
i/ An Interest dividend will be paid at

11-6-110

4th

4.05$

11— 2— 1+0

5th

n-6~4o

6th

11-22-40

Number of
Claimant^s:

Amount
Claims
Proved:

11 ,500.00

54.05$

1.143

$ 284,000.00

2,21$

17 ,600.00

65.71$

4,676

795,400.00

5. $

125,487.00

63. $

7,834

2,509,746.00

8th 3.747$

19 ,000.00

91.747$

2,001

537,000.00

11-19-40

7th 6. $

90,900.00

96.

$

4,428

1,515,400.00

11-19-40

5th

5. $

554,100.00

85.

$

23,008

11 ,082,600.00

11-19-40

5th 3 .73#

63,800.00

50.73$

3,366

1 ,711 ,70®.00

11-12-40

6th

5. $

155,100,00

78.

$

9,634

3 ,102,000.00

ii-a^-40

6th 15.3 $

74,300.00

69.3 $

1,970

485,500.00

ii-g-4o

6th 9,78$

116 ,200.00

89.7B^

4,065

1,188,400.00

11-26-40

5th

7. $

56,100.00

100. $

3,155

801,600.00

11-8-40

Int.

9 .603$

292,300.00

109.603$

7,213

3 ,044,300.00

n-14-40

Int.

6 .736$

1 ,728.00

1

25,650.00

11-18-40

4th

9,84$

49,100.00

74.84$

3,209

499,100.00

11-20-40

6th

1 .86$

14 ,700,00

46.86$

2,021

7S9 ,100.00

$

56,736^ 2/

1st 20. $
34,300.00
20. $
730
171 ,700.00
a later date.
2/ Sole creditor of receivership paid 100 percent principal
interest in full thru.principal d ividend of 50$ and partial
interes t dividend- of
73®%, plus other non —dividend cash paj

li-4-4o

'/>W
Ifjp
TREASURY D I M M !

Washington
FOR m s m u u RHSASE,
Saturday, December 14, 1940.

Press Sendee

3 Q*

Secretary of the treasury Morgenth&u today announced the sub*
script Ion figures and the basis of allotment for the cash offering of
3/4 percent Treasury Notes of Ssrles B-1945, National Defense Series.
Reports received from the Federal Reserve Ranks show that sub­
scriptions aggregate 14,073*000,000♦

All subscriptions were allotted

13 percent, on a straight percentage basis, but not less than $100 on
any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received
Banks

from the

Federal Reserve

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Saturday, December 14-, 19^-0

Press Service
No. 22-£>9

Secretary of the Treasury Morgenthau today announced the
subscription figures and the basis of allotment for the cash offer­
ing of 3 A

percent Treasury Notes of Series B-19^-5> National

Defense Series.
Reports received from the Federal Reserve Banks show that
subscriptions aggregate $4, 0 7 3 >
allotted 1 3 percent,

A

l

l

subscriptions were

on a straight percentage basis, but not less

than $100 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks.

- 0 O 0-

1
2 7-*!*
’Heciwiiber

Vvring the uonth of November, 19^0, the

following market transactions took place in direct and
guaranteed securities of the Government:
s*1 # i ....... **.••*•............ $ 20ft9000

Purchases ................. .
let sales...... ......... $ 20**,000

! W

ml*

A

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, December 16, 19^0*

Press Service
No. 22-90

Market transactions in G-ov ernment securities for Treasury
investment accounts in November, 19^0, resulted in net sales of
J2S^,000, Secretary Morgenthau announced today.
-0 O0 -

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Monday, December 16, 19*K)

Press Service
IT0# X
j

The Treasury received on December 1 3 , I9 U0 , from the Government
of Hungary, through the Federal Reserve Bank of Hew York, $9 ,8 2 8 .1 6 in
cash as a payment on account of the funded indebtedness of the Hungarian
Government to the United States,

-0O0-

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Monday, December l6 , 19^0#

Press Service
No, 22-91

The Treasury received on December 13, 19^-0, from the G-overnment
of Hungary, through the Federal Reserve Bank of New York, $9>$2S,l6
in cash as a payment on account of the funded indebtedness of the
Hungarian G-overnment to the United States,
-oOO'

X&iSULVEUT NATIONAL, M S

LIQUIDATED M D FBIALL* CLOSED

_________ DUHIHG THE MQETH QF JQV ^ s p r 1QIQ_______
Total

and Location of Banks
First National Bank
Savanna, Illinois jJ
First national Dank
Hillsdale, Michigan
Baraga Comity Hat’l Bank
k*Aase, Michigan
First Batfl Bank & Tr. Co.
Moodbridge, Hew Jersey
First Inland Hat* 1 Bank
Pendleton, Oregon 1 /
First national Bank
*
Saegertown, Pennsylvania^'
First National Bank
Shenandoah, Pennsylvania

Data of
Failure*

Disbursements
•Including
Offsets AUawaii

Per Omit
Dividends
Declared
to ill

Capital
Stock at
Date of
Failure*-

7*7,656,00

| 100,000*00

717,110*00

100 ,000*00

138,305*00

50,000.00

1 ,2 3 7 ,336*00

1 5 0 ,000*00

1,861,63.5*00

100,000.00

29,778*00

25,000*00

2,161,567.00

100 ,000.00

$

Cash, insets,
Uncollected Stack
Assessments, etc.
Returned to Sharehold«r»t__________

y

Shareholders Agent sleeted to eontlnn. liquidation after payment by receiver of principal and interest in
full to creditors.

2/

Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold, or to
complete unfinished liquidation.

3/

Sole creditor of receivership paid 100 percent principal and interest in full through principal dividend
of 50 percent and partial interest dividend of 6 .7 3 6 percent, plus other non-dividend cash payments*

IQO percent pjriiaafp*l and 6 .5 percent interest in full paid to regular claim ant creditors and 52*05 percent
principal paid to deferred certificate holders.

/

c

m m m n&t&wm
Controller of the Currency
Washington

fob hmmsb, mobbing nmsnvm

Press Service

During the month of November, 1940, the liquidation of
seven Insolvent National Banks was completed and the affairs of
suoh receiverships finally closed*
total disbursements, including offsets allowed, to
depositors and other creditors of these s>e,ven receiverships,
amounted to $10,237,273* while dividends paid to unsecured
creditors amounted to an average of ®7*4® percent of thoir claims*
Total costs of liquidation of those receiverships averaged 5*6$
percent of total collections from all sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of Bovaober, 1940, amounted to
15®, 97®,475*

Data as to results of liquidation of the receiver*

ships finally closed during the month are as followst

INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
___________ DURING THE MONTH OF NOVEMBER. 19Z.0_________

Name and Location of Bank:
First National Bank
Savanna, Illinois ij
First National Bank
Hillsdale, Michigan
Baraga County Nat11 Bank
L*Anse, Michigan
First Nat*l Bank & Tr. Co.
Woodbridge, New Jersey
First Inland Nat* 1 Bank
Pendleton, Oregon 1/
First National Bank
Saegertown, Pennsylvania^/
First National Bank
Shenandoah, Pennsylvania

Date of
Failure:

1-12-34-

Total
Disbursements
Including
Offsets Allowed:

#

787,656,00

Per Cent
Dividends
Declared
to All
Claimants:

106.5

%U

4-3-34

7 1 7 ,4 4 8 .0 0

4 3 .9 ?

6-2-32

438,305.00

12-2-31

1 ,2 3 7 ,836.0 0

2-1-34

4,864,683.00

6-6-34

29,778.00

11-7-34

2,161,567.00

Capital
Stock at
Date of
Failure:

| 100,000.00

Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Shareholders:

$

000

100,000.00

000

73.127?

50,000.00

000

%

150,000.00

000

?

400,000.00

61.7
113-

56.736?
80.74?

2/

1,798,831.00

25,000.00

000

100,000.00

000

l/

Shareholders Agent elected to continue liquidation after payment by receiver of principal
full to creditors.

interest in

2/

Receiver appointed to le-vy and collect stock assessment covering deficiency in value of assets sold, or to
complete unfinished liquidation.
Sole creditor of receivership paid 100 percent principal and interest in full through principal dividend
of 50 percent and partial interest dividend of 6.736 percent, plus other non-dividend cash payments.

ij

100 percent principal and 6.5 percent interest in full paid to regular claimant creditors and 52.05 percent
principal paid to deferred certificate holders.

TREASURY DEPARTMENT
Comptroller of the Currency
FiFashington

FOR^RELEASS, MORNING N W S PAPERS
/^

1&~ V

Press Service

£*

During the month of November, 1940, the liquidation of
seven Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these

s even

receiverships,

amounted to $10,237,273, while dividends paid to unsecured
creditors amounted to an average of 8 7 .4 8 percent of their claims.
Total costs of liquidation of these receiverships averaged 5.65
percent of total collections from all sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of November, 1940, amounted to
#53,978,475.

Data as to results of liquidation of the receiver­

ships finally closed during the month are as follows:

TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, December 17. 194-0

Press Ser\rice

No. 22-92

12-16-4-0

During the month of November, 1940, the liquidation of
seven Insolvent National Banks was completed and the affairs of
such receiverships finally closed.
Total disbursements, including offsets allowed, to
depositors and other creditors of these seven receiverships
amounted to -410,23/,273, while dividends paid to unsecured
creditors amounted to an average of 87.40 percent of their claims
Total costs of liquidation of these receiverships

&:reraged

5.6'

percent of total collections from aLl sources including offsets
allowed.
Dividend distributions to all creditors of all active
receiverships during the month of November, 1940, amounted to
■tpfLj978,47o• Data a.s to results or li-quudation of the receiverships finally closed during the month are as follows:

- 2 INSOLVENT NATIONAL SANKS LIQUIDATED AND FINALLY CLOSED
DURING- THE MONTH OF NOVEMBER, I 9 H0

Name and L o ca tio n o f Bank:
F i r s t N a tio n a l Bank
Savanna, I l l i n o i s H/
F i r s t N a tio n a l Bank
H i l l s d a l e , M ichigan
Baraga County Nat *1 Bank
L tA nse, M ichigan
F i r s t N a t’ l Bank & T r. Co*
Woodhridge, New Je r s e y
F i r s t In lan d N a t* l Bank
P en d leto n , Oregon 1 /
F i r s t N a tio n a l Bank
Saegertow n ,P en nsylvan ia 2J
F i r s t N a tio n a l Bank
Shenandoah, P en nsylvan ia

1J

2

J

Date o f
F a ilu r e :

1 - 12- 3 U

T o tal
Dishursements
In c lu d in g
O ffs e t s Allow ed:

$

7 8 7 , 656*00

Per Cent
D ividends
D eclared
to A l l
C la im a n ts:

106*5 jo k j

U-3-31+

7 1 7 ,UHS.OO

^3 .9 $

6 - 2 -3 2

U3 8 , 3 0 5 .0 0

73 .12 7 $

12-2-31

1 , 2 3 7 , 336*00

2- 1 - 3 U

U , 86 H , 6 8 3 , oo

6 - 6- 3 U

2 9 , 7 7 8 .0 0

11-7-31*

2 , 1 6 1 , 5 6 7 .0 0

6 1 .7 jo

C a p ita l
Stock a t
Date o f
F a i lu r e ;

$ 100,000.00

Cash, A s s e ts ,
U n co lle cte d Stock
Assessm ents, etc*
Returned to Share­
holders :

$

000

100,000.00

000

50 ,000.00

000

1 5 0 ,000.00

000

i

Hoo.ooo.co

56 .736 $ 1 /

2 5 ,000.00

000

10 0 ,000.00

000

113.

8O.7 k j .

1 ,798 .831.00

Shareholders Agent e le c te d to continue liq u id a tio n a f t e r payment "by re c e iv e r o f p r in c ip a l and in te r e s t in
f u l l to c r e d it o r s .
R e ce iv e r appointed to le v y and c o ll e c t sto ck assessment co verin g d e fic ie n c y in valu e o f a s s e ts s o ld , or to
complete u n fin is h e d liq u id a t io n .
S o le c r e d ito r o f re c e iv e r s h ip p a id 100 percent p r in c ip a l and in te r e s t in f u l l through p r in c ip a l dividend
o f 50 percent a.nd p a r t ia l in te r e s t dividend o f 6 . 7 3 & p e rc e n t, p lu s other non-dividend ca^i paym ents.

H/

10 0 p ercen t p r in c ip a l and 6 . 5 percent in te r e s t in f u l l p a id to re g u la r c la i mant credi to r s and 5 2 .0 5 percent

p r in c ip a l p a id to d eferred c e r t i f i c a t e holders*

TREASURY DEPARTMENT
lashington

FOR RELEASE, MORNING NEWSPAPERS
Tuesday. Dacegfcer 17. 1940

Press Service
g

12/16/40

£ -< 73

The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of National Defense Series,
91-day Treasury bills, to be dated December 18, 19AO, and to mature
March 19, 1941, which were offered on December 13, were opened at the
Federal Reserve Banks on Decesiber 16*
The details of this Issue are as follows;
Total applied for - $397,913,000
Total accepted
- 100,272,000
Except for $30,000 tendered at & price slightly above par, the
bids accepted were tendered at par*
81 percent were accepted*

Of the tenders at this price,

TREASURY DEPARTMENT
Washington

FOR RELEASE,;MORNING NEWSPAPERS
Tuesday, December 17, 1940*
12/l 6/40
“

Press Service
No. 22-93

The Secretary of the Treasury announced last evening that the tenders for
|100,000,000, or thereabouts, of National Defense Series, 91-day Treasury Tpills,
to be dated December 18, 1940, and to mature March 19, 1941, which were offered
on December 13, were opened at the Federal Reserve Banks on December 16.
The details of this issue are as follows:
Total applied for - |397,913,000
Total accepted
- 100,272,000
Except for $>30,000 tendered at a price slightly above par, the bids accepted
were tendered at par.

Of the tenders at t h i s price, 81 percent were accepted.

- 0O 0-

treasury defarmy
Washington
M

foe immediate

Press Service

m M s &,

Tuesday. P«ft*«h«r 17 ‘

>

Secretary of the Treasury Uorgsnthau today announced the final sub­
scription and a l l o t n n t figure, vlth respect to the current offering of 3A

P*1-

eent Treasury Hot., of Seri.. B-1945, Rational Def«n»e Series.
Subscriptions and allotment, were divided among the eeveral Federal
Reserve Districts and the Treasury as folloest
Federal Reserve
Pistrict
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

Total Subscrip­

tions Received.

Total Subscriptlona M .|fl(tted

330,135,000
2,053,372,300
193.188.000
274,123,300
134,068,900
144,626,400
513,560,500
77,447,900
38.846.000
67,699,700
71.756.000
167.503.000
4.950.000

# 13,000,700
267,119,700
25,181,900
35,811,500
17,497,700
19.171.600
67,008,300
10,187,100
5,103,100
8.867.500
9.443.500
21.802.600
643.500

$4,071,277,000

$530,838,700

$

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, December 17, 19^-0»

Press Service
No* d d ~ y

Secretary of the Treasury Morgenth.au today announced the final
subscription and allotment figures with respect to the current
offering of 3 /^ percent Treasury Notes of Series B~19^5; National
Defense Series*
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District

Total Subscriptions Received
$

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chic ago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

3 3 0 ,1 3 5 , 0 0 0
2 ,0 5 3 ,3 7 2 , 3 0 0
1 9 3 .1 2 8 . 0 0 0
2 7 4 ,1 2 3 , 3 0 0

134,068,900
i 44,626,4 o c

5 1 3 ,5 6 0 , 5 0 0

77,^7,900
38,g46,coc
67,69?,7co

TOTAL

7 1 ,7 5 6 ,00 c
1 6 7 .5 0 3 . 0 0 0
11,9 5 0 , 0 0 0
#11,0 7 1 ,2 7 7 ,ere

Total Subscriptions Allotted
| Hr ,000,7^0

267,119,700
25,181,900
3 5 ,£1 1 , 5 0 0
17,497,700
1 9 .1 7 1 . 6 0 0
6 7 ,0 0 2 , 3 0 0
1 0 ,1 2 7 , 1 0 0
5 ,1 0 3 , 1 0 0
S,£6 7 , 5 0 0
9,4113,500
21.802.600
643,500

I53C,S38,7C0

/
V
mSS&S&FZSr*

*

* >

1 &*n; #2 % *

s*5*k**«'‘* ~ f

MgB!TlM,lASE A S5- jm2^ - ^ v. / ^ ^
The Bureau of Customs announced today that instructions have been issued
to the collectors of customs to provide for equal opportunities at all ports
for filing entries for consumption and warehouse withdrawals for consumption
covering molasses and sugar sirups, not specially provided for, which contain
soluble nonsugar solids (excluding any foreign substance that may have been
added) equal to more than 6 per centum of the total soluble solids, at the
opening of the tariff rate quota provided in the trade agreement with the
United Kingdom, for the calendar year 1941.
The collectors of customs have been instructed that no entries for con­
sumption or warehouse withdrawals for consumption covering these commodities
shall be filed on January 2, 1941, before 12 noon Eastern Standard Time,
which will be 11 A. M. Central Standard Time, 10 A. M. Mountain Standard
Time and 9 A. M. Pacific Standard Time*
Entries and withdrawals for consumption covering quota class molasses
and sugar sirups may be accepted at the lower rate of duty provided for in
the trade agreement, provided delivery permit is not released pending
determination of their quota status.

If delivery permit is desired before

such determination, importers of these commodities will be required to
deposit estimated duties at the full rate.
Upon receipt by the Bureau of Customs of complete reports from customs
officers for the period in which the quota may be filled, the collectors of
customs will be advised as to the particular entries or withdrawals, or
portions thereof, coming within the quota*, in order that any excessive
duties deposited may be refunded*
oOo-

*

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, December 17 5 19

P'RESS SERVICE
No. 2.2 - 9 5

The Bureau of Customs announced today that instructions have
been issued to the collectors of customs to orovide for equal
opportunities at all ports for filing entries for consumption and
warehouse withdrawals for consumption covering molasses and sugar
sirups, not specially provided for, which contain soluble nonsugar
solids (excluding any foreign substance that may have been added)
equal to more than 6 per centum of the total soluble solids, at the
opening of the tariff rate quota provided in the trade agreement
with the United Kingdom, for the calendar year 19^1.
The collectors of customs' have been instructed that no entries
for consumption or warehouse withdrawals for consumption covering
these commodities shall be filed on January 2, 19^1, before 12 noon
Eastern Standard Time, which will be 11 A. M. Central Standard Time,
10 A. M. Mountain Standard Time and 9 A. M. Pacific Standard Time.
Entries and withdrawals for consumption covering quota class
♦
molasses and sugar sirups may be accepted at the lower rate of duty
provided for in the trade agreement, provided delivery permit is
not released pending determination of their quota status.

If

delivery permit is desired before such determination, importers of
these commodities will be required to deposit estimated duties at
the full rate.
Upon receipt by the Bureau of Customs of complete reports from
customs officers for the period in which the quota may be filled,

-

2

-

the collectors of customs will be advised as to the particular
entries or withdrawals, or portions thereof, coming within the
quota, in order that any excessive duties deposited may be refunded.

-o Oq -

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Tuesday, December 1 7 , 19^10

Press Service
No. 22-96

The following is an extract from testimony by Secretary
Morgenthau before a Sub-committee of the House Appropriations
Committee today in response to questioning by Chairman Ludlow:
Secretary Morgenthau - So if it gets down to the question
of —

which it has —

G-reat Britain needing financial assistance

to pay for the orders that she wants to place with us, I think
that is a natter for Congress to decide —

as to how that

financial assistance should be given to Great Britain,

That is

how I feel,
Mr. Ludlow - But you feel that she has arrived at the point
where she needs financial assistance?
Secretary Morgenthau - I said so —
me as to further orders.

they have so advised

They do need financial assistance for

the orders they want to place with us for airplanes and boats
and munitions.

oOo-

ft

W
j L tr>
v fL
'vW n$F

O'

trv

. . r f ..

K s JZ a n ^ + e

ild S s S z i

n £ ± ^ .

I tQ %

2.J2-7
The Bureau of Customs announced today that instructions
have been issued to the collectors of customs for the control
of the duty free quotas for the calendar year 1940 on Philippine
sugars, cigars, scrap or filler tobaccos and buttons of pearl or
shell provided in the Philippine Independence Act, as amended by
the Act of August 7, 1939, Public No. 300, 76th Congress.
During the period December 18 to 31, 1940, inclusive, the
collectors of customs will secure by telegram the Bureau's
authorization for free entry of these Philippine commodities.
This method of quota control will supersede previous instructions
requiring deposit of estimated duties on Philippine cigars entered,
or withdrawn from warehouse, for consumption effective December 16
and on Philippine sugar effective December 18, 1940.

-000-

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, December IS, 194-0

Press Service
No. 22-97

The Bureau of Customs announced today that instructions have
"been issued to the collectors of customs for the control of the duty
free quotas for the calendar year 194-0 on Philippine sugars, cigars,
scrap or filler tobaccos and buttons of pearl or shell provided in
the Philippine Independence Act, as amended by the Act of August 7,
1939, Public No, 3 0 0 , 7 6th Congress,
During the period December 18> to 3 1 , 194-0, inclusive, the
collectors of customs will secure by telegram the Bureau’s author­
ization for free entry of these Philippine commodities.

This method

of quota control will supersede previous instructions requiring
deposit of estimated duties on Philippine cigars entered, or with­
drawn from warehouse, for consumption effective December 1 6 and on
Philippine sugar effective December X 2>, 194-0;

-0 O0 -

TjocASu&Y'

l) 6 r Q *m

M

& % T

E v e f t m

The Bureau of Customs announced today that instructions have been
issued to the collectors of customs to provide for equal opportunities at all
ports for clearing cattle under the quarterly tariff rate quotas, proclaimed
by the President on November 30, 1940, on imports of cattle weighing 700
pounds or more each, the produce of countries other than Canada, at the be­
ginning of the quarterly quota periods during the year 1941.
Arrangements have been made for all customhouses where entries, or with­
drawals from bonded pastures, for consumption of this class of cattle are
likely to occur to open simultaneously on January 2, April 1, July 1 and
October 1 at 11 A. M. Eastern Standard Time, which will be 10 A. M. Central
Standard Time, 9 A. M. Mountain Standard Time and 8 A. M. Pacific Standard
Time.
Entries and withdrawals for consumption covering this class of cattle
may be accepted at the lower rate of duty of 1-1/2 cents per pound provided
for under the Canadian Trade Agreement, provided delivery permit is pot re­
leased pending determination of their quota status.

If delivery permit is

desired before such determination, importers of this class of cattle will be
required to deposit estimated duties at the full tariff rate of 3 cents per
pound.

Upon receipt by the Bureau of Customs of complete reports from customs

officers for the periods in which the quotas may be filled, the collectors of
customs will be advised as to the particular entries or withdrawals, or por­
tions thereof, coming

/

TREASURY DEPARTMENT
‘Washington
FOR RELEASE, EVENING NEWSPAPERS
Monday, December 23, 19^-0*...._

Press Service
No. 22-98

The Bureau of Customs announced today that instructions have
heen issued to the collectors of customs to provide for equal oppor­
tunities at all ports for clearing cattle under the quarterly tariff
rate quotas, proclaimed ty the President on November 3 0 , l^O, on
imports of cattle weighing 700 pounds or more each, the produce of
countries other than Canada, at the beginning of the quarterly quota
periods during the year 1 9 ^1 .
Arrangements have been made for all customhouses where entries,
or withdrawals from bonded pastures, for consumption of this class
of cattle are likely to occur to open simultaneously on January 2,
April 1, July 1 and October 1 at 11 A. M. Eastern Standard Time,
which will be 10 A,. M, Central Standard Time, 9 A- M. Mountain
Standard Time and g A, M. Pacific Standard Time.
. Entries and withdrawals for consumption covering this class of
cattle may be accepted at the lower rate of duty of 1 -1 / 2 cents per
pound provided for under the Canadian Trade Agreement, provided
delivery permit is not released pending determination of their quota
status.

If delivery permit is desired before such determination,

imoorters of this class of cattle will be required to deposit esti­
mated duties at the full tariff rate of 3 cents per pound.

Upon

receipt by the Bureau of Customs of complete reports from customs
officers for the periods in which the quotas may be filled, the
collectors of customs will be advised as to the particular entries
or withdrawals, or portions thereof, coming within the quotas.

(}/vi/^ —

/yw^

TREASURY D1PARYMUJT
Washington

FOR RELEASE, HOMI N G HBSTSPAPSRS
Tuesday, December 2U, iqho
12/23766 ---------2------

Press Service
No. •

The Secretary of the Treasury announced laet evening that the tender*
for *100,000,000, or thereabout*, of Bational Defense Serie*, 90 -day
Treasury bill*, to be dated December 2 6 . 191 *0 . and to mature March 2 6 .

I9U1,

which were offered on December 20, were opened at the Federal Reserve Banks
on Deeeraber 2 3 *
The

details of this issue are as follows;

Total applied for - $U22,280,000
Total accepted
- 100,U2U,000
The

par.

/

Of

accepted bid* were tendered at price* slightly above par, and at
the amount tendered at par. 37 percent wae accepted.

,-

TREASURY DEPARTMENT
V/ashington

FOR RELEASE, MORNING NEWSPAPERS
Tuesday, December 24, 1940.
I2/23/4O

Press Service
No, 22-99

The Secretary of the Treasury announced last evening that-the tenders
for $100,000,000, or thereabouts, of National Defense Series, 90-day Treasury
bills, to be dated December 26, 1940, and to mature March 26, 1941, which were
offered on December 20, were opened at the Federal Reserve Banks on December 23.
The details of this issue are as follows:
Total applied for - $422,280,000
Total accepted
- 100,424,000
The accepted bids were tendered at prices slightly above par, and at par.
Of the amount tendered at par, 37 percent was accepted