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U S .
T\%W%es
I'
l ib r a r y
ROOM
5030
J UN 141972
TREASURY DEPARTMENT
li
o
For immediate release
Secretary Morgenthau today announc ed
the appointment of Ferdinand Kuhn J r., forme^Tondoii
D
„
n
A
Q
^
t
h
e
New York Times, as a Special
Assistant to the Secretary,
Mr. Kuhn
_
c/jL^^en
was graduated from. Columbia University in 1925, at which
A O
time he joined the staff of the New York Times.
Three
years later he was sent to London by that newspaper and
returned to the United States a year ago as an editor ial
y *.*.-*..*_s*,*.*r><•*
7$
and special writer•
Mr. Kuhn last year was awarded the
Columbia University medal f>r distinguished service.
ooOoo
-He-
TREASURY DEPARTMENT
Washington
FOR IMED I A T E RELEASE
Thursday, December 26, 19^0
Press Service
No* 23-O
Secretary Morgenthau today announced the appointment of
Ferdinand Kuhn, Jr., former chief of the London bureau of the
New York Times,
as a Special Assistant to the Secretary.
Mr. Kuhn attended public schools in Mount Vernon, New York,
and was graduated from Columbia University in 1925» ^
he joined the staff of the New York Times.
which time
Three years later he
was sent to London by that newspaper and returned to the United
States a year ago as an editorial and special writer,
after more
than eleven years of service abroad,
Mr, Kuhn last year was awarded the Columbia University
medal for distinguished service,
~o 0o-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
30.
lqUO
. all tenders received at the Federal Reserve Banks
¿TOC
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
January 2. 19Hl______..
on
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.)
ITo loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
.
Treasury Department Circular iTo. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the conait ions of their issue.
Copies of the circular may be obtained from
any Federal Reserve Bank or branch thereof,
FOR RELEASE, MORNING PAPERS,
TRELaSURY DEPARTMENT
Friday. December 27. 19^0.^
^£*3
«fttmagftciïx m m x x x m x x m x x
3^X
The Secretary of the Treasury gives notice that tenders are invited
for Treasuiy hills to the amount of I 100.000.000, or thereabouts.
They will
h e __ rifta^natfid National Defease Serie8,*^C>-day hills; and will he sold on
a discount basis to the highest bidders.
Tenders will he received at the
Federal Reserve Banks, or the branches thereof, up to two o'clock p. n . ,
Eastern standard tine, on
Monday. December 30, 19^0
Tenders will not
jtfnfa.
be received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved lune 25, 1940.
Under the authority of
that section "National Defense Series" obligations nay be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
Pq p the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury hills will he dated
January 2. 19Ul
» and will
iita
mature on
¿ p m
2 . isan
, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $ 1000, $ 10 ,000, $100,000, $500,000, and
$1,000,000
(naturi ty value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recogni«ed
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
• treasury d e p a r t m e n t
FOR RELEASE, MORNING- PAPERS,
Friday, December 27 , 19*1-0 ,
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $100,000,000,
abouts,
or there
They will be designated National Defense Series, 90-day
I
the
bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks,
1 no]
or the
branches thereof, up to two o*clock p, m., Eastern Standard time,
on Monday, December 30, 19*4-0.
02
Tenders will not be received at the
Treasury Department, Washington*
j.
These bills will be issued pursuant to the provisions of
Section 302 of the Revenue Act of 19*40, approved June
25,
19*4-0,
Under the authority of that section "National Defense Series" oblif
gations may be issued to provide the Treasury with funds to meet any
I expenditures made, after June
30,
19*4-0, for the national defense, or
to reimburse the general fund of the Treasury therefor.
\
The Treasury bills will be dated January 2, 19*4-1, and will
mature on April 2, 19*4-1, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer
form only, and in amounts or denominations of $1000, $10 ,000,
|100,000'( $500,000, and. $1 ,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
^ forwarded in the special envelopes which will be supplied by the
E Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
Each tender must be in multiples of $1 ,000.
be expressed on the basis of
places, e.g,,
99,125.
100,
The price offered must
with not more than three decimal
Fractions must not be used.
2
9
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognized
M
dealers in investment securities.
accompanied by a deposit of
Treasury bills
10
Tenders from others must be
per cent of the face amount of
applied for, unless the tenders are accompanied by
»
an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour for receipt of tenders on
December J O ,
19^0, all tenders received at the Federal Reserve
Banks or branches thereof up to the closing hour will be opened and
public announcement of the acceptable prices will follow as soon as
possible thereafter, probably on the following morning.
The Secre
tary of the Treasury expressly reserves the right to reject any or
all tenders or parts of tenders, and to allot less than the amount
|
applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejec
tion thereof.
Payment at the price offered for Treasury bills
allotted must be made at the Federal Reserve Banks in cash or other
immediately available funds on January 2, 19*4-1.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
L
(Attention is invited to Treasury Decision ^ -J J O ,
^
Treasury bills are not exempt from the gift tax.)
ruling that
No loss from the
sale or other disposition of the Treasury bills shall be allowed as
I
a deduction,
or otherwise recognized,
for the purposes of any tax
now or hereafter imposed by the United States or any of its posses*
sions.
9
Treasury Department Circular No. ^-12>, as amended, and this
notice prescribe the terms of the Treasury bills and govern the
conditions
of t h e i r issue.
Copies of the circular may be obtained
I
from any Federal Reserve Bank or branch thereof.
I
i
I
I
Federal Savings and Loan
Associations .............
Amounts
to Be
returned
Amounts
returned
to Treasury
Agency
$
7, 389,100
$
27,6 10,9 00
Total
$
35 ,0 0 0 ,0 0 0
Federal Intermediate Credit
Banks «...................
Uo,000,000
-
Uo,000,000
Banks for Cooperatives ....
U s,000,000
1 2 ,0 00,00 0
6 0,000,000
Production Credit
Corporations .............
1 5,0 00,00 0
-
1 5 ,0 0 0 ,0 0 0
Federal Land Banks ........
100,000,000
-
100,0 00,00 0
100,000,000
1 00,000,000
350,000,000
350,00 0,000
$ US9,610,900
$ 700,000,000
Federal Farm Mortgage
Corporation ..............
-
Reconstruction Finance
Corporation ••••••••••••••
$ 210,389,100
Ofufi,Trof Uiy ïïnèer Soofetai'^ »""Treasury Pepar burent
December 19, I9U0
For iwmexLia-te release
5
Secretary Morgenthau today made public a
statement showing the amount of capital funds returned
and to be returned to the Treasury by Governmental
corporations and credit agencies, as set out in the
President’s budget message of last January.
figures are as follows:
The
I
TREASURY DEPARTMENT
I
H
FOR RELEASE MORNING NEWSPAPERS
Friday, December 27, 19^0 .
Press Service
No.
2R- 1
¡1
Secretary Morgenoh.au today made public a statement showing the
f
amount of capital funds returned and to be returned to the Treasury
by Governmental corporations and credit agencies,
President’s budget message of last January.
as set out in the
The figures are as
follows:
Agency
Federal Savings and Loan
Associations..... §......
I
Amounts
returned
to Treasury
$
7 ,329,100
Amounts
to be
returned
t
27,610,900
Banks for Cooperatives.....
¿16,000,000
Production Credit
Cornorations.......... ||J
15 ,000,000
—
15 ,000,000
Federal Land Banks.........
100,000,000
-
100,000,000
Federal Farm Mortgage'
Corporation.... 7 ....... f.
—
¿10,000,000
12 ,000,000
1210,389,100
I
-OoO~
1—1
60,000,000
0
0
0
0
0
0
0
0
Reconstruction Finance
Corporation..............
I
35,000,000
^ 0 ,000,000
I
I
$
Federal Intermediate Credit
Banks..... . ,......... T.
K
f
Tot al
100,000,000
350,000,000
350,000,000
7^ 9,610,900
1700,000,000
o^
d
M jL
V
1
details bt "issuing unite of Government.are shown
-«r
A
)
in the following table:
Estimated Amount of
Privately-held Tax-Exempt Securities
Outstanding June 30, 1940.
l
,
----- ,
--- fe-- j
aSecurities of:
Wholly
Partially
exempt
Total
Exempt
(in billions of dollars)
32.8 K
U.S. Government
Federal instrumentalities
5.2 **
guaranteed by U. S.
Federal instrumentalities
not guaranteed by U.S.
1.3 ^
State and local governments 15.4 ^
Territories end insular po
.1 ^
ssessIons
Total privately-held tax-exempt
54.8
securities
_
25.9
6.9
5.2 ^
1.2 ^
15.4 ^
.1
23 •6
?
.1
— ^ i
—
31.2
■
4^ 1
]Pf \1
The December Bulletin of the Treasury Department/today estimated
that a total of $70,200,000,000 of tax-exempt securities were o u t s t a n d i n g l y
the close of the fast fiscal year on June 30, 1940.
Of this total'^approximately $54,800,000,000 £■»» ^ jtae «
A
«
Jhi
. - t L.
m
public, with the remainder held by governmental units and agencies ,^and i
governmental trust funds, sinking fu n d
investment furic^s
ass t t y
ìifSù
listed
Of those securities held 6-pid^=tfiàj> it was estimated that
ÏÏS»
$23,600,000,000 were wholly tax exempt, and $31,200,000,000 were partialJ
«j"f?
¿X?
The interest on wholly exempt securities is M M H p t from both
È, Seis
feSiria r
the normal and the surtax rates of the Federal Income tax, while interesl
on partially exempt securities is exempt only from the normal rates.
The estimates were compiled in connection with Secretary
!¿safes*
feîîfe
teMis of
Morgenthau’s effort to eliminate the further issuance of tax-exempt
^istìefo]
securities on the ground that the holders of these securities escaped
their just share of the Federal tax load.
8tl|iiU
I
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Monday, December 30, 1940
‘
¿2^27/40
Press Service
No. 23-2
*
The December Bulletin of the Treasury Department today estimated that a total
of $70,200,000,000 of tax-exempt securities were outstanding at the close of the
past fiscal year on June 30, 1940.
Of this total, the Bulletin points out approximately $54,800,000,000 were in
the hands of the public, with the remainder held by governmental units and agen
cies, and by Federal Reserve Banks and in governmental trust funds, sinking funds,
and investment funds.
Of those securities held privately, it was estimated that $23,600,000,000
epa tiallj
were wholly tax exempt, and $31,200,000,000 were partially free from internal
)
mbo ■ i
levies.
1
eInBrest
The interest on wholly exempt securities is free from both the normal
and the surtax rates of the Federal income tax, while interest on partially exempt
securities is exempt only from the normal rates.
The estimates were compiled in connection with Secretary Morgenthau's effort
jtes
to eliminate the further issuance of tax-exempt securities on the ground that the
holders of these securities escaped their just share of the Federal tax load.
Details of the privately-held securities, by issuing units of Government, are
apt
shown in the following table:
cap1
Estimated Amount of
Privately-he Id Tax-Exempt Securities
Outstanding June 30, 1940.
Total
L
f
Securities of:
I
I
Wholly
Exempt
Partially
Exempt
(in billions of dollars)
U. S. Government
32.8
Federal instrumentalities guaranteed by U* S.
5,2
Federal instrumentalities not- guaranteed by U. S. 1.3
State and local governments
15.4
1.2
.1
15.4
.1
.1
-
54.8
23.6
Territories and insular possessions
securities
Total privately-held tax-exempt securitie
6,9
-
25,9
5,2
31.2
-
2-
$3l4
.
/
/
/
$16,782,000, France, $11,658,000 and Belgium $3,007,000*
United States balances abroad -were little changed from the
preceding period*
Short-term funds -were increased #8,179,000 in Japan and
-
po
reduced #2,389,000 in the United Kingdom and #1,332,000 in Italy*
Statistics in the December Bulletin showed that foreign countries
/
repatriated $2,675,000 of their securities held in the United States*
buying back a net of $1,186,000 of her securities*
Canada led,
Het capital inflow into the United States from foreign
countries totaled $53,542,000 in the four -weeks ended October 2, 1940,
statistics in the December Treasury Bulletin disclosed today.
Italy with
dial!
J
$20,093,000 accounted for nearly half the inflow*
Selling of American securities continued althoufli net
liquidation in the four weeks dwindled to $2,756,000.
y jJt
This compared with
y
liquidation of #11,662,000 in the preceding period*
countries were Im
m
M
rI^;
their securities, Italy showed net purchasetfof
#20,260,000 sjg^Ametycan bands*
The United Kingdom tggji^net sales of $3,903,000
Srdtzerland $7,498,000/and Asia $11,841,000*
.
"While most other
Gross purchases totaled #47,761,000 *
>/
and gross sales were $50,517,000*
Short-term foreign funds in this country reached the unprecedented
4
*
total of # 3,719,000,000 On October 2 increasing $52,076,000 in the four weeks*
Canada increased her funds here $14,853,000*
WU
4' %
Si
vj
if
j/}
*;
Ij
Other increases were: Japan #9,399,000
%ct
China, $8,015,000; Sweden, $7,295,000; Philippines, $6,514,000; Argentine, $6,182, 00 (
Mexico, $4,680,000; Finland, #2,877,000; and Germany $2,619,000*7 Switzerland m t h d n
TREASURY DEPARTMENT
Washington
Press Service
No, 23-3
FOE RELEASE, MORNING NEWSPAPERS
I Monday, December 30, 1S40
I "---- 12/27740
Net capital inflow into the United States from foreign countries totaled
I $53,5^2,000 in the four weeks ended October 2, 19^0, statistics in the December
Treasury Bulletin disclosed today,
Italy with $20,093,000 accounted for nearly
half the inflow.
Selling of American securities continued although net liquidation in the
four weeks dwindled to $2,756,000.
This compared with net liquidation of
$11,662,000 in the preceding period.
While most other countries were selling
their securities, Italy showed net purchases of $20,260,000 mainly American
bonds.
The United Kingdom showed net sales of $3,903*000, Switzerland
$7,^98,000 and Asia $11,8^1,000.
Gross purchases totaled $^7»761,000 and gross
I
Î
sales were $ 50,517 ,000,
Short-term foreign funds in this country reached the unprecedented
total of $3,719,000,000 on October 2 increasing $52,076,000 in the four weeks.
Canada increased her funds here $1^,853,000.
Other increases were: Japan
$9,399,000; China, $8,015,000; Sweden, $7,295,000; Philippines, $6,51^,000;
Argentine, $6,182,000; Mexico, $U,680,000; Finland, $2,877,000; and Germany
$2,619,000.
Switzerland withdrew $16,782,000, Prance, $11,658,000 and Belgium
$3,007,000.
United States balances abroad were little changed from the preceding
period.
Short-term funds were increased $8,179,000 in Japan and reduced
$2,389,000 in the United Kingdom and $1,332,000 in Italy.
Statistics in the December Bulletin showed that foreign countries
repatriated $2,675,000 of their securities held in the United States.
\
led, buying back a net of $1,186,000 of her securities.
.tiidrep
0O0
Canada
T^fc^SuR.Y
/Fo r
/ M A t t O / A T f
peP/+'RTWtlYT
i?i?/PASi?
I'P / JL 'l
T^o- u ' b r ' - f
The Bureau of Customs announced today that revised reports from
the collectors of customs show imports during the period January 1 to
December 14, 1940, inclusive, of 495,671,069 gallons of petroleum and
fuel oil, the produce or manufacture of the Netherlands (including its
overseas territories), subject to the tariff rate quota provided for in
the trade agreement with Venezuela,
The President’s proclamation of December 12, 1939, limits such
petroleum and fuel oil which may be entered, or withdrawn from warehouse,
for consumption at the reduced rate of import tax of 1/4 cent per gallon
provided in the trade agreement to 527,691,192 gallons for the calendar
year 1940.
Such imports during the year in excess of the quota are
dutiable at the full rate of import tax of 1/2 cent per gallon.
-oOo-
TREASURY DEPARTMENT
Washington
FOR IM E D IATE RELEASE
Friday, December 27, 19*10
Press Service
No. 23-4-
\
The Bureau of Customs announced today that revised reports from
the collectors of customs show imports during the period January 1
to December l4, 1940,
inclusive,
of
495*671,069
gallons of petroleum
and fuel oil, the produce or manufacture of the Netherlands (inclu
ding its overseas territories),
subject to the tariff rate quota
provided for in the trade agreement with Venezuela.,
The President's proclamation of December 12, 1939* limits such
) petroleum and fuel oil which may be entered,
[ house,
or withdrawn from ware-
for consumption at the reduced rate of import tax of 1/4 cent
| per gallon provided in the trade agreement to
the calendar year 1940,
527*691,192
gallons for
Such imports during the year in excess of
the quota are dutiable at the full rate of import tax of 1/2 cent per
gallon.
-oOo-
I
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2 -y - s
As another practical proof that the Good Neighbor policy is
a living force among American Republics, the United States and
Argentina have completed a stabilization arrangement by which
$50
the United States Stabilization Fund is set aside
to promote stability between the United States dollar and the
Argentici peso.
The agreement provides, under conditions acceptable to both
parties, for the purchase of Argentine pesos with dollars, and for
the exchange of information and of views bearing on the proper
functioning of such a program.
This is a cooperative arrangement between old and good friends.
It has been discussed and formulated in this spirit by representatives
of the Argentine Government and the Central Bank of Argentina, and by
the officials of the United States Treasury.
The monetary authorities
of the two countries expect to hold further discussions in the same
friendly spirit during the coming year; and it is hoped that these
enable both countries to reap the greatest possible
benefit from the workings of the present agreement.
Apart from its obvious purpose of stabilizing the relationship
between the two currencies, the arrangement should also promote trade
between the United States and Argentina.
In addition, both Governments
are aware of the close identity of interests and ideals between their
countries; both Governments know the great importance of keeping
neighborly relations warm and strong between their nations and peoples.
It is the hope and belief of both Governments that this arrangement will
help to strengthen the long-established ties of respect and understanding
between these two great democracies of the western world.
TREASURY DEPARTMENT
Washington
Press Service
No* 23-5
for i m m e d i a t e r e l e a s e
Friday, December
27 ,
1940.
The following joint statement is made by the Secretary of the
Treasury, the Argentine Ambassador and the G-eneral Manager of the
Central -Bank of Argentina’
.
As another practical- proof that the G-ood Neighbor policy is a
living force among American Republics,
the United States and
Argentina have completed a stabilization arrangement by which
150,000,000 of the United States Stabilization Fund is set aside
to promote stability between the United States dollar and the
Argentine peso.
The agreement provides, under conditions acceptable to both
parties, for the purchase of Argentine pesos with dollars,
and for
the exchange of information and of views, bearing on the proper
functioning of such a program*
This is a cooperative arrangement between old and good friends*
It has been discussed and formulated in this spirit oy representa«.' >
tives of the Argentine Government and the Central Bank of Argentina,
and by the officials of the United States ireasury.
The monetary
authorities of the two countries expect to hold further discussions
in the same friendly spirit during the coming year, and it is
hoped that these conversations will enable both countries to reap
the greatest oossible benefit from the workings of the present
agreement ,
-oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, ISOHNIHG HEWSPAPERS,
Tuesday» December 3 1 * 1940*____
Press Service
12/30/40
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 January 2 and to mature
April 2, 1941, which were offered on December 27, 1940, were opened
at the Federal Reserve Banks on December 30*
The details of this issue are as follows1
Total applied for - $648,102,000
Total accepted
- 100,435,000
The accepted bids were tendered at prices in excess of
par, all but $14,050,000 being tendered at 100*003,
tendered at that price, 39 percent was accepted*
Of the amount
TREASURY DEPARTMENT
Washington
Press Service
No. 23-6
TOR RELEASE, MORNING NEWSPAPERS
Tuesday, December 31, 1940»
12/30/40
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000,
Series, 90-day Treasury bills,
or thereabouts,
of National Defense
to be dated January 2 and to mature
April 2, 1941, which were offered on December 27, 1940, were opened
at the federal Reserve Banks on December 30.
The details of this issue are as follows:
Total applied for - $648,182,000
Total accepted
- 100,435,000
The accepted bids-were tendered at prices in excess of par,
all but $ 14 ,050,000 being tendered at 100.003#
tendered, at that price,
39
percent was accepted.
- 0O 0-
Of the amount
Estimated Gold and Dollar Expenditures and Receipts of British
Empire, Excluding Canada and Newfoundland, from
September 1, 1939. to December 3?*» 19^0
(in Millions of U.S. Dollars)
fold and Dollar Expenditures
A.
Payments to the United States by United Kingdom,
1.
On British Government orders in the
Goods delivered. ............. .. • • • ,.$660
. . 570
. . 150
2.
For other merchandise imports from
3-
Eor shipping, interest», t, n . . . . . . . . .
$1,380
705
197
$2,282
uillyUllig U.lbUUlbtiiu.uuoi • ••##•••••
... ks
JLXXu AGwV clXLU. vJLAggjsJuU.
##••••••*
Miscellaneous (chiefly film
...
2l+
B, Payments to the Unit ed Stales by Empire
countries, excluding U.K. and Canada
1.
2.
For commodity imports,....... .........
Eor shipping, interest, etc.......... .
Interest and dividends........... $ ^0
Shipping (net)....................
C. Payments by Empire countries, excluding Canada,
to areas outside the U.S, requiring gold or
dollars
, .
1, Payments by Empire countries (chiefly
U.K.) to areas outside the U,S. and
Canada requiring gold or dollars.......
2. Gold payments by Empire countries to
Canada and Newfoundland (net)**........
D.
^35
1+g
1+83
550
£25,
>
Withdrawal of Capital
1.
2.
3.
By American and others, through sale
of free sterling to American importers
By repayment of outstanding export
credits as required by our Neutrality Act
By liquidation of forward exchange
* Compiled from data furnished by British Treasury
For details see supplementary table appended.
300
200
m
735
Gold and Dollar Expenditures
(Co nt.)
E.
Residual - Miscellaneous items and errors
of estimation............... .............
$
Total gold and dollar requirements for all
transact ions.... ........... ............*.
, 7T
^»3^6
¿old apd Dollar Receipts
A.
B.
C.
D.
Receipts from United States by United
Kingdom
1. Erom merchandise exports».............. ..
2, From interest, shipping, etc....... .
Interest and dividends....... .
$ 2>5
Shipping earnings..»............
35
Remittances from insurance
companies.................. .
20
Receipts from United States by Empire
countries, excluding U. K. and Canada
1, From merchandise exports....... . ..
2. From tourist travel, remittances,
etc, (net)................. .
Dollar receipts by Empire countries, ex
cluding Canada, from areas outside
the U. S............ ............... .
$205
, iHo
3 U5
6U0
r 3Q
670
50
Receipts from sale of Empire gold
(new production and dishoarding).....
....9fo)
Total gold and dollar receipts by Empire
countries, excluding Canada......'........
$2,030
Total drain on gold and dollar resources of
British Empire, excluding Canada and
Newfoundland, Sept. 1, 1939 to Dec. 31> 19^0
2 ,316
Total gold and dollar requirements for
all transactions,,.,.;...... ...... ........
$U.3^-6
Supplementary Table
Estimated Expenditures and Receipts of Canada and Newfoundland
With the Rest of the British Empire from September 1, 1939 to
December 31* 19^0
(in Millions of U.S. Dollars)
A.
Payments to Canada and Newfoundland by
Empire countries
1.
2.
3.
B,
Por purchases from Canada, and New
foundland by the United Kingdom....
Por purchases from Canada by other
Empire countries.............
Other payments to Canada by Empire
countries..........................
$795
125
10
$930
Receipts from Canada and Newfoundland by
Empire countries
1.
2.
3.
U.
Prom merchandise exports to Canada
and Newfoundland by U.K............
Prom merchandise exports to Canada
by other Empire countries..........
Prom interest and dividends paid by
Canada to United Kingdom...........
Other U.K. receipts from Canada,
principally Canadian Expeditionary
Forces........................... .
170
100
85
*
20
375
British Empire deficit with Canada, and
Newfoundland on merchandise, interest and
dividends, etc...........................
Canadian assistance to U.K. — repatriation of
British-held Canadian securities and increase
in sterling balances held by Canada......
Gold payments by British Empire countries with
Canada and Newfoundland Sept. 1, 1939 to Dec.
19^0..... ............................
555
330
22£
-
2
-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
January
6}
194-1_____ , all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
January
8,
1941________ #
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax,)
No loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
^
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may'be obtained from
any Federal Reserve Bank or branch thereof.
FOR KS&SAStt, MORNING |a PER||
TREASURY D E T R I M E N T
«¡ww*«*
Friday, January 3« 19A1.
"
The Secretary of the Treasury gives notice that tenders are invited
for Treasury hills to the amount of I 100^000,000, or thereabouts.
be designated National Defense Series. 91
They will
-day bills5 and wil1 be sold on
a discount basis to the highest bidders.
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
Eastern standard tine, on
Monday, January
6. 1941
Tenders will not
be received at the Treasury Department, Washington,
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section ’’National Defense Series’’ obligations nay be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
mature on
January
8, 194-1______
» and
April 9, 1941________, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of ¡¡>1000, §10,000, §100,000, §500,000, and
§1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than §1,000 will be considered,
tender must be in multiples of §1,000.
nu.ch
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognised
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
FOR RELEASE, MORNING- PAPERS
treasury d e p a r t m e n t
Friday, January 3» 194-1*
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $100,000,000,
abouts,
or there
They will be designated National Defense Series, 91“^aY
bills; and will be sold on a discount basis to the highest bidders*
Tenders will be received at the Federal Reserve Banks, or the
branches thereof, up to two o lclock p, m,, Eastern standard time,
on Monday, January 6, 194-1,
Tenders will not be received at the
Treasury Department, Washington*
These bills will be issued pursuant to the provisions of Section
302 of the Revenue Act of 194-0, approved June
25,
1940,
Under the
authority of that section "National Defense Series" obligations
may be issued to provide the Treasury with funds to meet any ex
penditures made, after June 3°> 194-0, for the national defense, or
to reimburse the general fund of the Treasury therefor.
The Treasury bills will be dated January S, 194-1 , and will
mature on April 9, 194-1, and on the maturity date the face amount
will be payable without interest*
They will be issued in bearer
form only, and in amounts or denominations of $1000,
$10,000,
$100,000, $ 500,000, and $1 ,000,000 (maturity value).
It is urged that tenders be made on the printed forms and for
warded in the special envelopes which will be supplied by the
Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered*
Each tender must be in multiples of $ 1 ,000,
be expressed on the basis of
places,
e* g , , 99*125#
100,
The price offered must
with not more than three decimal
Fractions must not be used.
2
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognized
dealers in investment securities*
accompanied by a deposit of
10
Tenders from others must be
per cent of the face amount of
Treasury bills applied for, unless the tenders are accompanied by
an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour for receipt of tenders on
January
6,
19^1, all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possi
ble thereafter, probably on the following morning.
The Secretary
of the Treasury expressly reserves the right to reject any or all
tenders or parts of tenders,
and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or re
jection thereof.
Payment at the price offered for Treasury
bills
allotted must be made at the Federal Reserve Banks in cash or other
immediately available funds on January S, 19^1.
The Treasury bills will be exempt,
as to principal and interest,
and any gain from the sale or other disposition thereof will also
be exempt, from all taxation,
except estate and inheritance taxes.
(Attention is invited to Treasury Decision
Treasury bills are not exempt from the gift tax.)
ruling that
No loss from the
sale or other disposition of the Treasury bills shall be allowed as
a deduction,
or otherwise recognized,
for the purposes of any tax
now or hereafter imposed by the United States or any of its
possessions n
-
3
-
Treasury Department Circular No* 4l£, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or branch thereof#
- 0O 0
In Form lOHO, used in reporting gross incomes of more than $5*000*00,
provision is likewise made for the additional 10 percent defense tax*
Also, in this form, schedule F, which deals with gains and losses
from sales or exchanges of capital assets, a note has been inserted immedi
ately beneath “Computation of Alternative Tax” advising the taxpayer that
the alternative tax should be computed only (l) if he had a net long-term
capital gain and the surtax net income exceeds $22,000*00, or (2) if he
had a net long-term capital loss and such loss plus the surtax net income
exceeds $22,000*00*
Instructions have been revised to accord with Changes under the Bevenue Act of 19^0, principally the filing requirements.
The basis this year
is grosiincome of $800*00 for single persons and $2,000*00 for married ones*
The new surtax rates are listed in the table in “Specific Instructions 29“*
Corporations, irrespective of the amount of total receipts or net in
come , have been provided with a four-page blank, form 1120^ for
1932
and
1939 business operations^ larger corporations and special classes of cor
porations made their returns on the six~page form 1120, while smaller cor-
porations made their returns on the four-page form U20A.
The elimination
- 3 -
of the smaller corporation form was made possible by a change in the method
of computing the income tax for the taxable year 19^0.
Detailed instructions for filling out the blanks will accompany all
forms.
A
/ - *
- *
Guy T. Helveringf Commissioner of Internal Bevenue announced today
that forms for reporting 19*40 incomes“nave beendi sffrl'butedto collectors
e
n
i
who have been authorized to release them on January 3*
The new forms embody changes made in the various Internal Bevenue
statutes during the last year«
Provision has been made in Form 10*40A, used in reporting gross incomes of not more than $9*000.00, to report the 10 percent defense tax
J
which is a temporary
to run five years.
Also, in this form, item 13^dealing with earned income creditjhas
been enlarged to reflect the computation of that credit in its entirety,
thereby eliminating the schedule which appeared on the reverse of this
form for prior years.
Since the filing of duplicate returns on greenjpaper is no longer
required, the original and the taxpayer*s copy, together with instructions,
have been printed on one sheet,fold^lind perforated.
This sheet is printed
on buff paper for the first time, designed to facilitate the segregation of
Forms ì o U o y U
y ttsL
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Friday, January 5, 19^1«_______
Press Service
No. 23-7
Commissioner of Internal Revenue,
G-uy T, Helvering,
announced
today that forms for reporting 19*4-0 incomes for Federal tax
purposes have been distributed to Collectors who have been author
ized to release them on January 3»
The new forms embody changes made in the various Internal
Revenue statutes during the last year.
Provision has been made in Form 10*4-0A, used in reporting gross
incomes of not more than
000,00,
to report the
10
percent de
fense tax, which is a temporary levy to run five years.
Also,
in this form,
item
13 ,
dealing with earned income credit,
has been enlarged to reflect the computation of that credit in its
entirety, thereby eliminating the schedule which appeared on the
reverse of this form for prior years.
Since the filing of duplicate returns on green paper is no
longer required,
the original and the taxpayer’s copy, together with
instructions, have been printed on one sheet, folded and perforated.
This sheet is printed on buff paper for the first time, designed
to facilitate the segregation of Forms 10*4-0A in the Collectors'
offices.
In Form 10*40, used in reporting gross incomes of more than
fcj 000.00, provision is likewise made for the additional
10
percent
defense tax.
Also, in this form,
schedule F, which deals with gains and
losses from sales or exchanges of capital assets,
a note has been
inserted immediately beneath "Computation of Alternative Tax"
P
c
advising the taxpayer that the alternative tax should he computed
only (l) if he had a net long-term capital gain and the surtax
net income exceeds $ 22,000,00; or (2) if he had a net long-term
capital loss and such loss plus the surtax net income exceeds
§22, 0 0 0 , 0 0 ,
Instructions have been revised to accord with changes under
the Revenue Act of 19^0, principally the filing requirements.
The
basis this year is gross income of $$ 00,00 for single persons and
$2,000,00 for married ones.
The new surtax rates are listed in
the table in "Specific Instructions 29".
Corporations,
irrespective of the amount of total receipts or
net income, have been provided with a four-page blank,
form
1120,
For 193$ and 1939 business operations, larger corporations and
special classes of corporations made their returns on the six-page
form
1120,
while smaller corporations made their returns on the four-
page form 112CA,
The elimination of the smaller corporation form
was made possible by a change in the method of computing the income
tax for the taxable year
19^-0 *
Detailed instructions for filling out the blanks will accompany
all forms.
-oO o-
For Immediate Release
Friday, January 3, 19*40
TREASURY DEPARTMENT
Washington
Press Service
Ho. 23-8
Commissioner of Customs W. R. Johnson today issued the following statement
showing imports of distilled liquors and wines, and duties collected thereon,
covering November, 19^0, with comparative..figures for November, 1939» and October
1940, and the eleven month periods ending November 1939 and November 1940:_______
October
11 months ended
November
November
19^0
1940
November 1940 November 193c
1939
DISTILLED LIQUORS
(Proof Gallons):
Stock in Customs
Bonded Warehouses
at beginning....
8 ,658,556 8,682,438 3,872,233 4 ,474,392
4 ,214,134
Total Imports (Eree
and Dutiable).,..
l,0bl,282 1 ,298,265 13,790,502
9,847,142
975.159
Available for Con
sumption........
l4,06l,276
9 .633.715 9,743,720 5,170,498 18,264,894
Entered into Con
sumption (a).....
1,084,044 1,052,757 9 ,851,683
1,2*4-0,113
9,885,348
Stock in Customs
Bonded Warehouses
at end..........
8,652,556 4,086,822 8 ,391.543
4,086,522
S,391 ,5^3
STILL WINES (Liquid
Gallons):
Stock in Customs
Bonded Warehouses
at beginning....
1,680,675 1,184,596 1 ,283,499
1.559.503
1 ,121,505
Total Imports (Eree
and Dutiable)....
3 ,140,760
160,772
129,623
502,829 3,13^,590
Available for Con
sumption. ...... ..
1,810 ,238 1,687,425
4 ,262,265
1,720,275
Entered into Con
sumption (a)..,..
250,548
198,280
378,326 2,888,934
2,948,364
Stock in Customs
Bonded Warehouses
at end....... .
1,521,694
1.559,503 1,308,919 1,521,694
1.30S.919
SPARKLING WINES
(Liquid Gallons):
Stock in Customs
Bonded Warehouses
at beginning
274,786
308,504
376.746
257.942
325,235
Total Imports (Eree
and Dutiable)
2,622
4,201
543,368
i p .367
280,715
Available for Con
sumption....... .
277.408
329,1+36
657,461
801,310
451,371
Entered into Con
sumption (a)....
80,112
414,483
428,891
35.719
53.915
Stock in Customs
Bonded Warehouses
at end..........
241,601
274,78b
24l ,601
371,757
371,757
DUTIES COLLECTED ON:
Distilled Liquors
$24,508,058
$3,075.215 $2,676,489 $2,6i4,9i4 $24,322,316
Still Wines
225,832
2,441,348
331,054
179.755
2,517,535
Sparkling Wines
106,632
l6i,280
239.910
1,232,422
1,282,065
Total Duties Collected
on Liquor
$3,36l,602 33,063,601 $3,185,878 $27,996,086
$28,307,658
(a) Including withdrawals for ship supplies and diplomatic use.
M
am «
I iim U i i
ÍM . 21(a)
Ot jt y t l Limitation
S i t a H U H t t U M - S*e. a t « . , .
1—
$
887*1^1*250
2. 76H.309.300
< l .f e l ,» » .« »
wrt Wim B rt|r «u t —«M i l t ta ObU < * »tot«« H a a g
SSSat
¡B 1
to tal fas« amount outstanding y t l U l i«bt obligation»
l« « M i uador authority « f th« S«M ai lib erty Beai A it,
a« «M itici, a« lia i ic i by last!«« 81 « f th« Aut*
Om «ral lia i t a t io a ...
......... ......................... •«•*••*••
$hhiU 2,« 3«i T5Ö
M t!« M l NefM•• lim itati««.
Aid «ther outstanding ytdhli« i«bt obligat loa» M t
s& jM t t« th« «tatut««y lim itation*
Int»re*t-boarlng (pr«~*ar, «te.)*.**
Naturai «a vhloh interest ha« «aa««i
Boaring m lnter#»t...............
to tal | N « i i«bt outstanding a» « f Docaabor
5*T.m.0U
31,
lÿtO
ifcj.oaMJi.*««
Soctloa H « f tho f u n i Uborty im i l«t« M aaondoi , f f iv U i« t i fblloirit
(t) fit« I m i «nouât i l M i | « « rU IS iftiii i f t iA IH ilft iii, f m if t f r b ill««
aal Mb«« I«« m A und»r th« authority o f th is Aet, «uà « f «o rtifient«» o f ladobtodm m I »«M i uaá#r authority o f SM tioa 6 « f th« fir s t Liberty M
M t« M o ll M t
exceed la th« aggregai» $h$,000, 000,000 outstanding a t «ay «M tin «.
(b) Sa «Aáltloa t« th« « » tu t author!««d by th« pr*oodiag yaragrafih « f this
«MtS«a9 «ay i t U | i U i t i author!Md by 0««tl«ai 5* «oh li* * « f thi« A ct, a« aa«nd«d9
M t t« «xe««d la M * « u n g i ^
000, 000,000 #at«taai t i a t «ay «a« U m , !••«
aay rotiroM ats «ad« I n a th« «yM lal Mah M i« arai U b i« ta d « Section 301 « f th«
ftsvMM Act « f ifhO, aay b« l»«u«& uai«r « a li i««tl«a« t« prorid« th« fr«a«ury «Ith
M i t« «••% any «xpondlture» «ad«, aft«r Jon« 30,
for th« l l t l i a i i BefM M ,
«r t« rtlabarM th« g«a«raL M
« f th« f m u x f thorofor.
Aay »uoh » U t|iU » fti m
l»«M i »hall b« d»slgnat«d *Satl«aal hafM M S«rio»*.
*
**
BHï/llo
SM .
3 author!««» certificat«» « f ind»bt«dn«»» «a i froasury b ill»
Sm . ü aathorlsM M t«« « f th« M i l i Stat«« (treasury Mt««)*
fio
datraary i % lfhi
■ CTdSUTQBT «HT UHltAflOE
Under N u k
mW l í «f til« Second Lrttrif Bond Bel» ft« Aaeaded
a » of Beeeftbor 31, 191)0
fluí following totolo shoos the foco eaount of puto!le Aotot obligations of tho
Bpito«d States authorised, outstanding, «ad toalaaoo Issuatole under tho Unitâtions
laposod top Bootion 21 of tho Second Liberty Bead Aet, as «sondo*.
1. Penerai hi»!tatolea - Sostioa 21(a)
ffttal fa«« aaeuato of heads, notes, certifiantes
of Iftdototodaess, sad treasury hills that any
too outstanding at any one Has........... ..... .
Outstanding as of Boceuber 31, 19*0t
Interest-bearingt
Beads
$1*5,000,000,000
f w d s u r y ...................... $27,960,167.200
Savings (naturity relue)*...
*,106,501,675
Servie............
TWtfo.U,
♦ja.ili.aoO.iOO
treasury notes... .......... $ 8,361,802,300
Certificates of indebtedness.... 1,95*,800,000
treasury hills (naturity relue).
60ft.t91.000
11*122«09*5»300
Matured ohllgatoioas, on «lieto
Interest has ceased.... ....
m . 5 f e . 6 5 0 >*.lia.« 5» . W 0
fase amount ef obligations
Issuable under Obere authority,
11* latlonal Bafeas» Limitation * Section 21(b)
fetal face aaouat ef notes, csrtlfloatss ef indebtednets, and treasury hills that any he outstanding at
nay one tine................. ....................... .
less retírenoste under Section 301 Boros»# Act, lÿio..... .
Bet taca aaouat lsouahle................. ............
.$ *.000,000,000
4 $¡000^000^000
Outstanding as of Beoenher 31, IfhOt
Interesi-hearing!
treasury notes............. $930,838,700
Certificates of indebtedness... .........
t r M N i r t m . ............ . 70^.858.000 #1.255,690.700
Matured obligatiene, en vhleh
interest has ceased..... ............. .
..........
0,235,690,700
face aaouat of obligations
issuable under aber« authority.
*Approntami* «atprlty relue.
Principal eneuat (current redemption
raimo) according to preliainayy publie debt statsnent $3,19**792,667,
J
January 6, I 9U1
statutory debt limitation
Under Section 21 of the Second Liberty Bond Act, as Amended
As of December 31 » 19^-0
The following table shows the face amount of public debt obligations of the
United States authorized, outstanding, and balance issuable under the limitations
imposed by Section 21 of the Second Liberty Bond Act, as amended.
1. G-eneral Limitation - Section 21 (a)
Total face amount of bonds, notes, certificates
of indebtedness, and Treasury bills that may
be outstanding at any one time............... ............
Outstanding as of December 31» 19^-0:
Interest-bearing 5
Bonds
Treasury......... ..$27»9^0,167,200
Savings (maturity value)*. ..... 4,106,501,675
Adjusted Service........ . ...
7^9,551,925
Treasury notes. .. ., ,..... ......$
Certificates of indebtedness....
Treasury bills (maturity value).
$U5,000,000,000
$32,816,200,gOO
8,561,802,300
1,954,800,000
605,493 ,000
latured obligations, on which
interest has ceased........
11,122,095.500
“+3.938.296,100
17^,562,650 W+,112,858,750
Face amount of obligations
issuable under above authority....... .......... ............ | ......$
II.
887,1^1,250
National Defense Limitation - Section 21 (b )
Total face amount of notes, certificates of indebted
ness, and Treasury bills that may be outstanding at
any one time..... g ......... . ....... ...................... . ..,,.... $•*W O O Q ,000-, 000
Less retirements under Section 301 Revenue Act, 19^0........... ’ .............
Net Race amount issuable......... I ................. ........... .$, k, 000,000,000
Outstanding as of December 31 » 19^0;
Int e re st -be a ri ng:
Treasury notes......... ........ $530,838,700
Certificates of indebtedness...... .
Treasury bills... ........... 70^,852,000
Matured obligations, on which
interest has ceased.......
$1,235,690,70Q
$ 1,235,690,700
Face amount of obligations
issuable under above authority........ ..........................$
2 ,76^,309,500
•Approximate maturity value. Principal amount (current redemption
value) according to preliminary public debt statement $3 ,19^, 792,667.
Hecapitulâtion - Section 21(a) and (b)
Total that m a y b e outstanding......................... ............... $1+9,000,000,00C
Total outstanding............ .................................... . 1+5»3^8»5^9»^5C
Balance issuable?
General Limitation - Sec. 21 (a)........... $
887,11+1,250
National Defense Limitation - Sec. 21(b)...
2,761+, 309,300
$ 3,651,1+50,550
Reconcilement with Daily Statement of the United States Treasury
December 31 , 19I+Q
Total face amount outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended, as limited by Section 21 of the Act;
General Limitation.......................... .................... $1+4,112, 858 ,75C
Deduct unearned discount on Savings Bonds.......................
911 »709,008
¥ 37261,1^ 9,71*2
National Defense Limitation......... ........................... .
1,235»690,700
$44,436, sfo), 1+1+2
Add other outstanding public debt obligations not
subject to the statutory limitation;
Interest-bearing (pre-war,etc.) .......... $
196,208,460
Matured on which interest has ceased......
l4,187,240
Bearing no interest .............. ........
577,395,346
587,791,Qlf6
Total gross debt outstanding as of December 31» 1940.................$45,024 ,63 l,4£j>g
Section 21 of the Second Liberty Bond Act, as amended, provides as follows:
(a) The face amount of bonds, certificates of indebtedness, Treasury bills,
and notes issued under the authority of this Act, and of certificates of indebted
ness issued under authority of Section 6 of the Hirst Liberty Bond Act, shall not
exceed in the aggregate $1+5,000,000,000 outstanding at any one time.
(b) In addition to the amount authorized by the preceding paragraph of this
section, any obligations authorized by Section 5* and 18** of this Act, as amended,
not to exceed in the aggregate $4,000,000,000 outstanding at any one time, less
any retirements made from the special fund made available under Section 301 of the
Revenue Act of 1940, may be issued under said sections to provide the Treasury with
funds to meet any expenditures made, after June 30, 1940, for the Rational Defense,
or to reimburse the general fund of the Treasury therefor. Any such obligations so
issued shall be designated "National Defense Series".
*
**
Sec.
5
authorizes certificates of indebtedness and Treasury bills.
Sec. 18 authorizes notes of the United States (Treasury notes),
TREASURY DEPARTMENT
Washington
FOR HSLIASE, MORNING NEWSPAPERS,
Tuesday. January 7. I9U.
17675
Press Service
Ho.
'
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 January 8 and to mature April 9, 1941, which
were offered on January 3# were opened at the Federal Reserve Banks on
January 6.
The details of this issue are as followst
Total applied for - $560,547f000
Total accepted
- 100,002,000
The accepted bids were tendered at prices in excess of par, all
but $27,550,000 being tendered at 100*003« Of the amount tendered at that
price, 66 percent m s accepted*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, January 7, 19^1
Tpoi^T
Press Service
No* 23-9
The Secretary of the Treasury announced last evening'that
the tenders for $100,000,000,
Series, 91~day Treasury bills,
or thereabouts,
of National Defense
to be dated Januaryg and to mature
April 9, 19^1, which were offered on January 3» were opened at the
Federal Reserve Banks on January
6,
The details of this issue are as follows:
Total applied for - $560,5^ 7 >0^0
Total accepted
- 100,002,000
The accepted bids were tendered at. prices in excess of par, all
but |27,550;C00 being tendered at 100*003.
at that price,
66
percent was accepted,
~CcO~
Of the amount tendered
‘i
o #
h
XJUfeJ
Foa
RetEASfi''
}&■sjîfw
W
' ^rW
r^M
i
‘T t r <J 3 -
r ix lfi
Ì W I
The Bureau of Customs announced today that the January,
Canada, which limits the number of silver or
black foxes valued at less than $250 each and whole silver or
black fox furs and skins (with or without paws, tails or
heads) which may be entered, or withdrawn from warehouse, for
consumption during any month, as provided for in the new
supplementary trade agreement with Canada, has been exhausted,
Entry, or withdrawal from warehouse, for consumption of these
commodities imported from Canada is therefore prohibited until
the beginning of the next quota period.
194.1 5 quota for
Preliminary data in the Bureau indicate that 3,713 live
silver or black foxes, valued at less than $250 each and whole
silver or black fox furs and skins (with or without paws,
tails, or heads) were entered, or withdrawn from warehouse for
consumption from countries other than Canada, on January 2,
1941, which is approximately 50 percent of the quantity of
such commodities which are permitted entry into consumption
during the month of January, 1941, under the provisions of the
new supplementary trade agreement with Canada,
Preliminary data in the Bureau also indicate that the
quantities of silver or black fox merchandise entered, or
withdrawn from warehouse, for consumption during the period
December 1, 1940, through January 2, 1941, under these
additional quotas, provided for in the new supplementary trade
agreement with Canada, and the percentage of fulfillment of
these quotas, were as follows:
Percent of
Entered
fulfillment
Quota
Tails of silver or black foxes(pieces)5,000
Paws, heads, or other separated parts
of silver or black fox furs and skins
(other than tails) (pounds)
500
Piece plates made of pieces of silver
550
or black fox furs and skins (pounds)
Articles, other than piece plates, made
wholly or in chief value of one or more
silver or black fox furs or skins or
500
parts of such furs or skins (units)
3,406
68,1
56
11.2
364
66.2
a
1 .6
TREASURY DEPARTIRENT
w a s h i n &t o n
POR RELEASE MORNING PAPERS
Friday, January 10, 19*41
Press Release
No. 23-10
The Bureau of Customs announced today that the January, 19*41, quota for
Canada, which limits the number of silver or black foxes valued at less than
$250 each and whole silver or black fox furs and skins (with or without paws,
tails or heads) which may be entered, or withdrawn from warehouse, for con
sumption during any month, as provided for in the new supplementary trade
agreement with Canada, has been exhausted. Entry, or withdrawal from warehouse
for consumption of these commodities imported from Canada is therefore pro
hibited until the beginning of the next quota period.
Preliminary data in the Bureau indicate that 3»713 live silver or black
foxes, valued at less than $250 each and whole silver or black fox furs and
skins (with or without paws, tails, or heads) were entered, or withdrawn from
warehouse for consumption from countries other than Canada, on January 2, 19*41,
which is approximately 50 percent of the quantity of such commodities which are
permitted entry into consumption during the month of January, 19*41, under the
provisions of the new supplementary trade agreement with Canada.
Preliminary data in the Bureau also indicate that the quantities of
silver or black fox merchandise entered, or withdrawn from warehouse, for con
sumption during the period December 1, 19*40, through January 2, 19*4-1, under
these additional quotas, provided for in the new supplementary trade agreement
with Canada, and the percentage of fulfillment of these quotas, were as follows
Percent of
fulfillment
0,110ta
Entered
Tails of silver or black foxes (pieces)
000
3»*+06
6g.l
Paws, heads, or other separated parts
of silver or black fox furs and skins
(other than tails) (pounds)
500
56
11.2
Piece plates made of pieces of silver
or black fox furs and skins (pounds)
55O
36L
66.2
Articles, other than piece plates, made
wholly or in chief value of one or more
silver or black fox furs or skins or
parts of such furs or skins (units)
500
g
1.6
-0Q01/9/41
(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:
(In Pounds)
Country of
Origin
United Kingdom ....
Canada ..........
France ..........
British India ....
Netherlands .....
Switzerland .....
Belgium .........
Japan ...........
China ...........
Egypt ...........
C u b a ............
Germany.........
Italy...........
Total
1/
Established
Imports Sept.
TOTAL IMPORTS : Established
: TOTAL QUOTA
Sept. 20, 194Q: 33-1/3% of
20, 1940, to
to Dec* 28, 1940: Total Quota Dec.28,1940 1,
:
A,323,457
239,690
227,420
69,627
637,121
194,155
68,783
68,240
44,388
38,559
341,535
17,322
-
- *
**
8,135
6,544
76,329
21,263
5,482,509
900,059
Included in total imports, column 2.
1,441,152
-
75,807
_
22,747
14,796
12,853
-
25,443
7,088
1 ,599,886
6,430
—
-
—
-
,,,,,
6,430
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5, 1939,
and December 19, 1940, as follows, during the period September 20, 1940, to
December 28, 1940, inclusive.
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BUNKSTING, AND OTHER THAN LINTSRS). Annual quotas
commencing September 20, by Countries of Origin:
Country of
Origin
Egypt and the AngloEgyptian Sudan .....
Peru ..................
British India ........
China .................
Mexico ................
B r a z i l ..............
Union of Soviet
Socialist Republics .
Argentina .............
Haiti .................
Ecuador ...............
Honduras ..............
Paraguay ..............
Colombia ..............
I r a q ..................
British East Africa ...
Netherlands East
Indies ......... .
Barbados'..............
Other British West
Indies 1 / .... ......
Nigeria ...............
Other British West
Africa 2/ ..........
Algeria and Tunisia ...
Other French Africa 3/.
(In Pounds)
Staple length less
than 1-1/8"
: Imports Sept.
Established : 20, 1940, to
: Dec. 28, 1940
Quota
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
72
24,280
51,100
557,250
91,499
:Staple length 1-1/8" or more
:
but less than l~ll/l6"
Imports Sept.
: Established : 20, 1940, to
:
Quota
: Dec. 28, 1940
43 ,451,566
2 ,056,299
5,841,239
433,442
64,942
2,626
-
-
3,808
-
80
..
4,952
-
2
-
435
506
29,909
2
-
_
mm
-
12,554
1,737
30,139
-
.
-
-
2,002
1,634
—
529,155
45.656.420
14.516,882
Total
l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
mm
-
6,276,500
T R E A S U R Y D EPAR T? E N T
W a s h in g to n
'Wi
ro* the
í OR
bletol
P re ss
IL 1A D IA T E R E L E A S E
Ï» ^
tó,te
S e rv ic e
No. 2 3 - 1 1
Thursday, January 9 , 1 9 4 1
The B u r e a u o f C u s to m s ' a n n o u n c e d t o d a y t h a t p r e l i m i n a r y r e p o r t s f r o m t h e
collectors o f c u s t o m s show i m p o r t s o f c o t t o n a n d c o t t o n w a s t e c h a r g e a b l e t o t h e
import q u o t a s e s t a b l i s h e d b y t h e P r e s i d e n t ' s p r o c l a m a t i o n s o f S e p t e m b e r 5 , 1 3 3 9 ,
and December 1 9 , 1 9 4 - 0 , a s f o l l o w s , d u r i n g t h e p e r i o d S e p t e m b e r 2 0 , 1 9 4 0 , t o
December 2 -3 , 1 9 4 0 , i n c l u s i v e .
®ftOhGf
Siami
otas
COTTON H A V IN G A S T A P L E 0 ? L E S S T H A N l - l l / l 6 I N C H E S ( O T H E R T H A N H A R S H O R R O U G H
COTTON G P L E S S T H A N 3 / 4 I N C H I N S T A P L E L E N G T H A N D C H I L D L Y U S E D I N T 'K L M A N U F A C
TURE O F B L A N K E T S E N D B L A N K E T I N G , A N D O T H E R T H A N L I N T E R S ) .
A n n u a l q u o ta s
com m encing S e p te m b e r * 2 0 , b y C o u n t r i e s o f . O r i g i n :
m
(ports.
» 1940 :t0
M M MO
C o u n try o f
O r ig in
841,22
( In Pounds)
S ta p le L e n g th le s s
th a n 1 - 1 / 0 "
: Im p o rts S e p t.
E s ta b lis h e d : 2 0 , 1 9 4 0 , to
Q u o ta
: D e c . 2 0 , I 94 O
: S t a p l e l e n g t h I - I / 8" o r m o r e
:
b u t le s s th a n 1 - 1 1 / l 6 "
S e p t.
•
• Im p o rts
: E s t a b l i s h e d : 2 0 , I 94 O , t o
:
Q u o ta
: D e c . 2 0 , I 94 O
433,«
;
and th e A n g lo E
g
y
p
t i a n S u d a n ....................
f
F e ru ...................... .........................................
81■ ! B r i t i s h I n d i a ................................
& C h in a ..............................................................
E e x ic o ..........................................................
B r a s i l ..........................................................
U n io n o f S o v i e t
So c i a l i s t R e p u b l i c s .
A r g e n t i n a ............................... ...... .......
«
H a iti ...................................................... . .
J
, E c u a d o r .....................................................
«
H o n d u ra s ...................................................
P a r a g u a y ...................................................
C o lo m b ia . . . . . . . . . . . . . .
.
I r a q ..................................
-
pi
m
>
m
iJL »
L
B r itis h L a s t A f r i c a . . .
N e th e r la n d s L a s t
In d ie s . . . . . . . . . . . . . .
B a rb a d o s
O th e r L r i t i s h L e s t •
I n d i e s 1 / .............. .
N i g e r i a ............................
O th e r B r i t i s h N e s t
A f r i c a 2/ ................ ...
A lg e r ia and T u n is ia . . .
O th e r F r e n c h A f r i c a 3 / «
7 0 3 ,3 1 6
2 4 7 ,9 5 2
2 ,0 0 3 ,4 0 3
1 ,3 7 0 ,7 9 1
8 ,3 0 3 ,2 5 9
6 1 0 ,7 2 3
4 7 5 ,1 2 4
'I 5 ,2 0 3
237
9 ,3 3 3
75 2
8 71
12 4
19 5
2 ,2 4 0
-
72
2 4 ,2 8 0
5 1 ,1 0 0
3 5 7 ,2 5 0
9 1 ,4 9 9
4 ,9 5 2
-
2 ,0 5 6 ,2 9 9
6 4 ,9 4 2
2 ,6 2 6
3 ,0 0 0
-
506
-
2
-
-
-
-
-
-
-
2
-
-
-
-
-
—
2 9 ,9 0 9
—
.
-
,r
12,554
3 0 ,1 3 9
-
1 ,7 3 7
_
—
2 ,0 0 2
1 6 ,0 0 4
689
-
00
435
7 1 ,3 0 8
2 1 ,3 2 1
5 ,3 7 7
5 , 841,239
433,442
4 3 ,4 5 1 ,5 6 6
—
p634
—
-
-
-
4 5 ,6 5 6 ,4 2 0
6 , 2 7 6 ,5 0 0
T o ta l
1 4 ,5 1 6 ,8 8 2
5 2 9 ,1 5 5
1/ O th e r th a n B a rb a d o s , B e rm u d a , Ja m a ic a , T r i n i d a d ,
2/ O t h e r th a n G o l d C o a s t a n d N i g e r i a ..
3/ O th e r th a n A l g e r i a , T u n i s i a , a n d M a d a g a s c a r .
and Tobago.
roTT'CN C A R D S T R I P S , C 0 L I3 E R W A S T E ; LAP W A S T E , S L I V E R W A S T E , A M D R O V I N G W A S T E ,
- ¿ T I 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 I N V A L U E ..
A n n u a l q u o ta s
commencing S e p t e m b e r 2 0 , b y C o u n t r i e s o f Origin:
Total
q u o t a , p r o v i d e d , h o w e v e r , t h a t n o m o r e t h a n 3 3 —1 / 3 p e r c e n t o f ^ t h e
A a u o ta s s h a l l b e f i l l e d b y c o t t o n w a s t e s o t h e r t h a n c a r d s t r i p s a n d c o m b e r
w a s te s m a d e f r o m c o t t o n s o f 1 - 3 / l 6 i n c h e s o r m o r e i n s t a p l e l e n g t h i n t h e
c a se of t h e f o l l o v d n g c o u n t r i e s ;
U n i t e d K in g d o m , F r a n c e , N e t h e r l a n d s ,
Switzerland, Belgiun, Germany and Italy:
: Established
: TOTAL QUOTA
:
Country of
Origin
United Kingdom ....
Canada .........
France........
British India ..
Netherlands ....
Switzerland ....
Belgium.......
Japan ..........
China.........
hSTP’
k .........
Cuba..........
Germany ........
Italy.........
Total
1/
In c lu d e d i n
4,323,457
239,690
227,420
69,627
68,240
(In Pounds)
TOTAL IMPORTS : Established
Sept. 20, 1940,: 33-1/3$ of
to Dec. 28, 1940: Total Quota
637,121
194,155
68,733
- ■
—
—
—
-
17,322
8,135
76,329
21,263
5,482,509
t o t a l im p o rts ,
900,059
c o lu m n 2 .
1,441,152
—
75,807
—
22,747
14,796
12,853
Imports Sept..
20, 1940, to
Dec. 28, 1940
l/
6,430
—
—
—
—
—
25,443
7,088
—
1,599,886
6,430
Commodity
Silver or black foxes
furs and articles
Foxes valued under
$250 ea. and whole
furs and skins
Established Quota
:Period & Country: Quantity
Month of December
Canada
Number
7,500
ft
5,000
Piece
1,003
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
500
550
Pound
it
6
n
it
500
Unit
6
Crude petroleum, topped
crude petroleum, and
fuel oil
12 months from
December 1, 1940
n
Calendar year
Venezuela
1 ,869,014,616 Gallon
«
527,691,192
Netherlands
i
t
103,978,560
Colombia
i
t
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 Gallon
-oOo-
fi¥epareö"“T5y,''tH5H3öS^^
}
|
t
(Import quota
filled)
(Import quota
filled)
17,500
Other than Canada
Tails
: Unit of : Imports as of
i Quantity : Dec. 28, 1940
1
1,685,097,591
490,956,507
21,995,228
(Tariff rate
quota filled)
(Tariff rate
quota filled)
j
|
*
' ...M «JUb*
-v
^
#V
A
y'f*i\
„■ , 4 % t
M
n
«fCM'-V ‘<" 41. y. /
. , , __
tA tt
L n
/ ¿^r
H
rl
0C
Ci
( bCm>
The Bureau of Customs announced today preliminary figures for imports of commoditiej
within quota limitations provided for under trade agreements, from the beginning of the
quota periods to December 28, 1940, inclusive, as follows:
Commodity
Cattle less than 200
pounds each
Established Quota
Period & Country : Quantity
Calendar year
100,000 Head
(Tariff rate
quota filled)
51,720 Head
n
6,210
36,706
(Tariff rate
quota filled)
Cattle, 700 pounds or more Quarter year
*****
) -(other than dairy cows)
Canada
Other than Canada
Whole milk, fresh or sour
Cream, fresh or sour
Fish, fresh or frozen
filleted, etc*, cod,
haddock, hake, pollock,
cusk and rosefish
White or Irish potatoes
Certified seed
Other
Red cedar shingles
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Calendar year
■: Quit of v Imports as of
: Quantity: Dec, 28, 1940
3,000,000 Gallon
7,400
1,500,000 Gallon
972
J
.frcs’i or ?
fiiÉorfr
I!«,!
ìàfosefisi
Calendar year
15,000,000 Pound
9,912,655
tapoi
ptó
12 months
Sept* 15,
12 months
Sept. 15,
from
1940
from
1940
Calendar year
Calendar year
90,000,000
13,530,301
60,000,000
2,469,306
2,371,544
(Duty-free
quota filled)
,
2 2 000,000
Pound
(Unstemmed
equivalent) 19,434,267
L
u
TREASURY DEPARTMENT
WASHINGTON
'
jti
|
h
IOH IMMEDIATE EE1LSASE
JACTUARY 9, 19^1
Press Service
Ho. 23-12
jp n t& fe
The Bureau of Customs announced today preliminary figures for imports of
° f co®
l|
| j
commodities within quota limitations provided for under trade agreements, from the
u
inning
|
beginning of the quota periods to December 28, 19^0, inclusive, as follows:
:
Wsi
Commodity
H
;
Period
&
Established Quota
Country :
Quantity
: Unit of
: Quantity
:
:
Imports as of
Dec. 28, I9U0
c2J 8 is
Cattle less .than 200
pounds each
G riffi
ota f i
31
Calendar year
100,000
Head
(Tariff rate
quota filled)
51,720
Head
n
36,706
(Tariff rate
quota filled)
j
¿1
Cattle, 700 pounds or more Quarter year
from Oct. 1, 19^0
(other than dairy cows)
Canada
If
Other than Canada
6,210
a riff j
ita f i
i
Whole milk, fresh or sour
Calendar year
3 ,000,000
Gallon
7,^00
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
972
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
15 ,000,000
Pound
9,912,655
White or Irish potatoes
Certified seed
12
90,000,000
Pound
13.530,301
60,000,000
Pound
2 ,>+69,306
HA
?!
9,912 it
13,530
11
Other
months
Sept. 15,
12 months
Sept. 15,
from
19^0
from
19^0
2, «9 {
Red cedar shingles
ty-fri
(a f ij
is,d i
ni
Calendar year
2,371.5^
Square
1
{
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
22,000,000
Pound
(Unstemmed
equivalent)
(Duty-free
quota filled)
19
267
k
Commodity_______
[ Silver or black foxes
furs and articles
Foxes valued under
i
$250 ea. and whole
furs and skins
Established Quota
__1 Unit of : Imports as of
¡Period & Country: Quantity : Quantity : Dec. 28, 194.0
Month of December
Canada
Other than Canada
Tails
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
Crude petroleum, topped
crude petroleum, and
'fuel oil
12 months from
December 1, 1940
17,500
Number
tt
7,500
(import quota
filled)
(import quota
filled)
5,000
Piece
it
tt
tt
500
550
Pound
6
it
_
t!
500
Unit
Calendar year
Venezuela
1,869,014,616 Gallon
tt
Netherlands
527,691,192
tt
Colombia
103,978,560
tt
Other countries
98,779,632
Molasses and sugar sirups
containing soluble monsugar
solids equal to more than
6$ of total soluble solids Calendar year
1,500,000 Gallon
- 0O 0-.
1,003
6
1,685,097,591
490,956,507
21,995,228
(Tariff rate
quota filled)
(Tariff rate
quota filled)
là
<P«ÏL
.A
kjdÌL&
+
Æ
ì l i
PRESS HttMfiL
Hhe Bureau of Customs announced today preliminary figures for imports of commod
¡sir
ities within the quota limitations provided for under the Philippine Independence Act,
I$3^
as amended, «»d the Philippine Cordage Act of 1935, from the beginning of the quota
p
periods to December 28, 1940, inclusive, as follows:
Products of
Philippine Islands
j0
Established Quota_____ : Unit of : Imports as oi
Period
:
Quantity
: Quantity : Dec. 28, 194 W
sii
Coconut oil
Calendar year
448,000,000
Pound
368,494,98
Refined sugars
Calendar year
112 , 000 , 000 )
Pound
111 ,811,IM I
Sugars other than refined
Calendar year
Cordage
12 months from
May 1, 1940
Buttons of pearl or shell
Cigars
w
1,792,000,000)
Pound
1,788,123,32
6 , 000,000
Pound
3,784,49(
Calendar year
850,000
Cross
Calendar year
200 , 0 00 ,00 0
RUmber
828,73 ii'ßi:
196,534,90!
IÇ
Scrap tobacco and stemmed
and unstemmed filler
tobacco
w
mi.
4,500,000
Calendar year
Pound
4,257,43!Us
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*
-oOo-
I P r o p m 'bd üy-n g r - S ^ ^ r T O S t o n g ^
PvLASURY DDBhKIillf
"Via s h i n g t o n
P re s s
T h u rsd ay ,
The
No. 23-13
Ja n u a ry 9 , 19 4 1
B u r e a u o f C u s to m s a n n o u n c e d t o d a y p r e l i m i n a r y
commodities -within the
In d e p e n d e n c e l e t ,
b e g in n in g o f t h e
q u o ta l i m i t a t i o n s
as am ended, a n d th e
q u o ta p e rio d s
:
P ro d u c ts o f
■P h ilip p in e is la n d s
S e rv ic e
:
to
fig u r e s
p r o v i d e d f o r •'under t h e
P h ilip p in e
C o rd a g e l e t
p s t a b l i s d ie d Q u o t a
;
Q u a n tity :
:
im p o rts
of
P h ilip p in e
o f 19 3 5 *
Decem ber 2 8 , 1 9 4 0 , i n c l u s i v e ,
P e r io d
fo r
fro m
th e
as fo llo w s :
U n it o f :
Q u a n tity :
Im p o rts as o f
D e c . 2 8 , 19 40
Coconut o i l
C a le n d a r y e a r
4 4 8 ,0 0 0 ,0 0 0
Pound
3 6 6 ,4 9 4 ,9 8 6
.R e fi n e d s u g a r s
C a le n d a r y e a r
1 1 2 ,0 0 0 ,0 0 0 )
Pound
1 1 1 ,8 1 1 ,3 5 7
S u g a rs o t h e r
C a l e n d a r y e a r 1 , 7 9 2 ,0 0 0 , 0 0 0 )
Pound
1 ,7 8 6 ,1 2 3 ,3 2 9
1 2 m o n th s f r o m
h a y 1 , 19 40
6 ,0 0 0 ,0 0 0
pound
3 ,7 8 4 ,4 9 4
C a le n d a r y e a r
8 5 0 ,0 0 0
G ro s s
8 2 8 ,7 2 6
C ig a r s
C a le n d a r y e a r
2 0 0 ,0 0 0 ,0 0 0
S c ra p t o b a c c o e n d s te m m e d
a n d u n s te m m e d f i l l e r
to b a c c o
C a le n d a r y e a r
w
th a n r e fin e d
C o rd a g e
B u tto n s o f p e a r l o r
0
0
0•1
0
0
m
-p-
i/
s h e ll
Num ber
pound
l i e d u t y - f r e e q u o t a o n P h i l i p p i n e s u g a r s ap^ i e s t o 8 5 0 ,0 0 0 l o n g
n o t m o r e t h e n 5 0 ,0 0 0 l o n g t o n s m a y b o r e f i n e d s u g a r s .
-o O o -
19 6 , 534,907
4 , 257,4 33
t o n s , o f w h ic h
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
January 13« 194-1____ , all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,
and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
January 15, 19A1_______ .
The Treasury bills will be exempt, as to principal and interost,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gi.ft tax.)
No loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions,
..
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the coni.ditions of their issue.
Copies of the circular may be obtained from
any Federal Reserve Bank or branch thereof.
'SHI
w
rftfiijio1
FOR RELEASE, MORNING PAPERS,
TREx'iSURY D EPA R TM EN T
Friday« January 10. 1941.
l*Ar
s ^ F ^ W W g y RYxxxxxxxxxxxxxxxxxxx
ic&k
The Secretary of the Treasury gives notice that tenders are invited
100,000,000, or thereabouts. They will
designated National Defense Seriesf^i-day bills; and will be sold on
for Treasury hills to the amount of $
be
a discount basis to the highest bidders.
Tenders will be received at the
US! 1
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
2-stern standard tine, on Monday, January 13, 1941
/
be received at the Treasury Department, Washington.
.
Tenders will not
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section ’’National Defense Series” obligations nay be issued to provide
the Treasury with funds to neet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
nature on
April
16, 1941
January
15, 1941
> and will
, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $1000, $10,000, $100,000, $500,000, and
$1,000,000 (maturi ty value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and,trust companies and from responsible and recogni«ed
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
ittor
FOR RELEASE, MORNING PAPERS
Friday, January 10 , 19^-1*
treasury d e p a r t m e n t
\
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of # 100,000,000, or there-
I
abouts.
They will be designated National Defense Series,
91-day
| bills; and will be sold on a discount basis to the highest bidders.
1 Tenders will be received at the Federal Reserve Banks,
or the
I branches thereof,, up to two o ’clock p. m.-, Eastern standard time,
I bn Monday-, January 1 J ,
19^1»
Tenders will not be received at the
Treasury Department, Washington*.
These bills will be issued pursuant to the provisions of
Section
302
of the Revenue Act of
19^-0,
approved June
25,
19^0#
Under the authority of that section ’’National Defense Series’’
obligations may be issued to provide the Treasury with funds to
meet any expenditures made, after June J O ,
19^0, for the national
defense., or to reimburse the general fund of the Treasury therefor*
The Treasury bills will be dated January
mature on April
16 ,
15 ,
19^1, and will
19^1, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer
; form only, and in amounts or denominations of #1000,, $10 ,000, $L00,00Q
$500,000, and $1 ,000,000 (maturity value)*
It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by the
Federal Reserve Banks or branches upon aplication therefor*
No tender for an amount less than $1,000 will be considered.
Each tender must be in multiples of $1 ,000.
be expressed on the basis of
places,
e. g«, 99*125#
100,
The price offered must
with not more than three decimal
Fractions must not be used.
2
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognized
|
dealers in investment securities.
Tenders from others must be
accomoanied by a deposit of 10 per cent of the face amount of
\
Treasury
applied for, unless the tenders are accompanied by
I an express guaranty of payment by an incorporated bank or trust
i company,
I
J
Immediately after the closing hour for receipt of tenders on
January
13 ,
194-1, all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and
public announcement of the acceptable prices will follow as soon
as possible thereafter, probably on the following morning.
The
Secretary of the Treasury exoressly reserves the right to reject
any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be
final.
Those submitting tenders will be advised of the acceptance
or rejection thereof.
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in cash
or other immediately available funds on January
15 , 1941.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also
be exempt, from all taxation,
except estate and inheritance taxes.
(Attention is invited to Treasury Decision
4550,
Treasury bills are not exempt from the gift tax.)
ruling that
No loss from the
sale or other disposition of the Treasury bills shall be allowed as
a deduction,
or otherwise recognized, for the purposes of any tax
now or hereafter imposed by the United States or any of its possessions,
~
3
-
Treasury Department Circular No. ¿1-1g,-.- as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or branch thereof.
0O 0-
Individual Income Tax Eeturns for 1936: Humber of matched separate returns of husbands and wives,
classified by size of net incomes of husbands and by size of net incomes of wives
Husbands
Husbands Net income classes
excluding statutory net
capital gain or loss
(1 )
$ 5,000
$10,000
$25,000
$50,000
$100,000
$500,000
Under
$5»000
«
$10,000
»
$25,000
«
$50,000
«
$ 100,000
»
$500,000
and over
Total husbands with net income
Husbands with net deficit
Total
Husbands
:Wives - Net income classes excluding statutory net capital gain or loss
:
: having
Husbands -: having
All
: wives with : wives with: Under
returns
: net deficit: net income: $ 5,000
•
57.^72
38.797
31 ,13^
(2)
(3)
1,230
653
552
10,985
211
1*,225
1 ,1*50
76
23
56,2U 2
38,1*41*
30,522
10,771+
(i+)
; $5,000
, under
!$10,000
j$10,000
. under
.*$25,000
r
(5)
1*8,718
19.930
17 ,01*0
^.787
1 ,261*
2l*7
^.779
16,110
i*,6i*i*
1,81+5
6S7
74
1
i*,li*9
1 ,1+27
73
ii*i*,i37
2,7^6
1.370
11*1,391
2,253
91.991
1 ,5^1
2S,2l*6
3.623
11*7,760
i*,ll6
11*3 ,61*1*
93.532
2S,6l 2
5
175
6
366
(6 )
$25,000 j $50,000 .*$100,000 J
under .
under , under
$ 50,000 !$100,000 ;$500,000 *.
(7)
2,133
1 ,631+
85,018
2,135
993
291*
*+75
335
62s
( 8)
102
115
I9I*
(9)
30
IS
56
66
63
1S6
$ 500,000
and
over
do)
_
2
2
2
291
11
189
1*91
225
20
222
>+,136
S6
1.336
27
i*3S
9
27
15. “139
1*,222
1.363
1*1*7
29
5
15.217
1.750
61*6
19
5
9
7
2
2
■whereas only 57,472 husbands reported net income (excluding statutory
net capital gain or loss) under $5,000*
Some extreme inequalities
in the incomes of husbands and -wives were also disclosed.
For example,
among husbands with net income under $5,000 were 30 whose wives showed
net income of from $100,000 to $500,-000.
The accompanying table shows
the distribution of number of separate returns by size of the
husband*s net income and by size of the wife*s net income.
Volume 2 also classifies data from matched separate returns of
husband and wife by size of their combined ngt income.
ow. '
In the study of the composition of incomes nearly 5J- million
individual returns, including returns for estates and trusts, were
tabulated. Approximately 3 million of these showed only one source
of income in 1936. Salaries or wages constituted this single source
of income for almost 2^ million individuals.
About 1,200,000 returns showed only 2 sources of income; 700,000
3 sources; and less than ■§•million returns showed 4 or more sources
of income. Returns with only one or two sources of income were more
heavily concentrated in the lower income groups than were the
multiple source returns.
TREASURY DEPARTMENT
Yfashington
Press Service
Morning papers,
Monday, January 13, 1941.
1/10/41
FOR RELEASE,
No.
23-14
Secretary of the Treasury Morgenthau today made public the second
volume of "Statistics of Income Supplement Compiled from Income Tax
Returns for 1936."
This publication deals with the incomes of husbands
and wives filing separate income tax returns and with the composition
of the income of individuals, showing whether the income was derived
from a single source such as wages or interest or from several sources
in combination.
The information given supplements that published in
"Statistics of Income for 1936, Part 1," and has been obtained from a
special study of income tax returns for 1936 which was sponsored and
directed by the Division of Tax Research of the Treasury Department
and financed by funds transferred by the Commissioner of Work Projects
to the Department under authorization of the President.
Approximately 300,000 separate income tax returns including com
munity property returns of husbands and wives, or almost 90 percent of all
such returns filed, were tabulated.
The tabulations make available for
the first time extensive information on the size of the combined in
comes of husbands and wives, and also shed light on the extent to which
their combined Federal income tax may be reduced by the filing of
separate returns.
In general, wives reported smaller incomes than husbands.
Thus,
among 147,760 pairs of separate returns matched, 93,53^ wives showed
net income (excluding statutory net capital gain or loss) under f5,000,
TREASURY DEPARTMENT
Washington
■nTT’TtPA cp „
•
FOR RELEASE, Morning papers,
Monday, January 13, 1941,
1/lOAl
Press Service
^i0# 23- 1 /
Secretary of the Treasury Morgenthau today made public the second
volume of ’‘Statistics of Income Supplement Compiled from Income Tax
Returns for 1936*”
This publication deals with the incomes of husbands
and wives filing separate income tax returns and with the composition
of the income of individuals, showing whether the income was derived
from a single source such as wages or interest or from several sources
in combination.
The information given supplements that published in
’’Statistics of Income for 1936, Part
1 ,”
and has been obtained from a
special study of income tax returns for 1936 which was sponsored and
directed by the Division of Tax Research of the Treasury Department
and financed by funds transferred by the Commissioner of Work Projects
to the Department under authorization of the President,
Approximately 300,000 separate income tax returns including com
munity property returns of husbands and wives, or almost
such returns filed, were tabulated*
90
percent of all
The tabulations make available for
the first time extensive information on the size of the combined in
comes of husbands and wives, and also shed light on the extent to which
their combined Federal income tax may be reduced by the filing of
separate returns.
In general, wives reported smaller incomes than husbands.
Thus
among 147,760 pairs of separate returns matched, 93,532 wives showed
net income (excluding statutory net capital gain or loss) under $ 5,000,
-
whereas only
57*4-72
2
-
husbands reported net income (excluding statutory
net capital gain or loss) under 15*000.
Some extreme inequalities
in the incomes of husbands and wives were also disclosed.
among husbands with net income under $ 5*000 were
net income of from $100*000 to $500*000.
30
For example*
whose wives showed
The accompanying table shows
the distribution of number of separate returns by size of the
husband's net income and by size of the wife's ¿et ifiaome.
Volume 2 also classifies data from matched separate returns of
husband and wife by size of their combined net income.
In the study of the composition of incomes nearly
million
individual returns, including returns for estates and trusts* were
tabulated.
Approximately 3 million of these showed only one source
of income in 1936.
of income for almost
Salaries or wages constituted this single source
2-g- million
individuals.
About 1*200*000 returns showed only 2 sources of income; 700*000
3 sources; and less than |r million returns showed 4 or more sources
of income.
Returns with only one or two sources of income were more
heavily concentrated in the lower income groups than were the
multiple source returns.
■oOo-
Individual Income Tax Returns for 1936: Number of matched separate returns of husbands and wives,
classified by size of net incomes of husbands and by size of net incomes of wives
Husbands Net income classes
excluding statutory net
capital gain or loss
; Husbands
All
: returns
:
:
•
«
(1 )
Under
$5,000
$ 10,000
$25,000
$50,000
$ 100,000
$500,000
n
$5,000
$ 10,000
$25,000
$50,000
«
,f
»
$100,000
$500,000
»
and ever
Total husbands with net income
Husbands with net deficit
Total
57 .1+72
3^ *797
31.13^
10,985
Husbands
having
wives with
net deficit
:Wives - Net income
: Husbands
1
: $5,000
: having
: wives with : Under ;
under
: net income : $5,000
;$10,000
(2)
(3 )
1,230
653
552
211
56,2*12
38,1*^
30,562
,1 1 k
*+,1*4-9
1,1+27
1 0
W
*4-8,718
19,930
17,0*4-0
*+,767
1 , 26 *4-
(5)
w r
(7)
1+.779
16,110
2 ,13s
1 ,631+
8 ,018-
*475
2,135
993
29*4-
1,750
6*4-6
*4-91
291
*4-,6*4*41 ,8*4-5
^,225
1,^50
23
7^
x
73
5
687
I75
6
1^*137
11+1,391
91,991
3.623
2 .71+6
1,370
2,253
11+7,760
*4»ll6
1*43,6*44
76
classes excluding statutohy net capital gain er loss
$25,000 : $50,000 : $100,000 : $500,000
:$10,000
and
under :
under
:
: under
under :
over
$ 50,000 :$100,000 : $500,000 :
:$25,000
335
628
(8)
102
115
19*4-
189
(9)
30
18
56
do)
-
2
2
66
2
63
5
225
186
5
11
20
19
9
7
28,2*l6
15.2T7
1.336
27
1,51+1
222
*4-,136
*138
366
27
9
2
93.532
28,6l2
15.1+39
1.363
*47
29
2*4-7
0O 0
86
*4-,222
DXfiDuiD
p a x m i m s to creditors of imsqlvemt m t m h
»
BAUS AUTHORIZED DURläG TH£ jSQMTB IMDED
------------JBM Sm BM 31, 1 9 4 0 ____________________
Total
Mu»her and
Distribution Percentage
Percentage
of Funds by Authorised
Amount
Mature of
Date
of Dividends Dividend
Dividends Muaber of Claims
Jtafi and Location of tfanki Dividends AuthorizedL Authorized*
eJf#
CI« *»*»♦««
The First Rational Bank of
L&ereaceville, Illinois
Pinal
12-17-40 7th
6.05*
• 30,700
71.05 *
1,263 1 507,400
The Security national Bk of
Rockford, Illinois
Final
12-31-40
5th
6* %
89,400
55.
The First Mat*l Bank of
Hartford City, Twrii*»»
12—6—40
4th
13.25*
30,400
90.25 *
The First national l'k of
Vincennes, Indiana
Final
*
7,549 1,490,700
906
232,600
Authorized under date of Noveaber 22, 1940, as an eighth (final) dividend of
3.747». Ihe percentage of this dividend has now been ¡»ended to 3*74*.
The Fort Greene Mat*! Bk in
lew fork, Me* fork
Regular
3rd
lo
IQ*
%
150,800
The Mescopeck Mat*! Bank
Mescopeck, Pennsylvania
3rd
15. %
The Chattanooga Hat*1 Bk of
Chattanooga, Tennessee
Regular
5th
The First National Bank of
Chattanooga, Tennessee
The First Matlon&l Bk of
Mobster Springs, 1* Fa*
12-11-40
75.00 31
3,873 1,508,300
56,700
70*00 *
1,871
10. %
770,200
85*00 *
17,212 7,701,600
7th
10* %
457,900
98*1055
11,012 4,5
5th
10* %
35,600
80*00 %
377,700
m m m dmiwmm
Comptroller cf the Currency
Washington
FOE BKLEAS«, MGBfflHG WJPSPAPSSS
Press Service
Burin« the taooth wide« December 31, 1940, authorisations
were issued to receivers for payments of dividends in eight in
solvent national banks* dividends so authorised «ill effect total
distributions of $1,621,700 to 45,090 claimanta who have proved
claims aggregating $16,751,300, or an average percentage payment
of 9«6@£*
the smallest and largest individual dividend percent
ages authorised were 6# and 1$#, respectively, while the
smallest and largest receivership distributions were $30,400, and
$770,200, respectively« Of the eight dividends authorised five
were for regular dividend payments, and three were for final divi
dend payments*
Dividend payments so authorised during the month
ended December 31, 1940, were as followst
UiVINENU RAIMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
DECEMBER 31. 19A0
Nature of
Date
Dividend: Authorized i
Number and
Percentage
of Dividends
Authorized:
Distribution
of Funds by
Dividend
Authorized:
Total
Percentage
Authorized
Amount
Dividends Number of Claims
In Dflt.o.
Ulaimnn+.Q! Proved!
The First National Bank of
Final
The Security National Bk of
Rockford, Illinois
Final
The First Nat»l Bank of
Hartford City, Indiana
The First National Bk of
Vincennes, Indiana
Final
Regular
The Chattanooga Nat*l Bk of
Chattanooga, Tennessee
Regular
The First National Bank of
Chattanooga, Tennessee
The First National Bk of
Webster Springs, W. Va.
7th
6.05%
$ 30,700
12-31-40
5th
6. %
12-6-40
4th
13. 25%
71.05 %
1,263 # 507,400
89,400
55.
7,549 1,490,700
30,400
90.25 %
%
906
232,600
Aphorized under date of Hoyember 22, 1%0, as an eighth (final) dividend of
3.747%. ihe percentage of this dividend has now been amended to 3.74%.
The Fort Greene Nat'l Bk in
New Xork, New Xork
Regular
The Nescopeck Natfl Bank
Nescopeck, Pennsylvania
12-17-40
Regular
Regular
12-11-40
3rd
10.
%
150,800
75.00 %
3,873 1,508,300
12-16-40
3rd
15.
%
56,700
70.00 %
1,871
I2-I4-40
5th
10.
%
770,200
85.00 %
17,212 7,701,600
I2-I4-40
7th
10.
%
457,900
98.444%
11,012
I2-5-40
5th
10
35,600
80.00 %
.
1
377,700
4,579-100
/
TREASURY DEPARTMENT
Comptroller cf the Currency
Washington
Press Service
> 3
During the month ended December 31* 1940, authorizations
were issued to receivers for payments of dividends in eight in
solvent national banks*
Dividends so authorized will effect total
distributions of $1,621,700 to 45>090 claimants who have proved
«
claims aggregating $16,753*300, or an average percentage payment
of 9*68/6. The smallest and largest individual dividend percent
ages authorized were 6% and 15%, respectively, while the
smallest and largest receivership distributions were $30,400, and
$770,200, respectively*
Of the eight dividends authorized five
were for regular dividend payments, and three were for final divi
dend payments.
Dividend payments so authorized during the month
ended December 31, 1940, were as follows:
V \
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
JOR RELEASE, MORNING- NEWSPAPERS1
Tuesday, January lU, 19^-1
12y 1^yi|1
Press Servic«
23-15
During the month ended December 31» 19*+0> authorizations
were issued to receivers for payments of dividends in eight in
solvent national banks*
Dividends so authorized will effect total
distributions of $1 ,621,700 to ^ 5»090 claimants who have proved
claims aggregating $ 16,753 »300, or an average percentage payment
of 9*68$.
The smallest and largest individual dividend percent
ages authorized were
6$
and
15$»
respectively, while the
smallest and largest receivership distributions were $30 ^
$770,200, respectively.
00,
and
Of the eight dividends authorised five
were for regular dividend payments, and three were for final divi
dend payments.
Dividend payments so authorized during the month
ended December 31» 19^0, were as follows:
DIVIDEND PAYMENTS TO CREDITORS OP INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
_________ DECEMBER 31» 1940____________________
Number and
Percentage
of Dividends
Authorized:
Naipe and Location of Bank:
Nature of
Dividend:
The First National Bank of
Lawrenceville, Illinois
Final
12-17-4c
7 th
6.05$
The Security National Bk of
Rockford, Illinois
Final
12-31-40
5th
6.
The First Nat*l Bank of
Hartford City, Indiana
Final
12-6-40
4th
The First National Bk of
J ij3.pej3.ne$A Indiana
Date
Authorized:
Distribution
af Funds by
Dividend *
Authorized:
$
Total
Percentage
Authorized
Dividends
to Date:
Number of
Claimants :
Amount
Claims
Proved:
30.ro c
71 .0 5 $
1.263
$
89,400
55.
$
7.549
1.4 9 0,700
1 3 .2 5 $
30,400
90,25$
906
232,600
$
507*400
Authorized under date of November 22, 1940, as an eighth (final) dividend of
3.747$. The percentage of this dividend has now b een amended to 3.7^$*
Regular
12-11-40
3rd
10.
¡0
150 ,8 00.
75.00 $
The Nescopeck Nat11 Bank
Nescopeck, Pennsylvania
Regular
12-l6-40
3rd
15*
1
56,700
70 .00 p
1,871
377*700
The Chattanooga Nat *1 Bk of
Chattanooga, Tennessee
Regular
12-14-40
5th
10, $
770,200
85,00 $
17,212
7,7 0 1,6 0 0
The First National Bank of
Chattanooga, Tennessee
Regular
12-l4-40
7 th
10.' $
457.900
98.444 jo
11,012
4 ,5 7 9 .1 0 0
The First National Bk of
Webster Springs, W. Va.
Regular
12-5*40
5th
0~l
r
The Fort Greene Nat*l Bk in
New York, New York
35,600
80.00 $
3.873
l , 4o4
1,.5OS, 3OO
355*900
Nash-Kelvinator Corp., Detroit, $1,311,250, electric
refrigerators ; Sunray Stove Co., Delaware, Ohio, $231,000, gas ranges 5
Steware-Wamer Corp., Chicago, $6,711.#| electric meters; Rundle Mfg. Co.,
Camden, N. J., $44,088, sink and tray combinations.
Youngstown Pressed Steel Division of Mullins Mfg. Corp., Warren,
■
Ohio, $890,392, steel bath tubs and sink and base cabinets; Youngstown Pressed
Steel Division of Mullins Mfg. 0orp., Salem, Ohio, $149,600, broom cabinets
and wall cabinets; Jno. Wood Mfg. O 0. 5 Conshohocken, Pa., $55,548,
range boileiji
Briggs Mfg. Co., Detroit, $568,659.11, steel bath tubs and
lavatories;
Sands Mfg. Co., Cleveland, Oinnaa $5^,467.#, side arm gas heaters;
Wolverine Brass Works, Grand Rapids, Mich., $35,197.#, bath tubjf fittings;
$ United Metal Box Co., Brooklyn, N. ^., $347,396.#, broom cabinets and wall
cabinets
Federal-Huber Co., Chicago, $61,395*4# lavatory fittings;
Noland Co., Wash. D.
$197,780.#, water closet combinations; Globe Valve
Corp., Delphi, Ind., $49,257, bath tub fittings; F. H. Lawson Co., Cincinnati,
$55,684.#, medicine cabinets; Universal Sanitary Mfg. Co., New Castle, Pa.,
$54,300, water closet combinations; Economy Pottery Co., Trenton, N .
$6,187
J.,
water closet combinations; and Williamson Heater Co, Cincinnati,
$ 38,885, warm air furnaces.
To coordinate delivery of equipment with construction progress,
manufacturers will be furnished with instructions advising them when and where
to ship.
The equipment was purchased for the account of the Federal Works
Agency, the agency which is directing construction of defense housing projects.
-x£-
-
2-
The companies which received awards, the amounts of the
contracts, and the equipment purchased, follow:
jUi,
0
^
0
.
¿23-t&
Jjf■ jgr
V
/ v
/ f * y
Award oJJ^23ybontracts totaling $4,157,800^jjBfr for household
equipment to be used in the national defense housing program was announced
today by Clifton E. Mack, Director of the Treasury Departments Procurement
Division.
In announcing the awards, Mr. Mack
with the
cooperatio
e was gratified
manufacturers
hi
the Division.
e heads of plumbing,
|...............|
_
^
i;^ >
.
|
heating and household equipment
ecruit
companies "to sulSm^'^fteiFprices and to discuss
A
how best to meet the needs'of the housing emergency
vdafsnaaJiQ thoae,men
war rant sdJJaala,!
’’through their desire to cooperate it has been possible to
prompt action in stepping up their manufacturing facilities to meet our demands
within the low price range necessitatedoby reason of the limitations as to
construction costs.
"The attitude of industry In this progranais indicative of
X
nnmaeti dea-irn to
to preparedness.”
to the utmost
w& h
&
in a matter which is
m*
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, January lU, 19^1
Press Service
No. 23~l6
Award of twenty-three contracts totaling $»■!, 157»SOO for
household equipment to be used in the national defense housing
program was announced today by Clifton E. Mack, Director of the
Treasury Department’s Procurement Division.
tn; announcing the awards, Mr. Mack said he was gratified with
the cooperation manufacturers have given the Division.
”The heads of plumbing, heating and household equipment companies
all over the country have come to us to submit their prices and to
discuss with us how best to meet the needs of the housing emergency,”
Mr, Mack said.
’’Through their desire to cooperate it has been possible to obtain
prompt action in stepping up their manufacturing facilities to meet
our demands within the low price range necessitated by reason of the
limitations as to construction costs.
'The attitude of industry in this program,” Mr. Mack observed,
”is indicative of a readiness to help to the utmost in a matter \irtiich
is important to preparedness.”
The companies which received awards, the amounts of the contracts,
and the equipment purchased, follow:
2
Hash-Kelvinator Corp., Detroit, $1,311,250, electric
refrigerators; Sunray Stove Co., Delaware, Ohio, $231,000, gas
ranges;
Stewart-Warner Corp., Chicago, $6,711, electric meters;
bundle Mfg. Co., Camden, F. J . , $44,088, sink and tray conibinations.
Youngstown Pressed Steel Division of Mullins Mfg. Corp.,
Warren, Ohio, $890,392, steel bath tubs and sink and base cabinets;
Youngstown Pressed Steel Division of Mullins Mfg. Corp., Salem,
Ohio, $149,600, broom cabinets and wall cabinets; Jno. Wood Mfg. Co.,
Conshohocken, Pa.,, $55,548, range boilers.
Priggs Mfg. Co., Detroit, $568,659, steel bath tubs and
lavatories; Sands Mfg. Co., Cleveland, Ohio, $54,467, side arm gas
heaters;
Wolverine Prass Works, Grand Rapids, Mich., $35,197, bath
tub fittings; United. Metal Pox Co., Prooklyn, F. Y . , $347,396, broom
cabinets and wall cabinets.
Federal-Huber Co,, Chicago,
$61,395, lavatory fittings;
Poland Co., Wash., D. C., $197,780, water closet combinations; Globe
Valve Corp., Delphi, Ind., $49,257, bath tub fittings; V. H. Lawson
Co., Cincinnati, $55,684, medicine cabinets; Universal Sanitary
Mfg. Co., Few Castle, Pa.., $54,300, water closet combinations;
Economy Pottery Co., Trenton, F. J., $6,187, water closet combinations;
and Williamson Heater Co., Cincinnati, $38,885, warm air furnaces.
To co-ordinate delivery of equipment with construction progress,
manufacturers will be furnished with instructions advising them when
and where to ship.
The equipment w.^s purchased for the account of the Federal Works
Avency, the avency which is directing construction of defense housing
projects.
ooOoo
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday. January U. m i .
Ì/13/ a
Press Service
^ 3 '
The Secretary of the Treasury anncmnced last evening that
the tenders for $100,000,000, or thereabouts, of National Defense
Series, 91-day Treasury bills, to be dated January 1$ and to stature
April 16, 1941, which were offered on January 10, were opened at the
Federal Reserve Banka on January 13*
The details of this issue are as follows*
Total applied for - $398,849,000
Total accepted
- 100,023,000
All the accepted bids were tendered at prices in excess of
par, the lowest accepted being tendered at 100,001, Of the amount
tendered at that price, 28 percent was accepted.
4
n
t
TREASURY DEPARTMENT
Washington
l
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, January 1 ^, 19^1
Press Service
Mo. 27-17
1/13 'A l
)
The Secretary of the Treasury announced last evening that the
tenders for flOO,000,000,
or thereabouts,
Series, 91~day Treasury bills,
April
16,
of National Defense
to be dated January
15
and to mature
19^1, which were offered on January 10, were opened at the
Federal Reserve Banks on January
13 .
The details of this issue are as follows:
Total applied for - $39^; S^-9> 000
Total accepted
- 100,023,000
All the accepted bids were tendered at prices in excess of
par, the lowest accepted being tendered at 100,001*
tendered at that price,
2S
percent was accepted.
-o 0o<
Of the amount
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
N o . B^^ü*
[I ReI
I^
^I
%Tri\
Market transactions^in (Government securities for Treasury
investment accounts in
♦
19^-0 ,
resulted in net sales of
Secretary Morgenthau announced today.
-0 O 0 -
«Jaauary 7 , 19^1
TO MR, BJBLLi
Durlag the month of December, I9U0, the following
market traasaetlons took place la direct «ad gu&ranteed
securitiea cf the Öorernaent;
*1.139.000
Sales
Purchase«
$1,139,000
Met sales
(>*>
Copy to Kr« Schwarz
Mr» Heffelfinger
Mrs» Shaw
Mr» Martin
File
MLM
TREASURY DEPARTMENT
Washington
FOR I MITSUI A T E R E L E A S E
We d n e s d a y , J a n u a r y 15,
Market
transactions
investment acco u n t s
Jl,139,000,
Press j ervice
23-18
No
1941.
in G o v e r n m e n t
in D e c e m b e r ,
1940,
securities
resulted
Secretary Morgenthau announced
for T r e a s u r y
in n e t
today.
sal e s
of
TREASURY DEPARTMENT
Washington
For Release, Morning Nesxpapers
Friday, January 17, 1941
1/16/41
Press Service
No. 23-
Ttie Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the tariff rate
quota for the first quarter of the calendar year 1941 on imports
of cattle weighing 700 pounds or more each, other than dairy
cows, the produce of countries other than Canada, was filled
during the period January 1 to January 4, 1941, inclusive.
The presidents proclamation dated November 30, 1940,
limits to 8,280 head imports of this class of cattle the produce
of countries other than Canada which may be entered, or withdrawn
from warehouse, for consumption in any calendar quarter year
during 1941 at the reduced rate of duty provided in the trade
agreement with Canada.
oOo-
TREASURY DEPARTMENT
Washington
For Release, Morning Newspapers,
Friday, January 17, 1941_________
l/lb/dl
Press Service
No, 23-19
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the tariff rate
quota for the first quarter of the calendar year
of cattle weighing
194l
on imports
i,
J00 pounds or more each, other than dairy
cows, the produce of countries other than Canada, was filled
during the period January
1
to January 4, 1941, inclusive.
The President’s proclamation dated November
30 ,
1940,.
limits to 8,280 head imports of this class of cattle the produce
of countries other than Canada which may*be entered, or withdrawn
from warehouse, for consumption in any calendar quarter year
during 194l at the reduced rate of duty provided in the trade
agreement with Canada.
-
2
-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
January 20, 194-1____ , all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
January 22, 1941 ______ .
The Treasury bills will be exempt, as to principal and interest,
and any gaiii/from the sale or other disposition thereof will also be
exempt, ^from all taxation, except estate and inheritance taxes*
(Atten—
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.)
Uo loss from the sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
i
Treasury Department Circular ITo• 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may'be obtained from
any Federal Reserve Bank or branch thereof.
FOR RELEASE, MORNING PAPERS
Friday, January 17, 1941.
TREASURY DEE¿JRMGNT
f§ ^ C ^ @ ^ < ^
16
oO O O C O DO Q O CXXXXXXXX
The Secretary of the Treasury gives notice that tenders are invited
for Treasury hills to the amount of $ 100^000,000, or thereabouts.
They will
he
designated National Defense Se r i e s T q l - day hills; and will be sold on
’
^
a discount basis to the highest bidders. Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n , ,
Eastern standard tine, on
Monday, January 20, 1941
Tenders will not
be received at the Treasury Department, Washington,
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940,
Under the authority of
that section ’’National Defense Series” obligations may be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
A#**
therefor.
The Treasury bills will be dated
mature on
April 23, 1941
January 22, 194-1 ____ , and will
3 ®
, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $1000, $10,000, $100,000, $500,000, and
$1 ,000,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e*g,, 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recogni«ed
dealers in investment securities.
Tenders from others must be_ accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
FOR RELEASE, MORNING PAPERS,
Friday, January 17, 19^-1
tr e a s u r y d e p a r t m e n t
The Secretary of the Treasury gives notice that tenders are invited
for Treasury hills to the amount of $100,000,000, or thereabouts.
They will
te designated National Defense Series, 91~d-ay hills; and will he sold on
a discount basis to the highest bidders.
Tenders will he received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. m. ,
Eastern standard time, on Monday, January 20, 19^1.
Tenders will not
he received at the Treasury Department, Washington.
These hills will he issued pursuant to the provisions of Section 302
of the Revenue Act of 19^0, approved June 25, 19^0*
Under the authority of
that section "National Defense Series" obligations may he issued to provide
the Treasury with funds to meet any expenditurues made, after June 30, 19^-0,
for the national defense, or to reimburse the general fund of the Treasury
therefor*
The Treasury hills will he dated January
mature on April 23,
19U 1 ,
22,
19^1, and will
and on the maturity date the face amount will
he payable without interest.
They will he issued in hearer form only,
and in amounts or denominations of $ 1000, $10,000, $ 100,000, $500*000» and
$1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and forwarded
in the special envelopes which will he supplied by the Federal Reserve Banks
or branches
upon application therefor*
No tender for an amount less than $1,000 will he considered.
tender must he in multiples of $1,000.
The
Each
offered must he expressed
on the basis of 100, with not more than three decimal places, e.g., 95» 125«
fractions must not he used.
Tenders will he accepted without cash deposit from incorpor
ated hanks and trust companies and from responsible and recognized dealers in
-
investment securities.
2
-
Tenders from others must be accompanied by a deposit
of 10 per cent of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on
January 20,
191+1 ,
all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public announcement
of the acceptable prices w iii fc03ow as soon as possible thereafter, probably
on the following morning.
The secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
federal Reserve Banks in cash or other immediately available funds on
January 22, 19^1»
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be exempt,
from all taxation, except estate and inheritance taxes.
(Attention is invited
to Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
Do loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purpose of any
tax now or hereafter imposed by the United States or any of its possesions.
Treasury Department Circular Do. 4lS, as amended, and this notice orescribe
the terms of the Treasury bills and govern the conditions of their issue-.
Copies of the circular may be obtained from any Federal Reserve Bank or branch
thereof.
-toOo—
©very school child who wish©« may participate, and to
urge constantly that in all required additions to the
tar structure the principle of ability to pay be retained*
Meanwhile, w« do not intend to forgot this
Administration *s eight-year goal of raising the standards
of the loss fortunate portion# of ©ur population*
We
are discovering that a welcome by-product of the unwelcome
need to prepare for our common defense has been
acceleration toward that goal, with the present rapid
expansion of production bringing steady Increases in the
rate of employment.
With experience, with national unity
and with determination, we are Intent upon protecting
o u r nation from "external pressure and internal sleekness*"
-oOGoo-
If we now have groat additional burdens to meet
because we are determined fully to preserve our for®
of government, our way of life and our living standards,
we also are fortunately endowed with the resources that
give us new strength to carry such a load.
m e r e is evidence of this strength in the willingness
and eagerness with which Treasury securities are purohased
in the open market*
There is evidence of it in the
manner in which our tar structure has been producing “■
greatly increased revenue, not as a drain upon national
income, but as a result of growth in production and
improvement in standards of living.
All of us foresee the prospect of greater financial
burdens•
Yet, instead of complaints, we hear continued
expressions of readiness to sacrifice to defend the
edifice we have been erecting over the past century and
a half.
This spirit of unity and determination is one
of the most heartening aspects of the picture envisioned
within the Treasury Infoutlining the more immediate
tasks of the next four years.
Encouraged by this spirit, we feel a responsibility
to press for elimination of the inequitable tax-exemption
on interest fro® governmental securities, to arrange
cur own borrowing program so that every oltlsen and even
fa in the treasury rea H
e#
thoroughly that the
Government has mad# large expenditures in the past eight
years to promote recovery,
f* know equally that the
national credit has never been more sound.
We know that
by finding more effective employment of the nation’s
fiscal resources, great increases in national Income
have been produced.
And we know that these gain® in
income have been real gains In the national wealth.
Against the strong deflationary tide of 1931 and
1932# our democracy in action has pulled together In the
past eight years to increase the availability of funds
for productive effort, to make possible lower interest
rates for distressed owners of homes and farms and to
resist effectively deterioration of our human resources,
the result is that our health and morale will not fail
today under the rigorous tests of defense requirements•
from the monetary viewpoint, we have the
gratification of knowing that our dollar has become the
standard currency of the world.
International chaos
has washed a huge flood of capital to this country and
the movement has brought problems in its wake but it is
also testimony to the inherent soundness of our system.
\
the Treasury ^Department looks ahead to the next
four years with a full realisation of the tremendous
problems that will confront It, but It survey» this
future with a confidence developed frost hard-won
achievement» of the pact eight year»*
On this Inauguration Bay all of us find ourselvca
in a period of transition in which our general economy
1» shifting from a national recovery effort to a program
adjusted to the demand» of total defense.
Because the
Administration has clung firmly to its purpose of
demonstrating that a democracy can have the will and
energy to solve its problems, the nation is today free
of much strain that it would otherwise encounter.
That is precisely the current position of the
Treasury*
In my recent annual report to the Congress
on •the state of the finances* I was able to indicate
that we were closing the books on the depression of the
•thirties* with the comfortable knowledge that, all
things considered, our fiscal and monetary affairs are
In a very satisfactory condition as we embark upon the
costly defense program.
t r e a s u r y D e p a r t m e n t ,'
W a s h in g to n
FOR R E L E A S E , AFTERNOON NEWSPAPER!?,
M onday, Ja n u a r y 2 0 , I9 4 O .
Pr>âeq
t
H3" £ o
The f o l l o w i n g I n a u g u r a t i o n D ay s t a t e m e n t
i s iæ ae< 4 NH 9 MP b y S e c r e t a r y M o r g e n th a u :
TREASURY DEPARTMENT,
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Monday, January 20, 1 9 ^ 1 »
1/17 A i
■
Press Service
No* 23-20
The following Inauguration Day statement is made by
Secretary Morgenthau;
The Treasury Department looks ahead to the next four
years with a full realization of the tremendous problems
that will confront it, but it surveys this future with a
confidence developed from hard-won achievements of the past
eight years*
On this Inauguration Day all of us find ourselves in
a period of transition in which our general economy is
shifting from a national recovery effort to a program
adjusted to the demands of total defense*
Because the
Administration has clung firmly to its purpose of demonstrate,
ing that a democracy can have the will and energy to solve
its problems, the nation is today free of much strain that
it would otherwise encounter*
That is precisely the current position of the Treasury*
In my recent annual report to the Congress on "the state of
the finances" I was able to indicate that we were closing
the books on the depression of the "thirties" with the
comfortable knowledge that, all things considered, our fiscal
and monetary affairs are in a very satisfactory condition
2
as we embark upon the costly defense program.
We in the Treasury realize thoroughly that the
Government has made large expenditures in the past eight
years to promote recovery*
We know equally that the
national credit has never been more sound*
We know that
by finding more effective employment of the nation’s fiscal
resources, great increases in national income have been
produced*
And we know that these gains in income have been
real gains in the national wealth*
Against the strong deflationary tide of 1931 and
1932,
our democracy in action has pulled together in the
past eight years to increase the availability of funds for
productive effort,
to make possible lower interest rates for
distressed owners of homes and farms and to resist effective
ly deterioration of our human resources.
The result is
that our health and morale will not fail today under the
rigorous tests of defense requirements*
From the monetary viewpoint, we have the gratifica
tion of knowing that our dollar has become the standard
currency of the world*
International chaos has washed a
huge flood of capital to this country and the movement has
brought problems in its wake but it is also testimony to
the inherent soundness of our system*
If we now have great additional burdens to meet because
we are determined fully to preserve our form of government,
our way of life and our living standards, we also are
-
fortunately endowed with the resources that give us new
strength to carry such a load#
There is evidence of this strength in the willingness
and eagerness with which Treasury securities are purchased
in the open market#
There is evidence of it in the manner
in which our tax structure has been producing greatly in
creased revenue, not as a drain upon national income, but
as a result of growth in production and improvement in
standards of living*
All of us foresee the prospect of greater financial
burdens.
Yet,
instead of complaints, we hear continued
expressions of readiness to sacrifice to defend the edifice
we have been erecting over the past century and a half#
This spirit of unity and determination is one of the most
heartening aspects of the picture invisioned within the
Treasury in outlining the more immediate tasks of the next
four years#
Encouraged by this spirit, we feel a responsibility
to press for elimination of the inequitable tax-exemption
on interest from governmental securities, to arrange our
own borrowing program so that every citizen and even
every school child who wishes may participate, and to urge
constantly that in all required additions to the tax
structure the principle of ability to pay be retained*
-
k ~
Meanwhile, we do not intend to forget this
Administration’s eight-year goal of raising the standards
of the less fortunate portions of our population*
We
are discovering that a welcome by-product of the unwelcome
need to prepare for our common defense has been accelera
tion toward that goal, with the present rapid expansion of
production bringing steady increases in the rate of
employment*
With experience, with national unity and with
determination, we are intent upon protecting our nation
from "external pressure and internal slackness."
- 00O 00-
FOR IMMEDIATE RELEASE,
Friday, January 17, 1941®
Secretary Morgenthau announced today that
Peter Odegard, professor of political science at Amherst
College, has been in consultation with Treasury officials
this week as an adviser on Government financing.
0O 0
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday,, January 17. 19^1»
Press Service
N o * 23-21
Secretary Morgenthau announced today that Peter Odegard,
professor of political science at Amherst College, has been in
consultation with Treasury officials this week as an adviser
on Government financing.»
-oOo-
-
2
-
Mr* Helvering emphasized that all iteras of information
formerly made public from the green sheet would still be available
**
to authorized
likewise, he said, permission to State
taxing authorities to photo&IP" returns would be granted as formerly.
Thus, the original returns will be made available for inspection
in the office
Collecto^
Collectosilof Internal Revenue ÜP
nr
o any official, body^or commiseion)lawfully charged
with the administration of any State tax law if the inspection is
y
for the purpose of obtaining information to be furnished to local
taxing authorities*
The law provides that the inspection shall be permitted only
upon written request of the Governor of the State, who is required
to designate the representative of such official, body or commission
to make the inspection*
The law does not authorize inspection of tax returns by the
public*
Commissioner of Internal Revenue^ Guy T* Helverin^f reminded
American taxpayers today that the duplicate or "green copyM is no
longer required in filing income tax returns.
The statement was occasioned hy a deluge of Inquiries from
taxpayers seeking information as to why the "green sheet" was lacking
in returns sent out hy collector's offices*
ruling Wf last
Mr, Helvering recalled at
summer which
WiftAnot apfinly"¡muoly
taxable years
4
beginning after December 31, 1939»
**’
>**'■
CL
The duplicate requirement was initiated for taxable years
beginning on January 1, 1935, in the interest^ of administrative
expediency. Its original intent was to disclose to local taxing
ft
& 'f
^
I
pA
authoritTesvihe names of persons having tangible or other taxable
y
property.
Since these persons have now been identified, it was
u/dAS
felt the duplicate^ w#^ no longer necessary*
Commissioner of Internal- Revenue Guy T. Helvering reminded
taxpayers today that the duplicate or "green copy" is no longer
required in filing ^income tax returns#
The statement was occasioned by a deluge of inquiries from
taxpayers, seeking information as to why the "green sheet" m s
lacking
in returns sent out by collectors* offices#
C M r . Helvering recalled a ruling last Summer which eliminatedfor taxable years beginning after December 31, 1939^ the requireo^nj^ of
ai\ additional return#
The ruling m s
in accordance withÌTreasurv policv
ptaxpay^e-^henever pos-sif lev “
The duplicate requirement m s
initiated for taxable years
beginning on January 1, 1935, in the interest of administrative expediency
Its original intent m s
to disclose to local taxing authorities^v/here
officially requested the names of persons having tangible or other taxable
property.
Since these persons -have now been identified, it m s
duplicate m s
no longer necessary*
t r
felt the
^'‘YÏAÂ>‘
^
itm y
Z4
"J
S 9*
&&&)- \
v/?/r/ Comm'issioner of Internal Revenue Guy T. Helvering
reminded taxpayers today-that the duplicate of "green
copy" is no longer required in filling Federal tax returns.
The statement was occasioned by a deluge of inquiries
from tazpayers,
seeking information as to why the "green
sheet" was lacking in returns sent out by collectors 1
offices.
Mr. Helvering stated that in accordance with the
Treasury policy of eliminating inconveniences to taxpayers
wherever possible a ruling had been issued dispensing with
this extra return copy after December 31, 1940.
The duplicate requirementswas initiated for taxable
years beginning on January
administrative expediency.
1,
1935, in the interest of
Its original intent was to
disclose to local taxing authorities, where officially
requested, the names of persons having tangible or other
taxable property.
Since these persons have now been -
identified, it was felt the duplicate was no longer
necessary•
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS
Sunday, January 19, 19^1»
i/i 7A i
Press Service
No* 23-22
Commissioner of Internal Revenue Guy T, Helvering reminded
taxpayers today that the duplicate or ,Tgreen copy 11 is no longer
required in filing Federal tax returns*
The statement was occasioned by a deluge of inquiries from
taxpayers,
seeking information as to why the ’’green sheet" was
lacking in returns sent out by collectors 1 offices,
Mr. Helvering stated that in accordance with the Treasury
policy of eliminating inconveniences to taxpayers wherever
possible a ruling had been issued dispensing with this extra
return copy after December 31; CiSp*
The duplicate requirement was initiated for taxable years
beginning on January 1, 1935/
expediency*.
in the interest of administrative
Its original intent was to disclose to local tax
ing authorities, where officially requested, the names of
persons having tangible or other taxable property.
persons have now been identified,
Since these
it was felt the duplicate was
no longer necessary*
ooOoo-
ZWSQ1&WST 8AT$C»AL BA*KSJUX Q1IXDATED AUD » «lALty CUDSSB
«an» m s «an » J M M H U
Iss*. «®4 Lpûatlon «f Bank.
« 1 % Sational Basil:
Jtotington Fark, M i t .
Bank of Brightwood
Washington, B. 0*
International Rechange Basât*
Washington» D* 0«
«MT Albmy Sational Bank
■k* Albany, Indlana
Rookland Sational Basât
»«skiant, Saint
Visât Sational Bank
Hagaretown, Maryland
First Sational Basât
Midland, Maryland
W r « t Sational Bank
Bavai Oak* Mi ch.
Ssasld* Sational Basât
l*âf B— St» Callf.
©rangs Sational Sasâl
0»»»6«i ï. 4*
.*>11« Sational Bank
Slagara Fall», S* T*
Sational Bank of forants
forant®, ohl®
Virât Sational M â t
Aâhlsr, Va»
A*srStss Sational Bank
fWta« Taxa«
Aahland Sational Bank
Wiaeonain
Bats of
Vailarsi
total
M * tarassent®
Includlng
Pffsata Àllcssdi
19»
f*sr 9«nt
Dividende
Os® lam i
tS A U
Plaisantai
Capital
Stock at
Bats of
Valiarsi
Oaah, Asâsta,
OaeoUsstsd Stssk
Assisouats, ®t®.
Rstarnad ts Sham-
7-13-33
$ 66?,»4S.o o
54.05«
$ 125 ,000.00
000
7-16-32
630,727.00
65.71*
100,€00.00
000
7-14-32
426,396.»
50.602
116 ,830.00
000
3~23~5*
800,258,00
68.3042
150 ,000.00
000
Ô-1Ô-33
4 .080 ,990.00
*1*73*
150 .000.00
600
10-5-31
2,111.197.»
68,252
150 ,000.00
000
|kw§*g|
195,391.00
59.8«
2 5 ,0 00.00
000
T— « 1
475.517.00
******
150 ,000.00
000
2-17-32
1,051,507.00
• M S
300 ,000.00
000
12*19-38
4,430.907.»
f*4*ü
jWiHMt
000
lMi>33
1.285,364.»
I M I
i»,eoo.»
000
776,770.»
7*.Sl%
100,000.00
000
1,890,442.«
71 «51*
%5o,o».w
000
k ê .m
l5o,o » , »
000
7 1 *12*
100,000.00
000
2-6-31
/
3-2«-a
822 ,666 . »
2-13-38
1,388,998.»
mßi m
T M A s tm T D K P A f t a r a r
CoaptroHor of tho Curraney
Washington
m
Wm
por release*
wamo
Pr*»« sarrio*
kesbpapbjb
S g / ./
2 3 -2 3
Dallas th» month of Daooabar 1940« ths liquidati «¡i of
fifteen Ineolvant national Banks «as eoaplatod ami ths affairs of
auoh receiverships finally 0 loaad«
total di abura amanta, including offasta allowad* ts
dapoaitora and other oraditora of thesa fiftoam receiverahlpa *
amounted to $21*033*075» while dividends paid to unsecured oraditora
K
amounted to as araras# of 74*52 portant of thair claims • Total coata
of liquidation of thoa# receiverships averaged 7*8$ partant of total
oollootiona fron all sources including offaota alionad*
Dividane distributions to all oraditora of all attivo
raoaivershipa during tho month of December 1940* amounted to
$11*255»427*
Data as to resulta of liquidation of tho reooivor-
te
ships finally oloaod daring tho month are as follassi
t
mi
M£
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
No. 23-23
FCR RELEASE, MORNING NEWSPAPERS
Monday, January 20, 194-1
During the month of December 1940, the liquidation of
fifteen 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 fifteen receiverships,
amounted to $>21,033,075, while dividends paid to unsecured creditors
amounted to an average of 74*52 percent of their claims.
of liquidation of these receiverships averaged
7 .SS
Total costs
percent of total
collections from all sources including offsets allowed.
Dividend distributions to all creditors of all active
receiverships during the month of December 1940, amounted to
$11,255,427.
Data as to results of liquidation of the receiver
ships finally closed during the month are as follows!
-
2
-
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
___________ DURING THE MONTH OF DECEMBER, 19^0________
lame and Location of Bank:
City National Bank
Huntington Park, Calif,
Bank of Brightwood
Washington, D, C,
International Exchange Bank,
Washington, D, C*
New Albany National Bank
New Albany, Indiana
Rockland National Bank
Rockland, Maine
First National Bank
Hagerstown, Maryland
First National Bank
Midland, Maryland
First National Bank
Royal Oak, Mich,
'Seaside National Bank
Long Beach, Calif,
Orange National Bank
Orange, N, J*
Falls National Bank
Niagara Falls, N, Y.
National Bank of Toronto
Toronto, Ohio
First National Bank
Ambler, Pa,
American National Bank
Paris, Texas
Ashland National Bank
Ashland, Wisconsin
Date of
Failure:
Total
Disbursements
Including
Offsets Allowed;
Per Cent
Dividends
Declared
to All
Claimants:
Capital
Stock at
Date of
Failure:
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Share
holders:
125,000.00
000
65. 71$
100,030.00
000
1*26,396.00
50.60$
116,830.00
000
3-23-3*+
S00.25S.00
68.301*$
150,000.00
000
8- 18-33
1*,080,990.00
91. 73$
150,000.00
000
10-5-31
2 ,111,197.00
68.25$
150,000.00
000
5 - 9 -34
195.391.00
59.86$
25,000.00
000
7-3-31
U 73 .517.00
1*6.9 8$
150,000.00
000
2-17-32
1 ,051,507.00
si*. 05$
300,000.00
000
12-19-33
^ 30,907.00
7l+.l+08$
500,000.00
000
10- 26-33
1 .285,361*.00
88.6$
100,000.00
000
2— 6-31
776 ,770.00
76.81^
100,000.00
000
3-26-3^
1 ,890,1*1*2.00
71.51^
250,000.00
000
3-9-31
822,666.00
1*6.86>6
150,000.00
000
2-13-33
1 ,3 8 8 ,9 9 8 .0 0
71. 12^
100,000.00
000
7-13-33
$667,91*5.00
5U.05$
7- 16-32
630,727.00
7- 1U-32
$
TREASURY DEPARTMENT
Washington
Press Service
No. 23-2^
FOR RELEASE,
Tuesday, Janu;________
T / m m
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of National Defense
91-day
Series
mature April
Treasury Bills, to be dated January 22, and to
23,
19^1, which were offered on January
17 ,
were
opened at the Federal Reserve Banks on January 20#
The details of this issue are as follows:
Total applied for
$303,957,000
100,07^,000
Total accepted
The accepted bids were tendered at prices above par, and
at par*
Of the amount tendered at par, 27 percent was accepted.
- o Oq
The Secretary of the Treasury
Washington
COPY
January 21, 1941
My dear Mr. Bloom:
1/Then I appeared before your Committee on January 15, I
presented figures of the British dollar position as submitted
to me by the British Treasury.
Since then the British
Treasury has communicated to me a more recent figure of
their gold holdings.
I submit this revised figure to you
without delay, as I want the Committee to have the latest
information in the possession of the Treasury.
The figure the British had previously submitted to me
of their total gold holdings (as of January 1, 1941) was
9233 million; the revised figure is 9292 million, or 954
million greater. The earlier British table included'933
million of gold scattered in various parts of the world,
and not available for payments here; the new table makes
this figure only 930' million, which means that 93 million
more are available for use.
On the other hand, the British
Treasury has submitted to me an additional debit item of
921 million, representing commitments already ms.de on account
of forward exchange contracts. This figure was not in our
possession on January 15th and did not appear in my original
table of British liabilities.
The difference between the present total and my earlier
total is, therefore, a net increase of 936 million in British
dollar and gold assets which are available to pay for war
supplies in this country.
The following table of the United Kingdom's gold and
dollar assets contains the revised figure of gold holdings
on December 31, 1940, and to that extent supersedes the
table I presented to you on January 15th„ The present
table includes also a sot of figures which the British
Treasury has just given us as to their gold and dollar
exchange position on August 31, 19*39, just before the
outbreak of war. All the figures in the present table
are supplied by the British except the estimate of private
dollar balances, marked with an asterisk, which is taken
from United States Treasury data.
-
G o ld a n d D o ll a r
2
-
Exch an g e A s s e ts
Aug
G o l d . ......................................................................
O f f i c i a ] , d o l l a r b a la n c e s
• « ■ P r iv a te d o l l a r b a l a n c e s .
M a r k e t a b l e U.S.
s e c u r i t i e s ...................................
D i r e c t a n d m is c e lla n e o u s
i n v e s t m e n t s i n U.S....
T o t a l g o l d a n d d o l? ia r
exchange a s s e t s . . . . , .
o f U .K .
19 3 9
Dec. 3 1,
( in M illio n s 0
3 2 ,0 3 8
50
19 40
292
1
545
54
305
950
616
900
900
A 4 *, 4 8 3
2 ,1 6 7
3
Fro m th e t o t a l B r i t i s h g o ld a n d d o l l a r e xc h a n g e a s s e ts o f
3 2 , 1 6 7 m i l l i o n o n D e c e m b e r 3 1 , 1 9 4 0 , 't h e B r i t i s h e x c l u d e a s
u n a v a ila b le 3305 m i l l i o n o f p r i v a t e d o l l a r b a la n c e s re g a rd e d
as n e c e s s a ry f o r th e c o n d u c t o f b u s in e s s , 330 m i l l i o n o f g o ld
s c a t t e r e d i n d i f f e r e n t p a r t s o f t h e w o r l d , a n d 321 m i l l i o n
( t h e f i g u r e I m e n tio n e d e a r l i e r i n t h i s s ta te m e n t) on a c c o u n t
o f fo rw a rd exchange c o n tr a c ts .
T h is le a v e s a t o t a l o f .3 1 ,8 1 1
m i l l i o n i n g o ld a n d d o l l a r e x c h a n g e a s s e ts w h ic h t h e B r i t i s h
r e g a r d a s a v a i l a b l e , a s c o m p a re d w i t h a f i g u r e o f 3 1 ,7 7 5
m i l l i o n i n t h e o r i g i n a l t a b le I p r e s e n te d t o t h e C o m m itte e .
I t m ay be o f i n t e r e s t t o y o u t o co m p a re t h e B r i t i s h
f i g u r e s o f t h e i r p o s i t io n on A u g u s t 3 1 , 1 9 3 9 , w it h th e
fig u r e s p u b lis h e d in th e F e d e r a l R e s e rv e B u lle t in o f
Ja n u a ry , 19 4 1.
Th e F e d e r a l R e s e rv e B u l l e t i n e s tim a te d
B r i t i s h g o ld a n d d o lla r re s o u rc e s as o f A u g u s t 3 1 , 19 3 9 ,
as fo llo w s 0
.
(in
o l d . ..........................................
o lla r b a la n c e s
595
a rk e t s e c u r i t i e s . . . . . . . . . .
i r e c t a n d m is c e lla n e o u s
in v e s tm e n ts in
th e U . S . . .
01
3 2 ,0 0 0
.
G
D
M
D
m illio n s
T o ta l
1 ,0 8 0
1 ,1 8 5
3 4 ,8 6 0
d o lla r s )
~ 3 -
T h e o n ly s i g n i f i c a n t d i f f e r e n c e b e tw e e n t h i s e s t im a t e
o f th e F e d e r a l R e s e rv e B o a rd an d th e B r itis h ^ T re a s u ry
s t a t e m e n t i s i n t h e f i g u r e s 01 m a r k e t a b l e s e c u r i t i e s
a n d . d i r e c t e n d m i s c e l l a n e o u s 'i n v e s t m e n t s i n t h e U n i t e d
S ta te s .
T h e F e d e r a l R e s e r v e B o a r d 's e s t im a t e s o f t h e U n i t e d
K i n g d o m 's h o l d i n g s o f U . S . s e c u r i t i e s a n d d i r e c t e n d
o th e r in v e s tm e n ts i n th e U n ite d S ta te s a s o f A u g u s t 3 1 ,
1 9 3 9 , w e r e b a s e d o n U . S . D e p a r t m e n t o f C o m m e rc e d a t a .
T h e d i f f e r e n c e o f - f l 3 0 , Q 0 0 ,0 Q 0 i n m a r k e t s e c u r i t i e s i s
a s m ig h t be e x p e c te d b e tw e e n e s tim a te s b u i l t u p ir o m e n
t i r e l y in d e p e n d e n t s o u rc e s o f in x o r m a tio n
p a r tic u la r ly
a s n o m in e e a c c o u n t s a r e i n v o l v e d a n d t n e d a t e s a s ox
w h ic h t h e B r i t i s h h a v e v a l u e d t h e i r in v e s tm e n t s d i x f u r
s o m e w h a t' f r o m t h o s e ' o f t h e D e p a r t m e n t o f C o m m e r c e .
B o th
e s tim a te s a r c b a se d on m a rk e t v a l u e s .
T n e D e p a rtm e n t o f
C o m m e rc e e s t i m a t e s o f t h e v a l u e o f s o —c a l l e d d i r e c t a n d
m is c e lla n e o u s in v e s tm e n ts do n o t p u r p o r t t o r e p r e s e n t
l i q u i d a t i n g v a lu e s in c e th o s e f i g u r e s a re b a s e d on b o o k
v a lu e a n d on tr ie c a p i t a l i z a t i o n o i e a r n i n g s , r e s p e c t i v e l y .
Th e f ig u r e o f th e B r i t i s h T r e a s u ry f o r d ir e c t a n d m is c e l
la n e o u s in v e s t m e n t s , s t a t e d t o be " n o t i n e x c e s s o f
¿900 m i l l i o n ." , i s a t e n t a t i v e e s tim a te t h a t w i l l be r e
v i s e d . . a s m o r e e x a c t i n x o r m a t i o n a s t o m o sum o i s u e n
in v e s tm e n ts i s o b ta in e d b y th e B r i t i s h T r e a s u r y a n d as
e v id e n c e o f t h e i r l i q u i d a t i o n v a lu e a c c u m u la te s •
How w as i t p o s s ib le f o r B r i t i s h a s s e ts t o s h r in k
so r a p i d l y b e tw e e n th e s t a r t o f th e w a r a n d t n e e n d o f
19 40 ?
T h e s h r in k a g e , a s y o u w i l l h a v e se e n fr o m th e f i r s t
t a b l e s u b m i t t e d t o d a y , a m o u n te d t o p 2 ,3 l 6 m i l l i o n . J T n e
e x p l a n a t i o n w i l l b e f o u n d i n u lie f o i l o w in g t a b x .o o x t h e
b a l a n c e o f" p a y m e n t s o f "che x s r i b i s n F m p i r o , e x c l u d i n g
C a n a d a a n d N e w fo u n d la n d , w i t h r e s p e c t t o a l l t r a n s a c t io n s
r e o u ir in g s e ttle m e n t in d o lla r s o r in g o ld .
T h is t a o lc ,
w h ic h I n o w s u b m it t o th e C o m m itte e , w as c o m p ile d b y
e c o n o m is ts o f t h e T r e a s u r y D e p a r tm e n t , t n e D e p a rtm e n t^
o f C o m m e rc e a n d t h e F e d e r a l R e s e r v e B o a r d , o n o n e b a s i s
o f d a ta s u p p lie d b y th e B r i t i s h T r e a s u r y .
-
k -
Estimated Gold and Dollar Expenditures and Receipts of British
Emuire, Excluding Canada and Newfoundland, from
September 1, 1939 to December 31, 19*0*
(in Millions of U.S. Dollars)
Gold and Dollar Expenditures
A,
Payments to the United States by United Kingdom,
1,
2.
3.
B.
On British Government orders in the
United States....
Goods delivered,. .
Advance payments..
Capital assistance
Eor other merchandise imports from
the United States,..... •.......
Eor shipping, interest, etc.......
Shipping disbursements..........
Interest and dividends.........
Miscellaneous (chiefly film
royalties)
$1,380
$660
570
150
705
197
$2,282
Payments to the Unit ed States by Empire
countries, excluding U.K. and Canada,
1.
2.
Eor commodity imports
Eor shipping, interest, etc.
Interest and dividends....
Shipping (net)
U 35
U 83
...$ 40
8
C, Payments by Empire countries, excluding Canada,
to areas outside the U.S, requiring gold or
dollars
1. Payments by Empire countries (chiefly
U.K.) to areas outside the U.S. and
Canada, requiring gold or dollars....,.».
2. Gold payments by Empire countries to
Canada and Newfoundland (net)**.'.......
D.
Withdrawal of Capital
1 . By American end others, through sale
of free sterling to American importers
2. By repayment of outstanding export
credits as required by our Neutrality Act
3. By liquidation of forward exchange
position in dollars
Compiled from data furnished by British Treasury
Eor details see supplementary table appended.
235 .
735
- 5 Gold rnd Dollar Expenditures
(Cont.)
U,
Residual ~ Miscellaneous items and errors
of estimation........................... .
$
71
Total gold and dollar requirements for all
transactions............ n..........
Gold and Dollar Receipts
A,
B.
C.
D.
Receipts from United States by United
Kingdom
1. From merchandise exports.... ^
.
$205
2. From interest, shipping, etc.. . . . . . _ 1^0
Interest and dividends....... ..
$ 85
Shipping earnings............ .
35
Remittances from insurance
co mpanie s................... .. * ' 20
Receipts from United States by Empire
countries, excluding U. K. and Canada
1, From merchandise exports...... .
2. From tourist travel, remittances,
etc. (net).......................
Dollar receipts "by Empire countries, ex
cluding Canada, from areas outside
the U. S...............................
3115
6^40
. 3Q
670
50
Receipts from sale of Empire gold
(new production and dishoarding)......
Total gold and dollar receipts by Empire
countries, excluding Canada........... .
Total drain on gold and dollar resources of
British Empire, excluding Canada and
Newfoundland, Sept. 1, 1939 to Dec. 3^> 19^0
Total gold and dollar requirements for
all transactions....................
$ 2,030
2.316
-
6
-
Supplementary Table
Estimated Expenditures and Receipts of Canada, and Newfoundland
With the Rest of the British Empire from September 1, 1939 to
December 3 1 » 19^0
(In Millions of U.S. Dollars)
Payments to Canada and Newfoundland by
Empire countries
1,
2.
3,
Eor purchases from Canada, and New
foundland by the. United Kingdom...,
For purchases from Canada by other
$795
Other payments to Canada by Empire
125
10
4
$930
Receipts from Canada and Newfoundland by
Empire countries
1.
2.
3,
h.
From merchandise exports to Canada
and Newfoundland by U
.
K
.
.
From merchandise exports to Canada
by other Empire countries..........
From interest and dividends paid by
Canada to United Kingdom,..........
Other U.K. receipts from Canada,
principally Canadian Expeditionary
170
100
25
20
375
British Empire deficit with Canada and
Newfoundland on merchandise, interest and
dividends, etc..................
955
Canadian assistance to U.K. r-!~ repatriation of
British-held Canadian securities and increase
in sterling balances held by Canada.....
222
Gold payments by British Empire countries with
Canada and Newfoundland Sept. 1, 1939 to Dec. 31»
19^0....................
US
I hope the foregoing figures will be helpful to the
Committee,
Sincerely,
(Signed) HENRY MORGENTHAU, JR.
Secretary of the Treasury.
Honorable Sol Bloom, Chairman,
Committee on Eoreign Affairs,
House of Representatives*
Washington, D, C.
«Ml
«Ml
promptly upon allotment, and the basis of the allotment will be publicly announced.
1?. PAHCTT
1.
Payment at par and accrued interest, if any, for notes allotted hereunder
must be made or completed on or before January 31, 1941# or on later allotment. In
every ease where payment is not so completed, the payment with application up to
10 percent of the amount of notes applied for shall, upon declaration made by the
Secretary of the Treasury in his discretion, be forfeited to the United States. Any
qualified depositary will be permitted to make payment by credit for notes allotted
to it for itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Beeerve Bank of its
district.
V. QKH&ttL PfiDVXSIONS
1. As fiscal agents of the United States, Federal iieserv® Banks are authorised
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 rieserve 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 m y 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 promptly to the Federal Reserve Banks.
mam mohgmithau jr .,
Secretary of the Treasury.
r
*1■
'
- 2-
|
3« The notes will bo accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury in
payment of income and profits taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
5. Bearer notes with interest coupons attached will be issued in denomination*
of 1100, 1500, $1,000, $5,000, $10,000 and $100,000. The notes will not be Issued
in registered fern.
6. The notes will be subject to the general regulations of the Treasury Depart*
ment, now or hereafter prescribed, governing United States notes.
83U
SUBSCRIPTION AMD ALLOTMENT
1» Subscriptions will be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington.
Subscribers adust agree not to sell or
otherwise dispose of their subscriptions, or of the securities which m y be allotted
thereon, prior to the closing of the subscription books. Banking, institutions
generally may submit subscriptions for account of customersjj but only the Federal
Reserve Banks and the Treasury Department are authorised to act as official agenda*« |jj
Others than banking institution* will not be permitted to enter subscriptions except
for their own account.
Subscriptions from banks and trust companies for their own
account will be received without deposit but will be restricted in each case to an
amount not exceeding one-half of the combined capital and surplus of the subscribing
bank or trust company. Subscriptions from all others must be accompanied by payment j
of 10 percent of the amount of notes applied for.
2. The Secretary of the Treasury reserves the aright to reject any
i
subscription!
In whole or in part, to allot less than the amount of notes applied for, and to clear |
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
..
— ~ ^ iI
UfOTED STATES OF AMERICA
3/4 PtmcmT TKSASUET DOTES OF SHOES B-1944
HATIOEAL DEFSiSE SERIES
Uat0d and bearing interest fro® January 31» 1941
Due September 15, 1944
Interest payable March 15 and September 15
19U
Department Circular Ho* 647
T im m m tm A S u m m ,
Office of the Secretary,
Washington, January 23, 1941,
Fiscal Service
Bureau of the Public Debt
I.
OFTEJUHO OF HGTKS
1 . The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invitee subscriptions,
at par and accrued interest, from the people of the United States for 3/4 percent
notes of the United States, designated Treasury Dotes of Series D-1944, national
Defense Series.
The amount of the offering is 1600,000,000, or thereabouts.
21.
1.
DSSCE1PTI0H OF DOTES
The notes will be dated January 31, 1941, and will bear interest from that
date at the rat© of 3/4 percent per annum, payable on a semiannual basis on March 15
and September 15 in each year until the principal amount becomes payable.
They will
mature September 15, 1944, 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 taxa
tion now or hereafter imposed by the United States, any State, or any of the posses
sions of the United States, or by any local taxing authority, except (a) estate or
inheritance tax»®, or gift taxes, and (b) all Income, excess—profits, and wan»profitft
taxes, now or hereafter imposed by the United States, upon the income or profits of
individuals, partnerships, associations, or corporations.
«Mp»
or otherwise disposo of tholr subscriptions, or of the securities which
be allotted thereoa, prior to the oloslng of the subsorlption boohs«
Banking institutions generally nay submit subscriptions for account of
customers, but only the federal Reserve Banks and the treasury Department
are authorised to aot as affisisi agencies.
Subscriptions fron banks and
trust companies for thoir own account will be roceleed without deposit but
will be restrloted in eeeh ease to an Mount not exceeding one-half of the
combined capitel and surplus of the suheeriblng hank or trust company.
Subscriptions from all others must bo accompanied by payment of 10 percent
of the amount of nate# applied for.
The right la reserved to eloae the hooks as to any or ell euheeriptlons
at M y time without notioo.
The basis of sllotmont will bo publicly announced.
Payment for M y notoe allotted must be made or oomplotod on or boforo
January 31, 1941, or on later allotment.
The text of tho offiolal olrouler follows s
TRTÁ8ÜST W PAM nm r
Washington
por r h p a s i #
n
f
wmmpApms
Proas Sorrisa
_
»0* il 3 - 2 *
?*mradayt Jaausarr 2S. 1941.
I 7 W S
l
Secretary of thè froasuxT Morgenthmi today announeed thè offering,
through tu* Federai Reserve Banks, for oash subscrlption et per and aecrued
Interest, of e 9/4 pereent National Defensa Baríes of Treasury Notes,
deslgnated Serles 6-19«, la thè caount of 1000,000,000, or thsreabouts.
» e Treasury Notes of Serles 6-19« wlH be date« January 31, 1941, and
*111 bear Interest fren thet dato at thè rate of 3/4 pereent per
papable sealanaually on Maroh 13 and Beptssiber 18, thè flrst ooapon beine
for a fraetlonal
... . •
portad; they *111 astore Septaaber 1», 19«, and *111 aot he
/
.
subjeot to eoli for redeaption before thet date. The notes *111 be lssued
oaly la bearer fora *ith oonpons attaehed, la thè deaoalnatloa* of #100,
#800, #1,000, #6,000, #10,000 and #100,000.
The notes no* offersi *111 be essapt, both as to priaelpal and Interest,
fra* eli tazatloa no* or horeafter laposod by thè Dhlted States, aay State,
or any of thè possessione of thè Dhlted States, or by any looal tarine snthorlty,
exeept (a) ostato or lahorttaao* taxos, or «lft tares, and (b) all laooae,
eroess-proflts, and «ar-proflta tares, no* or hereafter laposod by tho Dhlted
States, apon thè lnooae or pronta of individuale, pertaershlps, asaoslatlons,
or oorporations,
The lasas no* announeed la thè eeooad offorIn* of National Defensa Serles
Treasury Notes, and, llke those of thè flrst offorIn*, thè notes *111 be shbjeet
to all Federai incorna tases.
Subsorlptions *111 be resolved at thè federai »enerva Banks and Branehes,
and at thè Treasury Depsrtaent, Washington. Sabsorlbers must aeree not to sali
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, January 2 3 j 19^~I_____
Press Service
No# 23~25
1 / 22/il
Secretary of the Treasury Morgenthau today announced the
offering, through the Federal Reserve Banks, for cash subscription
at par and accrued interest,
Series of Treasury Notes,
of a 3/^ percent National Defense
designated Series D- 19^-, in the amount
of $600,000,000, or thereabouts.
The Treasury Notes of Series D-IOM-I- will be dated January 31*
194-1, and will bear interest from that date at the rate of
percent per annum, payable semiannually on March
13,
15
3/^
and September
the first coupon being for a fractional period; they will
mature September 15* L^SSI 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 $ 100,
$500, $ 1 ,000, $ 5 ,000, $ 10 ,000, and $ 100,000.
The notes now offered will be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United Spates, 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, excessprofits, and war-profits taxes, now or hereafter imposed by the
United States, upon the income or profits of individuals, partner
ships, associations,
or corporations
2
The issue now announced is the second offering of National
Defense Series Treasury Notes, and, like those of the first
offering, the notes will be subject to all Federal income taxes.
Subscriptions will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, Washington,
Subscribers must agree not to sell or otherwise dispose of their
subscriptions, or of the securities which may be allotted
thereon,, prior to the closing of the subscription books. Banking
institutions generally may submit subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies.
Sub
scriptions from banks and trust companies for their own account
will be received without deposit but will be restricted in
each case to an amount not exceeding one-half of the combined
capital and surplus of the subscribing bank or trust company*
Subscriptions from all others must be accompanied by payment of
10
percent of the amount of the 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 January J l ,
later allotment.
The text of the official circular follows:
1 9^4-1,
or on
UNITED STATES OF AMERICA
3 A PERCENT TREASURY NOTES OF SERIES D-19*44
NATIONAL DEFENSE SERIES
Dated and bearing Interest
§ 1 , 195-1.
from January
Interest payable Maroh
15
Due September 15, 19*44
and September
19*4-1
Department Circular No. 64-7
15
TREASURY DEPARTMENT,
Office of the Secretary
Washington,
January 23 , 19*4-1*
Fiscal Service
Bureau of the Public Debt
I. OFFERING- OF NOTES
1*
The Secretary of the Treasury, pursuant to the authority
of the Second Liberty Bond Act, approved September 2*4-, 1917* as
amended, invites subscriptions, at par and accrued interest,
from the people of the United States for
the United States,
3/*+
percent notes of
designated Treasury Notes of Series D~19*44,
National Defense Series*
The amount of the offering is
$600,000, 000, or thereabouts*
II. DESCRIPTION OF NOTES
1.
The notes will be dated January J>1,
19*4-1, and will bear
interest from that date at the rate of 3/*4-' percent per annum,
payable on a semiannual basis on March
15
and September
each year until the principal amount becomes payable*
mature September
15 ,
15
in
They will
19*4-*+, and will not be subject to call for
redemption prior to maturity*
a
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.
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,
1+,
The notes will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
5.
Bearer notes' with interest coupons attached will be issued
in denominations of $100, $ 500> $1,000, $ 5 ,000, $ 10,000 and
$100,000.
6.
The nntes will not be issued in registered form.
The 'notes will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing
United States notes.
III. SUBSCRIPTION AND ALLOTMENT
1.
Subscriptions will be received at the Federal Reserve Banks
and Branches and at the Treasury Department, Washington*
Subscribers must agree not to sell or otherwise dispose of their
subscriptions, or of the securities which may be allotted thereon,
prior to the closing of the subscription books*
Banking institu
tions generally may submit subscriptions for account of customers,
but only the Federal Reserve B anks and the Treasury Department
are authorized to act as official agencies*
Others than banking
institutions will not be permitted to enter subscriptions
except for their own account*
Subscriptions from banks and
trust companies for their own account will be received without
deposit but will be restricted in each case to an amount not
exceeding one-half of the combined capital and surplus of the
subscribing bank or trust company*
must be accompanied by payment of
Subscriptions from all others
10
percent of the amount of
notes applied for,
2*
The
Secretary of the Treasury reserves
the right to
reject any
subscription,
to allot less than
the amount
of notes applied
any or all
subscriptions at any time without notice; and any
in whole or in part,
for, and
to closethe books as to
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
January J l ,
or on later allotment*,
In every case where
payment is not so completed, the payment with application up
to
10
percent of the amount of notes applied for shall, upon
declaration made by the Secretary of the Tr easury 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
«
1+
-
amount for which it shall be qualified in excess of existing
deposits, when so notified by the Federal Reserve Bank of its
district.
V. GENERAL PROVISIONS
1,
As fiscal agents of the United States, Federal Reserve Banks
are authorized and requested to receive subscriptions, to make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to Federal Reserve Banks of the
respective districts, to issue allotment notices, to receive
payment for notes allotted, to make delivery of notes on fullpaid subscriptions allotted,
and they may issue interim receipts
pending delivery of the definitive notes.
2.
The Secretary of the Treasury may at any time, or from
time to time, prescribe supplemental or amendatory rules and
regulations governing the offering, which will be communicated
promptly to the Federal Reserve B anks.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
oOo-
H F
9
q
,
crt)
j V>
3 i -
Y/SAfe*
Xf .
J
lL
2 >
‘T'-l
~~
-jJijj.
More coins were struck off by the United States Mint during^
X/^
1940 than
Pi
'
any previous year in its history, Nellie Tayloe
Hoss, Director of the Mint, announced today. A new|high production
record of 1,209,478,982 coins was established by the three mints
v
during that period, as compared with the previous record of "nr
ttc .
coins produced during the year MM*, and 674,089,105 coins strudc off
during the calendar year 1939.
The value of the 1940 output was $50,157,850.32 -T ni^nrod n U L ^
*1939 valuation *^38.289.169.80.
781,155,872
«MjETTri
During 1940,
pennies S S 5 > w e r e produced, which exceeds the previous
1 9 19,
record for combined coinage in MiflBp,
Production during the calendar years 1939 and 1940, by denominations
and pieces, wasi
1939
1940
Halves................ 13,655,934
Quarters.............. 43,268,795
E*®68................. 102,683,321
Nickels
............ 130,771,535
Cents...................
TOTAL
383.709.520
674,089,105
13,717,279
46,756,846
108,119,827
259,729,158
781.155.872
1,209,478,982
Mrs. Ross jUu*§a that the three mints located at Philadelphia,
had worked
Denver^ ^ 8 j ^ a n c ^ g > / w m a * i w U i l l g at top speed on a 24-hour-a-day
basis/in an effort to cope with the demand for new coins.
.
.
.
,
.
-
She attributed I
¿Orno
,
the heavy demand to varying factors, such as^the new defense vaxetT,
state sales taxes, and the increasing
¿L
t*9 ,
a— T|
J
#
taxes
TREASURY DEPARTMENT
Washington
1
1
T -
' 7
RELEASE, MORNING NEWSPAPERS,
f Friday, January 2*+, 194-1
' 17U3741
Press Service
No. 23-26
More coins were struck off by the United States Mint during
| .^e calendar year
19I+O
; Nellie Tayloe Ross,
than in any previous year in its history,
Director of the M i n t a n n o u n c e d today.
A new
high production record of 1,209,1+76,962 coins was established by the
l three mints during that period,
as compared with the previous record
j of 736 ,7 ^ 2,000 coins produced during the year
coins struck off during the calendar year
1919
and- 67^, 069,105
1939-
The value of the I 9I+O output was $50,157; 250,32, while the
1939
valuation was I36,269,169.60.
During
19I+O,
7$1 >155> 272 pennies
were produced, which exceeds the previous record for combined
coinage in
1919*
Production.during the calendar years 1939 an& 19^0, by
denominations and pieces, was;
1939
Halves ...........
Quarters ..........
Dimes ....... , ..
Nickels....... ....
Cents ...... ..... .
Total
1+3,266,795
102,663,321
136,771,535
523> 709> 520
674,069,105
19^0
13,717,279
1+6,756,64-6
106,119,227
259,729,152
721,155» 272
1,209,4-72,962
Mrs. Ross said that the three mints Ideated at Philadelphia,
Denver and San Francisco had worked at top sneed on a 24— hour-a-day
basis during the greater part of I j b o
demand for new coins.
factors,
in an effort to cope with the
She attributed the heavy demand to varying
such as an increased volume of retail business,
defense taxes,
state sales taxes,
the new
and the increasing use of slot
machine devicest
0O 0-
TRSÀ3UKT DmSTMST
Washington
FOR m iM S E , MORNING NEWSPAPERS,
frtttoy, January U . 19U ,
1/23/41
Press Service
Secretary of the Treasury Morgenth&u announced last night
that the subscription books for the current offering of 3/4 percent
Treasury Notes of Series D-1944, National Defense Series, closed at
the close of business Thursday, January 23,
Subscriptions addressed to a Federal Reserve Rank, or
Branch, or to the Treasury Départaient, and placed in the m i l be
fore 12 o'clock midnight Thursday, January 23, 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 Tuesday, January 28.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, January 2 k , 194-1-.
I/ 23A
Press Service
No. 23-27
1
Secretary of the Treasury Morgenthau announced last night
that the subscription books for the current offering of J>/k percent
Treasury Notes of Series D ~ 1 9 ^ ,
National Defense Series,
at the close of business Thursday,
January
closed
23*
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, January
23 ,
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 Tuesday, January 2S.
-0 O 0 -
~ 3 -
Treasury Department Circular No*,
as amended, and this
notice prescribe the terms of the Treasury bills and gDvern the
conditions of their issue*
Copies of the circular may be obtained
from any Federal Reserve Bank or branch thereof*
- 0O 0
i
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognized
dealers in investment securities.
accompanied by a deposit of
10
Tenders from others must be
I
per cent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or trust i
company*
Immediately after the closing hour for receipt of tenders on
January
27,
19*1-1, all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and
public announcement of the acceptable prices will follow as soon
as possible thereafter, probably on the following morning*
The
Secretary of the Treasury expressly reserves the right to reject
any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be
final*
Those submitting tenders will be advised of the acceptance
or rejection thereof.
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in cash
or other immediately available funds on January
29, 19*11,
The Treasury bills will be exempt, as to principal and in
terest,
and any gain from the sale or other disposition thereof
will also be exempt, from all taxation,
heritance taxes*
except estate and in
(Attention is invited to Treasury Decision *1550,
ruling that Treasury bills are not exempt from the gift tax.)
No
loss from the sale or other disposition of the Treasury bills shall
be allowed as a deduction,
or otherwise recognized,
for the pur
poses of any tax now or hereafter imposed by the United States or
TREASURY DEPARTMENT
FOR RELEASE, MORNING PAPERS
Friday, January 2 ^, lgltg.
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $100,000,000,
thereabouts.
91-day
or
They will be designated National Defense Series,
bills; and will be sold on a discount basis to the highest
bidders.
Tenders will be received at the Federal Reserve Banks,
or the branches thereof, up-to two o'clock p. m., Eastern
standard time, on Monday, January 2 J ,
19^1 .
Tenders will not be
received at the Treasury Department, Washington,
These bills will be issued pursuant to the provisions of
section
302
of the Revenue Act of 19^-0, approved June
25, 19I10.
Under the authority of that section "National Defense Series"
obligations may be issued to provide the Treasury with funds to
meet any expenditures made, after June
defense,
30, 19^ 0,
for the national
or to reimburse the general fund of the Treasury therefor.
The Treasury bills will be dated January
mature on April
30,
29, 19IKL,
and will
19^1, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer
form only, and in amounts or denominations of $1000, $ 10 ,000,
$100,000, $500,000, and $1 ,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded in the speoial envelopes which will be supplied by the
Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
Each tender must be in multiples of $1 ,000.
must be expressed on the basis of
decimal places,
e. g.,
99.125 .
100,
The price offered
with not more than three
Fractions must not be used.
FOR RELEASE, MORNING PAPERS,
TKcASDRY DIPARTMENT
Friday, January
24,
194-1»
^ f W msPxJgXxxxxxxxxxxxxxxxxxxx
Tlie Secretary of the Treasury gives notice that tenders are invited
for Treasury hills to the amount of j 100,000,000, or thereabouts.
!@
They will
designated National Defense Series^fl-day bills; and will be sold on
a discount basis- to the highest bidders.
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
Eastern standard time, on
Monday, January 27, 194-1
Tenders will not
he received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section ’’National Defense Series” obligations may be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
mature on
April 3 0 , 194-1
January 29, 194-1______ , and will
, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $1000, $10,000, $100,000, $500,000, and
f1 ,000,000 (maturi ty value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks'and trust companies and from responsible and recogni«ed
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
4
2-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
January 27, 1941
all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,
and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
January 29, 1941________ .
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.)
No loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
Treasury Department Circular No, 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con.ditions of their issue.
Copies of the circular may be obtained from
any Federal .Reserve Bank or branch thereof,
Statement of Secretary liorgenthau
Before the Senate Committee
On Foreign Relations
23-28
— —
January 28* 1941»
The Secretary of State has already outlined to you the broad
policy behind this Bill.
The Secretaries of liar and Navy vdll tell
you how this Bill vdll strenghten the defenses of the United States.
I am going to confine myself to the financial facts and. figures which
relate to this Bill.
The British Government owes American manufacturers
$1,400*000*000 on orders already placed.
to be met in the calendar year 1941.
This sum vdll largely have
It has enough gold and dollar
exchange assets to meet these outstanding commitments* but the
British just haven't got the dollars to take care of their additional
needs.
I appreciate the opportunity of being invided to come here today
to discuss this problem -with you fully.
I should like to put into
the record a number of tables and other facts which I have already
submitted to the House Foreign Affairs Committee.
The first table shows available assets of the United Kingdom* in
gold* in dollar balances* in American securities and in British-owned
properties in this country.
These are figures which governments
normally keep confidential and closely guarded] but they are being
submitted to you with the consent of the British Government.
-
2
~
TABLE I
Gold and Dollar Exchange Assets of U.K.
Gold
Dec. 31, 1940
(In Millions)
$
292
................................. *
Official dollar b
a
l
a
n
c
e
54.
s
305
Private dollar balances ,,.................
Marketable U.S. securities
Direct and miscellaneous investments in U. S.
616
900
|
2,167
From the total British gold and dollar exchange assets
of $2,167 million on December 31, 1940, the British exclude
as unavailable $305 million of private dollar balances
regarded as necessary for the conduct of business,
$30
million of gold scattered in different parts of the world,
and
$21 million
on account of forward exchange contracts.
This leaves a total of $1,811 million in gold and dollar
exchange assets which the British regard as available for
purchases in this country.
I should like to present next to you a table of
the estimated dollar expenditures and receipts of the
British Empire, excluding Canada and Newfoundland, for
the calendar year 1941.
This t/ill show what the British
owe on outstanding contracts to American manufacturers for
war materials and other purchases here, and what they can
count on from exports and other sources of dollars, to help
in meeting these obligations
- 3 ~
TABLE II
Estimated Dollar Expenditures and Receipts of British Empire,
Excluding Canada and Newfoundland, from January 1 , 19*+1 to
_____________________January 1 , 19^2»_________________________
Dollar Expenditures
(in Millions)
A. U.K. payments to be made on total pur
chases from the U.S.
1. Sums to be paid during 19*+1 on
orders placed before Jan, 1,
19^1 . . . . . . .
................... $1 ,27*1
(In addition, $119 million will fall
due after Jan, 1 , 19*+2)
2. Imports from U.S. not purchased through
the British Purchasing Commission, —
largely on private accounts. . . . . . .
280
$ 1 ,55^
B, Purchases by Empire countries (excluding
U.K., Canada and Newfoundland) from U.S.
during 19*+1 .
1. Commodity imports.
333
2, Payments for shipping, tourist expendi
tures, interest payments, etc. . . . . . . '3 ____ 5.
332
C. Purchases by Empire countries, excluding
Canada and Newfoundland, from areas outside
the U, S.requiring gold or dollars
1 » Purchases by Empire countries
(chiefly U.K.) from areas outside
the U.S., Canada and Newfoundland
requiring dollars. . . . . . . . . . . .
2*+7
2. Payments by Empire countries (chiefly
U.K.) to Canada and Newfoundland . . . .
SSO
1 ,127
$3 ,019
Total dollar requirements for all transactions .
Dollar Receipts
A.
B,
C,
Dollar receipts by U.K, from U.S.
1. U.K. exports of merchandise to U.S, * ,
2, Net balance from U.S. to U.K, on
shipping, tourist expenditures,
interest payments, e t c ................
Dollar receipts by Empire countries (exclud
ing Canada and Newfoundland)
1 . Commodity exports.
2. Australian gold exports to U,S,
. . . .
3. South African exports of gold . . . . . .
Canadian assistance to U.K*
Total dollar receipts by Empire countries,
excluding Canada and Newfoundland
$
165
15
56
ISO
c
75
UgQ
1,115
260
$1,555
-
4-
Total dollar deficit with countries other
than Canada and Newfoundland during 1941 . $
Total dollar deficit with Canada and
Newfoundland during 1941 .................
Total dollar deficit of British Empire,
excluding Canada and Newfoundland, during
1 9 4 1 ......................................
Total receipts and deficit on operations with
all countries other than Canada and
Newfoundland during 1941 ............... ..
844
620
$1,464
$3,019
Next may I explain how British gold and dollar exchange assets
have declined by more than two and a quarter billion dollars during
the first sixteen months of their war,
TABLE III
Estimated Gold and Dollar Expenditures and Receipts of British
Empire, Excluding Canada and Newfoundland, from September 1, 1939
to December 31* 1940.
(Compiled by the Treasury Department, the Department of Commerce
and the Federal Reserve Board from data furnished by the
British Treasury)
..__________ ____________(in Millions of U,S, Dollars)__________________
Gold and Dollar Expenditures
A, Payments to the United States by United Kingdom,
1. On British Government orders in the U.S.
Goods d e l i v e r e d .............................$660
Advance p a y m e n t s .............................. 370
Capital assistance .........................
150
$1*380
2.
3.
For other merchandise imports from the U.S..
For shipping, interest, etc.
Shipping disbursements .....................
Interest and d i v i d e n d s .....................
Miscellaneous (chiefly film royalties) . . .
705
125
4.8
24
197
$2,282
B,
Payments to the U,S, by Empire countries, exclud
ing U.K. and Canada and Newfoundland
1. For commodity i m p o r t s .................
2, For shipping, interest, etc.
Interest and dividends................... ..
4®
Shipping (net). . . . . . .................
..8
435
48
483
C.
Payments by Empire countries, excluding Canada and
Newfoundland, to areas outside the U.S, requiring
gold or dollars.
1« Payments by Empire countries (chiefly U.K.) to
areas outside the U.S, and Canada and Newfound
land requiring gold or dollars
550
/Od• Gold payments by Empire countries
$225
775
j], Withdrawal of Capital
1 . By Americans and others, through sale
of free sterling to American
300
importers
2. By repayment of outstanding export
credits as: required by our Neutrality
Act . . . . .
.. . . . . . . . .
..
200
3. By liquidation of forward exchange
position in dollars
............ 235
735
to Canada and Nevfoundland (net) . .
E, Residual - Miscellaneous items and errors of
estimation ........... ..............
71
Total gold and dollar requirements for all trans
actions ............ ................
4*346
Gold and Dollar Receipts
A.
B.
C.
D.
Receipts from United States by United Kingdom
1. From, merchandise exports ............
2. From interest, shipping, etc.
Interest and dividends . • $ 85
Shipping earnings . . . .
35
Remittances from insurance
companies
20
205
140
Receipts from United States by Empire
countries, excluding U. K. and Canada
1. From merchandise e x p o r t s ........ .. .
2. From tourist travel, remittances,
etc. (net) ..........................
$ _345
640
30
670
Dollar receipts by Empire countries, ex
cluding Canada, from areas outside
the U. S.
. .'.................................
50
Receipts from sale of gold
(new production and dishoarding) . . ..........
965
Total gold and dollar receipts by Empire
countries, excluding Canada . . . . . .
............
$2,030
Total drain on gold and dollar resources of
British Empire, excluding Canada, and
Nowfoundland, Sept. 1, 1939 to Dec. 31*
1940 ..............................................................................................................
2 ,3 1 6
Total gold and dollar requirements for all
transactions . . . ....................................
p4,34o
-
6
-
Supplementary Table.
Estimated Expenditures and Receipts of Canada and Newfoundland
Y/ith the Rest of the British Empire from September 1, 1939 to
December 31, 194-0
(In Millions of U. S. Dollars)
A.
Payments to Canada and Newfoundland by
Empire countries
1.
2.
3.
B.
For purchases from Canada dnd New
foundland by the United Kingdom . . . . . .
$795
For purchases from Canada by other
Empire c o u n t r i e s ....................... .. , 125
Other payments to Canada by Empire
c o u n t r i e s ........ .........................
IQ
-$930
Receipts from Canada and Newfoundland by
Empire countries
1*
2*
3*
4*
From merchandise exports to 'Canada
and Newfoundland by U. K. .
.
From merchandise exports to Canada.
'
by other Empire countries . . . . . . ¡p. «
From interest and dividends pajj$ by
Canada to United Kingdom . . . .x. . . . . .
Other U. K. receipts from Canada,,
principally Canadian Expeditionary
Forces ................. | ............ i . .
170
100
85
_20
$375
British Empire deficit with Canada and
Newfoundland on merchandise, interest and
^
dividends, etc.....................................
555
Canadian assistance to U. K. — repatriation of
British-held Canadian securities and increase
in sterling balances held by C a n a d a ........ ..
330
Gold payments by British Empire countries with
Canada and Newfoundland Sept. 1, 1939 to Dec.
31, 1940 . . . .............................
225
- 7 *
One vital factor in this drain of assets was the collapse
of France last Summer.
The French had at least as much as the
British in gold and dollar assets in this country; these
resources were available, together with the British, to pay
for purchases here in the first nine months of the war.
When
the French collapse came, last June, the British took over all
French contracts in this country, although they no longer had
the help of French money to pay for them.
were doubled.
British liabilities
They were left to face Germany alone.
The result
was that the British began to lose gold and dollar assets twice
as fast after June as before.
This war is now costing the British Government more than
12
million pounds sterling every day, or approximately
60
per
cent of the national income, and this expenditure is steadily
mounting.
The British are raising about *+0 per cent of this
cost by taxing their people.
To give you some idea of what the
British people are doing to pay for the war, you may be inter
ested in the following table comparing British and United States
taxes at the present time:
Comparison of British and United States Taxes
1. Personal income tax. A married couple with two children
would pay the following taxes in Great Britain and the United
States Under present laws:
Income
1,500
2,500
5,000
10,000
20,000
50,000
100,000
:
:
British
tax
$
:
:
u.s,
tax
p
311
1,196
V m
9 ,>+26
32 ,1+01
76,276
75
1+1+0
2,l>+3
1J.7V 1
1+2,9*18
.
2
Corporation t*sincoine tax ra-tes
•
British
1
U. S.
OJ
M U
3.
Excess profits tax, The British excess profits tax is
percent of profits in excess of Base period earnings for
certain years 1935~1937» iShe United States excess profits tax
ranges from 25 to 50 percent of earnings in excess of the
average base period earnings for 1936- 39 » or 2> percent of
invested capital, whichever exemption is higher.
100
U, Purchase tax* Ti..e British impose a purchase tax of
33-1/3 percent on the wholesale value of certain luxuries and
16- 2/3 percent on certain goods in common use, exempting food.
5» Excise taxes. The British inaose excise taxes on
several commodities at substantially higher ra-tes than the
United States. Examples are given below:
British
Spirits, domestic, per
U.S, proof ga-llon
Beer, domestic, per
bbl. of 3T U.S. Gelions
Cigarettes, per thousand,
weighing 3 Ibc*
Tea, Empire, per lb.
Coffee, full duty per lb.
:
U.S.
$ 15.60
$3.00
11.16
6.00
.70
3.25
H
at
2.g^
-
I should like to submit one more table to you which is an estimate
of the long-term foreign investments of the United Kingdom outside the
Unitea States.
These figures, most of which are based upon studies made
by British economists before the outbreak of war, are necessarily
estimates.
Hobouy can fix a definite valuation upon such properties as
ranches in Australia, railways in Argentina or oil wells in Mexico
- 9 -
Most'of the investments are in sterling securitiesj a large
part of the Canadian investment is in Canadian dollars, and some
of the other investments are in the respective domestic currencies.
However, for convenience of presentation, the estimated nominal
value of the investments has been converted into sterling.
The market values, where given, are calculated from current
market quotations of the securities.
Since market quotations are
not available for a large part of the investment, no total market
value can be calculated:
Estimated Long-Term Foreign Investments of the United Kingdom
Outside the United States
(Million Pounds)
Government
Railways
Other
Total
In British Emoire
Canada
Nominal
Market
75
(70)
187
219
481
Australia
Nominal 4.25
Market (410)
3
75
503
New Zealand
Nominal
1
U
146
India
Nominal 300
Market (250)
1/
25®
550
British Africa
Nominal
IBS
1/
250
438
Malaya
•Nominal
6
73
84
Other
Nominal
131
(125)
Total in British Nominal 1,125
1/ Not shown separately
31
191
B86
2,233
10.
Government
Railways
Other
Total
In Latin America;
83
390
a
160
(3 3 )
Argentina
Nominal
Market
45
(32)
263
(52)
Brazil
Nominal
Market
75
( 6)
38
(5)
Chile
Nominal
20
(2)
20
(5)
65
Uruguay
Nominal
Market
18
(8)
14
(1)
10
(12)
Mexico
Nominal
Market
38
(1)
90
(1)
44
Peru
Nominal
Market
6
a)
Ü
Cuba
Nominal
Market
2
(2)
25
(1)
Venezuela
Nominell
Market
Nil
3
0.2
(22)
23
(4 )
2;
18
(17)
105
42
(21)
173
28
(5)
28
20
(17)
Colombia, Ecuador
Bolivia, Paraguay,
Central.America Nominal
50
International
Nominal
6
Total in Latin
America
Nominal
204
292
1002
In Asia
China
Nominal
200
Japan
Nominal
50
Netherlands
East Indies
Nominal
50
Philippines
Nominal
8
Total Asia
In Europe
303
Nominal
In Other Areas 2/ Nominal
Total U.K. Inve stments out.side
United States - Nominal V alue
1/
2/
Not shown separately.
Main],y Iran , Egypt, Iraq and Portuguese East Africa,
25O
75
3868
-
11
-
The problem before us is not whether the British have
resources; of course they have, all over the world.
The
problem is whether the British have got the dollars they
need, or can get the dollars they need to spend in this
country.
That, gentlemen, is the problem as I see it.
TREASURY DEPARTMENT
Washington
FOE RELEASE, HORNING NEWSPAPERS,
Tro»^r. January 28. 19U.
Press Service
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, o r thereabouts, of National Defense
Series 91-day Treasury bills, to be dated January 29 and to mature
April 30, 1941, which were offered on January 2A, were opened at
the Federal Reserve Banks on January 27«
The details of this issue are as followss
Total applied for - $263,061,000
Total accepted
- 101,293,000
The accepted bids were tendered at prices above par, and at
par»
Of the amount tendered at par, 70 percent was accepted*
TREASURY DEPARTMENT
Washington
Press Service
No. 23-29
The Secretary of the Treasury announced la.st evening that
the tenders for $100,COO,000,
or thereabouts, of National Defense
Series 91-day Treasury bills,
to be dated Januaiy .29 and to mature
April 30,- 1941, which were offered on January 24, were opened at
the federal Reserve Banks on January 27,
The details of this issue are as follows,»
Total applied for - $263,061,000
Total accepted
- 101,298,000
The accepted,- bids were tendered at prices above par, and at
par,
01 the amount tendered at par, 70 percent was, accented*,
0O 0-
Foreign short—term funds in the United States increased
$19,745,000 to $3,738,745>000.
Switzerland increased its deposits here_
partially from sales of securities— $30,404,000 to $490,008,000/ Funds of
J/
Sweden rose $6,213,000'; Brazil, $ 6,32^000, Chinaj $2,381,000," and "Other
Asia” $7,695,000.'
The total increase was pared by withdrawals of $7,655,000 v
by the United Kingdom, $2,727,000 by France, $4,820,000/ y
Finland, ] ^ 4 , 104,000
by Germany, $5,171,000 by Italy, $3,969,000v by Japan, and $2,682,000/ y Canada.
Short-term balances of the United Kingdom and Canada on October 30 were
$378,759,000 and $408,065,000 respectively.
Germany had $9,054,000, Italy
$19,381,000, and Japan $102,822,000."
American claims on foreign countries increased $7,975
to $393,444,000 in the period.
where claims rose $9,416,000:'
Largest increase was reported for Brazil
United States short-term fufads in Canada rose
ivl, 561,000 and in Japan $1,826,000^
Philippines.
000
A decline of ¿ 2,794,000 appeared for the
Little change was reported elsewhere.
Latin American countries and Canada led in the repatriation
of their securities held in this country.
Sales of $376,000"reported for the
United Aingdom and $1,066,000 for Switzerland reduced the total net purchases
to $1,349,000. ^
Foreign brokerage balances declined $864,000.^
m&
/lM **n > s6
JO,
*^ ^ # -^ g jt
AtA^C»
j
S f W
'
*KC/Jtp
\*r
p*~>
u
|— Activity here in the balances of the Axis powers featured
the movement of capital between the United States and foreign countries
in the four weeks ended October 30, 1940*
L j m h d r a w a l s of funds by Germany and Italy in the period
nearly equaled^capital outflow of $11,512,000 According to statistics in
A
the January .Bulletin of the Treasury Department released today. -\
__----- -7
W L outflow
outflow was
was in
in contrast
contrast, to
t.n net
mo 4- inflow
-infl
I-I
of Arm
$ 53,542
/ /><p f 6 & #c o
in the preceding four weeks,
A, 1940, and
A t
3
1
the period August
in the four weeks ended July 31,
000
^
3
to September
1940.
outflow— other than withdrawals by the United Kingdom
and Canada
an
resu
apparently was activated b y ^ M » of ^ e x c h a n g e
e
control orders
largely through ^ M i ^ i e i M ^ o f foreign-owned American securities,
iet liquidation in the period totaled $ 23,767,000"compared with
12,756,000 in the preceding four weeks.
^¡SSafmmm
Gross purchases amounted to
$24-, 909,000 and gross sales $53,176,000/
1 Swit2erland continued to liquidate assets held in the United
States selling a net of $15,744,000'of American securities.
Italy, after
purchasing $20,260,000'of American securities in the preceding four weeks,
had net sales of $3,072,000. 'Net sales of $3,171,000 were reported for the
United Kingdom.
This does not include sales made thro ugh f ^ ^ t ^ n B l s j
than banks, brokers and dealers.
Canada showed net purchases of $1,656,000. ^
ISlIBIliKI
0ffl0i
mmm®
•iff1
TREASURY DEPARtMEKT
SIS
ii®s
jyfil
Wmi
umm
Washington
FOR IMMEDIATE RELEASE,
Tuesday. January 28, 1941,
Press Service
k *- 2 . 3 "
2
»
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 Kotes of Series D-19U, Rational Defense
1 S p1
Series«
IBS,Serif
¡
¡¡
¡i
¡si
gB
p
B
fisi
gsrfasi
wm
Reports received fro® the Federal Reserve Banks show that
subscriptions aggregate :$2,756,000,000* All subscriptions were
|Jf i
l'.
allotted 23 percent, on |r straight percentage basis, but not leas
<
than #100 on any one subscription.
Further details as to subscriptions and allotments will be
mm
announced when final reports are received fro® the Federal Reserve
need whei
Banks*
a®
I
t e
fe fo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE'
Tuesdayt January 2&, 19^1 »_
Press Service
No. 23-30
Secretary of the Treasury Morgenthau today announced the sub
scription figures and the basis of allotment for the cash offer
ing of 3 A percent Treasury Notes of Series D-I 9MI, National
Defense Series*
Reports received from the Federal Reserve Banks show that
subscriptions aggregate $ 2 , 0 0 0 } 000.
allotted
23
All subscriptions were
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 from the Federal Reserve
Banks,
-
18
-
There exists In the country today an
overwhelming desire on the part of nearly every
man, w o m a n , and child to make some direct and
tangible contribution to the national defense.
ought to give them a sense of personal
participation beyond that which comes from doing
their dally job faithfully and well.
Every day
t
letters come to
tt~
i rut.■!..
~tll .
'‘«“¿rein people who*
ask,
"What can I do to help?"
3
Our plan to offer secnrit .1 a
r© quo .remon't©1 of
*!o u ® classes of investors is an
1vcli
attempt to answer this Question*
I can think of no
other single way in which so many people can become
partners of their Government in facing this emergency*
It is the purpose of the Treasury to raise money for
. national defense by methods which strengthen the
national m o r a l e •
- 17 -
One of the most important services the .American
people can render at this time is to cooperate in
supplying the means for national defense.
We ought
to make it possible for workers and farmers no less
than bankers and business men to contribute to the
financial needs of the Government, not only thr'""~u
their tay
therefore
igh their savings as well.
___
authority to issue securities
on such terns and in such denominations as will enlist
support from the largest^ o s & i b i b number of subscribers,
There is
eason why a substantial part of the
savings made possible by the current increase in
employment should Wte^be conserved by investment in
United States Government securities.
The small
investor who puts his savings in Government
securities
will in this way contribute not only to national
defense but also to his own individual security.
I
-
16
-
This would permit the Treasury to carry on a program
this connection, the
Treasury wishes to be able to offer
securities of a character which should facilitate
K
and
VH-
thrift and savings.
We hope that a
substantial part of the defense program for which
we have to borrow funds can be financed out of the
real savings of the people.
i
- 15 -
It would also provide that both c l a s ^ f
securities
may be Issued on an Interest-bearing basis, on
a discount basis, or on a combination Interest-
bearing and discount basis, and that the Treasury
may fix by regulation the amount of Savings Bonds
and savings certificates which may be held by any
one person at any one time•jtfln addition, the
Treasury would be authorized to issue stamps or
provide other means to evidence payments for Savings
Bonds and savings certificates, and to provide for
the exchange of savings certificates for Savings Bonds.
- 14 -
Savings Bonds and.Savings Certificates
In view of the enlarged program facing the
Treasury,
if is desirable to have greater flexibility
in the types of securities which may be offered
to meet the requirements of various classes of
investors.
Therefore, this bill further amends the
Second Liberty Bond Act so as to broaden the
authority under which United States Savings Bonds
are issued and to provide for a new'class of security
to be called "Treasury savings certificates.”
The
statutory limit on the term for which Savings
Bonds may be issued would continue to be twenty years,
as at the present, while a limitation of ten years
would be placed on the Treasury savings certificates.
-
13
-
Economy in Non-defense Expenditures
At this time our whole economy and effort should
he concentrated on national defense.
One step
which the Government should take is economy in
Federal expenditures.
I believe, therefore, that
all Federal non-defense expenditures should be
reexamined w i t h a magnifying glass to make certain
that no m o r m ^ r ^ r a n t e d than i$> absolutely essential
in the existing circumstances.
eve.
Ihould be
contribute to n
to
eliminating from
\
\
their budgets a
tew construction,
m-essential items, particularly
I am sure this Committee appreciates the importance
of prompt action in this connection so that the
Treasury can take steps to refund the large March 15
maturities in advance of that date.
lie United States,
t or other-
i
•
'administration for the past t?/enty years has
recommended the complete e l i m i n a t i o » ^ f tax-exempt!
securities.
Ttso^bjll nojp*irefore you proposes that
the United S t a t e ^ G o v e r n m e n t actufeiiL,take the first:
step toreliminate this undesirable feature
our financing
-
12
-
It is particularly appropriate that this step
should he initiated in connection with the financing
of the National Defense program.
In financing this
program all should^he called upon to share in this
task.
This makes it urgent, from an equitable point
of view, that no subscribers to any given class of
securities should receive preferential treatment.
This is impossible if some of the securities are
issued wit h tax-exemptIon privileges which are worth
nothing to the poorest class of subscribers, and
which are worth a great deal to those in the very
high income brackets.
Such preferential treatment
to this latter class is Incompatible with
democratic financing of the defense program and
should be removed.
11
f prompt
action in t h is connection so that,the
*
.jr
/
¿reasury can take steps to refund the large March¡IS
ea in advance or that date
V
jpy
I
The proposed bin^h^Vides that a ll obligaticns
Issued after Its effective da^K^y the Treasury ibr
y agency or^ilstnamentallty of
StJtea,
Ihall, a§^obotti principal and lntereator^oifesr
tin/be subject to a ll taxes
LOfl bar thft -J».[tod otatm j-.^B you know, evory
administration for the past twenty years has
reconanended the complete elimination of tax-exempt
securities.
The b i ll now before you proposes that
the United states Government actually take the first
step to eliminate this undesirable feature from
our financing.
-
I decided,
10
-
therefore, to defer our refunding program
and to meet our immediate cash requirements through
the sale of short-term notes, the income from which
the Treasury made subject to all Federal taxes,
pending the decision of this Congress on the question
of eliminating tax-exemptions from all future issues
of Federal securities.
I conferred with some members
of both
and thd'*Pin@woo 0
the House
of t h e .Senate and explained
to them what I had in mind, a n d 4 that. in taking these
steps it liras m y hope that Congress would promptly
enact legislation which would provide that the income
from all future issues of securities of the Federal
Government or any of its agencies be made subject
to all Federal taxes.
The program explained
to them met with their hearty approval
- 9-
As to all other types of Government securities, the
law itself definitely fixes the exemptions from
taxation and there is no discretionary authority in
any executive officer of the Government to vary these
exemptions.
Ordinarily, the Treasury would have raised in
A
D e c e m b e ^ G 4 0 ? a substantial amount of additional cash
and it would have carried out its usual program of
refunding, three months in advance, the obligations
aggregating $1,220,000,000 that mature on March 15,
1941.
However, anticipating that the Congress would
consider the question of tax exemptions in this
session, it seemed to me highly desirable that the
Treasury make no further offers of long-term tax-
exempt securities until the Congress had had an
opportunity to consider the question again in the
light of the huge defense financing program before us.
8
Tax Exemption
This brings me to another matter of vital
importance in connection with the financing of
the National Defense program, and that is' the
tas»exemption feature! of the debt obligations
^
the Federal Government and its agencies.
I said last year that if it were within m y power,
I would issue National Defense
subject to all Federal taxes.
The discretionary
authority of the Treasury to issue securities
subject to all Federal taxes is confined to Treasury
notes with a maturity of from one to five years.
- 7 -
The proposed bill terminates certain obsolete
authority to issue debt obligations which the
Treasury does not need and which, therefore, might
as well be repealed and eliminated from the statute
books.
The future borrowing authority fixed by
this bill will then be all-inclusive.
It also
repeals certain provisions of the first Revenue
Act of 1940, which sets up a special fund to
consist of earmarked taxes for the retirement of
any obligations issued under the National Defense
debt limita.f.1on,,
The hill proposes to amend the Second Liberty
Bond ActyaflMMHKgigSl* so as to limit the face
amount of public debt obligations issued under
the authority of that Act to an amount not to
I
exceed in the aggregate $65,000,000,000 outstanding
at any one time.
This provision as written will
repeal section 21(b) of that Act which authorizes
the issuance of $4,000,000,000 face amount of
National Defense notes.
-A b p r o v i o u o l j
-"fhls increased limitation will amply cover the
Treasury’s present anticipated financing
requirements for the current and ensuing fiscal
years.
- 5 ~
isStJL
In-s^times^it
Is Imperative that the Government
borrow as much as possible from real savers rather
than from banks
s o e a e .o l »
O,
pursue this objective,
the provisions of lau
authorizing the i s s u a n c e of $4,000,000,Mf6 of sho
\.
\
/
jf
term public debt obligations and the^r retirement
earmarked taxes should b
r£s just given also
general debt limitation
of $45,000,000,000 imát be incre
It YiTOUld
o increase this limit to an amount
enable the Treasury to mee
financi
June 30
* b e îT ^ m -T r m r u u
woum
this purpose
n
- 4 -
The estimated expenditure programs included in this
Budget will result in combined deficits for the
I do not believe that it would be advisable to
undertake to finance this enlarged program through
the issuance of short-term securities and their
retirement out of earmarked taxes within a specified
period as contemplated in the first Revenue Act
of 1940.
Moreover,
short-term securities would
for the most part be purchase
causing a further increase of deposits.
eby
It is
highly desirable to avoid further increases of
deposits as far as possible and to some extent this
can be accomplished by issuing obligations attractive
to permanent investors outside of the banking system.
I am therefore appearing before you today in
support of H. R. 2653, which raises the debt
limit to $65,000,000,000, provides for the
elimination of the^pfrtition in the debt limit,
provides greater flexibility in our financing
operations, and provides that the income from all
future issues of Federal securities, both direct
and indirect, be subject to all Federal taxes.
Our contemplated National Defense program
has now been increased until it aggregates
approximately $28,500,000,000 in appropriations,
contract authorizations, and recommendations,
according to the 1942 Budget,
Just submitted.
O
The same Act provided additional taxes, most of
which were intended to be used to retire within
five years any
obligations issued under
A*
-fe&s authority.
4s
the
provisions of the bill then pending before your
Committee were sufficient to meet the situation
as it existed at that time.
But since
the situation has undergone a radical change.
m.
■
Debt Limitation
The balance ofjbo m o w i n g authority on January 1,
1941, was $887,000,000 under the general limitation,
and $2,764,000,000 under the National Defense
limitation.
These combined balances provide the
Treasury w i t h borrowing authority sufficient
0 * ~ k '**'**'
months,
only for the next
v
/A r v 0
■w
When I appeared before you last spring at
the time the first revenue bill of 1940 was under
consideration, the National Defense program then
before Congress ¿ M f^ Je s s than $4,000,000,000.
I pointed out that on the basis of that program
the balance of the borrowing authority under the
general debt limitation of $45,000,000,000 would
be dangerously depleted early in the calendar
year 1941.
In view of this situation, Congress
provided in the first Revenue Act of 1940 for the
issuance of not more than $4,000,000,000 of shortterm ooligations^
fv
*
23f31
Statement of Secretary Morgenthau before the Committee
On trays and Means of the House of Representatives,
Wednesday, January 29 , 19^ 1 .
Statement of Secretary Mo&en
"bb'b'b'b
nnnnn
23-31
Statement of Secretary Morgentbau before the Committee
On Ways and Means of the House of Representatives,
Wednesday, January 29, 1941«
When I appeared before you last spring at the time the first revenue
bill of 1940 was under consideration, the National Defense program then
before Congress amounted to less than <¿4,000,000,000.
I pointed out
that on the basis of that program the balance of the borrowing authority
under the general debt limitation of ¿45,000,000,000 would be dangerously
depleted early in the calendar year 1941.
In view of this situation,
Congress provided in the first Revenue Act of 1940 for the issuance of
not more than 44,000,000,000 of short-term defense obligations.
The
same Act provided additional taxes, most of which were intended to be
used to retire within five years any such obligations issued under that
authority.
I stated that the provisions of the bill then pending
before your Committee were sufficient to meet the situation as it
existed at that time.
But since then the situation has undergone a
radical change*
Debt Limitation
The balance of the borrowing authority on January 1, 1941, was
$887,000,000 under the general limitation, and $2,764,000,000 under the
National Defense limitation.
Those combined balances provide the
Treasury with borrowing authority sufficient only for the next four
months, and even in that period we would be greatly restricted in our
financing operations.
V
I am therefore appearing before you today in support of H. R. 2653,
w h ic h r a i s e s
th e
debt lim it
e lim in a tio n
o f th e
fle x ib ility
in
to
p re s e n t p a r titio n
o u r fin a n c in g
fr o m a l l f u t u r e
$ 6 5 ,0 0 0 * 0 0 0 ,0 0 0 ,
is s u e s
in
th e
o p e r a tio n s ,
p r o v id e s
debt lim it,
a n d p ro v id e s
o f F e d e ra l s e c u r itie s ,
b o th
fo r
th e
p ro v id e s
t h a t th e
g re a te r
in c o m e
d ir e c t and in d ir e c t,
be subject to all Federal taxes.
Our contemplated National Defense program has now been increased
until it aggregates approximately $28,500,000,000 in appropriations,
contract authorizations, and recommendations, according to the 1942
B u d g e t,
ju s t
s u b m itte d .
th is B u d g et m i l
and 19 4 2
o f m o re t h a n
be a d v i s a b l e
is s u a n c e
r e s u lt
to
The
in
c o m b in e d d e f i c i t s
$ 1 5 ,0 0 0 ,0 0 0 ,0 0 0 .
u n d e rta k e
o f s h o rt-te rm
e s tim a te d e x p e n d itu r e
to
I
fin a n c e t h i s
s e c u r itie s
fo r
p ro g ra m s in c lu d e d i n
th e
fis c a l ye a rs
do n o t b e lie v e
th a t
it
19 41
w o u ld
e n la r g e d p ro g ra m th r o u g h
and t h e i r r e tir e m e n t
out
th e
o f e a rm a rk e d
taxes within a specified period as contemplated in the first Revenue Act
of 1940,
Moreover, short-term securities would for the most part be
purchased by commercial banks, thereby causing a further increase of
deposits.
It is highly desirable to avoid further increases of
deposits as far as possible and to some extent this can be accomplished
by issuing obligations attractive to permanent investors outside of the
banking system.
In tines such as these, it is imperative that the
Government borrow as much as possible from real savers rather than from
banks.
The bill proposes to amend the Second Liberty Bond Act so as to
limit the face amount of public debt obligations issued under the
authority of that Act to an amount not to exceed in the aggregate
3
$65,000,000,000 outstanding at any one time.
This provision as written
will repeal section 21(b) of that Act which authorizes the issuance of
$4
000,000,000 face amount of National Defense notes.
This increased
limitation wall amply cover the Treasury’s present anticipated financ
ing requirements for the current and ensuing fiscal yecars.
The proposed bill terminates certain obsolete authority to issue
debt obligations which the Treasury does not need and which, therefore,
might as well be repealed and eliminated from the statute books.
The
future borrowing authority fixed by this bill fell then be all-inclusive.
It also repeals certain provisions of the first Revenue Act of 1940,
which sets up a special fund to consist of earmarked taxes for the
retirement of any obligations issued under the National Defense debt
limitation.
Tax Exemption
This brings me to another matter of vital importance in connection
with the financing of the National Defense program, and that is the taxexemption feature of the debt obligations of the Federal Government and
its agencies.
I said last year that if it were within my power, I
would issue National Defense notes subject to all Federal taxes.
The
discretionary authority of the Treasury to issue securities subject to
all Federal taxes is confined to Treasuiy notes with a maturity of
from one to five years,
As to all other typos of Government securities,
the law itself definitely fixes the exemptions from taxation and there
Is no discretionary authority in any executive officer of the Government
bo vary these exemptions.
- 4 -
Ordinarily, the Treasury would, have raised in December of 1940
a substantial amount of additional cash and it would have carried out
its usual program of refunding, three months in advance, the obligations
approbating 11,220,000,000 that mature on March 15, 1941*
However,
anticipating that the Congress would consider the question of tax
exemptions in this session, it seemed to me highly desirable that the
Treasury make no further offers of long-term tax-exempt securities until
the Congress had had an opportunity to consider the question again in
the light of the huge defense financing program before us.
I decided,
therefore, to defer our refunding program and to meet our immediate
cash requirements through the sale of short-term notes, the income from
which the Treasury made subject to all Federal taxes, pending the
decision of this Congress on the question of eliminating tax-exemptions
from all future issues of Federal securities.
I conferred with some
members of the House and of the Senate and explained to them what I had
in mind and that, in taking these steps, it was my hope that Congress
would promptly enact legislation which would provide that the income
from all future issues of securities'of tho Federal Government or any of
its agencies be made subject to all Federal taxes.
The program explained
to them mot vdih their hearty approval.
As you know, ovary adninistration for tho past twenty years has
recommended the complete elimination of tax-exempt securities.
The bill
now before you proposes that the United States Government actually take
tho first step to eliminate this undesirable feature from our financing
- 5 -
It is particularly appropriate that this step should be initiated
in connection with the financing of the National Defense program.
In
financing this program all should be called upon to share in this task.
This makes it urgent, from an equitable point of view, that no
subscribers to any given class of securities should receive prefercntis.1
treatment.
This is impossible if some of the securities are issued
with tax-exemption privileges which are worth nothing to the poorest
class of subscribers, and which are worth a great deal to those in the
very high income brackets.
Such preferential treatment to this latter
I
class is incompatible with democratic financing of the defense progran
and should be removed.
I an sure this Committee appreciates the importance of prompt action
in this connection so that the Treasury can take steps to refund the
large March 15 maturities in advance of that date.
Economy in Non-dcfcnse Expenditures
At this time our whole economy and effort should be concentrated on
national defense.
One step which the Government should take is economy
in Federal expenditures.
I believe, therefore, that all Federal non
defense expenditures should be reexamined with a magnifying glass to
make certain that no more funds arc granted than are absolutely essential
in the existing circumstances.
Savings Bonds e.nd Savings Certificates
In view of the enlarged program facing the Treasury, it is desirable
to have greater flexibility in the types of securities which may be
offered to meet the requirements of various classes of investors.
fore, this bill further amends the Second Liberty Bond Act
;o a; to
There
-
6
-
broaden the authority under which United States Savings Bonds are issued
and to provide for a net; class of security to be called "Treasury
savings certificates."
The statutory limit on the tern for which Savings
Bonds may bo issued would continue .to be twenty years, as at the
present, while a limitation of ten years would be placed on the Treasury
savings certificates.
It would also provide that both classes of
securities may be issued on an interest-bearing basis, on a discount
basis, or on a combination interest-bearing and discount basis, and that
the Treasury may fix by regulation the amount of Savings Bonds and
savings certificates which may be held by any one person at any one
time.
In addition,
the Treasury would be authorized to issue stamps or
provide other means to evidence payments for Savings Bonds and savings
certificates, and to provide for the exchange of savings certificates
for Savings Bonds,
This would permit the Treasury to carry on a program
encouraging more popular participation in the financing.
In this
connection, the Treasury wish.es to be able to offer securities of a
character which should facilitate and promote thrift and savings.
We hope
that a substantial part of the defense program for which we have to
borrow funds can be financed out of the real savings of the people.
One of the most important services the American people can render
at this trie is to cooperate in supplying the means for national defense,
¥e ought to make it possible for workers and farmers no less than bankers
and business men to contribute to the financial needs of the Government,
not only through their tax payments but through their savings as well.
- 7 -
The bill therefore provides authority to issue securities on such terms
and in such denominations as vdll enlist support from the largest
number of subscribers*
There is every reason why a substantial part of
the savings made possible by the current increase in employment should
be conserved by investment in United States Government securities.
The small investor who puts his savings in Government securities vdll in
this way contribute not only to national
defense but also to Ids oven
individual security.
There exists in the country today an overwhelming desire on the part
of nearly every man, woman * and child, to make some direct and tangible
contribution to the national defense.
We ought to give them a sense of
personal participation beyond that which comes from doing their daily
job faithfully and well.
Every day letters come to me from people who'ask,
"What can I do to help?”
Qur plan to offer securities attractive to all
classes of investors is an attempt to answer this question.
I can think
of no other single way in which so many people can become partners of
their Government in facing this emergency.
It is the purpose of the Treasury to raise money for national defense
by methods which strengthen the national morale.
-oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, January 30» 19^1_____
1/29/41
Press Service
N o * 23~.S25
Activity here in the' balances of the Axis powers featured the movement
of capital "between the United States and foreign countries in the four weeks
ended October 30» 19^0 •
Withdrawals of funds by Germany and Italy in the period nearly equalled
net capital outflow of $11,512,000 according to statistics in the January
Bulletin of the Treasury Department released today,
Th-is outflow was in
contrast to net inflow of $ 53 .5^ 2,000 in the preceding four weeks,
$179,168,000*in the period August 1 to September 4,.1940, and $82,640,000*
in the four weeks ended July 31» .19^0»
."
The net outflow— -other than withdrawals by the United Kingdom and
Canada— apparently was activated by expectation of new exchange control
orders and resulted largely through sales of foreign-owned American securities.
Net liquidation in the period totaled $23.7^7.000 compared with $2,75^.000
in the preceding four weeks.
Gross purchases amounted to $24,909,000 and
gross sales $ 53 »17h,000,
Switzerland continued to liquidate assets held in the United States
selling a net of $ 15 ,744.000 of American securities,
Italy, after purchasing
$20,260,000 of American securities in the preceding four weeks, had net
sales of $3,072,000.
Kingdom.
Net sales of $3,171,000 were reported for the United
This does not include sales made through channels other than banks,
brokers and dealers.
Canada, showed net purchases of $ 1 ,656,000,
-
2
-
Foreign short-term funds in the United States increased
$19*745,000 to $3»733»7^5r000.
Switzerland increased its deposits here—
partially from sales of securities— $30,402,000 to $490,008,000«
Fiinds of
Sweden rose $6,213,000, Brazil, $6,324,000, China, $2,381,000, and »Other
Asia” $7 ,695»000.
The total increase was pared by withdrawals of $7,655»000
by the United Kingdom, $2,727»000 by France, $4,820,000 by Finland, $4,104,000
by Germany, $5,171*000 by Italy, $3»9^9»000 by Japan, and $2,682,000 by Canada,
Short-term balances of the United Kingdom and Canada, on October 30 were
$373,759,000 and $408,065,000 respectively,
Germany had $9,054,000, Italy
$19,381,000, and Japan $102,822,000.
American claims on foreign countries increased $7*975»000
to $393,444,000 in the period.
where claims rose $9»4l6,000.
$l,56l,000 and in J a p a n
Philippines.
Largest increase was reported for Brazil
United States short-term funds in Canada rose
826,000,
A decline of $2,794,000 appeared for the
Little 'Change was reported elsewhere,
Latin American countries and Canada led in the repatriation
of their securities held in this country.
Sales of $376»000 reported for the
United Kingdom and $1,066,000 for Switzerland reduced the total net purchases
to $1,349,000,
Foreign brokerage- balances declined $864,000,
-0 O 0 -
*
revised
TREASURY DSPAÄRffiNT
Washington
POE IMMEDIATE M
M
,
Press Service
Thursday. January 30. 1941«
<2 3 -
33
Secretary of the Treasury Morgenthau today announced the final sub
scription and allotment figures with respect to the current offering of3/4
percent Treasury Notes of Series B-1944, National Defense Series.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows1
Federal Reserve
District_____
Total Subscriptlons Received
Boston
New York
Philadelphia
Cleveland
Richraond
Atlanta
Chicago
St. Louis
Minnsapolls
Kansas City
Dallas
San Francisco
Treasury
TOTAL
$ 221,579,300
1,237,474,100
Total Subscrip-»
tions Allotted
I
51 ,010 ,60 0
2 9 6 ,224,500
131,0U , 500
30.173.000
43.404.500
21.008.000
31,281,200
188 ,4 19 ,20 0
91,106,800
134.625.600
360.353.600
67,750,300
30,500,500
37,491,100
69,463,400
135 ,588,100
8 3 ,038,800
1 5 , 665,000
7,055,500
8 ,669,000
1 6 ,0 72,800
31.199.500
253.000
m
■»■.■■■»
8635,055,400
1 .100.000
■I1wm
12,756,463,500
>
TREASURY DEPARTMENT
Washington
FOR
r
U u IMMEDIATE
_Lr i s i i L i u i n i u RELEASE
Thursday, January 30< 19^-1«
Press Service
No.. 23-33
Secretary of the Treasury Morgenthau today announced the
final subscription and allotment figures with respect to the
current offering of
3/^
percent Treasury Notes of Series D— IjW-j
National Defense Series.
Subscriptions and allotments were divided among the several
Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District
.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlant a
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Total Subscriptions Received
Total Subscriptions Allotted
I 51,010,600
1 3 1 , 0 1 1 , 50c
296 ,wek, ÿ f t
,,
63 0 36,600
2 1 0 0 6 ,0 0 0
3 1 2 6 1 ,2 0 0
,
15*665*000
135 , 566,100
1 ,100,000
12,756,^ 63,500
-oCa
16,072,600
31,199,50c
253,000
#635,055,400
-
2
-
applied for, unless the tenders are accompanied by anjaxpress guaranty
of payment by an/incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
February
3»
19Ul
all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,
and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on _February
5, 19Ul_____ .
The Treasury bills will be exempt, as to principal and interest,
and any gain from the salo or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax»)
ITo loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
Treasury Department Circular Ho. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may be obtained from
any Federal -Deaerve Bank or branch thereof.
TRILiSURY DEP^JRTMMT
FOR RELEASE, MORNING R/iPERS’
Friday, January 31. lQUl
l&k
S S is S ES cS c ^S xig Y x x x x x x x x x x x x x x x x x x x
4M.
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of
$100,000,000
designated National Defense Series.
, or thereabouts.
They will
<jl-day bills; and will be sold on
j
i&i
a discount basis to the highest bidders.
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o fclock p. n . ,
eastern standard tine, on
Monday, February 1, 10Ul____ .
Tenders will not
¿fed
be received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue ¿-¿ct of 1940, approved June 25, 1940.
Under the authority of
that section "National Defense Series" obligations may be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
February 5, 19Ul_____ , and will
j(:£a)x
mature on
Mny 7 , 1gin__________ , and on the maturity date the face amount
¿§x
will be passable without interest. They will be issued in bearer form only,
and in amounts or denominations of $1000, $ 10 ,000, $100,000, $500,000, and
$1,000,000
(naturi ty value),
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
on the basis of
100,
Each
The price offered must be expressed
I
with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor-
1
ated banks and trust companies and from responsible and recogni«ed
Üac
dealers in investment securities.
Tenders from others must be accon-
ponied by a deposit of 10 per cent of the face amount of Treasury bills
I
FOR RELEASE, MORNING- P APERS,
Friday, January 31» 194l,
treasury d e p a r t m e n t
The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100.,000,000, or there
abouts.
They will he designated National Defense Series,
91-day
f e Î K • and will he sold on a discount hasis to the highest bidders.
Tenders' 'will he received at the Federal Reserve Banks,
or the
branches thereof, up to two o ’clock p. m., Eastern standard time,
on Monday, February 3, 1941.
Tenders will not he received at the
Treasury Department, Washington.
These hills will he issued pursuant to the provisions of
Section 302 of the Revenue Act of 1940, approved June
25,
19^0.
Under the authority of that section ’’National Defense Series,
obligations may he issued to provide the Treasury with funds to
meet any expenditures made, after June
30,
1940, for the national
defense, or to reimburse the general fund of the Treasury therefor*
The Treasury hills will he dated February
5,
1941, and will
mature on May 7, 1941, and on the maturity date the face amount
will he payable without interest, . They will he issued in hearer
form only, and in amounts or denominations of $1,000,
$10,000,
$100,000, $ 500,000, and $1 ,000,000 (maturity value).
It is urged that tenders he made on the printed forms and
forwarded in the special envelopes which will he supplied by the
Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1 ,000.
he expressed on the hasis of
places,
e.g.,
99,125.
100,
The price offered must
with not more than three decimal
Fractions must not he used.
2
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by a deposit of 10 per cent of the face amount of
Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company»
Immediately after the closing hour for receipt of tenders on
February
3 , 19^1 ,
all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and
public announcement of the acceptable prices will follow as soon as
possible thereafter, probably on the following morning,
The
Secretary of the Treasury expressly reserves the right to reject
any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be
final.
Those submitting tenders will be advised of the acceptance
or rejection thereof.
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in cash
or other immediately available funds on February
5,
19^1 •
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also
be exempt,
from all taxation,
except estate and inheritance taxes,
(Attention is invited to Treasury Decision ^55^, ruling that
Treasury bills are not exempt from the gift tax,)
No loss from the
sale or other disposition of the Treasury bills shall be allowed as
a deduction,
or otherwise recognized,
for the purposes of any tax
now or hereafter imposed b y .the United States or any of its
possessions
~ 3 Treasury
Department
notice p r e s c r i b e
conditions
the terms
of t h e i r
from any F e d e r a l
C i r c u l a r No,
issue,
of t h e
Copies
Reserve Bank
4-1^, a s
amended,
Treasury bills
of
the
and govern
circular may be
or b r a n c h t h e r e o f .
-0 O0 -
a n d this
the
obtained
- 17 in our expanded efforts, and to make progress in a new field that
means so much, to our own greater success —
by winning country
wide cooperation of state, city and county police organizations*
Before the close of 1940, many supervisory officers had already formed
excellent contacts in those local channels.
The cultivation of more
friends in the ranks of peace officers has already brought splendid
enforcement results.
It augurs well for the future*
«»More friendly relations with the fellow officer on the local
police beat will be of incalculable help to Treasury enforcement
personnel, when we have been able to develop a clearly understood
method by which the local officer may freely and fully communicate
information to the Treasury agencies.«*
0O 0
---
- 16 -
other Federal cases for the fiscal year that ended June 30, 194.0*
The Bureau of Customs caused 185 convictions, with 51 commitments
to prison.
For counterfeiting and forgery, Secret Service caused
the conviction of 2,312 persons, with 1,487 commitments,* and for
violation of the gold statutes, 24 persons convicted with six commit
ments.
Internal Revenue's Alcohol Tax Unit had more convictions,
18,221, than any other Treasury agency, with 10,003 commitments.
Violation of other laws relating to Internal Revenue brought 120
convictions, with 42 commitments.
The firearms act, also enforced
by Internal Revenue, brought 42 convictions and 23 commitments.
For
violations of the narcotics and marihuana laws, the Bureau of
Narcotics caused 3,047 convictions, with 2,250 commitments.
Thus
convictions under statutes dealing with all Treasury matters totaled
23,/5l for the fiscal year 1940, with 13,862 commitments to prison.
Convictions under other Federal laws reached a total of 16,027, with 9,HI
commitments.
These figures reveal that 59*9 percent of all convictions
and 60.3 percent of all commitments were in Treasury cases.
About
the same ratio is indicated for the calendar year 1940.
Chief Coordinator Irey, reciting the success of the Treasury
coordination plan;cites increased cooperation with state, county and
city police forces as an active factor in bettered enforcement of
Federal laws.
Outlining proposals for the extension of these relations,
the report says:
(Xzr objective for the year 1941 is to strengthen the gains made
- 15 Treasury Pistol Experts
Under a program initiated by Secretary Morgenthau, Treasury
armed forces of the various agencies have developed pistol shooters
TNho are known nationally as Treasury Team Mo. 1.
This team has
participated in the principal registered matches held during the
past three years at Cincinnati, Tampa, Miami, Detroit, Los Angeles,
Fort Francis E. barren, and Buffalo, and in the national matches at
Camp Perry, Ohio.
They have won many trophies each year and have
defeated all military and police teams in scheduled matches.
The
Treasury team holds national records in the 22 caliber, 33 caliber
and
45
caliber classes, and several of the individual members hold
national records.
In the «American Rifleman» listing of the 30
ranking shooters in the United States there appear the names of eight
Treasury enforcement officers, including two Coast Guardsmen.
The
nearest to this record is the Detroit police with four men in the
first 30.
jjO.
No other organization has more than two among the first
virtually all the enforcement officers of the Treasury Department
are now qualified pistol marksmen.
Aggregate Statistics
Results of the work of the Treasury*s coordinated enforcement
agencies are reflected in figures supplied by the Director of the
Bureau of Prisons of the Department of Justice, showing the number of
persons convicted and sent to prison in Treasury law cases and in
- M
-
concealing on their persons small quantities of narcotics, principally
marihuana, as they came ashore.
A seizure of seven pounds of raw
opium was made at that port on February 7, 1940, on a vessel arriving
from Turkish ports.
Petty marihuana smuggling attempts were numerous.
Recently, in several of these cases, sentences of three years, IS
months and one year were imposed.
Customs reports the usual steady trickle across the Mexican
oorder of raw and smoking opium and marihuana.
While opium seizures
this area decreased, marihuana smuggling increased, and numerous
seizures were made at points in Texas, Arizona and Southern California.
However, no considerable quantities of marihuana were involved in
individual seizures.
An investigation at Detroit, Michigan, disclosed that a tunnel
company had during the past five years had all repairs to 30 coaches
operated by them made in Canada without reporting such repairs to the
Collector at Detroit, or paying duty thereon*
Failure of the company
to pay estimated duties in the amount of $11,189 would subject the
rolling stock to forfeiture, the forfeiture value amounting to $108,858.
In connection with an investigation at New York City into
fraudulent undervaluation of mica imported from India, it was determined
that the estimated loss of revenue covering the importations from 1931
to 1939, inclusive, amounted to $49,171* 15*
value was $800,209.
The estimated forfeiture
- 13 There m s a decided decrease in large-scale attempts to smuggle
such narcotic drugs as opium, morphine and heroin, but a noted
increase in the petty smuggling of marihuana on vessels coming from
Central and South American ports, and across the border from Mexico*
The most important narcotic smuggling c a s ^ ^ M M P * originated
m t h the arrest by state narcotic officers of two
..
QrW'*"
A
.
$*¥
Chinese in possessing! of two pounds of so-called Japanese «cotton»
M
aJUL
/X
morphine.
iT A
a
W
f%**~**A
Seizures followed at Seattle, Tacoma, and New York, With
prosecutions that resulted in convictions.
The alertness of a Customs guard at San Francisco led to the dis
covery and seizure of 27 one—tael tins and 31 five—tael tins of
smoking opium, of a total net weight of over 242 ounces*
The guard
noticed that a seaman coming ashore from the S.S. President Coolidge
was apparently opening a package of cigarettes.
During the customary
search of the seaman’s person, the guard saw that he had a oartiallv
filled package of cigarettes in his pocket.
one-tael tin of opium.
on shipboard.
This package contained a
Other tins were found in places of concealment
Investigation brought the arrest of three m e n _a
Chinese in San Francisco, a Chinese in Honolulu, and a Customs guard
in Honolulu.
The three were convicted in San Francisco.
Eastern Smuggling Decreases
With principal smuggling efforts for heroin and cocaine on the
Pacific Coast, smuggling operations in the East were mostly at New York
City, where attempts dwindled to individual cases of incoming seamen
-
12
-
Harry Neiditch, are serving two-year terms in Federal penitentiary#
liiey pleaded guilty both to narcotics charges and evasion o f income
taxes.
At one time, before the vigilance of Treasury agencies
began to curtail their operations, the Newman brothers were considered
the largest dealers in illicit narcotics in the United States.
They
had extensive foreign connections, and were believed to be a main
source of supply not only for New York but for Chicago and other
inland dealers in forbidden drugs#
Bureau of Customs
law enforcement of the Bureau of Customs, through its Agency
q
VA/fitA.
service, in 1940 again ¡m#e directed largely against the smuggling of
narcotic drugs into the United States.
m
Operating independently, or
cooperation with the Bureau of Narcotics, a number of important
seizures of narcotics and apprehensions of notorious smugglers were
effected#
Seizures of smuggled merchandise totaled almost 8,650, a decrease
of 25 percent, in comparison with the preceding year.
There were more
than 2,665 seizures of smuggled liquor, a decrease from the year
before.
Narcotic seizures aggregated nearly 735, a decrease from the
calendar year 1939, and totaled 2,286 ounces, exclusive of marihuana.
Seizures of bulk marihuana totaled 3,450 ounces, and in addition
1,321 ounces of marihuana seed and 1,243 marihuana cigarettes were seized.
-
11
-
For several years the principal narcotic drag of addiction
has been heroin, with morphine and smoking opium next in importance,
and it is believed that this relative situation continues*
How
ever, such heroin as is commonly encountered in the illicit traffic
is generally highly adulterated, says the report, and that commonly
sold is a mixture which usually contains less than five percent
heroin.
In the amounts used in many cases it does not establish a
real tolerance and dependence for the drug.
Hie apparent shortage of smuggled drugs has resulted in efforts
by peddlers and addicts to divert narcotics from medicinal sources.
There was an increase in 1940 both in the number of robberies and
the amounts stolen from pharmacies, wholesale houses, and other
sources for legitimate narcotics.
Because of the cooperation of the
drug trade in affording maximum security to large concentrations of
narcotics, the total amount of drugs thus made available to the illicit
traffic was minimized.
Attention was devoted by the Bureau to the
problem presented by numerous addicts resorting to paregoric or other
so-called exempt preparations.
There were many important prosecutions in 1940 for violations
of the narcotics laws on evidence adduced by the Bureau of Narcotics,
with the aid notably of the Customs Agency Service and Coast Guard,
often with valuable participation of local police.
The notorious
Newman brothers of New York, whose true names are Charles, George and
-
10
-
1940 as compared to final figure of 864 persons arrested in 1939»
Arrests for all offenses therefore were 3,086 as compared to 4,159
in 1939.
Bureau figures show a substantial decrease in the amount of
drugs seized by the Treasury agencies, Customs and Narcotics, that
deal directly with this problem#
In the internal traffic the Bureau
of Narcotics seized approximately 2,292 ounces of narcotic drugs
in 1940, compared with 3* 544 ounces in 1939*
The Bureau of Customs
seized at ports and borders approximately 2,286 ounces in 1940 as
compared to 8,895 in 1939*
Total narcotic seizures therefore were
approximately 4,578 ounces in 1940 as compared to 12,439 in 1939#
In addition, in 1940 there were seized in the illicit traffic
20,960 ounces of bulk marihuana, including 3,450 ounces seized at
ports and borders, and 19,5^0 cigarettes, including 1,243 seized at
ports and borders, as compared to final figures showing 17,035 ounces
of bulk marihuana and 19,091 cigarettes seized in 1939#
In carrying on a program of marihuana eradication throughout
the country in cooperation with state, municipal, and other
enforcement agencies, marihuana was found growing, and was eradicated,
on approximately 19,200 acres of land in 1940 as compared to 6,506
acres of land in 1939.
~ 9 reached a large number of bookmakers, in every state in the Union
and in every city of any size.
Investigation of Annenberg’s
income tax affairs and a large number of corporations controlled
by him required five years’ time.
As a result, Annenberg pleaded
guilty in April to charges of income tax evasion and was sentenced
to serve three years in the penitentiary.
In addition, he agreed
to pay $8,000,000 in settlement of his income tax liability.
Two other cases in Chicago attracted attention.
Edward P.
Jones, operator of the largest ’’numbers game” in the city, and
William. R. Johnson, a partner in the operation of a large number of
gambling places^ ii,
tno ei-^V 7rere indicted.
Jones pleaded
guilty to charges of income tax evasion, and Johnson was convicted
after trial for a similar offense and for conspiracy, with five
others,
fine.
Johnson received a five-year prison sentence and a $10,000
Jones has yet to be sentenced.
Bureau of Narcotics
The report sets forth that figures compiled by the Bureau of
Narcotics showed that during the last calendar year there was a
decrease in the number of persons arrested for violations of the
Federal narcotic laws (excluding marihuana); 2,216 persons being
arrested in 1940 as compared to the final figure of 3,295 in 1939.
The number of marihuana arrests remained virtually constant, 870
persons being arrested for violations of the marihuana tax act in
year,
December 31, 1940, found 7,608 persons awaiting grand jury-
action, and 7,126 awaiting trial for liquor violations*
The
number awaiting grand jury represents a decrease of almost 900 from
1939, while the number awaiting trial represents a decrease of 1$0
over 1939#
Intelligence Unit
Special agents of the Intelligence Unit of the Bureau of Internal
Revenue obtained the indictment of 239 individuals, including prnninmf
business and professional men, as well as racketeers, for evasion
of income and other taxes during the calendar year 1940*
individuals tried during the year, 155 were convicted.
Of 201
In addition
to prison sentences, the individuals convicted were fined $366,000*
Additional taxes and penalties totaling $27,778,699*50 were recommended
for assessment in cases investigated during the year*
Evidence gathered by special agents resulted in the institution
of criminal proceedings against 22 other individuals on miscellaneous
charges.
Twenty-six individuals were tried during the year, and 25
convictions were obtained*
The principal case which came to a conclusion in 1940 was that
of Moses I. Annenberg of Chicago, -»»ho operated, from his general
offices in that city, a practical monopoly of race track information.
His network of telegraphic service extended from virtually eveiy
race track in the United States, Canada, Mexico, and Cuba, and
- 7 average amount of mash seized per still was 1,150 gallons in 1935,
720 gallons in 1937, 644 gallons in 1939, and 579 gallons in
1940.
In 1940 seizures in 14 southern states amounted to 4,293,781
g&lldi8 of the United States total of 6,239,974 gallons of mash.
In 1935, seizures in the 14 southern states totaled 9,139,779 gallons,
while seizures of mash outside this area aggregated 10,022,387
gallons.
Thus, compared with 1935, mash seizures decreased 53 per
cent in the 14 southern states and decreased 80.6 percent in the
rest of the country.
Compared with the preceding year, mash seizures
decreased in the 14 southern states by 6.4 percent, and elsewhere
by 30.3 percent.
It was in these states that Coast Guard flyers
performed valuable service by spotting moonshine stills from the air,
often by the smoke.
During 1940 arrests for violation of Federal liquor laws
totaled 25,862 for the country, and property of an appraised value
of 12,305/611 was seized in connection with such offenses, including
4,247 automobiles and 477 trucks.
During the year, 27,094 prosecu- .
tions in Alcohol Tax Unit cases were recommended in Federal courts;
21,295 persons were indicted, and 18,247 persons were convicted.
These figures reflect a decrease in the number of arrests and
prosecutions begun, and also show that the number of liquor cases
disposed of in Federal courts in 1940 was less than in the preceding
-
6—
found in his possession and he had passed one specimen before his
arrest.
In his home agents seized two additional $5 notes, one
front plate for this note, and one front plate for another $5
note.
Rollins admitted sole responsibility for making counterfeit
$5 notes during the previous six months while employed as a
printer by a Somerwo.rth newspaper.
He was sentenced May 14, 1940
to one year and one day, suspended with probation for five years'
and fined $1. Rollins was removed to Concord, New Hampshire, May 15,
1940, where he pleaded guilty to charges of making and possessing
plates and notes, and was sentenced to two years, suspended, with
probation for two years, effective at expiration of sentence
imposed in Massachusetts District.
He will be under the supervision
of the courts for seven years.
Alcohol Tax Unit
A decline in illicit liquor operations the country over is
shown by that portion of Mr. Irey*s report dealing with the Alcohol
Tax Unit.
Preliminary figures for the calendar year 1940 show that
still seizures totaled 10,785, and mash seizures aggregated 6,239,974
gallons.
The trend over the last six years is indicated by the
fact that seizures in 1940 were 5*S percent below 1939 and 35 percent
below seizures in 1935*
Mash seizures, considered the best available
measure of illicit activities, the report asserts, declined in 1940
by 15*4 percent irom those of 1939, and by 67 percent from 1935*
The
_
c_
J
Clyde Campbell was arrested November 20 for conspiracy with Driver
to make these notes.
Driver, arrested in 1926 and in 1928 for
raising notes, served a term m
the Atlanta Penitentiary«
Driver
was again arrested in 1933 for making hand-drawn notes, and was
sentenced to Atlanta*
He is believed to be the teacher of numerous
note raisers in Anderson and nearby towns.
Driver was sentenced
December 2 to three years in Atlanta Penitentiary and placed on
probation for five years, effective at expiration of sentence«
Campbell was sentenced to one year and one day in Atlanta
Penitentiary*
Harry Mills, twice convicted plate maker, was arrested March 28
1940 for passing,|fr counterfeit $5 noterf, four similar notes having
made their appearance prior to his arrest«
He admitted sole
responsibility for this note and for approximately 10 he had passed.
Search of Mills’ home revealed equipment consisting of finished and
unfinished plates, a home-made press, material and equipment.
was Mails» third offense.
fo r
This
He was sentenced in New York City in 1932
and in
he was sentenced to one year in
Providence^for making plates for another $10 note.
Mills was sentenced
June 14, 1940 to 10 years in prison and fined $3,000.
Burleigh Clinton Rollins, printer, employed by a weekly newspaper
in Somerworth, New Hampshire, was arrested March 18, 1940, for
attempting to pass a $5 note in a Boston drug store.
Two notes were
is a reduction of $194-5245*10, or 4j6*8 percent as compared with 1939,
and the lowest figure since 1928.
Of the total, $69,495.60 was
seized before it could be placed in circulation.
The -tete-b loss to
the public through acceptance of counterfeit notes and coins
amounted to $229,445*85*
The loss through counterfeit notes in 1940
showed a drop of 50*5 percent from the previous year.
The decrease
is attributed to the educational campaign*
A decided reduction in check forgeries resulted during 1940*
The educational campaign was applied to this problem.
Three «Know
Your Money« pictures and the «Know Your Money« circulars, distributed
to millions, contained warnings to impress bankers, merchants and
others of the necessity for demanding proper identification*
Arrests
for check forgeries dropped from 2,536 in 1939 to 2,085 in 1940*
'Die Secret Service in 1940 made 3,107 arrests, or 703 fewer than
in 1939.
A total of 3,201 cases brought convictions; 912 cases await
court action.
Further reduction is expected as «Know Your M0ney"
education becomes a permanent program.
Counterfeiter Caught
A
Among the more important cases -was the seizure of a plant for
the manufacture of counterfeit $5 notes, at Anderson, South Carolina,
November 9, 194X), following the arrest of Burt Driver.
a $5 silver certificate were seized.
Plates for
Agents confiscated 28 notes*
- 3 AXrO-L.
of 4*397 radios- w e r e sealed on merchant vessels.
enforcement 163,119 vessels were identified.
In neutrality law
Armaments on 603
merchant vessels were inspected.
One phase of the Coast Guard’s neutrality duties is the inspection
of armed merchant vessels to determine whether they are armed for
offensive or defensive purposes.
Coast Guard officers conducted 841
such examinations of armed merchant vessels during 1940.
Secret Service Work
Early in 194-0 the Secret Service began an intensive nation
wide educational ’»Know Your Money” campaign to teach detection of
counterfeit money and proper identification in cashing or accepting
government checks*
The campaign —
still in action — was carried on by use of sound
moving pictures, radio, newspapers, periodicals, posters, placards,
distribution of warning notices and educational pamphlets, and
exhibits at worlds fairs, banks and conventions*
Secret Service agents turned lecturers.
They showed the ’»Know
Your Money” sound moving picture before high school students, classes
of American Institute of Banking, meetings of Bankers’ Associations
and public gatherings.
Talks were made to 4,563,409 persons,
including 2,712,759 school children.
Counterfeiting and altered notes in the amount of $171,121.85
were captured by or turned over to agents of the Secret Service, which
The report details Coast Guard enforcement tactics in trailing
vessels suspected of carrying narcotics* detecting narcotic
smuggling across the docks, and in combating the traffic ashore,
adding that these tactics have ^proved highly effective and afford
an excellent example of what can be accomplished through intelligent
coordination”•
Coast Guard Duties
Surveillance of vessels suspected of carrying narcotics during
1940 meant that a total of 5*274 such vessels were trailed by the
Coast Guard while entering or leaving ports of the United States in
order to prevent offshore transfer of contraband from suspected
carriers to smaller contact boats.
Coast Guard aircraft, operating in cooperation with the Alcohol
lax Unit, located 595 illicit distilleries, and cooperated with
Alcohol Tax in the seizure of 70 illicit distilleries and 1,995
gallons of nontaxpaid liquor.
Coast Guard vessels cruised 2,182,706 miles last year.
Guard aircraft flew 1,219,082 miles.
Coast
Pursuant to their inspection
and other duties, Coast Guard officers boarded 37,617 vessels.
'Biere
were 1,208 vessels reported for violations and subject to fines
amounting to §217*619.
There were 18 vessels seized for violations,
the value of such vessels and cargoes amounting to §80,750.
A total
TREASURY DEPARTMENT
Washington
Press Servi
No. S3-35
FOR RELEASE^ AFTERNOON PAPERS
Tuesday, February 4, 1941
■wm—
mumw «
n<— iww w i —iiwii
—
.
■
Treasury Department enforcement agencies in 1940 established.
new records in suppressing law violations. ¿w*A>.
and. attained, their year 1s objective of coordination of effort
beyond district limits, Chief Coordinator Elmer L. Irey disclosed
in a calendar year report submitted today to Secretary Morgenthau.
The report covers the enforcement work of the Coast Guard,
Secret Service, Alcohol Tax Unit and Intelligence Unit of the
Bureau of Internal Revenue, Bureau of Customs, Customs Agency
Service, and the Bureau of Narcotics.
The Coast Guard, registering one of the busiest years in its
history, in 19^0 was an important welding and assisting element in
closer cooperation between Treasury enforcement groups, and between
these and other Federal agencies, Mr. Irey*s report indicates,
besides carrying its own enforcement work and many tasks added by
reason of emergency conditions.
Besides cooperation with other agencies in the departments
campaign against smugglers, liquor law violators, counterfeiters
and narcotics law violators, the Coast Guard in 19^0 extended its
functions because of the war crisis.
Chief among the new duties
were those of the neutrality patrol.
There was additional re
sponsibility in the supervision of merchant shipping in United
States waters.
TREASURY DEPARTMENT
Washington
Press Service
No. 23-35
FOR RELEASE, AFTERNOON PAPERS
Tuesday, February 4, 1941
Treasury Department enforcement agencies in 1940 established
new records in suppressing law violations, and attained their
year’s objective of coordination of effort beyond district limits,
Chief Coordinator Elmer L, Irey disclosed in a calendar year
report submitted today to Secretary Mc-rgenthau.
The report covers the enforcement work of the Coast Guard,
Secret Service, Alcohol Tax Unit and Intelligence Unit of the
Bureau of Internal Revenue, Bureau of Customs, Customs Agency
Service, and the Bureau of Narcotics,
The Coast Guard, registering one of the busiest years in its
history, in
1940
was an important welding and assisting element in
closer cooperation between Treasury enforcement groups, and between
these and ether Federal agencies, Mr. Irey’s report indicates,
besides carrying its own enforcement work and many tasks added by
reason of emergency conditions.
Besides cooperation with other agencies in the department’s
campaign against smugglers, liquor law violators, counterfeiters
and narcotics law violators, the Coast Guard in 1940 extended its
functions because of the war crisis.
Chief among the new duties
were those of the neutrality patrol.
There was additional responsi
bility in the supervision of merchant shipping in United States
waters,
-
2
-
The report details Coast Guard enforcement tactics in trailing
vessels suspected of carrying narcotics, detecting narcotic
smuggling across the docks, and in combating the traffic ashore,
adding that these tactics have ’’proved highly effective and afford
an excellent example of what can be accomplished through intelligent
coordination” •
Coast Guard Duties
Surveillance of vessels suspected of carrying narcotics during
194-0 meant that a total of
5*274
such vessels were trailed by the
Coast Guard while entering or leaving ports of the United States in
order to prevent offshore transfer of contraband from suspected
carriers to smaller contact boats.
Coast Guard aircraft, operating in cooperation with the Alcohol
Tax Unit, located 595 illicit distilleries, and cooperated with
Alcohol Tax in the seizure of 70 illicit distilleries and 1,995
gallons of nontaxpaid liquor.
Coast Guard vessels cruised 2,182,706 miles last year.
Guard aircraft flew 1,219*082 miles.
Coast
Pursuant to their inspection
and other duties, Coast Guard officers boarded 37*617 vessels.
There
were 1,208 vessels reported for violations and subject to fines
amounting to $217*619.
There were 18 vessels seized for violations,
ttie value of such vessels and cargoes amounting to $80,750,
A total
-3
m
of 4,397 radios vja-s sealed on merchant vessels.
enforcement 163,119 vessels were identified.
In neutrality law
Armaments on 603
merchant vessels were inspected.-.
One phase of the Coast Guard’s neutrality duties is the inspection
of armed merchant vessels to determine whether they a r e ‘armed for
offensive or defensive purposes.-
Coast Guard officers conducted 841
such examinations of armed merchant vessels during
1940*
Secret Service Work
Early in 1940 the Secret Service began an intensive nation
wide educational "Know Your Money" campaign to teach detection of
counterfeit money and proper identification in cashing or accepting
government checks.
The campaign —
still in action —
was carried on by use of sound
moving pictures, radio, newspapers, periodicals, posters, placards,
distribution of warning notices and educational pamphlets, and
exhibits at w o r l d s fairs, banks and conventions,Secret Service agents turned lecturers,
They shewed the "Know
Your Money" sound moving picture before high school students, classes
of American Institute of Banking, meetings of Bankers’ Associations
and public gatherings.
Talks were made to 4,563,409 persons,
including 2,712,759 school children.
Counterfeiting and altered notes in the amount of $171,121,85
were captured by or turned over to agents of the Secret Service, which
-
k -
is a reduction of $19^, 2^ 5 .10 , or U 6.8 percent as compared with 1939»
and the lowest figure since 1928.
Of the total, $ 69,^95.60 was
seized before it could he placed in circulation.
The loss to
the public through acceptance of counterfeit notes and coins
amounted to $229,*+*4-5. 85.
showed a drop of
5O .5
The loss through counterfeit notes in 19^0
percent from the previous year.
The decrease
is attributed to the educational campaign.
A decided reduction in check forgeries resulted during 19*+0.
The educational campaign was applied to this problem.
Three ’’Know
Your Money” pictures and the ’’Know Your Money” circulars, distributed
to millions, contained warnings to impress bankers, merchants and
others of the necessity for demanding proper identification.
for check forgeries dropped from'2,53^ in 1939 to 2,085 in
Arrests
19^ 0,
The Secret Service in 19*4-0 made 3,107 arrests, or 703 fewer than
in 1939.
A total of 3,201 cases brought convictions; 912 cases await
court action.
Further reduction is expected as ”Know Your Money”
education becomes a permanent program.
Counterfeiters Caught
Among the more important cases was the seizure of a plant for
the manufacture of counterfeit $5 notes, at Anderson, South Carolina,
November 9,
19U0 ,
following the arrest of Burt Driver.
a $5 silver certificate were '..’Seized.
Plates for
Agents confiscated 28 notes.
- 5 -
Clyde Campbell was arrested November SO for conspiracy, with Driver
to make these notes.
Driver, arrested in 1926 and in 1928 for
raising notes, served a term in the Atlanta Penitentiary.was again arrested in
sentenced to Atlanta.
1933
Driver
§¡1# making hand-drawn notes, and was
He is believed to be the teacher of numerous
note raisers in Anderson and nearby towns.
Driver was sentenced
December 2 to three years in Atlanta Penitentiary and planed on
probation for five years, effective at expiration of sentence.
Campbell was sentenced to one year and one day in Atlanta Penitentiary.
Harry Mills, twice convicted plate maker, was arrested March 28,
19^0
for passing a counterfeit $5 note, four similar notes having made
their appearance prior to his arrest.
He admitted sole responsibility
for this note and for approximately 10 he had passed.
Search of Mills*
home repealed equipment consisting of finished and unfinished plates,
a home-made press, material and equipment.
offense.
This was Mills’ third
He was sentenced in New York City in 1932 for making $10
Pedera.1 Reserve notes and in 1935 He was sentenced to one year in
Providence, Rhode Island for making plates for another $10 note.
Mills
was sentenced June 1^, 19^0 to 10 years in prison and fined $ 3 »000.
Burleigh Clinton Rollins, printer, employed by a weekly newspaper
in 'Somerworth, New Hampshire, was arrested March 18, 19^0, for
attempting to pass a $5 note in a Boston drug store.
Two notes were
- 6 -
found in his possession and he had passed one specimen before his
arrest.
In his home agents seized two additional $5 notes, one
front plate for this note, and one front plate for another
note.
$5
$5
Rollins admitted sole responsibility for making counterfeit
notes during the previous six months while employed as a
nrinter by a Somerworth newspaper.
He was sentenced May lU, 19^-0
to one year and one day, suspended with probation for five years
and fined $1.
19U0,
Rollins was removed to Concord, New Hampshire, May 15,
where he pleaded guilty to charges of making and possessing
plates and notes, and was sentenced to two yeans, suspended, with
probation for two years, effective at expiration of sentence
imposed in Massachusetts District.
He will be under the supervision
of the courts for seven years.
Alcohol Tax Unit
A decline in illicit liquor operations the country over is
shown by tha.t portion of Mr. Ireyts report dealing with the Alcohol
Tax Unit.
Preliminary figures for the calendar year 19^0 show that
10 ,785,
still seizures totaled
gallons.
and mash seizures aggregated
6,239,97^
The trend over the lest six years is indicated by the
fact that seizures in
19^+0
below seizures in 1935*
were
5.8
percent below
1939
and
35
percent
Mash sei*ures, considered the best available
measure of illicit activities, the report asserts, declined in
by
15.U
percent from those of
1939,
by
67
percent from
19^0
1935*
The
average amount of mash seised per still was 1,150 gallons in 1935»
720
gallons in 1937»
6^U
gallons in 1939» end
gallons in
19H0.
In 19^0 seizures in lb southern states amounted to k t293»781
gallons of the United States total of
6 ,239»97^
gallons of mash.
In 1935» seizures in the lb southern states totaled 9»139»779 gallons,
while seizures of mash outside this area aggregated 10,022,3^7
gallons.
Thus, compared with
1935» E>ash
seizures decreased
53
per
cent in the lb southern states and decreased SO. 6 percent in the
rest of the country.
Compared with the preceding year, mash seizures
decreased in the i§j southern states by
hy
3 O .3
percent.
6 .U
percent, and elsewhere
It was in these states that Coast Guard flyers
performed valuable service by spotting moonshine stills from the air,
often by the smoke.
During
totaled
19 UO
2 5 ,S62
arrests for violation of Federal liquor laws
for the country, end property of an appraised value
of §2 ,30 5 ,6 11 was seized in connection with such offenses, including
h,2^7 automobiles and 1+77 trucks.
During the year, 27,09^ prosecu
tions in Alcohol Tax Unit cases were recommended in Federal courts;
21,295
persons were indicted, and 18,2^7 persons were convicted.-
These figures reflect a decrease in the number of arrests and
prosecutions begun, and also show that the number of liquor cases
disposed of in Federal courts in 19^0 was less than in the preceding
ft
year,
11
December 31» 19^0, found 7,60S persons awaiting grand jury
action, and 7*126 awaiting trial for liquor violations.
The
number awaiting grand jury represents a decrease of almost
900
1939, while the number awaiting trial represents a decrease of
from
150
over 1939*
Intelligence Unit
Special agents of the Intelligence Unit of the Bureau of Internal
Revenue obtained the indictment of
239
individuals, including
business and professional men, as well as racketeers, for evasion
of income and other taxes during the calendar year 19^-0.
individuals tried during the yean, 155 were convicted.
Of 201
In addition
to prison sentences, the individuals convicted were fined $366,000.
Additional taxes and penalties totaling $27*773*699.5° were recommended
for assessment in cases investigated during the year.
Evidence gathered by special agents resulted in the institution
of criminal proceedings against 22 other individuals on miscellaneous
charges.
Twenty-six individuals were tried during the year, and
25
convictions were obtained.
The principal case which came to a conclusion in 19^0 was that
of Moses L, Annenberg of Chicago, who operated, from his general
offices in that city, a pre.ctica.1 monopoly of race track information.
His network of telegraphic service extended from virtually every
race track in the United States, Canada, Mexico, and Cuba, and
- 9 ~
reached a large number of bookmakers, in every state in the Union
and in every city of any size.
Investigation of Annenberg’s
income tax affairs and a large number of corporations controlled
by him required five years’ time.
As a result, Annenberg pleaded
guilty in April to charges of income tax evasion and was sentenced
to serve three years in the penitentiary.
In addition, he agreed
to pay $8,000,000 in settlement of his income tax liability.
Two other cases in Chicago attracted attention.
Edward P.
Jones, operator of the largest ’’numbers game” in the city, and
William R. Johnson, a partner in the operation of a'large number
of gambling places, were indicted.
Jones pleaded guilty to
charges of income tax evasion, and Johnson was convicted after
trial for a similar offense and for conspiracy, with five others.
Johnson received a five-year prison sentence and a $10,000 fine.
Jones has yet to be sentenced.
Bureau of Narcotics
The report sets forth that figures compiled by the Bureau of
Narcotics showed that during the last calendar year there was a
decrease in the number of persons arrested for violations of the
Federal narcotic laws (excluding marihuana); 2,216 persons being
arrested in 1940 as compared to the final figure of 3*295 in 1939.
The number of marihuana arrests remained virtually constant, 870
persons being arrested for violations of the marihuana tax act in
10
~
I9U0 as compared to final figure of 86U persons arrested in 1939*
Arrests for all offenses therefore were 3*086 as compared to 94,159
in 1939.
Bureau figures show a substantial decrease in the amount of
drugs seized by the Treasury agencies, Customs and Narcotics,, that
deal directly with this problem.
In the internal traffic the Bureau
of Narcotics seized approximately 2,292 ounces of narcotic drugs
in
19 U0 ,
compared with 3 * 5 ^ ounces in 1939»
The Bureau of Customs
seized at ports and borders approximately 2,286 ounces in
compared to 8,895 in 1939*
19^0
as
Total narcotic seizures therefore were
approximately U ,578 ounces in
19^0
as compared to
12,^39
in 1939»
In addition, in 19^-0 there were seized in the illicit traffic
20,960
ounces of bulk marihuana, including
1 9 ,5^0
•sorts and borders, and
3*^50
ounces seized at
cigarettes, including
1 ,2^3
seized at
ports and borders, as compared to final figures showing 17»°35 ounces
of bulk marihuana and
19,091
cigarettes seized in 1939*
In carrying on a program of ma,rihuana eradication throughout
the country in cooperation with state, municipal., and other
enforcement agencies, marihuana was found growing, and was eradicated,
on approximately
19,200
acres of land in 1939*
acres of land in
19 >K>
as compared to
6,506
-
11
Ifor several years the principal narcotic drug of addiction
has "been heroin, with morphine and smoking opium next in importance,
and it is believed that this relative situation continues.
How
ever, such heroin as is commonly encountered in the illicit traffic
is generally highly adulterated, says the report, and that commonly
sold is a mixture which usually contains less than five percent
heroin.
In the amounts used in many cases it does not establish a
real tolerance and dependence for the drug.
The apparent shortage of smuggled drugs has resulted in efforts
by peddlers and addicts to divert narcotics from medicinal sources.
There was? an increase in 19^+0 both in the number of robberies and
the amounts stolen from pharmacies, wholesale houses, and other
sources for legitima-te narcotics.
Because of the cooperation of the
drug trade in affording maximum security to large concentrations of
narcotics, the total amount of drugs thus made available to the illicit
traffic was minimized.
Attention was devoted by the Bureau to the
problem presented by numerous addicts resorting to paregoric or other
so-called exempt preparations.
There were many important prosecutions in 19*+0 for violations
of the narcotics laws on evidence adduced by the Bureau of Narcotics,
with the aid notably of the Customs Agency Service and Coast Guard,
often with valuable participation of local police.
The notorious
Newman brothers of New York, whose true names are Charles, George and
-
12
Harry Neiditch, are serving two-year terms in Federal penitentiary.
They pleaded guilty both to narcotics charges and evasion of income
taxes.
At one time, before the vigilance of Treasury agencies
began to curtail their operations, the Newman brothers were considered
the largest dealers in illicit narcotics in the United States.
They
had extensive foreign connections, and were believed to be a main
source of supply not only for New York but for Chicago and other
inland dealers in forbidden drugs.
Bureau of Customs
Law enforcement of the Bureau of Customs, through its Agency
Service, in 1940 again was directed largely against the smuggling of
narcotic drugs into the United States.
Operating independently, or
in cooperation with the Bureau of Narcotics, a number of important
seizures of narcotics and apprehensions of notorious smugglers were
effected.
Seizures of smuggled merchandise totaled almost 8,650, a decrease
of 25 percent, in comparison with the preceding year.
than
2,665
before.
There were more
seizures of smuggled liquor, a decrease from the year
Narcotic seizures aggregated nearly 735, a decrease from the
calendar year
1939,
and totaled 2,286 ounces, exclusive of marihuana.
Seizures of bulk marihuana totaled 3,450 ounces, and in addition 1,321
ounces of marihuana seed and
1,243
marihuana cigarettes were seized.
~ 13 There was a decided decrease in large-scale attempts to smuggle
such narcotic drugs as opium, morphine and heroin, hut a noted
increase in the petty smuggling of marihuana on vessels coming from
Central and South American ports, and across the border from Mexico.
The most important narcotic smuggling ca.se originated with the
arrest at San Francisco by state narcotic officers of two Chines# in
possession of two pounds of so-ca.lled Japanese '’cotton1* morphine, and
with the purchase at Seattle on the same day, by Customs and narcotics
officers, of#one pound of the same sort of morphine.
Seizures followed
at Seattle, Tacoma, and New York, with prosecutions that resulted in
convictions.
The alertness of a Customs guard at San Francisco led to the dis
covery and seizure of
27
one-tael tins and
31
five-tael tins of
smoking opium, of a, total net weight of over 2^2 ounces.
The guard
noticed that a seaman coming ashore from the S. S. President Coolidge
was apparently opening a package of cigarettes.
During the customary
search of the seaman's person, the guard saw that he had a partially
filled package of cigarettes in his pocket.
one-tael tin of opium.
on shipboard.
This package contained a
Other tins were found in places of concealment
Investigation brought the arrest of three men —
Chinese in San Francisco, a Chinese in Honolulu, and
in Honolulu.
a
a, Customs guard
The three were convicted in San Francisco.
Eastern Smuggling Decreases
With principal smuggling efforts for heroin and cocaine on the
Pacific Coast, smuggling operations in the East were mostly at New York
City, where attempts dwindled to individual cases of incoming seamen
concealing on their persons small quantities of narcotics, principally
marihuana, as they came ashore.
A seizure of seven pounds of raw
opium was made at that port on February
from'Turkish ports.
7 > 19^0 »
on a vessel arriving
Petty marihuana smuggling attempts were numerous*
Recently, in several of these cases, sentences of three years, 18
months and one year were imposed*
Customs reports the usual steady trickle across the Mexican
border of raw and smoking opium and marihuana.
While opium seizures
in this area decreased, marihuana smuggling increased, and numerous
seizures were made at points in Texas, Arizona and Southern California.
However, no considerable quantities of marihuana were involved in
individual seizures.
An investigation at Detroit, Michigan, disclosed that a tunnel
company had during the past five years had all repairs to
30
coaches
operated by them made in Canada without reporting such repairs to the
Collector at Detroit, or paying duty thereon.
Failure of the company
to pay estimated duties in the amount of $ 11,189 would subject the
rolling stock to forfeiture, the forfeiture value amounting to $ 108,858.
In connection with an investigation at New York City into
fraudulent undervaluation of mica imported from India, it was determined
that the estimated loss of revenue covering the importations from
to 1939». inclusive, amounted to $H9,171.1$»
value was $ 800,209*
1931
The estimated forfeiture
~
13&
Treasury Pisto1 Experts
Under a program initiated "by Secretary Morgenth.au, Treasury
armed forces of the various agencies have developed pistol shooters
who are known nationally as Treasury Team Ho, 1.
This team has
participated in the principal registered matches held, during the
past three years at Cincinnati, Tampa, Miami, Detroit, Los Angeles,
Fort Francis E. Warren, and Buffalo, and in the national matches at
Camp Perry, Ohio.
They have won many trophies each year and have
defeated all military and police teams in scheduled matches.
Treasury team holds national records in the 22 caliber,
The
J8 caliber
and U 5 caliber classes', and several of the individual members hold
national records.
In the "American Rifleman" listing of the 3°
ranking shooters in the United States there appear the names of eight
Treasury enforcement officers, including two Coast Guardsmen,
The
nearest to this record is the Detroit police with four men in the
first 30.
30,
Ho other organisation has more than two among the first
Virtually all the enforcement officers of the Treasury Department
are now qualified pistol marksmen,
Aggregate Statistics
Results of the work of the Treasury’s coordinated enforcement
agencies are reflected in figures supplied by the Director of the
Bureau of Prisons of the Department of Justice, showing the number of
persons convicted and sent to prison in Treasury law cases and in
~
16
-
other Federal cases for the fiscal year that ended June
30,
19*+0*
The Bureau of Customs caused 185 convictions, with 51 commitments
to prison.
For counterfeiting and forgery, Secret Service caused
the conviction of
2 ,31 2
persons, with
1 ,1+87
commitments; and for
violation of the gold statutes, 2h persons convicted with six commit
ments.
Internal Revenue’s Alcohol Tax Unit had more convictions,
18,221, than any other Treasury agency, with 10,003 commitments.
Violation of other laws relating to Internal Revenue brought 120
convictions, with 1+2 commitments.
The firearms act, also enforced
by Internal Revenue, brought Ug convictions and 23 commitments.
For
violations of the narcotics and marihuana laws, the Bureau of
Narcoti s caused 3*0^7 convictions, with
2,250
commitments.
Thus
convictions under statutes dealing with all Treasury matters totaled
23,9 51
for the fiscal year I9 U0 , with
13,86 2
commitments to prison*
Convictions under other Federal laws reached a total of 16,027, with
9 ,1U1 commitments.
convictions and
These figures reveal that 59 - 9 percent of all
60.3
percent of all commitments were in Treasury cases.
About the same ratio is indicated for the calendar year I9 I+O.
'Chief Coordinator Irey, reciting the success of the Treasury
coordination plan, cites increased cooperation with state, county and
police forces n.s an. active factor in bettered enforcement of
Federal laws.
Outlining proposals for the extension of these rela
tions, the report says;
«Our objective for the year
19 U1
is to strengthen the gains made
- 17 -
in our expanded, efforts, and to make progress in a new field that
means so much to our own greater success —
by winning country
wide cooperation of sthte, city and county police organizations.
Before the close of 19^-0, many supervisory officers had already formed
excellent contacts in those local channels.
The cultivation of more
friends in the ranks of peace officers has already "brought splendid
enforcement results.
It a.ugurs well for the future.
’’More friendly relations with the fellow officer on the local
police "beat will be of incalculable help to Treasury enforcement
personnel, when we have been able to develop a clearly understood
method by which the local officer may freely and fully communicate
information to the Treasury agencies.”
---- 0O0 —
CODS OF FEDERAL REGULATIONS^
Title 31 - Money W d Fihanof; Treasijyy^"
Chapter I - Monetary Officel^^efftrtment of the Treasury
Part mâg
4r
—
TREASURY DEPARTMENT
Office of the Secretary
February 1, 194-1*
mmm immm 10* 33* ab 1 1 a m
UNDER EXECUTIVE ORDER N(f. 8389, APRIL
10, 1940, AS AMENDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*
General
'h&mmm No*
33 It amended to road at follow»*
A gen eral lle o a a o i t hereby gran ted a u th o risin g ro o itta o o o o by
any inêiw iêsieA ibra-ugh. « y beak to any in d iv id u a l who i t a e ltix e m
of
%im Halted
State« within any foreign
mmtxf mà
any beak 1«
au th o rised to o ffo o t tush rem ittances# provided th e fo llo w in g terwo
« l i « m d lt lm s are e m p ito li w ith*
(1) Suoli ronltt&mioe do aot exaoed 1500 In «ay one
oftloadar math to any payee and hi« household end earn mAo
o n ly fo r th o neeeoœsy liv in g and tr& v e lia g «spesse# o f th e
payee «ad hi# household, except that an additional tarn not
IXGOG any be remitted m m to «web payee if sash
w o will be need for the purpose of enabling the payee or
his housoiiold to retura to the United State«}
(2) Bush resdtteaeo» or# not made from fund# la w h i c h
prior to tho remittance say forcipi country designated la
Sasseti«« Order Ho* 4309# *e «ended# or *»y national thereof
had say interest wts#i#e#w«r# direst of indirect* other than
from «a account la a tenkiag' institution within tèa United
State# in the n e » of, or in which the belieftelai Interest is
hold ty, the payee or waaber# of hi# household*
AH- in d iv id u a ls lacking smfo rem ittees# « and a l l beaks e ffe c tin g
smell mmlttmm» ohall satisfy themselves that the foregoing to»#
and conditions are complied with*
banks era authorised to establish and mintela free dollar se»
menta if
such reKlitanM#*
m à only to the eatont aoeessary, to offset
Banks #r# not authorised to ««tablish or «MU*»
tain free dollar « u m i l i in oases where «neh renlttanoes may be
effected in the manner prescribed in (a) er (b) under (2) of
*Part 1631 - Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat, 1; Public
Resolution No, 69, 76th Congress; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934;
Ex, Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446,
June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940;
Ex. Order 8.565, Oct, 10, 1940; Regulations, April 10, 1940, as amended May 10,
1940, June 17, 1940, July 15, 1940, and Oct. 10, 1940.
towwa1 IAsnmum is. 32, s# aatftiidttd«
llt lt respect to eaeh. remittee** n«d» .« « u s a i to iàlft fonemi
lioimse reports <m form ÎFIW132 shell be exeeuted mod filed im the
SÄS0BMMP « li f«m «là wader ih* ecmiltloíis prescribed la Cfcmeral U ~
««ase le* 32,, e#: smaded«
M m oà in this tenersi Usense ih* t e m e «fesuìÉ» «ad «house*,
shell be ú m m á %o horn the risenlng .proscribed In General
S & M M i So* J2, es eseratal»
(t>GLí•)
L»• W • BELlL
Acting S e c re ta ry o f th e f m m m f
m Jf «*»
kt nao«
in tbia general U « W M I
(1) ft« tara «bank* th>U h u wqr brauch or offie# srithin
tte Balte« States of any of the folloeiag sfciab la twt • national
of eny forai«» country öoaign&te« in faeoatle» Order Io, 8389, *s
«asndedt eny beide «r trnat company incorporated andar ihm U m
of the Salta« State» «r of « y »tat», territory or «iotrlot of
« M Saite« Statea, or ony primate Senk ewkjeet to gupereision an«
iww<intinti 0* « « tua bankte* J o m of wqr stato, torritory or
*$0 m m of tbe Suite« States, ft# t e m «bank» Shell also inoliate
wqr telar banking laetitation «Site ts speoifiejfally «littorie#« by
the freaanry Bapsrtaent to bo treated aa a «beule" for tba parpose
of t M a getterai iloeneo,
(2) ft# t e m «boaeebold* «ball neon* («) tbose indiriduale
sharia® a c m o n dwellicg es a fwiilyj or (b) ony indiriduel not
n. fbfffflfcf»* ä m llix g w im 0%h<sr& m * £m il& +
/s/ D. W. Bell
Acting $ * * * w m * y «f m m T rm a m xy*
j m x r n w ! ß 1941*
A ll in d iv id u a ls making such rem ittan ces «ad a l l banks e ffe c tin g
such
1
rem ittan ces s h a ll s a t is fy them selves th a t the fo re go in g terns
and co n d itio n s are com plied w ith«
I f such rem ittan ces are made from funds In which p rio r to ths
rem ittan ce no fo re ig n country designated 1» E xecu tiv e Order Bo* 3.339,
as amended, o r n a tio n a l th e re o f had any in te r e s t w hatsoever, d ir e c t
or in d ir e c t , hanks are au th o rised to e s ta b lis h end m aintain fre e
1
d o lla r accounts i f n e ce ssa ry , and only to th e e x te n t n e ce ssa ry , to
m
e f f e c t such
rem ittan ces*
Banks are not au th o rised to e s ta b lis h or
m aintain fr e e d o lla r accounts in cases where such rem ittan ces nay
he e ffe c te d in th e meaner p rescrib ed in (a) or (b) under (2) above*
Banks through which any such rem ittan ces o r ig in a te s h a ll execute
prom ptly S e ctio n A o f Fora T i l -132 in t r ip lic a t e w ith resp e ct to each
such rem ittan ce*
then so executed such co p ies o f Fora TCTU132 s h a ll
be forwarded prom ptly to th e bank u ltim a te ly tra n sm ittin g abroad
(by cab le or otherw ise) th e payment in s tr u c tio n s fo r such rem ittance
and the la t t e r bank s h a ll, upon the r e c e ip t th e r e o f, execute Section
B o f suoh co p ies o f Form
TFB-132 and prom ptly f i l e such executed re
p o rt in t r ip lic a t e w ith th e ap p ro p riate F ed e ral Reserve Bank.
I f the
bank through which any such rem ittan ce o r ig in a te s i s a ls o the bank
u ltim a te ly
tra n sm ittin g abroad the payment in s tr u c tio n s fo r such re
m itta n ce , then such bank s h a ll execute both S e ctio n s A and B o f such
rep ort*
Bo re p o rt on Fora TFR-132 s h a ll be deemed to have been file d
in com pliance w ith th is g en eral lic e n s e u n less both S ectio n s A and B
th e re o f have been duly executed as herein p re scrib e d .
m
I
man
|g j
H g g ssi
c ir k m
lif e fp g sg g p g
¡¡¡II
CODE OF FEDERAL REGULATIONS
Title 31 - Money and Finances Ti
Chapter I - Monetary Offices, De
part
/
the Treasury
c.
TREASURY DEPARTMENT
Office of the Secretary
rt
GENERAL U C H S I NO« 32» AS MISLED,
UNDER EXECUTIVE ORDER NO. 8389, APRIL
10, 1940, AS AMENDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*
General Llcense In* 32 1# amanded to read a« followei
A general H e m m i» hereby granted authorisiag reaiit&nce« by
aay iadiwlduai through any h m k to atsy iadiridual mithin aay foreipi
ceuntry designated in Lxecutlv« Order io * S 3 &9 » e# amended» and any
bank t« ÄUthcrised to o f f M t such remiiieaees» prcwlded the follow«
Ing terms and condition« are ccmplied witht
| | | Such rem iitsn ee« are sod» on ly f « r the M dM sax'y
lir in e oxpoM M of th e payoo and h i» houeehold and d© n ot
exeeed |100 in aay one calen d ar month to any one houaehold,
exeept tha-t a d d itio n a l sums n o t exest-dlxig « f iß any o»o
calen dar nonth m y be re m itie d fo r e&ch »»aber ©f the
pay««1» hcusehold in a d d itlo n to the peyee» prorided th a t
in no ca»» » h a ll a «um ln exeea» ©f f 200 per calen d ar aoath
b» r e s ltte d to m y m m ho »«»hold|
( 2 ) Such reaitt& a© «» are n o t made fro n fand« in whtefe
p rto r to th » r e a itta n c e any fo r e ip t cotm try designated in
E xecu tive Order io * S369» a» amended» o r auy n a tio n a l
th e re e f had sny In te r e s t w hatsoever, d ir e c t o r in d ir e c i»
o th er than fro n m m m m t % in « Nanking in it lt u t io n w itfel»
th » U nited S ta te « in th e asm# ot$ or in whlch the bene«
f in in l In te r e s t i» h eld b y , the payee o r aeaber« o f h i»
hou»ehold» and such r e s itta a c c s ¡my be »ad« fro n m y rn&fa
accouat o n ly i f e ffe o te d i
(a) % th e a c q u is it i cm o f fo r e ig n exch&sg*
fr o » a person in th e U nited S ta te » h arin g a lic e n s e
s p e c ific a lly a u th o risin g the s a le o f auch exchange!
or
(b) By th e payment o f the d o lla r amount o f
th e rem ittan ce to a bank fo r c r e d it to an account
in th e name o f a banking in s t itu tio n w ith in the
fo re ig n country to which the rem ittan ce 1 « to be
mad«» from which account payment«» tra n s fe r« or
w ithdraw als may be made only under lic e n s e *
*Part l62| - Sec.5(b), 40 Stat. 415 and 966j Sec. 2, 48 Stat. 1; Public
Resolution No. 69, 76th Congress; 12 U.S.C. 95a j Ex. Order 6560, Jan. 15, 1934$
Ex. Order 8389, April 10, 1940| Ex. Order 8405, May 10, 1940| Ex. Order 8446,
June 17, 1940| Ex. Order 8484, July 15, 1940| Ex. Order 8493, July 25, 1940«
Ex. Order 8565, Oct. 10, 1940« Regulations, April 10, 1940, as amended May 10,
1940, June 17, 1940, July 15, 1940, and Oct. 10, 1940.
s <■*»
'yLw^'
4$*%j
FOR IMMEDIATE RELEASE:
A 3 ”
3
(»
The Treasury Department today modified General Licenses No. 32
f%r^ u |1 j
and No. 33 issued under the executive orders relative t^ToFelgn
«jg* so as to liberalize remittances to ’’frozen” countries.
Tl\e modifications may be summarized as follows:
(1) The amount which may be remitted to non-American
citizens in the ”frozen’’ countries for living expenses
has been raised to $100 per month for any individual,
plus $25 for each additional member of the family^with
a monthly limit of $200 for a family. Also, such
persons having their own funds in the United States
may, subject to certain limitations, draw on such funds
for living expenses in the prescribed amounts.
(2) American citizens in the frozen countries may be sent
$500 in any one month for living expenses, plus one
remittance of $1,000 for the purpose of enabling such
persons and their families to return to the United
States. These funds may be remitted whether or not
the American citizen is drawing upon his own funds or
is being sent money by friends and relatives in the
United States.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
'Saturday, February 1, 19*4-1.
Press Service
No. 2 3 - 3 6
The Treasury Department today modified General Licenses No. 3 2
and No. 33 issued under the executive orders relative to the control
of foreign funds so as to liberalize remittances to "frozen'1
countries,
The modifications may be summarized as follows:
(l)
The amount which may be remitted to non-American
citizens in the "frozen" countries for living
expenses has been raised to $100 per month for any
individual, plus $ 2 5 for each additional member
of the family, with a monthly limit of $200 for a
family.
Also, such persons having their own funds
in the United States may, subject to certain
limitations, draw on such funds for living expenses
in the prescribed amounts.
(2) American citizens in the frozen countries may be
sent $ 5 0 0 in any one month for living expenses, plus
one remittance of $1,000 for the purpose of enabling
such persons and their families to return to the
United States.
These funds may be remitted whether
or not the American citizen is drawing upon his
own funds or is being sent money by friends and
relatives in the United States.
The texts of the amended licenses are as follows:
TREASURY DEPARTMENT,
Office of the Secretary,
February 1, 1341.
GENERAL LICENSE NO. 33, AS AMENDED,
UNDER EXECUTIVE CRIER NO. 8389, APRIL
10. 1940, AS AMENDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*
General License No. 33 is amended to read as follows:
A general license is hereby granted authorizing re
mittances by any individual through any bank to any individual
who is a'citizen of the United States within any foreign
country and any bank is authorized to effect such remittances,
provided the following terms and conditions are complied
with:
(1)
Such remittances do not exceed $>500 in
any one calendar month to any payee and his house
hold and are made only for the necessary living
and tra,veling expenses of the payee and his house
hold, except that an additional sum not exceeding
$1000 may be remitted once to such payee if such
sum will be used for the purpose of enabling the
payee or his household to return to the United
States.;
(2) Such remittances are. not made from funds
In which prior 'bo the remittance any foreign country
designated in Executive Order No. 8389, as amended,
ox- any national thereof had any interest whatsoever,
.direct or indirect, other than from an account in a
banking institution mf-hin the United State-0 in the
of, or in which the beneficial, interest is.
held "by, the
or members of his household*
All individuals making such remittances and all banks
effecting such remittances shall satisfy themselves that the
foregoing terms and conditions are complied with,
•'''•Part 163; - Se c7 5 Ïb ), 40 3 tat. 415 and 966; S e c . 2 ~, 48 Stat, Tj
Public Resolution No. 6 9 , ? 6 th Congress; 12 U.S.C. 95a; Ex. Order 656 O,
Jan. 1 5 , 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10,
1940; Ex. Order 8446, June 17, 1940; Ex, Order 8484, July 15, 1940;
Ex. Order 8493, July 25, 1940; Ex. Order 8 3 6 5 , Oct. 10, 1940;
Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940,
[July 1 5 , 1940, and Oot. 10, 1940,
of the Treasury
TREASURY DEPARTMENT,
Office of the Secretary,
February 1, 194l.
yc
GENERAL LICENSE NO.
-, AS AMENDED,
vtr\
, APRIL
UNDER EXECUTIVE ORDER i'JU
10, 1940, AS AMENDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN FOREIGN EXCHANGE, ETC
General License No. 32 is amended to read as follows:
A general license is hereby granted authorizing remit
tances by any individual through any bank to any individual,
within any foreign country designated in Executive Order No.
S3 S9 , as amended, and any bank is authorized to effect such
remittances, provided the following terms and conditions are
complied with:
(1) Such remittances are made only for the
necessary living expenses of the payee and his
household and do not exceed $100 in any one calendar
month to any one household, except that additional
sums not exceeding $ 2 5 in any one calendar month may
be remitted for each member of the payee’s household
in addition to the payee, provided that in no case
shall a sum in excess of $200 per calendar month be
remitted to any one household;
(2) Such remittances are not made from funds
in which prior to the remittance any foreign country
designated in Executive Order No* S3$9, as amended,
or any national thereof had any interest whatsoever,
direct or indirect, other than from an account in
a banking institution within the United States in the
name of, or in which the beneficial interest is held
by, the payee or members of his household, and such
remittances may be made from any such account only
if effected:
*Part "165;' '-"See. 5'("b), 40 St at. 415 and 96b; Sec. 2, 48 St at"..T;
Public Resolution No* 6 9 , 7^th Congress; 12 U.S.C. 95a; Ex. Order
6 5 6 0 , Jan. 15, 193^; Ex. Order 2329, April 10, 1940; Ex. Order
2405, May 10, 1940; Ex. Order 24-46 , June 17, 19^0; Ex. Order 2424,
July 1 5 , 19^0; Ex. Order 2493, July 25, 1940; Ex. Order 2 5 6 5 ,
Oct. 10, 1940; Regulations, April 10, 1940, as amended May 10,
1940, June 17, 1 9 4 0 , July 15, 19^0, and Oct. 10, 1940.
2
(a) By the acquisition of foreign exchange
from a person in the United States having a
license specifically authorizing the sale of
such exchange; or
(h) By the payment of the dollar amount
of the remittance to a hank for credit to an
account in the name of a. banking institution
within the foreign country to which the remittance
is to be made, from which account payments,
transfers or withdrawals may be made only under
license.
All individuals making such remittances and all banks effect-?
ing such remittances shall satisfy themselves that the foregoing
terms and conditions are complied with*
If such remittances are made from funds in which prior to the
remittance no foreign country designated in Executive Order No.
$3$9> as amended, or national thereof had any interest whatsoever,
direct or indirect, banks are authorized to establish and maintain
free dollar accounts if necessary,
and only to the extent neces
sary, to effect such remittances.
Banks are not authorized to
establish or maintain free dollar accounts in cases where such
remittances may be effected in the manner prescribed in (a) or
(b) under (2 ) above.
B^nks through which any such remittances originate shall
exeoute promptly Section A of Form TFR-132 in triplicate with
respect to each such remittance.
When so executed such copies
of Form TFR-132 shall be forwarded promptly to the bank ultimately
transmitting abroad (by cable or otherwise) the payment instruc
tions for such remittance and the latter bank shall, upon the
receipt thereof, execute Section B of such copies of Form TFR-132
and promptly file such executed report in triplicate with the
¿to
~
3 -
appropriate Federal Reserve Bank.
If the bank through which
any such remittance originates is also the bank ultimately
transmitting abroad the payment instructions for such remittance,
then such bank shall execute both Sections A and B of such
report'.
No report on Form TFR-132 shall be deemed to have been
filed in compliance with this general license unless both Sections
A and B thereof have been duly executed as herein prescribed.
As used in this general license:
(1 ) The term "bank” shall mean any branch or office
within the United States of any of the following which
is not a national of any foreign country designated in
Executive Order No.
as amen<3-e(3-; any bank or trust
company incorporated under the laws of the United States
or of any state, territory or district of the United
States, or any private bank subject to supervision and
examination under the banking laws of any state, territory
or district of the United States.
The term "bank” shall
also include any other banking institution which is
specifically authorized by the Treasury Department to be
treated as a "bank 11 for the purpose of this general
license.
(2 ) The term "household" shall mean:
(a) those
individuals sharing a common dwelling as a family;., or
(b) any individual not sharing a common dwelling with
others as a family.
D. Wft BELL
Acting Secretary of the Treasury
fiiàsimf
befjijbenbhh ?
Waehlagton
Fre«« Serri ce
le*
23
**¿57
The Secretary of the treasury announced lati evening that the tender«
ter $100,000,000, or thereabout«* of latleaal Defense Serie« 91-day
treasury hills* to he dated February 9 and to nature Kay ?• 19*11, which
were offered on January 31» were opened at the federal Be serre lank« on
February 3*
the details ©f this Issue are a« follows;
fetal applied fer - $318 ,3^5,000
total accepted
- 100 ,^50,000
the accepted bids were tendered at prices «lightly abore par* and at
par.
Of the aaeaat tendered at par* 36 percent wae accepted.
TREASURY DEPARTMENT
Washington
Press Servi
No* 23-37
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, February
19
_____
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 February
0
and to mature May 7/
I9A1 , which were offered on January §1, were opened at the Federal
Reserve Banks on February 3»
m1P 1~
Q issue are as follows:
Total applied for
Total acceotod
$ 312 ,9,43,000
100,430,000
The accepted bids xfere tendered at prices slightly above par,
and at p ar
Of the amount tendered at par,
36
percent ’was accept ed
- 2-
Recapitulation - Section 21(a) and (b)
j|
Total that may he outstanding..... *...... •••••....••••••*•••••••• $^9#000,000,(101 |
Total outstanding........ ............. ........ ...........
H6,2*48»*459tm 1
Balance issuable:
General Limitation - Sec* 21(a)*......... .
$ 1*123# 597»*425
J
National Defense Limitation - Sec* 21(h).... .
1*627#9*42,800
J
Reconcilement with Daily Statement of the United States Treasury
January 31* 19*41
Total face amount outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended, as limited by Section 21 of the Act.
General Limitation.... «............. ............ .
$*43*876»*K)2,5]|
Deduct unearned discount on Savings Bonds*..*....... .
956*921t<g
te#9i9*^o,r
National Defense Limitation... ............................. *
2,372*057*20
$^,291,537.9 1
Add other outstanding public debt obligations not
subject to the statutory limitation:
Interest-bearing (pre-war, etc.)... •••••••
$ 196,102,380
Matured on which interest has ceased..••••••
13*792*555
Bearing no interest...... ..............
375>539»990
585**43*4,9^
Total gross debt outstanding as of January 31, 19*41......... .....* $*45»876*972,7i
Section 21 of the Second Liberty Bond Act, as amended, provides as follows:
(a) The face amount of bonds, certificates of indebtedness, Treasury bills,
and notes issued under the authority of this Act, and of certificates of indebted
ness issued under authority of Section 6 of the Hrst Liberty Bond Act, shall not
exceed in the aggregate $*45*000,000,000 outstanding at any one time*
(b) In addition to the amount authorized by the preceding paragraph of this
section, any obligations authorized by Sections 5* *uid 18** of this Act, as amended,
not to exceed in the aggregate $*4,000,000,000 outstanding at any one time, less
any retirements made from the special fund made available under Section J01 of the
Revenue Act of 19*40, may Be issued under said sections to provide the Treasury with
funds to meet any expenditures made, after June } 0 9 19*40, for the National Defense»
or to reimburse the general fund of the Treasury therefor* Any such obligations so
issued shall be designated ^National Defense Series11*
* Sec.
5 authorizes certificates of indebtedness and Treasury bills*
** Sec. 18 authorizes notes of the United States (Treasury notes)*
1
February
3, 19*+1
STATUTORY DEBT LIMITATION
Under Section. 21 of the Second Liberty Bond Act, as Amended
‘ ' !
Aa of January 31» 19*+1
is id'
fhe following table shows the face amount of public debt obligations of the
United States authorized, outstanding, and balance issuable under the limitations
imposed by Section 21 of the Second Liberty Bond Act, as amended.
I- General Limitation - Section 21(a)
1
fotal face amount of bonds, notes, certificates
of indebtedness, and Treasury bills that may
be outstanding at any one time,.................................... 5,0
Outstanding as of January 31, 19*+1*
Int ere st-bearing:
Bonds
Treasury,..*•••••••••*•••••••«$27,960,167,200
Savings (maturity value)*.... - *+,328,056,850
Adjusted
.... .......
7»«.071.575 $33,036,295,625
Treasury notes........ 8,588,631,300
Certificates of indebtedness.,.. 1,98*+,100,000
Treasury bills (maturity value).
100,130,000
Matured obligations, on which
••••••••
interest has ceased....
,000,000
[¡¡a # t *
I I note!
; rtiiicates 1
0 ftill!
10,672,861,300
•13.709.156.925
oWigatioi
fc la s c e i
l67,2^5,650
>»3,876,*102,575
Face amount of obligations
issuable under above authority,......... •....................*
.
j i t of oW
i ! le M er 1
*+,000,000,(
sretireaer
_
II. National Defense Limitation - Section 21(b)
Total face amount of notes, certificates of indebted
ness, and Treasury bills that may be outstanding at
,$
any one time... ........... ......... ......... .
Less retirements under Section 301 Revenue Act, 19*+0,
Bet Face amount .................................. ................ $
Outstanding as of January 31» 19*+!*
Interest-bearing:
;
* .
Treasury notes..... . . . • • 1 ,165,*+22,200
Certificates of indebtedness.............. .
Treasury bills. ... .
1,206,635>00Q $2,372,057,200
Matured obligations, on which
interest has ceased. •«>•••••'
I 1 1 1 is, of
leansf
SS1117aotee
«iryMlls
f
$ 2,372,057,
Face amount of obligations
issuable under above authority.............. ............... $ 1,o 27,9/+h
♦Approximate maturity value.
Principal amount (current redemption
value) according to preliminary public debt statement $3,371,13*+,919*
00
faceMi
“+,000,000,
obligati
t has (
jIP lierj
Tain)
February 3» 1941
STATUTORY DEBT LIMITATION
Under Section 21 of the Second Liberty Bond Act, as Amended
As of January 31• 1941
Wlm(
H h
The following table shows the face amount of public debt obligations of the
United States authorized, outstanding, and balance issuable under the limitations
Imposed by Section 21 of the Second Liberty Bond Act, as amended.
I.
General Limitation - Section 21(a)
Total face amount of bonds, notes, certificates
of indebtedness, and Treasury bills that may
be outstanding at any one time...................................... $45,000,000,000
Outstanding as of January 31» 19^1 *
Interest-bearing:
Bonds
Treasury
................... $27 •$60, 167»200
Savings (maturity value)*.....
4,328,056,850
Adjusted Service................... 748»071»979 $33> 036,295 »625
Treasury notes................... $ 8,568,631,300
Certificates of indebtedness.,...
1,964,100,000
Treasury bills (maturity value)..
100,1301000.
Matured obligations, on which
interest has ceased.........
MMIlfl|i
10,672,861,300
*0 .709.15b, 925
167.2^5.650 ^3,876,^02,575
Face amount of obligations
issuable under above authority................ . ••*................. $ 1»123,597»42_5
II.
National Defense Limitation - Section 21(b)
Total face amount of notes, certificates of indebted
ness, and Treasury bills that may be outstanding at
amy one time......... ............ .................................. $
000.000,000
Less retirements under Section 301 Revenue Act, 1940..... .......
»• • “ ••••••••.... «
Net Face amount issuable.......................................... $ 4,000,000,000
Mini' 15
mimuPI
Outstanding as of January 31» 1941«*
i Interest-bearing:
‘1 ,
Treasury notes................... $ 1,165,422,200
Certificates of indebtedness.............
Treasury bills»,.................
1,206,635>000
$2,372,057,200
Matured obligations, on which
interest has ceased...................
............ $ 2,372,057.200
Face amount of obligations
issuable under above authority........ .
.... '..........$ 1,627,942,800
.... %
*Approximate maturity value. Principal amount (current redemption
value) according to preliminary public debt statement $3»371,134,919-
23~36
- 2Recapitulation - Section 21(a) and (b)
Total that may "be outstanding............ ............. ............ »$^9.000,000,000
Total outstanding................ ................................... , U p ,2b8,V59 *775
Balance issuable:
General Limitation - Sec, 21(a)....... .
$ 1»123*597»*+25
1»627,9^2,800
$ 2,751,5^0.225
National Defense Limitation - Sec, 21(h).....
Reconcilement with Daily Statement of the United States Treasury
January 31» 19^1
Total face amount outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended, as limited by Section 21 of the Act:
General Limitation..... ...... ......... . ..... .
*........ * • ....$43,876,^02,575
956,921,931
Deduct unearned discount on Savings Bonds
42,919,480,0+4
.
National Defense Limitation,..
2,372.057.200
$ 1 + 5 , 2 9 1 , 5 3 7 , suW
Add other outstanding public debt obligations not
subject to the statutory limitation:
Interest-bearing (pre-war, etc.)....♦•••».*• $
Matured on which interest has ceased...,,..,
Bearing no interest....................... .
Total gross debt outstanding as of January 31. 19^+1
196.102,380
13.792,555
375>539>990.
5^5. ^
,925.
$^5,876,972,769
Section 21 of the Second Liberty Bond Act, as amended, provides as follows:
(a) The face amount of bonds, certificates of indebtedness, Treasury bills,
and notes issued under the authority of this Act, and of certificates of indebted
ness issued under authority of Section 6 of the Rirst Liberty Bond Act, shall not
exceed in the aggregate $ 45,000,000,000 outstanding at any one time.
(b) In addition to the amount authorized by the preceding paragraph of this
section, any obligations authorized by Sections 5* &*id 18** of this Act, as amended,
not to exceed in the aggregate $U,000,000,000 outstanding at any one time, less
any retirements made from the special fund made available under Section 301 of the
Revenue Act of I9H 0 , may be issued under said sections to provide the Treasury with
funds to meet any expenditures made, after June 30» 19^0, for the National Defense,
or to reimburse the general fund of the Treasury therefor, Any such obligations so
issued shall be designated "National Defense Series".
*
**
Sec. 5 authorizes certificates of indebtedness and Treasury bills,
Sec. 18 authorizes notes of the United States (Treasury notes).
UNITED STATES SENATE
Committee on Appropriations
February 5» 19^1*
Honorable Henry Mergenthau
Secretary of the Treasury
Washington, D. 0»
Dear Mr. Secretary:
G-eneral R. E. Wood, testifying before the Senate
Foreign Relations Committee on yesterday, stated:
’’If we are to throw open the doors of our
treasury to Britain, it seems only fair that all
British resources in this country be liquidated.
Large companies, unlisted, like Lever Brothers,
the American Viscose Corporation, the Dunlop Tire
Company plant, insurance companies, cotton plan
tations, cattle ranches, other real estate,
evidently did not appear in Secretary Morgenthau*s
figures . 11
I wish you would advise me whether or not
General Wood 1s-~ statement is correct.
Very truly yours,
(Signed.}^' -Jame'sHPv.-Byrnes
JAMES F. BYRNES,
JFB:sc
February 5> 19^1
My dear Senator:
I am glad to answer your question about yesterday’s
testimony by General Robert E. Wood, who told your Committee
that nlarge companies, unlisted, like Lever Brothers, the
American Viscose Corporation, the Dunlop Tire Company plant;
cotton plantations, cattle ranches, other real.estate,
evidently did not appear in Secretary Mcrgenthau’s figures.
General Wood’s statement on this point is completely
incorrect.
Your Committee may wish to know that the Treasury
has made a careful reoheck of its figures in the light of
General Wood’s assertions.
This rache-ck shows that every
one of the individual companies named by General Wood was in
cluded in Secretary Morgenthau’s estimate, already given to
your Committee, of $900,000,000 in British direct investments
in this country.
Similarly, the Secretary’s estimate included
all British-owned properties in this country such as cotton
plantations, cattle ranches, and other real estate,
The
Treasury is confident that the figure of $900,OOO,OOG-represented
the value of all such assets in this country, owned by British
citizens, which can be converted into dollars.
Very truly yours,
(Signed) Herbert M
Gaston
Acting Secretary of the Treasury,
Hon. James F. Byrnes,
United States Senate,
Washington, D. C.
TREA SURY DEPARTMENT
WASHINGTON
PjCi-fri-^a^U4.
\
(
1
For Immediate Release
Pridayl Januayy-fh 19^t
f
TREASURY DEPARTMENT
j
|.
Washington
.
\
1
aajloJL*-
f
/4i J
7 /
Press Service!
^°* 23“3^ |
Commissioner ox Customs W, R, «Jonnson today issnecj. the following statement
showing imports of distilled liquors and wines, and du'dies collected thereon,
covering jiWember, 199-0, with comparative^-figures for
ember, 1939» ana Atm^jaer <
199-0 , and the »lev^n-moBtfe-p&cj^&do oftd-ing-^ y -oafe«^JLg39j and ScncBiafaei; 19^0»
J
<
December
1940
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
E^ported from Customs Custody
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)
November
1940
Calendar Tear
1939
1940
8,658,556
8,391,543
975,159
1,222,016
9,613,559
9,633,715
1,385,982
1,240,119
rr qûa — ~---- 2,.053—
ôfwv—
4,086,522
1,910,346
5,996,868
1,494,635
1o7yo4i
4,474,392
15,012,518
19,486,910
11,237,665
4,214,134
11,757,622
15,971,756
11,380,117
.. liL l *
8,223,587
8,391,543
4,474,392
8,223,587
4,474,392
1,521,694
269,172
1,790,866
256,613
1,559,503
160,772
1,720,275
198,280
1,308,919
398,458
1,707,377
423,829
.49-
1,283,499
3,403,762
4,687,261
3,145,547
7*8Ô2
1,121,505
3,539,218
4,660,723.
3,372,193
EaEportedr from"Cus^om8r0ttfliody "
Stock in Customs Bonded Warehouses
at end
SPARKLING- WINDS (Liquid Gellai») i
Stock in Customs Bonded Warehouses
at beginning
*
Total Imports (Free and Dutiable)
Available for Consumption
Dntered into Consumption (a)
-^BgperttedrfroiS “She toms Ounfrodj
Stock in Customs Bonded Warehouses
at end
DUTIES COLLECTED ONi
Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on Liquor
-Duties-6olimted on Other
------ — --- -—
ÎES
December
1939
5^031-
--«U*.
1,533,912
1,521,694
1,283,499
1,533,912
1,283,499
241,601
25,151
266,752
45,446
274,786
2,622
277,408
35,719
371,757
134,838
506,595
129,743
376,746
305,866
682,612
459,929
257,942
678,206
936,148
558,634
221,290
241,601
376,746
221,290
376,746
$ 3,424,595 $ 3,075,215 $ 3,702,691 $ 27,746,911 $
233,770
179,755
388,698
2,675,118
135,381
106,632
3é0,241
1,367,803
S 3,793,746 $ 3,361,602 $ 4,471,630 $ 31,789,832 $
28,210,749
2,906,204
1,662,306
32,779,259
■20,98^ ,^7 X ^ 2 4 7 6 6 ^
^¿^*782,^17 $27,922,.;
^329,531,824
1
&.
s£dsu
ÇTP5Ï ■ 11 *f ï WSFWE 11 WVwVwÊWB s F™I^t¥'S'
i
p: 2%,
t
M£B tJiîrE f l i t r s m f f t l f ï i » n r s ! s i t « r s
S I
lf\
H
For ltelea.se, Morning Payors
Friday« February 7. 19^1
TREASURY DEPARTMENT
Washington
Press Service
No. 23-39
Commissioner of Customs W. R. Johnson today issued the following statement
showing imports of distilled liquors and wines, and duties collected thereon,
covering December, 1940, with comparative figures for December, 1939» andNovember 19*40, and the calendar years 1939
19^0:
DISTILLED LIQUORS
(Proof Gallons);
Stock in Customs
Bonded Warehouses
at beginning.••.«
Total Imports (Free
and Dutiable)...,
Available for Consumption.
Entered into Con
sumption (a).,...
Stock in Customs
Bonded Warehouses
at end.»..•••••••
STILL WINES (Liquid
Gallons):
Stock in Customs
Bonded Warehouses
at beginning.....
December
November
19*40
1940
December
1919_____
Calender Year
1940
1939________
8 ,391.543
8 ,658,556
4 ,086,522
4 ,474,392
4,214,134
1 ,222,016
975,159
1 ,910,346
15 ,012,518
11 ,757,622
9.613,559
9,633,715
5 ,996,868 19,486,910
15 ,971.756
1 ,385,982
1,240,119
1 .494,635
11 ,237,665
11,380,117
8,223,587
&
391»543
4 ,474,392
8,223,587
4 ,474,392
1 ,521,691+
1,559,503
1 ,308,919
1,283,499
1,121,505
Total Imports (free
390,458 3 ,403,762 . 3.539.218
160,772
and Dutiable)....
269,172
Available for Con4 ,687,261
4,660,723
sumption.
1 .790,866 1,720,275
1,707,377
Entered into Con
423,829
198,280
3 .145,547
3.372,193
sumption (a).....
256,613
Stock in Customs
Bonded Warehouses
1 ,533,912 1 ,521,69!+ 1.283,499 1 .533.912
1,283.499
at end....... .
SPARKLING WINES
(Liquid Gallons):
Stock in Customs
Bonded Warehouses
257.942
274,786
376,746
2*41,601
at “beginning....
371,757
Total Imports (Free
678,206
305,866
134,838
2,622
and Dutiable)
25,151
Available for Con
936,148
682,612
277,408
266,752
506,595
sumption. .......
Entered into Con
558,634
129,743
*45,446
459.929
sumption (a)....
35,719
Stock in Customs
Bonded Warehouses
376,746
221,290
376,746
241,601
221,290
... at end.*••«.«»•••
•^DUTIES COLLECTED UFT
Distilled Liquors $ 3.424,595" $3 ,075,215 $3,702,691 $27,746,911 $28,210,749
2 ,675,118 2,906,204
388,698
Still Wines
233,770
179,755
1 ,662,306
380,241
1,367,803
106,632
Sparkling Wines
135,381
Total duties Collected
on Liquor
$ 3 »793 »7*46 $3 ,361,602 $4,471,630 $31,789,832 $ 32,779,259 __
Ta) including withdrawals for ship supplies and diplomatic use.
- 0 O0 -
-
2
-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
February
10» 19*11
all tenders received at the Federal Reserve Ranks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,
and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
February 13» 19^-1______ .
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.)
No loss from the .sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
a
Treasury Department Circular Ho. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may be obtained from
any Federal Reserve Bank or branch thereof.
rO0 ° ~
FOR R2L2ASE, MORNING PAPERS,
TREASURY D E P A E W T
Friday, February 7. 19Ul,..
,^ 3 f^ ffijfBnBgfcxxxxxxxxxxxxxxxxxxx
The Secretary of the Treasury gives notice that tenders are invited
for Treasuiy hills to the amount of $ 100.000.000 , or thereabouts. They will
n&lr
136 dflgi^nated National Defense Series.___ 9iL*"daY bills; ond will he sold on
L/l L,
a discount basis to the highest bidders. Tenders will he received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
Eastern standard time, on
Monday. February 10. 19Hl
*
Tenders will not
be received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section "National Defense Series" obligations nay be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to' reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
February 13. 19^1_____ , and will
19UI________ , and on the maturity date the face amount
J5$c
will be payable without interest. They will be issued in bearer form only,
mature on
May lU,
and in amounts or denominations of $1000, $10,000, $100,000, $500,000, and
$1 ,000,000 {naturi ty value),
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognised
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
a 3-Ws
treasury
FOR RELEASE, MORNING- PAPERS
Friday, February 7> 19*NU
department
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $100,000,000,
abouts,
or there
They will be designated National Defense Series 90-day
bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks,
branches thereof,
or the
up to two o *clock p, m , , Eastern standard time
on Monday, February 10, 19*1-1,
Tenders will not be received at the
Treasury Department, Washington,
These bills will be issued pursuant to the provisions of
Section 302 of the Revenue Act of 19*1-0, approved June
25,
19*h),
Under the authority of that section "National Defense Series”
obligations may be issued to provide the Treasury with funds to
meet any expenditures made,
defense,
after June J O ,
19^0, for the national
or to reimburse the general fund of the Treasury therefor.
The Treasury bills will be dated February
13 ,
19*1-1, and will
mature on May 1*1-, 19**1, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer
form only, and in amounts or denominations of $1 *GD0 $10 ,000,
$100,000, $ 500,000, and $1 ,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by the
Federal Reserve Banks or branches upon application therefor.
No tender for an amount less than $ 1,000 will be considered.
Each tender must be in multiples of $1,000,
expressed on the basis of
places,
2
J-K0
e, g., 99.125,
100,
The price must be
with not more than three decimal
Fractions must not be used.
2
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized dealers
in investment securities.
Tenders from others must be accompanied
by a deposit of 10 per cent of the face amount of Treasury bills
applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company,
Immediately after the closing hour for receipt of tenders on
February 10, 19^1,
all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as
possible thereafter,
probably on the following morning.
The
Secretary of the Treasury expressly reserves the right to reject
any or all tenders or parts of tenders,
and to allot less than the
amount applied for, and his action in any such respect, shall be
final.
Those submitting tenders will be advised of the acceptance
or rejection thereof*
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in cash
or other immediately available funds on February 13; 19^1 •
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also
be exempt,
from all taxation,
except estate and inheritance taxes,
(Attention is invited to Treasury Decision ^55°; ruling that
Treasury bills are not exempt from the gift tax).
No loss from the
sale or other disposition of the Treasury bills shall be allowed
as a deduction,
or otherwise recognized,
for the purposes_ of any
tax now or hereafter imposed by the United States or any of its
possessions.
- 3 Treasury Department Circular No, ^1$, as amended, and this
notice prescribe the terms of the Treasury bills and govern the conditions of their issue,
Copies of the circular may be obtained
from any Federal Reserve Bank or branch thereof*
-0 O0-
m
T ^ e A S i / R Y "
- p ^ p / A t f T V n e W T
The Bureau of Customs announced today that the February,
1941, quota for Canada, which limits the number of silver or black
foxes valued at less than $250 each and whole silver or black fox
furs and skins (with or without paws, tails or heads) which may be
entered, or withdrawn from warehouse, for consumption during any
month, as provided for in the new supplementary trade agreement
with Canada, has been exhausted. Entry, or withdrawal from ware
house, for consumption of these commodities imported from Canada
is therefore prohibited until the beginning of the next quota
period.
Preliminary data in the Bureau indicate that 194 live silver
or black foxes, valued at less than $250 each and whole silver or
black fox furs and skins (with or without paws, tails, or heads)
were entered, or withdrawn from warehouse for consumption from
countries other than Canada, on February 1, 1941, which is approxi
mately 2.6 percent of the quantity of such commodities which are
permitted entry into consumption during the month of February,
1941, under the provisions of the new supplementary trade agreement
with Canada.
Preliminary data in the Bureau also indicate that the quantities
of silver or black fox merchandise entered, or withdrawn from ware
house, for consumption during the period December 1, 1940, through
February 1, 1941, under these additional quotas, provided for in the
new supplementary trade agreement with Canada, and the percentage of
fulfillment of these quotas, were as follows:
Quota
Percent of
Entered fulfillment
Paws, heads, or other separated parts
of silver or black fox furs and skins
(other than tails) (pounds)
500
66
13.2
Piece plates made of pieces of silver
or black fox furs and skins (pounds)
550
364
66.2
Articles, other than piece plates, made
wholly or in chief value of one or more
silver or black fox furs or skins or
parts of such furs or skins (units)
500
22
4*4
tf\
0
0
0m
3,927
Tails of silver or black foxes (pieces)
àrsati of Cusbonls}
78.5
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE MORNING PAPERS
SATURDAY, FEBRUARY 6 , 19^1
Press Service
N o * 23 - 41
The Bureau of Customs announced today that the^February
quota for Canada, which limits the number of silver or
black foxes valued at less than $ 2|?0 each and whole silver or
black fox furs and skins (with or without paws, tails or
heads) which may be entered, or withdrawn from warehouse, for
consumption during any month, as provided for in the new
suoplementary trade agreement with Canada, has been exhausted.
Entry, or withdrawal from warehouse, for consumption|of these
commodities imported from Canada is therefore prohibited until
the beginning of the next quota period.
19IJ.I
Preliminary data in the Bureau indicate that 19*+ live
silver or black foxes, valued at less than $250 sach and whole
silver or black fox furs and skins (with or without paws,
tails, or heads) were entered, or withdrawn from warehouse for
consumption from countries other than Canada, on February 1,
19^1 , which is approximately 2.6 percent of^the quantity^of
such commodities which are permitted entry into consumption
during the month of February 19^1 > under the provisions of
the new supplementary trade agreement with Canada.
Preliminary data in the Bureau also indicate that the
quantities of silver or black fox merchandise entered, or ^
withdrawn from warehouse, for consumption during the period
December 1, 19*10 through February 1, 19^1, under these addi
tional quotas, provided for in the new supplementary trade
agreement with Canada, and the percentage of fulfillment of
these quotas, were as follows;
Quota
Tails of silver or black
foxes (pieces)
5, 000
Paws, heads, or other separated
parts of silver or black fox
furs and skins (other than
500
tails) (pounds)
Piece plates made of pieces of
silver or black fox furs and
550
skins (pounds)
Articles, other than piece plates,
made wholly or in chief value of
one or more silver or black fox
furs or skins or parts of such
500
furs or skins (units)
-0O0
Entered
Percent of
fulfillment
3,927
73.5
66
13.2
36^
66.2
22
| J
-
2-
must file its excess-profits tax return and must compute and
pay its excess-profits tax without regard to the adjustment of
any claimed abnormality.
Thereafter, in accordance with these
regulations, any taxpayer which believes that it is entitled to
relief under Section 722 should, as promptly as possible, file
with the Commissioner of Internal Revenue, Washington, D. C.,
attention of the Income Tax Unit, Records Division, an applies9
tion for relief stating the nature and extent of the abnormality
for which relief is sought, the particular relief sought, and
all the facts on which the taxpayer relies.
"A
procedure for the prompt consideration of these applica
tions is now being established by the Commissioner of Internal
Revenue•
!,The action of the Commissioner with respect to such applica
tions is subject to review by the United States Board of Tax
Appeals• n
The Department also announced that regulations governing
consolidated returns would be made public in a separate agptiPfc to
-1
be issued shortly
< T
ç*««**H|
B H
The Treasury Department ruled today that excess-profits tax
returns are due and payable in the first instance without regard to
the adjustment of claims respecting abnormal income f r t J
Thereafter, it ruled, taxpayers may file an appSiT^for
relief, citing all relevant facts to the Commissioner of Internal
Revenue, for his consideration.
His decision with respect to such
applications is subject to review by the United States Board of
Tax Appeals.
The ruling was contained in regulations under the
Excess-Profits Tax Act of 1940, issued today.
"Section 722 of the excess-profits tax," Assistant Secretary
"
i z
r
of^Treasury John L. Sullivan^ explained, "the so-called ’general
relief provision’, authorizes the Commissioner Of Internal Revenue
to make such adjustments as he finds, on examination of all the
facts respecting a taxpayer’s situation, are necessary to remove,
abnormalities in income or capital.
"Pursuant to this provision, Section 30,722-1 of these
regulations prescribes that in the first instance the taxpayer
^
TREASURY DERARTMEI
WASHING-TON
Press Release
No. 21-A2
FOR RELEASE, A f TERNC.CN NEWSPAPERS
1 q Al
Monday,.
FebruaryK
The Treasury Department ruled today that, excessprofits tax returns are due and payable In .the first
instance without regard to the adjustment of claims re
specting abnormal income or capital.
Thereafter,
tion for relief,
it ruled,
taxpayers may file an apolica-
citing all relevant facts to the
Commissioner of Internal Revenue,
for his consideration.
His decision with respect to such applications Is subject
to review by the United States Board of Tax Appeals.
The
ruling was contained in regulations under uhe nxceos—Profito
Tax Act of I9 A0 , issued today.
"Section 722 of the excess-profits tax,” Assistant
Secretary of the Treasury John L. Sulrivan explained,
so-called 'general relief provision',
the
authorizes the
Commissioner of Internal Revenue to mahe such acijus uments
as he finds, on examination of all the facts respecting a
taxpayer’s situation, are necessary to remove abnormalities
in income or capital.
"Pursuant to this provision,
Section 3 0 .722-1 of these
regulations orescribes that in the first instance the tax
payer must file its excess—profits tax return and must
ccmoute and nay its excess-profits tax without regard to
O
the adjustment of any claimed abnormality.
accordance with these regulations,
Thereafter,
any taxpayer which
believes that it is entitled to relief under Section
should, as promptly as possible,
in
- ¡ 2. 2.
file with the Commissione
of Internal Revenue, Washington, 3. C., attention of the
Income Tax Unit, Records Division, an application for
relief stating the nature and extent of the abnormality
for which relief is sought,.the particular relief sought,
pnd all the facts on which the taxpayer relies,
"A procedure for the prompt consideration of these
applications is now being established by the Commissioner
Of Intern al Reven u e .
•4“j®j
"The action of one G cmm issioner wi th
:Ct to such
the
ap elicati ons is sub t)ect to r eview by
, it
Bo ard of Tax Appe ali
The Deperirneipt als o ann.ouneed t:iat r
governing consolidated returns would be made public in a
separate Treasury Decision to be issued sho^te-^ *
-OÜO-
TREASURY DEPARTMENT
WASHINGTON
Press Release
No. 21-4-2
FOR RELEASE, AFTERNOON NEWSPAPERS
F ebruary IP, 19PMonday,
The Treasury Department ruled today that, excess profits tax returns are due and payable in .the first
instance without regard to the adjustment of claims re
specting abnormal income or capital,
Thereafter,
tion for relief,
it ruled,
taxpayers may file an applica
citing all relevant facets to the
Commissioner of Internal Revenue,
for his conDiceration.
His decision with respect to such apjlications is &ubject
to review by the United States Board of Tax. Appeals.
The
ruling was contained in regulations under the Excess-Profits
Tax Act of 19^0,
issued today.
"Section 722 of the excess-profits tax," Assistant
Secretary of the Treasury John L. Sullivan explained,
so-called 'general relief provision',
the
authorizes the
Commissioner of Internal Revenue to ma^he such adjuouments
as he finds,
on examination of all the facts respecting a
taxpayer's situation,
are necessary to remove abnormalities
in income or capital.
"Pursuant to this provision,
Section 30.722-1 of these
regulations prescribes that in the first, instance the tax
payer must file its excess—profits uax return and must
comoute' -and ps,y its excess—prof its tax without regard to
o
d
the adjustment of any claimed abnormality.
accordance with these regulations,
Thereafter;
in
any taxpayer which
believes that it is entitled to relief under Section
'¡ 2. 2.
should, as promptly as possible,
file with the Commissioner
of Internal Revenue, Washington,
B. C., attention of the
Income Tax Unit, Records Division,
an application for
relief stating the nature and extent of the abnormality
for which relief is sought,.the particular relief sought,
and all the facts on which the taxpayer relies.
IIA procedure for the prompt
consideration of these
applications is now being established by the Commissioner
of Internal Revenue.
"The action of the Commissioner with respect to such
applications is subject to review by the United States
Board of Tax Appeals.n
The Department also announced that regulations
governing consolidated returns would be made public in a
separate Treasury Ds^cision to be issued shortly.
-0O 0-
J
3-
1
^ 3
M r
members of the^Annual Assay Commission have been appointed by
JBBSÊÊSSSÊÊfj^^
the President, Nellie Tayloe Ross, Director of the Mint, announced today.
They will meet at the United States Mint 4L Philadelphia at 10 -^TTfli, A- * >?fJ?
Wednesday, February 12 in the traditional ceremony held each year for the
••trial of the coins.H
Members of the Commission are*
J
3 K J. Fred Essary, Washington, D. C. /
Hon. Cameron Morrison- Charlotte. _1L
gî53^r^ “
~~~
■C,
<4Hk Charles G. Meyer, Cord-Meyer Realty Co., New York City.
S k Buford C. Tynes, Huntington,
Mrs. Irving Berlin, 129 East 78th Street, New York City.
Mrs. Howell Moorhead, 2220 R Street, N.W., Washington, D.C.
Wft Rudolph F. Haffenreffer, 231 Arlington* Ave., Providence, R.I.
Mrs. John Kane, 517 Fordham Avenue, Pittsburgh, Pa.
Miss Sara V. Dunn, 921 Bergen Avenue, Jersey City, N.J.
4Nk Maurice G. Alperin, 107 West Brookline St., Boston, Mass.
Joseph Coffin, 1182 Broadway, New York City.
À . R. W. Bearce, Chief, Division of Weights and Measures,
Bureau of Standards, Washington, D. C.
"•WWik George J. Sokel, 16 Colony Street, Meriden, Conn.
tin» Marshall S. Walker, 409 Pearl Street, New York City*
Dr. W. S. Brinsfield, Chestertown,
y
<
S'
Ex-Officio memberst
f
Judge William H. Kirkpatrick, United States District Court,
Philadelphia, Pa.J
Preston Delano, Comptroller of the Currency, Washington, D.C.
Joseph Buford, Chief Assayer-, United States Assay Office,
s
New York City.
■-
The 1941 test to be conducted by the Commission will jskK be the largest
task in its history, for 84,347 coins await examination this year.
A total
of 168,593,952 silver coins were struck off by the mints last year. The
Commission is one of the oldest institutions in the Government, having been
created in 1792, and having met each year since that time. -
TREASURY DEPARTMENT
Washington
Press Service
No * 23~i4-3
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday. February 11, 19^1
Tß/M
Members of the 19^1 Annual Assay Commission have been
appointed by the President, Nellie Tayloe Ross, Director of the
Mint, announced today*
They will meet at the United States Mint
17 Philadelphia at 10 a*m., Wednesday, February 12 in the
traditional ceremony held each year for the ’’trial of the coins.”
Members of the Commission are: J. Fred Essary, Washington,
D. C.; Honorable Cameron Morrison, Charlotte, N* C.; Charles
G, Meyer, Cord-Meyer Realty Co., New York City; Buford C. T y n e s ,
Huntington, W. Va. ; Mrs. Irving Berlin, 129 East 7Slk Street,
New York City; Mrs. Howell Moorhead,
2220 R Street, N.W.,
Washington, D, C*; Rudolph F. Haffenreffer,
231
Arlington A v e .,.
Providence, R.I.; Mrs. John Kane, 517 Fordham Ave., Pittsburgh,
Pa.'; Miss Sara V.. Dunn, 921 Bergen Ave., Jersey City, N*J*;
Maurice %
Alperin, 107 West Brookline St., Boston, Mass.;
Joseph Coffin, 11£2 Broadway, New York City; Dr. R. W, Bearce,
Chief, Division of Weights and Measures, Bureau of Standards,
Washington, D. C . ; George J,. Sokel, l6 Colony Street, Meridan,
Conn.; Marshall S. Walker, 11-09 Pearl Street, New York City;
Dr.
W.
S. Brinsfield, Chestertown, Md.
Ex-Officio members: Judge William H* Kirkpatrick, United
States District Court, Philadelphia, Pa.; Preston Delano,
Comptroller of the Currency, Washington, D. C., and Joseph Buford
Chief Assayer, United States Assay Office, New York City*
2
The 19^1 test to be conducted by the Commission will be
the largest task in its history, for
examination this year.
3^7 coins await
A total of 168,593*952-silver coins
were struck off by the mints last year.
The Commission is
one of the oldest institutions in the G-overnment, having been
created in
1792,
and having met each year since that time.
-0O0-*
W ashington
m siu &sr, mmim *m$varm
?r»«® some«
Febimry 11, 1941.
go, a 3 ^ V
Tho S e cre ta ry o f th e Treasury announced la s t evening th a t th e tenders
fo r $100,000,000, ©r th e re a b o u ts, o f n a tio n a l D efense S e r ie s 90-day Treasury
b i l l s , to be dated February 13 and to n atu re Hay 1 4 , 1941, which were
o ffe re d on February 7 , «ere opened a t the Fed eral Reserve Banks on
February 10«
The d e t a ils o f t h is is su e a re a s fo llo w s»
T o ta l a p p lie d fo r * 1227,631,000
T o ta l accep ted
- 100,294,000
The accep ted b id s were tendered a t p ric e s ran gin g frost s lig h t ly above
par down to 9 9 .9 99 , th e average p r ic e b ein g fr a c t io n a lly under p a r .
aaount tendered a t 99-999, 25 percen t was acce p te d .
O f the
TREASURY DEPARTMENT
Washington
Vress
RELEASE, MORNING- NEWSPAPERS
Tuesday, February 11, 19^1 *
_
for
Service
No-
The.Secretary of the Treasury announced last evening that the
tenders for $100,000,000,
90-day
19Ll,
Treasury bills,
or thereabouts,
of National Defense Series
to be dated February 13 and to mature May 1^-,
which were offered on February 7> were opened at the Federal
Reserve Banks on February 10.
The'details of this issue are as follows:
Total applied for ~ $ 227,631,000
Total accepted
- 100,294,000
The accepted bids were tendered at prices ranging from slightly
above par down' to
under par.
99*999>
the average price being fractionally
Of the amount tendered at 99*999;
23
percent was
D iV X D E K D F A X W kM T& S O
CjR3iX>XTOKS O F
la .S M .tfR M T M A^TTf lit J lI .
BAMKB AUTHORIZED SJBMXMG TME MOUTH «iiMpft
—-------------------- iM M K 2 k * 1941___________________ _
Same and Location of Banks
Nature of
Dividend«
Date
Authorised»
The City National Bank of
Goshen, Indiana
Final
.1 ^ * 4 1
The Peoplee-American NB of
Princeton, Indiana
Pinal
1-25-11
The Iron County Mat'l Bank <of
Crystal Falls, Michigan
Final
1-14-41
The First Nat*l Bank of
Ocean City, So» Jersey
Final
1-3-41
The First Hat'l Bask of
Grand Forks, N* Dakota
Bsgnl&r
1-21-41
The First Nat*l Bank of
Fremont, Ohio
Final
1-6—«41.
The First Bat*X Bank of
MessiHsm, Ohio
Final
1-11-41
Tin» Onion Iatfl Bank of
Connollaville, Pa»
Final
1—21*41
Tim Peoples Nat*! Bank of
Pitoaim, Pa*
Final
1-28-41
The Bank of Pittsburgh,# #A *
Pittalxirgh, Pa*
Interest (Full) 1-9-41
Holston-Union N«t*l Bank of
Knoxville, Tennessee
Final
1-30-41
]/
Total
Distribution Percentage
Authorised
of Fuads by
Dividend
Dividends
Authorised»
to Date*
Umber and
Percentage
of Dividends
Authorised»
4th
#•6«
6th
Number of
Cjstaaftj«
Amount
Claims
Proved»
54,900
91.688
2,82«
3.16#
22,200
78.16#
1,076
703,97*
4th
7.94#
53,800
79.9«#
1,581
677,*»
jJXtS
2.92#
68,400
12,3$
3,*82
2,424,200
4th
10. #
265,100
80.
*
6,361
2,650,800
5th
9.49%
168,900
80 .99#
6,053
1,779,500
4th
8.1
164,400
86*6
3,887
2,029,900
4th
7.08#
45,400
62.08#
1,953
641,600
6th
8.67#
30,200
73.67#
2,074
348,400
1st«
11.521#
1,377,521^
111.521#
13,706
26,344,6 31
4th
3.13#
310,800
55.1»
17,123
9*930,500
#
Interest dividend payment of #1,657,576 waived by coaditlonal assignment claimants.
t
651,700
ns®
SR5;.
i«?;
T E U lSOEX DEP&&THMT
Comptroller of the Currency
Washington
¡UK
FOE RELEASE^ MOEMXMO NfcftSPAFEBS
>/
Frees Service
/ V^
»
During the month ended January 31# 1911# authorisation*
were leaned to receivers for payments of dividends in eleven in
solvent national banks*
Dividends so authorised will effect total
distributions of $2,56l #621 to 60,120 claimants who have proved
claims aggregating $10,182,709# or an average percentage payment
of 5*32%,
The smallest and largest individual dividend percent
ages authorised were 2«82£ and ll*52l£, respectively, while the
ESSR
smallest and largest receivership distributions were $22,200, and
$1,377,521, respectively»
Of the eleven dividends authorised one
was for a regular dividend payment, nine were for final dividend
wSmmm,
payments and one was for an interest dividend payment*
Dividend
payments so authorised during the month ended January 31# 1911#
r%'=>^:;;:
were as follows«
m
IM S
M S
;v^:
'mBP
D I V I D E N D P A Y M E N T S T O CREDITORS O F I N S OLVENT N A T I O N A L
BANKS AUTHORIZED DURING THE MONTH ENDED
______________ JANUARY *31■» lQ/1____________ ___
Name and Location of Bank:
Number and
Percentage
Nature of
Date
of Dividends
Dividend: Authorized: Authorized:
The City National Bank of
Goshen, Indiana
Find
1-22-41
The Peoples-Amerlean NB of
Princeton, Indiana
Final
1-25-41
The Iron County Natfl Bank of
Crystal Falls, Michigan Final
1-14-41
The First Nat*l Bank of
Ocean City, New Jersey
Final
1-3-41
The First Nat*l Bank of
Grand Forks, N. Dakota
Regular
1-21-41
The First Nat*l Bank of
Fremont, Ohio
Final
1-6-41
The First Nat*l Bank of
Massillon, Ohio
Final
1-11-41
The Union NatTl Bank of
Connellsville, Pa*
Final
1-21-41
The Peoples Nat*l Bank of
Pitcairn, Pa*
Final
1-28-41
The Bank of Pittsburgh,N •A.
Pittsburgh, Pa*
Interest(Full)1-9-41
Holston-Union Nat*l Bank of
Knoxville, Tennessee
Final
1-30-41
y
4th
8*68%
6th
Distribution
of Funds by
Dividend
Authorized:
Total
Percentage
Authorized
Amount
Dividends Number of Claims
to Date:
Claimants: Proved:
54,900
91.68*
2,824
$ 651,700
3.16*
22,200
78.16*
1,076
703,978
4th
7.94*
53,800
79.9«
1,581
677,500
3rd
2.82%
68,400
12.82*
3,482
2,424,200
4th
10. *
265,100
80. *
6,361
2,650,800
5th
9.49*
168,900
80.99*
6,053
1,779,500
4th
8.1 *
164,400
86.6 %
3,887
2,029,900
4th
7.08*
45,400
62.08%
1,953
641,600
6th
8.67*
30,200
73.67*
2,074
348,400
13,706
26,344,631
17,123
9,930,500
Int* 11.521*
4th
3.1«
#
1,377,521-^/ 111.521%
310,800
55.13*
Interest dividend payment of $1,657,576 waived lay conditional assignment claimants
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
////-
¿2 3 - V - S
During the month ended January 31, 1941, authorizations
were issued to receivers for payments of dividends in eleven in
solvent national banks* Dividends so authorized will effect toted
distributions of $2,561,621 to 60,120 claimants who have proved
claims aggregating $4-8,132,709, or an average percentage payment
of 5*32$*
The smallest and largest individual dividend percent
ages authorized were 2.82% and 11.521%, respectively, while the
smallest and largest receivership distributions were $22,200, and
$1,377,521, respectively* Of the eleven dividends authorized one
was for a regular dividend payment, nine were for final dividend
payments and one was for an interest dividend payment. Dividend
payments so authorized during the month ended January 31, 1941,
were as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
JOR RELEASE, MORNING NEWSPAPERS
Press Service
Wednesday, February 12, 19^1•
^
During the month ended January 31, 19^1. authorizations
were issued to receivers for payments of dividends in eleven in
solvent national hanks.
Dividends so authorized will effect total
distributions of $2,561,621 to
60,120
claims aggregating $4», 182,709.
of
5.32$.
claimants who have proved
an average percentage payment
The smallest and largest individual dividend percent
ages authorized were 2.82$ and
11.521$.
respectively, while the
smallest and largest receivership distributions were $22,200, and
$1,377,521, respectively.
Of the eleven dividends authorized one
was for a regular dividend payment, nine were for final dividend
payments and one was for an interest dividend payment.
payments so authorized during the month ended January
were as follows!
Dividend
31,
19^1»
DIVID E N D P A Y M E N T S TO CREDITORS OE INSOLVENT NATIONAL
BA N K S AUT H O R I Z E D DURING- THE M ONTH ENDED
J________ JANUARY 31, 194l________________ _
Date
Authorized:
The City National Bank of
1-22-41
Final
Goshen, Indiana
The Peoples-American NB of
1-25-41
Pinal
Princeton, Indiana
of
The Iron County Nat’l Bank
l-l4-4l
Pinal
Crystal Palls, Michigan
The First Nat’l Bank of
1-3-41
Pinal
Ocean City, New Jekiey
The Pirst Nat’l Bank of
1-21-41
Begular
Grand Porks, N. Dakota
The Pirst Nat’l Bank of
1-6-41
Pinal
Premont, Ohio
The Pirst Nat’l Bank of
1-11-41
Pinal
Massillon, Ohio
The Union Nat'l Bank of
1-21-41
Pinal
Connellsville, Pa.
The Peoples Nat’l Bank of
1-28-41
Pinal
Pitcairn, Pa.
The Bank of Pittsburgh,N*A.
Interest(Pull)l-9~4l
Pittsburgh, Pa.
Holston-Union Nat’l Bank oi
Pinal
Knoxville, Tennessee
1I
1-30-41
Distribution
of Funds by
Dividend
Authorized:
Total
Percentage
Authorized
Dividends
to Date:
Number of
Claimants:
Amount
Claims
Proved:
651,700
5^.900
91.68#
2,824
3 .16#
22,200
78.l6#
1,076
703,978
4th
7 .9^
53.300
79.91+$
1,581
677.500
3rd
2.82$
68400
12.82#
3.432
2,424,200
265,100
2,650,800
4th
8.68#
6th
$
$
OQ
O
•
Nature of
Pivi ^ find ?
Number and
Percentage
of Dividends
Authorized:
6,361
5 th
9.1+9$
168,900
so.99#
6.053
1.779*500
4th
8.1 #
l6*+400
86.6 #
3.887
2 ,029,900
kth
7.08#
45400
62.08c
Jo
1*953
641,600
6th
3 .67#
30,200
73.67$
2 .071+
348,400
Int.
11.521#
1/
1,377.521^
111.521#
13,706
26,344,631
4th
3*13#
310,800
55-13#
17.123
9,930,500
kth
10.
#
Interest dividend payment of $1,657.57^ walve(^ ^y conditional assignment claimants
TREASURY DEPARTMENT
Washington
For Release Morning papers
Wednesday, February 18, 1941
ilease1
Press Service
No. 23-46
xfSBSB:?y9SE2E2i2®:
The Bureau of Customs announced today preliminary figures for imports of commod
¡ties I
ities 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
4k
periods to December 31, 1940, inclusive, as follows:
Products of
Philippine Islands
:
:
Established Quota
Quantity
Period
:
Unit of
imports as of' ||©
ineIslf
: Quantity : Dec. 31. 1940
Coconut oil
Calendar year
448,000,000
Pound
370,900,643
Refined sugars
Calendar year
112,000,000)
Pound
111,926,035
Sugars other than refined
Calendar year
1,792,000,000)w
Pound
1,791,308,012
Cordage
12 months from
May 1, 1940
6,000,000
Pound
3,891,649,
Gross
838,806/
[sugars
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
199,219,595
4,241,370
1/ Ike 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.
-oOo-
of pear
f daty-frc
riiich not
TREASURY DEPARTMENT
Washington
Press Service
No, 23-^6
Jor Release Morning Papers
Wednesday* February 12* 1 3 ^ 1
The Bureau of Customs announced today preliminary figures for imports of
commodities w ith in the quota limitations provided for under the Pnilippme
Independence Act, as .amended, and the Philippine Cordage Act of 1935. from the
beginning of the quota periods to December 31, 1940, inclusive, as follows:
Products of
PViiTi"nr)ine Islands
id
m
d
Established Quota
Quantity
Period
Coconut oil
Calendar year
Refined sugars
Calendar year
Sugars other than refined
Calendar year
Cordage
12 months from
May 1, 19^0
Buttons of pearl or shell
: Unit of : Imports as of
: Quantity :: Dec. m l 19^0
UUg,000,000
Pound
112,000,000)
Pound
ÉJ
Pound
1 ,792,000,000)
370 ,900,643
111,926,035
1 ,791 ,308,012
b,000,000
Pound
3,891,649
Calendar year
850,000
Gross
838,806
Cigars
Calendar year
200,000,000
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
U, 500,000
if
S3
1er
:
:
I
III
{
1/
;tons,oidi
)
f
Pound
199,219.595
4,241,370
The duty-free quota on Philippine sugars applies to 850,000 long tons, of
which not more than 50*000 long tons may he refined sugars*
-0 O 0 -
i
Number
2
-
:_______ Established Quota _____ : unit of : Imports as of
Comnodity________ ¿ Period & Country : Quantity
: Quantity : Dec, 31T 1940
Silver or black foxes,
furs and articles:
Foxes valued under
$250 ea. and whole
furs and skins
Month of December
Canada
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
Crude petroleum, topped
crude petroleum, and
fuel oil
Number
7,500
tt
(Import quota
filled)
(Import quota
filled)
5,000
Piece
1,003
w
tt
500
550
Pound
tt
6
»
500
Unit
9
Other than Canada
Tails
17,500
12 months from
December 1, 1940
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
Gallon
tt
»
n
Gallon
1*738’917,986
499,039,008
21,995,228
(Tariff rate
quota filled)
(Tariff rate
quota filled)
TREASURY DEPARTMENT
Washington
Press Service
No. 2 3 - 4 ^ 7
For Release, Morning papers,
Wednesday, February 12, 1941.
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 December 31, 1940, inclusive, as follows:
Comnodity
Cattle less than 200
pounds each
:
Established Quota_____ : Unit of : Imports as of
: Period & Country i Quantity
; Quantity: Dec. 31, 1940
Calendar year
Cattle, 700 pounds or more Quarter year
from Oct. 1, 1940
(other than dairy cows)
Canada
Other than Canada
100,000 Head
(Tariff rate
quota filled)
51,720 Head
6,210 it
37,278
(Tariff rate
quota filled)
Whole milk, fresh or sour
Calendar year
3,000,000 Gallon
7,492 i
Cream, fresh or sour
Calendar year
1,500,000 Gallon
976
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
White or Irish potatoes
Certified seed
Other
Bed cedar shingles
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
12 months
Sept. 15,
12 months
Sept. 15,
from
1940
from
1940
Calendar year
15,000,000 Pound
9,933,980
90,000,000 Pound
13,752,401
60,000,000 Pound
2,470,192
2,371,544 Square
(Duty-free
quota filled) (
f
Calendar year
Pound
(Unstensued
22,000,000 equivalent]
19,522,300
I
TREASURY DEPARTMENT
Washington
Press Service
for Release, Morning papers,
Wednesday, February
12,
19^1*
today preliminary figures for imports of
The Bureau of Customs announced
provided for under trade agreements, from
conroodities within quota limitations
December 31, 19*+0, inclusive, as follows
the beginning of the quota periods to
Commodity _____ _
Cattle less than 200
pounds each
Cattle, 700 pounds or
more (other than
dairy cows)
---- f e t i h U n W 'Quota
Period & Country : Quantity
Calendar year
100,000
Quarter year
from Oct.1,19^0
Canada
Other than
Canada
51*720
6,210
Calendar year
3,000,000
Cream, fresh or sour
Calendar year
1,500,000
White or Irish potatoes
Certified seed
Red cedar shingles
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
(Tariff rate
Head
«
37*27$
(Tariff rate
quota filled
Gallon
7*^92
Gallon
976
15,000,000
Pound
9*933*9g0
1 5 , 19^0
90 ,000,000
Pound
13*752»^0.1
months from
Sept# 15» 19^0
60,000,000
Pound
2,^70,192
Calendar year
12
months from
Sept.
| .Other
Head
ouota filled)
Whole milk, fresh or sour
Fish, fresh or frozen
filleted, etc. , cod,
haddock, hake, pollock,
cusk and rosefish
*Unit 01 ¡Imports as oi
¡anantityiDec. n . 1919.
12
Calendar year
Calendar year
2 ,371*5^
2 2 ,000,000
Square
Pound
(Unstemmed
equivalent)
(Duty-free
quota filled)
1 9 ,522,300
2
:
Established. Quota
¡Unit of : Imports as of
Commodity_______ : Period & Country : Quantity ..jjggjrtltys Dec. 31, 1 $ W
Silver or H a c k foxes ,
furs and articles:
Foxes valued under
$250 ea. and whole
furs and skins
Month of December
Canada
17,500
7,500
Other than Canada
12 months from
December 1, 19^+0
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
Number
ti
(import quota
filled)
(Import quota
filled)
1,003
5,000
Piece
1
500
550
Pound
6
1
500
Unit
9
Crude petroleum, topped Calendar year
crude petroleum, and
Venezuela
fuel oil
Netherlands
Colombia
Other countries
1 *£69,014,616
527,691,192
103,978,560
Molasses and sugar
sirups containing
soluble nonsugar solids
equal to more than 6fo
of total soluble solids Calendar year
98,779,632
1 ,500,000
-ÒÒÒ-
11
Gallon
it
ti
11
Gallon
1 ,738.917.986
^99,039,008
21,995,228
(Tariff rate
quota filled)
(Tariff rate
quota filled)
6
*er towlags Bonds,
This would psrait the Treasury to carry 0 » »
progra» encouraging aero popular participation in the financing.
In
this connection, D m f m i v y wishes to %« able to offor aeouritist
of a character which should facilitate and promote thrift and saving«,
lit hop« Dial a substantial part of th© dofens© program for which wo
h a m to borrow fond« «an be financed ont of the real tarings of tho
people,
However, In bringing thorn offering« to pnbllo attention 1 oan
aoflaro yon that ihoro will bo no high-pressure aalesnansïi
ad*.
On© of tho M i l 1«portant servies« tho Ansrleam pooplo oan toads*
It to coopérât# in «applying tho moan© for national defease*
• wr
A
A
n K E s it possible for wortcers and farnert no loss D m banker©
and bnoiaooo non to contribute to tho financial need« of tho Oovernnont,
not only through thoir tax payments but through thoir savings as well*
The bill therefore prowl dot authority to issus soeuritios on such tones
and in such dononlnatiens at will enlist support from tho largest number
of snbsortbors«
There is evesy reason why a substantial part of tho
raifulirv h v
'f’
rDfyy
savings OMK9B«o*iHrfcv ^
current incroaso in onploynont should bo
oonsorvod by inwestaent in United States Government soeuritios.
The
saall investor who puts his savings in devernasnt ©sourities will in
this wuy oontfibuto not only to national defease but also to his own
individual security*
Our vhole oeoaoay aad offort «kould ko ©onooalfmtoA um B t U m l
dofoaso.
X oao® agoia *Aal Id arg« ®conoay in Fed®ral ®xp®adUur®8. X
koUoto» ik®r®forot ihal all Skdoral aoa-dofouse «xpoaditure® thould bt
ro^xaaiaod
10 «ako cortaia ihal no »or* fand«
ar® graatod tkaa ar# akoolutoly ooooaiial 1a Iko oxisting circuiasia»«®#.
Xa viov of «ha «alarged
prograia
faciag Iko Tre&aury, ii 1« doslsmll«
Io havo groator floxikiliiy ia Iho iypoo of ooourliloo vhick au? ko
offorod Io Aool the ro^uiresusnt® of vmriou® elaooo« of laveoior#. Thoiofor®, IM# feill further amonde Ihe Soooad Ukorty Bond Aoi so
a«
Io kxoadoa
Um amihority undor which Uniiod Stal«# iaviiifo Bond# ata i««uod aad Io
provido for a mm a Xa *# of #aourity Io I# <uU*4 "Swüttrsr eaviags
ooriifioaioo«*
Tk© statutosy llnll oa *3>* l o m for vhich
aay ko isouod would aoa IIaua io ko tvoaiy yoaro, as At U m proooat^
4 l & t U l i o a ’of loa yoors would ko plaood oa tk® Troagury «avinga earUfioa Ioi »
XI vould Also provido Ihal kolk cl&ases of «oourilio# aoy ko ia###4
oa aa ialoro# t~koari&£ k&sla, oa a disoouat kaois, of
oa * oookiaatloa
iatoroot-kooriag aad discouni kasi», aad Ikal Iko Treasury aay fix ky
roguXatloa Iko Aaoual of Savtago Bond# and aaviagt oorlifle&tes which a»y
N siqSt
ko kold ky aay oao poraoa al any oao ii»o.
Ia addilioa» iko Treasury vould ko «alhorltod Io ittuo atawp# Of
provido other aoaa# io ovidoaoo payaoaia for Saviagipoad# aad oaviagi
IA UOtlo
ooriifioaioo, «ad Io provido for Iko oxokango of oavingo oerlifloaio#
|S9J
S1m 89]
IIä
m ® iojj i
!
j km
s
- * -
i m r i U U t I M U m U n i i definitely fiXt8 th#
exemption» fra» taxation »ad there la no dieeretionafy authority li
•waittfi Q t t i m r af D a Government to vujr the«e exemptions.
Antieipeting that tho Congreee would consider tho quettioa of
tax exemption« la this session, It seemed to »a hightly desirable that
the freeenxy «ale» no further affare af long-tem tax-exempt eeenritie»
until the Congress had had aa opportunity to consider the question agali
la the light af the huge defense financing program before us, 1 tapi
<È?6>/?^Ctt OfsS
la December to Issue fully taxable short-term "nahaa far e e & to asat
wipL
our Insediata retirement* and deal tieit, ttsw^jan beudeior aur Kerch 15
refunding programmi oh ordinarily would have been concluded three «oaths
la advance, pending the decision of this Congress on the <£ue«tlo& of
eliminating tax-exeaiption« from all future issues af federal sscurititi.
1 conferred with scat members cf the Scuta and af the Secate and explain!’
ta than what 1 had la alnd aad that, la taldng these steps, it sat ay
hope that Congress would promptly enact legislation 1111
■'•amap the Income from all future issues of seemrltiee of the federal Sororacent or any of Its agencies twnaaih subject to all federal tante*
The
program explained to thoa act with their hearty approval.
As you know, every administration for the past twenty years has
recommended the complete elimination of tax-exempt securities.
The hill now!
before you proposes that the United States Government actually take the firslj}
step to eliminate this undesirable feature from our financing.
It is parti-|
cularly appropriate that this step should be initiated in connection with tW
financing of the National Defense program.
be called upon to share in this task.
All segments of the economy willl
This makes it urgent, from an equitable
point of view, that all subscribers to any given class of securities; should
receive the same return.
This is impossible if the securities are issued with
tax-exemption privileges which are worth nothing to the poorest class of
subscribers but very much to the more wealthy subscribers.
Such exemptions
which make the net return on Government securities progressively higher as the
income of the purchaser is higher, and progressively lower as his income is
lower—
are incompatible with the democratic financing of the defense
<JhM
program and nmwt be removed.
ü¡
W
'
H
111
-
k -
mm
tjrpa» ©f OeviiiMit imrltiM, the lav H w i f definí taly fl»* the
exeaptioat fin temtlon and there la na diaoretlonary anthority la aay
m
• M U ? » » m a r of tlia ItvtnMal to wiy theee ixiapiUM.
¿atiolpatiag that the Qongroaa vould coaeider the queelion of
t e execretiñe la thia aeaeio», it saeaad lo »« hlghtly desireble that
s®
the Tmitxr «oleo no further offora of lonr-tera te-eaoapt eecurities
natil the Coagraa» had had aa opportaaity to ooaetder tha foootlon agaia
m SI p
sjWsp
la the light of the haga defea«» financiar program befora «o.
I bagan
/r t
la Daoaabar to ioooe fully tembló short-ter» t e t e for caah to aoat
15
car Inmediato regal *•••*** andsiaol t e y teaai||wir t e ■
'
*t**r tu*
refundínr progra^Khloh ordinarily vould haré t e a eoneluded tema acate
la adranoa, pendías the dad aloa of thia Coagraaa oa the gaoetloa of
«Ualaatlag tax-m*teüa*« fre» all futuro laaaaa of Tadotal aooarltlee.
wm.
I conferred vith «eao aaabara of tha Sonsa and of tha Sonata and expíalas!
to thaa uhat 1 had la dad t e tfcat, la tabla* teto atea, tt raa ay
n (¡y r.iC...1
hopo that Congraaa voulá provptly aaaot la*l#latioa
.«M* tha incoa» fro» all futas1» leíate of aoousltlee of tha federal Sot««íaaat or aajr of It» ageaelee *fi555fc subjaot to all íedeml tamas•
prepraa m U l u i to thoa aet vlth theIr hoarty »PP*ot»1.
SmlSm
I
roooaoanáaé «lo oonplet» « I M a M M * rf taa W H ) > «ooorttlo«.
r
gilí
IMMIÜ
¡®p
feík:
«» “ n
.
'oro /«a propoote that tho Bulto*»tato* Oownwont Mtaallr W »
flrat ate tt allalaato tea teoairabl# faiteo fte our financio*,
tt la partlealadj approtsriate that thla atap ahould be initiated í n
ilion dth tho fletada* of tha Sation&l
mmñ
1 ~
t m ®
m m sm m
mw
SgKISi
m im S
-3 -
or which are carried la the Bodge* as estimates of appropriation« for
the fiscal /«are I9hl and V)h2 after deducting the estimated receipt«
for those two /ears» plus the public debt oa June 30» !$**©•
On this
^&(o L $? 4, &£>®,
'
basis tiie debt limitation would he fired atNifosf 6fP0Q|000 to sever
appropriations already made and the eetlaates of appropriations included
in the Bodge!«
there should, however, he added to this figure the sun
of approximately 13*500,000,000 which the Itadgst document shows will he
subnitted to Congress this session as supplemental liens and which are
cdrt^JC
not included in the above figure«
this would make a total of H i
_ r o / i S »W \ „
$6i,000,000,000 for a debt Uaitation without ashing as/
»lie esmurtrwfr aoeruals on Savings bonds.
¿»»»»ary 4» viwr^hgwevfjr t ierth u *
sOAA-ssm
00m
hpi i i
Clonal amounts which it no/ he necessary
to appropriato under the pending land-lease hill«
Another natter ef vital inpertaaee in oeaaeotion with the flnaaeisf
ef the National Bsfenee prog ran is the tax-exesptioa feature of the debt
obligations of the federal Government and its agencies.
I » 1 4 Inst /ear
that if it were within nr pewer 1 would issue Vntienal Ihfease^erow“
tdjiJ
to nil federal taxes«
As you knew, the dlscrotieaary authority of the
froaenry to ioeeo securities subject to nil federol taxes 1« confined to
Treasury antes with a maturity of from one to five yen«»«
As to all other
#f dopOslis »« tmr os 9 «f«Ul» oad lo saos iiUat til» coa lo «ocoapUthod
Ir laoalaf obllfotloas i U n i U v i lo poraenoat Investore outslde of tíu
bonitas srstoa*
la U n o « sueh os lioso* II lo our losin lo larva* os
sofll os possillo fvm pool esvare rollar lisa f u s lóales*
fio lili* samar etiar lilaos, piropos#* lo oaoad H e Ssooad Ulorty
load Asi so oo lo lioll lio foto saoaal of psllio dolí ellifolloac Itsaed
uadsr lio ouHorltf ^
H o l M I lo oa «m s i I asi lo oxooed la H o *ff»«gst*
$65 *000 ,000,000 oulsloadiag at sor ono liso*
filo provisión os writtoo
*111 ropool soolioa 21(1) of H o l M I wltcl oulhorisos lio iosaooso of
000,000,OCX) fooo oaouat of loUoaol Bofe-aso aolao*^
_......
_Ck M í n
--¿as beA-t^ m
n m > i» i ww»i Ti1jipi iw¡ji|ysjlfis 11 lasa eos lo Ib ]■!iloIs
^
a
thot lio dolí
Uoilotfoa lo loorooosd lo oa saoaal suffieient lo lelo ooso of onlr lis
expendí loro prognm outllaed la lio Budgot, ia Xión of H e Xiailolloa
provldod Ü k la H. H. ¿5 5 5 * *lo Bsdfot contémplate« o gtose pabilo dolí
oa Jane 30 , I9I2 of Í58,3£?*d®0*O®®t M
vhich «asi lo oddod lio futura
si
11
1# lapsssill# lo oollaolo H e saoaal of H o dolí Xiailolloa vhich allí lo
aooosoovp oa H i o Molo* \X1 lo olvioas, hwever, H o l 11 *1X1 teto lo lo
o wsio» toa» la n e o » of H o ooüaolod froto pabilo dolí os sorrlsd lo
H a Bad
"
L
H o l Confress fia lis dolí Hsit
lo oa saoaal gaffloloat lo oovar olí of H o «aao H o l II loo opproprloied
2) H à f ?
t am appearing before you today la «apport of I. S» 2959, which
ralees the iaht liait to $65 ,000 ,000 ,000 , provide« fer the ellalaatlea
of the pro eoat parti ilea la the debt liait, provide« ¿reatar flexibility
la ear financing operations, and provides that the l a m e from all fatar»
issues of federal securities, hath direct end indirect, he subject to all
Federal taxes.
The 19h? Budget submitted to the Congress last month Indicates
that ear contemplated National Defense pregna has new been increased
to approximately $28,500,000,000 in appropriations, contract authorisations
and reeeaaendatieas.
It alee indieatee that the eetiaated expenditure
pregna« trill result in combined deficits fer the fiscal peart 19**1 and
19^2 of $1 5 ,hOC,000 ,000 . the balance of the borrowing authority on
ternary 5 1 , l$hl, s h
$1,183,000,000 under the general limitation, and
$1,628,000,000 under the Settenni Defease liniteilen,
f h i e ^ t a l mmbSuá
of $2 ,751 ,000,000 provides the freaeuvy viti be rawing authority
sufficient only fer the next four months, and even in that period we would
0
ft Í*cH*0*f
he nstrieted to «hert~tem fdnsCèlnçfer n larger part ef ear financing
operation« than eaoae advisable at this time.
Short-tern tecurlUssjOsm— ee-ed Ih ils Isa y t i l ^ would to t the
most part be pnrshneed by eeanercinl banks, thereby causing n further
Increase ef deposits.
The Treasury would Woo to avoid further increases
Statement of Secretary Morgenthau
Before the Senate Finance Committee
February 12, 19^1»
I am a p p e a r i n g b e f o r e y o u t o d a y in s u p p o r t of H* R* 2959? w h i c h
raises the
debt
limit
tion of the p r e s e n t
flexibility
to # 65 , 0 0 0 , 0 0 0 , 0 0 0 ,
partition
in o u r f i n a n c i n g
come f r o m all
future
issues
in the
provides
debt
operations,
of F e d e r a l
li m i t ,
for
the
provides
and provides
securities,
that
elimina
greater
t he
in
both direct
and
indirect, be subject to all Federal taxes*
The
19^2
Budget submitted to the Congress last month indicates
that our contemplated National Defense program has now been increased
to approximately $23,500,000,000 in appropriations,
contract
authorizations and recommendations* It also indicates that the es
timated expenditure programs will result in combined deficits for
the fiscal years 19^1 and 19^2 of $ 15 ,^00,000,000*
The balance of
the borrowing authority on January 31? 19^!? was $1? 123? 000,000 under
the general limitation, and $ 1 ,623,000,000 under the National Defense
limitation*
This combined total of $2,751?000,000 provides the
Treasury with borrowing authority sufficient only for the next four
months, and even in that period we would be restricted to short-term
obligations for a larger part of our financing operations than
seems advisable at this time*.
Short-term securities would for the most part be purchased by
commercial banks,, thereby causing a further increase of deposits*
The Treasury would like to avoid further increases of deposits as
far as possible and to some extent this can be accomplished by
23-43
2
issuing obligations attractive to permanent investors outside of
the banking system*
In times such as these, it is our desire to
borrow as much as possible from real savers rather than from
banks.
The bill, among other things, proposes to amend the Second
Liberty Bond Act so as to limit the face amount of public debt
obligations issued under the authority of that Act to an amount
not to exceed in the aggregate $ 65,000,000,000 outstanding at
nny one time.
This provision as written will repeal section 21(b)
of that Act which authorizes the issuance of $^,000,000,000 face
amount of National Defense short-term securities*
Another matter of vital importance in connection with the
financing of the National Defense program is the tax-exemption
feature of the debt obligations of the Federal Government and
its agencies.
I
said last year that if it were within my power I would
issue National Defense securities subject to all Federal taxes*
As you know, the discretionary authority of the Treasury to issue
securities subject to all Federal taxes is confined to Treasury
notes with a maturity of from one to five years,
As to all other
types of Government securities, the law Itself definitely fixes
the exemptions from taxation and there is no discretionary
authority in any executive officer of the Government to vary these
exemptions*
- 3 -
A n t i c i p a t i n g t hat
tax e x e m p t i o n s
the
in t h i s
s e ssion,
that the T r e a s u r y m a k e
securities u n t i l
the
the q u e s t i o n a g a i n
program b e f o r e
Congress would
no
in the
us.
short-term o b l i g a t i o n s
f or
and d e f e r r e d o ur M a r c h
15
on the
from all f u t u r e
issues
some m e m b e r s
the
them w hat
of
of s e c u r i t i e s
in D e c e m b e r
question
issue
our
desirable
tax-exempt
to c o n s i d e r
defense
to
of
financing
fully
immediate
taxable
requirements
refunding program,
which ordinarily would
months
pending
in a d v a n c e ,
securities*
a n d of the H o u s e
It w a s my h o p e
legislation
to m a k e
of the F e d e r a l
the
decision
The
I conferred with
and discussed with
t hat
income
Government
taxes*
the
of e l i m i n a t i n g t a x — e x e m p t ions
of F e d e r a l
Senate
subject to all F e d e r a l
of the h u g e
question
I h a d in mind.
promptly e n a c t
of l o n g - t e r m
c a s h to m e e t
have b e e n c o n c l u d e d t h r e e
of this C o n g r e s s
offers
h a d h a d an o p p o r t u n i t y
light
I began
the
it s e e m e d to me h i g h l y
further
Congress
consider
or a n y
Congress would
f r o m a ll
of
its
future
issues
agencies
p r o g r a m met w i t h th e i r he a r t y
approval*
The o r i n c i p l e
the past
i n v o l v e d is not
twenty years
t ax-exempt
h as
securities.
Uni t e d S t a t e s
this u n d e s i r a b l e
feature
a p p r o p r i ate
this
that
fin a n c i n g of the
upon to
share
bill
Every
the
take
the
first
It
for
elimination
you proposes
from our financing#
s tep
that
of
the
to e l i m i n a t e
is p a r t i c u l a r l y
i n i t i a t e d in c o n n e c t i o n w i t h the
Defense
task*
administration
complete
now before
actually
s h o u l d be
National
in this
recommended
The
Government
new#
program.
This makes
A l l w i l l be
it u r g e n t ,
called
f r o m an
e q u it rb le p o i n t of view,
This is i m p o s s i b l e
that
if the
all
s u o s c r i b e r s ho
securities
privileges w h i c h are w o r t h n o t h i n g
are
treated alike#
issued with tax-exemption
to the p o o r e s t
fa great deal to the m o r e w e a l t h y s u b s c r i b e r s #
subscribers
but
Such exemptions
are
incompatible w i t h the d e m o c r a t i c f i n a n c i n g of the d e f e n s e p r o g r a m
and should be
removed*
Our w h o l e
defense*
I believe,
economy
I once
and effort
again want
therefore,
that
to u r g e
oe c o n c e n t r a t e d on n a t i o n a l
economy
all F e d e r a l
should be r e— e x a m i n e d w i t h
no more funds
should
in F e d e r a l
non-defense
a magnifying glass
are g r a n t e d t h a n
are
absolutely
expenditures*
expenditures
to m a k e
certain
essential
t hat
in the
existing c i r c u m s t a n c e s *
In v i e w of the
desirable
enlarged program facing
to h a v e g r e a t e r f l e x i b i l i t y
may be o f f e r e d to m e e t
Therefore,
this b i l l
as to b r o a d e n the
the
requirements
further
authority
are issued a n d to p r o v i d e
amends
for w h i c h S a v i n g s
Bonds
m a y be
the p r e s e n t ,
placed on the T r e a s u r y
that b o t h c l a s s e s
bearing basis,
of
while
savings
securities
on a d i s c o u n t
bearing a n d d i s c o u n t
b asis,
types
of v a r i o u s
of
The
of
a limitation
certificates*
ba s i s ,
a n d that
be
is
securities which
types
of
investors*
Savings
security
statutory
issued would
may
it
Second Liberty B o n d Act
for a new class
c e r t i f i c a t e s « ’1
as at
the
Treasury,
under w h i c h Uni t e d States
’’Treasury s a v i n g s
years,
in the
the
to be
limit
continue
Bonds
called
on the
to be
so
term
twenty
of ten y e a r s w o u l d be
It w o u l d
i s s u e d on an
also provide
interest-
or on a c o m b i n a t i o n
the T r e a s u r y m a y
interest-
fix by
regu-
Hr f -
lation the a m o u n t
of
may be h e l d b y a ny
In a d d i t i o n ,
or provide
Savings
one
p e r s o n at
to c a r r y
Savings
In t h i s
offer s e c u r i t i e s
Bonds.
We
program f o r w h i c h w e
have
savings
ings to p u b l i c
render at
salesmanship
of the
this
most
time
national d e f e n s e .
farmers no l e s s
the f i n a n c i a l
payments but
We
ought
than bankers
needs
of the
through their
provides a u t h o r i t y
to
denominations
as w i l l
s u b s cribers.
There
assure
defense
f i n a n c e d out
of
offer-,
t h e r e w i l l be
the A m e r i c a n p e o p l e
it p o s s i b l e
and business
no
not
on
can
means
for
for workers
and
m e n to c o n t r i b u t e
only
as w e l l .
to
through their
T he b i l l
such terms
and
in s u c h
a substantial part
Increase
tax
therefore
f r o m the l a r g e s t n u m b e r
reason why
current
to
propaganda.
securities
is e v e r y
the
and promote
of t h e
in s u p p l y i n g the
support
m
able
in b r i n g i n g t h e s e
y o u that
services
savings
enlist
c a n be
However,
Government,
i ssu e
savings r e s u l t i n g f r o m the
should facilitate
funds
to m a k e
and
of s a v i n g s
to be
a substantial part
is to c o - o p e r a t e
Bonds
popular participation
or coercive
important
stamps
t he T r e a s u r y
t he T r e a s u r y w i s h e s
to b o r r o w
the p e o p l e .
exchange
This w o u l d permit
that
a t tention I can
high-pressure
One
of
hope
for Savings
f o r the
of a c h a r a c t e r w h i c h
thrift a n d s a v i n g s .
the real
a u t h o r i z e d to i s s u e
e ncouraging more
connection,
certificates which
time.
payments
a n d to p r o v i d e
on a p r o g r a m
financing.
savings
any one
to e v i d e n c e
eavings c e r t i f i c a t e s ,
for
and
the T r e a s u r y w o u l d b e
other means
certificates
Bonds
in e m p l o y m e n t
of
of the
should
6
_
be c o n s e r v e d b y
The small
investment
investor who puts
will in t his w a y
also to his
own
contribute
individual
-
in U n i t e d S t a t e s
h is
savings
not
only
security.
-0O0-
Government
in G o v e r n m e n t
to n a t i o n a l
securities«
securities
defense but
Statement
B e f o r e the
of S e c r e t a r y M o r g e n t h a u
Senate Finance Committee
February 12, 19*4*1*
I am a p p e a r i n g b e f o r e
raises the debt
limit
tion of the p r e s e n t
you today
in
support
to # 65 , 000 , 000 , 000 , p r o v i d e s
partition
in the
debt
flexibility in o u r f i n a n c i n g o p e r a t i o n s ,
come from all
Indirect,
be
future
subject
The 1 9 ^ 2 B u d g e t
of H. R*
issues
of F e d e r a l
to all F e d e r a l
s u b m i t t e d to
that our c o n t e m p l a t e d N a t i o n a l
l imit,
f o r the
provides
and provides
securities,
the
Defense
and recommendations*
timated e x p e n d i t u r e
programs
will
Congress
p r o g r a m has
It
also
result
and $1,626,000,000 under
limitation,
This
combined total
Treasury w i t h b o r r o w i n g
and even
at
this
19*4-1; w a s
sufficient
both direct
and
indicates
now been
increased
contract
that
the
es
for
the N a t i o n a l
f o r the
restricted
to
operations
Defense
the
next
four
short-term
than
time»
thereby
a n d to
of
$1,123,000,000 under
only
of o u r f i n a n c i n g
s e c u r i t i e s w o u l d f o r the
The T r e a s u r y w o u l d l i k e
23-46
31,
in t h a t p e r i o d we w o u l d be
commercial b a n k s ,
far as p o s s i b l e
in
of $ 2 , 7 5 1 j 0 0 0 , 0 0 0 p r o v i d e s
authority
for a larger part
Short-term
t hat
in c o m b i n e d d e f i c i t s
the g eneral
seems a d v i s a b l e
the
indicates
on J a n u a r y
obligations
greater
l ast m o n t h
the b o r r o w i n g a u t h o r i t y
months,
elimina~
19*4-1 a n d 19**2 of #15, ^ 00 , 000 , 000 * . The b a l a n c e
the fiscal y e a r s
limitation#
which
taxes*
to a p p r o x i m a t e l y $ 2 S , 500 , 000,000 in a p p r o p r i a t i o n s ,
authorizations
2959;
most
causing a further
to a v o i d f u r t h e r
some
extent
this
part
be p u r c h a s e d b y
increase
increases
c a n be
of d e p o s i t s .
of d e p o s i t s
a c c o m p l i s h e d by
as
2
-
issuing o b l i g a t i o n s
the banking
attractive
system*
to p e r m a n e n t
In t i m e s
borrow as m u c h as p o s s i b l e
-
it
s u c h as th e s e
from real
outside
of
is o u r d e s i r e
to
investors
rather than from
sa v e r s
banks*
The bill,
among
Liberty B o n d A ct
I
obligations
other
so as to
t hings,
limit
i s s u e d u n d e r the
not to e x c e e d in the
ony one time*
of that Act w h i c h a u t h o r i z e s
Another matter
feature of the
d ebt
amount
Second
of p u b l i c
of t hat A c t
as w r i t t e n w i l l
the
issuance
short-term
of v i t a l
financing of the N a t i o n a l
face
to a m e n d the
debt
to an a m o u n t
$ 6 5 , 000 , 000,000 o u t s t a n d i n g at
aggregate
Defense
the
authority
This prov i s i o n
amount of N a t i o n a l
proposes
obligations
of $ ^ , 0 0 0 , 0 0 0 , 0 0 0 f a c e
securities*
importance
Defense
r e p e a l s e c t i o n 21(b)
in c o n n e c t i o n w i t h t h e
program
is
the
of the F e d e r a l
tax— exemption
Government
and
its agencies*
I said l ast
issue N a t i o n a l
As you know,
securities
year
Defense
the
securities
types of G o v e r n m e n t
of f r o m one
securities,
from taxation
authority in any e x e c u t i v e
/
within my power
subject
authority
to all F e d e r a l
notes w i t h a m a t u r i t y
exemptions*
if it w e r e
discretionary
sub j e c t
the e x e m p t i o n s
that
taxes
to
all F e d e r a l
of the T r e a s u r y
the l a w i t s e l f
officer
t axes*
to i s s u e
is c o n f i n e d to T r e a s u r y
to f ive y e a r s .
and there
I would
As
to a ll
definitely
other
fixes
is no d i s c r e t i o n a r y
of the
Government
to v a r y
these
3-
-
A n t i c i p a t i n g t hat
tax e x e m p t i o n s
the
in t h i s
s e ssion,
that the T r e a s u r y m a k e
securities u n t i l
the
the q u e s t i o n a g a i n
program b e f o r e
Congress would consider
no
further
Congress
in the
us.
I began
f or
and d e f e r r e d o ur M a r c h
15
from all f u t u r e
issues
some m e m b e r s
the
them what
of
in D e c e m b e r
of
desirable
to c o n s i d e r
defense
to
issue
our
financing
fully taxable
immediate
requirements
refunding program,
which ordinarily would
months
pending
in a d v a n c e ,
securities*
a n d of the H o u s e
It w a s my h o p e
promptly e n a c t l e g i s l a t i o n
to m a k e
of the F e d e r a l
decision
the
I conferred with
and discussed with
that
Congress would
income
f r o m all f u t u r e
Government
taxes.
the
of e l i m i n a t i n g t a x — e x e m p t i o n s
of F e d e r a l
Senate
subject to all F e d e r a l
question
of l o n g - t e r m t a x - e x e m p t
of the h u g e
question
I h a d in m ind.
of sec u r i ties
offers
c a s h to m e e t
have b e e n c o n c l u d e d th r e e
on the
s e e m e d to me h i g h l y
h a d h a d an o p p o r t u n i t y
light
short-term o b l i g a t i o n s
of this C o n g r e s s
it
the
or a n y
of its
issues
agencies
The p r o g r a m m et w i t h t h e i r h e a r t y
approval*
The p r i n c i p l e
the past
i n v o l v e d is not
twenty years
tax-exempt
h as
securities*
United S t a t e s
this u n d e s i r a b l e
feature
appropriate
t his
that
financing of the
upon to share
bill
Every
the
take
the
first
It
for
elimination
you proposes
from our financing.
s tep
that
of
the
to e l i m i n a t e
is p a r t i c u l a r l y
i n i t i a t e d in c o n n e c t i o n w i t h the
Defense
task.
administration
complete
now before
actually
s h o u l d be
National
in this
recommended
The
Government
new.
This
program.
makes
A l l w i l l be
it u r g e n t ,
called
f r o m an
- 4- -
equitable p o i n t of view,
This is i m p o s s i b l e
th a t a l l
if the
subscribers
securities
are
be
treated alike.
issued w i t h tax— exemption
privileges w h i c h are w o r t h n o t h i n g to the p o o r e s t
o, great deal to the m o r e w e a l t h y
subscribers*
subscribers
but
Such exemptions
are
incompatible w i t h the d e m o c r a t i c f i n a n c i n g of the d e f e n s e p r o g r a m
and should be
removed*
Our w h o l e
defense*
I believe,
economy
I once
and effort
again want
therefore,
that
to u r g e
oe
economy
a ll F e d e r a l
should be r e - e x a m i n e d w i t h
no more f u nds
should
c o n c e n t r a t e d on n a t i o n a l
in F e d e r a l
non— defense
a magnifying glass
are g r a n t e d t h a n are
absolutely
expenditures*
expenditures
to m a k e
certain
essential
that
in the
existing c i r c u m s t a n c e s *
In v i e w of the
desirable
enlarged program facing
to h a v e g r e a t e r
may be o f f e r e d to m e e t
Therefore,
this b i l l
as to b r o a d e n the
flexibility
the
requirements
further
authority
are issued a n d to p r o v i d e
amends
for w h i c h S a v i n g s
Bonds
m a y be
the p r e s e n t ,
while
placed on the Tree.sury s a v i n g s
that b o t h c l a s s e s
bearing basis,
of
securities
on a d i s c o u n t
bearing a n d d i s c o u n t
b asis,
i.j'pes of
of v a r i o u s
the
The
and
of
issued would
a limitation
cert if i c a t e s *
b asis,
that
is
securities which
types
security
statutory limit
m a y be
it
of
investors*
Second Liberty B o n d Act
for a new class
certificates*
as at
Treasury,
under which United States
"Treasury s a v i n g s
years,
in the
the
continue
Savings
to be
term
twenty
of ten y e a r s w o u l d be
It w o u l d a l s o p r o v i d e
i s s u e d on an
interest-
or on a c o m b i n a t i o n
the
Bonds
called
on the
to be
so
interest-
T r e a s u r y m a y f i x by
regu-
5
-
lation the a m o u n t
of
may be h e l d b y a ny
In a d d i t i o n ,
or p rovide
Savings
one p e r s o n
to c a r r y
at any one
a n d to p r o v i d e
Savings
Bonds.
certificates which
time.
a u t h o r i z e d to
to e v i d e n c e p a y m e n t s
savings c e r t i f i c a t e s ,
for
and savings
the T r e a s u r y w o u l d b e
other means
certificates
Bonds
-
for
f o r t he
i ssue
Savings
exchange
This w o u l d permit
stamps
Bonds
and
of s a v i n g s
t he
Treasury
on a p r o g r a m encouraging more p o p u l a r p a r t i c i p a t i o n
financing.
In this
offer s e c u r i t i e s
connection,
of a c h a r a c t e r w h i c h
thrift a n d s a v i n g s .
We hope
program f o r w h i c h w e
have
the rea l
savings
ings to p u b l i c
high-pressure
One
render at
salesmanship
most
national d e f e n s e .
farmers no l e s s
payments b ut
funds
ought
assure
needs
of
the
through their
provides a u t h o r i t y
to
denominations
as w i l l
s u b scribers.
There
is e v e r y
savings r e s u l t i n g f r o m the
no
in s u p p l y i n g the m e a n s
for
men
n ot
for workers
to
through their
T he b i l l
on s u c h terms
f r o m t he l a r g e s t
tax
therefore
and in
such
n u m b e r of
a substantial part
increase
and
to c o n t r i b u t e
only
as w e l l .
reason why
current
of
offer-,
t h e r e w i l l be
it p o s s i b l e
support
f i n a n c e d out
can
securities
enlist
d e fe n ce
of the
the A m e r i c a n p e o p l e
Government,
i ssue
and promote
propaganda.
and business
savings
able to
in b r i n g i n g t h e s e
y o u that
services
to m a k e
than bankers
c a n be
However,
is to c o - o p e r a t e
We
should facilitate
or coercive
important
to be
a substantial part
to b o r r o w
of the p e o p l e .
this time
the f i n a n c i a l
that
attention I can
of the
the T r e a s u r y w i s h e s
in the
in e m p l o y m e n t
of t h e
should
~
be c o n s e r v e d b y i n v e s t m e n t
6
—
in U n i t e d S t a t e s
The small i n v e s t o r w h o p u t s
his
savings
will in t his w a y
not
only
also to h is
contribute
own individual
security.
-oOo-
Government
in G o v e r n m e n t
to n a t i o n a l
securities,
securities
defense but
"A
( 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 of
Origin
United Kingdom .,...
C a n a d a ........ .
France .........
British India ..,
Netherlands ....
Switzerland .....
Belgium ........
Japan ..........
China ...........
Egypt ...........
C u b a ...........
G e r m a n y ..... ...
Italy ..........
Total
1/
: Established
: TOTAL QUOTA
;
(In Pounds)
TOTAL IMPORTS : Established
Sept. 20, 1940: 33-1/3$' of
to Feb. 1. 1941 : Total Quota
4,323,457
239,690
227,420
646,178
813,714
69,627
68,783
68,240
44,388
38,559
341,535
-
-
mm
-
8,135
6,544
76,329
21,263
5,482,509
1,441,152
£
6,430
75,307
mm
22,747
14 ,796 ■
12,853
«.
_
_
mm
mm
—
mm
-
—
-
_
mm
•
-
25,443
7,088
949,497
1 ,599,886
-*0* -
mm
17,322
3,500
Included in total imports, column 2.
Imports Sept,
20, 1940, to
Feb. 1,1941 1/
mm
6,450
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
No. 2 3 ^ 5 -
Thursday , February 13, 1941
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5 , 1939
and December 19, 1940, as follows, during the period September 20, 1940, to
February 1, 1941, inclusive.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS).
Annual quotas
commencing September 20, by Countries of Origin:
-.....
(in Pounds)
Staple length less
:Staple length l-l/8" or more
than 1- 1/ 8 "
:
but less than 1-11/16"
: Imports Sept. :
: Imports SeptT
: Established : 20, 1940, to : Established : 20, 1940, to
:
Quota
: Feb. 1. 1941 :
Quota
: Feb. 1, 1941
:
:
Country of
Origin
Egypt and the AngloEgyptian Sudan .....
783,816
247,952
Peru ..................
British India ........
2,003,483
C h i n a .... ............
1,370,791
8,883,259
Mexico ................
Brazil ...........
618,723
Union of Soviet
Socialist Republics .
475,124
A r g e n t i n a ...
5,203
H a i t i .... ............
237
Ecuador ...............
9,333
Honduras ..............
752
P a r a g u a y ......
871
C o l o m b i a ......
124
I r a q ...........
I 95
British East Africa ...
2,240
Netherlands East
Indies ..............
71,388
Barbados ..............
Other British West
Indies 1/ ..........
21,321
N i g e r i a ........
5,377
Other British West
Africa 7j ..........
16,004
Algeria and Tunisia ...
~
Other French Africa 3/. __________ 689
46,060
64,580
4 3 ,4 5 1 , 5 6 6
2 ,0 5 6 ,2 9 9
6 4 ,9 4 2
k
8,118,742
703,851
ü
it
I
%
k
2,626
570,995
516,080
-
3,808
8©
—
4,958
1
435
m
50 6
m
—
1
la
-
«
-
8
-
d
«
m
29,909
m
12,554
1,737
i
I
3r
la
15,488
Si
3
30,139
2,002
i
1,634
s1 j
Total_________________ 14,516.882
1,818,701
45.656.420
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
lì
TREASURY DEPARTMENT
Washington
Press Service
Ho. 23-£9
JOE i M D I A T E r e l e a s e
February 13, 1941
T’he Bureau of Customs announced today that preliminary reports from the
K
J
of customs show imports of cotton and cotton waste chargeable to the
K i t quotas established by the President's proclamations of September 5, 19-9,
Jni December 19, 1940, as follows, daring the period September 30, 1940, to
iebruary 1, 1941, inclusive.
f t « HAVIHG A STAPLE OP LESS TEAS 1-11/16 -INCHES (0TH3H THAN HAESH OH HOUGH
?OTTOH OP LESS THAN S/4 INCH III STAPLE LENGTH AND CHIEFLY USED IN THE MA1TOPACTUBE 0? BLANKETS AID BLANKETING, AID OTHER THAN LINTERS). Annual quotas
concerning September 20, by Countries of Origin:
Country of
Origin
(In Pounds)
:Staple length 1-1/8” or more
Staple length less
:
but less than 1-11/16”
than 1- 1 /8”____
Imports Sept.
Imports Sept.
20, 1940, to
Established
20, 1940, to
Established
Peb.
1, 1941
Quota
Eeb. 1, 1941
Quota
Egypt and the Anglo-
Egyptian Sudan , ............
Peru,...........................
B ritish In d ia ...........................
China,..............................................
Mexico..................................... • • •
B r a z il............... ..
Union of Soviet
Socialist Republics .
Argentina,....... .
H a i t i . ............. . . . . . . . . .
Ecuador,........................................
Honduras.......................... . . . » *
Paraguay. . . . . . . . . . . . . . .
Colombia........................ ...
Iraq..................................................
British East Africa,..,
Netherlands East
Indies ............. .
Barbados..................................... ...
Other British West
Indies 1/ ...........
Nigeria........*.......
Other British West
Africa 2/ ......... .
Algeria and Tunisia ...
Other French Africa 3/ •
Total
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
q iTjw
46,660
64,580
570,993
516,080
*.
4,958
-
43,451,566
2,056,299
64,942
2,626
—
3,808
80
435
506
752
.871
124
195
2,240
-
—
**
—
29,909
71,388
-
15,428
-
12,554
21,321
5,377
—
30,139
2
8,118,742
703,851
1,737
—
2,002
16,004
689
-
1,634
—
14,516,882
1,218,701
45,656,420
and Tobago.
Bermuda, Jamai ca, Trinidad, ;
2/ Other than Gold Coast and Nigeria,
Zj Other than Algeria, Tunisia, and Madagascar.
8,824,410
(S’
)
k
pT) ™r,lps C0M33E WASTE, LAP WASTE, SLIVER WASTE, AM) ROVIKG VkSfS,,
" o f " » ™
OR OTHERWISE ADVANCED IH VALUE. Annual quotas
f e n c i n g 8f l M »
20, hy Countries of Origin:
Total quota, provided, however, that not .or.
cornier
°quotas shall he filled *
*
*
%
£
*
£
£
length in the
wastes made from cottons of
/
Kingdom, France, Netherlands,
case of the following countries- United Kingdom,
Switzerland, Belgium, Germany and Italy:
United Kingdom ...»
Canada...... ..... .
France......... •• •
British India*..•••
Netherlands........
Swit zerland...•••••
Belgium.... ...... .
Japan...... ...... .
China.............
Egypt.............
Cuba.....
Germany,......... .
Italy.............
Total
1/
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
6,430
646,178
213,714
68,783
22,747
14,796
12,853
25,443
7,038
949,497
Included in total imports, column 2.
oOo
1,599,886
6,430
-
Commodity
2
-
;
Established Quota
*
:Period & Country: Quantity
Silver or black foxes,
furs and articles:
Foxes valued under
$250 ea. and whole
Month of January
furs and skins
Canada
17f500 Number
7,500
Other than Canada
Tails
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
:Unit of :Imports as of
:Quantity:Feb. 1. 1941
12 months from
December 1, 1940
it
(Import quota
filled)
3,718
5,000 Piece
3,406
t*
i>
500 Pound
w
550
56
364
w
500 Unit
10
Crude petroleum, topped Calendar year
crude petroleum, and
Venezuela
71,913,049,600 Gallon
n
Netherlands
578,806,200
fuel oil
n
Colombia
86,956,800
»
Other countries 138,587,400
Molasses and sugar sirups containing soluble
nonsugar solids equal
to more than 6% of
total soluble solids Calendar year
, 1,500,000 Gallon
1/ Duty-free quota not yet determined.
-0O0-
132,232,004
62,112,457
6,581,305
46,160,567
(Tariff rate
quota filled)
TREASURY DEPARTMENT
Washington
Press Service
No• 23-50
For Release, Afternoon Papers,
gfatnflgttsy, February 15* 1941
^AA. JL-a*^
'
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 February 1, 1941, inclusive, as follows:
Commodity
Cattle less than 200
pounds each
Established Quota
îPeriod & Country; Quantity
Calendar year
Cattle, 700 pounds or Quarter year
more each (other than from Jan. 1,1941
Canada
dairy cows)
Other countries
Whole milk, fresh or
sour
Other
8,662
51,720 Head
8,280 n
12,482
(Tariff rate
quota filled)
3,000,000 Gallon
399
Calendar year
1,500,000 Gallon
26
3
12 months
Sept. 15,
12 months
Sept. 15,
from
1940
from
1940
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar shingles
100,000 Head
Calendar year
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, polloc
cusk and rosefish
Calendar year
Certified seed
Unit of :;Imports as of
Quantity : Feb. 1, 1941
Calendar year
15,000,000 Pound
684,024
90.000.
Pound
000
16,086,486
60.000.
Pound
000
2,522,063
Pound
(Unstemmed
22,000,000 equivalent)
y
Square
1,399,883
311,045
i
TREASURY DEPARTMENT
Washington
For Release, ,1 Morning Papers,
Friday, February 1^, 19^1
Press Service
No, 23-50
The Bureau of Customs announced today preliminary figures
for imports of commodities within Quota limitations provided
for under trade agreements,
periods to February 1, 19^L>
from the beginning of the quota
inclusive,
as follows:
--------------- :.....Established Quota
: Unit of
:Imports as of
Commodity
:Period & Country; Quantity : Quantity :Feb. 1, 19^1
Cattle less than
200 pounds each Calendar year
r
Head
8,bbE
Canada
51>720
Other countries
8,280
Head
"
_
12,482
(tariff rate
quota filled).
Calendar year 3,000,000
G-allon
Cream, fresh or sour Calendar year 1,500,000
G-allon
Fish, fresh or
frozen filleted, etc. ;
cod, haddock, hake,
pollock, cusk and
Calendar year
rosefish
Pound
6SÌ4-, 024-
90,000,000
Pound
l6, 086,4-36
60,000,000
Pound
2,,522,063
Cattle, 7^0 pounds
or more each
(other than dairy
cows)
Whole milk, fresh
or sour
White or Irish
potatoes
Certified seed
Other
Quarter year
from Jan, 1,
19^1
15,000,000
12 months from
Sept. 15, 19^0
12 months from
Sept. 15 , 19^0
Cuban filler tobacco,1
unstemmed or stemmed
(other than
cigarette leaf
tobacco), and scrap
Calenoar year
tobacco
Red cedar shingles
’
cc
100,000
Cale ndar year
399
26
Pound
(Unstemmed
22,000,000 equivalent) 1 ,399,233
1/
Square
311,04-5
2
|
-- ---- Commodity
j
Established W,uota
~i
:Period's Country: Quantity:
Silver or black
foxes, furs and
articles t
Foxes valued
under -250 ea.
and whole furs
and skins
.Month of January
Canada
17,500
Other than Canada
Tails
Number
”
5,000
Piece
3 ,14-06
55O
500
Pound
Pound
36 IJ-
500
Unit
12
months from
December 1, 19^0
Calendar year
V enezuela
Netherlands
Colombia
Other countr
3 ,0^ 9,600
-
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6l of
total soluble
solids
Calendar year
ÿM
-0O 0-
200
l,p00,000
1/ Duty-free quota not yet determined.
(Import quota
filled)
3
7,500
Paws, heads or
other separated
parts
Piece plates
Articles, other
than piece plates
Crude oetroleum,
topoed crude
petroleum, and
fuel oil
UnTt~of~T Imports a d bf
Quantity: Feb. 1, ,\9±i
Gallon
u
i
it
Gallon
56
132,232,0014-
62,112 ,*4-57
6,581,305
14-6,160,567
(Tariff rate
quota filled)
TREASURY DEPARTMENT
Washington
For Release,
M e A f t e r n o o n Papers
Thursday , F e b r u a r y 3 ^
/4
Press Service
No.
23-4'f^
1941
S ')
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 February 1, 1941, inclusive, as follows:
Products of
Philippine Islands
:
:
Established Quota______ :Unit of :Imports as of
Period
:
Quantity
:QuantityrFeb. 1, 1941
Coconut oil
Calendar year
425,600,000
Pound
20,251,070
Refined sugars
Calendar year
112,000,000)
Pound
7,498,850
Sugars other than refined
Calendar year
)i/
1,792,000,000} Pound
213,977,698
Cordage
12 months from
May 1, 1940
6,000,000
Pound
4,745,608
Gross
105,287
Buttons of pearl or shell
Calendar year
807,500
Cigars
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,275,000
Number
Pound
16,786,203
29,916
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.
oOo-
TREASURY DEPARTMENT
W ashington
Press S e rv ice
No. 23-51
For R elease, .Morning Papers
Friday, February 14, 1941
The Bureau o f Customs announced to d ay p re lim in a ry fig u r e s fo r im ports of
commodities w ith in th e quota lim it a t io n s provided fo r under the P h ilip p in e
Independence A c t , as amended, and th e P h ilip p in e Cordage A ct o f 1935, from th i
beginning o f the quota p eriods to February 1 , 1941, i n c lu s i v e , as fo llo w s :
Products o f
P h ilip p in e Is lands
7
:
E s ta b lis h e d Quota
Q u a n tity _
P eriod
:
i'Unit o f :; Imports as o f
; Q u a n tity : F eb . I , 1941
Pound
20,251,070
112,000,000) Pound
)l /
Pound
,7
9
2,00
0,000
1
7,498,850
213,977,698
6,0 00,0 00
Pound
4,745,608
Calendar year
807,500
Gross
105,287
Cigars
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed f i l l e r
tobacco
Calendar year
4,2 75,0 00
Coconut O il
Calendar year
Refined sugars
Calendnr year
Sugars other than r e fin e d
Calendar year
Cordage
12 months from.
May 1 , 1940
Buttons of p e a rl or s h e ll
425,600,000
Number
Pound
16,786,203
29,916
1 / The d u ty -fre e quota on P h ilip p in e sugars a p p lie s to 850,000 long t o n s , o f
which not more than 50,000 long tons may be r e fin e d s u g a rs .
-0O 0
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
________ DURING THE MONTH OF JANUARY» 19Z1________
Total
Disbursements
Including
Offsets Allowed:
Per Cent
Dividends
Declared
to All
Claimants:
Capital
Stock at
Date of
Failure:
Cash, Assets,
Uncollected stock
Assessments, etc.
Returned to Share
holders:
Name and Location of Bank:
Date of
Failure:
First National Bank
Lawrenceville, Illinois
8-22-32
$ 561,738.00
71.0556
$ 100,000.00
Forest City Nat*l Bank
Rockford, "Illinois 3J
4-19-32
2,318,931.00
108.0256
300,000.00
301,904.00
First National Bank
Hartford City, Indiana
5-23-34
406,719.00
90.2556
75,000.00
000
First National Bank
Vincennes, Indiana
10-3-32
1,345,011.00
91.7456
200,000.00
000
American National Bank
Asheville, N. Carolina
11-21-30
1,548,642.00
50.7356
200,000.00
000
Peoples National Bank
Wellsville, Ohio
2-6-32
636,436.00
69.3 56
100,000.00
000
First National Bank
The Dalles, Oregon
3-10-33
2,103,256.00
89.7856
200,000.00
000
Citizens National Bank
Greeneville, Tennessee
6-3-33
1,227,012.00
74.84*
75,000.00
000
U
$
000
Shareholders* Agent elected to continue liquidation after payment by receiver of principal and
interest in full to creditors.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
During the month of January 1941» 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 $10,147,745, while dividends paid to unsecured cred
itors amounted to an average of SO*41 percent of their claims»
Total costs of liquidation of these receiverships averaged 7»18
percent of total collections from all sources including offsets
allowed»
Dividend distributions to all creditors of all active
receiverships during the month of January 1941, amounted to
$1,779,156» Data as to results of liquidation of the receiver
ships finally closed during the month are as follows:
TREASURY DEPARTMENT
C o m p t r o l l e r of the C u r r e n c y
Washington
FOR REL EASE, M O R N I N G N E W S P A P E R S
FRIDAY, F e b r u a r y lk, 1 9 ^ 1
Press
D u r i n g the m o n t h of J a n u a r y 19^1,
eight I n s o l v e n t
National Banks
of such r e c e i v e r s h i p s
Total
disbursements,
dep o s i t ors
and
a m o u n t e d to
creditors
other
a m o u n t e d to
Total
costs
averaged
7 *1 $
percent
including offsets
Dividend
receiverships
11,779,156.
receivershios
while
of t o t a l
offsets
of t h e s e
affairs
of
allowed,
e ight
dividends
liquidation
receiverships,
paid
to u n s e c u r e d
SO.^l percent
of
these
collections
to
of
their
receiverships
from
all
sources
a l lowed.
distributions
to
d u r i n g the m o n t h
Data
c o m p l e t e d and the
including
an a v e r a g e
of
the l i q u i d a t i o n of
clo s e d .
creditors
J l O , 1^7,7^5,
claims.
follows:
finally
was
Service
as
to r e s u l t s
all
creditors
of all
of J a n u a r y 19^-1,
of
finally closed during
liquidation
active
a m o u n t e d to
of
the m o n t h are
the
as
INSOLVENT NATIONAL BANKS LIQ U ID A TED AND F IN A L L Y CLOSED
______________ DU R I NO- THE MONTH OF JANUARY, 19 Al
Per Cent
Dividends
Declared
to All
Claimants:
561,732.00
7 1 . 05 ^
I’100,000.00
2,312,931.00
106.02$
300,000.00
301,904.00
^06,719.00
90.25$
75,000.00
000
Gash, Assets,
Uncollected sto<
Assessments, eti
Returned to
Shareholders:
Name and Location of Bank:
Date of
Failure:
Total
Disbursements
Including
Offsets Allowed:
First National Bank
Lawrenceville, Illinois
6-22-32
$
Forest City Nat'l Bank
Rockford, Illinois 1/
4--1 9 -3 2
First National Bank
Hartford City, Indiana
5 - 2 3 - 34-
First National Bank
Vincennes, Indiana
10-3-32
1,345,011.00
9 1 . 7^
200,000.00
000
American National Bank
Asheville, N. Carolina
11-21-30
1 , 5 4 2 , 6 4 2 .0 0
50. 73%
200,000.00
000
Peoples National Bank
Wellsville, Ohio
2-6-32
636,^+36.00
69.3 %
100,000.00
000
Rii*st National BanK.
The Dalles, Oregon
3-10-33
2,103,256.00
29.72$
200,000.00
000
Citizens National Bank
G-reeneville, Tennessee
6-3-33
1,227,012.00 '
7
75,000.00
000
1/
Capital
Stock at
Date of
Failure:
|
000
Shareholders 1 Agent elec ted to co ntinue liquidation after payment by receiver of principal
and interest in full to creditors.
-0O 0-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated hank or trust company.
Immediately after the closing hour for receipt of tenders on
February IT, 19^1
all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,
and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof.
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
February 19» 19^1_____.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.) 'Ho loss from the .sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
Treasury Department Circular Ho. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con•ditions of their issue.
Copies of the circular may be obtained from
any Federal Reserve Bank or branch thereof.
FOR RSLSaSS, MORNING PAPERS,
TREASURY D ^ A R I M E N T
Friday. February lU. lQUl.
S5fatgBdSMgx8Yxyxxxxxxxxxxr?cxxxxy
3(:«3^x
The Secretary of the Treasury7- gives notice that tenders are invited
for Treasury hills to the amount of $100.000.000 , or thereabouts.
be
designated National Defense Series.
a discount basis to the highest bidders.
They will
bills; and will be sold on
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
Eastern standard tine, on
Monday. February 17# 19^1
Tenders will not
be received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section "National Defense Series" obligations nay be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury
therefor.
The Treasury bills will be dated
mature on
May 21,
19HI
February 19» 19^1
, and will
4M
, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $1000, $10,000, $100,000, $500,000, and
$1,000,000 (maturi ty value).
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recognised
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
{
F O R R E L E A S E , M O R N I N G P APERS,
F r i d a y , F e b r u a r y 1*1, 19*11-
TREASURY DEPARTMENT
The Secretary of the Treasury gives notice that tenders
are invited for Treasury bills to the amount of $100,000,000,
or thereabouts.
They will be designated National Defense
Series, 91-day bills; and will be sold on a discount basis to
the highest bidders.
Reserve Banks,
Tenders will be received at the Federal
or the branches thereof, up to two o ’clock
p. m., Eastern standard time, on Monday, February 17, 19*11«
Tenders will not be received at the Treasury Department,
Washington.
These bills will be issued pursuant to the provisions
of Section 302 of the Revenue Act of 19^0> approved June
19*10.
25,
Under the authority of that section ’’National Defense
Series” obligations may be issued to provide the Treasury
with funds to meet any expenditures made,
after June J O ,
19*+0,
for the national defense, or to reimburse the general fund of
the Treasury therefor.
The Treasury bills
wil l m a t u r e
on M a y
21,
amount w i l l b e p a y a b l e
In b e a r e r
form
only,
will be
19*11;
dated February
and °n
without
maturity
interest.
a n d in a m o u n t s
date
the
They will be
or denominations
$ 10 ,000 , $ 100 ,000 , $ 500 ,000 , a n d $ 1 ,000,000
23-53
19, 19*11> and
face
issued
of $ 1000 ,
(maturity value).
2
It
is u r g e d t hat
and f o r w a r d e d
by the
in
Federal
the
tenders
special
be made
on the p r i n t e d
forms
envelopes w h i c h will be
Reserve Banks
or b r a n c h e s
supplied
upon a p p l i c a t i o n
therefor.
No
tender
sidered,
price
f o r an a m o u n t
E a c h t e n d e r m u s t be
offered must be
more t h a n
not be
three
in m u l t i p l e s
expressed
decimal
t h a n $1,000 w i l l b e
less
on the b a s i s
p l aces,
e.g,,
$ 1 ,000 .
of
100 ,
of
99*-25*
con
The
w i t h not
Fractions
must
used.
Tenders
will
corporated banks
be
a n d trust
recognized dealers
others
must
be
face a m o u n t
in
Immediately
after
on F e b r u a r y
17;
will
the f o l l o w i n g m o r n i n g .
reserves
the
right
tenders,
a n d to a l l o t
in
securities.
10
of
for,
guaranty
Tenders
per
unless
of p a y m e n t
from
cent
the
and
of
the
tenders
by
an
for r e c e i p t
of
company.
the
closing hour
19^->
"tenders r e c e i v e d
or b r a n c h e s
thereof
The
Secretary
to r e j e c t
any
than
up
announcement
s o o n as p o s s i b l e
less
from
and from responsible
applied
opened and public
f o l l o w as
cash deposit
a deposit
express
or t r u s t
Federal R e s erve Banks
prices
investment
of T r e a s u r y b i l l s
incorporated bank
hour w i l l b e
companies
accompanied by
are a c c o m p a n i e d b y an
tenders
accepted without
or
the
to
the
of t h e
thereafter,
of
all
at t he
closing
acceptable
probably
the T r e a s u r y
tenders
amount
on
expressly
or p a r t s
a p p l i e d for,
of
and
-
3
-
his action in any such respect shall he final*
Those sub
mitting tenders will be advised of the acceptance or rejec
tion thereof.
Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in
cash or other immediately available funds on February 19, 19^1.
The Treasury bills will be exempt,
interest,
as to principal and
and any gain from the sale or other disposition
thereof will also be exempt, from all taxation,
and inheritance taxes.
except estate
(Attention is invited to Treasury
Decision I+550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale or other disposition of
the Treasury bills shall be allowed as a deduction,
wise recognized,
or other
for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions.
Treasury Department Circular No. ^-lS, as amended,
and
this notice prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the circular
may be obtained from any Federal Reserve Bank or branch
thereof.
oOo-
$77*
'W
Rb j l & a s i f
F a il
?R ,
1 •*,>
v) 4T' y V l / f £’
1
iebruniy 14» 1941*
/ a/ - 1
The newest unit of the Coast Guard’s air force» the
Ban Francisco Air Station, will be dedicated February 15»
«tan» Hear Admiral L* 0« Coveil, Assistant Commandant, will
represent the Coast Guard and the treasury department*
The dedication program will begin at 1*30 p. m. with
the arrival of visiting aircraft*
Following an invocation
by Commander Harry i* Peterson» Havy Chaplain, there will be
a recognition of distinguished guests.
The city of
San } ' x m oisoo will be represented by it© Mayor, Angelo J*
Boesi, who will deliver a brief address*
The new air station has a 20-acre site adjacent to the
San Francisco Municipal Airport*
Hie hangar is a reinforced
concrete building of modernistic design, containing storage
space for planes, repair shops, store rooms, and offices*
There is a concrete apron for planes, 200 feet wide and 300
feet long.
A taxiway connects the seaplane ramp with the
landing field*
A barracks building provides quarters for 16 officers
and 100 enlisted men, and Includes an offloors1 dining room
cafeteria, kitchen, and recreational space for officers and
men.
She cost of the station including buildings and equip
ment was approximately 1600,000*
»oOot/J
7"
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, February 1^4-, 19^1
Press Service
No. 23~5^
The newest unit of the Coast Guard's air force,
the
San Francisco Air Station, will be dedicated February
15 .
Rear Admiral L, C. Covell, Assistant Commandant, will repre
sent the Coast Guard and the Treasury Department.
The dedication program will begin at 1'30 p.
the arrival of visiting aircraft.
with
Following an invocation
by Commander Harry M. Peterson, Navy Chaplain, there will be
a recognition of distinguished guests.
The city of
San Francisco will be represented by its Mayor,
Angelo J .
Rossi, who will deliver a brief address.
The new air station has a 20-acre site adjacent to the
San Francisco Municipal Airport.
The hangar is a reinforced
concrete building of modernistic design,
space for planes,
repair shops,
store rooms, and offices.
There is a concrete apron for planes,
feet long.
containing storage
200
feet wide and ~$00
A taxiway connects the seaplane ramp with the
landing field.
A barracks building provides quarters for l 6 officers
and
100
enlisted men, and includes an officers' dining room
cafeteria, kitchen, and recreational space for officers and
men.
The cost of the station including buildings and equip
ment was approximately | 600,000.
-0O0
—
T
A B L E
0 F
C
0
N
T
E
N
T
S
(Cover picture of Treasury Building from
drawing by Franklin Booth)
Origin and History of Treasury Department.... 1
Treasury Functions.............................. 4
Collection of Revenues........................ 5
Flotation and Payment of Loans................ o
Custody and Disbursement of Funds.............. 7
Supervision of Banks...............
9
Production of Money (coinage and printing)...• 9
Law Enforcement and Public Service............ 10
How Government Books Are Kept................. 15
Accounting for Revenue (chart)...........
.16
How Money is Handled..............
*17
Control of Receipts and Issues (chart)........24
Description and History of Treasury Building..25
Presidents of the United States........
.36
Secretaries of the Treasury................... 36
Index...................................
^
Treasury Seal.......................... back cover
Office of the Secretary
Treasury Department
Washington, D.C.
T H E
T R E A S U R Y
D E P A R T M E N T
Origin in 1776
The United States Treasury Department had its be
ginnings in 1776, even before the signing of the Decla
ration of Independence. The Continental Congress by
resolution of February 17, 1776, provided ’’that a committee
of five be appointed for superintending the Treasury,” and
described the duties of the committee. This resolution had
the effect of establishing a ’’Treasury Office.”
Two empowering resolutions, adopted April 1, 1776,
completed the foundations for the present Treasury Depart
ment with its many and far-reaching functions. One of the
April resolutions provided:
’’That a Treasury Office of Accounts be instituted and
established, and that such office be kept in the city or
place where Congress shall from time to time be assembled
and hold their sessions, and that the said Office of Accounts
be under the direction and superintendence of the standing
committee of the Treasury.”
Two years later, by resolution dated September 26, 1778,
the Congress established the offices of Comptroller, Auditor,
and Treasurer; and two Chambers of Accounts, with three Com
missioners each, to be appointed annually.
The Comptroller’s office was abolished on July 30, 1779,
and a new Board of Treasury created, consisting of three
Commissioners who were not members of the Congress, and two
who were. These five members were elected by the Congress,
the former three annually, and the latter two for terms of
six months.
Submission to the Congress of a budget, or estimate
of public expenses, was one of the board’s duties. Thus
organized, the Board of Treasury continued to function until
several months after the appointment, September 20, 1781, of
Robert Morris as Superintendent of Finance,
(2 )
Morris Takes Charge
In a resolution of February 7, 1781, the office of
Superintendent of Finance was authorized. An ordinance
enacted September 11 of the same year designated Com
missioners and other finance officers. Superintendent
Morris, a signer of the Declaration of Independence, had
been a vital factor in financing the Revolution. Morris
was called "the financier" in recognition of his abilities.
He was the first financial executive of the national Govern
ment, and served as Superintendent of Finance from 1781 to
1784, when he resigned.
Another congressional ordinance adopted May 28, 1784,
provided for the appointment of a Board of three Commissioners,
"to superintend the Treasury and manage the finance of the
United States, which shall be styled the Board of the Treasury."
Named as Commissioners under this act were John Lewis Gervais,
Samuel Osgood and Walter Livingston.
The Constitution of the United States became effective
as the basic law of the nation March 4, 1789. The Consti
tutional Congress on September 2, 1789, at its first session,
enacted a law whose object was "to establish the Treasury
Department." Section 1 of this law reads in part:
"There shall be a Department of the Treasury in which
shall be the following officers, namely, a Secretary of the
Treasury, to be deemed the head of the department; a Comp
troller, an Auditor, a Treasurer, a Register, and an assis
tant to the Secretary of the Treasury, which assistant shall
be appointed by the Secretary."
The act specified the duties of each officer desig
nated, and the functions of the Treasury as the department
appointed to administer public finance.
Hamilton is Appointed
President Washington appointed the first Secretary of
the Treasury. He chose Alexander Hamilton, who had been
his aide-de-camp. After the Revolution, Hamilton practiced
law in few York. He was a delegate to the Continental
Congress, participated in the framing of the Constitution,
and advocated its ratification by the States. Hamilton
was 32 years old at the time of his appointment. He took
the oath of office as Secretary September 11, 1789.
( 3 )
Secretary Hamilton's first Report to the Congress, known
now as the Report on the Public Credit, is considered one of
the greatest of the public documents that record and represent
the development of our governmental system.
Office of the Secretary
The Secretary of the Treasury is the official head of
the Treasury Department. Serving under him are the Under
Secretary o*f the Treasury, who is the acting head of the
Department in the absence of the Secretary, and three Assis
tant Secretaries. All are appointed by the President.
The Treasury Department embraces a number of agencies,
variously known as bureaus, divisions and offices, with
duties that in general relate to or derive from the fiscal
operations of the Government. These agencies are responsible
in their operation either directly to the Secretary, to the
Under Secretary, or to one of the Assistant Secretaries, as
directed by the Secretary. Each of the Treasury’s agencies
has its own executive, its own divisions and subdivisions.
The duties first assigned to the Treasury Department
were to collect taxes and other revenues; to employ the public
credit when tax revenues should be insufficient; to keep the
national funds safely and to disburse them on the orders of the
Congress under a plan proposed by the first Secretary; to main
tain accounts of these transactions, and to keep the Congress
informed as to the condition of the Nation's finances.
The Treasury exercises functions committed to it by the
Congress in carrying out that body’s constitutional responsi
bility to coin money, and regulate its value and that of
foreign coin. The Treasury’s $2,000,000,000 stabilization
fund (1939) exists in furtherance of the duty delegated by the
Congress to stabilize and maintain the value of the dollar.
Thus, Treasury functions include the duty of recommending to
the President and the Congress measures calculated to protect
the integrity of the Nation's currency.
The Treasury force at the outset numbered approximately
100 persons. This force was supplemented by collectors of
customs and collectors of internal revenue. The personnel of
the Department, increasing as the Nation grew from 4^000,000
to more than 125,000,000 people, now numbers about 60,000,
one-fourth of whom are employed in the City of Washington and
three-fourths in the field throughout the country.
( 4 )
The coining of money was an early development of
Treasury function. The Civil War period brought the Treasury
the task of providing paper currency, then called greenbacks*
A direct development from this function was the organization
of the Secret Service, to suppress the operations of counter
feiters, who had begun making bogus bills.
Dutie s are Varied
Early in Treasury history Collectors of Customs were
given the duty of collecting fees, for the medical care of
seamen from the owners or masters of American ships. The
Marine Hospital Service was a development of this action,^
and this service was the parent of the Public Health Service,
transferred in 1939 from the Treasury Department to the
Federal Security Agency.
Supervision of the construction of Federal buildings
was entrusted to the Treasury Department almost from the
Nation’s birth. This work went to the new Federal Works
Agency under the Government’s 1939 reorganization^plan.
In recent years the value of work under construction by the
Treasury for the Government maintained an average of
1100,000,000 for considerable periods.
Treasury Functions
The Treasury’s operations may be grouped under six
headings:
1.
Collection of revenues.
2.
Flotation and payment of loans.
3.
Custody and disbursement of funds.
4.
Supervision of national banks,
5.
Issuance and protection of money.
6.
Law enforcement and public services.
The grouping of agencies is according to duties, not
because of seniority of organization or relative importance.
It has no significance except that of utility in telling the
story of Treasury organization. Collection of revenues
comes first because it was about the first thing that the
new department was given to do.
( 5 )
nnllantinn of Revenues
Almost from the start the national Government imposed
tariff duties on imports and levied internal taxes. These
duties and taxes have been and are its chief sources of
revenue. The Customs Service and the Internal Revenue
Service developed as separate agencies, each taking care of
its own collections,
THE BUREAU OF CUSTOMS, established by Act of Congress
in 1927, is an outgrowth of the Customs Service, created in
17S9 by the second Act of the first Congress. The Bureau s
present form of organization dates from 1912, when several
functions then exercised by other divisions of the Treasury
were taken over by the Division of Customs in the oecretary s
Office. Further changes were made by the Reorganization Act
of 1927, when the Division, which itself dated from 1875 ,
became the present Bureau,
The Bureau of Customs’ principal functions are the
collection of duties levied on imports and the detection
and prevention of smuggling, both of commodities subjec
0
duty and of contraband, such as narcotic drugs. The Bureau
operates with other Treasury agencies and with other depart
ments and offices of the Government in the enforcement of>
laws governing imports and exports, entrance and clearance
of vessels at seaports, and immigration.
Customs Agents Abroad
The Customs Agency Service— now (1939) known as the
Division of Investigations and Patrol— is the B u r e a u s in
vestigative and law enforcement unit. The Bureau maintains
its own foreign service in a number of the larger cities of
Europe .and Asia.
The Bureau has headquarters in office buildings near
the Treasury in Washington.
Collectors of Customs, one for each of the 48 customs ^
collection districts, and deputy collectors are in charge^a
ports of entry throughout the United States, Alaska, Hawaii,
Puerto Rico, and the Virgin Islands.
Customs collections reached a high mark of $ 6 0 2 ,0 0 0 ,0 0 0
in 1929, dropped to $251,000,000 in 1933, but have increased
in succeeding years. Customs receipts for the fisca /oar
ending June 3 0 , 1939, were $ 3 1 9 ^ 0 0 0 ,0 0 0 .
(
THE BUREAU OF INTERNAL REVENUE: The Nation's first
internal revenue taxes were those imposed on distilled
spirits in 1791. Taxes on carriages followed, and on the
sale of spirits, sugar, snuff and other commodities. The
Office of the Commissioner of Internal Revenue, heading
the service, was created in 1363. The Bureau is the largest
Treasury agency, with a personnel of about 20,000, onefourth in Washington and three-fourths in the field. It has
its own building in Washington,
Agencies of the Bureau are the Income Tax Unit, the
Accounts and Collections Unit, the Alcohol Tax Unit, the
Miscellaneous Tax Unit, and the Intelligence Unit.
The Income Tax Unit supervises administration of the
income tax law. The Accounts and Collections Unit super
vises the work of the Collectors of Internal Revenue, whose
offices are at points convenient to taxpayers, with whom
the collectors deal directly. One of this unit’s newest
(1939) and largest tasks is the collection of Social Security
taxes. For the fiscal year 1939 this collection totaled
$631,223,715. The Alcohol Tax Unit supervises production
of distilled spirits, wines and malt liquors. Its branches
are the Permissive Division, which, through inspectors and
gaugers, sees that the tax is paid; and the Enforcement
Division, whose agents in the field run down illicit stills,
apprehend bootleggers and other unlaviful operators. The
Miscellaneous Tax Unit administers all revenue laws relating
to Federal taxes other than income and Social Security taxes.
Its work embraces taxes on liquors, tobacco and a wide va
riety of commodities, from cosmetics to gasoline. The
Intelligence Unit, reporting directly to the Commissioner,
handles internal revenue investigation and law enforcement.
The unit conducts personnel investigation for all branches
of the Treasury,
Internal revenue collections in 1933 reached a peak
of $5,674,318,436.66. Collections have averaged about
2,500 million in other recent years.
Flotation and Payment of Loans
The collection of revenues and the expenditure of
moneys by the Government never exactly equal each other.
It has been necessary from the Nation’s earliest history
to meet emergency needs by means cf loans, which are repaid
when income exceeds expenditure *
6
)
( 7 )
THE OFFICE OF THE COMMISSIONER OF THE PUBLIC DEBT is
the agency of the Treasury Department that handles Government
loans. In addition to its transactions in bonds and other
interest-bearing securities, it has custody of the currency,
which represents non-interest-bearing debt.
The Division of Loans and Currency receives securities
from the Bureau of Engraving ard Printing, handles exchanges,
transfers, conversions and replacements, and audits redeemed
paper currency. The Office of the Register of the Treasury
records securities as they are retired.
The Division of Paper Custody superintends the manu
facture of the distinctive kinds of paper used for currency
and securities, has custody of the paper as it is delivered
from the makers, and issues it as required to the Bureau of
Engraving and Printing*
The Division of Accounts and Audits keeps books record
ing the transactions of the Office of the Commissioner of
the Public Debt and such related dealings as are conducted
by the Treasurer of the United States and by Federal Reserve
Banks as fiscal agents of the United States. Accounts are
kept of reserve stocks of currency, stamps and securities,
and of collateral held in trust.
Custody and Disbursement of Funds
The system of handling public funds established at
the beginning of the nation remains fundamentally un
changed. Congress appropriates money to various depart
ments and establishments. These units requisition the
Treasury for funds as they need them. The Treasury issues
a warrant. This warrant must have the approval of the
Comptroller General, certifying that the use to which the
money is to be put meets the requirements of the law. Un
less the money is to be paid in cash, a check drawn on the
Treasurer of the United States is issued by disbursement
officials.
The Treasury Department performs all functions of the
disbursement of money except that of Comptroller General.
The General Accounting Office, under the Comptroller General
of the United States, was established July 1, 1921. In
addition to the accounts kept by the Treasury and by the
General Accounting Office, the Treasury maintains a general
bookkeeping system covering all transactions.
Most of the Treasury fiscal agencies have offices in
the main Treasury Building. The Treasury Annex houses dis
bursement operations. Emergency fiscal agencies are in
other quarters.
THE TREASURER OF THE UNITED STATES is the official
custodian of the nation's money. He receives it from those
agencies that collect revenue and negotiate loans. He pays
it out on warrants under the system described in the three
paragraphs just preceding this one.
Handles Paper Currency
The Treasurer receives from the Bureau of Engraving
and Printing
paper currency, end he redeems paper
currency -unfit for further circulation, including that of
the Federal Reserve Banks. The Treasurer issues the Daily
Statement of the Treasury and other statements concerning
the nation's fiscal position.
Divisions and executives of
the Office of the Treasurer are the Chief Clerk, Cashier,
Division of Securities, Currency Redemption Division,
Division of General Accounts, end Accounting Division.
THE OFFICE OF THE COMMISSIONER OF ACCOUNTS AND DEPOSITS,
through the Division of Bookkeeping end Warrants, draws
the warrants upon which funds arc obtained from the lreasuror
of the United States, and keeps an account of all trans
actions relating to the receipt, appropriation aid expendi
ture of public money.
Millions of Checks Issued
Through the Division of Disbursement, organized by
Executive Order of June 10, 1933, checks are distributed
and cash payments made.
During the year ending June 30,
1935, the Washington office of this division issued more
than 26,000,000 checks, and made cash payments tvd.ee a^
month to approximately 25,000 Federal employes in Washington.
This division's operations have boon extended to all parts
of the United States, with disbursing functions formerly
handled by other Government departments..
The Division of Deposits has charge of the designation
and supervision of the more than 4,300 depositories over the
country in which Government funds are kept jor convenience
in disbursement.
The Commissioner of Ac count*s end Deposits propc-res
estimates of the future cash position of the Treasury in
connection with plans for financing, handles accounts and
collections on obligations of foreign governments to the
United States, and controls investment accounts of the
Government and trust funds.
Supervision of Banks
TH 3 BUREAU OF THE CQMPTROBEER OF THE CURRENCY is one
of the important links between the Treasury Department and
the Nation’s banking system. The Bureau was established^
at the time of the Civil War to carry out legislation which
authorized the issuance of national bank notes secured by
Government bonds. National bank notes arc no longer issued,
because of the expiration, July 22, 1935, of the circulation
privilege that had been conferred on United States bonds.
The principal duty of the Comptroller of the Currency is^
the supervision of national banks. There is maintained in
each Federal Reserve District a Chief Examiner's Office
with a corps of examiners, assistants and clerks to make
the periodical examination of national banks.
The Comptroller has the sole power to charterJnational
banks. He is responsible for approving consolidations of
national banks and of state banks with national banksj for
the supervision ox banks which have gone into voluntary
liquidation; and for granting permission to national banks
to establish branches. The Comptroller has control over
the affairs of insolvent national banks. He appoints
receivers under whose direction the assets of such banks
arc liquidated and the proceeds distributed to creditors.
It is the Comptroller’s duty to make his annual
report directly to. Congress and to recommend such changes
and amendments to the banking laws as he deems advisable.
He is a. member of the Board ox the Federal Deposit
In surance C orporati on.
Coinage end Printing
Two agencies of the Treasury Department produce the
coin and currency of the United States.
THE BUREAU OF THE MINT provides metallic coin. The
first mint was established-at Philadelphia in 1792. Main
offices of the Bureau of the Mint are in the^Treasury
Department at Washington, but no money is coined there.
Philadelphia, Denver, and Sen Francisco have coinage mints.
There arc assay offices at New York and Seattle. The Now
Orleans Mint operates as an assay office. A depository at
Fort Knox, Kentucky, has safe-keeping of part ox the ^
Nation's gold. A silver bullion depository at WestJPoint.
is operated as an auxiliary of the Now York assay oifice.
W m BUREAU OF ENGRAVING AND PRINTING was originated at
the time of the' Civil War to produce paper currency. The
Bureau, one of the Treasury's largest units, employs about
5 000 in Washington. Besides providing all paper^currency,
it produces bonds, notes, bills and other securities, revenue
stamps, postage stamps and a variety of official forms.
Law Enforcement and Public Services
Treasury lari enforcement agencies xunction under 0, Co
ordinating Committee, to assure maximum, effectiveness of
personnel°and correlation of activity. Represented in the
committee are Coast Guard, Secret Service, Bureau of Nar
cotics, Customs Agency Service, Alcohol Tax. Unit, and the
Intelligence Unit of the Bureaui ox Internal Revenue.
THE SECRET SERVICE DIVISION, senior law enforcement
agency of the Treasury, was organized in 18t>4 to suppress
counterfeiting. After the assassina.tion of President
McKinley in 1901 the Service was given the duty of protect
ing the President and members of his family, and the Presi
dent-elect.
It is changed with enforcement of criminal^
provisions of the Fanm Loan Act, the Adjusted Compensation
Act and other laws, and may be assigned other duties by
the Secretary.
THE BUREAU OF NARCOTICS has the duty of limiting the
use of habit-foming drugs to legitimate medical and. scien
tific purposes, and of supervising the enforcement^of the
Harrison Act. The Bureau cooperates with the Fablie Health
Service of the Federal Security Agency in determining quanti
ties of narcotics allowed to be imported for legitimate use,
with the Bur <au of Customs in preventing illegal importation,
and with the States in suppressing illegal salc-s.
THE UNITED STATES COAST GUARD is the Nation's maritime
colico*force.
It has the duty bf protecting life and prop
erty and the enforcement of Federal law upon navigable waters
and the high seas. The Coast Guard goes back to 1790; m its
present form, to 1915, when the Revenue Cutter Service and
the Life Saving Service were amalgamated. The Coast Guard
personnel numbers about 17,000. Its fleet includes oarpropelled lifeboats, swift power cutters and airplanes.
It has the maintenance of aids to marine navigation, in
cluding lighthouses, lightships, radio beacons, fog signals,
buoys and beacons, numbering in all shout 30,000,
Lighthouse Service
The Lighthouse Service was consoli dated 'with the Coast
Guard by the 1939 Reorganization Act. Federal aid to navi
gation began with the Act of August 7, 1789. The Lighthouse
Service grew from the service then established. Aids to
navigation under the Coast Guard mark a coastline of 40,000
miles, including Atlantic and Pacific shores, United States
waters of the Great Lakes, the Mississippi River system,
the Hawaiian Islands and Puerto Rico. The North Atlantic
iceberg patrol is a Coast Guard service. Other work is
aid to vessels in distress, removal of derelicts, care of
shipwrecked persons, and services in remote parts of Alaska.
Coast Guard searchers go far to sea in quest of lost air
planes or vessels in distress.
The Coast Guard is charged with the suppression of
smuggling, protection of fisheries, seal, otter and gome;
enforcement of laws and regulations relative to neutrality,
immigration, quarantine, and governing anchorage and move
ments of vessels; and it patrols regattas and marine parades.
The Coast Guard is one of the military forces of the
United States. It operates as a part of the Navy in time
of war or whenever the President shall direct. A Coast
Guard Academy is located at New London, Connecticut, to
train officers for the service.
THE BUREAU OF THE PUBLIC HEALTH SERVICE was a Treasury
agency until July 1, 1939, when under the Reorganization
Act it became part of the new Federal Security Agency.
THE PROCUREMENT DIVISION until 1939 consisted of the
Branch of Supply and Public Buildings Branch. Reorganisation
gave the Public Buildings Branch to the Federal Works Agency,
and -with it went the Section of Fine Arts, that provides
murals for post offices and other Federal buildings. The
Procurement Division makes purchases for all Federal agencies
except the War end Navy Departments, Purchases are made on
competitive bids. In addition to quantity contracts, made
as needed, term contracts are made for indefinite quantities,
and against either, orders may be placed by the Depart
ments. The Division maintains the Federal stock catalog.
Property no longer required by the Government agency
holding it, or seized for law violations, is handled by
a Surplus Property Section for transfer to other Govern
ment agencies, or for sale. Contraband alcohol seized by
the Coast Guard, Customs, or Alcohol Tax Unit may go to
the Army or Navy for manufacture of smokeless powder, and
uniforms no longer usable by the Army to the Bureau of
Indian Affairs. Metal from seized distilling devices is
given to this Bureau.
It becomes tourist trinkets.
Treasury Staff Agencies
In addition to the agencies already listed, there is
a number of staff agencies.
THE GENERAL COUNSEL FOR THE TREASURY, its chief
authority on law, is in charge of all its legal activities
Assistants are assigned to various agencies.
The General Counsel’s office had its inception in
1820 under the name of the Agent of the Treasury.
By Act
of Congress in 1830 the functions end duties of the office
were increased, and its name changed to that oi Solicitor
of the Treasury. This office was abolished by the Revenue
Act of 1934, and this Act also abolished the Office of
General Counsel for the Bureau of Internal Revenue. The
powers, duties, and functions of the two abolished offices
as well as other legal activities of the Department, were
consolidated and placed under direct supervision and con
trol of the General Counsel for the Treasury.
Facts are Determined
The Treasury has three research units:
The Division
of Research and Statistics, the Division of Monetary
Research, and the Division of Tax Research. These units
have charge of economic studj.es, end provide research,
actuarial and statistical service.
THE ALMINISTRATIVS ASSISTANT TO THE SECRETARY is in
direct charge of general administnative matters for the
Department. Responsible to tnis Assj.stant are the ofxices
of Chief Clerk and Superintendent, the Division of Appoint
ments, the Division of Supply, end the Correspondence
Division
Reporting directly to the Secretary of the Treasury
is a number of Assistants to the Secretary, who are assigned
to such duties as may be designated by the Secretary.
Often
those duties are of a functional nature, affecting two or
more separate agencies, with a view to coordinating their
work in some respects, or of meeting special problems.
There is a number of technical specialists, in some instances
attached to the Secretary's office, in others detailed to
special agencies for general or specific services.
One important function originally assigned to the
Treasury Department was that of handling public lands.
During the period of the Nation's greatest territorial
expansion, the General Land Office operated as a branch of
the Treasury Department.
It is now an agency of the Depart
ment of the Interior.
The Treasury Seal
The Great Seal of the Treasury, imprinted upon money
and official documents, is older than the Constitution of
the United States. The seal was designed under the di
rection of a committee appointed September 26, 1773, and
composed of John Witherspoon, Gouvemeur Morris and Richard
Henry Leo. The date of the Great Seal's adoption is not
known, but the seal is affixed to documents issued in 1782.
Tho design includes a shield on which appear the scales of
justice] a key, the emblem of official authority; and
thirteen stars for the original States. A Latin legend
circularly enclosing the shield roads "Thesaur, Arner.
Septent. Sigil.," an abbreviation of "Thesauri Americae
Septontrionalis Sigillam," meaning "The Seal of the Treasury
of North America."
Other Insignia
The Secretary of the Treasury, the Under Secretary,
and the Assistant Secretaries have their own flags. The
Secretary's flag has a blue field with white stars, crossed
keys and m. anchor. The Under Secretary'$ flag has a red
field. Those of the Assistant Secretaries have white fields.
The Customs Flag and Seal
The Customs flag, also called the revenue ensign, is
displayed over all buildings in which Customs business is
transacted, and is flown from Customs boats. This flag,
familiar at ports of entry as Old Glory itself, was
authorized bj the Congress on March 2, 1799, for the use of
the Revenue Cutter Service, now the United States Coast
Guard.
The Customs or revenue ensign has a union composed of
the spread eagle and thirteen stars, an olive branch bearing
thirteen leaves held in one claw of the eagle, thirteen
arrows in the other claw, and a. shield across the eagle ’s
breast. The number thirteen is a symbol of the original
States. The remainder of the flag is composed of sixteen
perpendicular stripes, alternate red and white. The eagle,
the stars, the leaves of the olive branch, and the arrows
are blue on a white field, and the bars in the shield ¿ire
alternate white and red. The sixteen stripes are symbols
of the States composing the Union when this flag was adopted
in 1799. The new States wrere Vermont, Kentucky and Tennessee.
The Coast Guard has its own flag and insignia, with a
design which includes crossed anchors, a shield, the name
of the Service, the year of its founding, 1790, and the
Latin.motto, nSemper Faratus," meaning "Always Ready."
HOW GOVERNMENT BOOKS
ARE KEPT
The chart (see next page) entitled
’’Accounting for Revenue” shows interdepart
mental relationships in connection with re
ceipt of money into a Government depository
and its formal aclcnowlodgnont on a covering
warrant. Numeral 1 shows remittances going
from taxpayers to collectors of Government
revenue. The deposit of such remittances in
Federal Reserve Banks is shown at numeral 2;
the transmittal of certificates of deposit to
the Treasurer of the United States at numeral 3;
the sending of the certificates by the Treasurer
to the Secretary of the Treasury at numeral 4j
the transmittal by the Secretary of the Treasury
of a covering Yvarrant to the Comptroller General
for countersignature a t .numeral 5 ; and the re
turn of the warrant to the Treasurer of the
United States at numeral 6 .
The 'warrant sup
ports the Treasurer’s account } rendered monthly
to the General Accounting Office for audit and
settlement.
A c c o u n t in g fo r Rev en u e
U. S. TREASURY DEPARTMENT
( 16 )
( 17
HOW M O M
GOES INTO AND COMES OUT
OF THE TREASURY
A chart is employed (see page 24) to show the flow of
funds through the Treasury. By referring to the chart,
transactions may he traced hy which public moneys are re
ceived and disbursed.
At the center of the chart is a photographic repro
duction of the Treasury Building, where the central accounts
of the Government are maintained.
Immediately above it is
pictured the General Accounting Office.
Here all Treasury
warrants are countersigned, and the audit and settlement of
public accounts are conducted.
The block at the left-hand side of the Treasury Building
represents the Receipts Section of the Division of Bookkeep
ing and Warrants, which issues the warrants covering money
into the Treasury.
The block at the right represents the Appropriation
and Expenditure Section, which maintains the appropriation
accounts and issues the warrants authorizing the payment of
money from the Treasury.
At the bottom of the chart appears the general ledger
entries reflecting the results of the work of these sections.
Attention is called to the capital letters, A to K,
immediately above the blocks representing the general ledger
entries relating to the various classes of documents. For
instance, in the lower left-hand corner of the chart will be
observed the letter A immediately above the block marked
"Certificates of Deposit Received".
In the upper left-hand
corner of the chart the letter A appears immediately below
the Collecting Officers.
The various steps involved in
accounting are numbered in sequence beginning with the
numeral 1 , showing deposit of money in a Federal Reserve
Bank or other designated Government depository.
Receipts
Humeral 1 in the upper left-hand corner shows remit
tances being sent by collectors of revenue to Federal Reserve
Banks. When the bank receives a remittance it credits the
account of the Treasurer of the United States and issues a
ificatg of deposit. At the close of each day s business,
the original certificates of deposit (together with paid
checks, coupons, etc,) are sent to the Treasurer of the
United States at Washington, numeral 2 , accompanied "by a
transcript of the Treasurer’s account showing all debits and
credits.
After the certificates are examined in the Treasurer’s
office and checked against the bank’s transcript, the
Treasurer charges the bank and credits his revenue account.
The original certificates are then sent to the Secretary’s
Division of Bookkeeping and Warrants, as indicated by
numeral 3., Here they go to a control desk where they are
checked, classified, and posted to an Uncovered Moneys con
trolling account.
It will be observed by reference to the general ledger
block, indicated by the letter A, that the amount of certifi
cates of deposit received is debited in the account,
"Treasur
er, U. S,, ’’ «nd a corresponding credit is entered in an
account called Uncovered Moneys,
From the Uncovered Moneys control desk the certificates,
numeral H, are sent to the Deposit Covering Clerks at
numeral 3 « At present (1939) there are about UO clerks,
working in lU groups, to each of which is assigned a. certain
class of deposits.
Bor example, one group is responsible
for Internal Revenue'; another for Customs; another for War
Department deposits; another for Navy, and so on.
Covering-In Process
In the covering of money into the Treasury, the Depart
ment uses bookkeeping machines. At the time the warrant is
written there are posted, by cerbon process several different
records, all ruled exactly alike,
Hirst, a Depositor's Register on which are posted all
deposits relating to a particular depositor.
This register
is made in triplicate. At the end of the month two copies
are sent to the General Accounting Office for auditing pur
poses,
The other remains in the permanent files of the
Treasury,
The next record (prepared by carbon process in the same
operation)is a Revenue or Appropriation Register (as the
cawe may be) upon which are posted all deposits relating to
a particular revenue or appropriation account.
This record
( 19
is prepared in duplicate. At the end of the month one copy
is sent to the General Accounting Office for auditing pur
poses. The other is retained in the permanent files of the
Treasury.
The third record (also prepared in the same operation)
is known as a Departmental Deposit List, which is sent cur«
rently to the operating agency concerned in order that it
may he immediately informed concerning deposits covered into
the Treasury relating to its activities.
The Depositors* Register, given to the General Account
ing Office, is checked against monthly accounts current,
rendered to that office hy accountable collecting and dis
bursing officers.
The Departmental Deposit List is checked
by the executive department or operating agency against
triplicate copies of certificates of deposits.
Covering
warrants also are checked against collection schedules trans
mitted to the General Accounting Office by administrative
agencies.
There is thus provided a double check upon the
covering of money into the Treasury.
Covering Warrants
Humeral 6 shows the preparation of covering warrants.
Below this block is the letter B, and by reference to the
related letter B in connection with the general ledger
journal entries it will be noted that the Uncovered Moneys
account is charged for the amount of the covering warrants
issued, and a credit is entered in one or more of these
three accounts! Revenues, Expenditures, or Public Debt.
The Expenditures Account is credited when the deposit repre
sents a refund to an appropriation.
In such case there is
a dual entry charging the Available Eunds Account and credit
ing the Appropriations Controlling Account.
The Available
Eunds Account is only a "record” account, being contra to
appropriations.
It has no relation to available cash.
Humeral 7 shows covering warrants being posted to the
Uncovered Moneys account maintained at the control desk in
the Receipts Section, and numeral S shows the control desk
rendering certain monthly statements of coverings to the
Treasurer of the United States for use in connection with
the Daily Statement of the United States Treasury.
Humeral 9 shows the various records which are prepared
in connection with the covering warrant already described.
As previously mentioned, the form of the covering warrant (B),
( 20 )
the departmental list (10), the depositors1 register (ll) ,
the repayments to appropriation register (12), and the
revenue ledger (13 ) are all ruled exactly alike.
These records tie into other records. By reference to
numeral lH at the top left of the chart, it will "be observed
that a copy of the certificate of deposit issued by the col
lecting officer in the field is sent to his superior officer
in Washington, called the Administrative officer0 .
By reference to numeral 15 it will be noted that the
Departmental Deposit List issued by the Treasury is sent to
the same office.
This step serves two purposes: Eirst, it
informs the administrative department or agency concerned of
the formal covering of money into the Treasury; and second,
it operates as a check by the administra.tive office upon both
the collecting office and the Treasury. ITow, by reference
to numercxl l6 (at the center of the Treasury Building) , it
will be observed that copies of the depositorsr register (ll),
the repayments to appropriation register (12), and the reve
nue ledger (13) are sent to the General Accounting Office.
It will also be observed that collection schedules (numeral 17
at top center) are sent to the General Accounting Office by
the collecting officer, providing am additional check upon
the covering of money into the Trea.sury.
The Repayments to Appropriation Register (12) is totaled
for each appropriation account and is sent to the Appropri
ation and Expenditure Section of the Division of Bookkeeping
and Warrants where the items are posted to the proper appro
priation accounts in the appropriation ledgers.
General, Special, and Trust Accounts
The accounts in the revenue ledger (13) consist of
general accounts (IS), special accounts (1 9 )» and trust
accounts (20).
Although the Eederal Government has, in the popular
sense, three different funds, namely, general, special, and
trust, actually all moneys are deposited in the General Bund.
Within the General Bund, however, are general, special and
trust accounts.
The general accounts represent moneys which are not
designated by the Congress for specific uses.
They consist
principally of income taxes, duties on imports, miscellaneous
internal revenue, and collections from miscellaneous sources
( 21
such as fees, fines, penalties, forfeitures, sales of Govern
ment property, and so forth.
Special accounts (19) represent moneys which the Congress
appropriates for specified uses in advance of their collection
The term "trust accounts" is self-explanatory.
These
accounts include the Government life insurance fund, various
retirement funds, Indian tribal funds, and many others.
On the basis of the receipts in special accounts (19)
and trust accounts (20), there is prepared an appropriation
warrant (22) for the purpose of establishing the related
appropriation accounts and making the money available for
authorized uses. Such warrants, after being countersigned
in the General Accounting Office, are posted to the detailed
appropriation accounts in the appropriation ledgers as indi
cated on the chart.
Receipts from the sale of public debt obligations are
indicated by numeral 2 1 . They are commingled in the general
fund with other receipts and may be used only to meet author
ized expenditures pursuant to appropria.tions made by the
Congress. A separate public debt account is maintained,
showing with respect to each security the total amount issued
(receipts), the amount retired (expenditures), and the amount
outstanding.
Appropriât ions and Expenditures '
Under the Constitution no money may be drawn from the
Treasury except pursuant to an appropriation made by law.
Accordingly, the accounting relating to the expenditure of
money begins with the appropriation of money by the Congress
at D, in the upper right-hand corner of the chart.
Appropriations are of four general types, (l) annual,
(2) permanent indefinite, (3 ) permanent specific, and (4)
continuous.
Annual appropriations, provided in the several depart
mental supply bills, are voted each year by the Congress.
They may be obligated only during the fiscal year for which
made, but the unexpended balances remain on the books of the
Treasury for two additional years to meet outstanding
obligations.
( £2 )
Permanent appropriations, on the other hand, are avail
able year after year without annual action of the Congress.
They may be either definite or indefinite as to amount. An
example of the latter is the permanent indefinite appro
priation for payment of interest on the public debt which
gives the Secretary of the Treasury continuing authority to
pay interest as it falls due.
A permanent specific appropriation is one where the
Congress appropriates a specific amount more or less perma
nently for a number of years. For example, the Congress
may make a limited appropriation, say, of a million dollars
a year for each of five years.
In such a case the Treasury
would set up an appropriation account of a million dollars
at the beginning of each fiscal year for the five years
without annual action by Congress.
Or, it may appropriate
a specific amount permanently itfithout limitation as to time.
Then again, the
a specific amount to
called continuous or
they do not lapse at
Congress may make an appropriation in
be available until expended.
These are
’’no-year” appropriations.
That is,
the end of the fiscal year.
In a limited number of cases (such as good roads and
public buildings) Congress authorizes the entering into of
contracts to be paid from future appropriations.
There are (1939) more than 7*200 appropriation accounts
on the Treasury books. The Congress frequently enacts
legislation affecting, accounts already on the books.
Treasury accountants must not only keep abreast of appro
priation legislation, but must keep alert to the possible
effect of other new legislation on existing appropriation
accounts.
After an appropriation act has been approved by the
President, the original is sent to the State Department
for custody and safekeeping.
The State Department supplies the Treasury Department
with a certified copy of each appropriation act at
numeral 23 (right center of the chart).
Appropriation Warrant
On the basis of the Act, an appropriation warrant is
prepared in the Division of Bookkeeping and Warrants upon
which is listed the amount to be credited to each
appropriation account. After, the warrant is countersigned
by the Comptroller General of the United States it is posted
to the detailed appropriation accounts in the Treasury
Division of Bookkeeping and Warrants at numeral 2b.
A certified copy of the appropriation warrant is sent "by
the Division of Bookkeeping and Warrants to each adminis
trative agency to which the appropriations are made.
This is
in the nature of an official notice from the Treasury that
the funds are available for obligation and requisition,
numeral 25 » and is used as the medium for posting the appro
priation accounts in the operating agency.
Appropriation Transfer Warrants
Frequea&ly the Congress authorizes the transfer of un
expended balances from one appropriation account to another.
Numerals £ 6 and 27 show the issuance and posting of appro
priation transfer warrants.
Surplus-Fund Warrants
Pursuant to the Act of June 20, 1S7^» the Treasury
clears from its books, as of the last day of each fiscal
year, the unexpended balances of all annual appropriations
that have remained on the books for two full fiscal years
after the close of the year for which the appropriations
were made.
This is known as carrying money to what in the
law is termed the "Surplus-fund of the Treasury." This fund
does not represent surplus money as the term would ordina
rily imply.
Appropriations when made by the Congress and set up on
the books of the Treasury Department do not represent income
or cash set aside in the Treasury for the purposes specified
in the appropriation acts.
They are only record accounts
end merely represent the limit to which administrative office
may obligate Government funds for specified purposes. sThey
are based largely on anticipated tax collections and other
receipts.
It follows, therefore, that when appropriations,
or unexpended balances of appropriations, are carried to the
Surplus-fund of the Treasury it involves simply a matter of
writing such appropriations off the books without increasing
the cash in the Treasury or affecting it in any manner.
Numerals 28 and 2g show the posting of surplus-fund
warrants to the detailed appropriation ledgers.
(Turn to the next page for the chart, "Control of
Receipts and Issues.")
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( 24
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(25)
THE TREASURY BUILDING
The cornerstone of the United States Treasury Building
■was placed, and the building stands where it is, because
President Andrew Jackson did not have patience with a com
mittee, even one of his own choosing.
Fire had taken two Treasury buildings, and for several
years in the Republic’s youth the Department had no building
of its own. After many urgings and delays, the Congress cele
brated July 4, 1B36, by authorizing the President to cause to
be erected ”a fireproof building of such dimensions as may
be required for the present and future accommodations” of
the Department. There was an appropriation of $100,000.
It was the intention of those delegated by President
Jackson to carry out the provisions of the Act that the
building should be placed so that it would not obstruct the
view along the mile and a half of Washington’s broadest
thoroughfare, Pennsylvania Avenue, be'tween the White House
and the Capitol.
But the Treasury Building planners did not act at once.
They held meetings and talked. Their delay irked President
Jackson. Had the members of his planning committee been
abroad early one morning-— and doubtless later they wished
they had— they would have seen the First Citizen leave the
Executive Mansion and cross over briskly with a little group
to the'vacant Treasury site. After an examination of the
ground, the President suddenly came to a halt (so the story
goes), planted his cane firmly in the earth near the north
east corner, and exclaimed to those around him:
’’Right here is where I want the cornerstone! ”
This story has confirmation. Robert B i l l s , who designed
the building on which operations were begun in 1838, informed
a Congressional committee that ’’its precise position” had been
determined ”by the positive directions of the late President.”
When the Treasury Department was established by the first
Congress, and for several years thereafter, Philadelphia was
the temporary capital of the Nation. Included in the scheme
of buildings for the various branches of the public service,
that were soon to be removed to the District of Columbia,
were plans for a small wooden structure to house the Treasury.
(26)
This building, the design of George Hatfield, an English
architect, m s erected at the northeast corner of the site
of the present building, or near the corner of Pennsylvania
Avenue and Fifteenth Street.
Completed in 1799, it was
occupied in 1800, when the new City of Washington became
the seat of the Federal Government.
This first Treasury headquarters in Washington was
partially destroyed by fire in 1801. Repaired, the building
continued in use until 1814, when it was burned by British
soldiers, with most of its records and documents. Another
building, erected soon afterward, was the home of the
Treasury until March 31, 1833, when it also was destroyed
by fire.
Then came the cane-planting episode, in 1836, that
gave the building its location and its start. But progress
suffered a long series of delays. As the project took
shape it failed to gain the approval of the Congressional
Committee on Public Buildings and Grounds. In undertaking
to pass judgment, the committee availed itself of the ser
vices of Thomas U. Walker, a Philadelphia architect. Among
the features which the committee criticised were the location
and plan of the building and the material that was being used
in its construction.
A report to the Congress, March 29, 1838, embodied the
committee’s criticisms.
One of the objections was that if
the plans then being followed were carried out it would be
necessary to remove the State- Department Building, which at
that time stood upon ground now occupied by the east end of
the north wing of the Treasury. With its report, the com
mittee submitted a draft of a bill calling for the demolition
of the work already in place.
While the committee waited for Congressional approval
of its report, building operations were suspended.
The
Congress evidently failed to heed the committee’s recommen
dations, for operations were shortly resumed, with sufficient
result that August, 1839, saw installed in the yet uncom
pleted building the Secretary of the Treasury,'Levi Woodbury,
as well as the Register, the first Comptroller, the Solicitor,
and the Commissioner of the General land Office. The Attorney
General’s offices also were in the Treasury Building.
As it stood when completed in 1842, the Treasury Building
was much smaller and less imposing than it is now. Except on
its east side, its outer ws-lls were vdthin the lines of the
(27)
corridors that now run the length and breadth of the build
ing, and it contained in. all but 150 rooms. The building
now (1939)5 with subdivisions— for many of the originally
spacious chambers have been cut into two or three offices—
contains 475 rooms.
The cost was something less than $700,,000. The archi
tect’s plans called for an expenditure of nearly/ $1,500 ,000»
Had the original design been followed., with a view/ to the
’’future accommodations” of the Department, the structure
might have remained without additions or alterations for a
long time.
It wras necessary in a few years to enlarge the building,
and the Congress by Act of March 35 13555 appropriated
$300,000 for the purpose. Work on the extension m s begun
in July, 13555 on plans drawn by Architect Walker, whose
earlier recommendations had been ignored. By September, 1861,
the portion which constitutes the present south wing was com
pleted. The Work’was interrupted during the early days of
the Civil War, but b y 1864 the wrest wring had been carried
up to the line of the present north facade.
Adjacent to the Treasury Building, on the north, were
two other Government buildings.
One, at the northwest cor
ner of the Treasury reservation, housed the War and Navy
Departments. The other, at the northeast comer, had the \
Department of State. To make room for the north wing,
these buildings were removed, and in 1869 the Treasury’s
north wring v/as finished. The construction of this vdng
completed a building of a hollow rectangular shape bisected
by a single corridor across the center from east to west.
Thus, after a third of a century, the building author
ised in 1336 was approximated. The cost of the structure,
with the three wrings added., totaled a little more than
$6,000,000; later changes brought the total cost to about
$3,000,000.
Installation of electricity began in the 1830’s, and.
the development and extension of' direct current systems
came as the demands for new appliances grew. The first
contract for general installation of electricity w/as made
in 1898. This w/as for a direct current, high-tension system
that continued in use until 1933, when installation of an alter
nating current system was completed.. Change from direct to
alternating current (except for elevator service) w/as begun
in 1933 and continued over a five-year period.
(28)
T h e f i r s t e l e v a t o r s , tw o h y d r a u l i c s , w e r e i n s t a l l e d i n
1 8 7 9 , one a t th e n o r th end a n d one a t th e s o u th end o f th e
e a s t c o r r id o r .
T h re e e l e c t r i c e le v a t o r s w e re i n s t a l l e d i n
19 10 ,
th e f i r s t
o f th e ir
ty p e
in
th e
b u ild in g .
The first air-conditioning machines were installed in
1933-34 on the fourth floor, and about a year later the
remainder of the building (except the sub-basement) was
conditioned. The plant where most of the air is cooled is
on the fourth floor, at the northern end of the building.
H e re a i r i s d ra w n i n fr o m o u td o o r s th r o u g h s h e e ts
w a te r.
M uch o f t h is a i r , s t i l l c o o l, i s r e tu r n e d
p l a n t , re n o v a te d and a g a in p u t i n c i r c u l a t i o n .
o f fa llin g
to th e
P l u m b i n g o f som e k i n d h a s b e e n i n t h e T r e a s u r y B u i l d i n g
s in c e i t s b e g in n in g *
I n 1888 t h e o l d . b r i c k s e w e r t h a t r a n
u n d e r t h e b u i l d i n g w a s r e p l a c e d w i l l i r o n p i p e s , a n d i n 1904
a new c a s t - i r o n se w e r w as l a i d .
E le c tr ic
in
d r in k in g
w a te r
c o o le r s
r e p la c e d
ic e
c o o le r s
1934-
In th e e a r ly d a ys gas w as u se d f o r l i g h t i n g .
A p ip in g
s y s te m s u p p lie d th e g as to c e i l i n g c h a n d e lie r s a n d w a l l
b ra c k e t fix tu r e s .
P a r t s o f t h i s s y s te m , r e m a in i n w a l l s a n d
u n d e r f l o o r s th r o u g h o u t th e b u i ld in g .
The f l u t e d and g ild e d
p i la s t e r s a lo n g th e h a l l s , w hose c a p i t a l s , sh a p e d o f T r e a s u r y
e a g le s , a r e C o r in t h ia n i n e f f e c t , a r e h o llo w , a n d c o n ta in gas
p ip e s .
Th e s t o r y o f h e a tin g i n th e T r e a s u r y B u ild in g s u g g e s ts
a pageant o f s c ie n tific p ro g re s s .
F i r s t , open fir e p la c e s
a n d c r a c k lin g l o g s , th e n F r a n k l i n s t o v e s , a n d n o w , a f t e r
v a r i o u s t r i a l s a n d c h a n g e s , th e h i g h - p r e s s u r e s te a m h e a t i n g
s y s t e m i n s t a l l e d i n 1907.
S e v e ra l fir e p la c e s a re s t i l l u s e d ,
o n e o f th e m i n t h e S e c r e t a r y ’ s O f f i c e .
Th u s th e T r e a s u r y B u ild in g has know n m any changes a n d
im p r o v e m e n ts s in c e i t s c o m p l e t io n , h a s s e e n t r a n s i t i o n fr o m
b r i c k a r c h s e w e rs , p r i m i t i v e h e a t in g f a c i l i t i e s , c a n d le a n d
gas j e t l i g h t i n g , n o e le v a t o r s , t o p lu m b in g , h e a tin g , a n d
l i g h t i n g s y s te m s o f a d v a n c e d t y p e , m o d e m p a s s e n g e r a n d
fr e ig h t e le v a to r s , and a ir -c o n d itio n in g .
It may be said of the Treasury Building that it is a
building with other buildings within it. In 1891, a 425*000
building for the Supervising Architect’s office was con
structed in the south court, inside the rectangle. In 1933
(29)
a great vault Y/as constructed in the north court, at a cost
of°$334,290, and in 1934* office space was constructed over
the vault at a cost of $37,160.
Greek Revival in form, the Treasury Building is con
sidered one of the most consistent units of this type in the
United States. The Building’s dimensions are 260 feet east
and west by 466 feet north and south, or about two city blocks
in length and one in viidth. There are four floors, a basement
and sub-basement; the so-called basement is really the first
floor, making a. five-story building. The fourth floor, hidden
from the street by a parapet balustrade, is a comparatively
recent addition, constructed in 1921.
The rectangle encloses a central court and covers more
than 120,000 square feet, or nearly five acres. The court is
divided by a. corridor of offices connecting ihe east and west
wings. There is the office-vault building in the north
court area and a one-story building in the south court area.
The north, south and 'west facades have lofty porticoes, the
pediments of which in each instance are supported by eight
giant monolithic columns 01 Ionic design. The east facade
is distinguished by a colonnade of thirty of these grea.t
monolithic columns In an unbroken line of 341 feet. All the
Treasury Building columns, of ifhich there are 72, are of
granite, each jG feet in height and Yfeighing a aout thirty
tons. Besides the colonnade there are fwo pairs of pillars
on the east side, 16 in all on the west side end 10 each on
the north and south sides.
The columns of the colonnade fere originally of sand
stone from Virginia quarries. This stone suffered from
weather, and In 1907 these columns were replaced with granite
from New Hampshire; the stone was finished in shops at
Worcester, Massachusetts, and came to Washington by rail.
The east, or Fifteenth Street entrance, Y?as remodeled, and
steps leading to the first floor were removed so that the
entrance is now on the street level into the so-called, base
ment. Granite for the other columns and for the remainder
of the building was quarried on Bix Island near Rockland,
Maine. It yjs.s brought to Washington in sailing ships.
When the east side columns were replaced, the pilasters
behind them, and four inches of the face of the building,
including cornice and parapet, were replaced with granite,
portions of the old sandstone finish may be seen on the
court or inner side of the building.
(30)
The main entrance, as planned originally, m s to have
been from Treasury Place on the south. But this entrance is
not even used now, and remains closed. It is the opposite
entrance on the north, perhaps the most photographed, that is
doubtless considered the front door of the Treasury by the
average Washington sightseer. However, the main entrance to
the Treasury Building is the one on Fifteenth Street, through
the colonnade. The entrance consists of five narrow, heavilybarred doorways, of which but one is commonly used for entry,
the others being used as exits.
The west entrance, looking across to the White House
grounds, is sometimes considered the one intended by the
planners for the front door of the Treasury, but convenience
to transportation and the business district determined that
the opposite east entrance should become the main portal.
In a sunken court on the west side, partially roofed by
lawns and driveways, there is storage p3_ace for officials’
cars, and for delivery trucks and vans• coal bunkers tunnel
under the sidewalk, and to the north one of the cooling units
of the air-conditioning system operates beneath the lawn.
The great cash room of the Treasury, arranged much like
the public hall and ca.sM.ers’ windows of a bank, is on the
first floor behind the north portico. This chamber is 72 feet
long, 34 feet wide and 3C feet— two stories— in height. There
is a balcony all around at the second floor level. The walls
of both floor levels are of vari-colcred Vermont and Italian
marble panels and trim, between pairs of fluted pilasters.
The capitals of the first floor pilasters are Corinthian.
The capitals of the second floor pilasters are Ionic-Corinthian.
So fine is t M s room that at the time of President Grant’s
second inauguration it was chosen a.s the most fitting one in
Washington in which to hold the splendid inaugural ball. In
the corridors outside the cash room are cases of exhibits
bearing upon the development and mechanical preparation of the
national currency. Other cases in the building’s corridors
contain relics of historical significance.
Entrance through the east or Fifteenth Street door is
to the ground floor of the building, commonly called the
basement, but actually the main floor.
On the ground floor there is a modern emergency room,
with a 24-hour schedule, so as to care for night-sMft
employees as well as those who “work by day.
(
B e lo w t h e g r o u n d f l o o r o r b a s e m e n t i s t h e s u b -b a s e m e n t,
w h e re t h e b u i l d i n g ’ s m e c h a n ic a l c o n t r o l s a r e p l a c e d .
In
th e n o r t h p o r t i o n o f t h e s u b -b a s e m e n t a xe v a u l t s , b u r g l a r - a n d
f i r e —p r o o f , c u t o f f b y g u a r d e d i n n e r s t a i r w a y s f r o m a c c e s s
s a ve t o d e s ig n a te d e m p lo y e e s .
T h e r e a r e e le v e n v a u l t s w it h
tim e -lo c k and e l e c t r i c a l p r o t e c t io n .
H e re a re s to r e d s i l v e r ,
p a p e r m oney and bon ds o f m any m i l l i o n s ’ v a lu e .
The la r g e s t ,
o r c u rre n c y r e s e r v e v a u l t , has th e re s e rv e s u p p ly o f p a p e r
c u r r e n c y and. o f s i l v e r c o in a n d b u l l i o n .
The v a u lt n e x t in
s i z e i s f o r s e c u r it i e s a n d m is c e lla n e o u s s t o r a g e .
C o n fis c a te d
o p iu m i s k e p t i n t h e s e v a u l t s , a n d a s m u c h a s 5 0 ,0 0 0 p o u n d s
have been s to r e d a t one t im e .
T h e s e tw o l a r g e s t v a u l t s , c o n
s t r u c t e d i n 1 9 3 3 a n d 1 9 3 4 , c o n t a i n a p p r o x i m a t e l y 1 4 5 ,0 0 0 c u b i c
fe e t o f s to ra g e s p a c e .
T h e i r a la r m , s y s t e m s w o u l d i n d i c a t e t o
t h e C a p t a i n o f t h e W a tc h a n y a t t e m p t t o ta m p e r o r t o e n t e r .
F ro m t h e s u b -b a s e m e n t a p a s s a g e le a d s n o r t h u n d e r w id e a n d
b u s y P e n n s y l v a n ia A v e n u e t o th e T r e a s u r y A n n e x , w h ic h h o u s e s
th e D is b u r s e m e n t o f f i c e s .
T h e A n n e x , c o m p le te d . i n 1 9 1 9 , i s a
s i x - s t o r y b u i l d i n g o f I t a l i a n R e n a is s a n c e a r c h i t e c t u r e .
Th e o f f i c e o f th e B u ild in g S u p e r in te n d e n t i s on th e
g ro u n d o r basem ent f l o o r .
O th e r im p o r ta n t o f f i c e s on t h i s
l e v e l i n c lu d e D i v i s i o n o f A p p o in tm e n ts a n d U n it e d S t a t e s S a v
in g s B o n d s .
Up one f l i g h t b y a b r o a d , c u r v in g s t a i r w a y , w it h
d e e p ly w o rn t r e a d s o f s t o n e , a r e th e C h i e f C l e r k 's a n d p a r t o f
th e C o m p tr o lle r ’ s o f f i c e s .
O n t h e f i r s t f l o o r a l s o ¿ ire t h e
S e c re t S e r v ic e and p a r t o f th e G e n e r a l C o u n s e l’ s s t a f f .
The
s e c o n d f l o o r h a s t h e G e n e r a l C o u n s e l 's O f f i c e , t h e B u r e a u o f
th e M in t , and R e s e a rc h an d S t a t i s t i c s .
On t h e s e c o n d f l o o r , a t t h e s o u th w e s t c o r n e r o f t h e b u i l d
i n g , a r e t h e r e c e p t i o n ro o m a n d o f f i c e s o f t h e S e c r e t a r y o f t h e
T r e a s u r y , r e a c h e d b y e l e v a t o r fr o m a p r i v a t e e n tr a n c e w h ic h
fa c e s to w a r d t h e e a s t d o o r o f th e W h ite H o u s e .
(T h e re is no
s e c r e t u n d e r g r o u n d p a s s a g e w a y b e tw e e n t h e E x e c u t i v e M a n s io n a n d
th e T r e a s u r y , a lth o u g h th e s t o r y p e r s is t s t h a t th e r e i s su ch a
c o n n e c t i o n .)
T h e S e c r e t a r y ' s o f f i c e s co m m a n d o n t h e w e s t a v i e w
o f t h e - t r e e s a n d la w n s o f t h e W h it e H o u s e g r o u n d s ; t o t h e s o u th
i n th e f o r e c o u r t i s se e n th e A le x a n d e r H a m ilto n s t a t u e , a n d
b e y o n d , a c ro s s T re a s u ry P la c e , th e e q u e s tria n s ta tu e o f G e n e ra l
S h e r m a n , c u r v i n g d r i v e s a n d P o to m a c P a r k s t r e t c h i n g t o w a r d t h e
W a s h in g to n M o n u m e n t.
F ra m in g t h i s v i s t a on th e l e f t i s th e
D e p a .r tm .e n t o f C o m m e rc e B u i l d i n g .
T h e p a r k 's m any t r e e s s ta n d
l i k e a h e a v y f o r e s t , o b s c u r in g th e g r e a t b e n d o f th e P o to m a c ,
s o u th w a rd , a n d th e L in c o ln M e m o r ia l, s o u th w e s tw a rd .
In th e
s o u t h f o r e g r o u n d , t h e S e c r e t a r y ' s w in d o w s l o o k o n a b r o a d l a w n ,
fr a m e d b y t h e T r e a s u r y 's r o s e g a r d e n s .
31
)
Grouped around the Secretaries office on the second floor
are those of the Under Secretary, the three Assistant Secre
taries, and the several Assistants to the Secretary, with their
own subordinate forces. The General Counsel's office occupies
a suite at the southeast corner of the secretarial corridor.
About half the space on the third floor (1939) is occu
pied by the Division of Bookkeeping and Warrants, which is the
Government's principal bookkeeper. All accounting matters for
the entire Government service in Washington are cleared through
this office, which has at its head the Commissioner of Accounts
and Deposits. Much of the remaining space is occupied by of
fices of the Comptroller of the Currency. Also housed on this
floor are members of the General Counsel's staff, with a well
equipped law library. The main. Treasury telegraph office also
is on the third floor ; likewise the Treasury Library, whose
126,000 volumes include a comprehensive collection of financial
and taxation material.
Data end reports from all nations and
all States, with complete tax and financial information for the
Federal Government, are here. The Library has one of the few
complete collections of the Congressional Record, and the Pro
ceedings of Congress, with committee and departmental reports,
so that the historian or researcher may find what he seeks if
iu is within the province of fact. All the Reports to Congress
oi the Secretaries of the Treasury are here in bound volumes,
from that of Secretary Hamilton, now known as the Report on the
Public Credit, to the present (1939) Annual Report. Financial
reports from other countries— and all countries having finan
cial reports are represented— include Government documents,
bank statements, and other statistical material. The Library
maintains exchange relations ?/ith 27 libraries in Washington
snd elsewhere in the United States.
The fourth floor, added to the Treasury Building by the
expedient of lifting the roof, is made up mostly of large spaces
Approximately three-fourths of the floor is occupied by the
Accounting Division, attached to the office of the Treasurer.
Here all Government checks are audited and listed before being
stored. Also on this floor are the Division of Deposits, the
Secretary's Correspondence Division, and the Graphic Section
of the Division of Research and Stsitistics.
The statue of Hamilton, first Secretary of the Treasury,
was modeled by James Earle Fraser, American sculptor, much of
whose work is in Washington. The statue, unveiled May 1?,
1923, stands in the center of the broad paved terrace at the
foot of the south stops.
It is a nine-foot bronze figure on
a pedestal of pink granite, of which Henry Bacon v/as the
designer.
Theso inscriptions arc cut in opposite faces of the
pedestal:
ALEXANDER HAMILTON
1757 - 1804
First Secretary of the Treasury
Soldier
Orator Statesman
Champion of Constitutional Union
Representative Government and
National Integrity
11He smote the rock
of the National resources
and abundant streams
of revenue gushed forth.
He touched the dead corpse
of the public credit and
it sprung upon its feet"
The quotation is from an address delivered by Daniel
Webster, March 10, 1831, in tribute to Hamilton.
James Earle Fraser was commissioned (1939) sculptor of
the Albert Gallatin statue, to be placed in the north fore
court of the Treasury. The statue, to be 10 feet in height
on a green granite base, designed by the Supervising Archi
tects 1 Office of the Federal Works Agency, will be erected
by the Albert Gallatin Memorial Fund Commission. Gallatin
was Secretary of the Treasury from 1801 to 1814, was a
representative at the framing of the Treaty of Ghent, and
Yias Minister to France o,nd to Great Britain. The statue
will occupy the space where stood a much-admired fountain,
removed (1939) to make room for the sculpture.
The Hamilton statue causes many questions, from “Who
was Alexander Hamilton?“ to the name of the author of the
rock-smiting insc ription.
The Treasury Building, at the city’s very axis, is the
object ox much inquiry.
Sometimes it is the building’s age
that is asked, but the request most often heard from tourist
visitors is to be shown "where the money is made.” Usually
( 3^ )
what is meant i s the p la c e o f coin age o f g o ld and s i l v e r . They
are t o ld th a t no co in or cu rrency i s produced in the Treasury
B u ild in g , hut th a t the Bureau o f the M in t’ s a d m in is tr a tiv e o f
f i c e s are h ere; th a t most o f the m etal c o in i s minted a t the
P h ila d e lp h ia M in t. To see the p r in t in g o f paper money v i s i t o r s
are d ir e c te d to the Bureau o f E ngravin g and P r in t in g whose
huge b u ild in g i s between F ou rteenth and F ift e e n t h S t r e e t s ,
southward beyond the Washington Monument from the T re asu ry .
There i s in t e r e s t in the la r g e p o r t r a i t s , fo r the most p a rt
in o i l s , o f the S e c r e t a r ie s o f the T re asu ry , th a t hang on the w a lls
of the s e c r e t a r ia l and a s s is t a n t s e c r e t a r ia l s u i t e s . There i s
a p o r t r a it o f each p a st S e c r e ta r y , but not a l l o f them have
p la c e s in the o f f i c e s .
Even w ith every in ch o f space u t i l i z e d , and many o f the
e a r lie r la r g e o f f i c e s d iv id e d in to two or more sm a lle r ones,
the Treasury B u ild in g cannot accommodate a l l Department
fu n c tio n s , and Treasury a c t i v i t i e s are p la c e d in many o th er
b u ild in g s , some re n te d , some owned by the Government. Among
the l a t t e r are the s o - c a lle d Annex, the Bureau o f E n gravin g
and P r in t in g , the L ib e r ty Loan Annex, the In t e r n a l Revenue
B u ild in g , which covers most o f two b lo c k s , and the Branch of
Supply B u ild in g , fo rm erly known as the F ed eral Warehons e and
as the Procurement B u ild in g .
D e t a ils o f the Treasury B u ild in g , as w e ll as i t s a r c h i
t e c t u r a l e n t it y , are fr e q u e n tly the o b je c ts o f a d m ira tio n ,
both by the one-tim e v i s i t o r and by those who en ter i t ea.ch
day. There are lo n g h allw ay v i s t a s , a r r e s t in g views between
columns, fa c t o r s o f d e sig n and d e c o ra tio n th a t take the
a t t e n t io n , such as the Ham ilton sta .tu e , seen through the
columns o f the south p o r t ic o ; the morning l i g h t through the
colonnade; the c ir c u la r sta irw ay s w ith no v i s i b l e su p p ortin g
a g e n c ie s , each g r a n ite step fa sh io n e d to f i t the curve and
v ary in g from each o ther s te p ; the b a lu s tra d e g r i l l work of
wrought ir o n , o f oak—and—acorn d e sig n ; the c e i l i n g deco
r a tio n s o f the fo u r th f lo o r rotundas; many f r i e z e s and
c o r n ic e s ; the f lu t e d and g ild e d h allw ay p i l a s t e r s , whose
c a p it a ls are shaped o f e a g le s w ith l i f t e d w ings, and bear the
key symbol as i t appears on the Treasury S e a l; the groin ed
arches where the arched h allw ays jo in in fr o n t o f the e a st
e le v a to r s ; the columned lob b y at the wre s t p o r t a l; the arched
or p an eled c e il i n g s and t h e ir valu e fo r r e f le c t e d l i g h t . Much
o f the b u ild in g ’ s b eau ty d e riv e s from the f a c t th a t i t s b u ild
ers from the f i r s t worked w ith the thought o f u t i l i t y and
comfort as p r e r e q u is it e s to good c o n s tr u c tio n .
( 35 )
The T reasu ry -Building, f o r th e most p a rt a hundred y e a rs
o ld , has th e u t i l i t y and convenience o f a brand-new o f f i c e
s tr u c tu r e , w ith th e sp a cio u sn e ss and g ra cio u sn e ss and d ig n it y
of another and perhaps l e s s h u rrie d tim e .
The on ly p la c e w ith in or w ith ou t th e b u ild in g t h a t bears
words in d ic a iin g i t s c h a r a c te r i s the en tran ce to th e C a s h ie r ’ s
Room opening from th e n o rth lo b b y . Here above th e doors
appear th e words:
’’Treasury o f th e U n ited S t a t e s .”
( 36 )
SECRETARIES OF THE TREASURY
and
P r e s id e n ts Under Whom They Served
S e c re ta rie s
P re s id e n ts
W A S HING -TO R
ARAMS, JO H N
JEPP ER S O N
M A D IS O N
MONROE
ADAMS,
J . Q,.
JAC KSON
V A N B T JR E N
H A R R IS O N
TYLER
POLK
TAYLOR
Term o f
f rc ) m
A l e x a n d e r H a m i l t o n , New Y o r k
O l i v e r W o lc o tt, C o n n e c tic u t
S e p t.
Feb.
11,
3,
O l i v e r W o lc o tt, C o n n e c tic u t
Sam uel I)e x te r , M a s s a c h u s e tts
M arch
Ja n ,
H
1789
1795
S e rvic e
to
Ja n .
M arch
31,
3,
1795
1797
l ,
1797 D ec.
31,
1 S 0 1 M a ,r c h
3,
1800
1801
Sam uel D e x t e r , M a s s a c h u s e tts
A lb e r t G a l l a t i n , P e n n s y lv a n ia
'4,
M arch
lU ,
May
1 8 0 1 May
13,
18 0 1 M arch
3,
1809
A lb e r t G a l l a t i n , P e n n s y lv a n ia
G e o r g e W. C a m p b e l l , T e n n e s s e e
A le x a n d e r J . D a ll a s , P e n n s y lv a n ia
W illia m H . C ra w fo rd , G e o rg ia
M arch
K
Feb.
s,
O c t.
6,
22,
O c t.
1809
M r
18i R
1816
A p ril 1 7 ,
O c t.
5«
O c t.
21,
M arch
3,
1813
lS lR
1816
18 17
W illia m
H.
M arch
4
18 17
M arch
6,
1825
R ic h a rd
Rush,
M arch
7,
1825
M a rch
5,
1829
1831
I 833
I 833
I S 3U
C ra w fo rd ,
G e o rg ia
P e n n s y lv a n ia
Sam uel D . In g h a m , P e n n s y lv a n ia
L o u i s M c La n e , D e la w a re
Wm. J . D u a n e , P e n n s y l v a n i a
R o g e r 3 . T a n e y , M a ry la n d
L e v i W o o d b u r y , New H a m p s h ire
M arch
6,
Aug.
3,
May
29,
S e p t. 23,
Ju ly
1,
20,
1829 Ju n e
18 3 1 May
28,
1833 S e p t , 22,
25,
1833 Ju n e
I 83 R M a r c h
3.
Levi
M arch
I
W oodbury,
Tho m a .s E w i n g ,
New H a m p s h ir e
O h io
M arch
R.
n
1801
I
837
837
M e .r c h
3,
lS R l
W -l
A p ril
R,
lS R l
A .p r il
5,
S e p t. 13 ,
M arch
8,
H,
Ju ly
S e p t.
M arch
1SU3 May
IS R R M arch
G eorg e
Robert
M.
J.
M arch
M arch
5,
8,
1SR5
1SU5
M arch
M arch
7,
5,
I
8U 5
8U 9
Wm.
M e re d ith ,
M arch
H
13 U 9
Ju ly
9,
I
85 O
M,
B ib b , K e n tu c ky
W a lk e r, M is s is s ip p i
P e n n s y lv a n ia .
lS R l
1 1 . I 8U 1
1 , 18^3
2 , 18RR
R ; I 8R 5
Thomas E w i n g , O h io
W a lte r Fo rw a rd , P e n n s y lv a n ia
J o h n C . S p e n c e r , New Y o r k
G e o r g e M. B i b b , K e n t u c k y
jK
l
I
(3 7)
Term o f S e rv ice
S e c re ta rie s
P re s id e n ts
FILLM O R E
P IER C E
BUCHANAN
LIN C O LN
JOH NSON
■ GRANT
HAYES
G A R FIELD
ARTHUR
CLEVELAND
M C K IN LEY
850
J u ly
J u l y * 23»
1850
1850
Ju ly
M arch
22,
e.
1853
Ja m e s
M arch
7,
1853
M arch
6,
1857
H o w e ll Cobh, G e o rg ia
P h i l i p F . Thom as, M a ry la n d
Jo h n A . D i x , New Y o r k
M arch
7.
Dec,
12,
J an.
15.
1857
i 860
1861
Dec,
J an*
M arch
8,
I 860
1861
1861
S a lm o n P , C h a s e , O h i o
Wm. P , F e s s e n d e n , M a i n e
Hugh M c C u llo c h , In d ia n a '
M arch
Ju ly
M arch
1861
is 6 *+
1865
J u n e % ■ ;.18 '6 U
M arch
1865
A p r i l 1 5 , 1865
Hugh M c C u llo c h ,
A p ril
l6 ,
1865
M arch
5,
1869
Geo, S , B o u tw e ll, M a ssac h u se tts
Wm, A . R i c h a r d s o n , M a s s a c h u s e t t s
B e n ja m in H , B r i s t o w , K e n tu c k y
L o t M , M o r r i l l , M a in e
M arch
M arch
Ju n e
Ju n e
12,
1869
16,
17,
L
1873
I S 7U
1873
137 *+
7
1876
M arch
Ju n e
Ju n e
M arch
L o t M , M o r r i l l , M a in e
Jo h n Sherm an, O h io
M arch
M arch
10,
1877
1877
Wm,
M a rch
8,
S e p t.
20,
lH ,
G u th rie ,
W in d o m ,
K e n tu c k y
In d ia n a
M in n e s o ta
Wm, W i n d o m , M i n n e s o t a
C h a r l e s J . F o l g e r , New Y o r k
W a l t e r Q,. G r e s h a m , I n d i a n a
Hugh M c C u llo c h , In d ia n a
O
H A R R IS O N ,B ,
Œ0,
to
M, M e re d ith , P e n n s y lv a n ia
Thom as C o r w i n , O h i o
m m
>
f
CLEVELAND
fro m
S e p t,
O c t.
Hugh M c C u llo c h , In d ia n a
D a n i e l M a n n in g , New Y o r k
C h a r le s S , F a i r c h i l d , New Y o r k
•M a rc h
M arch
A p ril
C h a r le s S , F a i r c h i l d , New Y o r k
Wm, W i n d o m , M i n n e s o t a
C h a rle s F o s t e r , O h io
M arch
M arch
Feb.
C h a rle s
Jo hn G ,
F o s t e r , O h io
C a r l i s l e , K e n tu c k y
M arch
M arch
Jo h n G . C a r l i s l e , K e n tu c k y
Lym an J , G a g e , I l l i n o i s
M a rch
M arch
7»
5,
9.
(
»
I
25,
31,
k
1»
H
7
6,
%
3,
20,
1876
3,
1877
M arch
M arch
9,
3,
1877
1881
1881
S e p t,
19,
1881
1881
1881
188*+
188*+
Nov.
13,
S e p t*
O c t.
30,
M arch
3,
1881
188U
18 8 *+
1885
M arch
M arch
M arch
31»
1885
1887
1889
1889
1891
M arch
Ja n .
M arch
20 ,
1889
I 89 1
3,
1893
1893
I 893
M arch
M arch
6,
3,
1893
1897
1897
I S 97
M arch
S e p t.
5,
.
1901
* 1885
m 1885
§ 1887
>+, 1 8 8 9
7,
25,
6,
I
k
7,
3,
6,
i h
1897
( 38
ROOSEVELT, Ï .
Lym an
L . M.
G. B.
TAFT
YfILS O N
Term o f S e r v ic e
to
fro m
S e c re ta rie s
P re s id e n ts
J.
Gage,
Illin o is
S h a w , Io w a
C o r t e l y o u , New Y o r k
S e p t . 1 5 , 1 9 0 1 J a n . >■3 1 ,
Feb.
3,
1 j 19 0 2 M arch
M
a
r
c
h
M arch
1
9
0
7
7 ,
4,
M arch
8,
W , G . M c A d o o , New Y o r k
C a rte r G la s s , V ir g in ia
D a v id F . H o u s to n , M is s o u ri
M arch
Dec.
Feb.
16,
And rew W . M e llo n ,
M arch
F ra n k lin KacVeagh,
Illin o is
1909 M arch
P e n n s y lv a n ia
1902
1907
1909
5 , 1913
15,
6 y 1913 D e c .
1918 Fe b .
1 ,
2 , 19 2 0 M arch
3,
1918
1920
1921
12,
'
_
1932
H A R D IN G
COOLIDGE
)
4-, 1 9 2 1 F e b .
HOOVER
HOOVER
ROOSEVELT, F .D .
Ogden L .
M ills ,
New Y o r k
W i l l i a m H . Y Y o o d in , New Y o r k
H e n ry M o rg e n th a u , J r . , New Y o r k
Feb.
M arch
Ja n .
13,
5,
1 ,
19 3 2 M arch
1933 D e c .
1934-
4 , 1933
31,
1933
I N D E X
32
Accounting D ivision......................................
Accounting fo r revenue..............................
»
lb
Accounting for revenue, chart...............
32
Accounts and Deposits, Commissioner.
10
Adjusted Compensation A c t.......................
Administrative Assistant to the
Secretary...................................................... • 12
Age, Treasury Building...............
25-35
12
Agent of the Treasury..................................
28
Air conditioning..............................................
Albert G allatin Memorial Fund Com
mission. ..........•...............................................
Alcohol Tax Unit..............................................
Andrew Jackson................................ ................
Annex, Treasury................................................
Appointments. * ..................................................
Architect Walker.............................................
Architects of Treasury..............................
Army and Navy................................ ..
Assay o ffic e s ....................................................
Assistant Secretaries’ fla g s .................
Assistants to the S e c r e t a r y ...............
Attorney General »• ............ ............................
Bacon, Henry.......................................................
Bank notes. .............................
Basement, sub-basement................................
Bookkeeping and Warrants...........................
Branch of Supply..............................................
Branch of Supply B u ild in g .......................
British soldiers»......................................... ..
Bureau of Customs......................................... ..
Bureau of Engraving and Print
ing......................
Bureau of Internal. Revenue....
Bureau of Narcotics..........
Bureau of Public Health Service
Bureau of the Mint...... .
Burglar-proof vaults..... ••••
Cane-planting episode..... .
Capitol............... .....
Captain of the Watch.........
Cash Room...................
Cashier....................
Cashier’s room.... ..........
Ceilings, arched, paneled....
Central court...............
Chart, Accounting for Revenue..
Chart, Control of Receipts and
Issues....................
Chart, Control of Receipts and
Issues, explained..........
Chart, Treasury bookkeeping....
Chief Clerk......... .........
Chief Clerk’s office.........
Circular stairways*......... «
Civil War................
.....
27
IO-II-I2-I4
Coast Guard..... .
............. 11
Coast Guard Academy.......
Coast Guard flag..........
...... 14
Coin and currency...... .
...... 9
Coinage, gold, silver.....
...... 34
Coining of money............
...... 4
Collection of revenues....
..... *4-5
Collectors of Customs.....
Collectors, Internal Revenue
Colonnade................
...... 29
Columns*.................
...... 29
Commissioner of Accounts and De
posits.....................*••
8-9-32
...26
Commissioner of General Land Office
... 7
Commissioner of Public Debt........
Committee on Public Buildings and
.. 26
Grounds. ••••........*...... ....
.. 11
Competitive bids............ .
.* 26
Comptroller....... .............
.7-15
Comptroller General...... ...... •
Comptroller of the Currency........
.9-32
Comptroller’s office............
• 31
Congress, Proceedings............
. 32
. 32
Congressional Records*...........
Contraband opium* ........*..... ..
• 31
Contracts..... •.........11
Control of Receipts and Issues, chart... 24
Constitution*......
2-13
Corinthian pilasters* ................. 3®
Cornerstone.....................
25
Correspondence Division*........... 12-32
Cost of Treasury Building........... 27
Counterfeiting.......................
10
29
Court, central....................
Custody of currency*...............
7
Custody of funds.........
4
12
Customs
Customs
Customs
Customs
Customs
24
17-23
15
8-12
31
34
a g e n ts a b r o a d .......................
b o a t s * .......................
c o l l e c t i o n s . ..............................................................
f l a g a n d s e a l .............................................................
5
13
5
13
Customs flag, revenue ensign*.......
Customs Service......................
5
14
D a i l y S t a t e m e n t o f t h e T r e a s u r y ..........................
8
D e p a r tm e n t o f S t a t e .............................
27
D e p a r t m e n t o f t h e I n t e r i o r . ..........................
13
D e p o s i t s , D i v i s i o n o f .................................................
32
D e t a i l s o f T r e a s u r y B u i l d i n g ...................................... 34
D i m e n s i o n s o f T r e a s u r y B x x i l d i n g ............................ 29
D i r e c t o r o f Research and S t a t i s t i c s . • • • •
12
D i s b u r s e m e n t o f f i c e s . ............................................................ 3^
D i s b u r s e m e n t s , how made.............................................. . 1 7 - 2 3
D i v i s i o n o f A p p o in t m e n t s . • ....................................
12
D i v i s i o n o f D e p o s i t s ............................................. * * ♦ • *
8
(40)
I N
Division of Disbursement............................
Division of Supply. ................
8
12
Dix Island. ••»».....................29
Drinking w ater............................ ......................*
20
27
Electricity............ *........
Elevators........................
2°
Emergency room........... ....... . • 3®'
Engraving and Printing.........
34
Enlargements of Treasury Building.... 27
Entrances to Treasury.............
3°
Farm Loan Act. ...............
10
Federal buildings...........
4
Federal Deposit Insurance Corpo
9
ration* ....*»»»*•......
Federal Reserve Banks.... ......... 7“15
Federal Security Agency......... 4-10-11
Federal stock catalog.............
12
.Federal Works Agency............ 4-11-33
Finance and tax information......... 32
11
Fine Arts Section............ ...
......................
XXX0u
L»J* UcU*.,/•••••••■•**■•
...
...
Flags of Secretary and aides. *••...
Foreign finance reports*........ .....
...
28
1
2
13
32
10
28
Franklin stoves........ ..... . •...
Fraser, James Earle............. ••32—33
Gallatin, Albert, and statue.......
33
Gallatin Memorial Fund Commission...* 33
Gas lighting.... .............
28
General Accounting Office............ 7-15
General Counsel*..........
12-32
13
General Land Office...............
Gervais, John Lewis...............
2
Gold, silver coinage..............
34
Gold stocks.......................
10
Government bookkeeping............
15
Government loans..........I.... .
4~7
Government loans, how floated and
paid..........
6
Granite, New Hampshire......... .. •» 29
Grant, President........
3*-*
Grant’s inaugural ball............. 3^
Graphic Section.............
32
Great Seal of the Treasury, back
cover and...............
13
Great vault..................
29
Greek Revival ......
29
D E
X
Greenbacks..... ........ 4..........
Groined arches... ............. .
Ground floor, or basement.......
Hamilton, Alexander......... .
Hamilton statue................ .
Hamilton's appointment.......... «
Hamilton's Report on the Public
Credit........ -.............
Harrison Act....................
Hatfield, George...............
Heating. »•.....................
Iceberg patrol.......... .......
Income Tax Unit*............
Inscriptions, Hamilton statue....
Interior Department...... .
Internal Revenue Building... .
Internal Revenue collections, peak
Internal Revenue Service........
Ionic columns............... »...
lonic-Corinthian pilasters......
Italian Renaissance............
Jackson, Andrew. «............. *
Law enforcement........... .
Law library............. ......
Lee , Richard Henry...........
Liberty Loan Annex..............
Libraries, law, Treasury..........
Life Saving Service........... *.
Lighthouse Service.... .........
Lighting........ ...............
Livingston, Walter..... | .......
Loans and currency.............
Main entrance..................
Maine, Rockland. »*.......... .
Marble panels, Cash Room*.......
Marble, Vermont, Italian........
Mechanical controls............
Mills, Robert..................
Mint, Philadelphia*.............
Mints, assay offices..............
Miscellaneous Tax Unit....... . ••
Monetary Research...............
Money, how handled.......... •. •
Money, -where made........... »...
Monolithic columns......... .....
Monument, Washington..............
Moirris, Gouverneur..............
Morris, Robert. ........ .........
Narcotic drugs.................*
National bank supervision.......
Navy. ............ ...... .
Navy, War and State....... »....
New Hampshire granite. ......... .v.
New Orleans Mint. ».............
North court.....................
...
4
...
34
..... 31
....32-33
.32-33-34
...
2
...
...
...
...
.....
...
...
...
3
10
26
28
11
6
33
13
::::: 3!
.....
5
...
29
...
30
...
31
...
25
... 4-10
...
32
..... 13
...
34
...
32
...
11
..... 11
...
28
...
2
...
7
..... 30
...
29
...
30
...
30
...
31
...
25
..... 34
...
10
.....
6
...
12
....17-23
....33-34
...
29
...
34
...
13
... 1-2
..
5
...
...
--...
...
...
4
11
27
29
10
29
(41)
I N D
E X
"Semper Paratus” ....................................•••
14
11
Should war cone............................. ................
10
Silver bullion......................................... ..
Osgood, Samuel.. •............... ».....
2
..,.
5-11
Smuggl
in
g
...........................................................
Paintings, mural............... ••• H
Social Security ta x e s.............................. .... 6
Paper currency....... *......... O-10-34
South court....................................... .. *.......... ...28-29
7
Paper for currency...............
Sta b ilizatio n fund..................................... .... 3
Parapet. «*.......
29
Stairw ays.
........................................... * * . . . . 34
Pennsylvania Avenue................................... .25-31
Sta.te
Department..................
*..................... 10-26-27
Philadelphia. .........................•••••■........................ 25
Storage, s ilv e r , paper, bonds. . . . . . .... 31
Philadelphia M int.................................................... 34
Sub-basement..................................................... ...28-31
Pilaster s•».............
2o-30
Superintendent.................................. ............. .... 12
Pillars. .........................
29
Supervising A rchitect’ s O ffic e .......... ...28-33
Plumbing....... ».............. . •• 2o
Supervision
of national banks........... ...
9
P o rtico es........................................................................ 29
Surplus property se ctio n .................. • * .... 12
Portraits of Secretaries........... 34
5
T a riff duties.......... ........................................ . . . .
Post office murals.......... «..... 11
Tax and finance information. . . . . . . . .... 32
Postage stamps........... *.......* 10
Presidents, United States..........36-30 Tax Research D iv isio n .............................. .... 12
Terms of service, Secretaries’ .......... ...36-38
Proceedings of Congress............ 32
Procurement Division...............
............. .. 11 " T h esauri.A ner.Septent.Sigil.".• .» • .... 13
Third f l o o r ..................................................... ..... 32
Production o f money;............................................
4
Treasurer of United S ta te s .................. ..7-8-15
Protection of Presidents.... .
10
Treasury Annex................................................ ,.8*31-34
Public Buildings and Grounds Com
mittee. ...................
26 Treasury A rch ite cts................................... ,..,.25-26
Treasury B u ild in g ........................................ .... 25
Public debt.......................
C o s t . ............................................. ... 27
Public Health Service........... »4-10-11
Cover drawing by Franklin Booth, .
Public lands...................... 13
Dimensions.....................................................
• 29
Receipts, how handled..........
.17-23
. 27
Enlargements.................. ............................
Rectangle. »...................... 2o-29
. 30
Entrances..................
Register.......
2b
.
32
Treasury
L
ib
ra
ry
.........................................
Register of Treasury..............
7
• 35
31 "Treasury of the United S t a t e s " ....
Renaissance, Italian*..........
Treasury, organization, growth..........
• 3
Reorganization, 1939»...............4-11
. 30
Treasury P la c e ..............................................
Report on the Public Credit........
32
Treasury Seal, back cover, and..........
13-34
Reports to Congress...............
32
Treasury warrant. .........................................
• 7
Research and Statistics........... 12-32
.
1
Treasury* s beginnings..............................
Revenue Act of 1934*............. * 12
Treaty of Ghent*...........................................
Revenue collection peak............
6
• 33
Under Secretary's f l a g ............................
• 13
Revenue Cutter Service............ 11-14
United States Bonds.............................. ....
. 9
14
Revenue ensign, Customs flag.......
. 11
U. S. Public Health Service.................
Revenue stamps....................
10
United States Savings Bonds..................
• 31
Rockland, Maine.......... *........ 29
29-31
27 V au lts, burglar-proof, fir e p r o o f...
Rooms, number..... ...............
. 30
Vermont marble.............................. •............
Sandstone..........
29
V irginia quarries. ••..................................
Second floor.
3l~32
Walker, Thomas U ., architect............... ..26-27
Secret Service.....................4-10
Secretaries of the Treasury....... 36-38 War and Navy Departments......................... ..11-27
...
34
Secretaries’ portraits..... ........ 34 Washington Monument...................................
2
Washington, President................................ .. .
Secretaries’ Reports to Congress..... 32
... 33
Secretaries ’ terms.............. . •36-38 Webster, Daniel..............................................
. 10
West Point Silver Depository.. . . . . .
Secretary and aides...............»
3
White House.. . . . . . ..................................... ..25-30
Secretary of the Treasury..•# ••..13-15-26
Secretary's and aides’ offices......... 3^ Wither spoon, John»................................. • • ... 13
Woodbury, L evi................................................ .. . 2b
Secretary's CorrespondenceDivision,. 32
Worcester, Massachusetts......................... .. . 29
Secretary’s flag.............
13
Number of rooms....... ..........
Opium storage........ *...........
2y
31
2-12-41
UlIIO'
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Saturday, February 15 > 194-1.
Press Service
No. 23-56
Market transactions in Government securities
for Treasury investment accounts in January, {ËpipM
resulted in net purchases of $ 2 ,765,000, Secretary
Morgenthau announced today.
- 0O 0-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORHIRO NEWSPAPERS
Tuesday, February 18, 19^1.
I7I7M
Press Service
10 *
5
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 Pebruary 19 »a* *0 »*ture Way 21.
I9U1 , which were offered on February l1*. were opened at the Federal
Reserve Banks on February IT•
The details of this issue are as follows:
Total applied for - $209*830,000
Total accepted
• 100,110,000
Range of accepted bids: (Excepting one tender of $$0,000)
High
Average
price
-
100.001
-
,
99*998 Equivalent rate approximately 0.00J percent.
*
99.996 Equivalent rate approximately 0.016 percent.
(83 percent of the amount bid for at the low price was accepted).
TREASURY DEPARTMENT
Washington
Press
for release , morning - newspapers
3ervj.ce
No. 23-57
Tuesday^ February IS, 19^1» ... -
Th0 Secretary of the Treasury announced last evening that the
tenders for $ 1 C 0 , COO,COO,
or thereabouts, of National Defence-
Series ^l-day Treasury bills, to be dated February 19 and 'to mature
i-lay 21 Bp[« which were offered on February l1!, were opened, at
the Federal Reserve Banks on February 17*
Th® details of this issue are as follows:
Total applied for - $2 0 9 ,6 3 0 , 0 0 0
Total accepted
- 100,110,000
Ra&ge of accepted bids: (Excepting one tender of i$50,CQG)
H ig h -
Low
-
pricf ' -
IOC * 001
'
„
.
99.996 Equivalent rate approximately 0*016 percent.
99.996 Equivalent rate approximately O.COJ percent.
(63 percent of the amount bid for at the low price was accepted).
•o0o~
/
TREASURY DEPARTMENT
Washington
Press Service
No. 2 3 - S '
The Bureau of Customs announced today that preliminary
reports from -MB collectors of customs indicate that the Quota
of 500 pounds on silver or black fox paws, heads, or other
separated parts of silver or black fox furs and skins (other
than tails) has been exhausted for the period December 1, 1940^,
consumption of these commodities is therefore prohibited until
the beginning of the next quota period on December 1, 1941.
-oOo-
TREASURY DEPARTMENT
Washington
RELEASE, MORNING- NEWSPAPERS
ThnrfldBT. February 20, 191*-!» _
Press Service
N o * 2> 5 S
for
The Bureau of Customs announced today that preliminary reports
from collectors of customs indicate that the quota of 5 C0 pounds
on silver or black fox p & w ^ .heads, or other separated parts of
silver or black fox furs and skins (other than tails) has been
exhausted for the period December 1, 19^°> to November 30, 191«-.
Entry, or warehouse withdrawal,
for consumption of these
commodities is therefore prohibited until the beginning of the
next quota period on December 1, 19^1*
-*o0o*~
taxation any lnoranent In value represented br the difference between
the pploa paid and the redemption ralue received (whether at or before
maturity) for eevlnge bonds shall be ooneldered ae Interest*
2.
Paragraph 7 of Department Clroular Ho. 096, dated Deoamber 19« 1998
(Se0. 314.107 of Sub-title B of Title 91, Code of Federal Hegulationa. Supp.I)
'
as amended on March 87, 1940 (Seo. 914.107 of Sub-title B of Title 91, Code
of Federal Regulations, Supp. Ill), la hereby further amended, effective
March 1» 1941, to read as follows:
7.
Section 22 of the Second Liberty Bond Act, as added February 4,
1935, provided that it shall not be lawful for any one person at any one
time to hold savings bonds Issued during any one calendar year in an
aggregate amount exceeding #10,000 (maturity value)e
applies to savings bonds issued before March 1, 1941.
This provision
The Public Debt Act
of 1941 emended said Section 22, effective Maroh 1, 1941, to authorise
the Secretary of the Treasury by regulation to fix the amount of saving*
j
J
bonds issued in any one year that may be held by any one person at any
ona time.
Pursuant to such authority, it is hereby provided that the
amount of Savings Bonds of Seri©* D issued, pursuant to Department Circular
No. 596, as amended, during any one calendar year (including those Issued
before March 1, 1941, as well as those issued on and aftar March 1, 1941}
that may ha held by any ona person at any ona time shall not exceed
#10,000 (maturity value) of bonds originally issued to sueh parson.
For
method of computation of holdings, see Department Circular No. 530, Third
Revision, as amended.
HINRY MOROFNTHATJ, Jr.,
Secretary of the Treasury
|
iis
Ml
I
&mmm&
S*4i■=.%-■■
wmm
R h H m H I
UNITED STATES 8ATOKJ8 BOIIDS
m l
SERIFS D
1941
Second Amendment to
Department Circular No. 996
me amended
TREASURY DEPARTMENT]
Office of the Secretary,
Weehington.^^iifi^L^ift , 1941.
Fiscal Service
Bureau of the Public Debt
?-:i;M
M
Edgl
■ife&s.
||pp§f|
1.
Paragraph 9 of Department Circular No. 596, dated December 15, 1958
(Sec. 314.105 of Sub-title B of Title 31, Code of Federal Regulations, supp. 1),
is hereby amended, effective March 1, 1941, to read as follows:
1
5.
Each of the Savings Bonds of Series D issued hereunder will
be entitled to such exemption from taxation as may be authorised by
the law in effect on lta issue date.
Bonds of Serlss D, issued before
March 1, 1941, arc exempt, both as to principal and Interest, from all
taxation now or hereoftar Imposed by the United States, any State, or
«
any of the possessions of the United States or by any local taxing au
thority, except (a) estate or inheritance taxes, or gift taxss, end
{b } graduated additional Income taxes, commonly known aa surtaxes, and
m
excess-profits and war-profits taxss, now or hereaftsr Imposed by the
United States, upon the income or profits of individuals, partnerships,
wM
associations, or corporations; the interest on an amount of bonds
authorized by the Second Liberty Bond Act, approved September 24, 1917,
I
as amended, the principal of which docs not exoaed In the aggregate
$5,000, owned by any Individual, partnership, association, or corporation,
shall be exempt from the taxes] provided for In clause (b) above.
Bonds
{
of Series D issued on and after March 1, 1941, are subject to the same
provisions, except that intarast upon such bonds shall not have any exemption,
as such, under Federal tax Acts now or hereafter enacted.
w.
m
¿L
2.
■
;
v
' _____$££&&»
'iAJi,'.
,*■ fig®
For purposes of
UNITED STATES SAVINGS BONDS
SERIES D
194-1
TREASURY DEPARTMENT,
Office of the Secretary.
Washington, Feb, 20, ljSffc
Second Amendment to
Department Circular No. 59°
as amended
Fiscal Service
Bureau of the Public Debt
1#
Paragraph 5 of Department Circular No.
596,
dated December
15, 1933 (Sec. 314-, 105 of Sub-title B of Title 31, Code of Federal
Regulations, Sppp. I),
is hereby amended,
effective March 1, 19^1,
to read as follows:
5,
Each of the Savings Bends of Series D issued here-
under will be entitled to such exemption from taxation as may
he authorized by the law in effect on its issue date.
Bonds
of Series D, Issued before March 1, 19^1.i are exempt, both as
to principal and interest,
from all taxation now or hereafter
imposed by the United States, any State, or any of the
possessions of the United States or by any local taxing
authority,
except (a) estate or inheritance taxes,
or gift
taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes,
now or hereafter imposed by the United States,
or profits of individuals, partnerships,
corporations;
associations, or
the interest on an amount of bonds authorized
by the Second Liberty Bond Act,
as amended,
upon the income
approved September 24-, 19X7»
the principal of which does not exceed in the
aggregate 15,000, owned by any individual, partnership,
association,
2 3 -5 9
or corporation,
shall be exempt from the taxes
2
provided for in clause (b) above.
Bonds of Series D issued
on and after March 1, 19*4-1, are subject to the same provisions,
except that interest upon such bonds shall not have any
exemption,
enacted.
as such, under Federal tax Acts now or hereafter
For purposes of taxation any increment in value
represented by the difference between the price paid and the
redemption value received (whether at or before maturity) for
savings bonds shall be considered as interest*
2.
Paragraph 7 of Department Circular No. 596, dated
December 15,
1936
(Sec. 31*1-. 107 of Sub-title B of Title
of Federal Regulations,
Supp. I) as amended on March
(Sec. 311+.1C7 of Sub-title B of Title | L
tions, Supp. Ill),
27,
31 ,
Code
19*1-0
Code of Federal Regula
is hereby further amended,
effective March
1,
19*4-1, to read as follows:
7.
February
Section 22 of the Second Liberty Bond Act,
as added
1935, provided that it shall not be lawful for
any one person at any one time to hold savings bonds issued
during any one calendar year in an aggregate amount exceeding
$10,000 (maturity value).
This provision applies to savings
bonds issued before March 1, 19 *41-.
of 19*1-1 amended said Section 22,
The Public Debt Act
effective March 1, 19*4-1, to
authorize the Secretary of the Treasury by regulation to
fix the amount of savings bonds issued in any one year that
may be held by any one person at any one time.
to such authority,
Pursuant
it is hereby provided that the amount of
Savings Bonds of Series D issued, pursuant to Department
Circular No.
596,
as amended, during any one calendar year
- 3 (including those issued before March 1, 1 3 ^ 1 ,
those issued on and after March 1, l $ k l )
as
wel1
as
that may be held
by any one person at any one time shall not exceed $10,OGC
(maturity value)
of bonds originally issued to such person.
For method of computation of holdings,
Circular No.. 53C, Third Revision,
see Department
as amended.
HENRY MORG-ENTHAU, Jr.,
Secretary of the Treasury.
*> a **
,>u.n not cxooad §10,000 (nnturlty
<rf <*«*• «rtftaÄly U*-e<J
to euch ptmtt.
(b) Coaautattsm of «mount.-
I» determining Aether the limitation
is exceeded by «ay eue pe*e»a et any ene time tfa»r» auet be teiesn into
eeeeuat the aggrego** «eâurity **!«• of ell »aTing« bead» *»«»•* during
aay OSïe ^gx^ y - y year* a» «hews bjr the i»eue dete» thereof* including
(1) bond» originally leaned to end registered in the name of tbet pereon
elea», end
(a)
the»# originally issued to end regi»tered in th» n«»e of
tbet person «life another e» eoeener.
Bond» of efeieh euch y«r»oß 1« m m lf
ihn designated beaefieiaary 1» the ease of the death of the <mmr$ end
bond» of which fe» «ay hereafter become the omier on the deeth ef another
or the hapff«tt*«g of any other eeent* need m% be ineluded.
Nothing herein
contained »hell be construed to validate any holdings heretofore acquired
in excess of the lawful limit ee eaaputed under the regulations in foree
at the time of euch acquisition.
2 . fbg ebove «nendsent le published for the information and guidenoe
of all eoBoomed.
i m m m m m m m , J*.$
Secretary of the treasury.
H i H b U e e ltq » !
I H H H H
2/Xl/bl
SEi
B m o u n o O T M i n K i wrifJ®
mws
satxwos
«o r »
1^1
First M I m «I lo
Departeent CireuUr So. 93®
Tfclrd »STitiMI
flO U iD ir S m ttF K M t»
Office of th* 3eeretary,
WasMsgtonr^ijt^. ^ o
l$kl
fissai Soffio«
Bureau ef thè futili« SeBt
Fo oifinssts of turano Bfm m s a t i m o s w m , a m & m m cm m a m n
l,
ParaGraph 1 of Saetto« IT of Bepartiseat Olfenler le. 53®* *hi*d
Bertele«« datai March ST7* X5M) (Seo. 3X3*3 e* SuB-titl« 1 ef Fitte 31*
Cede of federai BegulaMo&s*
Snpp. XXX)» 1« hereBy
eaended* affanti*»
March 1, 19*H, te read ae felle*»!
f i
If.
Liti ITATI 09C <M IGLB1SOS
X* <*> Aaeomt whleh «ar Se hai A »«* Saette« m ef thè Seeoad Liberty
Boni Aet* a* added FeBruary h. 1939* preVided that tt »hall «et te
lavful far aay e«e par«#« «t aay aaa tl«e te held »aringa tende leened
SS
during any ana ealendmr year 1« aa aggregate aeouat ereeeding $10,000
8
(•aturity mine).
fht» preriela» «ppllea te »aringa Bende leenad
Befere March 1* Ifhl.
The fnBlie ®eBt Aet ef 19*1 aaended eatd
Seat lem BSt, effeetiee March 1, l$hl, ta authorlee thè Saeratasy ef
thè Treaeury By regolati«« ta fin tha asount of earisge Bende ieeued
in any ene year that nay Be held By any ene pereen at any ena Una.
fnrenant ta eneh «cibority. tt ta haraBy prartded that tha anonat ef
Sartnga Bende ef Serica 0 leenad* pureuant te fraaenry Oapartnent CirculaLr -No.59 ^* «mi aaended» dnrtng any ena ealandar year (inelnding
theea teened Befere March 1* 19*»1# ae veli ae theee leenad aa and
after March 1* 19*11) that woy Be held By any ene pereen at any eoe ti««
Ì&;'
,
ÉÉÈÉtÉf:
11
REGULATIONS
GOVERNING UNITED
STATES
530
TREASURY DEPARTMENT,
O f f i c e of the S e c r e t a r y ,
W a s h i n g t o n , F e b r u a r y 20,
"
19*4-1
19*41
First A mendment' to
Department C i r c u l a r No*
Third R e v i s i o n
_____
Fiscal S e r v i c e
Bureau of the P u b l i c
31,
Title
S A V I N G S B ONDS,
P a r a g r a p h 1 of S e c t i o n
Third Revision,
Code
dated March
of F e d e r a l
effective M a r c h 1,
19*4-1,
27,
(a) A m o u n t
Liberty B o n d Act,
not be l a w f u l
to r e a d
h e l d »- S e c t i o n
at
22,
i s s u e d in a n y
one
year
Pursuant
provided that
amount
of S a v i n g s
suant to T r e a s u r y D e p a r t m e n t
as well as t hose
23-60
of b o n d s
at a n y
one
originally
of
those
time S h a l l
i s s u e d to
t hat
The
Public
m a y be
19*4-1,
as
amount
to
it
D
any
one
pur
during
M a r c h 1,
19*4-1,
m a y be
e x c e e d $ 10,000
such person,
of
is h e r e b y
i ssued,
19*4-1) t h a t
of
authorize
amended,
issued before
5
to
amount
h eld by
of S e r i e s
not
shall
Debt Act
to f i x the
59^,
it
applies
such authority,
Bonds
Second
to h o l d s a v i n g s
M a r c h 1,
C i r c u l a r No#
(including
time
provision
19*4-1.
that
of the
provided
i s s u e d on a n d a f t e r M a r c h 1,
by any one p e r s o n
value)
to
22
in an a g g r e g a t e
regulation
time*
any one c a l e n d a r y e a r
one
This
effective
person at any one
the
any
M a r c h 1,
the S e c r e t a r y of the T r e a s u r y b y
savings b o n d s
B
as f o l l o w s :
(maturity value).
Section
of S u b - t i t l e
III), is h e r e b y a m e n d e d ,
Supp#
calendar year
issued before
19*1-1 a m e n d e d
315*3
as a d d e d F e b r u a r y *4-, 1 935»
one
CONCERNED:
LIMITATION OF HOLDINGS
w h i c h m a y be
bonds i s s u e d d u r i n g any
savings b o n d s
19*4-0 (Sec.
f or any ,pne p e r s o n
exceeding $ 1 0 , 0 0 0
AND OTHERS
IV of D e p a r t m e n t Circular No# 530»
Regulations,
IV.
1*
BONDS
Debt
TO OWNERS OF U N I T E D S T A T E S
1*
SAVINGS
held
(maturity
(b)
Computation of amount» - In determining whether the limi^
tation is exceeded by any one person at any one time there must be
taken into account the aggregate maturity value of all savings
bonds issued during any one calendar year, as shown by the issue
dates thereof, including (l) bonds originally issued to and
registered in the name of that person alone, and (2 ) those original
ly issued to and registered in the name of that person with another
as coowner.
Bonds of which such person is merely the designated
beneficiary in the case of the death of the owner, and bonds of
which he may hereafter become the owner on the death of another or
the happening of any other event, need not be included.
Nothing
herein contained shall be construed to validate any holdings here
tofore acquired in excess of the lawful limit as computed under the
regulations in force at the time of such acquisition*
2.
The above amendment is published for the information and
guidance of all concerned*
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
ADDRESS OF JOHN L. SULLIVAN, ASSISTANT SECRETARY OF
THE TREASURY, BEFORE THE CONFERENCE OF MAYORS, AT
ST. LOUIS, 11:00A.M., FRIDAY, FEBRUARY 21, 19^1« ...
In other and less troubled days, it might have seemed
strange for a Treasury official to speak to the Conference of
Mayors on unity in national defense*
We at the Treasury used
to be content to cope with the ordinary fiscal affairs of the
country.
And you, in your City Halls, felt that you had enough
to do without addressing yourselves to problems that arose
beyond your city boundaries.
national defense have
But today the urgent needs of
invaded every government office, —
national, state and municipal.
Everyone who serves the people
of this country in any capacity is conscious, above all, of
one need —
to make this country united,
strong and safe, and
to keep it so.
By national defense you and I mean, something far greater
and more difficult to achieve than the mere accumulation of guns
and planes to guard this freedom of ours.
If our only problem
were the building of armaments, this would be a production job,
and the needs of national defense would hardly impose themselves
upon the mayors of cities and upon officials in all fields
of government.
But our job, as we see it, is not only to make
ourselves impregnable in armed strength, but to make ourselves
impregnable and unshakeable in our national unity.
Other
nations have had plenty of armaments and yet have been vanquished.
23-6 1
2
The French were credited with the finest army in the world and
the strongest fortifications.
But national unity had not kept
pace with their military development.
Those few tragic weeks
of last May and June demonstrated how futile the best of equip
ment may become in the hands of a nation subject to internal
dissention.
You and I and all Americans must resolve that that
shall not happen here.
One recent fine example of national unity has been our
acceptance of selective service.
To my mind, that registration
day last Fall will be memorable in our history not because it
provided manpower for the defense of our country, but rather
because it showed us how all sections of the country, all
economic and social and racial groups, could and did rally to
their country’s service*
and Members of Congress,
with the rest.
There were no distinctions.
Governors
Mayors and Federal officials registered
Rich men, poor men, factory hands and cowboys,
immigrants and children of the oldest families, all filled out
the same forms and all became subject to the same call to duty.
This is what we think of when we think of national unity as
an actual, living thing.
We believe that we must all continue
to think in those terms as we tackle the gigantic problems
which events have thrust upon us*
The Treasury, as you know, must shoulder the burden of
financing the defense of our country, our democracy, our
- 3 American way of life.
The figures have become truly colossal*
Congress has just voted to increase our debt limit to
65
billion
dollars, and we know only that this limit will be adequate
until the Summer of 19^2* Last spring the defense program called
for IS billion dollars*
and France fell*
dollars*
Then Denmark, Norway, Holland, Belgium
Our defense program grew to
2Si billion
It is the intention of the Treasury to finance as much
as possible of the new expenditures by increased taxes, and of
the balance to borrow as much as possible out of the real savings
of the people*
That is to say, we intend in the coming months
to call upon the people of the United States (not just some of
the people, not just some sections, but all of the people) —
to play their part in making this country strong*
To us, it is
important and essential to raise the dollars, for that is our
job at the Treasury*
But we feel that it is equally important
to make every man, woman, and child feel that he or she is
participating in the preservation of our freedom, through
direct contributions to this greatest of all causes*
The amount
of an individual’s contribution is less important than the fact
that all contribute something*
What we most desire is that sense
of unity that developes when all citizens join in a single
national determination to stick together and work together for
the common good of all*
I mention this to you today because I think it will explain
what we at the Treasury have in mind as we contemplate the
problems of the coming months, and what every official and every
citizen must bear in mind as the defense effort marches forward#
One example of our efforts to promote national unity
through more
equitable tax laws may be found in those provisions
of the Public Debt Act, abolishing the tax-exemption feature
of all future issues of Federal securities.
Now, tax-exemption
may seem to some people to be a financial matter, pure and simple*
Although the complete abolition of tax-exemption has been
recommended by every administration, Republican and Democratic,
for the past twenty years, each time it has been defeated because
it was looked at from the narrowest financial points of view.
But the Congress of the United States by overwhelming votes in
the two Houses, decided to end the tax-exemption of future
Federal issues now because there are ethical and moral and
patriotic considerations which outweigh all others at this
particular time*
To explain what I mean, may I quote from the
statement which Secretary Morgenthau made before the Senate
Finance Committee on Lincoln's Birthday?
In regard to financing the defense program, the Secretary
said: "All will be called upon to share in this task*
This
makes it urgent, from an equitable point of view, that all
subscribers be treated alike.
This is impossible if the
securities are issued with tax-exemption privileges which are
- 5 worth nothing to the poorest subscribers but worth a great
deal to the more wealthy subscribers*
Such exemptions are
incompatible with the democratic financing of the defense
program and should be removed,rt
A week ago Monday the House voted to remove this
exemption.
A week ago today the Senate followed suit* The
Congress found in this exemption something which the founders
of our country never contemplated or intended,—
something which
the needs of our defense program now make intolerable —
a privileged class.
namely,
I do not need to emphasize the effect of
this action upon the morale of hundreds of thousands of tax
payers of modest income or of those millions of poorer people
who while paying no income tax bear part of the burden of in
direct taxation.
The passage of the Public Debt Act notwithstanding,
a substantial part of the tax-exempt security problem still
remains. Interest on future issues of Federal securities is
still exempt from State taxation,
and interest from State and
local securities is still exempt from Federal taxation. It is,
therefore, of paramount importance that the Public Debt Act
of
19^1
be followed by legislation which will remove the
reciprocal tax exemption from future issues of Federal,
and municipal securities.
So long as the reciprocal exemption remains,
we will not be able to achieve a just and equitable
distribution of our tax load.
Upon this we all agree,
State
for until reciprocal exemptions are removed some members of
the community will be able to continue to avoid their fair
share of taxation*
They will still be able to escape part or
all of their income tax liability by investing in tax-exempt
bonds.
In this manner the fair application of progressive income
taxation by the Federal Government and the States will continue
to be, for the privileged few, an empty gesture and an idle
boast •
Last year,
in an effort to meet defense revenue needs,
Congress reduced personal exemptions,
increased tax rates, and
added special surtaxes for defense purposes*
On March
15th
every
married person earning $2,000 a year, and every single person
earning $S00 a year (or $ 15.^0 a. week) will file a return*
Thus far have we gone in requiring all citizens to share our
common burden.
Yet all of these efforts to finance our national
defense requirements have left completely untouched those
fortunate enough to possess or to acquire tax-exempt government
bonds.
The future may require still further tax increases
which some will be able to escape by the purchase of tax-exempt
investments*
Clearly,
justice demands that every American bear
his fair share of this burden.
In this present day when
democracy is hard put to the test, it would be folly for us to
disregard such a fundamental precept of democracy as justice
and equity in taxation*
- 7 -
A related consideration is the effect of tax-exempt
securities on governmental revenues.
individuals escape their share
in government bonds,
resulting loss
Obviously, when some
of income taxation by taking refugs
tax collections are diminished and the
in revenue must be made up from other sources*
Now you are practical gentlemen.
You know that whatever
increase in cost of financing results from the removal of the
tax-exemption of your securities will be paid for by your own
local taxpayers.
You also know that the highest estimate of
this increase is only about 1/2 of 1 percent.
You know, too,
your taxpayers -- John Smith, Torn Brown, Bill Jones —
average American,
the
The fellow with a wife and a couple of
youngsters, working hard, owning his own home,, living within his
means on a modest income*
Those fellows, John and Tom and Bill
are the backbone of your community as they are the backbone of
America, What do you think they prefer?
Do you think they
prefer a continuation of the present tax-exemption system which
subjects them to an additional tax burden of direct and indirect
taxes to make up for the loss in revenue caused by the failure
of wealthy members of the community to share the burden,
or
do you think they would rather have the tax exemption removed
thus forcing the man in the mansion to submit to the same rates
that are applied to J 0hn, Tom, and Bill?
About two years ago
a nation-wide Gallup poll revealed that 75$ of the people
favored repealing this exemption*
If anyone in this Conference
has any doubt as to their present attitude I would suggest that
when he returns to the old home town he ask for an expression of
popular opinion.
When the necessity for financing the largest peacetime
defense expenditures in our history is clearly before us and when
all of us are called upon and are ready to do our part, the
country can ill afford to forego any
sources of revenue, however
small, which may help to bridge the gap between government intake
and government outgo*
We anticipate that at the present income
tax rates the recently enacted elimination of tax exemption
from future Federal issues will yield about a hundred million
dollars a year when outstanding issues of totally and partially
exempt issues are retired*
On the same basis we anticipate
from the repeal of tax exemption of future issues of State
and Municipal issues an additional 200 million dollars a year *
And of course with every rise in income tax rates this additional
revenue will be increased*
I would like to add that the proposal to discontinue
reciprocal tax exemption concerns only interest received from such
bonds by private persons#
It involves no taxes on governmental
units nor on the income received by governmental units or
charitable institutions.
Moreover,
the proposal concerns only
interest received from such bonds as will be issued in the future#
9 -
It is not
proposed
to viola.te
in s e c u r i t i e s p r e v i o u s l y
failure to k e e p
them
the
sold.
moral
obligations
I mention
in m i n d h a s
these
sometimes
implicit
facts
resulted
because
in
misunderstanding *
A l t h o u g h the
National D e f e n s e
G o v e r n m e n t , it
complete
largest
P r o g r a m to
cannot
cooperation
and loc a l
and County
other
this p r o b l e m
f r o m the
American p e o p l e
days.
that
citizens b y
idea e v e r
urge
of
the
arose
as w e l l .
an e x a c t i o n ,
community.
I cannot
in the A m e r i c a n m i n d .
Treasury
am
be
to l o o k
unity
all
and
Oi
are
of us
tne
are
in t h e s e
revising their
old conception
imposed upon
^or
at
adopted.
questions
imagine
f or
sure
majority
events,
a penalty
Treasury
to p r o v i d e
come
vast
our p e o p l e
T he
the
of n a t i o n a l
on f u n d a m e n t a l
State
of M a y o r s ,
I
officials
our p r o p o s a l
that
in the
number
securities.
of t r e m e n d o u s
I believe
taxation
we
have w r i t t e n
the
And
the
necessary
Secretary Morgenthau
that
the F e d e r a l
governments.
the
broad viewpoint
thinking
thinking a b o u t
tion w a s
who
s u r p r i s e d at
too wilfL j o i n
the
accomplished without
Frankly,
and municipal
the p r e s s u r e
s harpening o u r
difficult
of w a y s .
(Government
they
with
i n d e e d g r a n t i n g the
of
of
for p r o s e c u t i n g
rests
and local
officials who
State
defense,
Under
are
efforts
reciprocal t a x a t i o n
national
State
agreeably
commending the
that once
of
completion
successfully
in a v a r i e t y
have b e e n m o s t
Governors
be
governments
cooperation
responsibility
how
of
taxa
the
so f a l s e
taxation
is
an
in r e a l i t y
10
a payment f o r
services
citizen w o u l d
do w i t h o u t .
communities,
tangible
roads, b r i d g e s ,
rendered,
evidence b e f o r e
citizen
You will
have
ever
still more
dramatic
form
in
Every p e n n y
contribution to
the freedom to
advance,
the
to worship
the
freedom
So far as I k n o w
anyone e x c e p t
to serve t h e i r
130
to
To
°f w i l l i n g n e s s
to
the
schools,
Y o u have
The
are
ours
s erve.
before
in
the
you
armaments
in t a x e s w i l l
that
from
he
be
the
the
freedom
freedom
the A m e r i c a n
no
sacrifice
until
no w by
the
training
time
has
come w h e n
a s k e d to
it
themselves.
in the
the
sacrifice,
their
effort.
vast
to
cheerfully
of w h a t
is
to
to m a n a g e
G-overnment
a n d for
off
—
a n d to
sacrifice
gone
his
cherishes
spying,
choosing -
have
in
to be p r e s e r v e d .
things
rights,
the
of
for
there
We
going
free
a n d to do
a n d to
evidence
f r e e d o m to w o r k
own
understanding
of
is
those
has b e e n
boys who
country
country
of
of h i s
pay i n c r e a s e d t a x b u r d e n s ,
this great
for granted.
citizen pays
its p e o p l e
country.
and wi t h a c o m p l e t e
in
own
in a t h o u s a n d a n d
c oming months,
g u a r d these
there
those
in y o u r
services
increasing
go h i s w a y
million people
mean to t h e i r
takes
m ind,
manner
is now c a l l i n g u p o n
of our
defense
speak his
his own a f f a i r s .
you,
protection,
the
an A m e r i c a n
in t h e
s e r v i c e s w h i c h no
before
those
c o u n t r y 1s f r e e d o m
that
solid
in a w e l l - e d u c a t e d a n d h e a l t h y b o d y
citizens*
with w h i c h t h i s
of
and fire
the
you
have
evidence
police
one services w h i c h
You
for
camps
body
save,
to
and willingly,
cooperation will
I believe
that
a ll
over
a tremendous,
untapped volume
Treasury
been
have
gratified,
11
but not s u r p r i s e d ,
of the cou n t r y,
I know
elected
at
the
asking
that
the
MW h a t
us in this
something
American people
are r e a d y
oare —
but
show them
that
the
hundreds
group t h ere
the
are
audacious
t he
and, as a c o n t r i b u t i o n
to enact
a resolution
tax e x e m p t i o n s
of all
a position r e q u i r e s
illusory l o c a l
not
to n a t i o n a l
the
grant that
group
that
months
striking f r o m t h e
to
statute
most u n — d e m o c r a t i c , the
most
can be f o u n d in the
of
law
aside
an
good
and political
courage
I know
may
the
land.
in t h i s
far-seeing
so l o n g taken,
national
t he
defense
remaining
To r e v e r s e
apparent
of the
but
entire
fortitude*
G-od
a n d that
fortitude,
all w o r k
together
most
un-American,
discriminatory
our
that
to r e m o v e
issues*
greater
c o m e , we
books
spirit
that beset
I think
has
a n d to
Congress
To c a s t
vision
in the
a n d that
e n t r u s t e d to y o u r
unity
government
political
and that
in
the p e r i l s
conference
future
has
it
of h a r d - h e a d e d ,
the
nation r e q u i r e s
this
Y o u have
to b e l i e v e
urging
for
their
fail.
stand this
advantage,
if
I k n o w you,
number
courage.
f r o m all parts
to h e l p
service
from
confidence
a sufficient
patriots to r e v e r s e
of
communities
and I know you will
I have
us
I think
of
the w a y .
spirit
can protect
troubled world.
of
coming
to h e l p ? ”
strengthen
of unity w h i c h a l o n e
of l e t t e r s
c a n I do
officials will
your p o w e r to
flood
in
the
legislation
that
12
In the
Interest
of the p e o p l e
reconsider,
government
you
are
a n d to
issues.
of the
common welfare,
chosen
to r e p r e s e n t ,
repudiate
In
this
hour of n a t i o n a l
need,
is indeed a d a r k
era for
that make
m e n f ree*
instinct of
our
prevail.
They
must
now those
things
every
tells
we
us
—
t hat
of
-0 O 0 -
be
all
future
freedom and
in t h i s
do l e s s ?
those
our b o d y
done*
to r e v i e w ,
emergency,
they will prevail
know must
interest
of a l l
can y o u
and for
fibre
the
I ask you
exemption
of n a t i o n a l
democracy
prevail,
that
day
tax
ask yourselves
Yet
spirit
the
in
This
things
and every
justice will
if w e
a ll
do
to
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, Pjebruary 21, 19^1
Press Service
ffo.Zl-i'U
A new Coast Guard District, to include parts of the coast
of North Carolina, the entire coast of South Carolina and Georgia,
and part of the east coast of Florida, is to be set up on March 1,
with district headquarters at Charleston, S. C., it was announced
today by Admiral R. R. Waesche, Commandant.
Commander Stephen S. Yeandle has been designated cop&ander
j'iSi V -0 sy<-\T<*r
Xs$>JQ.
j
of the new district. Vessels to be assigned to the district, which
A
will consist of territory now embraced in the Norfolk and Jackson
ville districts, will include the Modoc, Tallapoosa, McLane, Narcissus,
Pamlico, CGC-228, Agassiz, Cypress, Mangrove, and Palmetto; and
Lightship No. 115 at Frying Pan Shoals off North Carolina; Light
ship No. 9I+ off Savannah; and Lightship No. 109» relief.
Forming part of the district organization will be the Charles
ton Base, the Charleston Air Station, and the Ocracoke, N. C.,
Beaufort, N. C., Southport, N. C., and St. Simon, Ga., Coast Guard
Stations, each with its subordinate stations; and the Atlantic
A
)
CiLLifeboat Stations.
°*{ and Swansboro./N.
y
7
Light stations under jurisdiction of the new office will include
A
Hobucken, N. C., Pamlico Point, N. C., Tybee, Ga., Tybee Knoll Cut,
Ga., and Upper and Lower Flats, Ga.
The Atlanta Recruiting Station
will also be in 1the
Charleston District.
/
/Hi
TREASURY DEPARTMENT
Washington
FOR RELEASE,
Press Service
No. 2 3 - 6 2
MORNING- N E W S P A P E R S
.Friday, F e b r u a r y 21, 1 9 ^ 1 _______
JJW&
A new Coast
G u a r d District,
of North C a r o l i n a ,
and part
of the
with d i s t r i c t
the
east
coast
Commander
R.
based at N o r f o l k .
He
will
Pamlico,
to be
include
CGC-22S,
Palmetto;
a n d L i g h t s h i p No.
Carolina;
Lightship
No*
is
to be
S.
set
C.,
has b e e n
is n o w in c o m m a n d
now
of
the
coast
up
on M a r c h 1,
it w a s
announced
Commandant.
Yeandle
Vessels
parts
of S o u t h C a r o l i n a a n d G e o r g i a ,
Charleston,
Waesche,
of t e r r i t o r y
ville d i s t r i c t s ,
Narcissus,
at
S t e p h e n S.
of the n e w d i s t r i c t .
coast
include
of F l o r i d a ,
headquarters
today by A d m i r a l R.
will c o n s i s t
entire
to
Agassiz,
the
the
in the
the M o d o c ,
9^
of
a s s i g n e d to
embraced
115
designated commander
cutter Hamilton,
district,
Norfolk
Tallapoosa,
Cypress,
at F r y i n g P a n
Savannah;
which
and Jackson
McLane,
Mangrove,
Shoals
and
off N o r t h
and Lightship
No*
109*
relief.
Forming part
of
Charleston B a se,
the
N. C.,
N.
Beaufort,
N.
Light
C.,
C.,
Tybee K n o l l
Cut,
Southport,
each with
and Swansboro,
stations
include H o b u c k e n ,
district
Charleston Air
Coast G u a r d S t a t i o n s ,
Atlantic,
the
N.
under
C.,
N.
Station,
N.
C.,
Pamlico
also
be
a n d the
a n d St.
subordinate
C.,
jurisdiction
G a . , and Upper
Recruiting S t a t i o n w i l l
its
organization will
Point,
-0O 0-
the
Ocracoke,
Si m o n ,
stations;
Lifeboat
Ga.,
a n d the
Stations.
of the
new district
N.
Ty b e e ,
C.,
and Lo w e r Flats,
in the
be
Charleston
Ga.
will
Ga.,
The A t l a n t a
District.
-
2
-
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
February 2U. 19hl
all tenders received at the Federal Reserve Banks
x6c&&
or branches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final.
Those submitting
tenders will be advised of the acceptance or rejection thereof*
Pay
ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on
February 26.
19^1____
.
foSfc)c
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation,
except estate and inheritance taxes.
(Atten
tion is invited to Treasury Decision 4550, ruling that Treasury bills are
not exempt from the gift tax.)
No loss from the-sale or other disposition
of the Treasury bills shall be allowed as a deduction, or otherwise recog
nized, for the purposes of any tax now or hereafter imposed by the United
States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue.
Copies of the circular may'be obtained from
any Federal .Reserve Bank or branch thereof.
FOR RELEASE, MORNING PAPERS,
TREASURY DEPARTMENT
Friday. February 21 ..-lQUl.
S ^ S B B M g ’^TTTTTTTXXJOCXXXXXXXX
50t
Til© Secretary of the Treasury gives notice that tenders are invited
for Treasury hills to the amount of $100.000.000 , or thereabouts. They will
«Me
,
1)6 deaignated.^a.ti.Qua^Pftfense serie.a.---- 21fday bllls; and Wl11 ce 30
a discount basis to the highest bidders.
on
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o ’clock p. n . ,
Eastern standard tine, on
Monday. February 2U, 19*+1
Tenders will not
be received at the Treasury Department, Washington.
These bills will be issued pursuant to the provisions of Section 302
of the Revenue Act of 1940, approved June 25, 1940.
Under the authority of
that section ’’National Defense Series” obligations nay be issued to provide
the Treasury with funds to meet any expenditures made, after June 30, 1940,
for the national defense, or to reimburse the general fund of the Treasury.
therefor.
The Treasury bills will be dated
mature on
February 26, 19^1_____ >
will
May 28, 19^1________ , and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer form only,
and in amounts or denominations of $ 1000, $ 10,000, <£100,000, y500>000, and
$ 1 ,000,000 (naturi ty value)•
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supj)lied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
tender must be in multiples of $1,000.
Each
The price offered must be expressed
on the basis of 100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks and trust companies and from responsible and recogni«ed
dealers in investment securities.
Tenders from others must be accom
panied by a deposit of 10 per cent of the face amount of Treasury bills
FOR RELEASE, MORNING- PAPERS
Friday, February 21, 19*11«
treasury departm ent
Í
The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $100, ©00, OCC, or there
M
¡ill
abouts,
They will be designated National Defense Series, 91~^ay
bills| and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or the branches
thereof, up to two o ’clock p, m . , Eastern standard time,
on Monday,
!.t
February 24-, 19*11.
Tenders -will not be received at the Treasury
Department, Washington.
[MB
These bills will be issued pursuant to the provisions of
if
le
Section
302
of the Revenue Act of
approved June
25,
19*10,
Under the authority of that section "National Defense Series"
obligations may be issued to provide the Treasury with funds to
meet any expenditures made,
after June 3^>
19^Uy
for the national
ill
defense, or to reimburse the general fund of the Treasury therefor.
The Treasury bills will be dated February 26, 19*11, and will
mature on May 26, 19*11, and on the maturity date the face amount
will be payable without interest.
They will be issued in bearer
form only, and in amounts or denominations of $ 1000, $ 10,000, $ 100,000
feCG,0QC, and $1,OCC,OCC (maturity value).
It is urged that tenders be made on the ppinted forms and
forwarded in the special envelopes which will be supplied by the
Federal Reserve Banks or branches upon application therefor.
i
No tender for an amount less than $1,000 will be considered*
Each tender must be in multiples of $1,000.
PiS't be expressed on the basis of
decimal places,
e.g.,
e.g.» 99,125,
100,
The price offered
with not more than three
Fractions must not be used.
2
Tenders will be
accepted without
ated b a n k s
and trust
dealers
investment
in
companies
a deposit
Treasury b i l l s
a p p l i e d for,
an e xpress
guaranty
and from responsible
securities.
acc o m p a n i e d b y
Tenders
of 1C p e r
cent
unless
of p a y m e n t
cash deposit
by
of t h e
face
incorpor
and recognized
from others
the tenders
an
from
must
amount
be
of
a re a c c o m p a n i e d b y
i n c o r p o r a t e d bank
or t r u s t
company.
Immediately after the closing hour for receipt of tenders on
February
19^1, all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will be opened and
public announcement of the acceptable prices will follow as soon
as possible thereafter,
probably on the following morning.
The
Secretary of the Treasury expressly reserves the right to reject any
or all tenders or parts of tenders,
and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or re
jection thereof.
Payment at the price offered for Treasury bills
allotted must be made at the Federal Reserve Banks in cash or otRer
The Treasury bills will be exempt, as to principal and interes
and any gain from the sale or other disposition thereof will also
be exempt,
from all taxation,
except estate and inheritance taxed*
(Attention is invited to Treasury Decision ^ 55^1 ruling that
Treasury bills are not exempt from the gift tax,)
No loss from thR
sale or other disposition of the Treasury bills shall be allowed
as a deduction,
or otherwise recognized,
for the purposes of any
tax now or hereafter imposed by the United States or any of its
possessions.
ct'
immediately available funds on February 26, 19^+1*
-7Treasury Department Circular No, ^lg, as amended,
and this
notice prescribe the terms of the Treasury bills and govern the con
ditions of their issue*
Copies of the circular may be obtained from
any Federal Reserve Bank or branch thereof*
- 0G0 -
\
PARTIES! IT
rhau toda;
.e public the first of a
eries of statements comprising two tables from Mf)tatisties ox Income for
ompiloc! from Corpo rat
Income
■epared under the direction
biding Compari:
The complete report
siohfr of Internal Revenue
llod under the
.de returns for the calendar
revenue
Sanuary through June, 1939, a
‘i sc al \ear endin;
part
beginning and ending in 1933m and a
fort year beginning in 1933
ountin;
included d ¡number o; r e t u m
• of 1936 a: Ì amended
filed under the pro-
the Revenue Act of 1937
nding in the
or a part year beginning in
porio\|July, 1933, through Nove:
.937 antk ending in 19 33
tabulated
part of tiifb accounting period falling
.0
and 112ÌA filed by domestic corpo
rations and resident foreign^iporati%is which are not exempt from tax
under section 101, Revenue Act of l933j also from Form 1120L filed by life
insurance companies both domestic and. foreign.
The data are taken from the
returns as filed and prior to revisions that may be made as a result of
audit by the Bureau of Internal Revenue.
N IJE 3 1 R
O f. R ETU R N S , F I I
Ir C C ilE
OR D A F 1 C IT ,
T A X A N D D I V I D .m .D S
P A IR
IN C A S H A N D A S S I T S O T H A R T H A N C u R P U R A T I u N ’ S OWN S T O C K
In the first attached table the number of re t o n s , net income or dencit,
tax, and dividends paid in cash and assets other than corporation’s own' stock,
for returns with net income and with no net income, are distributed by States
and Territories.
The second attached table presents certain data xor returns
vith net income and with no net income, by not income and ueiicit classes.
For returns with not income, which are classified by those with income tax
liability (vith and without excess-profits ta:; liability), with excessprofits tax liability (with and without income tax liability), and ilth no
tax liability, there arc shown number of returns, net income, adjusted net
income or loss and tax.
For returns with no net income there arc shown
number of returns and deficit.
The number of corporation income end excess-profits tax returns for
193B is
520,501,
of which
169,084
show net income for excess-profits tax
computation of $6,525,979,257, while 301,148 shove a deficit of $2,853,097,727,
and 49,469 have no income data (inactive corporations).
The income tax is
$853,577,931, the excess-profits tax $5,907,636, and the total tax
$059,565,567.
The total amount of dividends paid in cash and assets other
than corporation’s own stock is $5,137,987,027, of which $4,700,202,143 is
reported on returns with net income and $357,705,684 on returns with no net
income.
Of the 169,304 returns with net income for excess-profits tax computa
tion, 18,495 show both income tax and excess-profits tax liabilities, 147,862
show only income tax liability,
3,463 show no tax liability.
166,357
64
show only excess-profits tax liability And
Of the income tax of $853,577,931, reported on
returns with income tax liability, $ 804,229,872 is the income tax
reported on 154,455 returns filed under the Revenue Act of 1434 and $49,34^,059
is the sum of the normal tax and surtax on undistributed profits reported on
11,902 returns filed under the Revenue Act of 1337 (see par.
page 1;.
Of
the income tax of $ 5504,229,072 reported on returns filed under the Revenue
Act of 1930, $ 57 ,946,305 is for returns with net income not over $25,000,
$701,131,192 is for returns with net income over $25,000 m i n tax liaoxlity
under the general rule, $ 3 ,630,709 is the alternative tax liability for
returns with net income slightly over $25,000 and $ 36,513,666 is the
ilM
rate income tax imposed upon the following special classes 01 corporations:
foreign corporations engaged in trade or business m
the United States,
banks and trust companies, corporations organised under the China Trade
Act of
1922,
corporations with income from sources within possessions of
the United States which arc entitled to the benefits of section 251 Oo. the
Revenue Act of 1938, insurance companies and mutual investment companies.
JTHTS TABUIATTD AND CU35IFICATI0NS OF g
RETURNS
The amount ox "Net income" shown in this statement is tne "Net income
for excess-profits tax computation" (item 23 on p. 1, F o o t s 1120 and 1120A)
yfaich is equal to the difference betracn "Total income" and "Total deduc
tions" (items 14 and 27, respectively, on p. 1, Forms 1120 and 1120A).
The
classification of the returns into tnose id.th not ^i come '-nri 1j';-t- no net
income and by net income and: deficit classes is oased on txis iuem.
In interpreting the .net income data, allowance s.xouiu
me -o* ’
o.ie
two special deductions from.gross income perr.iitted life insurance companies
under section
p| and.
:le
T(
tion is (
, Reve nue Act of 34'38, relating
for diVid ends (.
,010 1 nd
On
no
m m . returns
on ro3turns wjit;h no net
In the first table of this statement "Gross income" corresponc.s to
"Total income“ (item 14 on p. 1, Forms 1120 and 1120A), after transferring
- 4 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, respec
tively, on p. 1, Forms 1120 and 1120A).
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.
"Excess—profits tax" is the amount reported as a tax liability•
Tnis
amount is the same as that taken as a deduction in the computation of net in
come 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 ox
excess-profits tax actually paid within the taxable year covered by the return.
COl.iPUTATION OF TAX UIIHt THE PROVISIONS CF THIS REVENUE ACT OF 1938
The returns filed under the Revenue Act of 1938— those with taxable year
beminnin0, in
1938—■—(see
ps.r.
2,
by section 13 or 14- ox the act.
p.
1}
are suoject to the xncome tax imposed
The income rax imposed oy section 13 of the
Revenue Act of 1933 applies, in general, to corporations vita net income ox
more than $ 25,000, and supplants tlie normal 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 computalxon
oj_
tax in
accordance with section 13 may result in a maximum rate ox 19 percent ix there
is no "Dividends paid credit" or in a minimum rate of 16. i/2 percent if
"Dividends paid credit" is equal to or in excess of "Adjusted net income".
Corporations with net income of not more than $25,000, and certain other
special classes of corporations are taxed under section 14 of tne Revenue Act
of 1938.
The provisions ox sections 13 and 14, applicable to corporations
other than those exempt from tax under section
101,
and the rales ol tax
applicable to the returns (included in this release) iilod under the Revenue
-
5
-
Act of 1936 as amended by the Revenue Act of 1937 (see par. 2 3 ?. 1),
■which uere published on pages 2- 3 of the "Preliminary Report^ Statistics
of Income for 1933, Corporation Income and Excess-profits Tax Returns”,
will be published in "Statistics of Income for 1938, Part 2.”
Corporations, 1938. with net income, "by net income classes and by returns with income tax liability (with and without excess-profits tax liability),
with excess-profits tax liability (with and without income tax liability) and with no tax liability: number of returns, net income, adjusted net income
or loss and tax; corporations with no net income by deficit classes: number of returns and deficit; also number of returns of inactive corporations
(Net income and deficit classes and money figures in thousands of dollars)
(1)
(3 )
(2)
(4)
(7 )
(6)
(5)
—
(9 )
(8)
do)
(12)
(u)
Returns with net income l/
Net income if
Adjusted net
Returns with no income
income 2/ —
Returns with
tax liability
returns with
income tax
income tax.
Total
liability
liability
(and with
(and with
or
without
or
without
(Col. 8 /
Returns excessexcessReturns
Ret urns
profits tax with excesswith no profits tax
9 f 1 0 }
liability
profits
tax
tax lia" liability)
with no tax ]
liability only 6/ bility 7 /
liability 7/
Number of re turns
Returns with no income
Returns with income
tax liability
tax liability
Net income classes 1 /
Total
(Col.
/ 5
Under 1
1 under 2
2 under 3
1 under 4
Ifunder 5
5 under 10
10 under 15
¿5 under 20
¿3 under 25
J) under 50
■)0 under 100
ICO under 250
¿50 under 500
500 under 1,000
1,000 under 5.000
5,000 and over
Total
3
/ U
i 6)
Returns with
both income
tax and
excessprofits tax
liabilities
66,024
21,016
12,940
8,9p
6.779
17.702
8,573
5.210
3.941
7. *+77
4,740
3 A 77
1,432
756
7O 5
I69
¿a.!»#
1,690
1,250
935
2,654
1.325
772
544
959
638
397
133
52
t , 'l6
.4
6q ;i o 9
ISAgl
10,931
7,468
5.679
14,654
7.059
3
4
11
7
2
-
4,350
3.340
6.375
1
1
1
4,013
3.002
1,265
690
-
169,884
18,495
147,So 2
64
(14)
(15)
64,804
20,520
12,621
8,718
6,6x4
17,308
8,384
5,122
3.884
7,334
4,651
3.399
1,398
742
2.699
3.521
3.7*+l
3,650
3.575
15,152
12.271
11,210
11,226
39.IS6
49,502
690
168
78.532
71.^14
7^.398
189.^37
283.399
166,357
853.578
(16)
(17 )
31,870
30,410
182
Sb
57
i4o í
88 j
77
33
14
15
1
(18)
1
4
6
28
11
473
712
764
29.679
17
123.551
71*
7l4
2.833
59.76»
31,078
30,286
3 I.O62
333
3
22,117
22;59*+
30,479
1,2Q4
49a
3O 8
222
I61
11
648
158
Total
Number of
returns (Col.
Tax
lb 7 18 or
(Col. 17
Col. 3
/ 19)
Ui
Total
Returns
with excessprofits tax
liability
only 6/
42
10
Net income classes l/
binder 1
1 under 2
2 under 3
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1,000 under 5,000
5,000 and over
Returns with
income tax
liability
only
126,457
105,252
102,909
88,974
90,524
88,488
264,307
332,157
538,084
325.930
125
56
525.372
175
485,854
331
520,519
1.409.751
2.355.^6
3 .^63 : 6 ,525,979
6 ,427,809
(19)
85
34
87,221
259.382
497,886
\
!
529.955
; 1 .445,832
1 2 ,360,562
(20)
765
2,258
1,516
1.267
4,s6o
6,171
12.536
11,702
947
(21 )
(22)
Returns
with excessprofits tax
liability
only 6/
253,282
319.319
513.460
475,648
97.223
6 ,319,265
1,656
l.po
940
668
524
2,244
1.507
26
1,048
28
2
85
5
-
513
2,669
2,598
5.1
9.639
6.903
8,392
309
-
206
(25 )
(24)
Returns with
no tax
liability 7/
4
2
l6
1
3
13
19
21,859
5.135
(23)
—
Adjusted net loss
returns with no income
tax liability
29,101
30,172
29,249
28,625
119.117
99.556
86,321
85,116
511,606
1 ,388,931
2 .327.903
9.p6
36,081
(13 )
46,284
(26)
(27 )
"ns with ne t income l/ - Continued
Returns with income tax liabi1it,f (and with or without excess-profits tax 1iability)
Ca? end ar year re ;urns ana i*aturns with fiscal year ended in period J anuary through. June, 1939 5 /
Returns with net Returns with net
Returns with fiscal year
Returns with
income Qj over
Returns with
income
slightly
ended in period July
net income 9J
$29.000 with tax over $25.000 with
flat rate
not over
liability under
alternative tax
income tax
000 10/
general rule
Total
liability 11 /
liability 12/
.. j ,
Nuiber of
returns
Income tax
Normal tax
Number
and surtax on (dol. 20
(Col. 21 /
Number
. Number
AlterNumber
Number
GI
Income
of
undistributed ì
of
Income
native
of
Income
of
23
Í
25
/
Returns
returns
returns
profits 8/___
tax
t
21)
tax
returns
returns
tax
tax
-§S|iL4 —
4,262
1,479
9I3
201
250
274
652
288
469
1.355
642
353
233
277
643
386
285
126
55
44
5
11,902
1,271
l,06b
82d
726
3.185
-4,007
6,981
6q ',542
19,o 4 i
11,708
8,066
6,145
15.953
2,498
3,323
3.467
3,361
7.7>+2
3,298
13,887
11,803
3.11**
10,384
10,499
36,001
45,496
71,550
1,272
64,907
4,769
3.651
6,691
^,265
59.658
18,087
10,790
7.263
5.516
14,31b
7.020
4,412
3,040
2,972
12,560
10,808
3.426
31
"
—
57,946
687
69,192
6.759
64b
163
276,640
49,34s
154,455
804,230
170,621
177,924
3.159
3.201
9.713
9,949
103
—
6,506
5.206
11.513
2,441
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
325
1,32b
995
722
225
671
551
482
242
185
1,857
1,751
2,847
92
56
54
3.311
4,327
12,006
8
5.738
8,246
36,514
8,639
631
592
155
13 .6.57
701,131
2,001
8.639
1,180
629
1,635
357
2,001
-
2,929
322
—
25,402
43,744
68,703
61,597
64,865
165*918
270,902
M 77
4,023
8O 3
-
Corporations, 1938, with net income, by net income classes and by returns with income tax liability (with and without excess-profits tax liability),
with excess-profits tax liability (with and without income tax liability) and with no tax liability; number of returns, net income, adjusted net income
or loss and tax; corporations with no net income by deficit classes: number of returns and deficit; also number of returns of inactive corporations
(Net income and deficit classes and money figures in thousands of dollars)
(29)
<2$)
Net income classes l/
Under 1
1 under 2
2 under 3
3 under 1+
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500 .
500 under 1,000
1,000 under 5*000
5,000 and ever
Total
(30)
(3D
(33 )
(32)
Returns with net income 1/ - Concluded
Returns with excess--profits tax liability (and with or without income tax liability)
Calendar year returns and
Returns with fiscal year
returns with fiscal year
ended in period July
ended in period January
Total
through November, 1938 1+/
through June, 1939 5/
Number of
Excessreturns
profits tax
Number
ExcessNumber
Excess(Col. 30 /
(Col. 31
of
profits
of
prof its
32 or Col. 3 / 5 )
returns
¿ 33 )
returns
tax
tax
87
ll6
398
13^
52
1+2
10
257
195
122
83
6l
39
155
72
37
25
57
39
22
10
1
3
—
18,559
5,988
921
2,403
1,701
1.253
123
113
130
I+63
939
2,665
1.332
774
5 1+1+
368
309
2l+l
962
639
623
651
99U
536
355
621
1+
6
7
1+
7
22
18
ll+
11
39
26
31
1+2
31
1,9
—
280
4 ,516
2,281
1,618
1,192
109
900
123
1+1+1
350
295
2,510
1,260
737
519
905
600
376
231
581+
10
625
963
1+9U
321+
602
257
17,638
5,707
12i+
51
39
• .
Returns with no
net income l/
Deficit classes 1/
Number
of
returns
l60,5l+9
1+1,008
22,550
ll+,071
9.877
Under 1
1 under 2
2 under 3
3 under 1+
1+ under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
£00 under 250
250 under 500
500 under 1,000
1,000 under 5 »000
5,000 and over
83
111
ll6
23,268
9,196
5.067
3.171
6,183
Total
inactive corptrations
j-/
(36 )
(35 )
(34)
Deficit 1/
1+9i950
59,157
55.374
1+8,76I+
l+l+,207
163,1+62
112,21+2
87.589
70 ,51+6
215,180
223,331
3,221
1,871
56U
283
217
52
595,357
301 ,ll+8
2 ,853,098
283,893
197.979
195,121
1+50,61+6
1+9 ,1*69
^e^ ^ ncome or "Deficit*1 is the net income for excess-profits tax computation (item 28, page 1, Forms 1120 and 1120A), which is equal to the difference between "Total income" and
Total deductions" (items 14 and 27» respectively, page 1, Forms 1120 and 1120A).
The classification of the returns into those "with net income" and "with no net income" and
by net income and deficit classes is based on net income for excess-profits tax computation.
Adjusted net income" (item 32» page 1, Forms 1120 and 1120A) is equal to "Net income for excess-profits tax computation" less "Excess-profits tax" and "Interest on obligations of the
Mnited States subject to excess-profits tax".
*
11/ "Adjusted net loss" (item 32, page 1, Forms 1120 and 1120A) occurs when "Excessjprofits tax" and/or "Interest on obligations of the.Unitei States subject to excess-profits tax" are
in excess of "Net income for excess-profits tax computation"*
V Includes returns for a part year which began in
1937
and ended in 1938, the greater part of the accounting period falling in 1938,
J , nclades returns for a part year beginning and ending in 1938» anc^ f°r a pnrt year beginning in, 1938 and ending in 1939» the greater parti(of the accounting period falling in 1938*
*“*
urns with excess—prof it s tax liability on which "Excess—prof its tax" and/or "Interest on obligations of the United States subject to excess—prof its tax" are in excess of "Net income,
for excess-pr#fits tax computation".
!
i
urns without excess—profits tax liability on which "Interest on obligations of the United States subject to excess—profits tax'* is in excess of "Net income for excess—nrofits tax
computation",
’
\1 : W
f
8/
Computed according to the provisions of the Revenue Act of
2/ Net income (item 30 , page 1 , Forms 1120 and
U tem 29, page 1, Forms 1120 and 112QA).
¿0/ Excludes returns with flat rate-income
1120A)
1936.
Includes $1+1 ,569,1+98 normal tax and $7*778,561 surtax on undistributed ¡profits.
is equal to the $e 1> income for excess-profits tax computation (item 28, page
tax liability which are included in columns
26
and
1,
Forms
1120
*nd
1120A)
lesstheexcess-profitstax
27.
-1/ The number of returns is 1,1+22 and the alternative tax is $6,1+37,955 for returns with no portion of grops income from (l) "Interest on obligations of the United States subject to the
excess-profits tax"’‘or (2) "Dividends received from domestic corporations".
The number of returns is 579 and the alternative tax is $2,200,751+ for returns with any portion of
gross income from (l) "Interest received on obligations of the United States subject to the excess-profits tax" or (2) "Dividends received from domestic corporations".
12/ Consists of returns for foreign Corporations engaged in trade or business in the United States which are taxed at 19 percent and returns for the following corporations which are
J “ * * 16 1/2 P ercenbs Sanks and trust companies* corporations organized under the China Trade Act of 1922, corporations with income from sources within possessions
ofthe
b States,which are-entitled to the benefits of section 251 of bhe Revenue Act of 1938» insurance companies and mutual investment companies.
Corporations, 1938» "by States and Territories and by returns with net income and with no net income: 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
(Money figures in thousands of dollars)
Returns with net income
States and Territories 1/
1
2
3
k
5
6
7
S
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
[
1
P
i
26
27
28
29
30
31
32
33
34
35
36
37
38
39
4o
§41
42
43
|gi4
F+5
^>46
48
49
50
51
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columb
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pen^jt^ania
Anode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
tfashingt on
We^t Virginia
Wisconsin
Wyoming
Total
^
H
; Total
; number of
: returns 2./
3^70
278
1,481
2,581
24,4 i 6
5,609
9,292
3,200
2,798
9,*+85
5,473
801
2,069
Number of
returns
1,395
91
520
1,087
8,589
1.737
2,727
1,434
1,152
3,024
2,4l0
514
577
35.621
12,162
12,781
4,466
3,241
1,998
7.61*+
4,450
4,882
2,103
6,212
2,552
3.697
1,106
2,340
6,102
22,704
15,917
10,379
2,433
1^,790
2,679
4,342
881
1,485
27,587
1,003
7,198
5,210
3,674
1,021
5,564
923
1,562
259
559
6,505
4o6
121,276
30,615
6,128
2,853
2,370
25,551
5,363
5,112
25,843
3,514
3.349
2,208
4,879
15,743
2,759
1,192
6,894
10,636
4,560
Gross
income 4/
324,951
10,1.45
17,129
1,099
110,660
6,020
207,393
4 ,472,305
452,441
1,140,490
1 ,096,411
*+3*+,995
**72,687
71+8,363
22l+,2h 6
11,903
. 398,170
40,120
100,335
354,622
83,230
8,781,601
1 .129,037
938
423
3,031
3,088
23,762
7,212
757,379
73*+.9**5
45,551
51,762
24,547
222,023
18,131
851,509
3,21+5,803
*+,705,052
1 ,629,951
93,SH
213,237
370,627
79,568
136,800
369.558
251.150
11+2,1+32
2,359,129
53,003
21,052,99!+
'1,096,1+77
**,950,1+75
747,398
31+0,711
5,146,512
34#, o 6 s
299,399
71,442
712
134
33,542
54,102
6,182
3,292
9,447
1,991
1,532
7,849
2,238
6,495
488,698
36,032
11,608
2,577,001+
707,079
2.354,511
187,045
83,211
820,207
650,622
1,870
434,864
15,425
1,187
5,1^0
508
1,475,099
41,423
520,501
169,884
80,068,303
12
42
71
129
36
107
48
14
75,679
166,799
27
7
1,784
54,06l
5,54l
14,326
28,443
4,700
4,511
8,197
2,73*+
1,025
71,702
40,544
61,830
1,386
2,581
l66
863
799,981+
508,1+57
674
988
Net income j[/ Income tax ¿/
:
:
Excess:
profits tax :
:
:
9,206
192,215
9,077
26,660
8,672
>579
269,959
2,876
1,978,623
83,732
2,116
3X7,357
62,850
16,899
429 s6S2
24,290
13,584
<2,880
40,372
184,322
12,173
5,538
77,105
40,552
3^,156
6,889
6,999
2,527
11,527
27,695
56,556
11,107
1,347
29,021
1,320
4,019
882
1,384
30,069
373
234,371
13,304
2S3
47,698
9,219
2,470
57,077
3.294
2,101
405
6,309
25,922
1,606
730
11,513
5,239
5,295
12,783
23
362
13
606
109
36
72
89
35
98
256
160
128
27
222
24
35
5
16
209
11
1,205
74
4
342
42
27
350
37
31
7
79
283
15
21
10,870
501
3.255
6,221
314,944
33,078
62,509
312,293
25,221
24,949
35.653
1,822
133
728
1,211
12,790
2,948
5,988
1,380
l,4i6
5.274
2,821
16,839
265
6,715
336,235
804
43,150
19,930
17,212
29.985
31,881
12,156
62,649
161,224
207,383
52,193
5,093
137,162
5,738
17 j802
5,946
7,027
206,64i
1.415
1 ,550,156
57,731
128,790
11,286
19.080
298
373,261
80,829
25,492
230,186
272,831
217,266
27,045
12,407
7.054
2,771
1.197
1,257
230,510
807,677
79,244
41,435
277,291
264,395
212,806
239,658
3,086
14,236
8,901
5,109
522,391
1 ,862,458
1,221
7,708
1.367
2,298
394
869
2,229
5.829
1,936
1,731
1,213
2,347
7.692
1,293
7,976
3,560
1.313
7
l4i
3.228
2,204
2,448
3,094
2,214
17,888
142,891
11.153
456
3,126
5,039
4 ,675,540
333.352
22,706
180,626
5,708
51,069
82,393
1,419,99^
19,803
6,390
18,880
463
82,467
2,952
1,200
14,656
2,876
2,802
15,324
901
220,671
54,036
8,311
Returns with no net income 3/
¡Dividends
¡paid in cash
Gross
Deficit J$/ ¡and assets
income 4/
¡other than
¡corporations
¡own stock
649,495
194,401
1,745,221
594,360
84,564
1,139,320
58,167
163,454
13.528
65,3^5
1,477,643
24,613
11,158,512
308,484
39,110
2 ,163,600
500,539
211,087
3 ,720,160
318,233
147,691
700
40,211
"231,716
1,028,872
83,910
64,405
10,226
6,654
3,135
247,741
45,022
21,371
10,726
15.334
24,135
20,51s
49,429
162,437
132,130
54,512
5,437
100,015
4,696
12,777
2,187
4,380
135,080
2,084
770,736
15.178
1 > 8
152,682
31,732
16,787
226,674
17,986
8,244
1,845
12,548
66,00s
5.625
5 »33*+
29,480
262
1,019
1,657
190
22,143
4,902
1,024
2,346
1,656
975
434
1,330
9,086
7.157
3.393
73*+
3.775
302
684
22
184
6,184
57
167,490
1,327
129
19,758
14,913
725
35,638
1,685
1,405
417
2,314
6,163
704
234
2,415
106
4s,o46
25,955
17,497
45,403
1,486
3,415
5,551
2,385
3,279
543
302,389
368,077
239,510
722,681
21,441
59,53*+
1,912
3. *+15
4,780,202
301,148
39 ,927,538
2,853,098
357,786
3,205
467
66
33
98
5
6,525,979
853,578
5,988
82,092
Dividends
paid in cash
and assets
Number of
other than
returns
corporation’s
own stock
30,656
14,744
2,023
2,129
61
return either in t h f
a0 vf af ° f a U corporations whose principal place of business is located therein, as a corporation may file its income tax
conversely, a t
a
b
u
l
a
t
i
o
n
n , ! its principal place of business or in the Collection District in which it has its principal office or agency, and
Includes number of returns of iLftlve c o r p o r i s .
^
°0rp0ratl0:18 havlng their Principal place ef business in another State.
ll
^ i h c O T O - ^ ^ o t a f d e d u c t i o n e « ( u ™ ! reported for excess-profits tax computation (item 2S on page.l, forms 1120 and U 2 0 A ) , which is equal to the difference between "Total
income ana xuuax ucaucuons Utems 14 and 27, respectively, on page 1, Forms 1120 and 1120A).
y
"GofSL c o m e meplu*r"Costnof goodI0 Iold«nC°Henr^iiem-pll+ °n pa£e 1',.I’orms 1120 ar,d 1120A)* after transferring to deductions the negative items of income reported under sources
r f
R t o J
r m l t a x a 4"
"°ost of “P^ations" (items 2 and 5 , respectively, on page 1, Forms 1120 and 1120A).
P
lDret^ns fir5a part year which “ L f
8arta* °n d i s t r i b u t e d profits reported on returns for a fiscal year ended in period July through Hovember, 193 s (and on
returns fer a part year wnicn oegan in 1937 and ended in 1938, the greater part of the accounting period falling in I93 S).
i!
*5*
ÉtISliil
m
Vtß*'
Thar« tara now outstanding 1544,870,050 af 5*5/8 partant Traaaury
Bonds af 1741*45, «aliad far redf»ptlon on Maral). 15, «ài #874,707,400
of 1*1/8 pereant ïraaauf? lata« af Sarla« a -1541, du« Maral) 15.
Tb«
present affarla«« «f Traaaury baud» and Traaaury nota© afford tía baldara
¡P®
of Uba «« H a d bouda and th# maturing notas an opportunity to exefcange
tbau for otbar interaat-bearing obligations af tlM> United Stata«*
Any
aullad bouda and maturing motas mat so axehangad at tbia tima mill ba
paid In oaak following their Präsentation on and attar Mareh 15, 1541»
ttSSSJNï
ííw; ’■
„
„>:
¡’sv
■i
'■
•
t
t'ms
P
■ RM
g||$|vu
;?
||§f|
Iü8
B
ÄSSsfi
gEBBR*
Wm
WÌB0Ì*mk£
«mP f
lilis
ig¡J
m t\e■ i
lita
B(É@&
f’
:.. ‘,
■gH
felli
fba tortiaf tba afflaial straniar« fallow)
a» t m w ,
Rete. of Serie. »-1943. al so afferai i> . „ t a a , . fo, tta
boade «ad notes da. aa Sfare* 15, I M I , «ili be tsted .Xereh 18, 1941, «ad
« 1 U bear Interest tram that date et tbe rete ef 5/4 pereeat per « » » ,
W M .
.»l^aatólr.
Tbe »tee « U ».tare h m
m i - u
18,
Mt
be eebjeet to eall far redeeptto» before that date. The? wlll he lsaaed
aaljr la bearer t e » with eeapeaa ettaehed la thè deaeaiaatlens ef #100,
IVOO, #1,000, #5,000, #10,000 aad #100,000,
Farsaaat to thè prerlsleae ef thè Fatile Beh* «et ef 1941, laterost «pan
» « * , « 4«
th. aaeseearltlea aa. afferei eh.ll aat bere
W m l ’U “ ** * " w t a m r t w «••*•*.
Othemee, thè aeeorltlee « u be
aeeordM oth.r u m „
«sarde« th. «we ere.ptle.« froa texetlo» „ m
*'***"* bande ... esteta.*!«. A e . pro«.t... .re .oeeifi.iir M
in tbe offletal oireulsre releaeed
«
fortfc
todaf.
Sebserlptleae .1U ha ree.tr« et th. federa Seserre B«,k. ee* Brenah.a,
“ * ** tk* **“ W r
°f
*•
* * * P*” “ t * * - * * * * * * * • *
aeeaapaaled
« U *
bf . U h .
^
far redeeptlea oa *areh 15,
1*41, or ef 1-1/* j w e e a t Treesury Rete, ef Serie. *-1941, da. far p a p a m t aa
•hrtt 18, 1941.
», 1941
eheeid
If eoupoa boa*, «re t « d . r . d far « . 1 « ,
be «.««shed
far eelleetle.
9OOP0" tó°a U b# **Urt*4 *
*>»«•
«re tenderei far e w h « . , th« ».t b.
la
regalar
eoa pò», fa. * * *
wn.,
"arrenderei.
If
.ad all
«,be.qa«rt
boa*,
»a th. ««reta« af th. Tree.Wf
Ter ecaheage « prati«.« U «he .Metta* elrtaler, M « ftael tatare.« «..
*«eh 15 « e«h boa«, « a b. p«« 1. «ear««*. «th th. e e . ^ t e , falla««
aeeeptane© of th* bendo.
The tight la m e m i to elee. th. beeke as to aap ar . U «abeertptiea.
et eap «le. «theut noti«, .a* eabj«t te thè reeerratlaaa set forth la «ha
.¿feria* Slreuler, « 1 «abeerlptloa. «Ili be «lotte« u fall.
fiSASO TT IBrPARTWFHT
Washington
fo s W63M&&$ m m m m
s»
?r»as Barrica
a w
Tnwtey, f r t m i y 88, 1941«
g/Wil'
1
*'•
^ ™ TnrTm...
2-S T
Secretary o t tha Traafmry Morganthau today announced thè Merah li
finaneing, rratriotad io exchange affarla#» to proride far thè refendi»« af
thè 94/8 para«et Treasury Banda af itH48» eallad far redenption on
Maroh 15, Iddi, and thè 1-1/2 perenni Traaaury Hata# af Sari®» A-1941,
maturlng aa thè a«me day# The offering ineludea tao exoh&nge lasana,
T-9 yaar 2 paraant Traaeury Banda af 1946-50, and 8-year 5/4 pereent
Traaaury Beta® af Seria» 0-1943, thè aallad Benda and thè naturlng nata»
Baia# exehangeable, at thè option af annera, far althar thè new Bande or
thè ma» notea. Sxehengea vili Ba meda par far par aa af Batch 15, 1941,
and thè m o m t af thè ne» bende and af tha naa nataa ta Ba laanad vili Ba
limitai to tha ancrant af aallad Banda and naturine nataa tandared and eecapted
in exehange therafor.
Caeh auBseriptions vili net Ba reeelfvd#
Tha Treaeury Banda af 1946-50, aow afferai only In exehange far thè tonda
and nataa du» March 11, 1941, vili Ba datad Merah 19, 1941, and vili Bear
interest frani thet data at tha rata af
2
paraant par «ami, payaBle seaiannually.
Tha bande vili natura Batch 15, 1950, But stay Ba radaanad, at tha eptien af tha
Ohlted Statai, on and after Mattò 15, 1946« Thay vili ha laanad In tuo formai
Baarar Benda wlth lntaraat coupon» attachad, end Benda raglatered hoth aa te
prlnaipal end lntaraat# Both farmi vili Ba iasued In tha deneuimatlene af
#50, |100, #990;, #1,000, #5,0Q0, #10,000, and f100,000.
MÉiil
pjpjgp)
ggraft
4 *
m
H g g in payment for bend, offered hereunder ehould b. a».ign~l by the restored pay...
fcfcé
■
L
ae.ignee. thereof, in aeco^ano. «1th the g ~ l
regulation. of the Treaty
j^Bopartwmt governing assignments for transfer or «cteage, in one of the fom. he«S m . r
set forth, and thereafter should be presented and Surrendered with the sub-
S S ® scrlption to a Federal «.serve Bank or Branch or to th. | | w
Department, Diri-
" S s i o n of Loans and Cunvnoy, «a.htagten, D. C. The bonds aut be delivered at th.
jjjjj expense and risk of the holder.
If the ns« bonds are desired registered in the
same name as the bond, surrendered, the assignment should be to »The Secretary of
the Treasury for exchange for Treasury Bonds of 1948-50-j if th.
m
. bonds are
1 1 1 desired registered in another name, the assignment should be to »The Secretary of
| the Treasury for exchange for Treasury Bonds of 1948-50 injthe name of
if new bond, in coupon form are desired, the assignment should be to »The Secretary
as
of the Treasury for exchange for Treasury Bonds of 1948-50 to coupon for® to bo
delivered to
..—
VX* © W ® 4 L FBOVISXOffS
1. As fiscal agents of the United States, Federal Keserve Banka are authorised
and requested to receive subeorlptions, to make allotments on the basis and up to
H j the amounts indicated by the Secretary of the Treasury to the Federal «.serve Banks
¡ ¡ H of the respective districts, to issue allotment notices, to receive payment for
H
bond, allotted, to make delivery of bend, on full-paid eubeerlpttous allotted, and
I I I they may issue interim receipts pending delivery of the drftoitive bonds.
|jj
2. The Secretary of the Treasury may at any ttoe, or from time to time, prs-
f | | .crib, supplemental or amendatory rules and regulation, governing the offering,
¡(¡! which «ill be communicated promptly to the Federal ¡¡.serve Banks.
H |
¡¡yi|
111
m m MOfTiSiffSU ;* JR *f
Secretary o£ the Treasury*
,t 6ny t l * without notloaj end any action he nay take in theee respects shall be
final.
Subject to theee reservations, ell subscriptions will be allotted in full.
Allotment notices will be sent out promptly upon allotment.
IV. PATK8KT
1.
Payment at par for bonds allotted hereunder m a t be made or completed on
or before March 15, 19U, or «1 l*ber allotment, and may be nade only in Treasury
Sonde of 1941-13, called for redemption on March 15* 1941* or in Treasury f.otee
of Series A-1941, maturing March 15, 19U. which will be accepted at par, and
should accompany the subscription.
Payment of final interest due March 15, 1941,
on securities exchanged hereunder will be effected, in the oaee of coupon bonds
or notes, by payment of March 15, 1 9 U coupons, which should be detached by holders
before presentation of the securities for exchange, and in the ease of registered
bonds, by checks drawn in accordance with the assignments on the bonds surrendered.
V.
1,
SlWHBiDEii OF CAIXSD 30NDS
Coupon bonds. - Treasury Bonds of 1911-43 In coupon form tendered in pay
ment for bond# offered hereunder should be presented and surrendered with the sub
scription to a Federal deserve Bank or Branch or to the Treasurer of the bnited
States, Washington, D. C.
Coupons dated September 15, 1941, and all coupons beaiv
ing subsequent dates, should be attached to much bonds when surrendered, and if
any such coupons are missing, the subscription must be accompanied by cash payment
equal to the face amount of the missing coupons.
the expense and risk of the holder.
The bonds must be delivered at
Facilities for transportation of bonds by
registered mall insured may be arranged between incorporated banks and trust companies and the Federal Seaerve Banks, and holders may take advantage of such
arrangements when available, utilising such incorporated banks and trust companies
as their agents*
2.
Registered bonds. - Treasury Bonds of 1941-43 In registered f o m tsndsrsd
• 2 *
In ease of partial redemption the bonds to be redeemed will be determined by such
method as m y be prescribed by the Secretary of the Treasury.
Fro® the date of
redemption designated in any such notice, interest on the bonds called for redemp
tion shall cease.
2. The income derived from the bonds shall be subject to all Federal taxes,
now or hereafter imposed. The bonds shall be subject to estate, inheritance, gift
or other excise taxes, whether Federal or State, but shall be exempt from all taxa
tion now or hereafter imposed on the principal or interest thereof by any State,
or any of the possessions of the United States, or by any local taxing authority.
3. The bonds will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege and will not be entitled to any privilege
of conversion,
4. Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denomina t i o n * ($50$ #100, #500, $1,000,
$5,000, $10,000 and $100,000,
Provision will be made for the interchange of bond*
of different denominations and of coupon and registered bonds, and for the transfer
of registered bonds, under rules and regulations prescribed by the Secretary of the
Treasury.
5. The bonds will be subject to the general regulations of the Treasury De
partment, now or hereafter prescribed, governing United States bonds.
in »
s o B S c a im o B At© A t w m m
1. Subscriptions will be received at the Federal Reserve Bank® and Branch»*
and at the Treasury Department, Washington,
Banking institutions generally m y
submit subscriptions for account of customrs, 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 right to reject any subscrip
tion, in whole or in part, and to close the books as to any or all subscriptions
ill1»
STATES OF AMERICA
2 PERCENT TR3ASÜRI BOftBS OF 1946-50
Dated and bearing interest from March 15# 1941
HBJESWM
at
ÎBS OPTION OP THS W O R D « M B « W
l^rch 15# 1950
M O ACCHUBD ISTSaaOT OS AMD
AFTER MARCH 15# 194©
In te r e s t payable March 15 end September 15
TBSàSUfiX DEPARTE»,
1941
Department C ir c u la r He« 649
O ffic e o f th e S e cre ta ry ,
W ashington, February 25, 1941
F is c a l S e rv ice
Bureau o f the P u b lic Debt
X, OFFERING OF BOKDS
1.
The Secre ta ry o f th e Treasury# pursuant t© th e a u th o rity o f the Second
L ib e rty Bond Act, approved September 24, 1917, a . amended, In v ite e su b scrip tio n s,
a t p a r , from the people o f th e U n ited S ta te s fo r 2 p ercen t bonds o f the United
States, d esign ated Treasury Bonds o f 1948-50, in payment o f which only Treasury
Bonds o f 1941-43, c a lle d fo r redem ption on to rch 1 5 , 1941, o r Troaeury Motes o f
S e rie s A-1941, m aturing to rch 1 5 , 1941, may *>« ten d ered .
The amount o f the o ffe r
in g under t h is c ir c u la r w ill be lim ite d to th e amount o f Treasury Bonds o f 1943*43
and o f Treasury So te s o f S e rie s A-1941 tendered and a cce p te d .
n .
1.
D s s c a ir a o s c r bo kd s
The bonds w ill be dated to rch 1 5 , 1941, and «111 bear in te r e s t from th at
d ate a t the ra te o f 2 percent p er annum, payable sem iannually on September 15,
1941, and th e r e a fte r o s to rch 15 and September 15 in each year u n t il the p rin cip a l
amount becomes p a y a b le .
They w ill mature to rch 1 5 , 1950, but may be redeemed a t
th e o p tio n o f th e U n ited S t a t e , on and a f t e r to rch 1 5 , 1948, in -h o le o r in p a rt,
a t par and accrued in t e r e s t , on any in te r e s t day o ^ d a y s , on 4 months* n o tice of
redemption given in such « n n e r a . t h J Secre to ry o f th e Treasury s h a ll p r e s e r l* .
TREASURY DEPARTMENT
Washington
Press Service
No* 23-65
FCR RELEASE, MORNING- NEWSPAPERS
Tuesday. February 25, 19^1.
?F&7¿tT -----
Secretary of the Treasury Mergenthau today announced the
15
March
financing, restricted to exchange offerings to provide for
the refunding of the 3-3/6 percent Treasury Bonds of 19^1-4-3, called
for redemption on March
15 ,
19*1-1J and the 1-1/2 percent Treasury
Notes of Series A-19^1, maturing on the same day.
The offering
includes two exchange issues, 7-9 year 2 percent Treasury Bonds of
19^-6-50, and 2-year Jp§ percent Treasury Notes of Series D- 19^ 3 , the
called bonds and the maturing notes being exchangeable,
option of owners,
at the
for either the new bonds or the new notes.
Exchanges will be made par for par as of March 15, IgFl* and ^ e
amount of the new bonds arid of the new notes to oe issued will be
limited to the amount of called bonds and maturing notes tendered
and accepted in exchange therefor.
Cash subscriptions will not be
received.
The Treasury Bonds of 19^-6—50, now offered only in excha.nge for
the bonds and notes due March 15* 19^1> will be dated March
19^1 ,
and will bear interest from that date at the rate of
per annum, payable semiannually.
1950,
15 ,
2
percent
The bonds will mature March 15 >
but may be redeemed,'at the option of the United States, on
and after March 15,
19^ 6.
They will be issued In two formsî bearer
bonds with interest coupons attached,
to principal and interest*
inations of $ 50,
and bonds registered both as
Both forms will be issued in the denom
$100 $ 5*C0 , $ 1 ,000, $ 5 ,000, $10,000
and $100,000#
2
The Treasury Notes of Series D—19^3, s-lso offered, in exchange
for the bonds and notes due on March T m
19^1,
w il1
dated
March 15, 19*1-1, and will bear interest from that date at the rate of
3/ij. percent
per annum, payable semiannually.
The notes will mature
March 15, 19*1-3, and will not be subject to call for redemption before
that date.
They will be issued only in bearer form with coupons
attached in the denominations of $100, $500> $1 ,000, $ 5 ,000,
$>10,000 and $ 100,000.
Pursuant to the provisions of the Public Deot Act of 19^1,
interest upon the new securities now offered shall not have any
exemption, as such, under Federal Tax Acts now or hereafter enacted.
Otherwise, the securities will be accorded the same exemptions from
taxation as are accorded other issues of Treasury bonds now outstand
ing.
These provisions are specifically set forth in the official
circulars released today.
Subscriptions, will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, and should be accom
panied by a like face amount of 3-3/2 percent Treasury Bonds of
called for redemption on March 15, 19^1, or °~
1“ 1/ 2
per
cent Treasury Notes of Series A-19^1, due for payment on March 15,
194-1.
If coupon bonds are tendered for exchange, coupons due
March 15, 19*1-1 should be detached for collection in regular course,
and all subsequent coupons should be attached to the bonds when
surrendered.
If registered bonds are tendered for exchange, they
must be assigned to the Secretary of the Treasury for exchange
as p r o v i d e d
in the
M a r c h 15
such bonds will
ments,
on
offering; c i r c u l a r ,
following acceptance
be p a i d
and final
interest
due
in a c c o r d a n c e w i t h the
assign
of the b o n d s .
The right is reserved to close the books as to any or all sub
scriptions at any time without notice,
and subject to the reserva
tions set forth in the offering circular, all subscriptions will be
allotted in full*
There are now outstanding f * ® * $70,05>0 of 3-3/g Percent ¿reasury
Bonds of l ^ l U j ,
called for redemption on March 15,
of 1 - 1 /2 percent Treasury Notes of Series
A-19 ^1 ,
and
$6 j G , 707,6C0
due Karon
15 .
The present offerings of Treasury bonds and Treasury notes afford
the holders of the called bonds and the maturing notes an
opportunity to exchange them for other interest-bearing obligations
of the United States.
Any called bonds and maturing notes not so
exchanged at this time will be paid in cash following their presen
tation on and after March
The texts of the official circulars follow:
i k ,M
i*
UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OF 19^S~50
Dated and bearing interest from March 15, 19^1
Due March 15, 1950
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED
INTEREST ON AND AFTER MARCH 15, Sjtt
Interest payable March 15 and September 15
1 9 ^ |
H
Department Circular No. 649
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, February 2p, 1941.
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
1917, ao amended,
invites subscriptions, at par, from the people of the United States
for 2 percent bonds of the United States, designated Treasury Bonds
of 194-8-50, in payment of which only Treasury Bonds of 194-1-4-3, calle<
for redemption on March j S
194-1, or Treasury Notes of Series A-19^1,
maturing March 15, 194-1, may be tendered.
The amount of the offering
under this circular will be limited to the amount of Treasury Bonds
of 194-1-4-3 and of Treasury Notes of Series A-194-1 tendered and
accepted.
II.
1.
DESCRIPTION OF BONDS
The bonds will be dated March 15* 19^1 > and w111 lDear in~
terest from that date at the rate of 2 percent per annum, payable
semiannually on September 15, 19^1, and thereafter on March 15 and
September 15 in each year until the principal amount becomes payable.
They will mature March 15, 1950, but may be redeemed at the option
of the United States on and after March 15, 194-8, in whole or in
part, at par and accrued interest, on any interest day or days, on
four months' notice of redemption given in such manner as the
2
Secretary of the Treasury shall prescribe.
In case of partial redemp
tion the bonds to be redeemed will be determined by such method as ma
be prescribed by the Secretary of the Treasury.
From the date of re
demption designated in any such notice, interest on the bonds called
for redemption shall ceace.
2.
The income derived from the "bonds snail be subject to all
Federal taxes, now or hereafter imposed.
The bonds shall be subject
to estate, inheritance, gift or other excise taxes, whether Federal c
State, but shall be exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
3.
The bonds will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege and will not be
entitled to any privilege of conversion.
i+.
Bearer bonds with interest coupons attached, and bonds regis
tered as to principal and interest, will be issued in denominations
150
$100, $50©, $1,000, $5,000, $10,000 and $100,000.
0:
Provision wil.
be made for the interchange of bonds of different denominations and-o.
coupon and registered bonds, and for the transfer of registered bonds,
under rules and regulations prescribed by the Secretary of the
Treasury.
5 . The bonds will be subject to the general regulations of th.
Treasury Department, now or hereafter prescribed, -governing United
Sl,Clte" b0nd°'
X.
jtx.
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 custom
ers, but only the Federal Reserve Banks and the Treasury Department
are authorized to act ac official agencies.
- 3 2.
The Secretary of the Treasury reserves the right to reject
any subscription, in whole or in part, and to close the boohs as to
any or all subscriptions at any time without notice; and any action
he may take in these respects shall he final.
Subject to theDe
reservations, all subscriptions will be allotted in full.
Allotment
notices will be sent oat promptly upon allotment.
IV,
1.
PAYMENT
Payment at par for bonds allotted hereunder must be made
_ . A on or Put or© lyiarcn IE
or completed
-io, 19^1» or on later allotment, and
m
tAJlL L-r* loiii IIS relied for redemption
may be made only in Treasury Bonds of 191*-!- 3»
j
i
B w1i5 , i
H I Treasury Notes
of Series A-lJ^l» maturing
on «
March.
1.a9Ii-l , or m ii
it
\
^
of. T R V
and should accompany
March 1 5 , 19^1, which will he accepted a* par,
j
the subscription.
Payment of final interest due March 15,
M l,
on
securities exchanged hereunder will be effected, in the case of
coupon bonds or notes, by payment of March 15, M
coupons, which
should be detached by holders before presentation of the securities .
for exchange, and in the case of registered bonds, by checks drawn ,
in accordance with the assignments on the bonds surrendered.
V*
1*
I *
Coupon I
bonds
.
tendered m
?
SURRENDER OF CALLED BONDS
ITreasury
. J m m n.pfln
f poLi-Al in couoon form
Bondsi o.
x. x. „ 'hrrris
hereunder should be presented
payment^for
Ponds offered
Oxie
and surrendered with the subscription to a Federal Reserve Bank or
Branch or to the Treasurer of the United States, Washington, D. C.
Coupons dated September 15, 19*1, and all coupons bearing subsequent
dates, should be attached to such bonds when surrendered, and if
any such coupons are missing, the subscription must be accompanied by
cash payment equal to the face amount bf the missing coupons.
The
bonds must be delivered at the expense and risk of the holder.
Facilities for transportation of bonds by registered mail insured
may be arranged between incorporated banks and trust companies and
the Federal Reserve Banks, and holders may take advantage of ouch
arrangements when available, utilizing such incorporated banks and
trust companies as their agents.
2.
Registered bonds. - Treasury Bonds of 19^1-^3 in registered
form tendered in payment for bonds offered hereunder should be
assigned by the registered payees or assignees thereof, in accordance
with the general regulations of the Treasury Department governing
assignments for transfer or exchange,
in one of the forms hereafter
set forth, and thereafter should be presented and surrendered with
the subscription to a Federal Reserve Bank or Branch or to the
Treasury Department, Division of Loans and Currency, Washington,
D. C.
holder.
The bonds must be delivered at the expense and rick of the
If the new bonds are desired registered in the same name
as the bonds surrendered, the assignment should be to fiThe Secretary
of the Treasury for exchange for Treasury Bonds of 19iJ-g~50H ; if the
new bonds are desired registered in another name, the assignment
should be to "The Secretary of the Treasury for exchange for
Treasury Bonds of 1 9 ^ - 5 0 in the name of ___________,f; if new bonds
in coupon form are desired, the assignment onould be to
The
#
Secretary of the Treasury for exchange for Treasury Bonds of 19^S-50
in coupon form to be delivered to
ir
- 5 VI.
X.
GENERAL PROVISIONS
Ao fiscal agento of the United Statec, Federal Reoerve
Banks are authorized and requested to receive subscriptions, to make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts, to issue allotment notices, to receive payment
for bonds allotted, to make delivery of bonds on full-paid sub
scriptions allotted, and they may issue interim receipts pending
delivery of the definitive oonds.
2.
The Secretary of the Treasury may at any time, or from
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 MORG-ENTHAU, JR.,
Secretary of the Treaoury*
UNITED STATES OE AMERICA
3 /U
PERCENT TREASURY NOTES OE 'SERIES D-I 9U 3
Dated and. "bearing interest from
Due March 15» 19^3
March 15» 19^i
Interest payable March 15 and September 15
19^1
Department Circular No.
TREASURY DEPARTMENT t
©ffice of the Secretary,
Washington,
February 25» 1 9 ^ »
65O
Eiscal 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 2U, 1917. as amended,
invites subscriptions, at par, from the people of the United States
for 3/U percent notes of the United States, designated Treasury Notes
of Series D-i 9U3. in payment of which only Treasury Bonds of
called for redemption on Mnrcn 15, «tf»* <=? Treasury
A-19U1, maturing March 15. 1«#®*
m
tendered.
of Series
The amount of the
offering under this circular will be limited to the amount of Treasury
Bonds of I9UI-U 3 and of Treasury Holes of Series A-ljbl tendered and
accepted.
II,
1.
DESCRIPTION
of n ot es
The notes will be dated March 15, 1
interest from that date at the rate of
semiannually on September 15,
September
15
«4
and w i U 'bear
percent per annum, payable
thereafter on March 15 and
in each year until the principal amount becomes payable.
They will mature March 15, 1 ^ 3 . and
redemption prior
maturity.
wil1
not
Bul,Jeot
t0 °al1
f°r
- 2 -
2.
The income derived from the notes shall he subject to all
Federal taxes, now or hereafter imposed.
The notes shall he subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, hut shall he exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or hy any local taxing authority,
3.
The notes will ho accepted at par during such time and under
such rules and regulations as shall he prescribed or approved hy the
Secretary of the Treasury in payment of income and profits taxes paya"ble at the maturity of the notes»
§1
The notes will he acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
5.
Bearer notes with interest coupons attached will be issued
in denominations of $100, $ 500, $1 ,000, $ 5 ,000, $ 10,000 and $ 100,000.
The notes will not be issued in-registered form,
6.
The notes will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United
States notes.
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Eederal Reserve Banks
and Branches and at the Treasury Department, Washington,
Banking
institutions generally may submit subscriptions for account of cus~
tomers, 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 hooks as to
- 3 -
§ y or all subscriptions at any time without notice; and any action h
W
take in these respects shall he final.
.-.i
tions, all subscriptions will bo all
Subject to these r e s e r v e
in full.
Allotment notices
„ill be sent out promptly upon allotment.
IV*
!.
PAYMENT
Payment at par for notes allotted hereunder must'be made or
p ic
completed on or before March
15.
t q Ui
or on later allotment, and may
19 *1.
o r on
be made only in treasury Bonds of J | ,
for redemption on
March 1 5 .
19U1.
or in Treasury Notes of Series ^
4
March 1 5 .
19U1,
which will be accepted at par. and should accompany the
subscription.
"
Payment of final interest due March 15 ,
in g
on se0Ur"
M
in the case of coupon bonds
ities exchanged hereunder will be effected, Jjjj
or notes, by payment of March 15. X9Ul coupons, which should be de
tached by holders before presentation of the securities for exchange,
and in the case of registered bonds, by chechs drawn in accordance
with the assignments on the bonds surrendered.
V,
1*
SURRENDER OF CALLED BONDS
. _
Coupon bonds.
- Treasury
ireasu-i-.y Bonds of 1 9 ^ 3
*
couP on form
t fnr notes offered hereunder should be presented
tendered in payment for notes o n e
. a*
4.^ „ vr-dp-ml Reserve Bank or
, gfe* with the subscription to a leaerax ****
and surrendered with pf? bUr ,-p
thp United States, Washington, D,
Branch or to the Treasurer of the United
Coupons dated September 1 5 . *
dates,
4
M
.
N
|
should be attached to such bonds when surrendered, and if any
CO missing,
such coupons are missing,
the subscription must be accompanied by
f . ihp face amount of the missing coupons,
cash payment equal to the tace amu
js -u
delivered at the expense and risk of the holder,
bonds must be delivered a
_
1+
-
Facilities for transportation of tonde by registered mail insured may
•be arranged between incorporated banks and trust companies and the
Federal Reserve Banks, and holders may take advantage of such arrange
ments when available, utilizing such incorporated banks and trust comnanies as their agents,
2.
Registered bonds. - Treasury Bonds of
19IH-H3
in registered
form tendered in payment for notes offered hereunder should be assigned
by the registered payees or assignees thereof to "The Secretary of the
Treasury for exchange for Treasury Notes of Series 1-19^3 to be delivereà to
_____ _", in accordance with the general
regulations of the Treasury Department governing assignments for trans
fer or exchange, and thereafter should he presented and surrendered
with the subscription to a Federal Reserve B*nk or Branch or to the
Treasury Department, Division of Loans and Currency, Washington, D. C.
The bonds must be delivered at the expense and risk of the holder.
VI.
1.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve Banks
are authorized and requested to receive subscriptions, to make allot
ments on the basis and up to the amounts indicated by the Secretary
of the Treasury to the Federal Reserve Banks- of the respective dis
tricts, to issue allotment notices, to receive payment for notes
allotted, to make delivery on notes on full-paid subscriptions alloted,
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 govern
ing the offering, which will be communicated promptly to the Federal
Reserve Banks,
HENRY MORGBNTHAU, JR.,
Secretary of the Treasury,
TREASURY DEPARTMENT
Washington
TOR RELEASE, HORSING NEWSPAPERS
Tuesday, February 25, 19**1.
F/wjm,
Press Service
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 February 26 and to mature May 28, 19^1» which were offered
on February 21, were opened at the Federal Reserve Banks on February 2U.
The details of this issue are as follows!
Total applied for - $258,063,000
Total accepted
- 100,127*000
Range of accepted bids!
(Excepting one tender of $50,000)
High - 100.000
Low - 99*980 Equivalent rate approximately 0.079 percent.
Average
price - 99*989 Equivalent rate approximately O.OU3 percent.
(39
percent of the amount bid for at the low price was accepted).
TREASURY DEPARTMENT
'Washington
Press Service
No. 23-66
FOR RELEASE, MORNING- NEWSPAPERS
Tuesday, F ebruary 25, 19^-«
2/2V^l
The Secretary of the Treasury announced last evening that the
tenders for 1100,000,000, or thereabouts,
91-day Treasury bills,
19IU,
of National Defense Series
to be dated February 26 and to mature May 2g,
which were offered on February 21, were opened at the Federal
Reserve Banks on February 2h,
The details of this issue are as follows:
Total applied for - |25S,063 i 002
Total accepted
- 100,127,000
Range of accepted bids:
Hip’ll #* 100 00
Low
I
Aprice-
(39
99*9^0
(Excepting one tender of 150,000)
Equivalent rate approximately 0.079 percent
99*9^9 Equivalent rate approximately 0,0^3 percent
percent of the amount bid for at the low price was accepted)
Foreign short-term funds in the United states increased
J
r
$81,507,000 to $3, 220,252«rs^ a M ! c e s of the United Kingdom rose
$18,396,000 to $397,155,000 while Canada’s funds jumped $27,113,000
to $435,178,000^
An increase of $3,516,000 appeared for Switzerland;
$2,375,000'lor Argentina; $4,372,000 for Brazil; $2,820,000 for
Wi
Hong Kong; $23,501,000 for China reflecting an Export-Import Bank
loan; and $16,527,000 for Japan. " The’total increase was pared by
withdrawals of $3,192,000 by France; $2,340,000 by Finland; $1,054,000
by Germany; $ 6,240,000'"By the Netherlands; $2,010,000 by °uba; and
¡s'
$1,807,000 by Mexico.
Although Japanese balances showed an increase during November,
indicating apparently that the United Dtates then was considered a
haven for funds, the net difference between its funds here and claims
on ib has been narrowing
f since the beginning of 1940.
i
American^claims "ojjf foreign countries increased $1 ,696,000
i
to $395,140,000 in the period.
Largest increase was reported for Japan
where claims rose $4,787,000 to $62,821,000. United Dtates short-term,
.
^
•a
funds in the United Kingdom rose $1 , 815,00 while OBjaàÉBa»iriecreasei
of $2,669,000 was reoorted for Canada, $1,014,000 for
Italy, and $1,306,000 for Sweden.
Canada repatriated a total of $2,184,000 of its securities
held in this country. Latin American followed with $1,211,000. "Changes
elsewhere were small.
Increases in brokerage balances of Canada and of Latin America
t—
were more than offset by a decrease of $1,433,000 in Swiss balances.
Foreign selling of American securities— ]
by Italy—
continued in the four weeks ended November 27, 19AO, the February
Treasury Bulletin disclosed today.
Net liquidation totaled $16,976,000
compared with $23,767,000 in the preceding five weeks.
A total of $95, 822,000'/of domestic securities was traded by
V
foreign sources during the four weeks of which $56,399,000 were sales
/
and $39,423,000 purchases.
Of a total net liquidation of $12,150,000 recorded for all
$6,075,000 was traced to Italy.
European countries
--V\7J?
r\.c.
Net sales of $3, 591,000 were reported for the United
Kingdom, not including sales made through channels other than banks,
/
s'
brokers and dealers, $2,839,000 for Switzerland, $1,279,000 for Canada,
and $2,494,000^for Asia
An increase of $79,811,000 of foreign short-term banking funds,
withdrawal of $733,000 of foreign brokerage balances together with a
reduction of $3,855,000 of foreign securities in this country resulted
in a net inflow of capital into the United ^tates of $65,957,000 during
the period.
X
In the previous five weeks an outflow of $11,512,000 was
recorded*
more
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNINO NEWSPAPERS
Friday, February PS, 19^-U_____ .
2/25/41
Press Service
•* * ‘
Foreign selling of American securities— led by Italy
tinued in the four weeks ended November
Treasury Bulletin disclosed today.
116,976,000
27,
con
19^0, the February
Net liquidation totaled
compared with $ 23,767,000 in the preceding five weeks,
A total of $95,322,000 of domestic securities was traded by
foreign sources during the four weeks of which $ 56,399; 000, were
sales and $39,423,000 purchases.
Of a total net liquidation of $12 ,150,000 recorded for all
European countries $ 6,075.000 was traced to Italy.
Net sales of
$3,591,000 were reported for the United Kingdom, not Including
sales made through channels other than banks, brokers and dealers,
$2,339,000 for Switzerland,
$1,279,000 f°r Canada, and $2,494,000,
for Asiatic countries.
An increase of $79,311,000 of foreign short-term banking funds
withdrawal of $ 733,000 of foreign brokerage balances together with
a reduction of $ 3 ,355,000 of foreign securities in this country
resulted in a net inflow of capital into the United States of
$65,957,000 during the period.
In the previous five weeks an out
flow of $11 ,512,000 was recorded.
Foreign short-term funds in the United States increased
$31^507,000 to $3 ,320,252,000,
Balances of the United. Kingdom
rose $13 ,396,000 to $397,155 *000 while Canada*s funds jumped
$27,113,000 to $435,173,000,
An increase of $3*546,000 appeared
for Switzerland;. $2,375,000 for Argentina; $4, 372 ,.000 for Brazil;
2
12,820,000 for Hong Kong;
$23,501,000 for China reflecting an
Export-Import Bank loan; and $ 16 ,527,000 for Japan,
The total
increase was pared by withdrawals of $ 3 ,192,000 by France;
$2,3*10,000 by Finland;
Netherlands;
$1 ,05*1,000 by Q-ermany, $6,2*10,000 by the
$2,010,000 by Cuba; and $1,807,000 by Mexico.
Although Japanese balances showed an increase during
November,
indicating apparently that the United States then was
considered a haven for funds, the net difference between its funds
here and claims on it has been narrowing since the beginning of
19 *+0 ,
American short-term claims on foreign countries increased
$1,696,000 to $395,1*+°,000 in the period.
Largest increase was
reported for Japan where claims rose $^,7^7,000 to $62,821,000.
United States short-term funds in the United Kingdom rose
$1 ,815,000 while a decrease of $ 2,669,000 was reported for
Canada, $1,01*1,000 for Italy, and $1,306,000 for Sweden.
Canada repatriated a total of $2,l8H,000 of its securities
held in this country.
Latin America followed with $1,211,000.
Changes elsewhere were small*
Increases in brokerage balances of Canada and of Latin
America were more than offset by a decrease of | l ^
Swiss balances.
-0O 0-
33,COO
m
Estimated Changes in Ownership of Tax-exempt Securities,
June 30 , 1937 - June 30 , 19IJO
•
t
•
June
30
,
'
June 30 ,
•
;
1940
f
1937
i
Net
change
(In billions of dollars)
All Tax-exempt Securities
Commercial banks
Individuals
Insurance companies
Mutual savings banks
Other corporations
Tax-exempt institutions*
19.0
20.7
13.5
6.3
3-2
2.3
1.0
3.2
3*7
2.4
1*5
17*7
+3*0
0H
+1.
+ •s
** •
+ .3
mm
+ 4.3
Wholly Tax-exempt Securities
Commercial banks
Individuals
Insurance companies
Mutual savings banks
Other corporations
Tax-exempt institutions*
Total<t^Kt^^in^^-wii^6
9.0
12.4
3.1
1.1
1.3
•6
2S.0
•9
1.2
.g
- 1.4
-l.g
- .6
— .2
- .6
+ «2
23.6
-4.4
7.6
10.6
2.5
Partially Tax-exempt Securities
Commercial banks
Individuals
Insurance companies
Mutual savings banks
Other coroorations
Tax-exempt institutions*
Total
#
2.7
6.6
3.7
2.1
1.0
A
22.5
Other than mutual savings banks«
13.1
7-9
5-7
2.3
1.2
....5-
31.2
+4.4
+ 1.3
+2.0
+ *7
+ .2
+ .1
+g.7
M
2 M
which is exempt from the normal rates of the Federal income
tax, while wholly tax-exempt securities are those the interest
K
on which is exempt from both the normal tax and the surtax.
It is estimated that on June
30 , 19*10
commercial banks
were the largest holders of tax-exempt securities with $20.7
billions, or 37.g percent of the total privately-held amount
outstanding.
Individuals were the second largest holders,
with fig.Ç billions, or 33.g percent, of the total privatelyheld amount.
Then followed insurance companies, with $S.2 billions
mutual savings banks with $3.7 billions,
corporations (other
than banks and insurance companies) with $2.*J- billions, and
1
tax-exempt institutions (other than mutual savings banks) with
J
$1.3 billions.
In the period since 1937, there have been several signifi
cant changes in the relative amount of the holdings of taxexempt securities by these classes of holders.
Individuals
have been replaced by commercial banks as the largest holders
of tax-exempt securities as a class.
Individuals,
nevertheless, I
continued to be the largest holders of wholly tax-exempt
securities.
Throughout the period, commercial banks were the
largest holders of partially tax-exempt issues.
The changes
in the ownership of tax-exempt securities by principal classes
of holders between June 30, 1937 and June 30, 19^0 are
summarized in the followilug table:
9
RELEASE
«gtee/B u l l e t l n _ o f t h e T r e a s u r y D e p a r tm e n t s e i
estimates showing the distribution of the ownership
>y classes
c l a s s e s of
o f holders
h o l d e r s as
a s of
o f June
Ju n e JO
of tax-exempt securities by
for each of the years
1937
i s maintained
m a i n t a in e d by
b y the
t h e Treasury'
T reasu ry*
No continuing record is
Department concerning the ownership of Government securities.
As in the case of corporation bonds,
the majority of securities
are coupon securities, and ownership passes on delivery from
bearer to bearer.
Only a small fraction of the securities
are registered on the books of the issuing units of government.
The same is true of securities issued by State and local
governments .Ti.On the basis of various items of information
which may be pieced together it is p o s s i b l e | ^ S z s w ! i v to make
satisfactory estimates of the distribution of the ownership
of tax-exempt securities.
The amount of privately-held tax-exempt securities out
standing —
the total amount less those held by the issuing
governments and theirCagenciesÀ—
on Ju ne JO, 1937 to
$^•♦3 billions.
increased from $ 50.5 billions
billipns on June J O , 19^0, or by
This change was accounted for by an increase
of |8>.7 billions in partially tax-exempt securities, while
wholly tax-exempt securities decreased by
billions.
Partially tax-exempt securities are those the interest on
TREASURY DEPARTI-,CENT
1^3
liashing ton
Press Service
Up. 23-68
or Release Morning News papers
riday, February _28 1941
—
' “2720741
‘
Estimates showing the distribution of the ownership of tax-exempt
securities by classes of holders as of June 30 for each of the years
1937 through 1940 were published today in the February Bulletin of the
Treasury Department.
No continuing record is maintained by the Treasury Department con
cerning the ownership of Government securities.
As m
the case of cor
poration bonds, the majority of securities are coupon securities, and
ownership passes on delivery from bearer to bearer.
Only a small
fraction of the securities are registered on the books of the issuing
units of government.
and local governments.
The same is true of securities issued by State
On the basis of various items of information
which may be pieced together, it is possible, however, to make satis
factory estimates of the distribution of the ownership of tax-exempt
securities.
The amount of privately-held tax-exempt securities outstanding — »
the total amount less those held by the issuing governments and their
agencies and by Federal Reserve Banks —
increased from <¡¿>50.5 billions
on June 30, 1937 to $54.8 billions on June 30, 1940, or by $4.3 billions.
This change was accounted for by an increase of $8.7 billions in
partially tax-exempt securities, while wholly tax-exempt securities
decreased by $4.4 billions.
Partially tax-exempt securities are those
the interest on which is exempt from the normal rates of the Federal
income tax, while wholly tax-exempt securities are those the interest
on which is exempt from both the normal tax and the surtax
It is estimated that on June 3 0 , 1 9 4 0 commercial banks were the
largest holders of tax-exempt securities -with $ 2 0 . 7 billions, or 3 7 . 8
cent of the total privately-held amount outstanding.
per
Individuals were the
second largest holders, with $ 1 8 . 5 billions, or 3 3 * 8 percent, of the total
privately-held amount.
Then followed insurance companies, with v8.2
billions, mutual savings bonks -with $3.7 billions, corporations (other
than banks and insurance companies) with $ 2 . 4 billions,
and tax-exempt
institutions (other than mutual savings banks) with $ 1 . 3 billions.
In the period since 1 9 3 7 ,
there have been several significant
changes in the relative amount of the holdings of tax-exempt securities
by these classes of .holders.
Individuals have been replaced by com
mercial banks as the largest holders of tax-exempt securities as- a class.
Individuals, nevertheless, continued to be the largest holders of wholly
tax-exempt securities.
Throughout the period, commercial banks wore the
largest holders of partially tax-exempt issues.
The changes in the owner
ship of tax-exempt securities by principal classes of holders between
June 3 0 , 1 9 3 7 and June 3 0 ,
1940
are summarized in the following table:
E s tim a te d
Changes
Ju n e
in
30,
O w n e rs h ip
1937 I
: Ju n e
:
of
30,
1937
(In
A ll
Ta x-e xe m p t
n O
6,8
3.2
2.8
1,0
90.5
9 .0
j & M
3.1
1.1
1.8
h e ld
T a x - exem nt
O th e r
th a n m u tu a l
o f d o lla rs )
2 0 .7
1 8 .5
8 .2
- .5
JjjS k
3 *7
2 .U
t
i
1 *3 ...
/
.3
5H .8
a .
3
7.6
10.6
2,5
' J
-1
-
. l
.8
.6
/
*2
h e ld
s a vin g s h a n k s .
*9
1 .2
.2
.6
.8
28.0
23.6
-4 § |i
13*1
7*9
5*7
2,8
1.2
l à Ê
Securi t i e s
3 *7
2 .1
1 .0
.if
M u tu a l s a v in g s hanks
O th e r c o rp o ra tio n s
Ta x-e xe m o t i n s t i t u t i o n s *
am ount p r i v a t e l y
Net
change
.6
8 *7
6 ,6
C o m m e rc ial h a n k s
In d iv id u a ls
I n s u r a n c e c o m n a n ic s
To ta l
;
:
S e c u ritie s
C o m m e rc ia l h a n k s
In d iv id u a ls
I n s u r a n c e c o m p a n ie s
M u tu a l s a v in g s hanks
O th e r c o rp o ra tio n s
Ta x-e xe m p t i n s t i t u t i o n s *
P a rtia lly
b illio n s
19.0
am ount fc 'ï*i^ a te ly h e l d
amount p r i v a t e l y
: Ju n e 30»
:
19^0
17.7
W h o lly T a x-e xe m p t
T o ta l
S e c u ritie s ,
19^0
S e c u ritie s
C o m m e rc ia l h a n k s
In d iv id u a ls
I n s u r a n c e c o m p a n ie s
M u tu a l s a v in g s han ks
O th e r c o rp o ra tio n s
Ta x-e xe m p t i n s t i t u t i o n s *
T o ta l
T a x-e xe m p t
Ju n e 3 0 ,
22,5
*5 _
31,2
2.0
/ *7
/
/
/
*2
.1
/S.7
TREASURY DEPARTMENT
Washington
Press Service
No. 23-69
FOR IMMEDIATE RELEASE
Tuesday. February 25,_10jji .
Secretary of the Treasury Morgenthau announced today that the
subscription boohs for the current offering of 2 percent Treasury
:
Bonds of 19^S-50 and of ?.A percent Treasury Notes of Series D - W A
w m
d o s e at the close of business Wednesday, February 26, except
. t nf subscriptions from holders of |1C yOQC or leso
for the receipt Qx s u d s c i
„.
This offering is open
of the securities eligible for exchange.
only to the holders of Treasury Bonds of 1 9 ^ 3
called for r o d e n t
tlon on March 1 5 , § 9 * 1 , and of Treasury Notes of Series A - l ^ l
sg
iJL
maturing March If, 19«**
mhn ^i-hecrioticn books will be closed
^he B u h s e r z ^ u u
.»
V'oir'ers of $”iO«CCu and under
for the receipt of subscriptions from holder» 01
/
at the close of business Thursday, February 27*
, _- „
tv>P oprnrities to be exchanged,
Many smaller holders of the oecuri iz*
i
_ _ AmmicsSnici'f' Access to t h e i r especially of the bonds, do not have as. inuedic*
„ 4. tt44-v, +•>1p manner of entering
and are not as conversant With .he manner
.
„ _n~ f«r these reasons they
subscriptions, as are the larger holders, ana for
securities,
are given an extra day In which to make the exchange.
Subscriptions of either class addressed to a Federal Reserve
_ ■
.
Bank cr Branch or to tne <
before
12
*
*
r n the Treasury Department and placed in th
^ *
o'clock midnight of the respective closing days will be
as having been entered before the close of the sub-
soriptAon books.
Announcement of the «mount of subscriptions and their aulsic
among the several Federal Reserve Districts will be made later.
~o 0o-
THEASUHY DEPARTMENT
hrj fxj
Washington
OH HSLEASE, AFTERHOOH NEWSPAPERS,
riday, E ehrnary 28, 19^1
2726/Ui
Press Service
Ho. 23-70
Secretary of the Treasury Morgenthau today made public the
second in the series of tabulations from "Statistics of Income for
193^> Part 2, Compiled from Corporation Income and Excess-profits
Tax Returns and Personal Holding Company Returns", prepared under
the direction of Commissioner of Internal Revenue Guy T. Helvering.
The attached table shows by major industrial groups and sub
groups and by returns with net income and with no net income, the
number of returns, gross income, net income or deficit, income tax,
excess-profits tax, and dividends paid in cash and assets other
than corporation's own stock.
"Gross income" corresponds to "Total income" (item l1! on page
1 , Forms
1120 and 1120A), after transferring to deductions the
negative items cf 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).
"Wet income" is the "Wet income for excess-profits tax compu
tation" (item 28, on page 1, Forms 1120 and 1120A) which is equal
to the difference between "Total income" and "Total deductions"
(items lU 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.
-
2
-
The amount tabulated as nIncome tax” consists of (1) the income
tax reported on the returns filed under the Revenue Act of 1938 and
(2) the normal tax and surtax on undistributed profits reported on
returns filed under the Revenue Act of 1936 as amended by the
Revenue Act of 1937*
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 lia
bility.
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 the business activity which accounted for the greatest per
centage of ’’Total receipts".
following items:
"Total receipts" means the sum of the
Gross sales (where inventories are an income-
determining factor); gross receipts (where inventories are not an
income-determining 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 in d u s t r ia l
g ro u p s do n o t
e x c lu s iv e ly in
th e
in d u s trie s
i n Y fh ic h t h e y a r e
d iv e rs ifie d
a c tiv itie s
o f many c o r p o r a tio n s .
o f th e
c o n ta in
s o le ly c o rp o ra tio n s
engaged
c la s s ifie d ,
because
~ 3 -
Th e num ber o f m a jo r I n d u s t r i a l
th is
of
re le a s e
has been in c re a s e d
In co m e f o r
th e
1937,
d e fin itio n s
of
Part
th e
1933 m a jo r g ro u p s i n
2",
on pages 13
of
1933,
In c o m e f o r
R e tu rn s ",
2",
A
w ill
ta b le w ith
fo r
1933,
In
th e
th o s e
Part
b e made f o r
life
th e
in s u ra n c e
re la tin g
to
been
groups.
ta b le
A
shown i n
th e . "S ta tis tic s
c e rta in
cnanges in
c o m p a ris o n o f th e
w i t h 'th o s e
fo r
1 9 3 7 , w h ic h
"P re lim in a ry R e p o rt,
In c o m e a n d S x c e s s - p r o f i t s
"S ta tis tic s
1933 i n d u s t r i a l
f o r .1937 w ill
o f In com e, f o r
subgroups
be p u b lis h e d i n
in
S ta tis tic s
Tax
1933,
Part
th e fo llo w in g
"S ta tis tic s
of
In co m e
2".
th e
subgroup
tw o
d a ta
c o m p ile d fr o m
"Life
reserve
w i t h no n e t
in s u ra n c e
s p e c ia l d e d u c tio n s
c o m p a n ie s u n d e r
On 1 9 3 3 r e t u r n s w i t h
re tu rn s
th e
in
shown i n
have
th e
o f th e
C o rp o ra tio n
of
a n a ly zin g
in d u s tria l
— 13
be p u b lis h e d
c o m p a ris o n
ox
fo llo w in g
was p u b lis h e d
th o se
and th e re
c o n te n ts
th e
over
groups and subgroups
fu n d s
s e c tio n
in c o m e ,
c la s s ifie d under
c o m p a n ie s ", - a llo w a n c e
fro m
gross
2 0 3 (a ),
re q u ire d , b y la w ,
n e t in c o m e t h i s
re tu rn s
*'3 5 5 ,1 2 7 ,5 3 6 .
inc om e p e r m i t t e d
Revenue A c t
and re s e rv e
d e d u c tio n
is
s h o u ld
fo r
o f 1933,
d iv id e n d s j
3 1 7 ,1 6 5 ,0 1 0
and on
U
Industrial groups l/
Total
number of
returns 2/
♦
Number of ¿Gross
returns ¿income b j
♦
Net income
9
All industrial groups
Mining and quarrying
Metal mining
1
Iron
2
Copper
3
Lead and zinc
Gold and silver
Other metal mining
Metal mining not allocable
Anthracite mining
Other coal mining
Petroleum
Oil, gas and natural gasoline
4
5
6
7
8
9
10
Field service operations
Nonmetallic mining and quarrying
11
12
13
14
Stone, sand, and gravel
Other mining and quarrying
Nonmetallic mining and quarrying not allocable
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Bakery products
15
16
IT
Confectionery
Canning fruits, vegetables and sea foods
18
19
20
Meat products
Grain mill products, except cereal preparations
Cereal preparations
21
22
Dairy products
Sugar
23
Other, including flavoring sirups
Food and kindred products not allocable
24
Beverages
Breweries and malt products
25
26
27
Distilleries, rectifiers, blenders
Wine
Nonalcoholic beverages
28
29
30
,*
31
t
Beverages not allocable
Tobacco manufactures
Textile-mill products
Cotton manufactures
32
Woolen and worsted manufactures, including
dyeing and finishing
33
3h
35
Silk manufactures
36
37
38
39
40
41
42
U3
44
1+5
.46
4j
*4-8
'+9
50
Rayon and other synthetic textile-mill manufactures
Knit goods
Hats, except cloth and millinery
Carpets and other floor coverings
Dyeing and finishing textiles, except woolen
and worsted
Other textile-mill products
Textile—mill products not allocable
Apparel and products made from fabrics
Men’s clothing
Women’s clothing
Fur garments and accessories
Millinery
Other apparel and products made from fabrics
Apparel and products made from fabrics not allocable
Leather and products
Leather
Footwear, except rubber
Other leather products
Leather and products not allocable
Rubber products
51
Tires and inner tubes
52
Other rubber products, including rubberized
fabrics and clothing
53
Rubber products not allocable
For footnotes, see page 8*
Returns with net income ¿/
Returns with no net income
PT * ‘
I 1
¿Dividend's
” " ^Dividends
Income tax ¿/¿Excess: paid in cash Number of¿Gross
Deficit ¿/¿paid in cash
¿profits tax:and assets
returns
income b j
¿and assets
•
¿other than
¿other than
i
¿corporation’s
:corporation’s
i
¿own stock
¿own stock
520,501
ih ,5 9 9
2,585
122
13^
lbO
1,450
129
590
ib 2
2 ,125
5*992
5,237
755
1 918
1,566
311
Hi
1,837
9 i,8 3 S
10,850
2,305
680
1,557
956
1,283
78
2,516
156
1 038
281
3,237
727
box
175
1,89h
ho
326
5,187
970
i6g,ggU
3.391
283
18
lh
30
15h
31
36
37
363
1.975
1.7^2
233
682
577
96
9
51
34,034
4,352
938
¿-Sr ~
269
ho 7
h57
515
28
1*129
73
h3i
105
1,506
281
106
66
1*038
15
I
I
P
£ 7
l* s h i
371
80,068,303
1,576,821
490,569
30,583
220.956
58,h96
105,736
32,012
h2,786
65,947
253,467
6oh,h5o
517,989
86,h6o
158,875
102,660
54,773
i,h h 2
3,513
3 h ,H 7 i8 3 8
6,30h,802
780,oh7
329.556
h0b,h2S
1,991,772
72h.3Û9
I30,0h3
931,941
3h0,122
453?943
216,602
1,325,192
698,170
351,562
23,607
245.645
6,208
1,251,903
1 ,7 9 1 ^ 6 5
479,188
10,633
32,386
15,101
66*481
26*187
127*758
62,786
2h,hoa
812
39,557
202
i2 h ,3 io
79,582
1 22,922
527
357
119
177
121
175
81
59
5h2
h8
38
237.071
38,221
130,729
hl3 ,8 8 2
37,750
62,569
6,7hh
1,086
6,935
17.177
1.292
3,821
1,115
172
1,133
2,818
202
52h
5h5
621
h03
8,697
1,782
3,520
879
557
1,516
hh3
2,27h
326
8ho
1,070
38
557
57
172
2hh
ill
2,86h
574
1,255
231
153
515
136
860
129
359
360
12
283
39
132,951
I38,h56
1 2 0 ,7h9
1,262,131
h20,880
569,112
33,469
32*776
l h | i 563
56:331
755 i o n
133,56h
511î 322
105,000
5 ,i2 h
782,159
633,691
6,610
7.6h2
5,352
',3 0 ,2 6 5
13,589
9,918
h89
473
4.260
1,536
2 5 ,8h7
5,438
17A03
2,663
3h2
26,325
19,425
1,076
1,203
858
4,750
2,210
1,532
65
6h2
236
4 ,c s 7
889
2-728
4 ih
57
4,331
3,214
hso
20
237
7
i h 5 ,2 i i
3,256
6,789
111
1,100
16
,
,
1,347
r
6,525,979
199,621
95,712
2,036
h6,027
¡+,792
26,979
8,932
6,946
1,352
11*112
73,727
63,113
lQ ,b lh
17,213
8,644
8.510
59
505
2,h21,385
30h,167
51,877
32,937
25,163
18,486
ah,915
853,578
28,hh2
13,606
26h
5,941
575
4,377
1,506
9h3
193
i»6h7
10,211
8,hC8
1,803
2,708
l,3 2 h
•; 1,376
9
5,988
264
52
2
3
6
10
20
11
1
l4
131
67
64
61
58
2
(8)
6
2,360
344
53
4l
30
45
89
77
374,171
h 8 ,6 l2
8,632
5.470
h .ih s
2,547
h .iâ h
1,692
4,985
2,293
10,755
3*966
21,717
10*935
h*o6h
(8)
6,565
33
19,590
12,787
3,685
(8)
62
1
22
2
111
45
20
1
45
—
202
34
13,884
17,694
12,590
10,200
23,002
14.994
48,453
16,89h
58,770
25,036
12,258
197
21,233
46
07,900
h i , 63h
13,226
,
2,853,098
152,440
19,072
3,527
3,271
1,617
7.280
6ho
2,737
24,858
37,779
6 0 ,34o
57,054
3,286
8,338
6,498
1,688
152
2,052
831.871
76,315
4,5-88
3,272
23,253
16,043
7,235
171
4,722
i2 ,4 h o
3,397
1.293
18,262
10,456
4,393
s ii
2,326
276
1,584
101,589
27,223
357,786
20,315
1,136
1
15
248
738
10
124
28
1,773
16.975
16,811
165
308
247
61
y y
i f f
Iy w
I
94
88,966
9,055
155
77
1,996
917
388
1,800
196
3,419
89J
18
350
îs h
131
10
18
6
106
7,697
3,268
■'•yy
y
y »
‘fc,y
w
3,6oh
hh3
4,131
6,772
714
2,194
3hh
262
60
758
127
77
218*336
7^,638
56,417
182*96h
37,625
86,037
19,931
3,677
2,941
12,03h
•1,952
7,008
1,467
305
96
568
119
292
18
23
7
72
20
28
1
h
13
6
66
17
34
lh
2,568
4,659
3,322
1^,075
6,523
3.924
77
87
2,344
1,119
18,312
2,725
l 4 53h7
1,002
238
17,012
13,520
361
366
270
5,723
1,183
2,224
6hl
398
981
296
1,30+
185
1+55
700
2h
257
17
81,971
95.981
183*550
842,247
291,349
339,995
4h,o6s
36,564
87,027
43,245
371,135
124,379
165,834
75,783
5,139
75,899
15,784
6,596
6,96h
13,263
29,507
11*842
9,533
1,703
1,03h
3.76h
1,630
20,058
8,122
6,866
4,741
329
3,966
335
137
3,435
57
234
6
59,714
4oi
3,619
12
(8)
49
33
16
(8)
a, 559
301,148 39.927,538
7,551 1,162,560
i ,i o 4
143,hi5
69,098
67
52
22,061
80
16,91h
20,3hh
637
54
3.163
21h
11,836
lh o ,6 i5
98
1,524
463,727
3,336
345,918
2,945
313,237
32,681
391
64,931
1,059
868
57,876
168
6,116
23
939
430
3,955
54,033 17,010,574
5.987 3,545,129
1,262
167,047
390
86,969
1,039
356,388
46i 2,093,362
706
240,891
44
2*574
1,264
226,813
265,102
76
580
78,031
165
27,951
1,509
290,070
157,778
369
20s
74,530
103
8,872
h 2 ,3 0 i
21
6,629
37,815
199
3,207 1,424,971
582
407,453
17
19
3
79
1
(8)
65
4,780,202
1 9 4,5?0
89,508
774
39,515
7,424
25.775
7,631
8,389
1,464
8,623
79,201
76,4hi
2,760
15,514
4,380
11*116
18
2b0
1,574,252
215,683
36,415 ,
777
670
861
46o
53
22
1
286
38
764
156
307
115
186
277
277
5
Corporations, 1938* by major industrial groups and subgroups and by returns with net
ncorne and with no net income: number of returns, gross income, net income
or deficit* income tax, excess—profits tax and dividends paid in cash a .d assets other than corporation’s own stock - Continued
>
(Money figures in thou ands of dollars)
Re turns wi th
Industrial groups 1/
5^
55
56
57
i 5g
59
60
61
1?.
65
66
67
6g
69
7°
71
72
73
7^
75
76
77
78
79
go
81
! 82
! 83
I 84
¿5
*6
87
8S
£9
90
91
92
93
94
97
98
99
100
101
102
103
104
‘Total
»number of
*returns 2/
Manufacturing - Continued
Lumber and timber basic products
3,095
Logging and sawmills
fi#?'
Planing mills
96s
Lumber and timber basic products not allocable
SO
Furniture and finished lumber products
Furniture (wood and metal)
2,218
Partitions and fixtures
4-06
Wooden containers
652
Matches
22
Other, including cork products
1» Ä
Furniture and finished lumber products not allocable
99
Paper and allied products
2,256
Pulp, paper and paperboard
475
Pulp and paper converted products
1 .7S0
Paper and allied products not allocable
6l
Printing and publishing industries
H,950
Newspapers
2,379
Periodicals
702
Books
385
Commercial printing
2,274
Other printing and publishing
3,092
Printing and publishing industries not allocable
3,118
Chemicals and allied products
7,150
Paints* varnishes and colors
977
Soap and glycerin
209
Drugs, toilet preparations, etc.
2,329
Rayon (raw material) and allied products
6
Fertilizers
37*+
Animal and vegetable oils, except lubricants and
cooking oils
300
Plastic materials
200
Industrial chemicals
647
Other chemicals and allied products
1,4-37
Chemicals and allied products not allocable
671
Petroleum and coal products
765
Petroleum refining
579
Other petroleum and coal products
177
Petroleum and coal products not allocable
9
Stone, clay, and glass products
3,742
Cut-stone products
64-1
Structural clay products
955
Pottery and porcelain products
244
Glass and glass products
501
Cement
149
Concrete and gypsum products* wallboard
892
Abrasives and asbestos products
276
Stone, clay and glass products hot allocable
84
Iron, steel and products
6 ,Si6
Blast furnaces and rolling mills
333
Fabricated structural steel and ornamental metal w ork 919
Tin cans and other tinware
97
Hand tools and general hardware
983
Heating apparatus, except electric and plumbers’
supplies
1,237
Other iron, steel and products (not classified below)3,06S
Iron, ste$l and products not allocable
129
Nonferrous metals and their products
2.673
423
Nonferrous metal basic products
Clocks and watches
88
Jewelry, except costume jewelry
553
Other manufactures of nonferrous metals and
their alloys
1.569
4o
Nonferrous metals and products not allocable
l’or footnotes, see page 8
Number
of
returns
Gross
» Net
income 4/ 1 income ¿/
3/
tet income
Excess-» Dividends
profits ? paid in cash
tax
5 and assets
other than
« corporation’s
• own stock
Income
tax ¿/
Number
of
returns
„Returns with no net income
Dividends
Gross
paid in cash
income 4/
Deficit ¿/
and assets
other than
corporation’s
own stock
1
1,029
385,220
649
263/975
360
20
1,650
793
108
247
13
457
32
1,107
226
849
32
4,234
1,093
236
153
777
1,127
848
2*799
429
75
812
4
202
I39
76
348
495
219
315
227
86
2
1,393
3r59
# 2
100
167
S3
386
108
28
2*579
136
3^0
4i
352
427
1,222
4i
908
173
36
190
497
12
112,782
8,463
647,4n
335,594
21,645
84,336
39,094
157,688
8,155
1,115,593
491,784
502,499
121,310
1,542,128
617,854
190,604
111,067
194,776
285,204
142,623
3,230,179
347,215
443,713
522,514
29,762
140,242
352,079
41,533
944,o4§
199,096
209,975
2 ,459.321
2,299,64s
155,799
3,875
937,385
18,194
97,352
51,284
355,661
145,229
132,344
130 ,26s
7,054
2 ,027*612
446,4s4
174*430
303,398
172 ,4i4
302,942
612,593
15,382
917,933
43 7,609
53,302
48,818
371,147
6,977
19,951
15 ,22s
4 ,45s
263
33,050
17,003
907
3,926
3,066
7,853
295
68,858
33,722
29,478
5,658
125,114
62,735
12,131
8, Sl6
10,098
17,735
13,598
339,112
13,169
4 s ,945
83,021
3.823
7,146
11 ,i4o
1 ,905
140*194
16,177
13,532
i46,4o6
135,7 o 9
10,386
251
88,915
775
6,593
3,549
3,003
2,276
687
4o
5,109
2 ,7Uo
I32
6OO
424
5,265
4,731
921
137,138
26, o 4o
7,632
27 i755
13 *264
19,122
42,176
M 4 É
67 -90S
27,4l 8
4.2S9
654
23,648
13 ,664
1,410
6
17
p
u
18
l4
64
13
212
7
77
64
274
20,224
2,451
2,i 49
9
10
19
36
3
9
175
21
4l
(8)
22
11
78
1
4o
8
6,828
189
10,520
27,536
4,426
4.436
2,361
380
22
33,123
46i
4,810
113
11
•7
Ì
i
8)
-
293
385
7
825
63
1,089
231
831
27
7,311+
1,221
436
220
4,009
1,476
1,892
2,069
4,002
501
124
i,4oi
lit
221,037
11 ,1+31+
22,755
53,396
8,297
920
26
1,367
8,64i
5,762
10
1
5
3.160
9,1+61+
5,903
1,970 .
117
22,512
43.255
4,491
-
1*659
2,004
39
3,820
77,033
5
24
8
29
25
4
1,3**.
4i
i4,no
li4
22,966
16,711
-
16
15,003
13.617
4,339
1,274
4*646
2,077
32,362
288,483
71,197
8,783
383,823
183,182
25,993
56,1+71+
4,934
103,730
9,510
129
1,601
3,^7
362,1+63
1,273
580
55
2,940
36
18,570
9,337
1,746
1.394
1,458
2.767
1,868
51,827
1,827
8,506
13,082
654
l,0o0
20,559
11*476
13,611
256
1 ,90s
12,1+57
2,017
55
19,716
8,370
358
1,985
3,998
4.946
59
43 ,4.97
6l
38
2
8
1
12
1
49
7
52
10,917
32,096
14,529
l6
9
(8)
1,160
1*007
576
5.263
26
99,387
9,620
8,767
155,880
149,747
6,052
81
53,1+36
33l+
3,125
1*700
19*039
15,67S
6 ,1+55
7,023
S3
S6*772
17,228
3*915
19*990
8,507
11,083
25.1153
408,743
211,518
181,514
15,7U
653,068
209,816
64,6i4
33,217
93,935
11+1,372
110,115
1,281
413
859
9
3,099
1,815
i4o
337
218
322
3,475
617
535
4,842
43,039
2,172
896
9
552
74,522
l4,i46
88,866
66,281
38,499
2 ,633,970
3,905
1,100
6,569
4,315
2,919
88,121
2,582,480
86,349
52
284,139
1,764
8
23,839
3,080
56,432
554
26,600
65,199
135
318
35,025
50,700
62
35,650
470
33,225
162
31,739
6,001
50
3*990 2 ,262,649
81
1,530
267
2,855
149
71+5
1,769
6,861
84
438
30,727
30,146
217
54 o
53
5S5
738
24,933
15,390
8,825
7I 7
42,731
l6,506
6,717
1,957
3,559
7,131
2,301
250
479,159
64,302
10,391
48,968
161
US
261
3§fl
392
398
3 OS
|S4
6
s.aps
457
3,661
151
4,025
2,567
2,400
121
45
1,33>+,770
86,209
31,539
87,673
234,070
462,618
25,770
333,853
92,932
557
4i,i6i
19,929
1,880
909
1,687
222
50
351
15,554
26,339
18,294
149
1,037
27
122,038
76,990
137
303
87
661
305
183
29,847
29,692
155
2,292
is
7,136
218
1,930
3,524
2,646
1,301
2,741
2,180
602
272
156
209
70
39
125,708
59,698
4,364
2,748
6,545
13,742
14,551
4,828
1,970
84
8 98
22
391
36,221
1,582
17.074
4 ,76s
1,571
1,429
5 ,63s
3,667
5,320
396
124
1,018
65
4io
10
6
Corporations, 1938, "by major industrial groups and subgroups and by return with net income and with no net income:
number of returns, gross income, net income
or deficit, income tax, excess-profits tax and a ividends pi id in cash and assets other than corporation’s own stock - Continued
(Mon ey figures in thousands of dollars)
1 Total
Industrial groups
1/
• number of ;Number of
: returns 2/ : returns
Manufacturing - Continued
Electrical machinery and equipment
Electrical equipment for public utility,
105
manufacturing, mining, transportation (ex
cept automotive) and construction use
Automotive
electrical equipment
106
Radio
apparatus
and phonographs
107
Household
electrical
appliances
108
Other
electrical
machinery
109
Electrical machinery and equipment not allocable
no
Machinery * except transportation equipment
and electrical
Special industry machinery
111
General industry machinery
112
Metal-working machinery including machine tools
113
Engines and turbines
114
Construction and mining machinery
115
116
Agricultural machinery
Office and store machines
117
Other machinery, except transportation equip
ment and electrical
119
Machinery, except transportation equipment
and electrical not allocable
Automobiles and equipment, except electrical
120
Automobiles and trucks, bodies and
industrial trailers
121
Trailers for passenger cars
122
Automobile accessories and parts, other
than electrical
123
124
125
126
127
128
I29
130
131
132
I33
135
136
137
130
139
140
141
1*4-2
143
144
+45
1*4-6
3*7
148
i
1»790
5314102
2914-
8.
715
l,319»2h9
96,766
15,308
I26
67,860
2*41
36
467,498
55,721
*46, *460
33.31+6
169.280
64
97.572
329,631
199.5*42
9,486
l6,808
9,048
7,H9
1,033
1,381
1,599
32
111
6,633
8,332
37.^99
306
158,967
3,706
591,897
5,583
6,028
81
6l
*+7
2
36
44
844
122,088
191,498
38,310
21,197
2, *475,297
310,253
234,026
519
822
*480,9*43
285
206,598
38,092
24,251
4,367
27,813
4,107
672
4,550
6
507
I+26
3I4.O
25h
176
318,811
560,121
i4o
49,218
279. *496
31,280
7,72b
5,282
24l
67
12*4,997
14,206
2,011
225
73
36*+
115.281
2 »012,86*4
9,177
206,129
31,002
23
hi
111
7
1,730,10*4
2,*451
189,537
46
28,259
10
603
244
279,9*+0
16,486
2,727
2
252
36s
376,339
50**4*40
17s .513
50
45
i4o
s
8
128,207
l b ,S 2o
2,030
4
109
34
(0 )
1
1.5 38
4
11
60
i,io
6,588
562
4,423
1,425
I6 2
17
l4
33
6
10
16
—
1
1
8,010
66,335
10,987
25.6 31
^ .139
1,200,243
3*+i.57S
166,452
5,*+02
7,866,0*41
3 .320,51*4
53.076
392
312
315
2
1 ,610,*406
160,266
120,820
17.758
11
332
110,199
108*758
546
,*43*4,11*4
9,266
2*4-3
I30
709
32,535
180,501
I53
19*4,619
35 ,*499
331.821
898
393,0*47
1,932
81
223
8,043
1,16 7
17.0S3
2,804
255
-li 185
*4p4
7.652
16,101
2 ,70y
102,467
39,507
23,ò45
,1.365
3cö,512
518
206,316
23
18
16,5*47
1, *499,821
1,376,761
1*4,239
351,447
1,502
272
108.821
15,563
1.53*4
1,2*414.
3*+
2*4o6
456
17,031
5,9 02
3,Sb3
21/
38 i 384
35.547
234
2, 6o4
—
12,729
2,792
15.2 31*
33,993
i 4s
3*+
10
37
15
2
62
70
3
2
82
l4
4
19
9
1
10
—~
383
70
232
224
I60
63
'40,177
8,707
*4,036
1,178
12,026
3,182
2,624
23
2,7*+6
I77
161
43.225
1,610
55I
2,330
95,595
1,039,150
2,730
60,900
86,790
22
253
910,610
8,784
45.125
5*4
2,855
61O
187
51 M 93
3,509
4o i
l,75*+
50
320
123,626
8,704
526
4
1,405
301
22,655
33
18,325
522
258,746
2,204
10,432
122
92
4,76 1
262
151,804
15,448
82,878
885
42
10
2
1 ,1 1 8
308
*4*40
15,125
139
69
3,696
48,127
16,108
5,364
*41
1,706
5 , 049
625
66,219
178
—-
158
10
1.475
21,029
.
12,189
1,202
78,177
686,25*4
27.^54
25 .2^7
(8)
5
323
76*4,*430
6, o48
—
7*4,3*45
1
1*9.56
537
i*hi9
71*+
3
337
52
2,371
39. IS1*
3, *493
25,757
8,717
2.933
1 .7^2
3,913
9,913
7,880
1,14-02
2,3714682
118
3gij.
58,487
2,676
1,499
6»315
1*036
1,050
5 ,03s
5,636
28
78,796
15.967
38
18
27
4
82
35
258,370
11,703
49,477
37,926
93,279
7.499
235
36,220
991
27I
62
I6O
IO 9
185
593
Automobiles and equipment, except electrical
not allocable
g
Transportation equipment, except automobiles
8*4-8
Railroad and railway equipment
ijg
Aircraft and parts
pyh
Ship and boat building
I4.31
Motorcycles and bicycles
18
Other transportation equipment, except automobile
38
Transportation equipment, except automobiles,
not allocable
q
Other manufacturing
5»357
Natural and manufactured ice
1,193
Manufacturing n.e.c,
*4-,1614Manufacturing not allocable
2,206
Public utilities
23,961
Transportation
15,513
Railroads, switching, terminal, sleeping
and dining car companies
938
Railway express companies
12
Street, suburban and interurban railways
and city and suburban bus lines
l,lhh
Interstate and interurban busses
576
Taxicab companies
8914Interstate and interurban trucking
1,727
Local trucking and warehousing
5*963
Air transportation and allied services
577
Pixie lines
2814Water transportation
2,060
Other transportation and allied services
1^227
Transportation not allocable
311
Communication
3r906
Telephone and radio telephone
3,2114Telegraph and radio telegraph
82
Radio broadcasting and services
605
Communication not allocable
3
Por footnotes, see page
Gross
Net income
income 4/
R eturn s with net incqme_J$/_____________ J__________ Returns w ith no net income 3 /
.Dividends
:
Dividends
.paid in cash .Number of . Gross
.Income tax
Excess¡Deficit j/ paid in cash
; returns . income 4/
profits tax .and assets
and assets
.other than
;
other than
.corporation's ;
corporation* s
own stock
.own stock
¿9
7
5. 9^9
2,441
12, 4l 4
1,319
7,387
1,051
1
26*4
1Ì9
*4
2 ,47s
232
187
28
42,982
6,590
3,215
20,584
4,470
36.392
629
27^.933
59.7^9
2,586
1,207
215,184
187 ,34s
12,695 4 ,2 7 5 .6 2 s
8,927 3 .6 1 5 ,3 4 0
11,166
1,071
530,392
464,187
33,8*42
2 ,485,199
626
7
3 ^ 1 .1 3 7
8,938
14,076
1,083,642
247,506
88,241
II9
4,593
9,181
619
1,971
7,825
1,232
90,690
22,916
19,180
739
359,022
348,525
275
9,819
—
505
726
300
485
499.320
28,220
34,859
947
93, *+19
3,702
135.563
396
n 4
989
620
136
2,095
30 ,is6
50,897
207,135
39 03*+
9,581
l 6, n
4
5
71,326
9,169
4,l6i
2,597
25,130
54
123,928
254
14,677
1,6 54
511
15
1* 7*3
4
13,520
*4
2,531
*4
1,030
3 >999
2,281
820
15,288
i,975
11,644
154,767
15,651
1,170
6*42
528
1
17
3*+7
1
3*46
1,270
*+3
20
70
61
1
8
7
Corporations, 1938, by major industrial groups and subgroups and by returns with net income and with no net income:
number of returns, gross income, net income
or deficit, income tax, excess-profits tax and dividends paid in cash and assets other than corporation’s own stock - Continued
(Money figures in thousands of dollars)
Industrial groups l/
Returns with net income
i
Total
ï Humber i
number of i of
i Gross
i Net
:Income
returns 2/ î returns i income 4/ : income
:tax 5./
«
%
:
188
189
For footnotes, see page 8.
777
1,811
467
20b14+3.231*
38,153
88,985
6,4i6
363
280
5,393
i.,66U
5,855
11,^37
5,818'
7,936
10,880
9,673
1,17S
29
2,331
3,3tfg
8,356
15,739
3.1
m
16,096
'
4 5 ,289
2 ,33c*
2,985 *706
732
2,431,764
36l
973
193
71
50 ,6i4
15,704
28,482
2,735
443,206
76 ,6o4
22,3^5
11,988,825
3 .4+93,993
154
894,160
82
103,380
> , 4+34+
2,4+33,4+73
5U 7
37,197
1,669
387,444
3,300
961,723
487,294
1,915
i,i+5U
314,824
2,958
2,516
436
815
1,230
172,658
109,679
591,960
795,626
211,61s
3,676
5,292
1,221
6,428
12,286
5.188
513
>+,125
31
7,447
1,566
109
1,038
l,2>+3
7b-
11
2,357
793
1,537
27
5,069
1,029
10,353
526
4,003
5.706
118
7,317
220
901,306
91,223
1,188
5,967
2,103
5,270
993,797
6
1'4,8S3
5,026
11,786
27 ,051,631
12 ,531,072
3,230
i46
1,956
1,109
19
l , 655
48
2 , 531 , 734
2,059,530
509,312
l$5p*0
241,645
8,915
62,250
562
492,104
274,905
210,746
6,453
75,891
797,709
262,656
428,038
105,073
l,ÿn
182,593
1
74,991
63,4491
36
53,100
8,262
144,751
2,3H
787
i4i
2
12
4*992
919
741,483
263,049
381,536
lb-1,155
61 ,44i
3,0344
39,28b
586
10,783
26,527
17,533
113,4459
37,886
60,258
22,586
131
2,466
80,7344
24,230
42,829
13,337
338
1,921
156,882
18,593
1,834
1,237
344
70
5 1 ,80b
10 ,574+
499
6lb
218
50
5 ,661,327
1,223,989
213,017
53
lob
22
49
6l0
277
8,056
62
1
3
43
6
35
35
744
1,619
4,l64
2,780
1,675
1 ,274+
11,833
10,999
421
3,309
55
36,487
13,770
1,155
464
43s
6,344
12,232
160,263
26,617
1
491
1,706
9,618
2, o04
10
7,32b
2,938
19 ,1%
22,922
5,302
9 6 , 899
9
23,285
9,743
11,321
13,713
246
19,301
120,625
63,521
21,1493
6l
490¿154
4+16,392
}—s
1S2
H. 5U 2
1,283
•
—
1
Public utilities - Continued
Other public utilities
Electric light and power
Gas production and distribution, except natural
gas production
Water
Public utilities n.e.c.
Other public utilities not allocable
Trade
W i d e sale
Retail
Department, general merchandise, dry goods
Limited-price variety stores
Mail-order houses
Pood stores
Package liquor stores
Drug stores
Apparel
Purniture and house furnishings
Eating and drinking places
Dealers in automobiles, accessories, tires,
batteries
Motor-vehicle dealers
Accessoriesi tires and batteries
Dealers in automobiles, etc. not allocable
Filling stations
Hardware
Lumber and coal yards
Other retail trade1
Retail trade not allocable
Trade not allocable
Service
Personal service
Hotels and other lodging places
Laundries , cleaning and dyeing
Photographic studios
Other personal service
Personal service not allocable
Business service
Advertising
Other business service
Business service not allocable
Automobile repair services
Amusement
Motion-picture production
Motion-picutre theaters
Other amusement
Amusement not allocable
Other, including schools
Service not allocable
Finance, insurance, real estate and lessors of
real property
Banks and trust companies
Mortgage and title companies
Investment trust and investment companies
Management type
Fixed type
Installment investment plans and guaranteed
face-acaount certificates
Oil royalty companies
Investment trusts and investment companies
not allocable
:
:
i
Excess- : Dividends
profits ; paid in cash
tax
î and assets
other than
corporation’s
own stock
1
453
8
18
333
11,614
2,188
58
2,050
36
132,757
12,146
419
1,302,460
1 ,256,54+7
4+3,730
2,183
89,126
78,46 i
4+27,719
581,468
3,44442
60,535
82,1+57
10,319
4,026
4,659
170
1,420
443
44
10
34
(8)
9
88
6
43
39
(8)
70
■1
998
216
7
22,463
7.830
144,583
50
805
42,484
15,762
21,242
5 ,443s
4i
6,283
io4
1 ,3744,0914
175,6s 4
1,653
63,065
71,576
42,S4l
17,286
2,036
1,056
21
10
592
1
39,253
15,014
18,442
666
1,830
117
3
94+5
16,504
9 ,34+7
231
506,644
4 i ,247
192,755
7,577
6,846
(8)
2,929
6 ,43s
3,766
17,076
6,875
5,928
947
44,2744
1,173
8,983
15,648
28
1
15
5,688
2,161
3,509
88,578
21,328
58,210
3,532
199
178
23
16
253
273
61
16
62
69
355,982
24
1,649
234
181,779
15,940
19,930
4,694
n , 99^,555
5 ,249,978
5 ,276,754+
631,781+
7,321
6,232
3,359
765
1,695
28,422
86
5 ,63s
634
5,821
70
3,867
378
505,521
283,178
23
2,679
15,316
23,588
53,200
15,208
3,362
606
425,624
139,959
225,130
75,529
147,869
2,162
358
21
21
11
58
Hq 7
1,673
11,9447
7,262
(s)
im i
1+77,1144
404,738
i,P 70
4,044
7,920
3 (789
6
4oo
Returns with no net income 3 /
Number
5 Dividends
of
i Gross
î
: paid in cash
returns : income 4/
Deficit 3/ • and assets
: other than
: corporation's
:
J own stock
32
2
194
238
4
7,659
709
22
1,444
2 *¡072
4+.520
9 »993
1 ,374+
9,o 4o
28,687
10,280
3,530
3.4408
38b
2,937
19
14,390
1,163
3,192
630,507
262,091
152,112
1 ,467,823
1,4+98,059
688,218
389,468
216,653
14,328
67,288
482
188,069
102,280
84,164
35
3*852
5*935
311
1*913
3^663
48
4,082
l4s
1,625
131,112
50,917
21 ,1+37
20,251
15 .4+69
13,933
4,420
3,165
12,058
324
325,820
117,805
169,068
20,203
320
196
136
30
14 ,52s
7,118
5,991
1,232
1
3
1,008
8,159
1,109
>+,957
25,H5
lit,675
13,107
150
1
88
812
434
69
29,464
859
849
10
1
27,525
1,852
86
1,927
19
568
909
665
3,603
15,606
23,804
6,011
1S1
1 ,4+19
38,948
110,427
' 51,590
38,924
8,159
2,442
9544
619
20s
32
791
3,676
40
11,849
5,195
6,579
75
5,962
97
(8)
363
279
f
Otm
j
-
34+2,982
107,401
135,946
99,io6
529
l44,l06
3,573
28,828
6,738
8,598
13,379
114
11*873
325
25
801
50
192
544
15
28b
12
88,631
5,766
2,948,207
815,786
193,444
1,028
(if512
113
19
37,122
14,581
9,264+
1,995
31
90
1,325
259
i
399,2447
93,350
3 1 ,74+2
7,065
2 7,4 o 4
330
3,157
564
688
124
11
810
-
615
322
5
1,382
2,213
548
Corporations
fjö-, ry cra.^oj ■ incus
or deficit- income
Industrial groups 1J
V W V
,c s l --profits tax and dj."'Idonea
1 (Nhnet .T% ¿Tu?
Total
number of
returns 2/
Xinance, insurance, real estate and lessors of
real property - Continued
Holding companies 6/
Railroad securities
Other public utility securities
Industrial securities
Bank securities
Other specified securities
Securities not specified
Other corporations holding securities jJ
Security and commodity-exchange brokers and dealers
Commercial credit and finance companies
Industrial and personal loan companies
Other finance companies
10'J
Insurance, carriers, agents, etc.
Life insurance companies
Insurance companies, except life
Agents, brokers, etc.
Real Estate, including lessors of buildings
ipQ
Dealers and development companies, lessors of
buildings, lessee and owner operators of
buildings
Agents, brokers, etc.
Real estate, including lessors of buildings
not allocable
Lessors of real property, except buildings
Agricultural, forest, etc.
Mining, oil, etc.
Railroad properties
Public-utility properties
Other real property, except buildings
Lessors of real property, except buildings not
allocable
m
Finance, insurance, r e a l e s ta te and le s s o r s of
real property not a llo c a b le
Construction
General contractors
Special trade co n tracto rs
Construction not a llo c a b le
Agriculture, fo r e s tr y and fis h e r y
Fo restry
Fi shery
Agriculture and se r v ic e s
A griculture, fo r e s tr y and fis h e r y not a llo c a b le
~
JPh Nature of business not a llo c a b le (except tirade)
1,218
18
210
lh l
3*+
Number of
returns
797
ll
11+5
98
26
271
2h6
2,376
2,597
755
1 , 1+80
2 ,9 8 1
2,6 22
99,211
I .5 7 2
531
3 .3 19
I3 1
660
2,528
25,602
92,706
23,^63
2,903
8 ,10 3
722
1,331
6,050
6,218
287
y u
Returns with net income
329
hs6
5*357
v» x
2,098
hi
Gross
income
822 , 36U
12 ,5 0 2
353*365
91,352
7*907
18 0 ,3 12
176 ,9 26
367,237
76,136
206,227
110,1+00
*+7,910
1,69*+, 569
28,302
1 *527 . 33*+
¿¿^
u
¿ u u v m
u
»
582 , 21+7
9,575
21+1,500
60,1+63
6 ,1 1 8
ll+l,00l+
12 3 ,5 8 7
263,767
12,21+5
67,869
30,753
15,253
75 h ,Sib
698,01+9
56,250
1 1 9 ,6 1 9
*+,989
130
26,323
193
7,772
2.995
102
3I+I+
lbS
6,1+21
8,623
15,058
1,1+16
10 ,0 36
1+, 689
2,1+63
26*357
1+93
23,1+10
38
(8)
12
3
hi
ih
22
15
29
57
-
2,953
17 ,2 6 0
1
56
312
16 ,59 h
651
286
25
15
i
5 17
i6 h ,io h
2,1+90
56,396
68,876
33 , 3*+i
852
2 1 , 3*+7
1+2,327
325
13,758
75
12 * 6 12
ill
3*207
6,992
2 ,16 2
10
79,388
39
1
32
jp
92
29
2,67h
1*029
129
5 , 55*+
17 .6 2 2
s,7 h 2
s ,6 s 6
19*+
1,591
5,057
53.61+9
13,322
1.255 ,*+09
2,698
93*+, 901
2,330
310,933
9,576
29
363,726
2.6 32
8 ,16 0
80
1 1 ,5 6 8
78
2 . *+71
3*+3 , 9i 9
80
3
I 1 5 . 981
798
62,682
1+9,902
ll,8 l+ 3
936
30,968
8l+7
925
2 9 .17 9
i,h h i
9 , 77h
385
i , 75h
16 2
h ,15 s
11h
ih 3
5,20 2
778
9,792
52h
336
8,917
15
17 ,2 8 h
w
j
a. 4
Return s with no net income j /
1,873
126
-4- w
3/
h ,893
910
3 ,2 9 s
292
269
230
1,3 12
162
u u iu u u i
“Bividenis
Number of¡Gross
Deficit ¿/¡Dividends
Net income ¿/ JIncome tax ¿ / Excesspaid in cash
¡paid in cash
returns :income h/
profits tax
and assets
¡and assets
other than
¡other than
corporation* s
:corporation* s
own stock
¡own stock
226,91+0
3 , 56 b
202,027
21 , 31+8
1 2 h ,738
138,933
¿a w
tia in cash and assets other than c o rp o ra tio n 's own stock - Continued
3n thovsni)-of dollars
18
7,858
3,899
2
500,229
1 1 ,5 6 0
200,691
62,06h
5 , 0 h9
1 3 1 ,6 6 3
89,-203
283, sho
9 , 21+3
50,1+12
18 ,6 7 9
ih ,6 7 2
10 3 ,3 11
3 ioh 3
85 , 3lh
i h ,953
7 0 ,130
67,700
2,379
51
51
70,901
*+5
23,002
1
553
355
3 1.^ 3 9
2 9 ,9 11
59
18 ,0 50
2 ,7 2 1
830
ih ,h S 3
6,992
100
*+,198
1,10 7
32 , 81+9
6
1+2
8
3.302
3,029
3,007
51
189
2,278
l,h s 6
1,2 7 6
8h9
2 9 ,h l2
70,869
2h ,213
10,978
lh *273
1,331
h,2b7 1 ,1 9 6 , 1 7 7
508
91+8,990
537 200,56h
3.2 2 2
1+6,623
6 h ,3 ii 1 »01+3,957
6o,h63 1,0 0 0 ,6 5 6
3 , 78h
*+2,715
6h
2 , 3*+5
575
1,539
586
35 , *+*+8
3,602
12,373
—f
6/
jj
8/
20,288
195
lh i
8,23h
3 , 58*+
h ,222 *
2,h3b
15,193
2b h ,512
17 2 ,1 5 0
88,933
3 , *+29
30
925
-
999
1+71+
232
139 ,0 26
137,552
I ,h i7
56
267,78h
8,387
262,029
5 ,5 5 2
8 ,2 0 1
ish
203
1
1 ,*+73
1+5
1,039
37
25,958
*+,205
1 1 ,3 0 5
65
75
lh
12 ,8 2 h
5 , 5*+S
525
1 1 ,8 8 7
6,89h
2,59*+
hi
3
1,0 6 h
51
577
336
20
12 ,2 7 h
2 3 ,6 1 1
2,827
1 1 ,2Sh
5 ,16 3
6,039
1+0,1+91
708,069
*+38,761
266,1+57
37 , 53*+
23 , 9*+6
1,0 9 9
173
30
882
52
1
1
-
301
82
2
lh2
1
12
I30
19
3^,913
18,558
.h,hbh
I06
18 ,8 0 5
539
203
18 ,0 5 5
8
3 ,i h 9
91
82
6,361
375
220
2,351
239 , S*+5
10,787
20 ,76 1
5,756
208,128
3,328
170
9 0 ,oho
10
according to the b usin ess a c t i v i t y which accounted fo r the g re a te s t percentage of "T otal r e c e ip t s " .
2/
1/
3,031
1,2 9 0
-
20,1+76
13 ,h lh
3*+, 130
2,990
1,127
29,996
18
ih ,696
210
l*+2
-
1,323
853
216
1
830
2,268
The in d u s tr ia l groups,
A comparison of the 1938 major industrial groups in this table with those for 1937» which was published on pages 13 - 18 of the "Preliminary Report, Statistics of Income for
1938, Corporation Income and Excess-profits Tax Returns", will be published in "Statistics of Income for 1938, Part 2". A comparison of the 1938 industrial subgroups in this
table with those for 1937 will be published in "Statistics of Income for 1933» Part 2".
Includes number of returns of inactive corporations.
"Net income" or "Deficit" is the amount reported for excess-profits tax computation (item 28
on page 1, Forms 1120and 1120A), which is equal to the difference between "Total income"
and "Total deductions" (items lh 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 net income for excess-profits tax computation.
"Gross income" corresponds to "Total income" (item lh on page 1 , Forms 1120 and 112Q A ) , 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 ) .
Includes $*+1 ,569,*+98 normal tax and $7»778»56l surtax on undistributed profits reported on returns for a fiscal year ended in period July through November, 1933 (and on returns for
a part year which began in 1937 ancL ended in 1933, the greater part of the accounting period falling in 1938.)
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 such stock was 50 percent
or more of the amount of dividends received.
consists of corporations (other than investment trusts and investment companies) who (a) at no time during the taxable year owned 50 percent or more cf the voting stock of another
corporation or (b) at any time during the taxable year owned 50 percent or more of the voting stock of another corporation but whose income from such stock was less than
50 percent of the amount of dividends received.
Less than $500.
NOTE:-
N.e.o., not elsewhere classified.
** 2 **
applied for, unless the tenders are accompanied by an express guaranty of pay
ment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on ISarch 3
1941* all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter* probably on the following
morning. The Secretary of the Treasury expressly reserves the right to reject
any or all tenders o r parts of tenders* and to allot less than the amount applied
for* and his action in any such respect shall be final.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
Payment at the price
offered for Treasury bills allotted must be made at the Federal Reserve Bank« in
cash or other immediately available funds on larch 5, 1941.
The income derived from Treasury bills, whether interest or gain fro®
the sale or other disposition of the bills* shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment, as such, under Federal tax Acts now or hereafter
enacted. The bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or
any of the possessions of the United States, or by any local taxing authority,
For purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Treasury Department Circular No. 41S, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or branch thereof.
Sl
FOR RELEASE, MORNING- PAPERS',
TREASURY DEPARTMENT
Friday, February 28, 1941.
w
« ^ iH ^ g M l^ ^
b c K XX X X X X X X X X X X X X X X
Jx
The Secretary of the Treasury gives notice that "tenders are
invited for Treasury hills to the amount of $>200,000,000 , or thereabouts^-'
x£s}c
They will he 91 -day hills; and will he sold on a discount basis to the
highest bidders.
Tenders will he received at the Federal Reserve Banks,
or the branches thereof, up to two o’clock p. m., Eastern Standard time,
on Monday. March 3. 1 9 U
Tenders will not he received at the
Treasury Department, Washington.
The Treasury hills will he dated
mature on June 4, 1941
March 5» 1941--- > and wil1
and on the maturity date the face amount
will he payable without interest.
They will be issued in hearer form
$5,000,
only, and in amounts or denominations of $l,000j/it>10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and;
forwarded, in the special envelopes which will he supplied hy the Federal
Reserve Banks or branches upon application therefor,
No tender for an amount less than il,000 wil-T-ber-cuusidered*.
Each tender~inust he in multiples of $1,000.
The price offered must
expressed on the basis of 100, with not more than three•decimal planes,
e. g., 99,125,
Fractions must' hot be used«
Tenders will be anceptecLwithout'eash deposit from incorpor
ated hanks and trust- -companies and from responsible and recognized
dealers in investment securities.
Tenders from others must he accom-
panied hy a deposit of 10 per cent of the face amount of.‘Treasury J H
l
FOR RELEASE, MORNING PAPERS,
Fri dqy , February 28, 1941»
TREASURY DEPARTMENT
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $200,000,000,
abouts*
They will be 91-day bills $ and will be soli
basis to the highest bidders.
or there
on a discount
Tenders will be received at the
Federal Reserve Banks, or the branches thereof, up to two o !clock p.m*,
Eastern Standard time, on Monday, March 5, 1941#
Tenders will not
be received at the Treasury Department, Washington.
The Treasury bills will be dated March 5, 1941, and will
mature on June 4, 1941, and on the maturity date the face amount will
be payable without interest*
They will be issued in bearer form onlj
and in amounts or denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by the
Federal Reserve Banks or branches upon application therefor*
No tender for an "amount less than $1,000 will be considered*
E a cht ender must be in multiples of $1,000*
The price offered must
be expressed on the basis of 100, with not more than three decimal
places, e* g., 99.125#
Fractions must not be used*
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities#
Tenders from others must be ac-com-
panied by a deposit of 10 per cent of the face amPunt of Treaoury
25-71
%
2
"bills applied for, "unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company*
Immediately after the closing hour for receipt of tenders on
March 3, 1941, all tenders received at the Federal Reserve Banks or
bramches thereof up to the closing hour will be opened and public
announcement of the acceptable prices will follow as soon as possible
thereafter, probably on the following morning*
The Secretary of thp
Treasury expressly reserves the right to reject any or all tenders
or parts of tenders, and to allot less than the amount applied for,
and his action in any such respect shall be final*
Those submitting
tenders will be advised of the acceptance or rejection thereof*
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately
.available funds on March 5, 1941.
The Income derived from Treasury bills., whether interest or
gain from the sale or other disposition of the bills, shall not have
any exemption, as such, and loss from the sale or other dispostion
of Treasury bills shall not have any special treatment, as such,
under Federal tax Acts n e w or hereafter enacted.
The bills shall be
subject to estate, inheritance, gift, or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now.or here»
after imposed on the principal or interest thereof by any State, or
any of the possessions of the United States, or by any local taxing
authority*
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States shall be
considered te be interest*
Treasury Department Circular No* 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or branch thereof*
TREASURY DEPARTMENT
W a s h in g to n
F o r R e le a s e , -M feirrlhg N e w s p a p e rs ,
2/ 2 8 / 4 1
» P re ss , S e r v ic e
completion of the movement^of^$9,055,884,651*77 in
gold from the New York Assay Office to t h e
nt,"UllWT‘^pository ^
tary Morgenthau.
was announced today
fwf^
The total value
is $14,579,591,387.22.
of gold now stored
<z
*
tty-Zj
of 337
of 672,827 "bars
258,739,561.484 fine Troy ounces.The Bureau of the Mint was
assisted in its direction of this transfer of gold “by thirtyfour enlisted men and two officers of the United States Army,
who accompanied each shipment#
^mii.«mw-'
The gold 4 H H P & 1?ras in the form of standard mint bari
In form these bars are similar to an ordinary
building brick, but liMWglir smaller in size.
The approximate
dimensions of ea.ch bar are 6-3/4 X 3-1/2 X 1-3/4 inches^rtl each
bar contains approximately 400 fine Troy ounces is^Ri’of gold, worth
$14,000.
The avoirdupois weight of a bar is about 27-1/2 pounds.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Press Service
Saturday. March 1 # 19^1*________ _
2/22)/41
No*
Completion of the movement by registered mail o f $9>°55/
651*77
~
in gold" from the New York Assay Office to the United States
Depository at Fort Knox, Kentucky-, was -announced today by
Secretary Morgenthau*
depository is $lh,
The total value of gold now stored at the
579;591 ?3^7* 22.
The recent large movement was began ufeit July,.when the first
of
of
trains consisting of 337 cars left New York,
672,^27
bars weighing
the consignment*
25$, 739; 5
^ 1 * £ij|
An aggregate
Troy ounces was in
The Bureau of the Mint was assisted in its
direction of this transfer of gold by thirty* four enlisted men
and two officers of the United States Army, who' accompanied each
shipment,
The gold was in the form of standard mint bars.
In form
these bars are similar to an ordinary building brick, buu smaller
in size*
X
1- 3/ h
The approximate dimensions of each bar are 6— 3/^ x 3~T/2
inches*
Each bar contains approximately hOO fine Troy
ounces of gold, worth $lh,000*
about
27- 1/2
The avoirdupois weight of a bai is
pounds.
0O0-
D ecem ber
3^»
1 3
0
^+
,
June
29, 19^0
and December
30, 3-939
(Iû thousands of dollars)
Dec. 31,
19^0
:
•.
Number of banks.
5,150
;
:
•
»
June 29 ,
1940
5,170
•
:
Dec. 30,
1939
5,193
: Increase or decrease
î since June 29 , 19l*0
*
*,
Amount
* Percent
-*-■ ---
-20
-.39
:
:
•
*
*
Increase or decrease
since Dec. 30, 1939
•
Amount
* Percent
-1*3
-.83
ASSETS
.
.
.
$2 ,0 9 7,186
7 ,930,587
10,027,773
$2 ,002,852
$ 1 ,9 10 ,201*
7,133,^26
$9 4 ,334
7,176,375
7 5 4 ,2 12
4 .7 1
1 0 .5 1
9,179,227
9 ,043,632
81*8,51*6
9*24
797,159
98l*,li*l
.
.
7 ,658 ,5^9
2 ,094,056
7,219,890
1,891,336
7,117,420
1,956,515
438,659
202,720
6.08
51*1 ,1 2 9
7.60
10 .7 2
137,5>»1
7.03
.
.
2,008,1+72
1 ,694,058
1,928,352
1,61*8,21+5
1,784,899
1,731,837
80,120
4 5 ,8 13
4 .15
2.78
223,573
-37,779
-2.18
.
212,905
2 1 7 ,1*52
220,905
-4 ,5 4 7
- 2 .O9
-8,000
-3.62
.
13,668,040
1 2 ,905,275
12,811,576
5.91
856,1+61*
6.69
.
23,695,813
22,081*,502
21,855,208
762,765
1 ,6 1 1 , 3 1 1
7.30
1 ,81*0,605
8.1+2
718,799
7,986,914
6,UlU,35U
582,303
7 ,837,068
138,1*96
11+9,81*6
5,^57,733
615,698
6 ,493,792
5 ,3 9 ^ ,12 3
23.4 4
.
9 56 ,6 21
1.91
17.53
1 0 3 ,1 0 1
1 ,4 9 3,12 2
1 ,0 20 ,231
22.99
18.91
1 5 ,120 ,0 6 7
13,877,104
1 2 ,5 0 3 ,6 13
1 ,242,963
8.96
918,082
923,474
960,1*36
- 5,39 2
-.59
2 ,6 16 ,1*51*
-42,354
20.93
-1+.1*1
39 ,733,962
36,885,080
35,319,257
2,81*8,882
7.72
4,414,705
12 .5 0
$186,982
9.79
lltl7
10.88
U. S. Government securities:
Obligations of States/and politick sub-
Corporate stocks, including stock of
Federal Reserve Banks.......... I .,.
Currency and coin.
1 2 .5 3
16 .7 5
»,
1
.
Other assets.
.
Comparison of* principal Items of* assets and liabilities of* national loanlcs—Contd.
Page ¡sf
(In thousands of dollars)
•
•
•
*
•
Dec. 31,
1940
•
j
:
•
•
June 29 ,
191*0
•
:
:
%
e.
Dec. 30 ,
1939
Increase or decrease
since June 29 , 1940
♦
Amount
. Percent
•
Increase or decrease
since Dec. 30, 1939
Amount
, . Percent
•
LIABILITIES
Deposits of individuals, partner ships, and
corporations:
Demand......................
$1 7 ,9 3 9 ,3 3 1
7 ,954,096
Time................. .......
Postal savings deposits....... .
18,981
1*87,728
Deposits of U. S. Government....
2,35S,23 O
Deposits of States & political/ sub-divisions.
Deposits of1banjos.............v.
6,575,298
Other deposits (certified and/cashiers1 checks,
518,760
etc.)...................... 1...............
Total deposits............
35,852,1*21*
51*1,81+5
2 ,270,356
6,08l*,05l
$l4, 940 ,600
7 ,7 1 7 ,1+08
30,395
552,795
2,080,992
5,299,725
30 1,9 2 5
$ 1 5 ,976,786
7,275,792
2 3 ,15 2
$ 1 ,962 ,51*5
78 ,301*
-U , 1 7 1
-5 **,117
87,371*
12.28
.99
-18.02
$2 ,998,731
236,688
20 .O7
3 .O7
-ll,4l4
(.71,067
-37.55
- 1 2 .7 2
277,238
6 7 5 ,5 13
1 3 .3 2
11.4 5
34.74
13 .4 1
4 9 1,24 7
-9.99
3.25
8 .O7
325,017
2 16 ,8 3 5
7 1.2 2
13 3 ,7 4 3
33,074,407
31,612,992
2,772,017
8.1*0
4 ,239,432
Bills payable, rediscounts, & other/lia
bilities for borrowed money..... 1.........
Other liabilities.......... .
3,127
2 ,9 10
31+2 ,0 1 3
331,322
2,882
298,265
2 I7
10,691
7.46
3.23
43,748
8 .5O
14.67
Total liabilities, excludingJcapital
accounts........ ....................
36,197,564
33,1(08,639
3 1 ,911+,139
2,788,925
2.35
4,283,425
13.42
195,657
1,331,5^0
208,763
211,733
1,321,170
-13,106
5 ,691*
-6.28
1 ,325,886
^-16,076
10,410
-7.59
.79
1,527,237
1,534,649
-7,1*12
-. 1*8
-5,666
-.37
1,309,533
699,628
59,572
43,635
3,H05,H8
7,797
59,957
4 .7 7
1.13
1 .7 2
93,3H
655.993
3,536,39«
1 ,21+9 ,9 6 1
6 9 1,8 3 1
3 ,1+76 ,1+1+1
1,532,903
1,210,222
131,280
7.6 7
6 .6 5
3.86
Total liabilities & capital'accounts...
39,733,962
36,885,080
35,319,257
2,848,882
7.72
4,414,705
12 .5 0
Eatio of loans to total deposits.............
27.97#
2 7 .75#
28.61#
2l*5
CAPITAL ACCOUNTS
Capital stock:
Preferred stock............................
Common stock..................
Total.... ......... ........
Surplus.........................
Undivided profits & reserves....
Total capital accounts....
3ST0T1:
Mirras sign denotes decrease.
-
2
-
securities held totaling $3»9^5»^35»000, which included obligations of States
and political subdivisions of $2,008,^72,000, increased $121,386,000 since June
and $1 7 7 ,7 9 ^ ,0 0 0 since December 1939*
Cash of $718,799,000, balances with other banks of $6,^1^,35^»000 and
reserves with Federal Reserve banks of $7,986,91^,000, a total of $15,120,0 6 7 ,0 0 0 , increased $1 ,2 ^ 2 ,9 6 3 ,0 0 0 and $2,6l6,U5*+,000 in the six and twelve
month periods, respectively.
!3?he unimpaired capital stock on December 31» 19^0, was $1,527»237,000,
which included preferred stock of $195»657»000.
Surplus of $1,309»533»000,
undivided profits of $^67,98^,000, and reserves of $2 3 1 ,6 ^ , 0 0 0 , a total of
$2,009,161,000, increased $67,369,000 since June and $136,9^-6,000 since
December 1939*
Bills payable, rediscounts, and other liabilities for borrowed money
aggregated $3,127,000, an increase of $217,000 since June and an increase of
$2^5,000 since December a year ago.
The percentage of loans and discounts to total deposits on December 31,
19^0, was 27.97» in comparison with 27-75 on June 29, 19^*0» and 28.6l on
December 30» 1939*
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
FOR RELEASE, MORNING NEWSPAPERS
/Lj-
3 -7^
Comptroller of the Currency Preston Delano announced today that the
total assets and total deposits of national banks in the continental United
States, Alaska, Hawaii, and the Virgin Islands of the United States on Decem
ber 3 1 , I9 U0 , the date of the last call for condition reports, were higher
than on any previous call date*
The total assets of the J5,150 active banks were $39*733 ,962,000, an in
crease of $2,81+8,882,000 over the amount reported by the 5 * 1 7 0 active banks
as of June 29, 1 9 UO, the date of the previous call, and an increase of
7 0 5 ,0 0 0
over the amount reported by the 5*193 active banks on December
3 0 , 1 9 3 9 , the date of the corresponding call a year ago.
The deposits on December 31* 19^0, totaled $35*852,^2^,000, increasing
$2,778,017,000 and $U,239,^32,000 over the amounts reported as of June 29*
19^0, and December 30, 1939, respectively.
The deposits on the last call
date consisted of demand and time deposits of individuals, partnerships, and
corporations of $17,939,331,000 and $7.95^.096,000, respectively, United
States Government deposits of $1+87,728,000, deposits of States and political
subdivisions of $2 ,3 5 8 ,2 3 O,0 0 0 , postal savings deposits of $1 8 ,9 8 1 ,0 0 0 ,
certified and cashiers* checks, cash letters of credit and travelers* checks
outstanding of $5 1 8 ,7 6 0 ,0 0 0 , and deposits of banks of $6 ,5 7 5 ,2 9 8 ,0 0 0 , the
latter including deposits of banks in foreign countries of $3 6 0 ,6 3 0 ,0 0 0 .
Savings deposits included with time deposits of individuals, partnerships,
and corporations totaled $7 *1 2 9 ,0 0 6 ,0 0 0 and represented l6 ,3 5 ^»8 l+l+ accounts.
Loans and discounts, including overdrafts, were $10,027,773,000, an in
crease of $8^8,5^6,000, or 9 .2 U percent, since June and an increase of
$98^,1^1,000, or 10.88 percent, since December of 1939*
Investments in United States Government obligations, direct and fully
guaranteed, aggregating $9 ,7 5 2 ,6 0 5 ,0 0 0 showed increases in the six ana
twelve month periods of $61+1,379,000 and $678,670,000, respectively.
The
direct and indirect obligations held on December 31, I9 U0 , were $7 ,6 5 8 ,5^9,000 and $2,091 +,056,000, respectively.
Other bonds, stocks, and
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
No. 23-73
FOR RELEASE, MORNING NEWSPAPERS
Monday, March 3, 1941»
Comptroller of the Currency Preston Delano announced today that the
total assets and total deposits of national banks in the continental United
States, Alaska, -Hawaii, and the Virgin Islands of the United States on Decem
ber 31, 1940, the date of the last call for condition reports, were higher
than on any previous call date.
The total assets of the 5,150 active banks were 1)39,733,962,000, an in
crease of &2,848,882,000 over the amount reported by the 5,170 active banks
as of June 29, 1940, the date of the previous call, and an increase of
14.414.705.000 over the amount reported by the 5,193 active banks on December
30, 1939, the date of .the corresponding call a year ago.
The deposits on December 31, 1940, totaled $¡>35,852,424,000, increasing
12.778.017.000 and $4,239,432,000 over the amounts reported as of June 29,
1940, and December 30, 1939, respectively.
The deposits on the last call
date consisted of demand and time deposits of individuals, partnerships, and
corporations of $17,939,331,000 and $7,954,096,000, respectively, United
States Government deposits of $487,728,000, deposits of States and political
subdivisions of $2,358,230,000, postal savings deposits of $18,981,000,
certified and cashiers1 checks, cash letters of credit and travelers1 checks
outstanding of $518,760,000, and deposits of banks of $6,575,298,000, the
latter including deposits of banks in foreign countries of $360,630,000.
Savings deposits included with time deposits of individuals, partnerships,
and corporations totaled $7,129,006,000 and represented 16,354,844 accounts.
2
Loans and discounts, including overdrafts, were $10,027,773,000, an in
crease of $348,546,000, or 9.24 percent, since June and an increase of
$984,141,000, or- 10.88 percent, since December of 1939.
Investments in United States Government obligations, direct and fullyguaranteed, aggregating $9,752,605,000 showed increases in the six and
twelve month periods of $641,379,000 and $678,670,000, respectively.
The
direct and indirect obligations held on December 31, 1940,were $7,658,549,000
and $2,094,056,000, respectively.
Other bonds, stocks, and securities held
totaling $3,915,435,000, which included obligations oi States and political
subdivisions of $2,008,472,000, increased $121,386,000 since June and
$177,794,000 since December 1939.
Cash of $718,799,000, balances with other banks of $6,414,354,000 and
reserves i/tith Federal Reserve oanks of $7,986,914,000, a total of $15,120,0o7,000,
increased $1,242,963,000 and $2,616,454,000 in the six and twelve month periods,
respectively.
The unimpaired capital stock on December 31 , 1940, was $1,527,237,000,
which included preferred stock of ^195,657,000.
Surplus of $1,309,533,000,
undivided profits of $467,984,000, and reserves of $231,644,000, a total of
$2,009,161,000, increased $67,369,000 since June and $136,946,000 since
December 1939.
Bills payable, rediscounts, and other liabilities for borrowed money
aggregated $3,127,000, an increase of $217 ,000 since June and an increase of
$245,000 since December a year ago.
The percentage of loans and discounts to total deposits on December 31,
1940, was 27.97, in comparison with 27.75 on June 29, 1940, and 23.61 on
December 39, 1939.
-
2
-
Loans and discounts, including overdrafts, were $10,027,773,000, an in
crease of $>848,54.6,000, or 9.24 percent, since June and an increase of
#984,141,000, or 10.88 percent, since December of 1939.
Investments in United States Government obligations, direct and fully
guaranteed, aggregating $>9,752,605,000 showed increases in the six and
twelve month periods of $>641,379*000 and $>678,670,000, respectively.
The
direct and indirect obligations held on December 31* 1940* were $>7*658,549*000
and $>2,094,056,000, respectively.
Other bonds, stocks, and securities held
totaling $>3,915,435*000, which included obligations of States and political
subdivisions of $>2,008,472,000, increased $>121,386,000 since June and
$>177,794*000 since December 1939.
Cash of $718,799,000, balances with other banks of $6,414*354*000 and
reserves with Federal Reserve banks of $7*986,914,000, a total of $15*120,067,000,
increased $1,242,963,000 and $2,616,454*000 in the six and twelve month periods,
respe ctively.
The unimpaired capital stock on December 31, 1940, was $1,527,237,000,
which included preferred stock of #195,657*000.
Surplus of $1,309*533*000,
undivided profits of $467*984,000, and reserves of $231*644*000, a total of
$2,009,161,000, increased $67,369,000 since June and $136,946,000 since
December 1939.
Bills payable, rediscounts, and other liabilities for borrowed money
aggregated $3,127,000, an increase of $217,000 since June and an increase of
$245*000 since December a year ago.
The percentage of loans and discounts to total deposits on December 31,
1940, was 27.97* in comparison with 27.75 on June 29, 1940, and 28.61 on
December 30, 1939.
- 3 Statement showing comparison of principal items of assets and ¿ j t a i M j | j R #
December 31 , 19I+O, June 29, 1940 and December 30, 1939
Eumber cf banks - •• *•.............
national ^
(In thousands of dollars)
__-- ------ 1—-- -Increase or decrease
Dec. 30 . since June,29. 191+0
Dec. 31, . June 29,
1940
1939
.
1940
Amount : Percent
-20
-•39___
TlRO
170
. 11..1. 5,197 ■———
~----___P-i-lV_____ \8
"S °f
Increase or decrease
since Dec. SC, 1959 ..
Amount : Percent
->B7..
-43 ....
ASSETS
186,982
797.,159
984,l4l
9-79
11.17
10.88
7 .6 c
1 0 .7 2
5 4 1 ,1 2 9
1 3 7 ,5 4 1
80,120
4 .1 5
223,573
12.53
1,731,237
4 5 ,8 1 3
2 .7 8
-37,779
-2.18
2 1 7 ,1+52
2 2 0 ,9 0 5
-4 ,5 4 7
-2 .0 9
-3 .6 2
1 3 ,6 6 8 ,01+0
1 2 ,9 0 5 ,2 7 5
1 2 ,8 1 1 ,5 7 6
7 6 2 ,7 6 5
5 .9 1
-8,000
856,464
2 3 ,6 9 5 ,8 1 3
22,08l+, 502
21,855,208
1,6ll,3H
7 .3 0
1,849,605
8.42
5 8 2 ,3 0 3
7 ,8 3 7 ,0 6 s
6 1 5 ,6 9 8
6 ,4 9 3 ,7 9 2
2 3 .4 4
1 3 6 ,1+96
1 .9 1
1 4 9 ,8l+6
9 5 6 ,621 ....
1 0 3 ,1 0 1
1 ,4 9 3 ,1 2 2
1 .0 2 0 ,2 7 1
1 6 .7 5
22.99
9 4 ,3 3 4
$2 ,0 9 7 ,1 2 6
71 9070
J 9w 9087I.
$2,002,852
7.176,775
10,027,773
9 ,1 7 9 ,2 2 7
$1 ,9 1 0 ,201+
7.177,1+28
9 ,0 4 3 ,6 3 2
7,658.549
2 ,091+,056
7 ,2 1 9 ,2 9 0
1 ,8 9 1 ,3 3 6
7 ,1 1 7 ,4 2 0
1 ,9 5 6 ,5 1 5
4 3 8 ,6 5 9
2 0 2 ,7 2 0
2,008,472
1 ,9 2 8 ,3 5 2
1,784,899
1 ,6 9 4 ,0 5 s
1,61+8, ¿1+5
2 1 2 ,9 0 5
Total investments .......... *
Total loans and investments ...
Loans on real estate .............
Other loans, including overdrafts *
Total loans ..................
U. S. Government securities:
Direct Obligations ........ .....
Obligations fully guaranteed --Obligations of States and
political subdivisions .........
Other bonds, notes and
debentures
........ .....
Corporate stocks, including stock
of Eederal Reserve Banks .......
Currency and coin ................
Reserve with Eederal Reserve Backs
Balances with other banks .......
Total cash, balances with
other banks, including re
serve balances, and cash
items in process cf
collection ..................
Other assets .....................
Total assets
...
718,799
7,982,914
8.457.733
$
75l+, 212
81+8,546
4.71
10.51
9.24
6.08
$
7.03
6 169
18.9L/
1R 120 067
918,082
17.877.10l+
923,1+71+
12.507,617
9 6 0 ,1+36
1.242,967
-5,392
8.96
^ j i u +54
->59
-42,354
3 9 ,7 3 3 ,9 6 2 .
76.885,080
35,319,251
2.81+8,882
7.7?._
H, 4i4J05_
20.93
-4.4.1 .
12.50
Pase U
Comparison of principal items of assets and liabilities of national banks Contd.
.
i T -w
4*
¡rvi i f t i i n o o
Dec. 3 1 » : June 29,
I9 I+O
1 9 I+O
:
t
ri
1 I f 1 T* Q
Dec. 3 0 ,
:
1939
f
Increase or decrease : Increase or decrease
since June 29, I9to : since Dec. 30, 1939
‘Percent
Amount
‘Percent
Amount
liabilities
Deposits of individuals, partner
ship's, and corporations*.
Demand.......................... $17,939,331
7,95^,096
Time........................... .
1 8 ,9 3 1
Postal savings deposits............ i
1+87,728
Deposits of U. S. Government....... ■
Deposits of States & political
2 ,3 5 ^ ,2 3 0
sub-divisions .................... •
6,575,298
Deposits of banks.................. .
rOther deposits (certified and
hid 76 0
cashiers 1 checks , etc.).......... .
Total deposits........ ........
Bills payable, rediscounts, & other
liabilities for borrowed money...
Other liabilities.................*
Total liabilities, excluding
capital accounts............
CAPITAL ACCOUNTS
Capital stock:
Preferred stock..................
Common stock.....................
Total.v ................. .
87.37*+
i+9i,2**7
3.85
So. 852,1+21+
301.925
33,074.407
385.017
3 1 ,6 1 2 ,9 9 2
216,835.
2,778,017
71.82
8 .1+0
3,127
3^2,013
2,910
331,322
2,882
298,265
3b,197.5 6 H
3 3 ,tog, 639
31,91^,139
211,733
1 ,3 2 1 , 1 7 0
1.532,903
l,2 1 b ,2 2 2
1 9 5 ,6 5 7
1,351.580
1.527,237
1,3,09,533
099,628
3,536,398
Total liabilities & capital
accounts............. ........
59>733>9^2
NOTE:
r
Minus sign denotes decrease,
20g,763
1 ,3 2 5 ,8 8 6
1,534,649
1,21+9,961
691,231
3 , 14.7 6 ,Ulli
5 6 ,885,080
27.
2 0 .0 7
3 .O7
-n,4i4
-7 1 ,0 6 7
-37.55
-1 2 . 7 2
2 7 7 .2 3 s
6 7 5 .5 1 3
1 3 .3 2
1 1 .1+5
$2,998,731
2,080,992
5,899,785
2 ,2 7 0 , ¿56
2 3 6 ,6 8 8
12.28
$1 ,9 6 2 ,51+5
78,301+
•99
-to 1 7 1 -18.02
-51+,1 1 7
-9.99
6,084,051
Surplus............................
Undivided profits & reserves......
Total capital accounts........
B.at-io of loans to total deposits...
&i4,94o ,6oo
7,717,408
30,395
2 3 ,1 5 2
5Ui,Si+5
558,795
$15,976,786
7,875,792
8 .0 7
_ i 3 j j S _ „ 3*+J b .
. A 239j .*+3.2_. ___ 13.1+1
7.1+6
3.23
2*+5
*+3,7to
2,788,925
8.35
to 283.U25 .
-1 3 ,1 0 6
5,691+
-7.1+12
-6 -,28
M l
1 0 ,6 9 1
m
-1 6 ,0 7 6
1 0 ,1+10 1
-5 ,6 6 6
5 9 ,5 7 2
IJt
1 .1 3
1 .7 2
93,311
H i. 635
3,1+05,118
7,797
59 95Z'
3 5 ,3 1 9 ,2 5 7
2 ,86-8,8 8 2
655,993
-.1+8
7»72___
131,280
V4l^,7Q¿
8 .5 0
'1 I+ .6 7
13 P i l l
-7.59
__J9„
n fl.
iM
6.65
3.8 6
12.50
TREaSUEY M
0
A
Washington
FOE IMMEDIATE RELEASE,
Monday. March 1* 1941.
* i
Secretary of the Treasury Morgenthau today announced the final subscription and
allotment figures with respect to the current offering of 2 percent Treasury Bonds
of 1943-50 and 3 /4 percent Treasury Kotes of Series 0-1943*
Subscriptions and allotments sere divided among the several Federal Reserve Dis
tricts and the Treasury as follows t
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Balias
San Francisco
Treasury
TOTAL
Called bonds
exchanged
# ¿2,944,000
329,384,150
16,231,000
17,490,200
3,991*000
1 ,516,850
33*492*600
5,095,300
4 ,345,450
7,453,850
3,526,750
5,567,350
867.800
1481,906^300
Maturing notes
exchanged
* 1 5 ,417,700
439,681,100
8,906,900
n , 8 17,400
» , 992,900
9,117,000
57,473,800
6,610,200
6,648,300
11,555,100
6,378,500
19 ,846,900
, 1.516.500
$633,962,300
Total
exchanges
1
58,361,700
769,065,250
25,137,900
29,307,600
47,983,900
10 ,633,850
95 ,966,400
11 ,705,500
10,993,750
19,003,950
9,905,250
25 ,414,250
2.384.300
81,115,868,600
3/4.RS8CKOT HSftS® I MOTES OF SERIES D-19A3
Federal Reserve
District
Called bonds
exchanged
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
1
126,000
1,816,000
1,530,000
37,200
14,100
369,000
265,700
267,400
58,200
188,600
102,000
68,000
10,000
$4 ,352,200
Maturing notes
exchanged
8
543,000
22,360,300
35,000
326,000
358,000
170,900
1,770,400
500,700
226,500
735,500
367,000
72,000
5.OOP
127 ,570,300
Total
Exchanges
#
669,000
24,176,300
1,615,000
363,200
372,100
539,900
2,036,100
768,100
284,700
974,100
469,000
140,000
15.000
832 ,422,500
Total called bonds exchanged • * « • • • #
436*753*500
Total maturing notes exchanged ♦ « * . .
661.532.600
Total exchanges , ............ . $1,148,291,100
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Monday, March 3, 19^1«
Press Service
^0* ^3~7^
Secretary of the Treasury Morgenthau today announced the final subscription anc
allotment figures with respect to the current offering of 2 percent Treasury Bonds
of 1948-50 and 3/4 percent Treasury Notes of Series D-I9 H3 .
Subscriptions and allotments were divided among the several Pederal Reserve D$e
tricts and the Treasury as follows:
2 PERCENT TREASURY BONDS OP 19*+8-50
Pederal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
$
5s.361.700
769,065,250
25,137,900
29,307,600
H7,983,900
10,633,850
95,966,400
11,705,500
10,993.750
19.008,950
9,905,250
25,414,250
2,384,300
$1,115,868,600
$ 15.H17.70Q
439,681,100
8,906,900
11,817,400
3g.992.900
9,11.7,000
57.H73.soo
6,610,200
6,648,300
11,555,100
6,378,500
19,846,900
1,516,500
$633,962,300
$ 42,944,000
329,33^,150
16,231,000
17,490,200
8,991,000
1,516,850
38,492,600
5,095.300
^,3^5,1+50
7.^53.850
3.526.750
5.567.350
867,soo
$481,906,300
3/1+
PERCENT TREASURY NOTES OP SERIES
D-I9J+3
Pederal Reserve
District
Called bonds
Exchanged
Maturing notes
Exchanged
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$
$
TOTAL
1
1
Total
Exchanges
Maturing notes
Exchanged
Called bonds
Exchanged
136,000
,816,000
,530,000
543vOOO
2 2 ,360,300
. 85,000
369,000
265,700
267,400
58,200
188,600
102,000
68,000
10,000
1,770,400
50 0 J 00
785.500
284,700
974,100
36 7,000
72,000
140,000
226,500
5,000
$2 7 ,5 70 ,30 0
$4,852,200
$,•
669,000
24,176,300
1 ,615,000
363,200
372 ,10 0
539,900
2 ,036,100
768,100
326,000
358,000
170,900
37,2 0 0
.14,100
Total . *:
Exchanges
469,000
15,000
$ 3 2 ,422,500
Total called bonds exchanged . . . . . . $ 486,758,500
6 6 1 ,532,600
Total maturing not es exchanged . . . . .
$1,148,291,100
Total exchanges . . ,
.........
oOo-
p o
d
•H 0)
s
m o
o o
-r-3
fl3 *H
s -p
pj
'B
d
in
pj
03
w
M
U
G)
-H
U
U
6i
o
CM
*
03
si
0)
fiD
Cu
industrial groups:
n u m b e r jbf rel
e t u r » compiled, receipts and compiled deductions, compiled net profit op net loss
net income or deficit, income tax, exfcess-—profits tax, total tax and dividends paid — Concluded
C o r p o r a t i o n s , 1$3£>» b y m a j o r
FOOTNOTES
1/
t contain solely corporations engaged exclusively
published on pages 13 - IS 0f the Preliminary
2/ Consists of corporations who at any time during ths taxable year owned
.
.
,
50
percent or more of the voting stock 0v „ntv.,
1 the vo „ m g s-tock 0 . another corporation and whose income from such stock was
•2./ ^onsis,fcs o? corporations vother than investment trusts and investment companies) who (a) at no time during- *he taxsTblf» VPar. nTmo<a
50
percent or more of the voting stock of another corporation but whose income from such stock was l e L | a l ^
50
percent or more of the amount of dividends received.
.
ko
percen? T t V j o Z T T f dividendfreceived!^ * * " * °f
COrp° ~ tion °? < « at
^ i n g the taxable year owned
it/ Excludes number of returns of inactive corporations.
Gross eales less returns and allowances where inventories are an income-determining factor.
-/
91,088 re c e lp t8
fro° operations where inventories are not an income-determining factor.
!f Includes ’’Royalties*1 which, for
Tor "Cost of goods sold", see "Deductions".
For "Cost of operations", see "Deductions".
were tabulated in »Other- receipts1*’ »Rent« ««a T.A,rant 4 ae»n
. , ’
depletion from the gross amount of royalties received are .¿eluded, i n the proper items of deductions. 0
/
1937,
~ ' Unllke 193?< CaPUal aSS6tS 6XClUde Pr°Perty US6d ln traie
'-SinSSS °f *
* * *
-
- * * *
$7 “
a“ °U n “S receivea-
Depreciation, repairs, interest, taxes and other expenses from the gross amount received for rent a n / '
to the allowance for depreciation.
3 J Consists of net gain or loss from property used in trade or business of a character whi^h s«
sale of depreciable property was included in "Net capital gain or loss"/
/
,,
.
f0r deP reciatlon. whioh
‘
l w Dividends from domestic corporations subject to taxation under Title I of the Bevpmip
nf i q 7 p
o
dividends received credit. Dividends from corporations organised under the’ China irade Act! 19 2 2 , a^d
e u
Het capital loss is limited to $2 ,000 .
/
the Eevenue Act of I93 S is excluded from capital assets.
For
1937,
net gaip-'or loss from
^
t
S
¿Ttllk
11/ Reported in column 3, Schedule G-, page 3, Form 1120 and in column 3. Schedule S nage 2 Forn n f i i
L, - '’
* ** ocneame **• PaSe ** Jorm 1120A, ana not used for the computation of dividends received credit.
12/ Unlike 1937, excludes "Royalties”.
W "
11/ Consists of interest on United States savings bonds and Treasury bonds owned in principal amount of over $5 ,000, reported as item S, pa€ e l, Forms 1120 and 1120A.
lit/ Consists of interest on obligations of States, Territories, or political s u b d i v i d e s thereof, or the District of Columbia or Tfi.lt.a '*t.t.
Treasury bills, and Treasury certificates of indebtedness; United States savings bonds and Treasury bonds owned in principal amount I t
•
^
..
S
*
“0t88-
^
11/ Excludes nontaxable income other than interest on tax-exempt obligations reported in Schedule P, page 5 . Form 1120 and in Schedule A, page 2, Form 1120A.
Id / Includes
taxes which are reported in "Cost of goods sold".
17/ Includes
taxes which are reported in "Cost of operations”.
IS/ excludes (l) income and excess-profits taxes and (2 ) taxes reported in ’’Cost of goods sold” and ’’Cost of operations”.
¿ 2 / Limited to 5 percent of net income before deduction of contributions or gifts.
210/
Het income
or ’’Deficit" is the net income for excess—profits tax computevtion (item 28
Forms 1120 and 112QA).
a/
!“
1,‘X
S ' S ; T i s
r
5
pare 1
Fom«
11 on
a
•
The classification of the returns into those » with net inlome" and "with no net income" '*«
;
i
2
;
S
.
5
T
S
S w * 1“
" “
*
” p°” *1
“
“ a“
"Tota1' ieducti°ns" (items ik and
- » —
« - » * ■ « . . . «
/
/
,
/
„ „
27,
193;
22/ Less than $500.
-23-/ Excludes compensation of officers of life-insurance companies which file Form 1120L.
24/ Includes
special deductions of life-insurance compajaies relating
to reserves for dividends and reserve funds
2£/
special deductions of life-insurance companies relating
to reserves for dividends and reserve funds reauired hv
S re(luired ^
Includes
2d:/ Compiled net loss or deficit.
'¿1/ Compiled net loss after total tax payment.
required by law.
^
excludes compensation of officers of life-insurance companies which file Form 1120L
•
*
1,
respectively, page
J
.
«
e*l
e *!
-F "
tJ
H *
7
O
<
H *
CO
P *
CD
P
tr
Corporations, 1938 , by major industrial groups t number of returns* compiled receipts and compiled deductions, compiled net profit or net loss,
net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
)
Receipts, taxable income:
Cross sales
Cross receipts from operations 6/
Interest
Rents and royalties ]J
Net capital gain 8/
Net gain, sale of property other than
capital assets
Dividends from:
Domestic corporations 10/
Foreign corporations llj
Other receipts 12/
Receipts, tax-exempt and taxable income
Interest on Government obligations:
Subject to excess-profits tax 13 /
Wholly tax-exempt l4/
13
Tote,l compiisi
t ô ce.Ip tvs
15 /
Deductions :
Cost of goods sold l6/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Bad debts
Interest paid
Taxes paid 18/
Contributions or gifts 1 9 /
Depreciation
Depletion
Net capital loss 8/
Net loss, sale of property other than
capital assets %j_
Other deductions
Total compiled deductions
Compiled net profit or net loss
(13 less 27 )
N et income or deficit -80/— (-28 1ess 12 )
Income tax 21/
Excess-profits tax
Total tax 21/
Compiled net profit less total tax
(28 less 32 )
Dividends paid S
i
Cash and assets other than corporation’s
own stock
Corooration’s own stock
For footnotes, see page 8,
■38*652
189,218
430*197
33,207
1 ,211,010
3,599
14,936
1,969
I 89
20,078
90,739
1,225
7,876
15,335
25s
33*289
3 3 ,9^1
195,290
1,772,795
791,155
2,270
33,922
22,862
14,677
5,152
116*168
2,921
583,5^2
1,342,892
3,159
Agricuiture, forestry and fishery
.culture,
istry
L ot al
agr icui ture *
forestry arid
fishery
Forestry Fishery
and
lery
and
services
3,993
155
298
8,227
464,853
14,844
2,289
27,461
1,163
307
25
56
15
422,407
99,255
2,644
106 ,060
3,000
not
icable
TTiiq
142
53
23
8,132
1,628
Nature of
bus iness
not
allocable, j
except
trade
1,1351
5,539
2,215
1,254
611
2,550
70S
l46
17
546
-
72?
2,975
50
3,^13
11 K
6,580
95
82
6,402
1
961 j
9,763
8*138
127
4,736
1,205
i, 7*+6
4oo
239
659
1,615
53s
655
3 .086*036
1 ,800,519
199,791
95,755
l, 96*
4 ,13'+
603,812
29,929
28;57i
75,34-7
92*935
it,299
743
it,925
1*767
464,972
1,073,528
9o,794
11,489
328,091
la.,73?
20,018
6 ,260.
22/ 52,359
19,190
5,512
43,726
104,131
.322
42,495
55
848
2*301
98*226
24*970
1*628
1 *s 48
11*050
2*617
11,016
350*771
337*290
904
49,872
19,00?
73
9 *26o
17,078
7,906
55
i+,792
268,169
2,175
15,712
18,313
313
132
960
24/ 2,621,389
599,962
1,069
34,172
22/ 2 ,923,31 s
1,941,820
146,122
137,719
26/ 37,572
26,913
26/ i4i,30Q
26/ i43*o46
17,260
312
17 ¿572
53,669
53*430
12,612
51
12,662
130,805
21 / 158,873
4i,007
21 / 6,999
242,337
2,442
72,517
72,374
13,597
2,111
2,302
26,857
57
40*786
673
62
m
7, ?-35
8 ,2X0
2S,46l
40j
36,105
220
754
1 ,296.
208,796
2,773
38*844
101,293
1,93S,331
2b/ 5 »539
7*154
1 M 1
20
25,203
l^USo
10,159
15,644
W
25,148
9,774
325
24,709
1,032
CO
CO
p
c l
eo
»
V jJ
1 (22)
4i9
198
8,23^
10
782
24X
13
16
2,662
7,612
8
2.993 1
310
198
2,989
68
758
2
236
1
18,950
3?-,330
552,282
25O
206,101* 1
22,923
293,115
119
3
17
3,060
11,631
826
686
69
199
137,591 !
9.123
8,383
2,s42 1
l4,lo5
1,084
16,658
211
1,252
17
13
4,281
5 ,084
128 1
5,107 1
318
2ü81
3
24
1,800
1,155
71
26,7%
1,190
623
2,520
919
196
i4o
244
444
1'
1,197
12
15
2,458
l44,2i6
134
121
2,153
606,733
21,089
39,388
18,396
6,000
2,720
12,819
14,950
2)
185
2)
23,725
323
53s
1
1
c
.
H *
c+
83
1
-
,,
2M l
37 »27g I
3,801
2,203
138,203
59
32,531
552,864
249
¿ip ,91p
26/ 2,921 26/2,139 26/ v201
25/ 3 ¿162 ‘
2^/2,142 25/ 203
15/2,:
26/582
26/817
1
26/ 9 ,4li
2£/ 9,494
4,153
142
1
1^3
12
4 *3po
115
3,299
2
130
-
154
4,029
2
772
19
797
21/ 7,22; 21/2,254 22/ 356
22/. 4/610
12 / 1
21/10,208
13,687
i 4o
'
n4
591
204
c+
H 1
P
CO
CO
c+
e+
O
e t-
r p*
1
P
H
ro en
GO VJ1 I
O CTA
eO 04 V
re
«cm
en
cm
re
4OQ
-4
?r
re
en
m
00 1
cm0 v
0
en
té
eo
re
00
H
eo
ii
O
eo
—4
en
<4
—4
en
H
en
00
en
en
en
re 1
2,390
IS
2)
1
H
H
cH
cn
12,596 !
239
597
17 *
H *
c+
P
c+
177,710
8,442
2,663
CD
CO
to
>3
p
p
P
C0
co
•
7,548
1,440
52*901
0
fo p «+ I
P* es P». !»
Ç X, 1
>
I ;
«
Ì
r-%
H
Number of returns 4/
b
H
3
'" O
H *
• H
(—1
! 6 xJ P P 0
*
P
<•
• p
M
*
x
J
4
4
e
re 0 Irp
&
>
)
f0
1
>£
P*
*•
(Money figures in thousands of dollars)
1
¡3
O
O
CO
j»
Industrial groups 1/ - C o n c l u d e d ___
Finance, insurance, real estate and
lessors of real p roperty - C o n c l u d e d __ k__
Finance,
insurance,
real estate
Lessors
and lessors
of real
Real estate
of real
property,
including
Insurance,
property
not
except
lessors of
carriers,
Construction
allocable
buildings
etc
l6,34i
4,418
'
4,218
7.5S6
89,913
c+
03
e/4 V >
H
fP
18,885
8
l4o
—
5,1-17
48
g
4
le
pa
p
14
H
re
en
P
p
4
0
re
re
P
re
r—*
Corporations,
193s*
major industrial groups; number of V W » ,
compiled receipts and compiled deductions, compiled net profit or net loss,
net income or deficit, income tax, excess-*p|'ofits tax, total tax and dividends paid - Continued
(Money figure shin thousands of dollars)
Industrial groups
Trade-Concl
Trade not
allocable
Total
service
Personal
service
Servi ce
Susine ss¡Automobile
service :repair
:service
Amusement
l
1
1
2
3
b
5
6
7
Humber of ‘returns b/
Receipts., taxable income:
Gross sales
Gross receipts from
operations bj
Interest
Rents and royalties 7j
Het capital gain Sj
Het -gain, sale of property
other than capital assets
11
XI
12
1
13
ib
15
16
17
18
19
20
21
22
23
2b
25
26
Dividends from:
Domestic corporations 10/
Foreign corporations 11 /
Other receipts 12/
He ceints,'tax-exempt and taxable
income:
Interest on Government
obligations:
Subject to excess-profits
tax 13 /
*
Wholly tax-exempt lb/
Total compiled receipts 15/
Deductions:
Cost of goods sold lb/
Cost of operations 17/
Compensation of officers
Rent paid on business
property
Bad debts
Interest paid
Taxes paid 18/
Contributions or gifts 19/
Depreciation
Depletion
Het capital loss 8/
Het loss-, sale of property
other, than capital assets
Other deductions
27
G h.
b*88i
9,165
-3 ,858,b 28
3 5 5 ,1 1 5
115*130
1 3 b ,is g
5 3 ,3 5 s
792,b 39
1 ,0 7 2
, 3 b ,055
1 ,1 2 2
5 5 i, io o
1*209
*+,112
29s
6 5 ,1 2 6 i,0 2 3 ,b 2 6
162
2,915
22, 6SO
5, b 23
2,085
367
Ib 9 ,sb5
3bb
I*+?
5b5
is b
59,230
ib,9b5
1,668
1,09 5
b,362
1 ,0 6 5 ,2 5 7
10-7,6b 8
i b b ,691
1-5*938
I
2b 7,655
,205„ 180
(22)
14-32.S+97
221,066
212
2,92O
9 ,o b 2 ,0 3 i
1 , 8bb,30 2
59»3'b2
2,689,258
7,193
6,533
13,070
gob
70,659
b ,093
569
i* b b o
2 ,0 0 s
20,936
b.,968
19,853
i , 3b 5
2-, 33b
317
3, ó b i
12,660
b.,SL2
-
253.533
2 ,9 8 8 ,76 s
2, 119.336
1 ,6 5 1 ,0 1 6
1,163
b ,368
2o,673
3b. 971
238
22b
'471
588
9I
I 6O
163
191
1
3
156
3,999,73b
3,558.177
■l-.i97 .69O
680,36b
207,006
326,355
5,*+9b
3 *069,365
bb 9 ,iS5
1 ,021,52s
187 ,6b 6 85. *+97
298,329 250,b 9i
53,568
bl,b 27
92,701
2b ,226
13,2bS
bb,6ib
96,509
1.069
956
15 ,56s
22,097
l, 2bo
17,821
bs, 73b
606
*+5,213
222
720
Compiled net profit or net loss
(13 less 27)
Het income or deficit 20/
(28 less 12)
Income tax 21/
Excess-profits tax
Total tax 21/
Compiled net profit less total
tax (28 less 32)
Dividends paid:
Cash and assets other than
corporation’s own stock
Corporation’s own stock
8
6, 7b 7
*+5,797
20,b 3b
Total compiled deductions
For footnotes, see page
lb , 2 b 7
35,218
89,01b
%]
Finance, insurance, real estate and lessors of real nroner tv
Service n o t ‘
.Total finance, Banks and
Mortgage
Investment¡Holding
:0tner cor-:Security
Othe r ,
¡Com:insurance,
¡mereiai
including allocable
trust
trust and :companies:porations :and Comand title
:real estate
investment: 2/
¡holding
¡modity- - ¡credit.and
companies
schools
companies
r|
:and lessors
companies :
¡securities¡exchange
:finance
:of real
:
: 2/
¡brokers and :companies
:property
:
:
.¡dealers
:
i6 ,3 b o
2
,
2
bl
1,128
1.152
2.756
1,527
M 7 5
15,bbS
70,522
2/
if - Continued
186,273
192,536
16,271
65.396
116 ,50s
1,216
ibi ,506
256
57,658
6 ,5bi
3*+,930
56,7b 8
b 9i
73,70b
bo
3,086
2,b77
I 2 ,bi3
2bo
ib,b 26
17
2,521
RQ
>J
6,961
27
210
1,357
665
1 ',7*+3
566,721
3 .31^
1 ,312,359
b b p ,762
107
217, *+35
3 ,9b i ,606
3.507.75^
1 ,222,503
655,535
58,177
50,1+23
26/ 2b, 8l 3
2b ,829
26/ 3 ,*+93
57,951
15,316
253
^9,835
23.588
273
26/
2b , 638
5,688
26/
15,568
23,860
1,563
2 b ,973
3.867
61
5,731
b 2,609
26,563
27/ 28,7b 0
19,097
61,953
1,80b
SU-.S99
11,273
67b
22,826
39^
1,658
37 ,bbO
3b9,oi7
35
39*29b
7,510
11,073
1,682
l,b 09
369
133
372
b39
76,^32
589,23b
66,872
17,898
239,281
35-622
5,659
707
1,021
1,553
892
2 .31U
3,630
136,227
85^.695
b o o ,279
Jim.
585
9,205
it.,736
13 ,21+5
296
050
l,6 b 7
182,791
237
72
51
139
1
15b
19 5.136
307,191
1 , 0 7 b , 781
617,088
b,629
b02,88b
7
60,831
75.*+82
H,b99
2,ob5
2b/ b , 300,679
612,350
5,573
2 5 / 7 .7 2 1 ,18 9
79
79
36
2,603
2 2 ,1 2 2
33,593
326
37,933
3 .29U
S,2l+3
99
8,280
333
51,933
1*996
p
51,906
i* 8bo
26/
11 ,61b
88
.11 .,702
3,835
bO *281
830
b 3,285
319
2,050
70
2,121
2jJ
125
797
33,075
120
58,211
1 .5 0 3 ,5 6 9
85.109
70.736
1 ,320,8b 2
3*10,733
2 5 ,766
888,3b 5
132,757
37
998
133.75*+
119,667
I 2 ,ib6
216
12,362
116
1 ,187*087
6,569
2b 8
116
1 ,567,538
1
SI!
8,696
3,591
3.182
35,761
(22)
32b .,859
1,561
663
192
122,b 05
907
b ,580
2,b35
3,012
10,392
19b ,718
12,317
185
7^60
620
*+13
155
1,2 7 1
b s s , b i7
1
U, 6Q 2
,,
10,696
2,703
3 .*+96
333
9
3*+2
3
83,663
93,793
35,730
/
8 ,50b
71,b90
21,137
138,160
11,192
6 ,66b
Sb3
22
l b ,82b
25,371
15.076
i1*619
11.635
27,331
210,b 99 1, 088,735
2Jj
53,639
168,383
b 33, i 35
960
13,263
18 ,9*+9
i6 ,bb9
1,009
269,232
397,217
29,336
72
bb
3,928
179
-
-
22,280
bb,677
b.9,735
189,327
2b9,S27
96,733
1,229
10,857
17,535
b, 65i
lb
792
66b
16,181
1,951
109
551
¡Industrial
: Other
¡and personal: finance
•loan com: companies
pani e s
:
2 ,b21
1,862
5 ,1+26
2,230
3.969
bo,bbo
8,085
16b ,005
1+6,513
1 ,086
29b
32.1+87
183
89
373
8 ,ibb
227
b,b 85
1,560
1
3,019
6,768
1,722
78
-
87,03s
5 ,60b
1,017
5.339
91
5 ,1+52
1,292
,
6,697
3,168
38 ,673/
73,005
872
123
655
83’
3,872
22
39
87
7*+
97
150/070
230,bÓ 2
i 2l,bo 5
62,280
1,729
• b,825
3,093
1,812
3,758
—
33.983
26,556
1/539
7,067
1,726
15,537
60,375
n , b 9S
7,19*+
5,263
5,550
b,si 6
3,126
I 2,b2b
^.395
15,882
29,82b
6 ,b83
8,980
791
b,080
8 ,b9S
16,310
3.931
89
902
2
102
5» *+93
2,750
2 ,6bo
553
170
1,300
103
2,576
4bs
1,960
6
20b
2,626
37,833
1,592
65,223
87,1+1+5
1+3 ,1+31+
2 ,b22
32,980
301 ,b 66
165.731
155-obs
166,79b
93.060
62,122
65,*+9i
553,229
23^. 5^7
26/
b,i72
03,668
28,b05
157
28,6ö6
bi 9
7
b 26
6b,b 70
2,036
.21
2.057
552,336
26,323
193
26,517
230,917
15.058
26/ 8,0^+b
i,bi6
28,318
b ,689
bi
ib
. i,*+30
63 ,61+7
10,036
22
10,058
60
2 ,1+63
29
328,371
26,192
63.^35
526,712
219,bb 7
5,602
5/3,610
23,700
203,088
b ,098
1.983
63.753
b ,500
501,519
20,522
292,07b
12,82/
98
5l,bi 2
172
19,153
l,7 b 2
53,129
65
3M75
2,763
12
3 ,56s
3b
157
.
855
1
3,572
15,100
9,717
23J
95
135
17
5.932
87
3b 8
180
15
1+.705
236
2,1+93
ml
2,335
ib, 90b
11
For footnotes, see page
8.
5:^prreturns, compiled receipts and compiled deductions, compiled net profit or net loss
grroiupsi rrurr+1
by m a j o r industrial _
net income or deficit, income tax, excess—profits tax, total tax and dividends paid — Continued
Corporations,
m
i
'
(Money figures in thousands of dollars)
I
Industrial groups l/ - Continued
Trad?
Total
trade
1
2
3
5
6
7
8
9
10
13
14
Number of returns 4/
139,192
Receipts, taxable income:
Gross sales 5/
Gross receipts from operations 6/
Interest
Rents and royalties jj
Net capital gain Zj
Net gain, sale of property other
than capital assets
Dividends from:
Domestic corporations 10/
Foreign corporations 11/
•Other receipts
Receipts., tax-exempt and taxable income:
Interest on Government obligations:
Subject to excess-profits tax 111
Wholly tax-exempt ll/
Total compiled receipts 15/
Deductions :
Cost of goods sold lo
Dos t of operations 17/
Compensation of officers
Rent paid on business property
Bad debts
Interest paid
Taxes paid 18/
Contributions or gifts 19/
Depreciation
Depletion
Net capital loss ZJ
Net loss, sale of property
er
than capital assets
Other deductions
Total compiled deductions
Compiled net profit or net loss
(13 less 27)
Net income or deficit 20/ (28 less 12)
Income tax 21/
Excess-profits tax
Total tax 21/
Compiled net profit less total tax
(28 less 32)
Dividends paid:
Cash and assets other than
corporation1s own stock
Corporation1s own stock
For footnotes, see page
8
37,530,808
8ll, 2l 5
76.039
Wholesale
Total
Retail
department,:Limited:general
rprice
ime rchandi se,:variety
:dry goods
:stores
37.032
86,692
6,207
353
17,073,261
16,599,119
3,993,389
871,106
2 ,31+1
199,122
30,35S
271,602
3a, ^35
21,010
17,015
17,807
940
95.835
7-,oil
22,693
2,895
60,072
7 mi
4,077
1,308
2,201
268
59,607
39.382
39.158
9.8k3
18,201
9,687
6,698
258,283
68,252
386,0 o:
£ 00,816
3
Mail-•
order
houses
Food
btores
Package
liquor
stores
2Ò0
5,200
1,617
5.713
11,220
5.704
118,831
I 55
6l
75 .96I
2,050
2
II 9
I9
567,500
^,793
327
i,5H
1,535,908
651,562
8
26
1
2
180
31
57
96
121
5,235
9,168
1,281
13
1,027
1
595
612
639
1
3,016
2,973
s, 7U 6
38
(22)
1,015
2
1,616
990
365
313
22
6l
16
20
509
39,013,166
17,782,113
17 ,266,569
1 ,126,090
901,5l2
120,175
2,910,189
108,95!
il.93l,979
677.690
15I. 5H
11+1,031
1+21,61+5
218,576
301,831
95.691
62, 991+
57.209
119.550
6,503
1,910
l,i+ol+
68,327
1+12
I. 9I+6
781.591
285,268
1,672
12,073,173
155.,ibl
387,7I 5
536,202
71,116
66,001
253.361
3,987
171,729
770
2,007
303.328
11D,152
. 7,208
1 ♦■*106
lit, J [jf
114
218
158
12,716
-
11
283
9I 9
10
I56
(22)
9.553
21,369
55,733
2,038
3.891
29,972
I 72
22,000
56,700
n o , 392
34,085
354,957 1 ,871,060
33.983
l 7 ,2l 6
2l, 7I 6
19,122
3I.I 26
1+7.133
I 27
7,118
10,726
2,315
118,129
2 ,908,990
78,967
161
38,350
-I38
60, 696
107,957
152,762
D O ,258
231,121
.1,605
62
23. 3I 7
97,918
76,760
213
9,713
1
9,7l5
3
9 2
ll
77,861
29,232
9,525
.5,ISO
14,327
isl
p
J4700
—
l6
2,016
,5
121
1.306
8
496
12
2,026
I 9I
59
151
368,555
3,943
120
61,121
I7
1 ,021,5d 3
6,637
1
59,057
1,5G3
4,874
2,781
61
3
61,182
116
670,332
840 ,360
120,952
23,285
112
71+9,1+51+
1 ,001,825
121,265
982,250
17,024
2,931+
4,393
I 9I
,3 0 k
17,053,111
212,168
200
110
2,171
135
1,701
659
55I
3I
26
3,639
213,158
5,3l9
69
78,116
ll
182,986
I9
3.327,911
116,307
ll 5 ,2ll
37,886
11.7,077
3,799
51
3,149
20,739
!
252,131
182
7I
38l
445,813
38 ,630,523 17, 635,806
113,159
1,155
lll, 6il
18,182
7^,149
3,050
62,117
3 ,317,629
2,201,612
69,5c 8
I .932
1,923
2
72
10
39.313
1,767,850
Il7,9l2
45,990
97,631
10,600
73,953
2ll
1,857
5I 3
812
608,678
52,375
129
4.715
200
232
63
180,110
3,620
115,663
3,7 d 3
557,*+63
7I
89
13,613
2 ,03l
2,710
208
2
31.653
54S
938,013
1,528
6,891
5 ,662,513
2 ,762,701
16,763
1,307
5,609
155
—
8,757
1,266
1,063
30,077,817
Eating dealers in: Filling :Hardware :Lumber
: Other
and
:automobiles,: stations:
:and
: retail
drinking:accesso:
:
:Coal Yards trade
plaees
:ries, tires,:
:
;
:
:batteries :
:
“ 7,686
2 ,910,059
15,391
521
3,160
210
2* 280
3.120
Retail
:Furniture
jand house
rfurnish:ings
: Drug : Apparel
: stores
:
:
:
:
(22)
1,231
32
lb ,3 3 l
107
16,055
l6
(22)
90
IO 5
2,296,271
118
719
12
1,062
151
98
189,890
3.507
b, 5l 2
K. Q7R
139,32s
2
105
29
363,719
762,021
11-,913
93I .959
25.I 56
39,357
7.037
9»ll6
13,981
259,115
3,158
11,905
7,137
3,195
l, 9l 8
5,189
219
9.909
6,317
IS , 953
317
13,619
332
I 95
13,975
I 56
.288
318
221
275,272
I 75.587
ll 2
267,686
39.211
25,870
i l s , o il
571,36s
1,530,818
716,526
672,593 2.313,189
256,3s!
188,sol
1 ,016,ill
31,127
6,311
5,263
5.831
1,619
1,185
^3
35
31,199
I 95
6,388
1,551
21,811
2,165
ll
28,571
II 3
1 ,ll 2
1,161
35
1,198
1,655
2 jJ
601
1,20 8
5.726
10
2 jJ
2,713
12,759
285
2,927 26/ 1,760 26/ 17 .21I
2,859 W
1,787 w
17.232
2 .7SO
1,706
1,675
21
23
23
2,801
1,729
1 ,69s
1,165
126 26/ 3. I 89 2Jj 18,912
1,317
7,696
IO 7
5,890
14
137
5,501 26/
5,399
w
27/1,080
6o,ool
6,663
16,566
343^916
28
20,351
1,377,176
71
109,706
242
168
95
183,113 1 .019,775
39
1,399
316,317
5,991
45,636
379
1
1
2,889
1,300,169
319
261,888
18,110
23I
.9 ,69!
3,095
1,018
1,289
11,137
1,216
15,285
3,538
5.329
395
2,096
1,067
10,7gq
1,395
1 ,611
Retail
trade not
allocable
189
557
90
263,106
67,263
1.377,977
361,139
3,631
26/
3.538
2b/
2,679
3.359
58
2,737
26/ 690
W
709
765
3,129
789
897
27/I.230
22/1,179
9,892
659
16,312
801
882
70
55
2l
sa'
ì m
Corpora'tions
1 9 3
^»
m a jo r *
i n d u s t r i a l
g ro u p s
:
r
r
net income or d.efici*t, inconie
>f returns, compiled receipts and compiled deductions, compiled net profit or net loss,
u
r
n
i
~
^
n
OXCOSS—•prof i us tciX, totcil *C3JC 3íld u.ivi(Ì6ii(Ìs pâid. — Continnsd.
4
(&oney figures in thousands of dollars)
Paper
- and
allied
products
1
2
3
4
5
6
7
g
9
10
11
12
13
l4
19
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
2,196
Number of returns 4/
Receipts, taxable incomes
Gross sales ¿/
Gross receipts from operations oj
Interest
Rents and royalties Jj
Net capital gain Zj
Net gain, sale of property other than
capital assets 9J
Dividends from:
Domestic corporations 10/
Poreign corporations 11 /
Other receipts 12/
Receipts, tax-exempt and taxable income:
Interest on Government obligations:
Subject to excess-profits tax 13/
Wholly tax-exempt l4/
Total compiled receipts 15/
1,487,684
6,092
7,292
4,635
1,149
1,061
5.183
M 34
9,069
733
323
1 ,524,659 -
1,480,411
Compiled net profit or net loss (13 less 27)
Net income or deficit 20/
(23 less 12)
Income tax 21/
Excess-profits tax:
Total tax 21/
Compiled net profit less total tax (28 less 32)1
Dividends paid:
Cash and assets other than corporation’s
own stock
Corporation’s own stock
Por footnotes, see page
8.
713
3,601
6,569
2,595
1,983,901 3.583,754 4, 690,240
28,813
205,077
153,4 i 6
4,682
7,627
15,088
12,552
33,098
11,593
1,812
2,573
2,302
1 ,183,670
7,663
2,103
4,211,110
18,397
1 ,174,639
50,606
4,723
636
H,534
2.496
842
11,548
545
16 ,748
1,435
19,823
6,801
753
2.465
659
39,295
114,881
6,159
6,176
8,943
l 6 ,ll6
16,071
5,215
28,881
9,660
10,735
7 ,94o16,180
1,706
6,077
974
774
2,503
2,387
442
1 .541,575
4,734
4,132
5,020
1,676
2,904,793
64,582
14,973
25,752
2,905,398
3,375
4,817
59
7,64o
6,497
b,b4b
Public utilities
Manu
facturing
not
allocable
Total
public
utilities
21. 981
5,171
1,753
580,405
35,742
991,470
607,409
2,765
1,650
11,601
1,769
1,959
3,847
244
3,303
5,058
489
1,688
86.918
1,043
493
1,344
243
226
361
199
7,923
3,993
7,658
44,oio
11,721
21,373
4,222
3 ,32*+
4,808
2,556
3,954
8,160
14,315
26,118
59,066
23,651
137.277
11,481,463
l,l4i
93,174
1,209
1,453
4,347
Trans
portation
Communi
ent io n
14,329
3,629
4,003
92,136
6 ,697,660
2,915
1.450,904
42,226
3,33 2^898
28,338
6,152
53,531
40,381
3,032
11,305
22,931
768
5.886
3,321
95
6l ,605
161,373
1 ,5¿2
268,462
3,610
Other
public
ut ili t ie s
23,606
2^352
2,470
2,704
45,484
1,352
11,775
1,707
71
1,107
725
1,446
1,655,694
3 ,492,673
1,302
33,602
1 ,315,886
22,270
54 ,2 3 s
73§
39,759
4,489
3,693
*
Deductions:
i , i o g , i 64
Cost of goods sold 16/
2,565
Cost of operations 17/
35,932
Compensation of officers
8,618
Rent paid on business property
Bad debts
4,155
24,261
Interest paid
Taxes paid 18/
36,299
4i6
Contributions or gifts 19/
61,623
Depreciation
Depletion
2,295
17s
Net capital loss Z^f
Net loss, sale of property other than capital
assets £/
1,215
194,691
Other deductions
Total compiled deductions
______________ ;
______________ ;
_____ K ____ Industrial groups 1 / - Continued__________________________
Manufactur ing - Concluded
Machinery,
Auto
except
Trans
Nonferrous
trans
mobiles
portation
Chemicals
Printing
Stone,
Iron,
metals
Electrical portation and
equipment,
and
and
Petroleum clay and steel
and
machinery equipment equipment, except
Other
and coal glass
publishing- allied
and
and
the ir
and
auto
except
manu
industries _ pr 0duc ts pr pduct s products products
products
equipment electrical electrical mobiles
facturing
44,249
43,925
10,917
49
10*366
33 .2S3
44,779
313
1,241
1,213
'¿,196.409
1,785
2.,806
446
1,020
792
403
1,367
974
3 ,712,145 5 ,099.311 1 .221,927 4 ,291,235,
1 ,307,966
79,452
100,202
2,331,522 3,441,399 ■
.6,629
104,621
69,434
13,945
33,274
14,997
51,122
14,367
11,550
15,959
50,894
20,840
94,890
8,912
36 ,Ü-J
167,375
791,891 3 ,2 5 7 ,8 1 a
4,176
32 ,JS6
5,800
4,124
10 ,328 '
84,511
22.436
9,64o
46.535
368
312
415
1,940
Jbo
362
3 O8
2,593
1,064
253
1,252,099
1,578,358
932,194
23,760
27,059
1,083,379
i,4s4
24,413
6,540
8,599
2.453
9,265
2,609
6 ,o4l
3 ,069,786 3. 055,078
1 ,966,849
5,655
78,415
13,868
12.975
17,086
78. 25S
10,447
31,641
37 s
116,502
693
59,409
1,281
248
181,595
2,124
433
1,131
213,136
3,484
542,742
136,344
274,509
1,705
597,837
2,112,813 3,400.954 5.040,007 1.156,448
4 ,278.831
1,200,953
1 ,496,820
65,479
65,076
12,405
51,146
11,430
1,191
46,057
888
523
118,119
5,244
4lS
1,595
461,321
724,491
12
23,595
82,382
1,8 71
311,191
308,385
51,827
443
255,453
151,538
75
2,46-9 '
0Ob,114
59,305
58,285
212
15,003
29
52,039
15,031
64,896
259,152
44,274
80,132
612
223,892
185,727
128
12,570
129
18,700
7,062
14,110
22,512
117
175
14,226
22,688
51,252 21/10,283
55,728
822
100,514
1,383
27,843
253
31,780
2,994
112
355
50,834
10,520
4o
10,560
43,705
512
49,589
1,327
104
550
81,539
80,799
15,308
126
15 ,4 3 3
15 ,4og
6,335
5,432
6,622
360
202
2O 9
97
4,260
635,338 :1.039,565
621,559 12 ,145,928
6,997,561
462,024
24,132
445.822
104,061
1,656 6 ,50 5,5 57
105,^915
17,832
160,093
3,806
25,574
1,984
€ 9,157
4 ,507,267
75,635
76,713
7,265
692,614
11,025
2,678
1,013
623,529
9,820
42,203
10,250
5,84i
4,962
8,056
18,074
s6
22,534
4i
73
28,144
348
33 M s
12
123
16,651
470
264
95
985,811
3,230
891,966
15,779
960
6,732
65,183
815
222,901
222
19,386
9.742
304,4l4
100,647 1 ,479,503
2 ,872,745
2. 906,785
618,556
985,602
606,998 11 ,471,817
197,042
146,292
145,229
31,002
16,761
16,529
6,588
53,963
53,761
12,189
158
1,173
94,101
411
415
194,449
37,499
306
4o ,5S7
66,105
37,805
159,237
42,058
68,910
1,499
163,002
3,097
361
P ,UKg yog
—
i/O
\
42,689
226
6 3,34 4
6s 6
72
498
23
31,025
115,267
97,925
77
33
4, i o i
13.787
14,563
14,466
4,139
34
6,621
10,161
12,34s
4i,6i6
10,390
19.644
44,151
15,147
26
277
4,173
84
1 .1 7 4 .4 0 3
682,405
7.539
43,645
6,520
39,735
11,189
427,497
72.573
409,215
128,637 -
369 ,677
483
275,018
19 7,544
1,950
4i 9.403
4,324
666
796
3
1 1 ,4 5 2
84
210
911,432
1,-417
I58 ,898
8,227
409,173
7,118,463
1.301,364
3 ,051,990
674,111 26/ 120,903
663,251 2& ! 122,610
166,452
53,076
312
392
166,844
53,388
507,268 21/ 174,290
354,330
353,224
38,384
19
38,403
1 ,117,433
2,205
261,026
455
440,683
4 39 ,2 37
74,991
61
75,052
315,927
365,631
359,093
497.365
1,534
216
ozis
C o r p o r a t i
by major industrial groups:
nunberofretuffl5’ compiled receipts and compiled deductions, compiled net profit or net loss
net income or deficit, income tax, exy'ess'"Prol,l^s
total tax and dividends -©aid
(Money figures ija thousands of dollars)
All
:
Mining
industrial:Total
Metal Anthracite Other coal
groups
:mining and mining mining
mining
:quarrying
4/
^ 71,032
Receipts, taxable income:
Gross sales 5/
Gross receipts from operations
Interest
Rents and royalties Jj
Ret capital gain S/
10
11
12
6/
2,l4Í,6ll
207,208
in
Id
17
IS
19
20
21
22
24
2R
2b
29
10,150
3*873
1,726
620,025
213,361
1,040
4,877
2,124
16,95s
2,855
90
108
Domestic corporations 10/
1,791*466
Foreign corporations lT 7
312,225
Other receipts 12 !
9ó6,i4i
Receipts, tax-exempt and taxable inco 1:101
Interest on Government obligations:
Subject to excess-profits tax It/
273*905
Wholly tax-exempt lb/
45$, i o 4
46,747
.1,102
30,313
24,755
152
120,453,946
Deductions:
Cost of goods sold l6/
Cost of operations 17/
Compensation of officers
Rent paid on business property
Bad debts
Interest paid
Taxes paid IS/
Contributions or gifts 19/
Deprecistion
Depletion
Ret capital loss 8/
Ref loss, sale of property other
than capital assets 9/
Other deductions
Total compiled deductions
7 0 ,274 ,19 2
9»202,lp4
2,591t2o5
1,555 »061
672,354
2,870,853
3.764,538
27,233
3,352,053
437,382
75,163
151,662
20,748,425
116,322,960
Compiled net profit or net loss
<13 less 27 )
Net income or deficit 20/ (28 less 12)
Income tax 21 /
4uXC0
J*OÌ*X"fcS “tax
Total tax 2 1 /
Compiled net profit less total tax
(28 less 32 )
Dividends paid:
Cash and assets other than
corporation1s own stock
Corporation* s own stock
For footnotes, see pmge
8
4, 130,986
3 ,672,882
253,572
5,988
259,566
3 *273,420
5,137,928
84,520
2,290
2,455
802
954
2,741,836 634,93s
3,579
253
44
206,605
4,253
188
3.205
7Ì
9*466
732
252
717*446
2,876
^,133
1,759
5,411
349,047
729
50,233
2 ,692,200 557*345
8.993
13 ,52s
15
9M b
5.2^3
17
3^
20,999
230,067
502,999
44,iü4
9*622
12,920
31,962
S2
■7C e*Tr3D O l 5
11,834
109
1,134
81,286
17,262
126
12,321
393
1,104
951,472
375*289
111,399
2l,;3h i
7,560
2,220
24,365
31,623
1 rr
77,770
125,459
462
2,242
156,503
743,262
936.921
49 636 77*593 2c/p 3,462 26/ 26.,»4^6
47,121 76,639 20/23,506 2 6 / 26:1 bb8
28,442 13,606
l,»647
193
264
52
1
14
28,706 13,658
1 ,,661
193
14,491
13*327
,
20,930
214,824
784
63,935
90,645
21/23,655 21/ 28,077
1,491
24,077
417
842
12,219
1,562
59,786 9*666
127,295 41,946
447
109
169,025 29*937
205,332 56,242
62
154,130
11,571
6,998
875
1,360
,74i :
1,092
161,529
3*899
i
474
1,567
192
1 ,519,050 352.336
122,470 8,504
47,163
5.,137
5r
5,3H
619,46b
63,664
238
903
2,472
:fabrics
1,827
190,323
6,078
5,821
27
22
38,981
135
94,805
13
13
1,327
91 ,194,992 2 ,272,469 522,817
321,708 13,125
20,593,779
2 ,419,702
9,201 3,273
Ret gain, sale of property other
than capital assets Qf
Dividends from:
j
10,942
Manufacturing
~
~
----- ^ tile-m
ill-A^el and_____
Leather
:Rubber
:Lumber
and
:Furniture
UT ! mil. Apparel and
•Earaif.c.ur^products ¡products and products:products:timber basic:and finished
*
:
:made from
I
ipr 0due t s
:lumber
e 7^ T T ^ T o
10,397
76
10,211
131
10,343
4,148
96,176
557
4SI
5*649
1,403
34
136
75I
2
2,314
11Q
100
223,906
110,897
13 ,720,
q
Jt.7Q1
JJF'
i,9Ci
1.433
3,754
7,756v
23
1,272,466
2,350
2,197
4,17b
757
2,342
2,224
540
2,937
4,590
3,117,477
53,316
4,329
11,246
1*527
2,042,701
45,532
1*111,576
4,659
3,446
719,075
11.799
2,173
5.057
1,727
1.008,739
7,431
1,936
190
1,002
1,663
I98
239,365
1,732
4,911
1,557
54
26
1,238
213
l,9H
44
1,269
1 4s g
1,050
14,366
750
250
79
2,402
105
54
2,525
7.044
4,320
1,119
8I7
2,255
7
4,509
3,573
16
318,945
22,80S
160
152,539
284,921
15,850
14,492
15,046
(22)
7,46s
4,000
244
é
ro9
65
507
104
420
2
172
1.927
6,207 2i¡ 1,629
353
37,751
607
701
if
1.045
9,701
581
281
51 ,143,45s 9,851,085 1 ,615,552
1,289*998
1,387
1,154
3 7 ,134,726 7 ,972,99s
23,724
329,513
912,362
92,111
295,434
36 ,083
143,269- 17,356
32s,S06
39,687
670,417
152,301
pRii 7*70
10,464
1*393,455
190,303
4,875
34,999
1,604,560
29,174
5,‘75 7
20,166
9,725
6,034
742
643
242
l4i
137
252,130
2 ,629,874
1 ,652,273
937,866
^
-*K^
595,704
3^
8,33 s
34,450
62,400
12,578
7,097
34,723
77,896
27,325
7,969
7,122
27,151
1,223
hap
172
135,715
'• ino
36*649
7,724
90,60S
429
10^845
57]
15 S
32
31
334
11
226
3,752
1 ,1 1 - 0 ,3 1 5
1,2 11
223,418
200
10 9 ,13 0
305,599
257,249
9-, 622,020 1-» 505 * 765
1 .1 6 6 ,9 9 1
3 ,232,543
2,103,619
2,360
376,531
1 ,228,029
i s g , q49
22 4 ,7 3s
1,8 6 2
12 3 ♦ C07
12 2 ,7 2 6
(22)
74
73
1,126,224
21,272
69,429
470
116
78
2 ,104,518
737
5,531
25,510
13,650
266
1,217,179
1,6 5 4
6,93-
109,787
109*497
2 1 ,7 1 7
1*1 11 1|
21,827
1 ,663,21s
26-,828
948,151
1,756
6,294
7 frill
229,006
2 2 7 ,8 5 1
4 s , 612
344
48,956
1*589,515
374,171
1,011
2,352
228
29O
9*015
8,975 26/ 1,547
8,275 M / 1*547
2,702
77
61
6
2 ,76s
82
147
10,062
:products____
8,587
17
20
15 ,222'
1,525,512
5,048
52
l4f
214,931
49,229,965 9,626,4o6
200,790
52,997
107,220
9.579
309
3,015
14,373
' 2,030
402
294
1,100
10,339
------ — --- i-------- i_________
179,213
25,963
14,932
6,265
37,501
88,067
en ■
¿&
0
Humber of returns
Petroleum:Bonmetallid¡Mining and:5otal ~ ~ T f ^ r ^ T B e T
¡mining and, ¡quarrying :manufacturing:kindred :
¡quarrying], ¡not
:
¡product«:
________J________ii :allocable :
I
BE
1/
t-'
1
„Industrial grouns
4,401
26/
27?/
21,364
22,007
12,787
202
4oo
299
759
4*750
72
4,222
19 .5 9 1
12,989
87,959
10 3 117
21/ 34,353
21/ 3,923
5 9 *119
1 .4 9 1
98,006
4,606
49,331
14,936
157
2,649
25,722
7,608
\ j,6 6 o
536
17*953
232
V
11,770
4,327
3 *546
9,469
37.951
192
20,641
21
V
1,866
587
,
10,398
7,144
201
132
568
253
753*815
1 ,031,487
554,591
761,506
3.263
19,911
2,371
6,351
10,448
37,472
21,436
8,706
5,103
6,874
224
22,880
247
25,608
20,163
20,787
7S*
216
114
R?
S
—
367
107.767
36s
1,110
15^,722
57,405
542
154,106
1,120,357 835,698
766,093
1,021,231
26/ 12,279
15/ 12,411
9,656
9,402
5,109
61
5,170
5,867
22,432
5,789
4,087
22,359
4,331
4,380
3,003
26
3,029
1,714
18,052
21/ 15,307
19.076
17 ,28t
97
11
17,096
109
66
4*153
49
174
4,4
22,017
94
2
sales (where inventories are an income-determining factor); gross receipts
(where inventories are not an income-determining 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 ex
change 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 exclusively in the in
dustries in which they are classified, because of the diversified activi
ties of many corporations.
The number of major industrial groups shown in this release has been
increased over those shown in »Statistics of Income for 1937, Part 2»,
and there have been certain changes in the definitions of the contents of
the groups.
A comparison of the major industrial groups for 1938 with those
for 1937, which was published on pages 13 - 18 of the »Preliminary Report,
Statistics of Income for 1938, Corporation Income and Excess-profits Tax
Returns», will be published in »Statistics of Income for 1938, Part 2».
In analyzing the data compiled from returns classified under the
major industrial group »Insurance carriers, agents, etc.,» 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 $ 17 ,165,010 and on returns with no net
income, $855,127,536.
In the attached table, the special deductions for
life insurance companies are included in "Other deductions".
TREASURY DEPARTMENT
Viashington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, March 5, 1941»______
Press Service
No. 23-75
Secretary of the Treasury today made public the third in the series of
tabulations from »Statistics of Income for 1938, Part 2, Compiled from
Corporation Income and Excess-profits Tax Returns and Personal Holding
Company Returns", prepared under the direction of Commissioner of Internal
Revenue Guy T. Helvering.
The following table shows by major industrial groups the number of
corporation returns reporting income data, compiled receipts and compiled
deductions, compiled net profit or net loss, net income or deficit, income
tax, excess-profits tax, total tax, compiled net profit less total tax
and
dividends paid.
The definition of capital assets was changed by section 117(a)(1) of
the Revenue Act of 1938, to exclude property used in trade or business, of
a character which is subject to the allowance for depreciation provided in
section 23(1) of that Act.
This change enables a corporation which sustains
a loss on the sale of a depreciable asset to deduct the loss without limita
tion.
The "Net gain or loss from the sale of property other than capital
assets" consists of the net gain or loss from the sale or exchange of a
depreciable asset.
For 1939* net gain or loss from sale of a depreciable
asset was included in "Net capital gain or loss".
In general, corporations are classified industrially according to the
business activity which accounted for the greatest percentage of "Total
receipts".
"Total receipts" means the sum »f the following items:
Gross
s
» M B
treasurt department
K ®
Washington
>/
FOR RELEASE, MORNING NEWSPAPERS,
Tu»8day. torch L . 19U._______
yvu
Press Service
> 3 - 7 6
IpSl
The Secretary of the Treasury announced last evening that the
tenders for $200,OCX),000, or thereabouts, of 91-day Treasury bills, to be
dated March 5 and to nature June A, 1941, which were offered on February 28,
were opened at the Federal Reserve Banks on March 3,
The details of this issue are as follows}
Total applied for - $525,347,000
Total accepted
- 200,284,000
Range of accepted bidet
¡pi
k |9
J5pl
ijgh&t
High
1*»
Average price
- 100.
- 99.970 Equivalent late approximately 0.119 percent
- 99.978
•
»
»
0.086
»
(55 percent of the amount bid for at the low price was accepted)
(figyi
mm
IÜ Ü
fell
srflli
Itll
P»«,
iiSi
IS I
H9|
IP
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^ ,
‘
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 4, 19^1»_____ _
Press Service
°* ^ '
3/3 A 1
The Secretary of the Treasury announced last evening that the
tenders for $200,000,000,
or thereabouts, of 91-day Treasury bills,
to be dated March 5 and to mature June 4-, 19^1/ which were offered
on February 2S, were opened at the Federal Reserve Banks on March 3>
The details of this issue are as follows:
Total applied for - $525>3^7>000
Total accepted
- 200, 2SM-, 000
Range of accepted bids:
High - 100,
Low
- 99<970 Equivalent
Average
Price
-
99*97^
rate approximately
n
"
0,119
percent
0 , 0S 6
11
(5 5 percent of the amount bid for at the low price was accepted)
- 0 O0 -
ilfSwPsl
SSI
B I P O F I
tm® n «
^ »ter l
m m unm m
nnd tia a s& m y '' treasury
CJffiews, Department of tit* fTmamapf
1X30
il
m m m
Office of the Secretary,
March A * X96X*
jjllf’
mamma m wmmjmmm
the Exfoliation® of April 10, 1940, as « e n d e d (Section® 130«!
to 130*6}, are further a»ead®d so as to extend ell the provision*
thereof to, end with respect to, property la which Bulger!* or «ay
national thereof ha* at any time on or since
March A * 1941., had
any Interest of any nature whatsoever, direct or indirect! except
that reports on For» TFE-100 with respect to all property situated
In the United State* m
March A , 1941» in which Bulgaria or
«ay national thereof ha* at any time m o r since
March A » 1941,
had any interest of say nature whatsoever, direct or indirect, shall
I
be filed by
April A , 1941*
Secretary of the treasury
JfeMMMt
1
* Section* 130*1
See* 2,
3*** 5(b), 40 Stat, 4X5
li Stat* X| FebXlc BesoXution 1#* 69, % t h Coagree«! X2 B.S*0* 93*1
& U Order 6560, 2aa* 15, 1934»
Order i|if, April 10» 1940| ® u
Oram- $405$ May XO, X£&0f Eg* Order 3446, 1 » 17, 1940$ M * Order
S4S4# 2uly 15, p | f c Order 3493, 2t*Xy 23, 1940* la* Order 356$,
Oct* XO, 1940$ Sx* Order^To/ ,
M a r c h X94X*
¿ > 7 7
^
::.-o .:■ -.
- *
TREASURY DEPARTMENT
Office of the Secretary
March 4, 1941
AMENDMENT TO REGULATIONS*
The Regulations of April 1(1^ 1940, as amended (Sections
130*1
to 130.6), are further amended so as to extend all the
provisions thereof to, and with respect to, property in which
Bulgaria or any national thereof has at any time on or since
March 4, 1941, had any interest of any nature whatsoever,
direct or indirect; except that reports on Form TFR-100 with
respect to all property situated in the United States on
March 4, 1941, in which Bulgaria or any national thereof has
at any time on or since March 4, 1941, had any interest of
any nature whatsoever, direct or indirect, shall be filed by
April 4^ 1941*
H. MORGENTHAU, JR.
Secretary of the Treasury
APPROVED; March 4, 1941.
FRANKLIN D. ROOSEVELT.
July 25, 1940;-Ex, Order
8701 March 4j 1941.
8565,
October 10, 1940; Ex, Order
sum m mmm
mmmm m mmmvm omm m* mm
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% v iw%m mi t o « « t o r il? wmtoê i m m Î& mmtim
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EXECUTIVE ORDER NO.
AMENDMENT OF EXECUTIVE ORDER NO.
OF APRIL 10, 191« , AS AMENDED.
5(b)
By virtue of the authority vested in me by section
of the Act of October
6,
1917 (1*0 Stat. 1*11), as amended,
and by virtue of all other authority vested in me, I,
Nil*
FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF
fN
AMERICA,
Mil
19l*0 ,
irm
to, and with respect to, property in which Bulgaria or any
n M
national thereof has at any time on or since March
U til
had any interest of any nature whatsoever,
trijlii
except that,
««i
| lis lll
do hereby amend Executive Order No. 8 3 8 9 of April 10,
as amended,
so as to extend all the provisions thereof
19^-1,
direct or indirect;
in defining "Bulgaria” and "national" of Bulgaria
the date "March
19^-1" shall be substituted for the dates
appearing in the definitions of countries:and nationals thereof,
iliiiii'i
FRANKLIN D. ROOSEVELT
ia'*i
i f U t t il
THE WRITE HOUSE,
March 4? 1941
23
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m I H anticMal tteroof «W»ff§ ttet tte Äste
March U 1941.
•fe*U te appUte te tte tete »
tBulgaria or « y aatiotel th¿Íof. ’ W '
Ite tefiaitira»# uf »Bulgaria* «ad »oatioaal« tharoof la tha
*****
Harch «a *#©* »hall te appliteSle 1»
earryiag out tham laatruatloo#.
Buiteirür'S! f * f * I h Ä ^
*
■••>'rch *, i m , i® .hi«h
n atio n al tt e r o o f te d any ia t e r a s t , ahuxtU te fU o d « it e
^ - ^ 7 2 2 ? t e p a ria a a t tiy
Aprii 4* I M I * T te fu r a o f it e r o
« e M u lo s a te u ld te Ä U » t e « te te te r tte fo r # f llo d aad « te a ld te
or^oncite
* f
tl* hWMÌ* o t th* *PS»opri*te dopertwmta
3®«r*tary ©£ tls®
C*rn A'nirq
INSTRUCTIONS TO THE TREASURER OP THE UNITED W iA i^jD I
HE COMMISSIONER OF ACCOUNT; THE COMMISSIONER
THE PUBLIC DEBT^ ALL POSTMASTERS, ALL DISBURSING
as. 'and other officers and EMPLOYEES^KAKIN^
OR RECEIVING- PAYMENTS ON BEHALF OF THE UNITED STATES,
ANY DEPARTMENT, BUREAU, AGENCY, OR INSTRUMENTALITY
THEREOF, THE UNITED STATES MINTS AND ASSAY OFFICES*
AND’FEDERAL RESERVE BANKS ._______ __________ —
On
Executive Order No,
of A p r i l 1 0 # -L94-0, as amended» has ^
been further amended by an Executive Order dated March - * 9
9
extend the restrictions therein to t r a n s a c t i o n s involving property
in which Bulgaria- or any national thereof has had any
any time on or since March 4, 194-1* ^ e Regulations 01 P
#
19A-O, as amended,' have likewise been /further amended*
While such Order and Regulations remain in effect,
otherwise directed, the instructions of April 1 7 ? - 1 9 ^ 4
in full to Bulgaria or any national thereof except that
March 4-, 194-1, shall be applied in the case 01- Bulgaria
national thereof.
uni .00s
shall apply
the date
or any
The definitions of "Bulgaria" and "national" thereof in the
0h # Ì - ^ è applicable in carrying
Executive Order dated March 5,
out these instructions
schedule of the property held onrMarch 4-, 194-1, in which
Bulgaria or any national thereof had any interest, should be filed
The form of these
with the Treasury Department Dy April 4, 1941*
filed and should
schedules should be similar to those heretofore
appropriate
dsbe filed as heretofore through the heads of the
partments or agencies.
HERBERT E . GASTON
Acting Secretary of the Treasury*
March 4-, 194*1
r~i -
-
Z
'r'. n
3 - ^ ö
CODE OF FEBIRAL S « UfXQSS
fitl® 31 - Money and Finances Treasury
Chapter 1 - Monetary Offices* £© artaie&t of th#
Part 166
& & m m m §
Offio# of the Secretary,
treasure
March
4*
W *
ö n m USBSSSt »0* 36 0MBIR W S W m tU OKDM
MO. 8339* Ami» 10* 1940* AS AMJSIDgB, AMD
BSÄAfXöfl ISSOID F M M f TMSßSXO* SEUTXIIO
i
&
g
i
£
A
*
A general license is hereby granted authorising banking institu
tions within the United States to wake payment® from aeoeuate in which
Bulgaria or a national thereof has a property interest within the mean
ing of the Executive Order of April 10* 1940* a» amended* and the Eegia~
latioas issued thereunder* of cheeks and drafts drawn or issued prior
to March
4* 1941*
and to accept and pay and debit to such accounts
draft® draw» .prior to March
4* 1941*
under letters of credit %provided*
that each banking institution waking any payment or debit authorised by
th is general license shall file promptly with the appropriate federal
Heserve Bank weekly reports showing the details of such transactions,
firie license shall expire at the date of business m April 4* 1941*
(Signed)
s/s*Herbert 3. Gaston
Acting. Secretary of th# treasury
eL
Vert
5(b)*'40 i B p J£k5 sw! 966| Stoc# 2* 4? Bbrt* l; Public R.eso~
lution So* 69* 76th Congress; 12 Ü.S.C. 95aJ fit* Order 6560* lan* 15* 1934;
lx. Order 8389, April 10* 1940; Ex* Order 8405* Hay 10* 194% B** Order 8446,
Im# 17* 1940| fit* Order 8484, July 15, 1940; lx* Order 8493* July 25* 1940;
Ex* Order 8565* October 10* 1940; Ex* Order 8701, »arch 4* 1941| Regulations*
April 10* 1940* as amended May 10* 1940, June 17* 1940, July 15* 1940* October
30* 1940* and March 4* 1941*
“V ;
£
2~$-&c
-;
■■„
v ■
s
■- .. ;.
^ .... ...>.■ ;,,vy
-;-a
'
;gC“jagl ||$g
Z ’’
TREASURY DEPARTMENT,
Office of the Secretary,
March 4-, 194*1*
GENERAL LICENSE NO* 3 6 UNDER EXECUTIVE ORDER
NO* S3S9, APRIL 10, 194-0, A3 AMENDED, AND
RECULATIONS ISSUED PURSUANT THERETO, RELATINC
TO TRANSACTIONS IN FORSICN EXCHANCE, ETC,*
A general license is hereby granted authorizing banking
institutions within the United States to make payments from
accounts in which Bulgaria or a national thereof has a property
interest within-the meaning of the -Executive Order of April
194-0, as amended,
and the Regulations Issued thereunder,
10 ,
of
checks and drafts drawn or issued prior to March 4-, 194-1, and
to accept and pay and debit to such accounts drafts drawn prior
to March 4-, 194-1, under letters Of credit; provided, that each
banking institution making any payment or debit authorized by
this general license shall file promptly with the appropriate
Federal Reserve Bank weekly reports showing the details of such
transactions.
This license shall expire at the close of
business on April 4-, 194-1*
HERBERT E. CASTON,
Acting Secretary of the Treasury,
Sec* 27 4-£j Stat• Ï";
•Part l b b ; -Sec, 5 (b), 4-0 Stat. ^15 &nd
Public Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex* Order
6560, Jan. 15 , 1934-; Ex*Order g g g , April 10, 194-0; &x. Order
SÍ05, May 10, 19^0; Ex, Order M M ] June 1?, 194-0; Ex* Order M M ,
July 15 , 194-6; Ex, Order 3^93, July
H R 25,, 19^ 0; Ex* Order S 565,
October 10, 194-0; Ex* Order 3701, March 4-, 194-1 ;Regulatlons,
April 10, 194-0, as amended May 10 , 19^-01, June 17* 194-0, July 15*
194-0, October 10, 194-0-, and March 4-,
BANKS AUTHORIZED DÔSlNû TâÈ MONTH ENDED
_________FEBHPAPY
1q/1___ _______
Number and
Percentage
Date
Nature of
Name and Location of Bank: Dividend: Authorized:
The Plantsville Nat*l Bank
Regular
Plantsville, Conn,
The Second Nat*l Bank of
Final
New Albany, Indiana
The Commercial Nat*l Bank of
Waterloo, Iowa
Final
The First Nat’1 Bank of
Final
Murray, Kentucky
The First gat1! Bank of
Final
Reed City, Michigan
The Citizens Nat’l Bank of
New Brunswick, New Jersey Final
The First Nat*l Bank of
Final
West New York, N, J.
The First Nat*l Bank of
Final
Statesville, N, C.
The Second Nat*l Bank of
Final
Altoona, Pennsylvania
The First Nat'l Bank of
Final
Clifton Heights, Pa.
The Farmers & Miners NB of
Final
Forest City, Pa.
The First Nat*l Bank of
Final
Forest City, Pa.
The First Nat*l Bank of
Final
Patton, Pa.
The Reading NB & Tr. Co.
Regular
Reading, Pa.
The First Nat*l Bank of
Regular
Verona, Pa.
The First Nat*l Bank of
Final
Wilkinsburg, Pa.
The Security Natfl Bank of
Regular
Bowie, Texas
D istrib u tio n
of Funds by
of Dividends Dividend
Authorized:
Authorized:
Total
Percentage
Authorized
Dividends
to Date:
Amount
Number of
Claimants:
Claims
Proved:
70. %
1,650
$ 423,300.00
122,500.00
97.533%
2,512
1,436,000.00
1 .28%
43,200.00
72.28%
5,769
3,378,300.00
4th
4.52%
33,200.00
91.52%
1,792
735,500.00
2-20-41
7th
5.31%
57,100.00
57.31%
2,120
1,075,000.00
2-7-41
5th
9.83%
76,700.00
59.83%
3,922
779,800.00
2-11-41
6th
3 .21%
80,300.00
67.21%
8,791
2,501,700.00
2-27-41
7th
%
62,000.00
78.5%
1,884
309,900.00
2-11-41
5th
6.54%
122,300.00
66.54%
6,910
1,869,900.-00
2-5-41
4th
8.75%
75,200.00
66.25%
3,528
860,000.00
2-21-41
4th
3.91%
20,700.00
73.91%
2,743
529,500.00
2-19-41
5th
2.76%
28,300.00
84.76%
3,485
1 ,023,900.00
2-8-41
3rd
6.73%
95,500.00
46.73%
1,815
1,419,000.00
2-11-41
3rd
5. %
306,300.00
v 40. %
20,312
6,126,400.00
2-24-41
4th
7.5 %
114,000.00
62.5%
5,239
1 ,532,800.00
2-18-41
5th
4.34%
167,000.00
98.84%
13,361
3,848,200.00
2-10-41
3rd
6.
7,300.00
36. %
788
122,200.00
20.
2-25-41
2nd
2-6-41
5th
8.533%
2-19-41
6th
2-28-41
20.
% $ 84,700.00
%
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MINING NEWSPAPERS
Press Service
i / ij //
^
3-
2 /
During the month ended February 28, 1941, authorizations
were issued to receivers for payments of dividends in seventeen in
solvent national banks. Dividends so authorized will effect total
distributions of $1,496,300 to 86,621 claimants who have proved
claims aggregating $27,971,400, or an average percentage payment
of 5*35#* The smallest and largest individual dividend percent
ages authorized were
1 .28$and 20.%,
respectively, while the
smallest and largest receivership distributions were $7 ,300, and
$306,300, respectively. Of the seventeen dividends authorized four
were for regular dividend payments, and thirteen were for final
dividend payments. Dividend payments so authorized during the
month ended February 28, 1941, were as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
No» 23—SI
FOR RELEASE, MORNING NEWSPAPERS
Thursday« March 6« 1941
During the month ended February 23, 1941, authorizations were issued
to receivers for payments of dividends in seventeen insolvent national oanks.
Dividends so authorized will effect total distributions of $1,496,300 to 86,621
claimants who have proved claims aggregating $27,971,400, or an average percent
age payment of 5*35$,
The smallest and largest individual dividend percentages
authorized were 1.28$ and
20.$,
respectively, while the smallest and largest
receivership distributions were $7,300, and $306,300, respectively»
Of the
seventeen dividends authorized four were for regular dividend payments, and
thirteen were for final dividend payments*
Dividend payments so authorized
during the month ended February ¿8, 1941, were as follows:
bjujks a u t h o r i z e d
during the month ended
FEBRUARY 28. 191*!------- 1-- —
Name. jand_Loc^ioiL^í
The Plantsville lfet'1 Bank
Plantsville, Conn.
The Second tat*i Bank of
Mew Albany, Indiana
The Commercial M a t ’l Bank of
Waterloo, Iowa
The Pirst M a t '1 Bank of
Murray, Kentucky
The Pirst Hat'l Bank of
Peed City, Michigan
The Citizens Mat1! Bank of
Mew Brunswick, Mew Jersey
The Pirst M a t !l Bank of
West Mew York, M. J.
The Pirst Hat'1 Bank of
Statesville, M. C.
The Second M a t ’l Bank of
Altoona, Pennsylvania
The Pirst H a t 1! Bank of
Clifton Heights, Pa.
The Parmers & Miners MB of
Porest City, P a . The Pirst M a t ’l Bank of
Porest City, Pa.
The Pirst M a t ’l Bank of
Patton, Pa.
The Reading MB & Tr. Co.
Reading, Pa.
The Pirst M a t ’l Bank of
Verona, Pa.
The Pirst M a t 1! Bank of
Wilkinshurg, Pa.
The Security Hat'l Bank of
Bowie, Texas
Humber and
Percentage
•of Dividends
Date
Mature of
•
.
Dividend: Authorized Author i z e d ^
20.
Distribution
of Punds by
Dividend
Authorized:
$ gH,700.00
Regular
2- 25-Ul
2nd
Pinal
2-6-41
5th
8.5337°
2-19-41
6th
1.2 8$
P inai
------
fo
122,500.00
Total
Percentage
Authorized
Dividends
to Date:
70.
Humber of
Claimants:
2,512
423,300-00
1,436,000.00
5.769
3 ,378,300.00
1,650
$
97 -.5337°
43, 200.00
Amount
Claims
Proved:
$
33,200.00
91.5 2°¡0
1,792
735,500.00
P inai
2_28-4l
4th
4. 527°
5.31^
57,100.00
57.31$
1 ,075.000.0°
2-20-41
7th
2,120
Pinal
59.83$
3,922
779,800.00
2-7~4l
5th
9.83Í
76,700.00
3.21$
go,300.00
67.21$
8,791
2,501,700.00
2-11-41
6th
20.
62,000.00
73.56
á
1,ggH
309,900.00
2-27-41
7th
6.54
122,300.00
66.54$
6.910
1,869,900.00
2-11-41
5th
2-5-41
66,257°
g6o,ooo.oo
8.75"/°
75,200.00
3,528
4th
20,700.00
73-9l?>
529,500.00
3-91^
2,7^3
2-21-41
4th
84.767°
1 ,023,900.00
2.7^¿
2g,300.00
3.HS5
2-19-41
5th
95,500.00
46.73^
1 ,419,000.00
6.73$
1.815
2-8-41
3rd
2-11-41
3rd
5.
io
Regular
2-2*H-4l
4th
7.5
#
Pinal
2-18-41
5th
4.34^
2-10-41
3rd
6.
Pinal
Pinal
Pinal
Pinal
Pinal
Pinal
Pinal
Pinal
Regular
Regular
ft
jo
6¡o
306,300.00
40.
f
20,312
6,126,400.00
114,000.00
62.57°
5.239
1,532,800.00
167,000.00
9S.g4i
13.361
3 ,848,200.00
788
122,200.00
7 ,300.00
36.
$
I
-> k -
cured with, salt, and sent to St. Louis, where they are sold at auction. The
blubber and fat of the seal is made into seal oil, essential in the tanning
j
and dyeing processes.
|
Choice parts of the carcasses are retained by the
natives for food*
Jiore than
57,000
skins were obtained in
1935. the
largest number since the
treaty has been in effect. ^Effectiveness of tins controlled propagation
methods is indicated by a large progressive increase/
(in^ October, the seals begin their departure, and by the end of the month
or early in November, the rookeries are virtually deserted.
their winter whereabouts was a mystery*
For a long time,
Jfc is now known that the cows
and some bachelors winter off the lower California coast, and the bulls in the
Gulf of Alaska.
Young bachelors and pups are seen south of the Aleutian Islands.
1
I
.iiQt T
4
South America, and on the islands south of Cape Horn, which now receive
government protection.
Followed by the Coast Guard cutters of the s^Ei^patrol^
the bull seals reach the Pribilqf Islands rookeries early in May, The
rookeries are rocky grounds with gradually sloping approaches from the sea.
W L cgw seals begin to arrive early in June.
I Male seals, prior to reaching maturity at seven years, are known as
\w**—
bachelors; after that, they are called bulls. Fully developed, they weigh from
500
to
700 pounds
and have a span of life of about fourteen years. Females,
called cows, reach maturity in three years and live to an average of eighteen
years or slightly more, and weigh from eighty to
are called pups.
100 pounds.
Newly born seals
Young male seals are called holluschickie, from Russian words
meaning bare or without possessions.
| The Pribilof Islands were under lease from the United States to commercial
companies from 1870 to 1910.
During this period, the federal government super
vised the killing and the number of skins taken.
The companies paid a royalty
for each skin, and compensated the native employed in the killing, curing and
preparing the skins for shipment.
ihe killing of surplus seals -
those in excess of the required minimum -^isender the direction of the Bureau
of Fisheries.
[ aThe
. killing is done during the breeding season.
The bachelor seals are
driven to the killing grounds, where a certain number are branded by clipping
fur from the neck, which stamps them as breeding stock not to be killed. A
ratio of one male to forty cows is the estimated requirement.
A blow on the
thin skull with a heavy club either kills the animal, or stuns it,
when it is stabbed.
The skins are scraped free of fat and tissue,
-
2(ft J
U
1
of many nations, chiefly those of the United States, Great Britain and J«n«n.
and while Russia still claimed sovereignty over Bering Sea waters, pelagic
sealing, the killing of seals in the water, was prohibited by Russia. Upon
purchase of Alaska, the United States adopted a similar prohibition.
Soon after
the United States acquired possession with Alaska of the Pribilof Islands, the
ft
herd had reached a maximum of approximately two and one-half million. Despite
all restrictions, an increase in pelagic sealing caused it to decrease at an
alarming rate.
I International legal difficulties hampered effective conservation, arid the
herd dropped under 200,000.
Then an agreement was reached between the United
States, Great Britain, Russia, and Japan, prohibiting pelagic sealing north of
latitude thirteen degrees.
This was in
1911, and
the treaty, in force for ten
years, was to be automatically extended, unless one of the contracting countries
gave notice to the contrary.
This treaty, still in effect, has produced the
desired effect of increasing the number of seals. A census in
1935
showed the
herd on the Pribilof Islands at approximately one and a half million.
I Indians on the American and Canadian seaboards, Aleuts, and aborigines of
Alaska are permitted to hunt seals without firearms in open boats, propelled hy
sail, paddle, or oar.
The boat*s crew must not exceed five persons, and there
must be no contract hunting.
Approximately 80 percent of the fur seals found in the northern hemisphere
migrate to the Pribilof Islands in southwestern Alaska, for propagation, but
the Russian Komandorski and the Japanese Kurile Islands are likewise breeding
grounds.
Seal herds in the southern hemisphere are virtually extinct. There
are some remnants of herds in Lobis Island, at the mouth of the Plata River,
TREASURY DEPARTMENT
Washington
(jgJ oulaj ;
(f
1
For Immediate Release/
March
, 19^1_____
-4-,
Press Service
ivo, a / 3 + $ %
<3
\ Ten Coast Guard cutters will patrol the northward migration of the Pacific
seal herd, beginning about April 1, in accordance with an order issued by
Admiral R. R. Waesche, Commandant.
lThe patrol will get under way when the seals, moving toward their rookeries
V i........
s
in the Pribilof Islands in Bering Sea, appear in number off the coast of Oregon
and Washington.
29|Btor congregation of the herd than April 1 is not unusual.
isS
Ihe sealsTtx srrfirx p & to b f»om a few miles to
^
200 miles or
-------- -
more^ Shey^range in quest of their food,
' A'
Cost Guard cutters are detailed to accompany the herd from the southern
boundary of Washington northerly along the coasts of that state and British
Columbia to 50° north latitude, which parallel passes through the northern end
of Vancouver Island and just south of the Aleutian Islands.
The cutters
guard the seals against poachers.
The vessels assigned to this work, and to constitute the Bering Seal patrol,
0 /C
are the Itasca, Shoshone, Haida, Ariadne, Atalanta, Hermes, Redwing, Cyane,
Bonham, Nemaha, Onondaga and Morris.
Certain of these cutters will take over
the guardianship of the herd at the fiftieth parallel, and will guard it through
the mating season and the summer until the last seals depart from the rookeries
in late autumn.
This period will be from about April 20 to November 1, when
virtually all the seals will have left the rookeries.
-Pretootion
*
iual"i1
!^id by^tligrCoast GUard^is the result of an
international agreement that became effective in 1911.
It ha^[ been feared that
the seals might become extinct because of inadequate protection against sealers
- 4 -
thin skull with a heavy cluh either kills the animal, or stuns it, when it is
stabbed.
The skins are scraped free of fat and tissue, cured with salt, and
sent to St, Louis, where they are sold at auction.
The blubber and fat of
the seal is made into seal oil, essential in the tanning and dyeing processes,
Choice parts of the carcasses are retained by the natives for food.
More than 57,000 skins were obtained in 1935, the largest number since the
treaty has been in effect*
Effectiveness of controlled propagation methods
is indicated by a large progressive increase in the herd.
In October, the seals begin their departure, and by the end of the month
or early in November, the rookeries are virtually deserted.
their winter whereabouts was a mystery.
Eor a long time,
It is now k n o w n that the cows and
some bachelors winter off the lower California coast, and the bulls in the
Gulf of Alaska.
Young bachelors and pups are seen south of the Aleutian Islands,
-o 0o~
4
grounds*
Seal herds in the southern hemisphere are virtually extinct*
There
are some remnants of herds in Lobis Island, at the mouth of the Plata River,
South, America, and on the islands south of Cape Horn, which now receive
government protection.
Followed by the Coast Guard cutters of the Bering Sea patrol, the bull
seals reach the Pribilof Islands rookeries early in May.
The rookeries are
rocky grounds with gradually sloping approaches from the sea*
Cow seals
begin to arrive early in June.
Male seals, prior to reaching maturity at seven years, are known as
bachelors; after that, they are called bulls.
Fully developed, they weigh from
500 to 700 pounds and have a span of life of about fourteen years.
Females
called cows, roach maturity in three years and live to an average of eighteen
years or slightly moro, and weigh from eighty to
are called pups*
100 pounds*
Howly born seals
Young male seals are called holluschickie, from Russian words
meaning bare or without possessions*
The Pribilof Islands were under lease from the United States to commercial
companies from 1870 to 1910.
During this period, the federal government super
vised the killing and the number of skins taken.
The companies paid a royalty
for each skin, and compensated the native employed in the killing and in curing
ajid preparing the skins for shipment.
m
The killing of surplus seals - those
excess of the required minimum - is now under the direction of the Bureau
of Fisheries*
The killing is done during the breeding season.
The bachelor seals arc
driven to the killing grounds, whore a certain number are branded by clipping
fur from the neck, which stamps them as breeding stock not to be killed.
A ratio
of one made to forty cows is tho estimated requirement.
A blow on tho
-
2-
extinct 'because of inadequate protection against sealers of many nations,
chiefly those of the United States, Russia, Great Britain and Japan.
Before the United States acquired Alaska by purchase from Russia in 1867,
and while Russia still claimed sovereignty over Bering Sea waters, pelagic
sealing, the killing of seals in the water, was prohibited by Russia*
purchase of Alaska, the United States adopted a similar prohibition.
Upon
Soon after
the United States acquired possession with Alaska of the Pribilof Islands* the
herd had reached a maximum of approximately two and one-half million.
Despite
all restrictions, an increase in pelagic sealing caused it to decrease at an
alarming rate.
International legal difficulties hampered effective conservation, and the
herd dropped under 200,000.
Then an agreement was reached between the
United
States, Great Britain, Russia, and Japan, prohibiting pelagic sealing north of
latitude thirteen degrees.
This was in 1911, and the treaty, in force for ten
years, was to be automatically extended, unless one of the contracting countries
gave notice to the contrary.
This treaty, still in effect, has produced the
desired effect of increasing the number of seals.
JL census in 1935 showed the
herd on the Pribilof Islands at approximately one and a half million.
Indians on the American and Canadian seaboards, Aleuts, and aborigines of
Alaska are permitted to hunt seals without firearms- in open boats, propelled by
sail, paddle, or oar.
The boat *s crew must not exceed five persons, and there
must be no contract hunting.
Approximately 80 percent of the fur seals found in the northern hemisphere
migrate to the Pribilof Islands is southwestern Alaska, for propagation, but
the Russian Komandorski and the Japanese Kurile Islands are likewise breeding
TREASURY DEPARTMENT
Washington
Eor Release Morning Newspapers:
Sunday. March 9. 1941._________
Press Service
No. 23-82
Ten Coast Guard cutters will patrol the northward migration of the Pacific
seal herd, beginning about April
1,
inaccordance with an order issued by
Rear Admiral R. R. Waesche, Commandant.
The patrol will get under way when the seals, moving toward their rookeries
in the Pribilof Islands in Bering Sea, appear in number off the coast of Oregon
and Washington.
Congregation of the herd earlier than April
1
is not unusual*
The seals range in quest of their food, fish, from a few miles to
200 miles
or
more offshore.
Coast Guard cutters are detailed to accompany the herd from the southern
boundary of Washington northerly along the coasts of that state and British
Columbia to 50° north latitude, which parallel passes through the northern end
of Vancouver Island and just south of the Aleutian Islands*
The cutters
guard the seals against poachers*
The vessels assigned to this work and to constitute the Bering Sea
patrol,
are the Itasca, Shoshone, Haida, Ariadne, Atalanta, Hermes, Redwing, Cyane,
Bonham, Nemaha, Onondaga and Morris*
Certain of these cutters will take over
the guardianship of the herd at the fiftieth parallel, and will guard it through
the mating season and the summer until the last seals depart from the rookeries
in late autumn*
This period will be from about April
20
to November
1,
when
virtually all the seals will have left the rookeries*
Coast Guard protection is the result of an international agreement that
became effective in 1911*
It had been feared that the seals might become
THE UNITED STATES DEPOSITORY
PORT KNOX, KENTUCKY
marinimi
Monetary gold stocks of the United States now exceed $22,000,000,000.
Of this amount more than $1*4,000,000,000 is stored in the vault of the Port
Kno'x gold' depository, one of the institutions under the supervision of
the Director of the Mint, an officer of the United States Treasury.
Virtually impregnable from attack, the United States Depository was
completed in December, 1936, at a cost of $ 360,000.
It is located
approximately 30 miles southwest of Louisville on a site which formerly
was a part of the Port Knox military reservation.
The first gold was
moved to the depository by railroad in January of 1937»
That series of
shipments was completed in June, 1937» when approximately $5»500,000,000
in gold was stored there.
Another shipment was begun in June 19*40 and
completed in February, 19*4-1, bringing the present stocks of gold stored
at Port Knox to the $1*4-,000,000,000 figure.
This consignment was also
transported by rail.
The two-story, basement and attic building is constructed of
granite, steel and concrete, based upon a
10-foot
Its exterior dimensions are 105 by 121 feet.
the first floor level.
foundation of concrete,
Its height is *42 feet above
It was constructed under the supervision of the
then Procurement Division of the Treasury Department, now the Public
Buildings Administration of the Federal Works Agency,
Upon its comple
tion, it was placed under the supervision of the Director of the Mint.
Within the building^s a two-level steel and concrete vault, *40 by
60
feet, with fourteen compartments in the subterranean level and a
like number on the ground level for the storage of gold.
weighs more than 20 tons.
The vault door
Roofs of the vault as well as the depository
-
are of "bombproof construction.
2-
No one person can open the vault door mine*
Various members of the depository staff must dial separate combinations.
The vault casing is 25 inches thick.
Its construction includes steel
plates, steel I-beams and steel cylinders laced with hoop bands and en
cased in concrete.
The vault roof is of similar construction and is
independent of the bombproof depository roof.
As an added protection, the corridor encircling the vault is fitted
with mirrors which provide a constant view of the space between the two
roofs*
Between the corridor and the outer wall of the depository is
space utilized for offices, store rooms and other purposes*
The outer
wall of the depository is of Tennessee granite lined with concrete.
Included in the materials used in construction were 16,500 cubic
feet of granite,
steel and
670
^-,200
cubic yards of concrete, ~f-50 tons of reinforcing
tons of structural steel.
Over the marble entrance at the front of the building is the
inscription "United States Depository" with the seal of the Treasury
Department in gold.
Offices of the Chief-Clerk-in-Charge and of the
Captain of the Guard open upon the entrance lobby.
At the rear of the
building is another entrance, for the reception of bullion and supplies.
Facilities for weighing the bullion and for an accounting force occupy
other rooms.
Outside the building, but connected with it by passages from the
basement of the depository, are four guard boxes, one at each corner of
the building*
A driveway encircles the building and a steel fence marks
the boundaries of the site.
opening on the Dixie Highway,
The driveway leads through an entrance gate
Sentry boxes, similar to the guard boxes
at the corners of the depository, are located at the entrance gate.
- 3 Aii automatic electric signal-system telephone, a radio, and microphone
equipment ha,ve "been installed among the mechanical safeguards in the
building.
The nearby Army post gives additional protection.
The
depository is equipped with its own emergency power plant, water system
and other facilities.
In the basement is a pistol range for the guards.
The gold in the depository is in the form of standard mint bars of
almost pure gold.
In form these bars are similar to an ordinary build
ing brick, but are somewhat smaller.
6- 3/U
X
3- 1/2 X 1—3/U
inches.
ounces of gold, worth $ 1^ , 000.
pounds.
The approximate dimensions are
Each bar contains approximately U00 Troy
The avoirdupois weight is about
27- 1/2
They are stored without wrappings in the vault compartments
of the depository.
When they are handled great care is exercised to
*^yoid abrasion of the soft metal.
When gold coin was in circulation
the loss to the Government by abrasion was substantial.
While all of the physical gold stock is stored in the various
institutions of the Bureau of the Mint, it is not, as sometimes sup
posed,
'‘kept out of circulation."
Most of it is made a part of the
money stream through the medium of gold certificates or gold certificate
credits, which are issued only to the Federal Reserve Banks,
The
Federal Reserve Banks may obtain gold by redemption of the certificates
when necessary for the settlement of international balances.
This
process, coupled with the fact that the Treasury will receive gold im
ported from foreign countries, and pay the legally determined monetary
value thereof, '(legs handling charges) maintains the value of the
dollar in world exchange.
The amount of gold certificates or gold cer
tificate credits currently outstanding is approximately twenty billions
of dollars.
- urn
The Chief-Clerk-in-Charge at the Fort Knox Depository is Russell
T. Van Horne, an officer of many years’ experience in the field ser
vice of the Bureau of the Mint*
The guard force is made up of men
selected from various government agencies.
t J l e i /}a£
e x ce ss profits tax return, tut who are required to do so,
use the revised Form 1121 instead of the form previously
furnished them. Taxpayers who have already filed an excess profits
tax return on>*BiiTom
1121,^should execute
the revised Form 1121
and file it immediately with the collector for their district
2-
However, in the case of taxpayers who have already filed returns on
the old Form 1121, if the execution of the revised form would result
in no change other than a disclaimer of the credit which the taxpayer
^Ud^not elect in the return already filed, the taxpayer may perfect
Tates original return hy merely filling in only the specific disclaimer
in the revised form.
The revised form^so executed and properly signed
and sworn to, will he affixed to the original Form 1121 when filed
fi
with the appropriate j&pllector.
fhose taxpayers^who find It impossible to complete t h e i W ^ ^ s h
m March 15» 19^1Jshould apply to the appropriate collector of internal
Revenue for an extension of time.
Such extension will he granted in
all reasonable cases, if the taxpayer files a tentative return and
pays 25 percent of the tax shown upon the tentative return.
However,
those taxpayers who have already filed an excess profits tax return
0X1
;'Krm
1121
need not apply for an extension of time, hut Should
file the revised Form 1121 within thirty days after March 15, 194^,
The principal changes between Form 1121, as revised, and
't ic pnvl
Form 1121, are as follows:
In lieu of the election between the income method
and the invested capital method contained in the old form,
a taxpayer in existence prior to January 1, 194^ must com
plete the computations under both methods unless it spe—
M
p f l l ^ ^ l y disclaims one method^*^jhje taxpayer is permitted
to state whether it elects in the return to capitalize
expenditures for advertising or promotion of good willji^
m0fh e taxpayer, if an acquiring corporation of a qualified
component corporation and if actually in existence before
January
1, ^1940,
is required to state whether it elects
to compute its average base period net income under the
method prescribed in Section 742 in lieu of the method
prescribed in Section 713.
In addition, several other changes are made consistent with the
amendments recently adopted.
a
^ --
"
I
>nn-rarm ipf Tnlinrmi
ortrmmrA* .... Itnl^4 revised
excess profits tax return, Form 1121 (revised March, 1941 has lean
prepared for use by corporations required to file
excess profits
tax return4 \ ÆM s revised form was made necessary by the enactment
of the Excess Profits Tax Amendments of 1943£
I—— — ——--
H ig -***•
—
—
*»
•■"
—
<yy*i1
s*tA a 0 JS
a copy of the revised Porm 1121 to each corporation to which the1''^aitór'i^ /
Porm 1121 was
^ 3 t A n i IPjisJë
w f «4
*
Wo*
// -I « .
/ ftc£itw
forwarded. /‘xâ^âyers who have not as yet
li
vh
Æ
TREASURY DEPARTMENT
Washington
Press Service
No. 23-g^
FOR IMMEDIATE RELEASE.
Saturday, March g, 19 Jl.
A revised excess profits tax return, Form 1121 (revised March,
19A1 ),
has been prepared for use by corporations required to file
excess profits tax returns,
today.
the Bureau of Internal Revenue announced
This revised form was made necessary by the enactment of
the Excess Profits Tax Amendments of « 1 ,
by the President.
approved yesterday
The Collectors of Internal Revenue are being
instructed to mail a copy of the revised Form 1121 to each
corporation to which the original Form 1121 was forwarded.
Assistant Secretary of the Treasury John L. Sullivan said that
taxpayers who have not as yet filed an excess profits tax return,
but who are required to do so, should use the revised Form 1121
instead of the form previously furnished them.
Taxpayers who
have already filed an excess profits tax return on the previous
Form 1121, he said, should execute the revised Form 1121 and file
it immediately with the Collector for their district,
However,
in the case of taxpayers who have already filed returns on the
old Form 1121,
if the execution of the revised form would result
in no change other than a disclaimer of the credit which the
taxpayer did not elect in the return already filed, the taxpayer
perfect the original return by merely filling in only th 6
specific disclaimer in the revised form.
The revised form, so
executed and properly signed and sworn to, will be affixed to the
original Form 1121 when filed with the appropriate Collector,
Those
taxpayers who find it impossible to complete their excess
profits tax returns by March 15 , 19*1,
Sullivan pointed out,
should apply to the appropriate Collector of Internal Revenue for
an extension of time.
reasonable cases,
Such extension will be granted in all
if the taxpayer files a tentative return and pays
25 percent of the tax shown upon the tentative return.
However,
those taxpayers who have already filed an excess profits tax return
on the original Form 1121 need not apply for an extension of time,,
but should file the revised Form 1121 within thirty days after
March 1R
194-1, Internal Revenue officials said,
J p l ; , ,
changes h e « « «
O h ,
»
-
**
previous Form 1121, are as follows.
In lieu of the election between the income method and
the invested capital method contained in the old form, a
taxpayer'.’ in existence prior to January 1, 19*0, must com
plete the computations under both methods unless
specifically disclaims one method.
The taxpayer is per
mitted to state whether it elects in the return to capitalize
expenditures for advertising or promotion of good will.
taxpayer,
The
if an acquiring corporation of a qualified com
ponent corporation and if actually in existence before
January 1, 19*0» is required to state whether it elects to
co m p u te
its average base period net income under the method
prescribed in Section
7*2
*
Ueu
of the method prescribed
in Section 7^3*
In addition, several other changes are made consistent with
the amendments recently adopted.
- 0O 0—
TREASURY DEPARTMENT
Washington
FOE HEL1ASB, AFTERltOOH KEWSPAPERS,
.
P re ss S e r v ic e
No.
Wodno^dnlv^ March -1U T 1941,-------
Secretary of the Treasury Morgenthau today made public the fourth m
the
series of tabulations from "Statistics' of Income for 193S, Part 2, compiled
from Corporation Income and Excess-profits Tax Returns and Personal Holding
Company Returns", prepared under the direction of Commissioner of Internal
Revenue Guy T. Helvering.
Jor returns with balance sheets, the two attached tables show items of
assets and liabilities as of the end of the taxable year, items of compiled re
ceipts and compiled deductions, compiled net profit or net loss, net income or
deficit, income tax, excess-profits tax, total tax, compiled net profit less
total tax and dividends paid.
The first table classifies the data by major ;
industrial groups and the second by total assets classes.
Adjustments of assets and liabilities are made in tabulating the data,
if the following conditions appear on the balance sheet: (l) a negative amount
reported in assets is transferred to its appropriate place under liabilities
and "Total assets" and "Total liabilities" are increased by this negative amount;
(2 ) d deficit in surplus shown under assets is transferred to liabilities and
"Total assets" and "Total liabilities" are decreased by the amount of the deficit,
and (3 ) reserves for depreciation, depletion and bad debts when shown under
liabilities are used to reduce the corresponding asset accounts and "Total
assets" and "Total liabilities" are reduced by the amount of such reserves.
"Surplus reserves", which are tabulated separately for the first time, were
included in "Surplus and undivided profits" for 1937-
"Surplus reserves
com.
prises all reserves reported by corporations under the caption ."Surplus reserves
"Surplus and undivided profits" consists of positive amounts of "Paid-in or
capital surplus" and "Earned surplus and undivided profits".
of these amounts are negative they are tabulated as "Deficit".
If either or both
The definition of capital assets was changed by section 117(a) (l) of the
Revenue Act of 1938, to exclude property used in trade or "business, of a
character which is subject to the allowance for depreciation provided m
23(l) of that Act.
section
This change enables a corporation which sustains a loss on
the sale of a depreciable asset to deduct the loss without limitation.
The "Net gain or loss from the sale of property other than capital assets”
consists of the net gain or loss from the sale or exchange of a depreciable
asset.
For 1937, net gain or loss from sale of depreciable asset was included
in "Net capital gain or loss”.
In general corporations are classified industrially according to the
business activity which accounted for the greatest percentage of "Total re
ceipts".
"Total receipts" means the sum of the following itemsi Gross sales
(where inventories are an income-determining factor); gross receipts (where
inventories are not an income-determining 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 exclusively 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 in
creased over those shown in "Statistics of Income for 1937 Part 2," and there
have been certain changes in the definitions of the contents of the groups.
comparison of the major industrial groups for
193 S
A
with those for 1937, which
was published on pages 13 - 18 of the "Preliminary Report, Statistics of Income
for 1Q3S, Corporation Income and Sxcess-profits Tax Returns," will be published
in "Statistics of Income for 1938, Part 2".
- 3In analyzing the data, compiled from returns classified under the major
industrial groups "Insurance carriers, agents, etc." allowance should he made
for the two special deductions from gross income permitted life insurance
companies under section 2C 3 (a), Revenue Act of 193S. relating to reserve funds
required hy law, and reserve for dividends.
this deduction is
$17,165,010
On
193S
returns with net income
and on returns with no net income,
$855,127.536-
In the attached tables, the special deductions for life insurance companies
are included in ’’Other deductions’ »
Corporations submit ting balance sheets, 19p<5, by major industrial groups cuti.U. MJ M V uux uo
***
close of fiscal year nearest thereto, compiled receipts and compiled deductions compiled net profit or loss, net income or deficit
income tax, excess-profits tax, total tax and dividends paid
(Money figures in thousands of dollars)
Industrial groups
Total mining and
quarrying
All industrial
groups
Net
income
Ifomber of returns with balance sheets
Assets:
Cash 6/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations ]}
Other investments Zj
Net capital assets ¿/
Other assets
Total assets 10/
ho
Liabilities:
Accounts payable
26,829,571
10,766,538
i4, 624,779
49,303.936
15.
Net
income
3.138
No net
income
.6,330
6,810,677
223.758
90,417
10,933,819
264,306
237,987
5,815,381
10,902,491
?2.??7,439
211,875
78,413
892.655
1.939.560
4,655,156
127.559
5,520,389
181,058,938 118,962,788 3.738.127
52,850,991
46,447,826
4o,l4l
78,276
314,496
143,099
98,327
212,787
684,700
172,214
60,408,221
13,014,304
1,240,313
966,609
150,096
53,181
1,539,864
292,421
622,564
217,496
195,508
78,700,577
45.183.509
5,387,111
1,538,311
900,631
354,4oi
1,415,523
2,331,132
22,826
2,022,690
2,51*854
19,610
.,143,860
.,070,500
3,738,127
5,380
51,122
36,207
2,470
161,550
13,018
35,058
992
323,434
51,459
256,600
,895,076
,558,218
,141,590
967-. 996
60a, os6
295,895
*387,595
•,349,145
3.923
,262,18-9
.174,413
50,644
838,707
5,678
,420,075
,676,675
-
65,090
162,945
13,666
5,265
101.795
,413,662
,315*150
4,6i9,8i4
1.395,901
28,913,891 1 ,132,49s
139.S34
•,873,433
21,061
12.,687,851
72.136.510
844,386
103,580
—
12,761
.1,602
1,198
1,350,723
640,471
70,180
24,668
4,709
2,729
19-, 203
54,906
321
75,09s
123,621
. 197
838,724
67,13^
1,939,203
4,373.362
25,922,024
44,067,581
6,325,036
11,782,971
25
,420,267
^.371.395
5,273,443
2,027,712
35,233,404
15,009,471
2,106,501 11,024,669
181,050,93s 118,962,708
1,644,554
65M 73
165,386
3 .807,137
423,776
3.730,453
68,644
42,429
2,748,584
165,867
1 ,638,656
91,377
1 ,039,442
621,682
3 ,807,137
960,010
11,390
98,728
64,434
27,081
970,262
31,939
748,084
52,855
1,939,203
445,993
6,632
70,683
>+Q,537
42,257
15,325
8,913
355,007
35,015
298,937
187
37
4,678
24,470
899
1,578
15
16,563
712,508
7b,2o3
30,778
8,238
8,323
38,595
67f507
J 121
-'■ *•^^688
72i462
537
9Ó 7
488,043
254,703
■ 3-.714
3,643
525
182
5,237
•20,757
104
95.083
4,368
1,407
342
1,171
4,353
.21,011
22,125
48,103
20
5
7,56i
2
272
15,261
, -3*299
.187,726
L, 278,045
33,341
392,456
¿4/ i 4o ,009
95,587
94,630
13,441
¿t/ 1 4 0 , 5 6 5
No net
income
Net
income
6l,882
l,64l
49
81
1,106
3
22,692
9.452
5,240
66,867
178,650
15,77>+
301,921
19,150
44,297
12,161
12,647
37,858
257,753
13,513
397,625
No net
income
1.796
2.S65
658
32,9*+0
51,035
36,841
22,927
89,329
115,882
16,755
11,733
155,741
527,419
28,909
907,473
26,087
80,519
36,286
37,301
9,806
7,533
25,402
97,771
914,186 192,036
42,852 + 11,837
1,219.276 322,109
24,915
19,059
157,304
8,294
68,278
191.665
4,446
13,415
31.324
106,533
5,256
56,422
36,936
301,921
S,b40
133,132
6,341
397,625
128,018
4,377
969
222,994
16,727
579
4,712
25.233
136,984
22,666
68,700 121,763
3,766
87-
>+7,350
42,434
514,744
21,697
331,638
175.665
1 .165.252
387,780
43,896
517
113
7.531
42
.158,407
136
116
25
65,861
19
i 4 o ,i 45
251,081
47,950
112,988
168,465
1,076
633
60
167
1,583
4,940
11
2,562
2,186
9
3
3,3 08
64,488
34/16,667
34/16,714
2,768
721
78S
3,924
7,408
8,612
4
6,789
3,057
If
27
17.653-
164,750
¿f/24,6o4
34/24,623
347
29'
382
454,148
33,085
3,428
953
5.903
630
l,84i
950
3,659
8,823
9,886
63
11,31s
4,689
23
27
27,489
239,907
11,175
11,055
21,594
18
24,020
7,039
75
656
52,036
489,578
¿i/ 35.^30
¿4/35,555
l,64o
l4
1,654
13,^90
„420*075
163,767
82,097
¿4/16,667
1,180
¿4 / 2 4 ,6o4
9,520
339,219
7,851
181,202
672
88,768
X37
1,464
i , 28
8,572
70
45,610
50,205
79,021
4o,721
20,453
359,9^3
42 ,80p
362,112
93,435
907,473
¿4/35,430
Manuf ad tur ing
Total manufacturing
Net
income
4l
279
33.044
No net
income
49,111
5 ,4 .7
430
933
2.955.O 3I
1,047,587
13,264
8,513
1.065
12,395
123,128
9,088
172.871
704
198
l4
126
8,213
175
9,860
2,130
2,018
10
7,592
45,472
4,366
62,520
4,501,549
6,552,252
910,980
6,219,769
12,232,184
1,881,018
35.252,783
2,259.770
3,640,123
222,114
2,091,444
9,311,617
19.539.428
12,832
21,147
449
12,683
2,199,908
1, 996,881
101,654
7,692
253,022 i 27,144
8,672
51 >424
28,636
1 9 .4 5
575,135 130,163
17,846
23,518
295 ,449 106,525
8,230
2 4 .7 3 5
1,219,27b 322,109
11,538
28,895
10,300
16.399
73,3^7
4,654
39,730
33.13s
172,871
177
788
532
4
5,515
1,846
2,446
1.895
9,860
140,171
93*+
864,205
1,627
2,504.732
3. >+51
3,132
1,152,705
94o
3.700,300
51,723 1 2 ,94o, 64s
1.237
1,388,333
17.267 10,778,678
29,539
276,731
62,520 35,252,783
966,773
1.395,255
2,769J4o
648.363
2,020,243
7,186,304
573,093
4,815,3 o O
1,865,811
19.539.428
258,803
101,980
1,533
4,225
3,470
258,400
55,64o
911
5 .7 4
3,212
l4 o ,o 6 i
112,315
34
901
i4 s
50.634
10,499
105
657
4l
2,764
538
25
55
38
2,867
724
8
74
ii
32,519,433
410,077
69,280
121,901
16,334
16,095,41g
362,962
2,046
2,108
90
22
10
7
8,270
5,024
2,165
489
1
13
259,762
142,136
185.957
57,978
9,796
94,116
11,625
11,360
33.756.143
2,777
3. ^9*+
8,821
30
4,867
119
8,676
Nonmetallic
; Mining and
mining and
: quarrying
quarrying
i not allocable
Net
No net
Net
No net
income
income income
income
Net
income
810,476
31,230
1.165.252
84,856
19,121
27,924
5
No net
income
1 ,30 2
49
18.751
: 37
Petroleum
1,217
60
3,696
772
•1 ,138,036
56,869
506
43,601
96,669
188
885,297 161,857
2,555
2,667
519
25,384
1,089
2,850
.142.,410
1,159.032
27,701
223
8,692
1,729
4,056
19,055
676,672 115,416
62,076
5,992
.,885,297 161,857
145,769
4,687
4,538
23,501
Net
Income
30,053
47,693
5,280
52,483
132,311
6.,011
405
1.0.
620
121,l46
3,899
520
191,691
190,493
No net
income
Other coal
mining
6,916
4o,46o
394,412
Anthracite
mining
W
144,747
122,84o
24,356,209
46,512,167
Net
income
129,892
6,841,945
6,905.397
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock preferred
Capital stock, common
Surplus reserves 11/
Surplus and undivided profits 12/
Less deficit 15/
Total liabilities 10/
Receipts, taxable income:
Gross sales 3% }
Gross receipts from operations 15/
Interest
Rents and royalties 16/
Net capital gain 17/
Net gain, sale of property other
than capital assets 18/
Dividends from:
Domestic corporations 19/
foreign corporations 20/
Other receipts 21./
Receipts, tax-exempt and taxable income:
Interest on Government obligations:
Subject to excess-profits tax 22/
Wholly tax-exempt 23 /
Total compiled receipts 24/
Deductions:
Cost of goods sold 23/
Cost of operations 2b/
Compensation of officers
Rent paid on business property
Bad debts
Interest paid
Taxes paid 27/
Contributions or gifts 28/
Depreciation
jDqpieti on
Net capital loss 17/
Net loss,, sale of property other
than capital assets 18/
iOther deductions
Total compiled deductions
ompiied net profit or net.loss
(31 less 45)
et income or deficit Xj (MS less 30)
ncome tax 2¿/
rcess-profits tax
Total tax 29/
ompiled net profit less total tax
lMS less 50)
lv i.lends paid:
Cash and assets other than
corporation* s own stock
Corporation*s own stock
Por footnotes, see page
21,162,735
:
No net
income
Metal mining
2/
255
b5
386,096
89,336
50,00b
10,920
2,199
1,116
6,818
13,597
95
29.637
62,683
104
2
(30)
(30)
191
-
6,842
i 1,618
622
69
78
42
346
3 3 5.4.2
91
81
136,141
19
19
62,809
(30)
(30)
3.503.
-
132,428
78,51*
6,615
28,985
9,328
¡5.960
4,298
958
1,207
623
16,113
1,862
14,000
5,623
58 0 ? , 48
37,122
*8,718
54,275 . 5,758
4o
305'
36,014
6,421
3,263
921
726
l,s 4 o
1,985
— . 35
5 ,9 4
469
98
1,504
92
83
13
11
*+3
102
(30)
138
202,
—
3,781
2,455 2 3 ,4 l2 ,l6 l
636
157,725
577,481
155
48
162,960
345
86,676
58
163,465
985,048
305
2
■9,131
256
824,033
92 .. • 98,549
2,498
9
36,379
56,023
8,846
16,732,811
13,254,087
214 400
319 930
127,366
53>535
157,207
442,562
1,237
556,820
90,988
2,084
266
53,310
320,087
1,497
89,755
389,371
222
¿4,150
139,092
84l
12,135
70,690
(30)
812
3.001
6
883
5.249
7,888
4,861,305
31.348.919
66 ,009
65,944
9.676
95
9,771
¿t/53,959
¿4/54,305
¿ 4 / 7 .8S1
34/7,900
-
2,407,223
2.395,863
369,997
2,294
372,291
ii/791.72S
3+/795.221
-
500
49
76
6
82
¿4/1,462
34/1,468
—
1 7 .0 4
16,96g
2.677
58
fe.735
56,23s
it/5 3 .9 5 9
l | ,3 Ì 4
3 4 / 7 .S81
418
¿4/1,468
2.034,932
34/791,728
66,636
482
16,297
§,504
II5
308
32
260
59
-
-
1.551,981
23,850
81,757
2,964
-
i
21,688
2,282,635
17,524,539
Corporations submitting balance sheets, 1938 -, by major industrial groups and by returns with net income and with no net income l/: number of returns, assets and liabilities as of December 3 1 , 193», or close of
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total! tax and dividends paid - Continued
5
(Money figures in thousands of dollars)
____________________________________ Industrial groups 2/ - Continued
_________________________ __________Manufacturing - Continued
Food and kindred products
No net
income
Net
income
"l Number of returns with balance sheets
Assets:
2 Cash 6/
3 Notes and accounts receivable (less
reserve for bad debts)
1+
Inventories
5 Investments, Government obligations J./
£
Other investments 8/
7 Net capital assets _£/
$
Other assets
5
Total assets 10/
Liabilities:
10 Accounts payable
Bonds, notes, mortgages payable:
11
Maturity less-:than 1 year
12
Maturity 1 year or more
lj Other liabilities
li Capital stock, preferred
IS Capital stock, common
lG Surplus reserves ll/
1| Surplus and undivided profits 12/
Ic
Less deficit 15/
15
Total liabilities 10/
Receipts, taxable income:
20 Gross sales 14/
21 Gross receipts from operations 15/
22
Interest
23 Rents and royalties l6/
|2^ Net capital gain 17/
¡25 Net gain, sale of property other than
capital assets 18/
Dividends from:
26 Domestic corporations 19;/
2J
p
Foreign corporations 20/
Other receipts 21/
Receipts, tax-exempt and 'taxable income-;
Interest on Government obligations.;
29 Subject to excess-profits tax 22/
1C
Wholly tax-exempt 23/
pi
Total compiled receipts 2b/
Deductions:
p2 Cost of goods sold 25/
Cost of operations 2b/
Compensation of officers
Rent paid on business property
Bad elects
•flonti ibutions or gifts 28/
Depreciation
Depletion
3
Net c a p ita l loss
Net loss, sale of property other than
capital assets 18/
360,011
76,527
179.744
63,706
432,886
720*019
86,657
390,189
14,315
229,303
631*584
61,006
255-707
1
,
582
,66s
3,838,823
584,723
1,398*820
220.,101
151,121
265,787
I3I .447
488,920
1,367,449
155,112
1,092,805
30)
“¿roe&s-profits tax
Total tax 2^/
Compiled net profit leas total tax
(46 less 50 )
Dividends paid:
Cash and assets other than corporation’s
own stock
Corporation’s own stock
118,609
224,114
15,970
84,032
:Tobacco manufactures
No net
income
:
:
1,361
8,265
42,702
62,081
1,121
10,833
161,067
20,883
406,058
73-007
985,496
306,951
165,976
84,46l
38,343
145,157
225,754
52,684
118,027
52,860
182,812
577,314
47,600
52,333
243,977
17,805
44,367
58,148
17.321
23,998
109,084
2,554
33,920
3 ,838,823
38,297
331,613
I37.II5
1,582,668
375,044
6,44l
985,496
306,951
6.,i 42.„753
J, 442,207
1,293-063
276*579
5,477
3-693
4l0
27.915
25,117
6.774
10,446
1,007
2,718
3.817
997
484
243
.19.643
1-4,,078
.23,361
1,111
920
3,160
1,771
13,644
1,761
3.267
51,216
38,079
886
7-353
2,273
1,045
2,233
27
2
2b9
61,754
20,,193
28,190
15,210
10,835
•6,304
4,098
4,636
m
307
1,436
244
2,044
304,999
3 ,566,854
301,814 ^ 4/72,670
300,895 ü /72,904
48,073
337
4s,4ii
253.403
206,834
1,067
ü/
72,670
7.201
796
656
21,963
8,856
207.,S60
-|4o'
26,571,
112*
88
434
221,177
1,188,118
27.716
142,028
143,196
11,931
33,985
100,840
104,845
2,587
24,021
61,256
26,401
84 ,601
13,527
447,140
22,569
54,160
21,301
259,896
35,362
132,031
625,89g
51,567
70,230
17,944
1,553,171
1,584,668
48i,46o
23,558
344,824
95.96U
134,113
73,132
68,292
117.309
26,477
118,434
45,051
247,277
17,367
63,859
79,049
40,825
178,076
527,886
745,105
2,335
5,857
688
l,96l
5,185
8O 9
21
1,232
1,147
27
2,743
825
10,539
123
$97
3
430
2,671
g,400
34,751?
390
43,351
25
13
196
2
102,394
1,125,113
6,4li
39,063
1.511
¿5/ 1.523
i+,6o6
2,928
804
153.924
I.693.O59
148,232
1,505,764
79,138
¿ 4/98,166
78,680
12,645
199
¿4/92.351
IO6
3,755
2,919
15V758
327
5,851
5
81
64
146,989
1 ,211,570
28,878
28,758
4,499
3.928
4,051
10,g6s
89
4,797
6
15,619
4,030
2,106
1,876
11,790
203
It 104
23,o 4i
49,525
124,261
28,420
64,854
353,543
31,842
224,440
6,818
45,528
55,730
259,896
19,454
i64 ,921
198,94g
34,901
157 -Ite
2,441
217
103,201
837,845
¿4/26,393
¿4/ 26,4l 4
2,111
14,833
33,494
301
29,427
19,953
35,670
214,333
4,960
800,036
103,825
247,087
16,448
588,998
630,044
1,5132
74,635
364,589
40
67
4,175
1,483
4s
355,259
2,474
281
683
27
31
361,029
312,210
1,632
9,806
3,392
1,519
2,586
6,oo4
28
4,562
21
17,037
15,872
198
60
6
(30)
yjb
m
646,055
445 ,-014
2il2
6,649
3 .09g
2,848
(30)
1.359
15
4,442
143
49
75.256
55,255
I37
1,608
176
17.760
741
44o
434
2,534
4
2,714
7 »9$l
27V 691
1,042
2,398
1,032
548
39
3
224
U m
4,358
73
379.998
267,839
2,286
10,607
1,094
1,602
2,^14
10,105
90
11,490
10,323
42
56
19
12
19
69,009
727,946
172
37,643
379,630
247
112,018
12
15,061
41,851
78,953
360,333
107
>■
25,863 ¿ 4/18,601
25. 815" ¿ 4/ 18,632
4,083
66
71
4,570
12,844
104,630 i t / 1.511
97.343
137
6
176
13.207
615,127
1,020
70,530
106,362
3.854
14,073
4,012
5,584
42,318
114,903
127,684
7.^53
2,216
4,506
637.499
26,326
33.405
13.351
14,553
27,150
7,218
4,275
12.332
33,826
79
45,880
78,008
119,206
166,972
1
1,996
974,712
29,596
17,093
1,835
3,352
42,383
7,158
39.173
37.631
171
1,390,028 1,209,110
19.982
49.339
64l
29,420
42,272
30,975
437
5
3.672
811,452
18,808
33,993
588
261
5.75O
1,240,447
•25,343
52.647
10,664
42,376
107,064
4,i48
623,693
Furniture and
finished lumber
products
Net
• No net
income
• income
-.1.619 ..2,7lfr
2.407
26,372
72, f o
25
1,772,197
17729“
103,825
3
168,$14
199,286
38
37,552
No net
income
800,036
144,057
156,515
5
0
Net
1
income
;
64,615
105,767
6,257
75,334
298.956
12.726
588,998
48,735
98,964
1,348
42
47
753.808
18,954
34,551
5.072
55,960
45
H
Lumber and timber
basic products
Net
: No net
income
: income
*
Z 7 T -------- z j s -
102
719
975
128
110
612
347
10
9,4os
2,060
12,819
Rubber products
33,323
533
1,042
84
39
57,801
301,509
104,849 ¿4/17.320
1,568
is6
8,470
514
2,389
21
222
¿4/
22,728
201
120
4
124,166
123,897
19.536
(30)
19.536
200,816
233
184
1,407,598-
230
17
42,863
166,155
13,501
147,615
5,732
772,256
1,756
62
25,051
7,810
14,516
1,222,009
916,430
7,342
2,573
l49,i4i
6,717
1,364,188
1,335
168
10,395
108,656
1 ,717.997
29,019
540,530
15,616
1.553.171
171,218
5,182
84,600
676,982
19,665
47,007
165,075
36,176
21,768
14,015
4 6 ,174
150,667
58,097
447,140
42,598
1*249,279
2,242
4,505
45,917
43
9-554
175,520
405,524
13,564
105,473
760,580
43,882
503
45g
126,331 54/17,380
126,103 54/17.382
21,433
—
IO9
21,542
-
57,956
1,481
62,145
51,023
344,824
1,310
No net
:
income :
~T,"262
72,44o
5,699
481,460
9
:
:
12.4,721
1,584,668
io4
4,962
1,453
613
Net
income
2,798
12
6,660
1-556
No net
:
income
:
5.184
56,181
r
0
572
:
:
127,961
37,245
69
17
42
2,299
6,886
690,798
I-I96
39,324
1,232,284
2,281
Net
income
49,469
396,s4g
5,091
41,810
1,043,880
136
2
4,805,590 .3 ,089,618
9.877
9,169
167
261,997
261
2
284*129
903
70
20,191
I26
12,623
Èr,-1 Í'
L
418,710
17,987
58
1-314-509
2,871
1,734
96,575
44,712
130,688
83
201
54.239
21,282
:
:
2,995
583
3,730
: No net
income
Apparel and products: Leather and products:
made from fabrics
:
1.795
198,546
5,847
5,448
41,810
52,190
158
288
17.256
86,720
Net
income
396.337
31,756
6,216
78,064
1,043,880
Textile-mill products :
:
9,403
12,091
535.037
27,544
95,582
695
2,372
2,223
57.495
163,438
39
276
6,248,492
Net
: No net
income
: income
104
182
567
234
3,494,184
5,946,677
.Uuo^e tax 29/
For footnotes, see page 15
l 746i
818,572
Other deductions
Total compiled deductions
compiled net profit or net loss
(5i less 45)
Net income or deficit l/ (46 less
5.238
94,659
15
17/
Net
income^
4,178
19,812
102,529
1,098
Interest paid
fjazes paid 2 7 /
Beverages
71
63
4,078
95.543
449,627
27,483
10,257
58,035
161,898
22,262
165,849
22,268
792,753
537,3H
430,131
35,509
57.006
2i,4l0
35,057
17,090
4o, n 4
233,457
41,196
16,943
41,539
179-984
133.472
792.753
342,303
6,550
I.O55
2,570
12,889
151,500
9,715
537,3H
629,§28
3,783
7,373
37.767
27,062
13,027
120,634
67,259
430,131
367.053
3.075
716
1,143
674
311
672
128
85
28
5,785
1,081
I .476
4,631
186
4
2,462
44
45
53I
I56
509
360,276
643»144
276,644
2,776
g, 369
460,631
1,085
1,231
3,199
7,447
11,101
130
13,771
10,040
126
639
51,75g
387,831
21,538
4,335
2,855
3,148
13,491
182
10,799
342
80
65
91,581
610,131
748
1.167
274
37
93
375,185
291,338
1,722
15.326
4,259
2,204
3,482
9.1331
64
9.077
412
81
194
60,12.7
397,479
22,361 ¿4/ 3.697
22,343 ¿ 4/ 3.746
3.616
49
. 3,665
19,664 ¿4/27,555
19.592 ¿4/27.600
2,953
24
2,977
33,013 ¿4/22,294
32,857 ¿4/22,357
5.082
6l
5.143
66,294 354/ 98,166
24,308 ¿ 4/ 26,393
21,714 ¿ 4/ 18,601
18,697 ¿ 4/ 3.697
l 6,6S7 ¿4/27.555
27,269 ¿4/22,294
4i , 4o6
2,158
13,180
18*304
47
16,749
24
14,301
109
19.667
92
7,008
491
l4g
694
5
763
50
277
2.540
2,291
2
Corporations submitting balance sheets, 1938,
major industrial grôups and by returns with net income and with no net income if: ifumber of returns, assets and liabilities as of December 31* 193^» or close of
fiscal year nearest thereto, compiled receipts and compiled deductions» compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
»
6
(Money figures in thousands of dollars)
_____________________ _____
Industrial groups 2/ - Continued
Manufacturing - Continued
Printing and publish^ Chemicals and
allied products
ing industries
Paper and allied
products
1
Number of returns with balance sheets ¿/
Assets:
2 Cash 6/
Notes and accounts receivable (less
3
reserve for bad debts)
Inventories
•li
Investments,
Government obligations if
I
6 Other investments 8/
Net capital assets ¿/
7
Other assets
g
Total assets 10/
9
Liabilities
Accounts payable
Bonds, notes, mortgages payable.:
f
Maturity less than 1 year
a
Maturity 1 year or more
12
'
:
,
C
t
her 1iab 11it ies
13
Capital
stock, preferred
1$
Capital stock, common
15
Surplus reserves 11/
16
Surplus and undivided profits 12/
17
Less deficit 13/
ig
Total liabilities 10/
19
Receipts, taxable income:
Gross sales 14/
20
Gross receipts from operations 15/
21
Interest
22
Rents and royalties 16/
23
Net capital gain 17/
24
Net gain, sale of property fcfctoer than
25
capital assets 18/
Dividends from;
26
Domestic corporations 19/
Eoreign
corporations 20/
27
Other receipts'21/
28
Receipts, tax-exempt and taxable income:
Interest on Government ooil,nations:
Subject to excess-profits fax 22/
29
Wholly tax-exempt 2j/
30
Total compiled receipts 24/
31
Deductions:
Cost of goods sold 25/
32
Cost of operations 2b/
33
Compensation of officers
34
Rent r$iid on business property
35
0
B a '1 uib ts
interest paid
37
Taxes paid 27/
Üj
Contrioat ions or gifts 28/
4ô
Depreciation
41
Depletion
42
Net capital loss Ilf
Net loss, sale of property other than
43
capital assets 18/
44
Other deductions
Total compiled deductions
Compiled net profit or net loss
(31 less 45)
4 ? Net income or deficit if (4-6 less 30)
Income tax 29/
‘•-•xcess-proxits tax
5C
Total tax 2^/
Í 1 Compiled net profit less total tax
(46 less 50)
Dividends paid:
52
Cash and assets other than corporation’s
otsn stock
Corporation’s own stock
53
Por footnotes, see page lb
Net
:
income
;
1,082
No net
income
1,031
Net
; No net
income
; income
4,043
6,480
Net
:
income :
2,707
No net
income
3,585
95,055
21,984
110,829
129^492
194,944
32.8*0
169,426
57.7^1
78,786
2,891
270,691
118,340
72,9*45
43,711
1 ,386,29s
336,169
295.781
30,5*42
823,915
4i4,6i9
*439,369
355,250
■L,782,044
128,177
160,-2l4
592,670
1,329,937
280,323
3,990,99*4
58,959
39.419
147,950
79,5*49
277, *405
52,929
32,350
37.167
156,300
54,010
132,267
55,8*12
21,579
103,303
33,86*4
57.689
¿4,877
237,070
462,64-5
76,448
174,617
208,401
42,490
98,3*48
720,827
201,671
23,681
3*0.315
10,270
1 ,386,298
1,084,454
2,808
2,023
2,472
699
151.706
62,634
823,915
199,297
538,204
27,380
621,582
36,993
1,782,044
1,410,652
7*4,571
3,720
2,099
7,722
449
1,356
383.955
3,242
5.02*4
25,181
103,460
52,617
10,102
52,919
365.836
*471.927
63*4,722
108,788
799.*460
242,621
44,761
111,*457
471,183
56,059
220,036 1 ,355,126
Ì9Ò,4 i 6
6,065
176,897 1 ,261,946
128,118
22,464
592,670 3.990,99*4
556,55s 3,100,951
70,728
23,009
(
j4l
6,208
423
11,085
2,162
3.715
36,79*4
72,931
106,368
37,482
73,172
224,213
67,864
Petroleum and coal
products
Net
income
303
222,885
258,311
*469,113
47,500
16,368
380
563,123
70,903
434
1,510
3,690
l.*489
15,912
•597
38,469
7^3
77.762
1,251
6,527
,-„123
682
271
1,105,770
780,157
939
25,621
5,73*42,822
11,352
26,323
381
44,009
l.*437
98
331
137,920
1 .037,175
14,366
5-.037
10,566
8,375
9-,553
35*539
1. 051t
30,742
12
71
277
872
5*4,311
309,840
422,803
413
1.407,490
¿ 4/23,661
106,19g
42,992
1,281
76,604
124,647
4.197
M 4*222
; V 26
.
727
(30)
218
528
144,658
678,732
11,212
8,4497
16,*433
79*751
836
100,685
5*037
256
843
635,383
2,875,95S
5,085
*47
16,683
207
138
90,977
17,019
76,79*4
119.787
135*336
76,568
*499
83,776
*499,129
369,7*42
*4,219
14,682
4oo
7*4,897
4l
6o4
2,308,488
i46 ,620
145,634
208
51.70*4
¿4/40,081
287,544
3,068
12
220,120
339,2*48
337.181
18,321
128
1.8,-449
599
30,261
51,*496
7.0*46
42
33
1,780
*435.519
2,718,369
75*4
130
206
158,821
839.283
36,9*49
70,69s
4l,5i4
586,736
737,580
107,5*43
488,929
853,648
1*40,535
3,223,203
129,213
207,985
17,5*45
7*4,*498
3I5068
43,256
122,239
636,211
94,701
25,044
96,719
27,004
I53.3I3
60.272
404070
46,585
80,431
2*4,233
29*4.139
*42,63 7
45,480
17,916
27,105
11,159
. 55.716
141,030
128,214
37,152
378,339
51,460
81,733
33, *+3*4
108,461
*401,1475
2b ,2bb
28,656
88,906
26,46o
80,368
248,865
13.2*43
138,36*4
83,238
39,995
199.353
67.382
223,873
960,7*45
2,393,215
269,702
3,253
632
1,484
1.965.031
200,614
¡ 2,3b7
11,35'g
1,93*4
1,539
5,816
8,846
36
17,001
302
106
786,625
73.712
*428,975
1 ,325*372
65,444
125,107
732,732
709,78*4
18,549
172<s6s
584,881
79
81
278,480
3,82*4
18,972
176,910
309,599
7*4,875
335,855
318,9*47
39.66*4
1,422,083
308,232
365,604
2,256
20,817
¿*4/27,967
¿ 5 /28,705
—
54/40,081
.¿5/4o,24s
—
123,601
3,577
2,920
17,082
584,881
6,560
1,502
20,930
3,781
2,518
4,441
22,335
3*41
41,689
166,232
161,877
18,232
4,498
*4*4,351
101,710
Net
; No net
income
: income
704
922
33,121
1 ,285,1*56
9,750
5,17s
5,715
7,320
9,278
581,835
25*4.735
:
;
88,722
2,393,215
393
95
1 ,8*49,259
86,174
869,520
25,692
Net
income
Machinery, except trans
portation equipment and
electrical
Net
:
No net
income
J
income
2,32*4
3, *472
22,572
356,666
391,936
5,235
6,081
353, *415
: No net
: incone
Electrical machinery
and equipment
3^5,005
2,436,102
93021
*4,317;,388
283,711
1,024,818
37,111
177
400,974 1,961,37g
39*7o9
37,377
13*733
5099
7.0614
*47.177
330,958
36,178
498
.896,337
35,707
60. 7*47
18, 2*+/}
154,619
337
312.762
9.963
2,710
1,291
11,654
9.677
33
17,021
857
333,638
477,083
54-,126
224
584
1,580,841
18,240
9,3*+6
252,277
57,865
955
738
2,906
16,060
15,316
168
712
319
927,742
3,246
52,400
71,807
348
64
382
986
33
471,162 2,1455,10s 2,630,604
1,581
214,209
6,168
1,3145
3.190
143
1,195
167
2,067
638,652 3,215,20o
1,097
57,715
313
22
2,290
899,723
3.901
1,449
1,046
1 ,532..136
48
10,880
68,3214
10,832
13,571
41,105
55
51
399,1*42
¿*4/23,661
¿5/ 23,712
■—
■—
*—
68,595
5ai5
160,136
1,359,955
58,s 6o
785,64 i
2, 1
+05,*487
143 ,026
7,937
l6,o64
1,517
116
182,478
80,866
461,448
336
892
122,577
186,820
52,788
17,081
S6,84-0
37,135
113,099
560,951
2,272,629
61,656
7.136
17,010
3,738
405,168
4i 1,006
3.224
416,167
15,520
4,818
250,194
72,5*46
618,825 *4,1476,192 3,25*4,989 1 ,325,645
458,812
*4,633
i,4oo
i,4oo
2,539
2*4,773
195,26b
70,326
176,004
5*4,977
268,605 2,188,896
111,689
*49,619
157,321 1,27*4,1492
2,030
130,47g
20,706
Nonferrous metals
and their products
No net
income
1,559
No net
income
155,666
68,788
202
2,447
Net
income
311,30*+
318
63
W
Net
:
income
:
1,358
177,*+5l
149
•-U37-1
No net
income
Iron, steel and
products
183,296
1,285,973
338,529
1
,
367,172
613,681
2,130,531
61,879
36,005
7*4.223
618,825 *4,1476,192 3.25*4.989 1,325,6*45
892
16,093
:
:
Stone, clay and
glass products
*4,317088
2 , 215025
7Í969
*4i*459
19,468
66,891
10,277
31,239
144,217
5.657
75,339
39*4,979
g,oi4
1 ,285,1456
35,696
365,604
849,910
321,448
6,607
mfff
143,611
2,121
1,790
336
319
40
19
*4,987
7,522
119
5,243
616
6086
.889
¡472
618
343
2,011,791 2,2*47,752
1 ,416,489 1 ,818,873
*4.969
*4,897
49,211
34,615
13,690
8,557
5,917
3/570
11,783
3*4.565
.*47,05 7
6s »552
576
113
61,862
118035
1,202
922.§
236
: 180
710
626
2.012
262,272
275088
301,218 1,875,890 2,371,079
50,593
14,883
29
14,912
¿*4/ 87,765
¿5/87.799
—
88,459 ¿4/22,738
88,l40 ¿5/22,819
l4,048
—
II6
l4,l65
-
135,902 ¿*4/123027
135,283 ¿ 5 /123,670
22,219
; 155
22,37*4
II -
¿it/27,967
131,70g
¿5/8 7.765
74,294
¿*4/22,738
113,528 ¿ 5 /123Í327
2,*475
15
155,051
128
29,844
53,390
812
1,990
84,089
1,311
277,877
80,525
1,935
20,9*47
10,068
72
5,997
379
587
104
501
27,209
68,201
46,916
647,011
88,009
410,213
7 .67*4
1,422,083
1,275.939
3,883
3,892
3,968
1,508
10,617
1,103
21,589
*+.379
358
267,960
*4.309
880,250
‘215
21,937
2,551
60
161
97,113
849,466
68,128
67,868
1Q 0114
4o
10,55*4
1,025
17,032
6,362
1,716
2b
143
254,070
421
6,865
2,183
868
36,867
2,129
6.*493
38
9,783
443
47
485
40,850
8,410
¿ 14/16,620
¿5/ 16,672
II
-
3,893
1,326
66
241
223,015
1 ,213,128
93.631
93.111
26
1
36
1,565
2,36*4
2,1469,695
3.8*47
53.183
584
365
I 62
583,24o
417,056
9.673
10,566
62,003
1,109
71,223
5,331
24,300
4,013
3,400
6,389
15.897
6l
22,155
402
259
l4l
9,500
8
619,284
¿it/15.122
¿*4/ 15,265
236,124
233,759
¿ 4/36,044
¿ 5 /36,206
-
37,353
287
37.6*40
¿4/36,044
57.57*4
¿4/16,620
78,798
¿it/15.122
198,484
*41,152
897
136
64,272
288
1,050
1,210
157,957
225
162
400
293
4.8,267
*473.3*48
269,192 2,233.572
14,712
121
1*4.833
13,712
193,200 1,538,059
8,622
I68
38,732
3*47,1431
510
203
199
193
520
330,811 1 .306,759
3,9*48
9,246
3,015
1,925
7,720
3.192
5,372
36
52
696
561.789
64i
332
260
10,413
2.27*4
2*49,299 2,327,869
54,499
787
212
11,940
1 .0*49
23,787
■ 1,110
83
217,561
116,689
863,9314
85
959
661,527
19,213
16.355
*4,171
1,7*40
5,276
19,148
92,832 1,233,752
10,86s
212,276
950,085
97,277
25062
29,523
295.652 3,223,203
77.612
863,93*4
407
5.675
917,59*4
7,153
23,19s
98,659
41,912
295.652
3.02*4
336
120,196
—
3.97*4
73
pu-
Corporations submitting balance sheets, 1938» by major industrial groups and by returns with net income and with no net income if : number of returns, assets and liabilities as of December 31» 193&» 9r close of
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
(Money figures in thousands of dollars)
Automobile and equip
ment except electrical
Net
income
1
Number of returns with balance sheets
Assets:
2 Cash J>/
3 Notes and accounts receivable (less
reserve for bad debts)
4
Inventories
5
Investments, Government obligations jfj
6
Other investments _8/
X
Net capital assets ¿/
g
Other assets
9
Total assets 10/
Liabilities;
10
Accounts payable
Bonds, notes, mortgages payable:
I\l
Maturity less than 1 year
12
Maturity 1 year or more
13 Other liabilities
C a p i t a l s t o c x , preferred
C a p i t a l s t o c k , common
Surplus reserves 11/
Surplus and undivided profits 12/
Less deficit 13/
Total liabilities 10/
Receipt s ; taxab1e.income:
Gross sales 14/
Gross receipts from operations 15/
Interest
Rents and royalties 16/
Net capital gain 17/
Net gain, sale of property other than
capital assets 18/
Dividends from:
Domestic corporations 19/
Rereign corporations' 20/
Other receipts 21/
Receipts, tax-exempt and taxable income;
Interest on Government obligations:
Subject to excess-profits tax 22/
Who]ly tax-exempt 23/
Total compiled receipts 24/
Deductions:
Cost of goods sold 2 3 /
Cpst of operations 2 b /
Compensation of officers
Rent paid on business property
|)6
Bad debts
— ^-Xnte'cest paid
3?
Taxes paid 27/
H9
Contributions or gifts 28/
40
Depreciation
41
Depletion
Net capital loss 17/
43
. Net loss, sale of property other than
capital assets 18/
44
Other deductions
45
Total compiled deductions
46 Compiled net profit or net loss
(31 less 45)
"7 Net income or deficit if (46 less 30)
48 income tax 29/
49 Rxcess-profits tax
50
Total tax 29/
51 Compiled net profit less total tax
(46 less 50)
Dividends paid;
Cash and assets other than corporations
own stock
jj
Corporation’s own stock
Ror footnotes, see page
15
:
:
Transportation
equipment except
automobiles
Net
J No net
income
: income
357
No net
income
559
295,912
180,918
50,758
1+5,835
145,381
175,1+50
82,291
56,731+
6 i ,598
6,871+
86,977
294,656
~~2W o ~
276,608
266,781
90,163
382,637
536.7^6
117,780
1 ,966,627
1,159,929
1+9,1+71
138,950
41,921
4 61 J 1 0
218,561
77,740
31,579
7,571
l4,2oS
6 i ,84i
9,574
13,008
55.5^7
225,609
¿85,475
1^9.59^
713,686
51,232
96,1+55
483,415
27,078
47,206
730,373
222,682
24,025
756,509
2,1+25
75,115
1,966,627 .1.159,929
1,881,858 1,002,865
590
2,743
2,1+05
2,393
3,298
8,293
771
998
30,639
49,220
18,063
132,107
3M 73
168,389
12,733
461,710
332.1+71+
32,821
747
2,323
7 119
Manufacturing not
allocable
Total public
utilities
Net
income
UT897
Net
income
Net
:
income :
8,540
67,1+31+
11+3,320
163,770
19, o 4 i
l44,l66
261,683
95.658
322,449
41,127
124
373
109
231
123
74
174
3
32
35
190
30s
178,804
1,804,145
1 ,079.833
206.*1-86
206,048
IÌ+/57.91+7
25/58,873
30*989
23
31,013
175,173
95.582
15
122,837
-
.9,379.
58
1,968
3.867
175.706
1,628
5.073
1*162
490
2,990
1+31+.927
171.366
4,035
5,105
14.937
7,583
35
32
36
52
6.570
28*669
c
O
5,734
3,91+5
3,708
19,932
295
20,831
5
125
184
155.253
33U.S13
242,746
675,171
38.99!+
34/22*268
-
73,751
J1.578
12*058
157
12,215
6,520
33
6,552
15/ 22. 31+
3
—
145
984
1,448
3,049
87
2,177
71+8.923
26,198
966
582
220*478
8,994
38.820
10,038
76,637
46
28
263,978
28
12,807
31+>91+7
164,790
1+23,1+73
987
895
1,138
305
20
36,293
683
18,796
56,820
15,055
34,26i
13,400
40,372
139,421
248,812
9,4 o 4
789
1,821
167
1*501
19.11+7
717,397
13,098
2,466
139
4,070
2, 7^0
18,763
200
26,233
23,028
207*511
2.51+7
1,166
1*361
.31
926
1 ,021*886
5,737
1,234
- , 514
388,992
19,531
430,584
58,437
388,992
3.158
48,974
1,639
22,229
97.675
27,186
233,352
66,924
138,642
8,371
832,418
330
1,285
5,736
3,867
, l,4l4
3.81+9
23,401
99,365
10,723
231,288
5*887
9.584
3,o 4o
58,190
2,476
39,091+
185,013
31,503
12,066
156,083
3,102
430,554
£*333
2,131
'2*933
250*076
22,255
928,956
420,528
211,933
1+7,076
i64,294
1+7 ,1+13
591,771
1,838
1,193
1*836
880,225
25.393
28,353
61,933
2*302
2,613
1 ,560,160
209
58,051
24,401
37,889
‘*1,707
§6rU53
17.427
174
55,81+2
10,959
80
373.307
975,1+1+6
30,063
l44
138
10,251
48,874
39,103
No net
income
1,091
37.31+7
17,778
60,921
20,020
106,204
52o~~
Î
:
16,874
591.771
92
3,840
No net
income
" 2,'906
33.004
832,418
39.097
143
2,010.,33I
.
81,588
16,732
1+73
Other manufacturing
:
:
1+.195
194
l4
24
303.906
567
11,176
140,364
2,178
8,608
109
10,165
66
46
191
67,332
1+07,702
25.650
¿ 4/19*027
2+/19.055
25.576
1+.132
-
32
—
215
4
1 ,21+9
185,896
1,785
1+.223
7 .5I+I
47
11.1+32
7
123
381
61,862
283,005
54
73
433.352
2,040
.1,317
.
4,i64
465,262
No net
income
7.453
355.11+6
363,256
Net
income
:
:
1.129.944
322*001
432,082
174,411
95,728
34.388
3,517,464
3,263,872
1,472,501
52,991 1.505,767
417,129 13.319,721
9.338
717.373
532.603 16,605,095
151,352
2l+, 737.931+ 12,642,847 21,189,042
6.857.264
242,512
.3,150
27.334
3.927
3.331+
7,835,432
1.51+7
25,629
38,551
276
46o
26,291
556
818
4,201,482
17,205
3,187
1,024
3,361,51+0
i+ / io ,S 9 3
15/10.917
—
61,536
j U / 19,027
21*486
¿+/10.S93
2,330
18,283
26
1.319
42,678
1,165
14,069
1,070
25
80
4
2,688
1 ,199,821 ¿+/ 513.180
1 ,196,1+37 2Î+/513.998
165,863
382
58,086
3.739.279
69,034
75.253
166,246
-
1 .033,576
.¿ +/ 513.180
1,081,1+95
1,51+0
32,986
639
53.074
70,209
27,052
277.352
5,048
246,841
6,873,099
14,612
6,221
171,167
230,462
558,001
6,377
1,966,248
2,422,998
2,402,955
221,145
464,403
3,010,289 12,966,814
207,190
3,350,604
921,479
271,925
949,429
2,839.092
469,641
25,398
2,931
482
11
20,367
706
5,379,137
727,568
772,958
472,411
907,444
4,384,173
835
132,468
419
34,073
457,726
1 ,232,014
316.,984
107,5b5
1,553,202
135,305
275,700
771,140
99,657
44,078
538.603
35,009
1,543.838
87,412 2,309,692 1,167,330
1,866,357
5,177,7-19
186,426
1,490,990
55,311
16,605,095
12,082
201,886
49, 0d 8
176,293
3,010,289
307,889
12,966,814
575,941
681,615
275,935
409.331
2,199:589
97.. 546
5,379,137
6,941 25,621,825 10,914,895
3,162
1,615
448,635
58,446
328,421
61,702
4 ,606
16,517
31.703
2,158
23
1,102
2,403
1.352
22,761
160,075
43,887
52,983
39,137
271,552
3.144
22,152
1.522
2.I99
501
674
70
1.Q93
46o
3,574,698
5,843
1+90, 751+
4,028,410
-
1,497,113
670
1,267
135.299
2,976,779
911
366
27,960
79.211
1,555
1,084,746
18,060
3,896
11,094
30,749
9,250
8,799
526,113
5,460
32.239
5.609
61,1.21
119*767
785
172.945
3
60
(30)
75-3
8,379
7,705
8
15,915
(30)
23
320,741
320,810
1,897
355,950
9.495
128
1.291
120
522
134,895
21,648
146,779
306,545
1 ,127.800
369.313 34/10,879
368,220 34/10,893
38.343
2,486,852
489,927
488,660
74,751
17
60
38,360
74,811
330,953
13,1+31+
358,873
32
1.352
7.930
14
287,507 ¿+/1+53,712
246,610
422
10,300
1,535
340,581 3Ì+/1+53,712
339,557 34/454,386
52.769
306
No net
income
92*343
128
2,609
:
;
325.471
3»?76
2,726,^05
1,138,601
Net
income
14,850
33.267
280,575
: No net
: income
124,712
136,^72
633,780 1,253,066
2,732
Net
income
No net
income
492,851
360,402
271,286
188,031
226,598
25,71+s
44,016
32,253
1,605,546
1
,
967,026
2,171,369
20,357,766 9,646,695 17.537-.6S3
944,070
713,586
332,891+
876
13,339
404,199
609,815
32. 291+ 81+5,639
196,790 6,635,611 4,714,662 3 ,020,95g
30
¿4/22,268
252
468,340
Net
:
income :
5,102
1+3,136
72,006
29,450
23,573
921 3 ,621,727 2,825,282 1,950,868 2,526,894
65,814
30,420
42,293
35,870
6,311
38,426
99,740
¿ 0,752
1,707
58,319
++,6i 9
644
7,202
3,050
17,909
1,892
503,962
598.192
181,736
561+, 199
206,145
279.230
646,723
333.953
5,135
-4 i4
128
3,080
397
73
682,363
6,1+28
147,46s
200,292
123,71+8
506
4o4
2,370
3.778
13.275
361
44
449
260
449
32,441
-
117,602
5.237,619
26,705,755
1,119,300
36,105,206
No net
income
10,055
Total trade
Other public
utilities
Communication
Transportation *
12,719
86,147
¿ 01,676
6l4,288
8,908
329,327
32,091+ 12.339,1+71+ 12,078,511+ 4,064,284 10,278,471 1 ,402,090
447,915 1 ,966,273
129.555
10,532 1,195,511 2,116,190
164,749
303,163 1,380,949
26,276 2.33Ì+,268 1 ,662,871
108,819 13,563,108 6,254,808 4,091,656 5.312,501 4,293.733
21,323
288,228
8,810
31+9,378
123,755
331,503
2
,
1
+
26
,
551
+
3,320,412
704,193
2,119,707
51,510 5.515,595
6.j)29
75.061 1,797,363
137.360 2,017,73!+
32,71+1+
6.857.264
233.352 36,105,206 24,737,931+ 12,642,847 21,189,042
4i,4l0
91,381
181,930
i,$7l
51+.501
J J »°J^
1,51+5 7,31+0,1+78 4,043,677 3,204,996 |,44l,568 1.296,329
10,830
26,310
53,76$
29,660
22,538
238
22,226
23.8++1
51+7
58,587
27,485
15,993
1,263
2,889
3.180
1,721
753
77
¿ + / 57.9I+7
62
Trade
Puhlic Utilities
Manufacturing - Concluded
184
¿4/ 10,879
202
109,336
435
1,803
45;
490,884 26,565,559 11,408,617
2,468
5,510 20•32b ,005
172,236
219,177
1,829
47,018
47
60,629
1,863
65
85,850
7,375
434,093
419,235
93,162
79,537
285,268
5,344
183,592
682
1.695
1,587
56 ■.•576,
56,8X3
125,932
1,046
95,451
699
2,663
3,717
>7,413
539,473
3,832,284 1 ,699,202
25,834,721 11,704,353
J4/48.589
¿4/48,719
730,838 14/395,736
729,034 34/296,189
111,850
1,093
112,943
415,116
34/48,589
617.895
476,012
934
19,485
418,820
600
5,331
¿4/295,736
12,773
485
Corporations submitting balance sheets, 1938» by major industrial groups and by returns with
come and with no net income ifi number of returns, assets and liabilities as of December 31, 1938, or close of
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net p 2 fit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
(Money figures in thousands of dollars)
___________________________ ________Industrial groups 2/ - Continued
Trade - Continued
Bétail
■Department, general
:
L im ited -p rice
:
M ail-ord er
Merchandise dry goods •
v a r ie t y sto res
:
houses
Food sto re s
Wholesale
Total retail
Net
income
1
Humber o f retu rn s w ith balance sh eets ¿7"
a s set s :
2
3
Cash 6/
Notes and accounts re c e iv a b le ( le s s
reserve for bad debts)
4
5
6
7
8
9
10
11
12
13
In ven to ries
Investm ents, Government o b lig a tio n s if
Other investm ents 8>/
Net c a p it a l a sse ts ¿ /
Other a s s e ts
T o tal a s s e t s 1 0 /
L ia b ilitie s :
Accounts payable
Bonds, n o tes, mortgages p ayab le:
M atu rity le s s than 1 y ea r
M atu rity 1 year or more
Other liabilities
14
Capital stock, preferred
15
16
17
18
19
C a p ita l stock-, common
Surplus re se rv e s Ilf
Surplus and undivided p r o f i t s 1 2 ./
Less d e f i c i t 1 3 /
T o tal l i a b i l i t i e s 1 0 /
No.net
income
Net
income
21
22
44
49,019
2,617
2,928
474,172
151,398
562,956
13*+.530
175,684
23,379
1 ,576.733
1 ,373,469
66,720
603,360
682,254
1,641,820
1,577,282
6I8J 26
For footnotes, see nage
15
731,935
10,685
735,955
603,400
36,629
121,319
248,787
166,098
573,019
685,606
665,750
1 ,537,397
237,47s
148,999
77,968
6.,301,771 2,476,722 2,564,028
5,320,049
19,34-7
233,733
337,891
108,597
2,137,081
1*076,564
.541* 24o
1,045,471
477.577
430,209
337,039
..143,299
397,201
1,844,252
l45,045
1,113„503
233.716
212,869
245,434
332,064
164,469
182,741
1,103,300
33,922
418,029
485,813
2,476,722
653,335
11,035
2,564,028
11,478*192 4,780,819
3,373,306
167,063
5,320,049
220,081
376,294
283,495
78.937
432,924
162,153
808,480 -2,112,285
41,653
126,449
374,304 1,794,13s
323,488
82,156
;
2,137,081 6,301,771
.11.,79S, I23
303* 216
22,905
14,073
1,943
4, 753,402
176,923
722
34,428
9-,652
109,485
30,242
122,624
479
1,423
57s
180
1,675
17,009
9.634
i,o44
6,497
3
910
147
39,94-7
53
187,249
68,254
825
241.
1,461
m 2
253
150
11,877,612 5,001,724
.4*981,340
10,284.,030
105,145
4,179,534
8,209,409
3.593,4-14
102,822
75,032
186,4-65
111,369
.333
197,091
1,601
42,053
37,366
3^0,171
22,392
20,64i
42,714
37,SOI
176,299
36,039
271
25,108
213
196
714
1,151
588
762
1,170,864
11,999,087
I S 'M B
14,805
824
58,070
39,367
111,554
1,970
3.266
115,355
345
172,556
131,329
26,524
26:^76
J2*26i>
656
53-O74
1,079
757
552,019 2,324,421
5,089,669 11,497,682
9U-880
5.153,815
1.330
1,320
205
5,410
681
105,674
29,209
9,350
1,822
6,135
16,601
21,610
6,567
15,021
5,323
10,099
55,654
153,4-83
228,769
5.325
7,773
43,628
91,560
49,289
338,751
595,207
4,529
1.599
.2,957
101
28,239
2,166
57
1,664
11,373
7t9j
2
196
366
247,547
IO5
673,027
2,713
863,694
6,101
56
1
2,240
2,972
3.733
1
18,51b
m fcAn
335
55,730
ini
37
9
9
—
26
2
551,570
(30)
20,333
3,237
3.272
h
~
1,250
424,566
710
12,628
14,825
1
5,235
9,468
,943
72
6,962
cup ;
154
(30)
(30)
;
(
K30)
28
11
30s
6,196
23,323
1,230
4
(30)
44
1,654
508
1
5°
22
46g,44l
1,899,800
371,762
17,392
(30)
(30)
61,498
61,437
9,743
1
9,744
75,44i
208
!»
'3.089
12,668
4-3
988
7
33,381
100,124
17,606
¿ 4/198
¿5/198
-
2,988
2,969
34;/977
35/973
51.754
¿4/198
2,504
47,86s
-
1
2,110
-
4l
5,655
481
3
484
129
369,788
2,370,374
33,907
33,857
6,274
42
874
2,656
8,382
4,913
6,885
5*385
3,647
2,695
33.3^5
121,848
9,285
118,339
i,i4o
751
119
4,454
10
691
2,097
2,759
145,587
579.626
48
922,593
8,447
819
2,937
68
25
30
468
104
12
-
1,483
3.455
36,553
170,827
256,045
554
7,713
18,906
275
551
5,087
- - 5s6l4
37
4,187
i4
120,771
927
7,809
10,105
231
46 0
2,696
21
2,048
3
8
62
(30)
18,392
25
5.887
470
2,519
78
2
12,901
164
9
4-3
954,006
28
601,653
6l4,085
385,783
(30)
2
35,54-1
5,034
23,104
17,738
20,429
134,058
2,158
46,591
166,855
1,725
34
659
838
100
36,226
22,778
55,609
280,861
l
-
97
14,238
17,184
20,274
7.297
337.313
-
(30)
86
16,631
15,267
63,817
6
i
731
2,166
27,205
59,662
3,678
1,917
11,782
399
8,310
(30)
43
2,943
27,070
4 8 ,016
4,381
2,07#
7,951
io4
6,471
15
114
198
2
69,024
476,457
4,483
37,498
75,927
369,222
29,622
174,737
198,317
927,605
624,029
35/940
¿ 4/942
10,696
10,670
1,605
¿ 4/3,910
¿ 5 /3.915
-
26,402
26,359
¿ 4/22,376
¿4/22,404
33
1,638
—
4,142
33
4? 175
-
9,058
¿ 4/3,910
22,227
¿ 5 /22,376
5,58$
74
11,882
2b 5
593
20
34,973
35/7.016
3 5 / 7,038
32,592
35/7,016
2 8 ,1 1 8
13I
II3
283
2 ?293
36,190
42
930
6,316
35/977
16,397
52,967
7
66
23,930
427
69,6l4
17
1
401
16,629 2,409,281
(30)
61,467
4
371
1,273
70
3.120
20,629
157
18,031
36,683
6,698
373,1^5
1,304
281
789
33
128
7,048
23,577
35,428
24
39
982
2
5, o 44
34,992
117
1,745
42,687
1,376
¿4/18,884
¿ 4/18,895
-
4,96o
345
460,842
5,350
1,483
19,244
44,107
13,838
280,861
10,935
20,827
H3,973
125,235
9,385
27,^39
68,784
387,313
1,323
3.157
7
1,076
278
9,106
645
15,9S?
124
66,970
115,811
145,587
79I
593
685
91
19,426
2,272
17.639
4,664
63,817
2,983
• , 46
6.394
221,502
1,253
4,120
4oo
96,018
10,985
8,339
11,854
595
179,299
832,186
6,432
103
101
2,393.896
11,268
283
¿4/18,884
2
-
2,652
62,001
149,370
633.471
117,956
{ -zrA
12,093
237,603
3 ,67s
532,897
6,194
29,296
876
9,106
4,039
67
¿i/ 152,091
l o ,186
283
24
28
(30)
20,773
128,859
19,408
43,616
8,030
113,973
444
27
319.5S7
S4q
4,161
61
94g
2,145
7,545
43,820
2,266
618
1,519
435
110
3.627
80
1,407
880
8,810
IO3
14,382
15,785
347
8,346
I73
205
25,936
16,591
6,716
17
I9I
428
59.799
3,173
58,302
24,032
No net"
income
3,105
4,834
25,504
:
:
1,482
7^3
4,293
(30)
92,903
Net
income
880
15,785
30,251
23I
8,589
1,100
1,420
Apparel
:No net
: income
1 ,47s
3,633
17
699
IO7
502
Net
income
: No net
: income
1.697
672
2,317,75^
2,519
23,261
62
156
780
Net
income
Drug sto re s
7,471
117,846
893,684
l4i,279
,977
1,518
7.545
31,274
175,371
47,499
36.211
116,703
19,667
532.897
1,169
2,868
45,332
217,372 ¿ 4/108,328
136,904
2,3H
151
2,718
379,929 ¿ 4/152,091
379,102 34/152,241
60,343
76
: No net
: income
4l,64i
673,027
6 i 4,5S3
i 4o
Net
income
24,359
33S,751
3,485
l46
735,142
3,344,208
: No net
: income
l4o
208
1,482
-
366
116,990
22
61
1,427
;
Net
1 income
247,194
254,498 ¿4/108,328
253,699 ¿ 5 /108,586
36,700
426
37,126
59.923
420
66,956
116,057
12
32,230
76,601
13.173
: No net
: income
26,556
111,567
4i
4c6
718
•
Net
• income
l,l4S
884
5,480
2,299
53,730
828
12*253,586
33,669
33.593
79,335
15,757
2,142
3*353
32,130
55.761
471.731
34,018
198,976
73.010
221,062
853,413
68,967
7,269
19,116
1,035
6*823
66,898
799
Other deductions
Total compiled deductions
45
46 Compiled net profit or net loss
(31 less 45)
47 Net income or deficit if (46 less 30)
48 Income tax 29/
49 Excess-profits tax
50
Total tax 29/
51 Compiled net profit less -total tax
(46 less 50)
Dividends paid:
Cash and assets other than corporation’s
52
own stock
Corporation’s
own stock
53
No net
income
27,003
170,236
C\J
Gross receipts from operations 15/
Interest
Rents and royalties 16/
Pii.
Net capital gain 1]_f
Net gain, sale of property oth-er than
capital assets 18/
. Dividends from: ,
26
Domestic corporations 19,/
Foreign corporations 20/
27
28
Other receipts 21/
Receipts, tax-exempt and taxable incomes
Interest on Government obligations::
Subject to excess- profits tax 22/
29
Wholly tax-exempt 23/
30
Total compiled,receipts 24/
31
Deductions:
Cost of goods sold 25/
.p
Cost of operations 2 t j
Compensation of officers
Rent paid on business property
Bad debts
Interest paid
Taxes paid 21 !
Contributions or gifts 2 8 /
Depreciation
Depletion
Net capital loss ,17/
Net loss, sale of property other :than
income
19,208
1,123,372
525,292
Gross s a le s 1 4 /
. Nut*
15.196
Receipts, taxable income:
20
No net
income
Package liq u o r
sto res
490
¿ 4/940
13
1
18
6
42
123
138,981
Corporations submitting balance sheets, 1938, by major industrial groups and by returns with net income and with no net income l j : number of returns, assets and liabilities as of December 31» 1938» or <
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
(Money figures in thousands of dollars)
_______________________________________ _____________________________ ’
____________ Industrial groups 2/ - Continued________ ,
Trade - Concluded
Retail - Concluded
Furniture and house
Eating and drinking
Dealers in automo
Lumber and
furnishings
places
biles, accessories,
rilling stations
coal yards
Hardware
___________________________________
Trade not allocable
Retail trade
not allocable
Other retail trade
tires, batteries
Humber of returns with balance sheets
Assets :
Cash 6/
Notes
and accounts receivable (less
3
reserve for bad debts)
Inven tories
4
Investments,
Government obligations J_f
5
Other investments 8-/
%
Net capital assets
1
8 Other assets
Total assets 10/
9
Liabilities;
10 Accounts payable
Bonds, notes, mortgages payable;
11
Maturity less than 1 year
12
Maturity 1 year or more
Other liabilities
13
i4
Capital stock, preferred
Capital
stock, common
15
16 Surplus reserves ll/
Surplus and undivided profits 12/
17
18
Less deficit 13/
Total liabilities .10/
19
Receipts, taxable income:
20 Gross sales l4/
21 Gross receipts from operations 15/
22 Interest
Rents and royalties 16/
23
24
Net capital gain 17/
Net gain, sale of property other than
25
capita] assets 18/
Dividends from:
26
Domestic corporations 19/
Foreign corporations 20/
27
28
Other ,receipts.21/
Receipts, tax-exempt :and taxable income;
Interest on Government obligations:
29
Subject to excess-profits tax 22/
Wholly tax-exempt 23/
30
Total compiled receipts 24/
31
Deductions :
ip\''
Cost of goods sold 257
Cost of operations 2b/
34 I ,Compensation of officers
35 1 Reni.- paid on business property
Z‘q •
;• Bad debts
^7
Interest paid
)w
Taxes paid 27/
70
Contributions or gifts 28/
XJ
.Dépréciât
ion
tC
Depletion
-il
Net capital loss 17/
42
43
Net loss, sale of property other than
capital assets 18/
■4*4
Other deductions
45
Total compiled deductions
4b Compiled net profit or net loss
(31 less 45)
47 Net income or deficit l/ (46 less 30)
JLl# Income tax 29/
49 Excess-profits tax
50
Total tax 29/
51 Compiled net profit less total tax
(46 less 50)
Dividends paid;
Cash and assets ether than corporation’s
own stock
Corporation’s
own stock
53
2
For footnotes, see page
15.
Net
income
Net
income
1*839
’No net
income
"77325
18,346
8,586
236,214
88,779
2,925
16,943
47,930
9,917
421,055
119,491
14,670
37,274
9,717
247,941
1,219
21,054
86,279
8,618
147,476
123,093
245,893.
324,435
67,854
38,955
14,973
30,199
33,178
69,886
4,580
70,898
1,936
48,351
2.925
23,647
16,860
57,220
982
21,782
4,858
2,871
No net
income
— 6.853
15,062
7.965
20J 01
15,618
7,600
b ,k 62
62,295
9-1*537
3,580
1,322
,7,645
No net
income
5 ,9 5 9
509
10,486
75,250
18,462
10,045
4i,i6l
37*395
10,185
13,791
46,234
1,584
8,182
42,267
7,009
10,627
85.505
3*972
52,066
107,449
421,055
45,165
247,941
3*980
147,476
123*093
407,091
5,434
226,203
6,700
292,369
285,201
11,799
25,-520
233
2,575
56,124
10,900
1,696
880
13,233
43,043
11,505
16,952
8,060
31,541
34,752
23,449
99,685
5,920
37,022
28,633
120,709
10,670
Net
income
45,283
191
12,860
38,Sl6
15,242
8,377
245,893
10
311
72
16,006
39
52
477,729
10
17
.251,181
216,151
1.307
l4o,254
17,344
15,425
5,906
2,091
9,084
145
3*112
22
36
1,886
15,499
11,938
3,317
2,976
4,905
34
2,432
13
50
168,370
6,S54
.9,161
20,706
162
711
7*639
65
167,072
16,475
783,244
18,17s
7,471
9
l4
13,316
23,333
239
.1*485 ,
#674
.31
8,375
8
66
143
20,465
12,251
3,038
33M19
32,112
38,871
194,970
3,029
113,192
11,760
69,327
ll,04s
59,080
2,608
56,516
66,702
422,464
71,441
563,461
18,345
4,106
6,901
9*791
94
5.54G
57
154
86,496
5*078
4,815
30*909
165,667
78,290
1*153
l,4o4
69
-
4,491
71
2
59
59
583,531
59,891
77,233
54,5H
2,957
2.557
3,096
313
355
377
1,478
498
3.909
55
a, 746
1
'6
¡6
l.oil
5
m
4,225
3
5,812
l4
1
123,327
787
325
(30)
9
25,3’
SO
1,161
18
12,649
193
5.216
1,920
867
555
1,492
24
682
2
12
36
13,660
101,893
454
4,949
2,196
718
583
1,261
l4
(30)
11
7,575
73.255
6,212
j U/
3
3
7,276
1,994
672
104,678
26,902
10,308
891
143
(30)
81,458
19
1,180
¿5/11,225
153
to4
169*943
-
9,470
564
755
3,161
221
513,383
20,948
I.O93
3.353
i64
19
-
38
(30)
1,340
1,346
745,709
19,371
2,415
1,844
292
6
547
2,060
291
401,174
7,341
914
2,241
181
124
462
1
415,738
181
144
88
351,968
90,722
• 356,638
16,871
3Ü
8
(30)
160,839
10,276
70,868
480
215
17
14
656
14
28
10,936
76,320
429,917
4,684
21,s6o
3.233
5.425
3,089
9*236
168
7 .Ó69
101
194
l4o
79,368
564,493
1
3,658
12,475
68
40
37
415,866
67
783.496
317,750
16,573
532,907
10,857
29,173
3,774
3 ,464
7,037
47
5,867
2,812
9,617
I50
5.109
3,628
19,613
6,320
216
282
295
66,097
I
430,591p
|!
19,03s
395
¿4/3,064
¿4/3,065
—
57
2,715
¿4/14,726
¿5/14,762
-
iif/l. 705
2,390
Ìf/3,o6H
16,322
if A 1»,726
19
1,145
3
71
-
2,785
2,782
384
11
29,245
27,341
144,822
6,499
94,882
626
154
294
13
91
¿4/1,705
¿4/1,705
—
it/13.159
102,062
511
54
86
I .549
7,391
7,287
1,659
1,600
2,048
19
559
58
¿ 4/26,902
¿4/26,904
14,664
(30)
32,4d0
4o,48.1
83,164
2,783
7,261
102
29,202
22,272
162,552
11,967
11,961
1,638
22
2,763
20
5.990
5,775
1,883
1,520
36,934
103
7,776
885
18-,965
18.979
2,658
8,660
347
S50 I
312 I
36,389
298,855
3O8,120
13,847
32,348
1,865
9.055
25,528
9,455
12,966
7,019
3.326
2,828
1,231
31,480
573
15,772
16,239
35,573
8,896
2,752
5*244
11,298
112
92,8I6
187,656
77.808
13.520
3,889
17,160
79,460
24,46i
189,509
9.439
41,916
12,899
59,136
13,898
No net
income
8,084
1,344,994
41,422
524
Net--income
57255
114,010
io,i46
1,726
No net
income
1.599
28,775
4, is6
127,584
8,697
22,629
32,882
18,316
Net
income
1,158
1,542
24,844
76,839
24,030
356,638
8,990
2,045
220
146,190
114,753
967,560 1 ,286,285
¿ 4/11,225
¿4/11,233
-
11,180
1,040,319
27,253
27,309
69
11,162
1,689
21
1,710
17,446
17,394
1.259*383
3* 943
3
52
¿ 4/13,159
¿4/13,176
-
460,283
8
2
135
32
76,512
297,705
87,731
325.947
9,230
3,532
7*895
42
80,994
264,34q
9
189,653
1
18,767
351,968
1,085
12,848
84l
43,126
594
12,828
1,901
59,080
4,644
33,913
98,547
10,744
422,464
110,182
5,411
33,316
67,815
21,597
415,738
30*909
6,123
247
40
306
114,778
86,496
9*753
331
l
61,184
3*317
57
679
14*558
25,854
81
8,474
3,264
9,642
2,336
69,327
22,885
55
314,722
88,150
119,031
79*483
15*354
4l
308,885
143,874
27,727
938,809 . 1,208,5I2
29,004
3.8,l40
2,710
2,079
1,138
753
48
146
97
7
979.528
97.257
65,727
2,5^9
35,612
116,184
15,206
38
8
135,704
22,119
53
9
22,201
8,230
69
23
18
33,542
12,517
2,264
40,507
.68,472
324,435
7,746
15,872
11.773
5.995
3*504
44, 009.
2,792
128,362
1
24,134
68,973
26
(30)
1,064
2,126
3.932
134
(30)
1,776
Net
income
5,005
2,024
1.935
127
62
No net
income
4,124
5*906
942
6$
I P
Net
income
3.578
770
Net
income
T7ï 5S~
No net
income
No net
income
i,79i
No net
income
1,208
134,250
703
10,053
16,285
Net
mome
282
11,020
32,019
4,884
9,636
47,589
7,887
65,625
45.617
77.319
427,636
33.374
2,027
127,584
1,646
22,144
14,473
n4,oio
442,963
22,707
199.462
2,294
136,370
2,541
1..098
36,395
4,o4o
57.895
228,374
59,338
765,33*+
148,513
96,792
129,470
32,528
64,433
287,608
16,972
129,147
1,344,994
140,128
765,334
2,345,510
35.934
5,299
7,681
1,380,674
28,874
1,825
4,235
738
250
124
484
4i
62
65
45
258
295
138
8
7,638
104
3
5.179
37
(30)
3*378
1,546
19,851
425
14
14
546,814
49
5
18
208,793
143.153
758
371.149
11,007
148,532
27,918
22,795
3,731
3,301
8,808
6,180
159
702
1
5,049
3,488
3,3 86
1,623
1,014
2,183
1,792
877
2,815
38
32
1,921
5
65
2,300
149
5
; 37
53
142,890
4oi
112,149
568,339
36,858
29,012
203,557
148,638
22,548 ¿4/21,525
22,481 ¿5/21,538
—
3.3OI
67
—
3,36 8
5,237
5,219
752
24
776
¿4/5,485
¿5/5,486
-
19,180
it/21.525
4,46i
it I 5 M 5
629
3.419
27
—
35
522
213
2
17,404
8,911
181
177
52
46
1,425.552
\2,434,361
102,260 ;1,832,567 1,134 ,,063
1,936
13,568
17,757
6,730
43
15,394
55
84,490
7,271
8,,118
9,079
48,875
6,789
110
111
760,948
264,857
309,809
56,690
171.521
208,543
50
(30)
177
50,537
23,303
11.779
8,138
29.583
477
26,183
125
262
36,'^53
19,788
7 ,66i
9,397
17.692
120
17,269
97
434
1,125
336,999
203,303
;2.337,951 1 ,460,069
96,410 ¿4/35,317
96,233 ¿5/35.362
15,227
247
15,474
24l
80,936
6o,4l4
1,767
¿Í+/35.317
1,381
37
Corporations submitting "balance sheets, 1938» by major industrial groups and by returns with net income and with no net income l / : number of returns, assets and liabilities as of December 31* 1938* or close of
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
1
2
3
1+
5
6
7
è
9
10
a
12
13
ik
15
lb
17
185
19
20
21
22
23
zb
25
26
27
28
29
30
31
32
33
¡r
35 j
36
37
39
40
4i,-i
k2
%
44
45
),r
46
bj
48
k$
50
51
Number of returns with balance sheet * 1 7
Assets;
Cash 6/
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations jJ
Other investments 8/
Net capital assets
Other assets
Total assets 10/
Liabilities;
Accounts payable
Bonds, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves ll/
Surplus and undivided profits 12/
Less deficit 13/
Total liabilities 10/
Receipts, taxable income:
Gross sales l4/
Gross receipts from operations 15 /
Interest
Rents and royalties 16/
Net capital gain 17/
Net gain, sale of property other than
capital assets 18/
Dividends from:
Domestic corporations 19/
Foreign corporations 20/
Other receipts 21 / - ivy^
Receipts, tax-exempt and taxable income:
Interest on Government obligations;
Subject to excess-profits tax 2 2 /
Wholly tax-exempt 2 3 /
Total compiled receipts 2bj
Deductions:
Cost of goods sold 2 5 /
Ctast of operations 2b/
Compensation of officers
Rent paid on business property
Bad debts
• Interest paid
Taxes paid 27/
Contributions or gifts 28/
Depreciation
Depletion
Net capital loss 17/
Net loss, sale of property other than
capital assets 18/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(31 less 45)
Net income or deficit if (46 less 30)
Income tax 29/
Excess-profits tax
Total tax 29/
Compiled net profit less total tax
(46 less
52
53
50)
Dividends paid:
Cash and assets other than corporation
own stock
Corporation* s own stock
For footnotes, see page 15.
10
(Money figures in thousands of dollars)
\____________________________________ ________________________________________________
Industrial groups 2/ - Continued________ _______________________________________________________________ ________
;
Finance, insurance, real estate and
__________________________________ Service
_____________________
_______ ___________________
:____________ lessors of real property
~~j
~
T
— ——
: Automobile repair
:
: Other, including
:
Service not
:Total finance, insurance,
: Banks and trust
Total service
; Personal service
: Business service
:
services
;
Amusement
:
schools
:
allocable
:real estate and lessors
:
companies
l
:
:
;
;
:
:
of real property
;
Net
i No net
:
Net
T No net
:
Net
: No net
:
Net
: No net 7
Net
T~No net
:
Net
: No net jp|
Net
: No net
:
Net
: No net
:
Net
: No net
income ; income
: income
: income : income___ ¡income
: income
: income
: income
: income
: income
; income
: income
: income
: income
: income
; income
: income
2 , 15g
2 ,9 0 6
3 ,0 0 4
105
1 0 ,2 8 1
5 .2 6 2
4 ,3 6 5
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8 , 402~~
4 6 ,9 7 9
3 .5 1 5
9w "
^3
' " 3 , 2^3
3, w r
l,*H>3 '
l 6 0 ,1 9 0
8 0 ,4 0 7
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3 4 .7 7 9
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2 2 5 ,9 0 9
1 3 4 ,4 8 8
1 8 0 ,2 4 4
4 4 ,7 2 1
1 7 .I O 7
3 ,2 1 9
5 3 ,1 0 5
7 4 , 47g
9» o i 4
7 ,2 5 0
3 3 ,6 6 3
4 4 ,5 1 3
* ,0 3 8 ,2 3 3
6 1 ,2 0 8
1 , 2 5 1 ,9 4 2
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4 2 4 ,9 5 9
7 0 .3 5 4
1 1 ,5 1 2
1 6 7 .9 4 5
1 7 ,1 6 6
2 .9 3 8
3 7 ,5 7 0
M m
2 0 0 ,3 8 3
2 6 ,0 0 3
1 5 5 ,1 6 4
5 0 ,4 5 2
1 7 9 ,0 3 1
3 , 89 g
4 ,4 9 6
3 2 ,6 1 0
2 ,8 7 0
1 ,8 3 8
3 5* 0 33
io ., 712
1 ,0 0 2
609
844
532
1 8 ,7 0 6
2 0 1 ,3 3 1
2 8 ,9 2 7
2 7 ,2 5 0
9 8 ,9 7 3
1 4 ,7 3 0
7 9 ,3 ^ -
8 ,8 7 7
3 2 2 .9 9 0
5 ,5 8 9
1 4 ,2 1 0
6 6 ,7 1 9
2-, S l o
2 8 ,8 5 3
5 2 ,4 7 7
1 5 7 ,3 2 0
1 5 .4 3 6
8 2 ,2 2 8
7 1 ,9 2 3
1 4 ,3 1 0
4 7 ,0 1 3
82
1 .7 3 0
1 .2 3 3 .8 9 8
4 .0 5 5
8 ,8 7 8
8 ,0 5 5
2 3 .5 2 3
2 4 3 ,4 9 0
3 0 ,9 1 8
5 ,0 8 2
1 4 ,3 2 0
1 5 ,2 7 8
10
38
2 , l4 0
8S 7
98
27
1 ,3 6 1
5 so
2 .6 7 7
1 , 5 8 2 ,6 1 1
7 , 8 6 6 ,0 2 5
4 3 . 2 9 9 .6 9 7
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1 5 , 5 9 4 ,4 0 9
4 3 ,7 5 2
35.01:1
2 1 , 3$2
1 3 ,3 2 2
1 2 ,3 ^ 2
9 3 ,6 5 7
5 .6 4 2
3 3 .9 Q 1
4 2 ,4 3 2
2 1 9 , S jg
20
599
72
1 ,3 8 1
1
1 ,1 4 8
1 3 , 1 4 7 ,3 1 3
3 ,6 7 2
1 6 ,9 9 3
385
6 ,0 7 7
4 0 ,2 3 5
7 ,8 8 2
2 ,4 7 2
4 8 ,4 0 6
1 1 .2 3 9
3 0 ,2 4 1
3 3 1 .9 6 7
3 7 ,1 3 1
1 5 4 ,6 1 3
9 ,0 1 8
1 0 1 ,9 6 3
1 , 0 5 2 .9 7 6
3 8 7 ,1 8 5
1 5 6 ,2 5 5
8 2 ,8 2 0
3 3 ,3 5 5
68
3 ,2 2 2
79
2 3 .7 1 8
7 1 1 ,2 1 6
2 ,4 5 0
3 4 ,1 6 3
1 3 2 ,2 6 7
1 ,6 1 7
3 0 .7 4 8
2 7 5 .6 7 9
432
6 ,5 8 $
373
2 ,5 5 5
3 9 ,0 3 7
1 1 ,7 1 2
413
7 0 ,7 6 5
2 2 8 ,6 1 2
7 8 ,6 o 4
6 ,5 4 3
5 9 ,9 0 8
6 ,0 7 5
217
107
92
53
l4 i
61
260
266
132
1 ,7 4 2
1 ,3 1 5
4o4
8
2 ,2 4 9
81b
74
8
-
1 4 ,0 5 5
850
3 ,0 4 0
7 ,6 5 7
1
1 ,0 0 9
31
1 ,6 7 9
3*893
1 ,0 7 5
1 5 ,7 5 6
4 ,7 3 2
6 ,2 9 9
2 ,9 2 6
388
26 7
2 , 0 0 8 ,5 4 9
70
62
316
1 , 4 o a , 203
l4 l
54
4 8 3 ,9 4 7
22
136
1 7 9 ,2 2 8
6 0 ,3 7 9
1 6 4 ,7 9 9
2 3 ,4 3 7
2 2 6 ,3 8 8
3 9 7 ,6 4 4
7 7 ,9 0 9
8 3 .8 7 7
7 ,9 3 5
3 7 ,6 0 4
5 4 ,8 4 1
357
86
28
?4
4 9 7 ,0 0 9
6 4 6 ,3 3 6
7 1 ,1 7 3
1 2 6 ,3 7 1
2 7 ,3 1 9
1 0 8 ,7 7 0
155* 19$
3 0 .3 3 6
3 3 .3 0 4
3 3 .1 5 3
9 ,6 6 6
1 4 ,3 7 7
2 3 2 .3 8 5
2 7 ,3 4 4
4 3 ,6 7 1
3 .9 8 9
8 ,2 5 6
1 7 .7 4 5
1 0 ,1 3 6
1 4 ,5 0 2
5 6 ,3 5 9
1 .3 6 5
1 4 ,1 1 9
2 5 ,8 3 9
5 ,1 4 0
1 ,1 7 6
1 ,2 7 2
2 3 .5 4 9
274
2 4 ,3 $ 2
4
81
7 ,5 9 3
8 ,9 7 2
31
928
4 ,2 6 0 66
4 ,0 8 7
7 9 ,0 5 0
4 7 0 ,9 0 2
6 9 4 ,1 8 2
1 5 7 .4 3 3
1 5 7 .1 6 6
2 3 .1 4 7
3 4 / 9 8 ,3 0 7
1 4 / 9 8 ,6 2 3
2 6 , 10s
2 6 ,0 2 1
3 .7 9 6
3 4 / 4 7 ,8 4 6
3 5 / 4 7 ,9 2 0
-
9*475
2 0 ,2 4 8
1 0 0 ,9 8 1
¿ 4 / 5 ,2 4 5
¿ 5 / 5 .2 4 5
1 , 4 9 8 ,5 1 0
-
1 5 ,3 2 1
2 .4 3 3
2 ,4 3 0
328
1 , 8 5 1 ,1 1 6
2 3 ,3 9 3
5 6 ,9 9 7
3 4 / 1 0 ,5 4 2
¿ 4 / 1 0 ,6 7 9
31
1 5 7 ,0 3 0
55
3 .8 5 1
1 7 2 ,0 5 4
3 6 .2 5 2
3 6 .1 9 7
1 .0 7 8
2 5 4 ,8 8 8
246
6 ,9 8 2
3 1 9 .3 4 2
4 4 7 ,6 9 5
126
1 6 8 ,6 6 4
-
1 7 ,9 2 8
5 ,3 7 1
1 ,1 0 4
1 ,2 0 1
62
7 7 9 ,6 8 2
38
3 1 5 ,0 2 8
7 0 0 ,6 3 2
2 ,2 7 4
5 3 9 ,4 6 4
-
7 8 .3 6 9
151
12
2 2 ,4 0 9
125 ^, 890
235
7 1 2 .5 8 1
-
3 0 ,7 3 6
L*73 °
1 ,2 1 5
8*9 92184
1 0 ,4 0 3
lb
96
5 ,6 4 4
42
383
621
1 , 851:
26
3 .1 4 9 •
53
3*7 60
1
-
5 ,6 8 6
-
4 ,3 8 8
379
1 ,8 9 7
286
2
15
34
15
1 4 ,2 4 6
7 1 ,5 8 3
31
113
-
3
7 4 ,0 1 6
(30)
(30)
1 2 0 ,6 4 5
53
5 5 ,2 5 2
1 8 9 ,7 7 0
93
840
4 5 .8 7 0
” 6
507
1
12
378
3 5 ^ '.
1 ,0 3 1
94
6 9 ,2 8 5
3 ,4 4 2
2 4 ,8 1 9
556
1 5 ,5 7 3
1 4 ,4 3 0
824
1*758
3 ,2 7 5
gl
3 ,4 8 0
27
- 44
2 0 ,9 3 7
2 ,7 8 4
8 ,9 8 3
1 8 ,9 2 2
235
25 f 2 4 j
6 7 .3 7 7
160
.6*458
53
1 7 *581
5 7 .6 i 4
787
3 8 7 ,1 8 5
429
252
1 ,3 8 1
1 0 1 ,9 6 3
1 ,4 4 4
l 4 l,7 4 l
4 3 ,7 4 7
2 1 9 ,8 3 8
101
5
427
2 ,2 3 5
2 ,4 4 6
7 ,0 2 2
4 7 2 .3 7 7
3 8 .7 8 5
1 ,0 5 2 ,9 7 6
938
2 ,4 9 1
238
6 37
4 i 5 ,6 6 1
4o6
2 L .5 9 1
3 3 .6 5 0
5 3 ,5 5 3
7 0 ,7 1 0
178
35
241
339
2 5 .6 9 7
6 1 ,4 6 7
1 8 ,4 3 6
1 5 6 .2 5 5
4 4 ,2 7 0
2 6 .6 9 3
91
1 ,9 2 5
61
7 8 ,7 0 5
3 9 5 .2 9 6
127
1
1 ,7 4 7
2 5 ,8 6 9
309,0591
3 .9 7 9
7 .2 5 9
4 6 ,64o
1 4 3 ,9 5 3
4 8 ,4 7 8
3 1 ., i4 o
12 0 , 83g
6 ,1 8 0
7 2 ,6 4 7
3 9 .3 9 6
1 2 ,3 0 4
7
2 0 5 ,4 6 8
5 7 6 , 92 s
9 7 ,0 1 5
99»To2
7 ,5 4 2
6 , 0 0 0 ,3 5 2 1 2 , 7 8 8 ,4 3 3
2 5 .9 4 3
1 0 , 5 4 3 ,9 5 1 1 1 . 8 5 0 ,1 9 9
2 7 . 8 9 9 ,0 1 5 5 .6 4 1 ,7 7 9
4 . 0 1 6 ,7 4 3
2 7 ,2 9 9
1 3 .2 3 7 ,S 4 l
3 3 .6 9 5 .9 5 7
7 . 8 6 7 ,0 9 2
1 , 7 1 3 ,2 0 6
8 9 , 1 5 7 ,1 2 2
2 8 ,1 0 1
2 ,8 8 2
4 8 ,4 o 6
6 ,1 2 1
2 5 ,9 4 2
138-, 907
3 3 9 ,7 2 5
1 7 . 0 3 9 .6 3 6
3 0 .4 8 7
2 7 ,4 3 8
1 5 7 ,3 1 0
8 4 ,2 7 0
6 l4 ,5 2 b
.1 1 3 ,2 0 7
9 0 ,5 6 7
3 4 2 ,i4 o
3 7 3 .0 4 7
9 6 9 .7 9 2
1 , 30g
4 6 ,0 4 2
3 2 2 ,9 9 0
2 8 ,6 5 0
3 2 0 ,6 4 6
1 , 6 0 6 ,2 4 9
3 0 ,3 0 0
8 ,6 3 6
2 ,1 1 7
131
2 ,2 1 3
1 5 9 ,6 4 8
2 , 1 2 5 ,2 5 9
2 5 .0 3 6
1 7 .6 5 0
5 4 ,0 8 5
7 6 ,2 2 1
1 8 4 ,0 3 5
8 5 9 ,1 8 1
2 ,1 6 8 ,7 3 7
2 5 ,1 1 4
3 2 ,8 1 0
762
4 7 ,7 0 2
2 3 3 ,8 6 6
3 0 ,2 8 8
2 ,4 6 2
6 7 ,4 4 2
4 5 2 ,3 1 6
103, 7 7 s
1 5 8 ,7 0 9
8 3 ,8 1 5
7 3 ,3 3 9
1 0 0 ,3 2 9
101
4 ,1 0 1
6 6 ,4 6 9
7 ,6 6 8
5 0 ,6 1 0
1 8 2 ,2 2 0
2 8 6 ,9 0 8
1 ,2 5 1 ,9 4 2
3 .5 3 1 .8 4 3
6 ,9 5 2
1 0 0 ,2 6 3
1 3 0 ,2 9 0
2 6 ,2 4 4
5 8 6 ,7 2 8
7 3 7 .6 3 6 1 3 . 8 7 7 , 2 5 g
1 3 .3 2 2
3 5 ,0 0 0
3 3 0 ,0 0 7
5 7 0 ,4 1 9
1 5 . 5 7 6 .0 9 0
8 ,1 5 8
2 7 3 .9 3 6
1 1 ,6 5 7
50 1
4 ,0 2 4
1 8 8 ,6 8 8
6 6 6 ,2 6 5
2 6 ,7 0 8
206
4 ,6 9 0
1 7 2 ,7 9 6
2 , 1 2 5 ,2 5 9
5 8 ^ ,0 9 7
1 0 .7 7 4
5 7 ,0 9 5
4 1 5 ,5 8 8
4 2 ,2 5 1
5 8 6 ,7 2 8
1 0 3 ,7 1 3
5 9 3 .8 1 0
1 4 ,3 8 1
3 ,3 5 0
1 ,0 5 4 ,0 9 2
1 4 8 ,7 7 9
2 , 1 6 8 ,7 3 7
1 ,4 4 2 ,0 0 0
1 6 ,6 4 2
5 6 ,6 2 6
2 ,8 9 7
3 ,2 4 6
(3 0 )
9
337
7 8 ,9 8 7
-
1 1 ,3 6 1
-
75
60
1 0 1 ,2 8 6
2 ,1 8 1
¿7
346
i ,o 6 4
109
105
75
SB
1 ,0 0 3
1 5 6 .3 0 2
24
127
4 9 ,4 8 7
l 4 o ,8 35
3 4 4 ,7 1 0
¿ 4 / 2 5 .3 6 9
¿ 4 / 2 5 ,3 8 4
-
-
1 1 ,4 3 6
-
5 7 ,1 3 9
1 5 8 ,7 0 3
1 3 ,3 5 1
1 3 ,2 9 1
1 ,9 8 2 .
65
2 ,0 4 /
¿ 4 / 9 .0 5 4
¿ 4 / 9 ,1 4 4
jj-
7
-
21
(30)
-
l ,8 4 l
2 ,8 7 1
5 l4
543
496
226
221
79
7
3
42
1
' -34
; 2
544
110
61
44
83
(3 0 )
8 1 ,5 7 5
1 .3 4 6
1 ,7 8 5
311
1 0 ,1 0 9
920
2 2 ,3 8 6
317
284
77
801
25
3
4 1 ,9 7 5
318
259
6 ,2 0 3
2S5
37
230
1 9 6 ,0 4 7
6 5 4 ,8 2 1
2 3 3 ,7 9 8
6 6 8 ,7 6 5
1 1 5 ,5 5 7
8 8 8 ,0 2 1
6 4 ,0 2 6
3 4 ,1 3 6
3 0 ,1 2 2
7 2 .2 9 4
1 C ,7 4 6
3 3 ,7 9 1
2 3 ,2 6 5
1 , 25s
389
9 2 1 ,9 8 2
1 0 0 ,4 2 9
9 0 ,1 6 0
6 6 ,1 5 5
1 6 ,0 9 4
520
4 ,4 5 1
22
1 2 ,1 9 8
1 9 6 ,3 2 8
1 7 6 ,8 4 4
5 . 4 9 4 ,5 7 6
3 1 ,6 3 1
7 0 ,8 9 7
¿ 1 / 2 7 3 .4 5 6
1 0 5 ,2 5 1
1 4 2 ,1 3 5
5 5 4 ,5 5 9
2 7 4 ,5 3 3
1 ,1 8 0
5 1 ,2 9 0
4 6 ,8 2 7
2 5 0 ,6 7 3
3 . 0 5 3 ,4 5 8
2 3 ,1 7 9
3 2 ,7 2 7
1 7 7 ,7 1 0
1 5 1 ,4 2 4
1 , 3 6 6 ,9 2 1
-
4 71
8 2 ,1 7 4
1 5 5 ,2 5 8
3 4 ,6 0 0
4 8 ,6 8 9
1 4 ,2 4 7
1 0 7 ,6 0 1
7 8 ,1 1 0
4 8 3 ,2 8 0
1 7 5 ,7 3 9
9 0 ,4 3 9
3 0 3 ,5 4 6
69,329
1 ,3 6 3
3 6 ,6 9 6
2 6 ,5 5 2
1 70
1 6 ,0 9 5
2 3 .6 0 7
740
3 6 2 ,9 2 3
2 1 1 ,4 9 9
1 1 ,9 9 6
-
—
—
1 .7 8 0 ,7 5 4
1 , 6 0 3 ,9 1 0
1 2 5 ,9 1 9
9 17
1 2 6 ,8 3 6
-
1 ,0 8 2
¿ 4 / 5 0 7 ,7 6 5
¿ 4 / 7 5 8 .4 3 8
¿ 4 /2 5 2
¿ 4 /2 5 2
2 5 .9 6 0
6 8 ,6 5 4
4 5 9 .8 0 7
1 3 1 ,7 6 0
4 ,8 9 6
4 3 0 ,9 8 1
1 , 0 0 3 , 99 g
¿ ¿ / 3 , 7 1 3 .8 2 2
6 9 ,4 5 3
8 5 ,8 2 5
¿ y 1 4 0 ,8 1 3
5 4 ,0 1 4
¿ 2 / 1 , 9 5 2 .2 0 5
¿ ¿ / 3 , 5 6 1 .2 2 4
12
1 1 ,3 0 4
6 1 5 ,0 6 3
1 , 0 5 2 ,6 8 6
7 .6 9 9
¿ 2 / 2 , 0 6 7 ,9 7 2
10 1
¿ 4 / 2 5 .3 6 9
-
— (3 0 )
474
1 ,1 2 5
1 ,6 0 1
3 .1 2 3
¿ 4 /2 5 2
6 7 ,6 1 4
-
. 34
9 ,5 1 6
203
¿ 4 / 5 .2 4 5
28,3-75
4 0 ,8 8 6
2 , 1 1 0 , l4 0
1 . 0 3 9 ,6 9 4
4 3 ,1 0 6
240
239
35
-
1 ,2 1 8 ,8 4 0
8 ,5 8 4 ,8 4 3
4 0 , 5 2 7 ,1 7 8 4 0 ,0 6 0 ,4 4 4 1 2 ,3 0 8 ,7 8 6
1 ,8 0 7 ,bb8
2 6 1 ,5 7 4
2 1 8 ,2 2 7
6 , 6 4 8 ,3 1 3
1 , 9 8 3 ,1 9 4
7 4 9 ,3 5 6
1
7 9 ,9 4 6
8 6 8 ,1 4 4
4 7 3 ,5 5 9
5
9
1 ,9 9 6
5 , 1 5 6 ,5 2 3 2 ,7 7 7 ,5 1 9
4 , 5 1 0 ,7 6 4
6 2 ,9 3 6
93*573
b l ,7 b 9 ,2 9 b 4 5 ,4 9 3 ,3 5 5 1 3 . 9 5 4 .7 4 0
1 3 .9 4 1
¿ 4 / 9 .0 5 4
2 .0 9 6
-
4
-
-
¿ 4 / 1 0 ,5 4 2
1 ,0 9 4 ,2 4 0
8 9 ,1 5 7 ,1 2 2
1 ,4 6 8 ,5 5 0
2 3 0 ,1 2 9
6 .9 5 7
36
3 0 .5 6 6
2 ,9 9 5 ,9 7 5
-
3 .6 8 3 .6 2 9
2 ,1 0 5 ,1 7 0
1 0 ,5 7 1 ,8 7 7
4 2 7 ,5 9 7
9 2 8 ,7 1 7
4 o 6 ,9 7 0
1 , 9 9 0 ,5 2 4
1 8 9 ,7 5 9
6 1 , 7 6 9 ,2 9 6 4 5 , 4 9 3 ,3 5 5 1 3 . 9 5 4 .7 4 0
3 ,7 3 3
1 5 3 ,3 9 9
l 4 ,6 l 6
113
-
¿ 4 / 4 7 , 8b6
-
-
1
2 2 ,2 5 6
—
1
-
3 4 / 9 8 ,3 0 7
-
2 ,0 7 1
10
7
-
1 3 4 ,0 3 9
673
754
5
30
2 .2 7 0
~ 13
7 ,0 2 2
-
m
1 6 ,3 9 4
4 8 ,2 2 3
1 0 ,7 0 8
4 ,8 2 2
1 ,3 3 9
2 ,2 1 0
3 , 6.3 3 . r.
3 .7 4 9
1
12
59
670
18
91
1 3 1 .7 8 1
828
883
851
2 3 ,7 4 3
m
3 , 75 b
46
1 2 ,3 1 1
323
-
-
31
5 .7 4 3
1 7 2 ,2 7 3
4 7 6 ,4 2 7
3 4 /1 6 , 6 2 0 ¿ 4 / 8 5 .2 7 4
-
-
211
—
-
1 2 ,2 0 6
-
1 . 6 5 3 .9 1 9
¿ 4 / 5 0 7 .7 6 5
3 5 0 ,7 1 7
3 4 / 1 6 ,6 2 0
1 , 2 6 2 ,1 9 2
3 1 .7 6 9
1 8 8 ,1 0 6
3 ,2 8 2
1 7 4 ,8 8 8
3 ,2 8 0
2 7 ,0 9 1
788
.
-
Ä
Ä
Ä
r
j
i
s
s
&
a
è
-
r
e
uÄ
%
x
jdividends
r - " paid
* -^ Continued
- —
11
-
(Money figures in thousands of dollars)
-------------------- --------
Mortgage and title
companies
No net
income
incorni
“T
Number of returns with balance fleets 5 /
Assets:
2
Cash t>/
3
Notes and accounts receivable (less
reserve for bad debts)
4
Inventories
5
Investments, Government obligations J j
6
Other investments %f
7
Net capital assets
8
Other assets
9
Total assets 1 0 /
Liabilities:
10
Accounts payable
Bonds, notes, mortgages payable:
11
Maturity less than 1 year
12
Maturity 1 year or more
13
Other liabilities
14
Capital stock, preferred
15
Capital stock, common
lb
Surplus reserves 1 1 /
17
Surplus and undivided profits 1 2 /
18
Less deficit 13/
19
Total liabilities 1 0 /
Receipts, taxable income:
20
Gross sales 14/
21
Gross receipts from operations 15/
22
Interest
23
Rents and royalties 1 6 /
24
Net capital gain 1 J _ f ~ ~
25
Net gain, sale of property other than
capital assets 18/
Dividends from:
2o
Domestic corporations 1 9 /
2?'
foreign' corporations 2 0 ?--— .
28
Other receipts 21/
Receipts, tax-exempt and taxable income;
Interest on.Government obligations:
29
Subject to excess-profits tax 2 2 /
30
Wholly tax-exempt 23/
31
Total compiled receipts 24/
Deductions:
32
Cost of goods sold 2 5 /
33
Cost of operations 2 o /
34
1 Compensation of officers
35
Rent paid on business property
36
• Bad debts
57
Interest paid
38
39
40
41
lf2
43
44
45
46
47
48
49
50
51
52
53
Taxes paid 27/
Contributions or gifts 28/
Depreciation
Depletion
Net capital loss l j /
Net loss, sale of property other than
capital assets 18/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(31 less 1+5 )
Net income or deficit 1/ (46 less 3 0 )
Income tax 2 9 /
Excess-profits tax
Total tax 2 $/
Compiled net profit less total tax
(46 less 50)
Dividends paid:
Cash and assets other than corporation* s
own stock
Corporation’s own stock
Eor footnotes, see page 1 5
402
12,188
4 0 ,6 l7
5,354
92,721
20,252
4,817
181,949
11,100
13,914
52,850
20,199
9,971
44,395
6,471
27.575
4,527
181,949
No net
income
535
4o4
7I8
300
32,771
109,892
11,840
529.968
20,716
73.961
52,827
17,341
6.145
149,861
4,642
5,o46
194.875
1,026,361
1,837
84,437
15,899,795
116,624
298,251
17,957.273
6,341
134,492
29,256
484,738
63.557
31.710
715,934
3 2 .1 p
40,744
446,73-2
63,024
28,629
135,352
21,244
89.901
147,727
715,994
4,948
12,467
13,120
6i4
106
1,294
l4o
1
1,769
268
329
2 .3 P
434
284
3,039 .
741
10
654
9
638
Holding companies J>/
Net
income
2,872
151
2,737
32,472
4oi
2,106
756
10,476
13,775
3,829
4
2,079
3
2,905
44,138
2,268,017
14,950
16,136
2,506,019
47,516
Continued
lifiance» insurance, real estate and lessors
Other corporations
~~
Security and
holding
commodity exchange
securities 4/
brokers and dealers
Net
No net
Net
No net
income
877
7.708
5,534
3,127
359
60
181
18,986
Investment trusts
and investment
companies
Net
No net
income
income
Industrial groups 2/
2,270
of
:
:
:
real property — Continued Commercial credit :Industrial and
and finance
:personal loan
companies ■ j
:companies
Net
No net
Net
No net
income
income
2,005
720
180,819
40,769
55,347
64,223
166,386
15.698
309,791
225
2,225
1,897,245
2,770
56,212
2,289,185
536,333
3.026
129,029
6,093,711
98,364
87,660
7,128,943
278,133
2,245
35.032
2 ,1 8 2 ,4 l4
6 l,6 6 l
48,872
2,649,126
117,894
102,175
60,718
180,549
5,736
39,24o
459,484
100,088
169,297
11,879
42,342
490,002
1,479,057
2,662
4,795
67,686
8 , o 64
12,724
1,741,374
103.397
1,212
■t 975
| 3 .p 7
P 7 te
^.798
17“+. 279
497,060
101,532
201,916
183.697
120,145
76.565
280,463
iS,6 cA
1.358
l .p O
14,124
22,441
10,157
2,997
i 4,i68
76,248
56,-750
25.324
105;9O7
5,944
4,152
6,728
3,163
26;869;279
40,730
3.027
357
4,837
44,228
2,496
646
3,686
2,744
151,318
38,087
797
222
2,538
11,753
7,888
; 259
66
363
6
116
9
3O9
50
18,886
13.te g
I60
22
570,524
66,189
15,315
11,331
295
2,477
179,190
29,767
4,089
7,897
573
1.377
3.533
23
2,282
l ,6 i 4
7
3,111
8,045
225
3,437
1,403
820
814,077
23
18
31,240
1,898
2,669
309,876
291
564
28,383
985
1,901
76,021
307
1.957
71,482
6l
20
205,117
17
2
23,532
13,181
13,973
2,279
324
2,287
153
490
68
75
19,925
12,045
5.252
6,747
2,913
2,782
15
794
31
337
2,374
1,582
9,006
3,662
11,764
26,667
5 .7 5 I
86
1,716
6
47
2,316
1,417
3,180
692
3*959
3*534
671
7
238
(30)
146
2.030
14,457
58.134
304
27,262
63,092
1,101
37.085
89,089
53
74,908
137,620
67
11,827
2 7 .551*
13,529
11,627
1.338
9
1,347
35/17.607
3 i/ i9 ,5 6 4
67, P 7
67.^77
9.976
21
9.998
3 teteo i6
35/teda7
569
5,412
18,710
106
49,066
236,967
13
8,808
60,993
346
19.270
95,352
3,020
2,838
386
4
389
ilt/27,655
35/30,392
69,965
69,148
1,968
21
1,928
35/5.610
15/5.744
577,110
576,290
26,092
193
26,284
34/29,753
35/29,772
214,523
211,854
12,998
19
13,017
24/29.751
Ü /3 0 .3 1 5
2,630
35/27.655
67.976
15/5.610
550,826
it/ 2 9 .7 5 3
201,506
24/29.751
12,182
i t / 17.607
57,500
1,209
192,223
418
6 ,i 4 i
86
5,886
1
3.231*
97
49,626
148
350
I75
495,775
20,492
97
2
895
1,094
236
3,451
44o
11,280
20,767
1*997
]ll9
1J34O
12
911
187
24,565
46,638
60.910
4,309
m
11,903
59
9,708
1,208
2,547
37,225
7,889
696
2,086
527
1,287
2,820
26,974
66,127
32I
46,294
13 3 .5 9 0
41,566
6 9 ,3 0 9
7*385
3 5 ,5 3 0
20,647
64,358
41,324
10 6 .5 2 7
5,019
8 ,12 6
II,
620 52,313
I J . 179
2,793
4 9 7 ,0 6 6
174,279
1,028
1,929
10,013
1,608
3,053
2,696
6,637,264
38,217
13,542
6.173
59.248
5,508
7.481
* 0
: 1
82
32
27O
103,229
915,269
2,300,319
110,736
526,200
27,336
36
1,710
15,115
98
128
3.395
108
450
59
278
4,674
113,363
39,959
39.296
679
19,379
122,133
11,074
6,444
11j À 9 9 „
36,46o
9 7 .6 9 3
9,327
8,004
763
129
132
34
249
590
81
7,078
4 3 ,4 i 4
500
(30)
116
(30)
110
65.066
687
4,125
17,096
13,881
1,082
11,257
329
4 ,4 83
7,915
2,919
3.310
150,657
9,794
184
7,322
619
260
23,930
422
2 4 ,10 7
662,919
132,304
101,916
114,782
252,974
45,007
153,54s
2,539
1.741,374
6,128
702
175
472
40,368
73I
2,51b
21,855
830,285
356,7p
4.306.967
71.594
28,259
119,600
28,783
107,697
14,224
160,134
116,853
490,002
3,009
2,666
526
135
380,296
6,729
2,041
58,469
9,088
7, £12
3,235
335.354
67,639
40,248
40,529
39,4o 6
70,269
5,928
84,147
8,826
459,484
134
13,100
s .376
2,992
181,887
132,166
575,281
95,876
400,598
1,055,222
179,945
726,153
759,812
2,649,126
9
iTP+J
No net
inco me
7 6 ,2 3 0
136,657
963,561
87.386
453.591
3,179,756
217,246
2,137.923
249,094
7,128,943
682
8I7
116,603
1,531
Net
income
254,959
1,096,907
27.926.630
89,203
761,229
133.723
476,705
625.499
154,364
425,790
478,859
2,289,185
3*4i4
i4o
369
No net
income
4,183
250,107
3,405,819
280,684
2,754,056
5,752,412
1,966,845
3,630,934
218,075
17.957,273
68,127
2,215
1,083
Net
income
Insurance, carriers,
agents, etc.
2 ,2 0 3
7 1.5 3 6
9 ,0 19
5 6 ,0 8 5
5.327
07,096
8,318
53.253
37,085
8.687
58,805
100,038
194,875
24,957
354,727
29,864
440,333
498,218
123,799
1,144,453
157,907
2,506,019
155
7.326
15.966
1,459
3*t
1.137
Other finance
companies
1,478
36,737
6 6 ,3 8 5
662
3 ,4 9 3
9 ,12 9
6 ,14 9
19 ,4 7 4
8-626
880
1 9 ,9 ° 2
2 3 ,6 9 3
15 .5 11
6,521
32,435
6 ,6 1 2 ,
7 6 ,2 3 0
6 ,9 11
181,887
695
3,321
5,498
2 ,3 3 1
3 ,6 7 9
197
31,824
12
484
12
242
656
18,129
86,81c
87,878
335.354
19,251
543, 54.9
12,831
l*340j¿6^
7.256
4.306.967
6.066
165
(3 0 )
2,619
1.119
13
54
10 ,5 6 8
32
1,346,663
48 ;693
14,026
1,799
206,289
733,137
172,118
1,080
23
IO5
1,494,599
804
289
1 ,3 6 s
11/ 33,747
6 ,7 8 9
4,548
14,423
3,858
1,6 6 2
3,,499
84
746
2,868
1,501
46,438
7.079
3,505
291
13,673
1
3,608
65
1
49
311
133
1 , 779 .
1 2 .7 3 2
1
2 1,5 4 6
3 1 ,6 8 1
2 .0 6 9
10.539
2 7 .0 5 7
29,483
44
2,951
1,053
3,951
11,6 5 5
16 ,2 2 6
23
46,305
1,12 2
4 ,2 6 0
32
4; 494
923,882
123,574
27.926.630
50,450
1
37,929
72,774
6,221
200,796
1,034
1,974
2,417
1,159
10 9 ,2 8 6
2,298;020
19,130,755
19.630
175,664
1,340,501
12 ,19 2
15,233
27s
5,308
54
579
11/15,258
3,090
«1,341
39,829
49,548
33
36,275
(3 0 )
174
426
¿ 2 / 1 , 1 5 4 , 982
J i / 1 , 2 7 8 ,1 9 5
7 .6 6 5
3 2 / 1 , 2 6 0 ,9 1 6
3 3 / 1 , t e 6 , 322
2 1 6 ,4 0 3
2 0 0 ,1 7 7
3 5 /8 5 ,8 2 1
3 5 /2 6 W te 5
1 4 ,6 2 4
i4 ,6 o i
2 ,3 4 8
28
2 ,3 7 7
3 5 / 1 3 ,9 2 2
3 5 / 2 ,1 6 5
12 ,2 4 8
3 5 /13 ,9 2 2
1 9 2 ,1 7 1
3 5 / 8 5 ,8 2 1
p6
14 ,5 4 3
4
1 72
8
¥>2,903
2 ,3 5 1
1 3 9 .0 0 3
30,511
30^479
4,652
• 15
4,667
i t / 2 .1 6 5
1 5 / 2 .2 1 9
3 5 / te o ii
25,844
986
12,519
224
7
3 5 /13,996
2 4 ,1 7 7
56
24,232
89
Corporations submitting balance sheets, 1938» by major i n d u s t r i a l groups and by returns with net income and with no net income 1 fs. number of returns, assets and liabilities as of December 31» 1938» or close of
fiscal year nearest thereto, compiled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid - Continued
(Money figures in thousands of dollars)
Industrial groups 2/ - Continued
Agriculture, forestry and fishery
Finance,insurance,real estate and lessors of real property - Concluded
Agriculture and
Total agriculture,
Deal estate,
Lessors of real
:Finance, insurance,
Construction
services
Fishery
forestry and
Forestry
including lessors
property, except
;real estate and
buildings
.
‘lessors of real prop
fishery
of buildings
e r t y not allocable
Net
: No net
Net
: No net
Net
: No net
Net
: No net
:
Net
: No net
Net
: No net
Net
: No net
Net
: No net
income
: income
income
: income
income : income
income
: income
: income
: income
income : income
income
: income
income
: income
Number o f re tu rn s with balance sh eets ¿ /
A sse ts:
Cash 6/
2
Notes
and accounts re c e iv a b le ( le s s
3
re se rv e fo r bad debts)
In v e n to rie s
1+
Investments.,,
Government o b lig a tio n s jJ
5
6
Other investm ents 8/
Net c a p it a l a s s e t s 4/
7
Other a s s e t s
g
T o tal a s s e t s 10/
9
L ia b ilitie s :
Accounts payable
10
Ronds, n o tes, mortgages p ayab le:
M atu rity l e s s than 1 year
11
M atu rity 1 y ea r or more
12
Other l i a b i l i t i e s
13
C a p ita l sto ck , p re fe rre d
1#
C a p ita l sto c k , common
15
lb
Surplus re se rv e s 1 1 /
Surplus and undivided p r o f i t s 12 /
17
18
Less d e f i c i t 13 /
T o ta l l i a b i l i t i e s 10 /
19
R e c e ip ts, ta x a b le income:
Gross s a le s lk/
20
Gross r e c e ip t s from operation s '15'/
21
In te r e s t
22
Rents
and r o y a lt ie s 16/
23
24
Net c a p it a l gain 17 /
Net g a in , s a le of prop erty other than
25
c a p it a l a s s e t s 18 /
Dividends from:
2'6
Domestic corp oration s 19 /
F oreign corporation s 20/
27'
28
Other r e c e ip t s 2 1/
R e c e ip ts, tax-exempt and ta x a b le income:
In te r e s t on Government o b lig a tio n s :
Subject to e x c e s s - p r o fit s ta x 22/
29
Wholly tax-exempt 23/
30
T o tal compiled r e c e ip t s 2k/
31
D eductions:
Cost o f goods sold 25/
32
Cost
of op eration s 2o/
33
Compensation
of o ffic e r s
%
Rent
p
aid
on
b
u sin ess p ro p erty
35
36
Dad debts
In te r e s t p aid
37
p aid 27/
M h
C ontributions or g i f t s 28/
D ep reciation
4o
D epletion
kx
kp
Net c a p it a l lo s s 17 /
Net
lo s s , s a le o f p ro p erty other than
u5
c a p it a l a s s e t s 18 /
p
Other deductions
45
T o tal compiled deductions
4b Compiled net p r o f i t or net lo s s
(3 1 l e s s 1*5)
Net
income or d e f i c i t l / (1+6 le s s 30 )
47
kg Jncome tax 29/
49 E x c e s s - p r o fit s tax
T o tal ta x 29/
50
Compiled net p r o f it l e s s t o t a l ta x
(5-6 l e s s 50 )
Dividends p a id :
Cash and a s s e t s other than C o rp o ratio n 's
52
own stock
C orporation1 s own sto ck
53
"1
fi
l’or footnotes, see page
15.
12
Agriculture, forestry
and fishery not
allocable
Net
income
:
:
No net
income
22,582
5 1 ,0 8 1
1,542
1,7 8 4
1.456
2 ,3 4 i
4 ,760
9.548
2 ,3 1 1
4.993
77
3 14
75
182
2 ,15 8
4,489
1
8
15 2 ,2 7 9
14 8 ,13 9
38,208
12,36 9
4 5 ,6 73
1 7.5 2 3
9 3.762
40,556
4 i,6 s 6
15 .2 0 7
l ,0 4 i
2,440
802
590
39,787
1 2 ,1 7 1
56
6
303,502
5,866
63,834
591,618
4, 1*04,568
129,030
5 , 650,696
603,056
1 6 .3 5 7
3 2 ,4 12
1 , 15 8 ,70 3
8 ,3 3 0 ,12 8
293.629
10 ,5 8 2 ,4 2 3
44,145
5.625
19 .325
187.542
2 , 021,162
106.534
2,422,5^2
7 0 ,7 2 1
2 ,58 5
1 .3 8 4
76,576
1,19 4 ,6 8 2
7 1 .5 1 4
1 , 429,830
148,487
1 ,1 3 2
56,500
236,215
119 ,8 11
2 1 .7 4 7
629,566
2 8 3 ,l 4 l
1,8 9 9
8 ,350
365,583
171,8 0 9
42,32 3
890,628
282,808
6 7 .8 7 9
29,990
87,925
2 4 3,6 0 1
4 1 ,1 1 7
847,082
177 .50 6
4 8,109
11.7 5 1
58,370
6 l,l4 9
73.439
4 ,156
101,661
525,0 73
3 1 ,3 2 7
8 1 2 ,0 1 1
3 ,H 3
1,4 8 9
238
4 ,145
23,728
536
34,290
8.654
2 .4 33
932
22,395
92,211
3 .76 2
132 .8 2 7
2,049
i .479
285
2,544
6 .7 18
1,3 8 9
15,266
2 ,5 7 3
2 ,7 7 2
49
2 ,72 3
1 1 .4 5 7
1,036
21,199
4 0 ,2 0 1
68,806
2 4 ,6 22
152.149
3 1 6 ,7 7 3
17,9 9 0
660,327
49,850
6 8,115
3 .1 7 4
76 ,536
420,700
26,510
657.056
176
1
34
206
189
39 .273
516,676
4 5.539
7 1 ,7 7 6
2 5 ,1 78
159 ,04 4
347,408
19 ,9 15
710 ,54 6
663
72
119
7
705
19
929
261,681
812,872
19.483
7 4 ,5 12
3 6 .2 72
74,040
122 ,9 9 3
118,568
8 3 ,19 3
10 1,5 4 5
13 ,4 2 0
16 ,0 15
1 ,5 1 8
7.958
68,251
7 7 .5 18
3
54
2 1 5 ,52*t
1 . 9 75 ,70 3
18 1 ,13 8
172,899
1 , 809,006
9 0 ,54 1
1 , 160, 321+
2 16 ,7 8 1
5 , 650,696
712 .38 9
5 , 6 85,387
70 6,230
429,988
2, 661,543
217,54 9
1,4 5 9 ,14 0
2 , 102,676
10., 582,423
20,165
797,190
67,847
111,8 13
1,0 3 2 ,14 2
13.318
450,974
90,339
2,422,5^2
27.407
6 16,512
109,300
40,974
5 75,577
18 ,2 0 1
258,509
29 1,16 3
1 , 429,830
4 1 ,0 3 7
64,529
8 7,5 14
69,408
2 3 7.6 1 4
16 .7 9 3
i 4 2 ,6 o4
66,206
629,566
6 1,2 72
260,928
39,779
7 2 ,1 7 1
28 3,475
45,462
2 3 7.2 6 1
1 8 3 .76 1
890,628
46,960
33,849
12 0 ,131
32,003
251,018
16,686
245,621
2 2 ,179
847,082
52,900
64,582
63.582
29.263
202,852
11,9 4 2
91.656
118 ,6 6 s
516,676
2 7 .5 1 1
5 7 ,13 7
19 .5 9 3
12 ,7 5 7
3 4 7 ,7 1 1
23,595
174 ,5 8 0
35,529
710,546
86,521
154,605
4 3 ,14 2
4 0 ,2 6 l
426,954
6,926
16 8 ,338
2 16 ,2 8 2
8 1 2 ,0 1 1
244
1,8 0 7
999
269
12,49 8
53
8,834
3 .8 3 4
34,290
3.256
1 7 ,H 5
4 ,6 33
14,106
66,053
961
4 1 ,3 6 1
30 ,6 73
132,827
1,094
1 , 16s
245
n4
4 ,6 ig
1,2 8 2
6 ,372
1 ,1 4 4
15,266
704
1,050
467
2,149
7.2 9 4
18 1
7 .8 14
6 ,4 iS
2 1,19 9
2 6 ,172
54 ,16 3
18.349
1 2 .3 74
330,496
22,259
15 8 ,8 14
30,552
660,327
8 2 ,4 13
136,299
37,993
23.999
35 3 ,2 3 4
5,78 4
118 ,9 7 6
17 9 ,15 9
657.056
—
-
15,1+82
171,2 0 0
13 .9 8 7
4 8 2 ,6 2 3
6 ,72 6
1 9 ,76 1
232,300
17.4 4 5
643,062
6 ,9 0 1
4,155
91,290
2.147
45.897
1,2 35
' 888
1 8 ,8 1 7
„ 0 ,686
10 ,4 4 1
657
475
22,120
11,0 9 4
7 ,7 6 1
2,308
2.19 4
1 0 ,336
10,963
6 ,i4 o
2,883
30 4,237
894,832
1,815
3.464
803
260,428
3 8 6 ,5 3 1
1,266
3,800
612
276,525
57.36 6
1 ,7 3 7
4 ,i4 4
1.3 9 3
1 71 ,7 6 4
37,693
1,092
3,886
797
6,267
747
210
62
457
3 ,16 3
1 ,3 8 3
90
162
128
9,770
1,4 8 3
11
20
8
1 7 ,3 4 5
2,560
l4
6
260,479
5 5 .13 6
1,494
4,060
928
l4 6 ,14 8
33.72G
987
3.689
657
10 ,9 50
7 ,5 2 3
906
138
336
178
2,019
495
436
2 12
82
56
( 30)
3
354
153
1 0 ,5 1 7
203
12,096
4 ,18 4
49
19,946
2,840
9
7,902
116
4i
1 , 69s
1+. 739
10 1
a , 550
2,76 2
9
i,9 H
3 .4 11
100
11,70 2
471
15
5 ,2 11
4,919
2,58 4
4 .2 5 7
1.3 8 5
78
3 .5 8 1
79
1
147
l6
63
( 30)
243
19
(30)
120
65
4,820
2 ,58 3
3.987
1,306
78
3,269
4
4
905
1,0 4 0
725,729
271
673
9 5 2 ,1 1 4
352
196
....156,930
21
28
3 3 ,5 3 2
553
1,4 9 3
5 3.5 2 8
99
113
37,588
391
426
1 , 223,199
146
196
6 5 9 ,171
733
167
354,262
46
72
220,605
5
l
8,058
4
2
10 ,2 4 7
12
1
1 1 ,4 4 5
1
( 30)
20,093
716
l64
334 ,72 0
4l
70
190,122
1
39
142
3.524
I 65
2. 93S
573
160
28,996
+2,059
, 63
4,454
12,50 8
98
687
520
1.5 9 0
986
1.656
18 ,8 8 5
6 ,5 4 5
8
2 4 1,5 0 1
700,210
5 2 ,2 8 1
5 .4 1 3
2,494
3.485
17 ,4 0 5
247
2 1,8 5 8
r 13 1
307
208,646
3 2 4 ,5 8 1
39 .724
5.495
4 .12 7
4 .3 17
1-OY056
149
1 3 ,1 1 3
78
405
17 7 ,9 8 3
l 4 , 530
9,484
2 , 76s
1 ,2 1 8
4 ,356
7 +57O ~
156
12 ,8 8 2
705
113
137.0 65
2 1,9 7 0
9 ,0 9 1
3 .0 12
1 ,4 1 3
9,043
8 ,10 8 48
12 ,8 2 8 ,
706
4 12
5,057
136
230
21
75
75
220
4
33*2
493
4
6.285
627
427
45
1 10
971
946.
2Q
1 ,4 3 0
60i
62
7 .17 7
603
482
59
23
110
213
1
; 534
(30)
2
15.4 39
1,6 18
394
130
117
126
223
(30)
625
12
13
165,742
1 3 .7 9 1
8 .76 7
2.689
1 ,119
4 ,1 72
7 .13 4
15 1
1 2 ,0 13
2 12
108
115 ,2 4 8
19 ,723
8,264
2,836
1 ,1 8 6
7,9 33
6.935
5,2 56
18 1
245
557
6 ,1 3 4
1,5 5 9
1,2 8 7
4,845
3 .5 1 3
40
2 , 28a
74
231
10 ,4 4 5
26,079
44,020
38 ,8 70
3 ,3 1 2
9 5 .8 3 1
108,356
450
89,046
637
867
15 ,7 11
4 2 ,6 0 1
45.764
54.706
19.949
2 3 0 ,72 1
205,078 <
372
16 2,703
1.4 9 3
» 13 .5 2 0
1,9 8 7
827
4 .3 7 9
956
8,022
1 1 ,0 5 7
3,8 73 ■
9
2 .3 4 s
33
592
ikXklll
-
3k
28
10 ,7 7 0
93
337
859
186,395
605,166
28,837
3 6 4 ,1 77
1 , 185,633
105
15.336
80,980
723
17 ,2 7 8
58,432
223
18 ,4 0 5
39.392
2,243
17,688
5 4 , o i4
3 15
115 .76 4
l ,l 6 l ,4 0 9
685
81,930
693.305
112
92,466
32 4 ,34 3
1 ,8 1 5
4 5 ,74 7
2 5 1 . 25s
16
550
7 ,2 1 3
117
1,4 8 2
13,12 2
39
1.298
10,541
82
2 ,37 9
2 1 ,1 5 9
57
90,609
306,564
1,616
4 1,8 5 7
2 16 ,8 2 4
f2 0 ,5 ê 3
119 .5 2 2
16 ,585
282
16,867
3 4 /2 3 3,5 19
¿ 5 /234.193
75,950
75 .75 4
12,0 38
43
12,080
34/24,900
15 / 2 4 ,9 2 8
14 ,136
12 ,6 4 3
1.3 6 7
§1
1.3 8 3
¿ 4 /16,426
¿ 5 /16 .539
6 1,79 1
61,365
9,570
369
9 . 93s
¿ 4 / 34 ,134
¿ 5 /34 ,3 3 0
29 .9 19
29,752
3,979
137
4 ,1 1 5
3 4 / 30 ,6 53
¿ 4 / 30 .72 5
845
844
114
1
115
¿ 4 /2 ,8 74
¿ 5 /2.8 76
905
903
l4 l
11
152
¿ 4 / 1,066
¿ 5 / 1,066
28,156
27.992
3 ,7 2 3
• 125
3,848
¿ 4 /2 6 ,70 1
¿ 5 /2 6 .7 7 1
103,696
¿ 4 /2 3 3,5 19
63,870
¿4/24 ,9 00
12 ,7 5 3
¿ 4 /16,426
5 1,8 5 2
3 4 /3 4 ,13 4
25,803
3 4 /30 .6 53
731
¿ 4 /2 ,8 74
753
¿ 4 /1,066
24,308
¿ 4 /2 6 ,70 1
66,612
38 1
6 ,8 1 1
213
68,036
60
1 .3 4 3
2
10,809
68
1,009
1 ,8 1 7
2 2,327
435
895
122
1 7 ,8 8 1
124
821
13
539
52
197
1
1 7.1 4 5
124
768
13
-
-
-
-
-
-
-
-
-
-
-
-
-
-
147
14 2
50
7
374
188
32
929
( 30 )
-
100
-
560
663
8
105
26
1
-
22
2
(30)
5
-
1
-
7
5
•*!
-
-
93
3
6
1
( 30 )
l4
4
-
3
2
(30)
4
-
—
-
-
7
25
29
153
14
13
2
3 4 /11
¿ 4 /1 1
-
-
-
-
2
-
12
-
¿ 4 /1 1
-
1 ji number of returns, assets and liabilities as of December 31» 1938 > °r close of
Corporations submitting balance sheets , 1938, by major industrial groups »and by returns with net income and with no net income 1fz
tax, excess-profits tax, total tax and dividends paid - Concluded
piled receipts and compiled deductions, compiled net profit or loss, net income or deficit, income
i
fiscal year nearest thereto, compiled
(Money figures in thousands of dollars)
1
2
3
1+
5
6
7
g
9
10
11
12
13
l4
15
lb
.1L7,
13
1$
20
21
22
23
¿4
2q
2b
27
28
29
30
31
32
33
34
35
m
37
38
42
43
A
45
1.f
4o
47
48
49
50
51
52
53
Number of returns with balance sheets
Assets:
Cash 6 /
Notes and accounts receivable (less
reserve for bad debts)
Inventories
Investments, Government obligations 7 /
Other investments 8 /
Net capital assets
Other assets
Total assets 10/
Liabilities:
Accounts x^ayable
Donas, notes, mortgages payable:
Maturity less than 1 year
Maturity 1 year or more
Other liabilities
Capital stock, preferred
Capital stock, common
Surplus reserves ll/
Surplus and undivided profits 12/
Less deficit 13/
Total liabilities 10/
Receipts, taxable income:
Gross sales 14/
Gross receipts from operations 13/
Interest
Rents and royalties lb/
Net capital gain 17/
Net gain, sale of property other than
capital assets 18/
Dividends from:
Domestic corporations 19/
— foreign corporations 20/
Other receipts 21 /
Receipts, tax-exempt and taxable income:
Interest on Government obligations:
Subject to excess-profits tax 22/
Wholly tax-exempt 23/
Total compiled receipts 24/ *
Deductions:
Cost of goods sold 25/
Cost of operations 26/
Compensation of officers
Bent paid on business property
Bad .'debts
Interest paid
Taxes paid 27/
Contributions or gifts 28/
Depreciation
Depletion
Net capital loss 17/
Net loss, sale of property other than
capital assets 18/
Other deductions
Total compiled deductions
Compiled net profit or net loss
(31 less 45)
Net income or deficit l/ (46 less 30)
Income tax 29/
Excess-profits tax
Total tax 29/
Compiled net profit less total tax
(46 less 50)
Dividends paid:
Cash and assets other than corporation*
own stock
Corporation’s own stock.
l’or footnotes, see page
15.
Industrial groups 2/-Concl,
Nature of business
not allocable,
except trade_______________
No net
Net
income
income
648"
2,251
6,828
8,526
23,405
51.459
12,397
2,223
55.497
117.784
28,025
16,569
2,568
19.760
38.300
5,091
112,521
275.910
io,4o6
38,294
6.553
9.216
5.244
7.728
61,676
2,170
31,304
21,775
112,521
100,791
6,692
692
32.794
44,242
20,595
34,428
196,727
2,598
60,111
153.879
275.910
6 S ,745
8,148
1,770
89
521
1.049
157
217
l64
530
368
197
1,292
< 30)
1,260
32
58
112,133
76,282
2,678
4,019
1.392
53s
848
2,068
28
2,088
lib
31
29
23
80,693
54,884
4,204
3.603
1,122
1.527
2.544
2,580
98
2.582
6l
148
107.536
964
14,93s
89.255
4,597
4.539
¿ 4/8,562
¿4/8,585
17
17,430
682
18
—
700
-
3.897
¿4/8,562
2.342
23
1.345
s
-4
13
Corporations submitting balance sheets, 1 9 3 8 , by total asqpto M a ^ ps * nnmhpr n-f
, ,. , ., .. .
_ ■_
,
„
conmiled deduction*
i !
‘
^
i
*
?’
compiled deductions, compiled net profit or net loss, net income or deficit, income tax, excess-profits tax, total tax and dividends paid
a s s e t and
liabilities
as of
December 3 1 , 1 9 3 8I k, or close of fis
compiled,
receipts
and
(Total assets classes and money figures in thousands of dollars)
X O 00.x
1
Number of returns with balance sheets ¿/
Assets:
2
Cash 6/
3
Notes and accounts receivable (less
reserve for bad debts)
4
Inventories
5
Investments, Government obligations ]_/
0
Other investments 8/
7
Net capital assets ¿[/
8
Other assets
9
Total assets 10/
1 xabill exes:
10
Accounts payable
Bonds, notes, mortgages payable:
11
Maturity less than 1 year
12
Maturity 1 year or more
13
Other liabilities
14
Capital stock, preferred
19
Capital stock, common
lb
Surplus reserves 11 /
17
Surplus and undivided profits 12/
18
Less deficit 13/
19
Total liabilities 10/
Receipts, taxable income:
20
Gross sales lb/
21
Gross receipts from operations 15 /
22
Interest
23
Rents and royalties 16/
2b
Net capital gain 17/
25
Net gain, sale of property other than
capital assets 1 8 /
Dividends from:
2b
Domestic corporations 19 /
27
Foreign corporations 20/
28
Other receipts 21 /
Receipts, tax-exempt and taxable income:
Interest, on Government obligations:
29
Sub ject 10" excess-piofits tax 22/
30
Viholly tax-exempt 23 /
31
Total compiled receipts 2b/
Deductions:
32
Cost of goods sold 25/
33
Cost of operations 2b/
3b
Compensation of officers 31 /
35
Rent paid on business property
36
Bad debts
37
Interest paid
38
Ttaxee paid 27 /
39
‘Contributions or gifts 2 8 /
40
Depreciation
41
Beplekion
‘V.--. b42
Net capital loss 17/
43
Net loss, sale of property other than
capital assets 18/
Other deductions ¿ 2 /
45
Total compiled deductions 33/
46 Compiled net profit or net loss
(31 less 45)
47 Net income or deficit l/ (46 less 30)
48 Income tax 2 9 /
49 Excess-profits tax
50
Total tax 2$/
51 Compiled net profit less total tax
(46 less 50 )
Dividends paid:
52
Cash and assets other than corporation’s
own stock
53
Corporation’s own stock
For footnotes, see page 1 5
. under pu
:
In
i foin
»XX
3) 1X
227,491
27,973.412
324,146
5Ò under
100
59.582
261,033
:
:
100 under
250
57.733
:
:
Total assets classes 10/
250 under
:;
500 under
:
500
:
1,000
:
27,371
17,079
1,0G0 under
:: 5.000 under
:
5,000
::
10,000
:
17*187
2.5112
10,000 under
50,000
2,213
:
:
50,000 under
100,000
~
W
:
100,000 and
over
394
576.5S4
747.159
1,087,328
3,1+65,1+27
1.7*15.336
i+,616,359
2,13!+, 1+58
13,015,582
6,338,132
2,850,395
2,578,866
2,638,810
5.727,339
2,770,1+86
3.7*15.235
11,699,917
1*+,812,88*+
l,852,5*+3
*+5,225,361
2,613,25!+
1,260,301
1,672,246
6,255,061
9.334.37s
950,334
24,220,033
12,342,641
3.764,038
15,015,721
49.940,590
40,792,477
3,248,315
13s, U S , 365
3,274,656
37.763.390
16.5sl.919
25,527,270
82,701,375
99.29g.sl6
10,175,51+5
300,021,727
977.001
747,620
14,605
178,143
1.603,953
294,376
4,139,843
912,236
642,134
27.533
238,784
1,878,356
277,552
4,237,628
1,552,770
1,195,446
136,411
704,653
4,095,994
550,113
9,111,971
1.991,389
1,050,074
316,309
1,098,252
4,005,185
420,508
9,628,876
2,369,817
1,143,701
603,079
1,671,482
4,596,718
493.376
11,965,502
6,902,745
12,217,907
1,435,760
35.789,232
1.157,723
l,4i6,666
4,011,748
5,960,964
652,668
17,583,916
13.747,342
1,099,391
705,205
1,171,131
902,969
906,704
2,089,086
831,591+
1.779,535
987.070
64 i ,q 4 i
1,7^9,188
1,483,265
586,896
719.881
1.953.475
2,489,215
744,345
3,670,420
199.030
2,444,882
1,162,449
11,965,502
1, 497, 545
5,381,117
9,005,411
2,316,441
9,586,907
748,189
7,548,042
2,383,565
35,789,232
638,235
2,717,732
4,567,610
1,218,886.
4,412,034
411,735
3.915,706
1,129,617
17,583,916
978,087
7,210,206
12,209,165
3,425,411
10,644,711
1,385,060
9,281,539
1,688,354
45,225,361
412,487
5,3^7,721
5,732,563
2,037,105
5,319,552
755,809
4,284,357
656,691
24,220,033
15.395,31^
1,962,759
31^,907
384,961
36,539
5.758,318
912,217
137,518
151,697
15,387
12,892,750
2,639,218
305,662
208,779
*+0,350
4,836,969
1,796,854
153,510
96,873
13.833
14,669,428
6,894.478
1,213,380
312,438
51.697
8,103,815
50,278,233
90,579.7:
^8
18,108,06b
74,791,662
7.301,155
50,242,875
13,131.170
300,021,727
463,382
672,967
3^1.952
192,960
2,681,897
27,371
541,548
1,881,625
4,139,243
389,557
784,443
293,773
178,891
1,971,860
33,669
655,252
775,023
4,237,628
731,209
1,758,748
918,103
461,238
3,650,661
54,363
1,593,232
i,2S6,7i4
9,111,971
3.309,5^9
114,999.
1,844,284
1,004,216
9,628,876
89,322,113
19.887,737
2,384,173
2,037,109
201,218
7.403,652
1,700,928
2$,94 i
130,210
8,654
5,337,597
871,924
16,795
116,154
5,533
8,531,224
1.275,315
^9,307
243,592
9.^83
7.121,6ll
963.372
75.502
201,622
8,889
^.393
8,476
89,389
7,544
7,075,249
870,671
102,650
190,784 •
10,852
1
W \
1,631,491
22,672,637
53,538,690
6,945,833
29,5^4,010'
3,540,929
18,134,034.
1,162,915
138,119,365
11,104
13.368
21,566
8,287
6,542
3,159
2,948
l,70i,4i4
305.439
945,998
5.3^6
149
7^.926
3.653
73
54,956
12,894
270
99.961
19,076
1,463
81,167
33.056
1.987
85,277
138,499
12,461
193.009
89,150
7,080
69,561
276,448
54,026
104,539
145,216
46,572
72,609
978,036
268,955
452,108
221
4o6
9.3^7.018
386
418
6,411,882
2,429
2,235
10,535,185
5.IO9
6,204
8,561
31+, 261+
49,317
18,5^3.597
17,986
21+.1+78
7.191,680
45,684
64,514
16,640,513
19.115
25,592
7,210,304
I35.2OO
265,685
24,814,643
5.755,489
905,362
6 i 8,4 q 6
302,7%
53.I54
53.722
148,750
1,720
136-, 071
4,209,524
463,114
308,263
119,461
36,281
56,804
117,751
1,372
105,619
4,129“'
2,
^ 3 3 7.736
324,510
85,399
71,227
41,980
163,371
L
250,171
2,12b
217,602
29,480
5,283
3.433.569
791.649
11,491,757
3,840,370
87,500
213J18
117.595.653
63,71+1,727
9,528,701
2,506,307
1.508,717
650,296
2,803,119
3,680,277
26,749
3,284,879
426,267
70,253“'
122,856
20,101,513
113,451,661
4,11+3,992
3,691,831+
838.707
5.678
81+4,386
3,299.606
4.959.034
72,941
3,876r
14,676s20,128
1,536,710
9.550,902
^4/203,883
55/204,289
13.941
808
14,749
¿5/218,633
52,716
942
5,833
1,002,120
6,433,138
6,954,840
683,976
4] 1 7,o?
159,173
60,932
121,914
216,130
2,373
192,2^0 _
9,424
4,578.
9,583
1,658,202
10,484,717
8.495.117
13,259
8,405,714
5.595.057
483,658
?bb 45b
102,482
51.744
llo.SbO
202,879.
1,6j}6
176,952,:
13.817
5,923
5,507,360
403,585
218,53!
96,119
53,212
133,^04
227,647
1,835
193,841
16,225
7,082
11,806,673
8,4^8
1,362,658,
8,388,619
15.238
1,369,393
8,243,469
22,366
3*230,421
17,982,209
7kl
162,244
148,986
50,744
695
301,503
277,024
62,669
228
782,229
327,335
196,861
119,808
343,607
578,251
5,035
494,993
59,137
15,^93
9,61+9,721
850,21+8
143,893
153,241
90,063
4oo,44i
559,056
4,374 ,
181.359
109,994
77,641
7.058
39.133
93,686
32,950
264,770
3^7.092
1,81b
280,242
63.167
1,463
11+.802
3.159,111
15,682,569
3.056
1,323.365
6.735.958
448,754
83,772
94
83,865
1 , 489,056
62,897
957,944
893,^30
164,221
372
164,593
14,432
1,346,860,
6,890,177
572,320
110,173
1, l4o.
.227
1,032,551
4,802
914,348
144,372
5,829
8,981
4,052,674
23.O59.9O2
¿4/21,256
¿5/21.674
15.167
569
15,736
50,468
48,233
36,016
899
36,915
106,498
100,294
4 o ,168
40,909
51,439
561,387
512,070
136,411
i,oo4
137,415
15/36.992
13.553
65,590
110,806
1+23,972
238,605
793,351
390,481
1,518,874-
597.211
16,053
312.333
1+.390
925,697
12,1+1+0
526,66O
2,035,066
1,377
25.731
47,56s
891
120,159
2,871
151.821
3.778
189,801
4,469
474,346
1 ,7 5 ^ ,7 4 1
235,598
270
235,868
FOOTNOTES
¡ r - i u f r ^ s L . 'T L s
“
a r u i i i s r j K
s t r s y K
?
“ * , , *‘ *1 “
“ “ “ ■ ■ (“ * "
*
“
d
2I-
i*s * *•
Beport , 1 ^ u f u : 8 ; ^ i : h% r ai;3a:ac : i - f t ! : - : o ^ s
a r s s a i
—
with those for 1937> “
was - blished °* pages 1 3 - 1 8 of Consists of corporations Tether
Srv taxable year owned 5 0 percent or more of the voting stock of another corporation and whose income from such stock was 50 percent or more of the amount of dividends received.
5 0 percent or more of the voting stnrk of !!ntv,pUS o
^ v e s m ®nt comPanies) who (a) at no time during the taxable year owned 5 0 percent or more of the voting stock of another corporation or (b) at any time during the taxable year owned
Exc ] J 2 £ a W T T e T i J i J ^ g.
?
coloration but whose income from such stock was less than 5 0 percent of the amount of dividends received.
Excludes number of returns of inactive corporations and number of returns with fragmentary balance -sheet data.
Includes casn in till and deposits in bank.
Corresponds
°r th® Dlstrict of c°l'-™Bia. or United States possessions, obligations of the United States and obligations of instrumentalities of the United States.
depreciable assets and natural resources.3SSe*S deSS T e s e r v e s dor depreciation and depletion and (2 ) land.
Depreciable and depletable assets comprise buildings, machinery and equipment, furniture and fixtures, delivery equipment and other
10/
"Total assets"SandS"Totaliliabdlities"earedi n c r e a 2 1 hf 1 th-shfefat^ ’ lf th<3 fodl?winf °ondltlons a,?:oear on the Balance sheet; (l) a negative amount reported in assets is transferred to its appropriate place under liabilities and
2
(3 )? T e s T r v S f o r 2 r e c ? 2 o n 2
L 2 J T ! w
* ? °T '
** T * 1 " 8 Sh0TO Under assets is transferred to liabilities and "Total assets" and "Total liabilities" are decreased by the amount of the deficit,
For 1937 Included inMSurplus and undivided -nrofit«?»
Po * * n-r n
n Un ei* dlal)lllt ies are used t 0 reduce corresponding asset accounts and ’’Total assets” and ,TTotal liabilities” ape reduced by the amount of such reserves.
r
y l ' * included» surplus and undivided profits”. Consists of all reserves reported by corporations under the caption ’’Surplus reserves”.
Consists of negative founts of
5» R f S ! ?
*“?
Surplus and undivided profits”, (items 1 5 and l6, Schedule 0, Form 1120 and Schedule M, Form 1120A).
S obs s"laa
f,"Paid-in
capital surplus” and ’’Earned surplus and undivided profits” (items 1 5 and l6 , Schedule 0. Form 1120 and Schedule M. Form 1120A).
p
ss
. lesa returns and allowances where inventories are an income-determining factor. For ’’Cost of goods sold", see ’’Deductions’’.
.
uross receipts from operations where inventories are not an income-determining factor. For ’’Cost of operations” , see "Deductions’*.
"depletioFfrom^the
*
cTnaTst^o^’n e W a T i
T
* r ° 88
reC8iT8d-
intere8t* taX6S
Unlike 1 9 3 7 , excludes ’’Surplus reserves".
^
P
°ther e^
ases
the *r° 88 a“
° l tusiness <* a character which is subject to the allowance for depreciation.
d S
of depre^ahle property was I n c l S e r ^ - N e t caTitS gaTn 2Toss".
& Cnara°ter WhlCh iS SUbj6Ct t0 the all“
for rent and
Net capital loss is limited to $2,000.
e * * * depreciation, which under the Bevenue Act of 1938 t * excluded from capital assets.
For 1937»
gain or loss from sale
111
Reported in column 3 S c h e d u l e V page ^
Unlike 1 9 3 7 ,Excludes "Royalties’’. ^
T
UrtQitf!
^
cornTTrtjons2r
Form 1120 !nd in
fi“£
T
£“
* 2 °f 1 9}Z
2l Schedule
pa«e 3l P°rm 1 1 2 0 and column 2 > Schedale E - Paea 2- 1120A
t
? ina Trade Act* ^ 2 2 > and corporations entitled to the benefits of Section 251 of the Revenue Act of 1 9 3 8 are included in "Other receipts”.
3> bCheduie
^age 2 * Iorm li20A* 311(1 not used f o r tha computation of dividends received credit.
|
eresJ 0n Un ^ ea ftates savings bonds and Treasury bonds owned in principal amount of over $5,000 reported as item S, page 1 , Forms 1120 and 1120A.
T r e llly \ n i 7 Z l ^ s ^ o e r t T f ^ e l ^ ^ b t ^ t
f .Colu“bia' or United « ¿ j - Pccsessions; obligations of the United States issued on or before September 1 , 19 17 , Treasury notes,
Excludes nontaxable income other than ;nfprpct
.
’. ^
^
lilfeS ^onds and treasury bonds owned m principal amount of $5,000 or less; and obligations of instrumentalities of the United States.
^ ntaxa£ f V nCOme °thex than interest on tax-exempt obligations reported in Schedule P, page 5, Form n 2 0 and in Schedule A, page 2, Form 1120A.
Includes taxes
which are reported in "Cost of goods sold”.
* * °
8
Includes taxes
which are reported in "Cost of operations”.
Excludes (1 ) income and excess-profits taxes and (2 ) taxes reported in "Cost of goods sold" and "Cost of operations”.
Limited to 5 percent of net income before deduction of contributions or gifts.
311
3±i;
1 2 2 ^ r ^ ^ t e e 2 2 n S 2 r K f l l S e ^ ^ ^ ; 1,ndi8trmt8d Pr°fitS rep0rted 0n returns for a fiscal y6" ended in Perlod
Less than $500.
Excludes compensation of officers of life-insurance companies which file Form 1 1 2 0 L.
Inciades special deductions of life-insurance companies relating to reserve for dividends and reserve funds required by law.
t h o u g h November, 1 93S (and on returns for a part year which began in 19 3 7 and ended in 1938, the
Compiled ^
compensation of officers of life-insurance companies which file Form 1 1 2 0 L.
311 Compiled net
life"l n S m 'anCe comPanles relating to reserve for dividends and reserve funds required by law, but excludes
loss after total tax payment.
m
spite of the stricter requirements of the 1940 income tax
Internal Revenue officials declared that these defense contributions
exemplified the spirit of the new group M
H
P
)
expected to number
approximately 8,300,000, brought within the scope of the Internal
Revenue Collection#
The states and the number of persons contributing from
each follow:
Tennessee, ten;
Texas, one; Pennsylvannia, sevens
Maryland, sevens Hew Jersey, fours Colorado, one;
Kansas, one,and Massachussetts, one*
Minnesota, ones
Tp/~ /|yU w -&
A JL X
j
6
^ 3 ~ ÿ < o ,
,/* * #
H-iiic— In'faornai Ru \ieiiiny
Although filing non-taxable returns, residents
nine Internal Revenue Districts in as many states have
with^contributions ranging in sums from
ac componiQ^Tthe ir
one to
A
dollars^ tho T'goaoury DopaiHij-ioiit a
sssU jü^Læ
,
*CC
A
IjOtAttW4*
^BBocsSSSSSSSSffs^ These ^ewfea
J'liAAJtsULt
totaled 1317*50 im m àsém x. as o f iiferch 4j
A aT T ^ U ^
iN'rfûX-^ r
The donÉpors w ider their checks
t-ItT-fm ftfïî "Defense, payable to Collector of Internal Revenue|”^
•*
N■
^
’Voluntary Contribution to Defense, payable to Collector of Internal
Revenue” * ttFor Rational Defense, to U . S » Government*^ and "Defense
Contribution, payable to Collector of Internal Revenue” .
instances
In m g &
have letters of explanation accompanied the non-taxable
returns and the contributions.
Ht
"Pie^JBeelii^ of/the contributors are expressed
by those -writing their Collectors of mteraal Revenue*
wrote* 1m
One citizen
|”I conscientiously feel duty-bound to pay towards
the support of my Country in this great crisis*
Because the income
and tax requirements are so liberal, I see no reason why I, as an
individual, should not contribute towards the financing, helping
and keeping our U.S.A. th e land of a FREE people."
few
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE.
Thursday, March 6, 19^1.
Press Service
No. 23-S 6
• Although filing non-taxable returns, residents of nine
Internal Revenue Districts in as many states have accompanied their
19^+0
income reports with defense contributions ranging in sums from
one to fifty dollars.
These gifts received by the revenue
collectors are deposited in the Treasuryfs General Fund earmarked
’’Miscellaneous Receipts - Donations for National Defense.”
They
totaled $317*50 as of March 4, last.
The donors wrote their checks to the order of;: ”Defense,
payable to Collector of Internal Revenue”; "Voluntary Contribution
to Defense, payable to Collector of Internal Revenue”; "For
National Defense,
to U. S. .Government”; and "Defense Contribution,
payable to Collector of Internal Revenue”.
In very few instances
have letters of explanation accompanied the non-taxable returns
and the contributions.
The sentiments of all the contributors are expressed, however,
by those writing their Collectors of Internal Revenue.
One
citizen wrote:
"I conscientiously feel duty-bound to pay towards
the support of my Country in this great crisis.
Because
the income and tax requirements are so liberal, I see
no reason why I, as an individual, should not contribute
towards the financing, helping and keeping our U.S.A.
the land of a FREE people.”
In spite of the stricter requirements of the 19^0 income tax
provisions which lowered the personal exemptions to $g>00 and $2,000
for single persons and heads of families, respectively,
Internal
Revenue officials declared that these defense contributions
- 2 -
exemplified the spirit of the new group of persons,
expected to
number approximately g, 300, 000, brought within the scope of the
Internal Revenue Collection.
The states and the number of persons contributing from each
follow:
Tennessee,
ten; Texas,
one; Pennsylvania,
seven; New Jersey,
four; Colorado,
and Massachusetts,
one*
one; Minnesota,
-oOo-
0
seven; Maryland,
one; Kansas,
one,
A&B8&
-
2
-
Reserve Banks and B ran ch es, fo llo w in g which p u b lic announcement w i l l he made by
the S e c r e ta r y o f the T reasu ry o f the amount and p r ic e range o f accep ted b id s.
Those su b m ittin g ten ders w i l l be a d v ise d o f the accep tan ce or r e je c t io n thereof.
The S e c r e ta r y o f the T reasu ry e x p r e s s ly re serv es the r ig h t to accep t or r e je c t
any or a l l te n d e rs , in whole or in p e ,rt, and h is a c t io n in any such resnect
s h a ll be f i n a l .
Payment o f a ccep ted ten d ers a t the p r ic e s o ffe r e d must be made
or com pleted a t the P e d e ra l Reserve Bank in ca.sh or o th er im m ediately available
funds on
March 12. 19Z.1
______
.
The income d e riv e d from T reasu ry b i l l s , whether in t e r e s t or gain from
the s a le or o th e r d is p o s it io n o f th e b i l l s , s h a ll not have any exemption, as
such, and lo s s from th e s a le or o th er d is p o s it io n o f Treasury b i l l s s h a ll not
have any s p e c ia l trea.tm ent, as such, under P e d e ra l ta x A cts now or hereafter
e n a c te d .
The b i l l s s h a ll be s u b je c t to e s t a t e , in h e r it a n c e , g i f t , or other
e x c is e t a x e s , whether P e d e ra l or S t a t e , but s h a ll be exempt from a l l taxation
now or h e r e a fte r imposed on the p r in c ip a l or in t e r e s t th e re o f by any S ta te , or
any o f the p o sse ssio n s o f the U n ite d S t a t e s , or by any lo c a l ta x in g authority.
For purposes o f ta x a tio n the amount o f d iscou n t a t which Treasury b i l l s are
o r i g i n a l l y s o ld by the U n ite d S ta te s s h a ll be c o n sid e red to be in t e r e s t .
T reasu ry Department C ir c u la r Ho. 418, as amended, and t h is n o tice, pre
s c r ib e the terms o f the T reasu ry b i l l s and govern the c o n d itio n s o f th e ir issue.
Copies o f the c ir c u la r may be o b tain ed from any P e d e ra l Reserve Bank or Branch,
sè&Efi&c
\
TREASURY DEPARTMENT
Washington
I
FOR RELEASE, MORNING NEWSPAPER,
F rid a y . March 7 , 1941_____________ •
i
The Secretary of the treasury, hy this public notice, -invites tenders
for $ 200,000,000
or thereabouts, of
91 -day Treasury bills, to be issued
w
on a d isco u n t b a s is under c o m p e titiv e b id d in g .
be dated
March 12, 1941__________ , and w i l l mature
The b i l l s o f t h is s e r ie s w ill
June 11, 194-1__________________
when the fa c e amount w i l l be p ayab le w ithout in t e r e s t *
They w i l l be issued in
b earer form o n ly , .and in denom inations o f $1 ,0 0 0 , $5 ,0 0 0 , $10,000, $100,000,
$500,000, and $1 ,000,000 (m atu rity v a lu e ) .
I
Tenders w i l l be r e c e iv e d a t F e d e ra l Reserve Banks and Branches up to the ■
c lo s in g h o u r, two o l c lo c k p . m .,.E a s t e r n Standard tim e . Monday. March 10, 1 9 4 1 » . j
Tenders w i l l not be r e c e iv e d a t the T reasu ry Departm ent, Washington*
Each tender
must be f o r an even m u ltip le o f $1 ,0 0 0 , and the p r ic e o ffe r e d must be expressed
on thè b a s is o f 100, .w ith not more than th ree d e c im a ls , -e. g * r 9.9*925*
may not be u se d .
.Fractions
.I t i s urged th a t ten d ers be made on the p r in te d forms and for
warded in the s p e c ia l envelopes which w i l l be su p p lie d by F e d e ra l Reserve Banks
or Branches on a p p lic a t io n t h e r e fo r . .
Tenders w i l l be r e c e iv e d w ithout d e p o sit from in co rp o rate d banks and
t r u s t companies and from re s p o n s ib le and reco g n ize d d e a le r s in investment securi- ^
tie s .
Tenders from o th e rs must be accompanied by payment o f 10 p ercent of the
fa c e amount o f T reasury b i l l s a p p lie d f o r , u n le s s the ten d ers are accompanied hy |
an exp ress gu aranty o f payment by an in co rp o rate d bank or tr u s t company*
Im m ediately a f t e r the c lo s in g h o u r, ten d ers w i l l be opened at the Feder
TREASURY DEPARTMENT
FOR RELEASE, MORNING PAPERS,
Friday, March 7» 19^-1._____ _
The Secretary of the Treasury, by this public notice,
tenders for $200,000,000,
or thereabouts,
invites
of 91-Jay Treasury bills,
to be issued on a discount basis under competitive bidding.
bills of this series will be dated March 12, 19^1,
June
11 ,
terest.
The
and will mature
19^1, when the face amount will be payable without in
They will be issued in bearer form only, and in denomina
tions of $1 ,000, $ 5 ,000, $10 ,000, $ 100,000, $ 500,000, and $1 ,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o 1clock p.. m , , Eastern Standard time,
Monday, March 10, 19^1,
Tenders will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000 and the price offered must be expressed on the
basis of
100,
with not more than three decimals, I, g.,
Fractions may not be used.
99*925*
It is urged that tenders be made on the
printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or branches on application there
for.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized deal
ers in investment securities.
accompanied by payment of
10
Tenders from others must be
percent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches,
2 3 -3 7.
following which public
2
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders,
in whole or in part, and his action
in any such respect shall be final.
Payment of accepted tenders at
the prices offered must be made or completed at the Federal Reserve
Bank in cash or other immediately available funds on March 12, 19^1.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills,, shall not
have any exemption,
as such, and loss from the sale or other dis
position of Treasury bills shall not have any special treatment,
as such, under Federal tax Acts now or hereafter enacted.
shall be subject to estate,
The bills
inheritance, gift, or other excise
taxes, whether Federal or State, but shall be exempt from all taxa
tion now or hereafter imposed on the principal or interest thereof
by any State,
or any of the possessions of the United States,
any local taxing authority.
or by
For purposes of taxation the amount
of discount at which Treasury bills are originally sold by the
United States shall be considered to be interest;
Treasury Department Circular No. H-lg, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue,
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch*
o0o~
Recapitulation - Section 21(a) and (b)
Total that may be outstanding..... ......... .............
Total outstanding.....................................
Balance issuable:
General Limitation - Sec# 21(a)....... 992,371,525
National Defense Limitation « Sec# 21(b)...... 1 ,51^,632,900
i
$^9,000,000,00
I
$ 2t507,0(A.iw
Reconcilement with Daily Statement of the United States Treasury
February 28# 19^1
"
-- L
t
Total face amount outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended, as limited by Section 21 of the Acts
General limitation......................................... I1*,007,628 1171
Deduct unearned discount on Savings Bonds.#.................
9S6,94S<li
P 3 ,020,682 jg|
National Defense Limitation##....... ....... .......... ......
2,1+85,367 10<
$ 45,506,049,59]
Add other outstanding public debt obligations not
subject to the statutory limitations
Interest-bearing (pre-war, etc«)*..............$ 196,102,380
Matured on which interest has ceased....... .
13*500,585
Bearing no interest................... .
37^,016,778
Total gross debt outstanding as of February 28,
i
583*619,
19hl......... ...... $^6,089,669,3^
Section 21 of the Second Liberty Bond Act, as amended, provides as follows:
(a) The face amount of bonds, certificates of indebtedness, Treasury bills,
and notes issued under the authority of this Act, and of certifiâtes of indebted
ness issued under authority of Section 6 of the First Liberty Bond Act, shall not
exceed in the aggregate $^-5»000,000,000 outstanding at any one time.
(b) In addition to the amount authorized by the preceding paragraph of this
section, any obligations authorized by Section 5* and 18** of this Act, as amended,
not to exceed in the aggregate
000,000,000 outstanding at any one time, less
any retirements made from the special fund made available under Section 301 of tb®
Revenue Act of 1940, may be issued under said sections to provide the Treasury with ^
funds to meet any expenditures made, after June 30, 1940, for the National Defense [ '
or to reimburse the general fund of the Treasury therefor.
Any such obligations «
issued shall be designated ^National Defense Series”.
I(
*Seô.
5 authorizes certificates of indebtedness and Treasury bills. *
**Sec. 18 authorizes notes of the United States (Treasury noteg]
J
X l The P u b lic Debt Act of 194-1, approved February 19, 194-1, amended the Second
Liberty Bond Act by eliminating the partition as between General and Nstioi
Defense limitations and raised the total borrowing authority to $65 billio]
effective March 1, 1941.
— oO 0-
March.
I3kl
STATUTORY DEBT LIMITATION 1/
Under Section 21 of the Second Liberty Bond Act, as Amended
As of February 28, 1941
The following table shows the face amount of public debt obligations of the
United States authorized, outstanding, and balance issuable under the limitations
imposed by Section 21 of the Second Liberty Bond Act, as amended.
I» Penerai Limitation ~ Section 21(a)
Total face amount of bonds, notes, certificates
of indebtedness, and Treasury bills that may
be outstanding at any one time,.... ................. ........... $45,000,000,000
Outstanding as of February 28, 1941:
Interest-bearing:
Bonds
Treasury.................. $27,960,165,700
Savings (maturity value)*................. 4,466,935,950
Adjusted Service........
7^6,847,625 $33,173,999,275
Treasury notes................. ..$ 3,533,480,300
Certificates of indebtedness........ 2,097,100*000
Totsp.
t| .<
Out bf.
1Ite
10,680,580,500
$ 43,25^, 579,575
Matured obligations, on which
interest has c e a s e d . ,
1 5 3 .0 4 S .9 0 0
Face amount of obligations
issuable under above authority..................... ...........$
lHt.007.628.K7ij
4
Mat.!
992,371,525 j
lac:
II, National Defense Limitation ~ Section 21(b)
Total face amount of notes, certificates of indebted-*
ness, and Treasury bills that may be outstanding at
any one time............ ............... ...... ............ $ 4,000,000,000
Less retirements under Section 301 Revenue Act, 1943............
..............
Het Face amount issuable*.............. ......... 4,000,000,000
Outstanding as of February 28, 1941:
Interest-bearing:
Treasury notes....*....... *....$ 1 ,165,903*100
Certificates of indebtedness..••••
Treasury bills.. ............. 1*305*648,000 $2,471,551,100
Matured obligations, on which
interest has ceased.......
Out
13.316,000 $ 2.485,507,100<
Face amount of obligations
issuable under above authority,
a
Mat
52.9001
<
•Approximate maturity value. Principal amount (current redemption
value) according to preliminary public debt statement $3,430,039*965«
i s
Tot
Paci
23-1
March 7 » 19^1
STATUTORY DEBT LIMITATION -I
Under Section 21 of the Second. Liberty “Bond Act, as Amended
As of February 28, .,19m
The following table shows the face amount of public debt obligations of the
United States authorized, outstanding, and balance issuable under the limitations
imposed by Section 21 of the Second Liberty Bond Act, as amended.
I.
General Limitation - Section 2l(a)
Total fa c e amount o f bonds, n o te s , c e r t i f i c a t e s
o f in d e b te d n e ss, and Treasury b i l l s th a t may
$1+5,000,000,000
be outstanding at any one time...........................
Outstanding as of February 28, 19^1:
In t e r e s t - b e a r in g :
Bonds
-
L
T re a su ry .................................................. $27» 9§0,165, 700
Savings (maturity value)*..
A d ju ste d S e r v ic e .......................
^ ’^ , 9 g5,950
7^6,8^7,02%
Treasury notes................. $ 8,583»
2.097,100,000
Certificates of indebtedness..
Matured obligations, on which
interest has ceased...........
*33,173,999,275
10,680,580,300
$1+3,854,579,575
153,0^8,900
Face amount of obligations
issuable under above authority.
II
1+U, 007,628,1+7 5
.$
992,571,525
National Defense Limitation - Section 21 (b)
Total face amount of notes, certificates of indebted
ness, and Treasury bills that may be outstanding at
$ 1+,000,000,000
any one t ime........ • •............................ ' h*'...........
Less retirements under Section 301 Revenue Act, 1 9 W . ............$ ^ooolooo'.ooo
Net Face amount issuable..........................................
Outstanding as of February 28, 19*+1:
Interest-bearing:
Treasury notes........ ...... $ 1,165,903,100
\
Certificates of indebtedness...... •• •* ? *7*
M l l s ...............
1.505,61+8,000
Treasury
Manured obligations, on which
interest has ceased.......
,on
$ 2 ,1+71 ,551,100
15,816,000
$ 2,1+85,567,100
Face amount of obligations
itv..... ................................ $
issuable under above authority
1 ,51^ 632,900.
♦Approximate m a tu rity v a lu e . P r in c ip a l amount (cu rre n t redem ption
v a lu e ) a cc o rd in g to p r e lim in a r y p u b lic defct statem ent *3 ,U S 0 ,0 3 9 .9 6 5 .
-2Recapitulation - Section 21(a) and (b)
Total that may "be outstanding...................................
Total outstanding ...................... ........................
Balance issuable:
General Limitation - Sec. 21(a)................. $ 992.371*525
National Defense Limitation - Sec. 21(b)....... 1,514,632,9.00
$49,000,000,000
46, 49 2,99 5,57 5
$ 2,507,004,425
Reconcilement with Daily Statement of the United States -treasury
February 28, 194l
Total face amount outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended, as limited by Section 21 of the Act:
General Limitation.....................................
Deduct unearned discount on Savings Bonds..........
National Defense Limitation.................. ..................
Add other outstanding public debt obligations
not subject to the statutory limitation:
^
Interest-bearing (pre-war, etc.)............•••$ 196,10c,380
Matured on which interest has ceased....... .
13,500,585
Bearing no interest ............... *........... — 374, 016,778
Total gross debt outstanding as of February 23, -¡-941..........
$44,007,628,475
_
986,945,985
$ 43 ,020,682,490
2,485,367,100
$ 45 ,506,049,590
583,619,743
$46,089,669,333
Section 21 of the Second Liberty Bond Act, as amended, provides as follows:
(a) The face amount of bonds, certificates of indebtedness. Treasury bills,
and notes issued under the authority of this Act, and of certificates of indebted
ness issued under authority of Section 6 of the First Liberty Bond Act, shall not
exceed in the aggregate $45,000,000,000 outstanding at any one time.
(b) In addition to the amount authorized by the preceding paragraph of this
section, any obligations authorized by Section 5* and 1 8 - of this Act, as amended
not to exceed in the aggregate $4 ,000,000,000 outstanding at any one time , less any
retirements made from the special fund made available under Section 3°î; oîJ ^ e
Revenue Act of 1Q4o , may be issued under said sections to provide the Treasury
to meet ¿ny expenditures made, after June JO. « » » . f o r
Defense or to reimburse the general fund of the Treasury therefor
Any such
obligations so issued shall he designated "National Defense e n e s
*Sec.
5 authorizes certificates of indebtedness and Treasury bills.
**Sec. 18 authorizes notes of the United States (Treasury notes).
1/
J
The Public Debt Act of 19U 1 , approved February 19.
Second Liberty Bond Act by eliminating the partition as between
Ueneral and National Defense limitations and raised the total
borrowing authority to $65 billion effective March
19^1.
the
ïfiilaSURY DEPjfRTKBNT
Washington
for Immediate Release
Friday, January 5* 19^4
Conimissioner of Gusto
R. Johnson today issued the following, statement
January
December
1940
1941
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
8,223,587
577,111
8 ,800,698
576,093
Wr
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)
5ress Service
Ho. Zi-ISZI
8,391,543
1,222,016
9,613,559
1,385,982
1940
4,474,392
1,392,710
5 ,867,102
716,183
-F
r p n r t i f r d
..frrrrrr C
l i h
I . u h i .i
Stock in Customs Bonded Warehouses
at end
January 1940
6,976,845
7,517,960
14,494,805
6,261,335
4,137,917
8,451,357
12,589,274
8,215,651
9'5"37'9l‘
8,224,091
8,223,587
5,146,093
8,224,091
5,146,093
1,533,912
192,788
1,521,694
269,172
1,790,866
120,264
256,613
1,526,805
1 ,342,182
2,868,987
1,260,429
1 ,151,290
1,726,700
1,283,499
482,548
1,766,047
303,674
1,606,348
- f l u e - t o d y .
January 1941
4,826-
a,990-
-88—
Stock in Customs Bonded Warehouses
at end
SPARKLING WINES (Liquid Gallons):
Stock in Customs Bonded Warehouses
at beginning
Total Imports (Free and, Dutiable)
Available for Consumption
Entered into Consumption (a)
7 months ended
January
2 ,511,601
3,662,891
2,199,774
234”
1,533,912
1,461,659
1,606,348
1,461,659
221,290
6,917
228,207
, 10,353
-25?'
241,601
25,151
266,752
45,446
376,746
112,735
489,481
34,050
395,772
47,767
443,539
224,581
321,014
567,036
888,050
432,232
217.595
221.290
455.380
217.595
455.380
1,423,452 $ 3,424,595
111,320
233,770
# 1,760,054
260,367
15,425,655
Î,Ï2f,574
101.076
666.057
$ 2,121,497" $ 17,220,286
$ 18,689,013
DUTIES COLLECTED ON:
D istilled liquors
S t i l l Wines
Sparkling Wines
Total Duties Collected on Liquor
Tb^al Duti’osvDbilectedNjn JCther
Corikiodi ties
3 0 .0 2 1
1,564,793 $ 3,793,746
31.691^91 "25^988^971 \ 3 3 . 666^79
TOTAL J ^ i & S GOLLS^TED*
|3 3 ? 2 5 6 v 6 8 4 $ 2 9 ^ ^ , 7 1 7
P e r c e n t c o l l e c t e d oh-hL iq u o r
(a)
1 3 5 .381
174.595.24^
$ 3 > ¿ ? S 8 ,2 7 6 ^ 1 9 1 3 1 5 * 5 2 8
i" 1* * -----MJk o f í ? ? í 2 S.S S-p
191^59^3
.%
10 2
Ineluding to.theirawaXs for ship supplies and. diplomatic
d i p l c ** use
^^ fr
1,873,714
1 ,283.460
# 21,846,187
w
S'EI
b
o
. .S ? P
Ld 52
*r3
1-ta. -d n
For Immediate Release
Friday,. March 7, 1941
TREASURY DEPARTMENT
Washington
l&i
>MRj
Press Service
No. 23-89
,
Commissioner of Custom^ W. R. Johnson today issued the following statementj SA0W1^g i^po^os of distilled liquors and wines, and duties collected thereon,
»Vl?! covering^January, 1941, with comparative figures for December, 1940, and January
yyAzgO, ana- the seven month periods ending January 1941 and January 1940:
January
December
January
7 months ended__________
P,
1941
- 1940
1940
January 1941 January 1940
ibl'iLLED LIQUORS— —
(Proof Gallons):
Stock in Customs.
1$
Bonded Warehouses
at beginning....,
8,223,587
8,391,543 4,474,392 6?976,845
ftri k
4,137,917
ri E
Total Imports (Free
and Dutiable),..,
577,111
1,222,016 1,392,710 7,517,960
8,451,357
Available for Con
it®
sumption.........
N»
8,800,698
9,613,559 5,867,102 14,494,805 12,589,274
Orsok
Mt! Entered into Con
Qodri
sumption (a).....
576,093
1,385,982
8®
716,183 6,261,335
8,215,651
Stock in Customs
» h
Bonded Warehouses
at end...........
8,224,091
8,223,587 5,146,093 8,224,091
5,146,093
ST ILL WINES (L iqui d
*ft0rif5i Gallons):
•rnh
Stock in Customs.
'iflW
Bonded Warehouses
flp\m
Sift rè
at beginning....
1,533,912
1,521,694 1,283,499 1,526,805
1,151,290
Total Imports (Free
and Dutiable)...,
192,788
269,172
482,548 1,342,182
2,511,601
«Orto; Available for Con
tftWW
'tROk'
sumption.. •••»•••
1,726,700
1,790,866 1,766,047 2,868,987
3,662,891
P"2*
lrlONj Entered into Con
«Ht
NTH ft
sumption (a).....
120,264
256,613
303,674 1,260,429
2,199,774
Sto ck in Cus tpms
Bonded Warehouses
c*t end...........
1,606,348
1,533,912 1,461,659 1,606,348
1,461,659
SPARKLING WINES
(Liquid Gallons):
Stock in Customs.
Bonded Warehouses
at beginning.,,,,
221,290
241,601
376#746
395,772
321,014
Total Imports (Free
and Dutiable),,,,
6,917
25,151
112,735
47,767
567,036
Available for Consump tion■«.......
228,207
266,752
489,481
443,539
888,050
Entered into Con
sumption (a).....
10,353
45,446
34,050
224,581
4 3 2 ,2 3 2
I
Stock in Customs.
0j
)I
Bonded Warehouses
at end... ........
217T595
221T290
455.380
217.595
455.380
51
jHpTIES COLLECTED ON:
„
Liquors
$ 1,423,452 $ 3,424,595$ 1,760,054$15,425,655 $18,689,013
m
111,320
233,770
260,367 1,128,574
1*873!714
i5^‘L Sparki lng ¥lnes
.... 30.021
135.381
101,076
666.057
l!283!460
»fetal Duties Collected
---------- ------- ---- -on Liquor
$ 1,564,793 $ 3,793,746 $2,121,497$L7,220,286 $21,846,187
«ftopil
(a)
Including withdrawals for ship supplies and diplomatic use.
-oOo-
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
________ DURING THE MONTH OF FEBRUARY r 19A1________
Per Cent
Dividends
Declared
to All
Claimants:
Cash, Assets,
Uncollected stock
Assessments, etc.
Returned to Share
holders:_____
Name and Location of Bank:
Date of
Failure:
Total
Disbursements
Including
Offsets Allowed:
Security National Bank
Rockford, Illinois
6—18—31
$ 1,430,806.00
55. #
# 200,000.00
Iron County Nat*l Bank
Crystal Falls, Michigan
10-10-34
797,334.00
79.94#
100,000.00
000
First National Bank
Ocean City, New Jersey
11-18-32
1,652,343.00
12.82#
300,000.00
000
513,356.00
62.08#
50,000.00
000
Union National Bank
Connetlsville, Pennsylvania 7-3-30
Capital
Stock at
Date of
Failure:
$
000
I
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
'T u r ¿ 3 '
During the month of February 1941, the liquidation
of four 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 four receiverships,
amounted to $4,393,839, while dividends paid to unsecured
creditors amounted to an average of 45*9 percent of their
claims. Total costs of liquidation of these receiverships
averaged 7.6l percent of total collections from all sources
including offsets allowed*
Dividend distributions to all creditors of all active
receiverships during the month of February 1941» amounted to
$1,404,901. 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
SATURDAY, MARCH 8, 19^1________
1
Press Service
.No. 23-90
During the month of February 19^1» the liquidation of four
Insolvent National Banks was completed and the affairs of such receiver
ships finally closed.
Total disbursements, including offsets allowed, to depositors
and other creditors of these four receiverships, amounted to $*+,393t839.
while dividends paid to unsecured creditors amounted to an average of
U 5.9 percent of their claims.
Total costs of liquidation of these re
ceiverships averaged 7*^1 percent of total collections from all sources
including offsets allowed.
Dividend distributions to all creditors of all active receiver
ships during the month of February I9U 1 , amounted to $l,Uo^,901,
Data
as to results of liquidation of the receiverships finally closed during
the month are as follows;
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
__________ DURING- THE MONTH OF FEBRUARY, 19Hi__________
Name and Location of Bank:
Date of
Failure:
Total
Disbursements
Including
Offsets Allowed:
Security National Bank
Rockford, Illinois
6-18-31
$
Iron County N a t ’1 Bank
Crystal Falls, Michigan
10-10-3U
797,33^-00
First National Bank
Ocean City, New Jersey
11-18-32
Union National Bank
Connellsville, Pennsyl
vania
7-3-30
1 ,1+30 ,806.00
Per Cent
Dividends
Declared
to All
Claimants:
55-
f
$
Capital
Stock at
Date of
Failure:
200,000.00
Cash, Assets,
Uncollected stock
Assessments, etc.
Returned to Share
holders :
$
000
79 .9^
100,000.00
000
1 ,652,31+3.00
12.82$
300,000.00
000
513,356.00
62.08$
50,000.00
000
- 2 -
The same procedure as followed in the past for the presentation
of entries and withdrawals covering silver or black fox merchandise
at the opening of the monthly quotas will be followed on April 1,
1941.
-oOo-
I
f
I
4
4
§
i
i
I
I
rt
TREASURY DEPART! IEìYTrp
Washington
FOR Re Il EASE MORNING PAPERS
Tuesday, March 11, 1941
The Bureau of Customs announced today that the March 1941 quota for
Canada, which limits the number of silver or black foxes valued at less
than #250 each and whole silver or black fox furs and skins (with or
without paws, tails,or heads) which may be entered, or withdrawn from
warehouse, for consumption during any month, as provided for in the new
supplementary trade agreement with Canada, has been exhausted* Entry,
or withdrawal from warehouse, for consumption of these commodities im
ported from Canada is therefore prohibited until the beginning of the
next quota period on April 1, 1941.
?
fññ/
*n i
g
Preliminary data in the Bureau indicate that 1,837 live silver or
black foxes, valued at less than #250 each,and whole silver or black fox
furs and skins (with or without paws, tails, or heads) were entered, or
withdrawn from warehouse, for consumption from countries other than
Canada, on March 1, 1941, which is approximately 24.5 percent of the
quantity of such commodities which are permitted entry into consumption
during the month of March 1941, under the provisions of the new supple
mentary trade agreement with Canada. Preliminary data in the Bureau also
indicate that the quantities of silver or black fox merchandise entered,
or withdrawn from warehouse, for consumption during the period December
1, 1940 through March 1, 1941, under these additional quotas, provided
for in the new supplementary trade agreement with Canada, and the percentage of fulfillment of these quotas, were as follows:
Tails of silver or black
foxes (pieces)
Paws, heads, or other separated
parts of silver or black fox
furs and skins (other than
tails) (pounds)
Piece plates made of pieces of
silver or black fox furs and
skins (pounds)
Articles, other than piece plates,
made wholly or in chief value of
one or more silver or black fox
furs or skins or parts of such
furs or skins (units)
Quota
Entered
Percent of
fulfillment
5,000
4,964
99.3
500
500
550
364
{
>
4
Quota filled
66.2
\i
500
29
J
5.8
The quota for April 1941 on live silver or black foxes, valued at
less than #250 each,and whole silver or black fox furs and skins (with
or without paws, tails, or heads)from Canada will constitute the unfilled
portion of the total quota of 70,000 units for the current quota year.
The quota on this type of silver fox merchandise for countries other than
Canada for the month of April 1941 will be 7,500 units.
J
4
i
f-
TR EASU RY
D EPARTM ENT
W a s h in g to n
F O R R E L E A S E M O R N IN G P A P E R S
T U E S D A Y , M a rc h I I , 1 9 4 1
P re ss
No.
T h e B u r e a u o f C u s to m s
fo r
le s s
Canada,
th a n
w h ic h l i m i t s
fro m w a re h o u s e ,
ta ils ,
fo r
of
im p o r te d fr o m
th e
b la c k fo x e s ,
fu rs
w a re h o u se ,
Canada is
in
th e
v a l u e d .a t l e s s
a n d s k in s
(w ith
o r w ith d ra w n fro m w a re n o u s e ,
Canada,
on M a rc h 1 ,
q u a n tity o f
d u rin g
19 4 1*
fo r
paw s,
a ls o
t h a t th e
in d ic a te
e n te re d ,
Can a n a .
q u a n titie s
of
Decem ber 1 ,
p ro v id e d f o r
1 9 4 0 th r o u g h M a rc h 1 ,
in
p e rc e n ta g e
th e
of
th e s e
u n til
t h a t 1 ,8 3 7
a n d W h a le
ta ils ,
19 4 1,
liv e
o f th e s e
c o u n trie s
or
o r b la c k
o th e r
u n d e r th e s e
c o n s u m p tio n
o f th e
d a ta
in
fo x
c o n s u m p tio n
th a n
p e r c e n t o f th e
p r o v is io n s
q u o ta s ,
s ilv e r
s ilv e r
new' s u p p l e
th e
B u re a u
m e r c h a n d is e
d u rin g
th e
a d d itio n a l
n e w s u p p l e m e n t a r y t r a d e .a g r e e m e n t w i t h
o f fu lfillm e n t
b e g in
o r h e a d s ) w e re e n t e r e d ,
s i l v e r o r b la c k
fo r
co m
th e
p e rm itte d e n t r y in to
P r e lim in a r y
o r w ith d r a w n fr o m w a re h o u s e ,
in
has been e x h a u s te d .
a p p r o x i m a t e l y 2 4 .5
t h e m o n th o f M a rc h 1 9 4 1 * u n d e r t h e
a g re e m e n t W it h
o r , w ith d ra w n
19 4 1.
c o n s u m p tio n fr o m
s u c h c o m m o d itie s w h ic h a r e
at
(w ith
as p ro v id e d f o r
p ro h ib ite d
3250 e a ch ,
w h ic h i s
m e n ta ry tr a d e
th e
1 ,
v a lu e d
and s k in s
e n te re d ,
c o n s u m p tio n
B u re a u in d ic a te
o r w ith o u t
fu rs
Canada,
th e re fo re
on A p r i l
th a n
fo x
a n y m o n th ,
fo r
M a r c h 19 4 3 - q u o t a
o r b la c k fo x e s
w h ic h m a y b e
a g re e m e n t w it h
n e x t q u o ta p e r io d
P r e lim in a r y d a ta
fox
s ilv e r
con s u m p tio n d u r i n g
o r w ith d r a w a l fro m
m o d itie s
num ber o f
o r heads)
new s u p p le m e n ta r y t r a d e
E n try ,
n in g
th e
$ 2 $ 0 e a c h a n d W h o l e •s i l v e r o r b la d e
o r w ith o u t p a n s ,
th e
a n n o u n c e d to d a y t h a t th e
S e rv ic e
2 3- 9I
p e r io d
q u o ta s ,
C a n a d a , and
w e re as fo llo v / s :
2
Q u o ta
T a i ls o f s i l v e r or b la c k
fo x e s ( p ie c e s )
5 *0 00
Paws* h e a d s , o r o t h e r s e p a r a t e d
p a r ts o f s i l v e r or b la c k fo x
f u r s a n d s k i n s ( o t h e r th a n
t a i l s ) (p o u n d s)
500
P ie c e p l a t e s made o f p i e c e s o f
s i l v e r o r b la c k f o x fu r s and
s k i n s (p o u n d s)
550
A r t i c l e s , o th e r th a n p ie c e p l a t e s ,
made w h o lly o r i n c h i e f v a lu e o f
one o r more s i l v e r o r b l a c k f o x
f u r s o r s k in s or p a r ts o f such
f u r s o r s k i n s ( -u n its )
500
E n te r e d .
4 *9 6 4
P ercen t o f
fu lfillm e n t
99.3
500
Q u o ta f i l l e d
364
66.2
29
5.8
The quota for April 1941 on live silver or black foxes, valued
at less than Q250 each, and whole silver or black fox furs and skins
(with or without paws, tails, or heads) from Canada will constitute
the unfilled portion of the total quota of 70,000 units for the
current quota year.
The quota on this type of silver fox merchandise
for countries other than Canada for the month of April 1941 m i l be
7*500
units.
The same -procedure a s f o l l o w e d i n t h e p a s t f o r t n e p r e s e n t a t i o n
o f e n t r i e s a n d w ith d r a w a ls c o v e r in g s i l v e r
o r b l a c k f o x m e r c h a n d is e
a t t h e o p e n in g o f t h e m o n th ly q u o ta s w i l l be f o l l o w e d on A p r i l 1, 1941.
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R I » REWSPAPERS,
Tuaaday. torch 11. 1941.______
Press Service
£3^?iL-
3AO/U
The Secretary of the Treasury announced last evening that the tenders for
$200,000,000, or thereabouts, of 91-day Treasury bills, to be dated March 12
and to sature June 11, 1941, which were offered on March 7, were opened at the
Federal Reserve Banks on March 10*
The details of this issue are as follows!
Total appliedfor - $452,601,000
Total accepted
- 200,317*000
Range of accepted bids:
High
low
Average price
- 100.
99*965 Equivalent rate approximately 0.138 percent
- 99*970
*
*
*
0.120
»
-
(74 percent of the amount bid for at the low price was accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 23-92
FOR RELEASE, MORNING NEWSPAPERS,
'fi'pflnav March 11, 194-1 ♦ _____
The Secretary of the Treasury announced last evening that the
tenders for $200,000,000,
or thereabouts,
of
91-day
Treasury bills,
to be dated March 12 and to mature June 11, 19^1, which were offered
on March 7? were opened at the Federal Reserve Banks on March 10.
The details of this issue are as follows:
Total applied for - $^52*601,000
Total accepted
- 200, 317* 000
Range of accepted bids:
High *- 100.
Low
- 99*965 Equivalent rate approximately 0.13$ percent
Average
price - 99.970
” ,f
"
0.120
,f
(7^ percent of the amount bid for at the low price was accepted)
-*o0o~
?mmt,
m m w v m
tnmmay
ftukptmr I « Sttat»fcai/ O fft««*|
e f S ì» Tn.&e'aarjr
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tm sm t m am m ut,
8ffl«» «f tei* fesvatstry»
* W P * 2 2 « 1941.
mmmo. tmum *&, yr mm m m ni « sa
xa, vm, m mmsmt -ma
ss* »m, m
M
u
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u m m m m m m
Lliìi.iBM.j&i£Sì^itritii.i,
A passar*!
sst.ti.sa
■¿m
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teaii-
«Itela te* teltei ftel## A# atto «Il gufarsi#* te%«#f#r#
«ai altea**««!* imm mmm%» te
- te#m m #f $à%%mm *ff te#f&
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é
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m I M m m m m «ttel* nasy ftetepi #@4«tey te te#
«tei** «f te#i-r tete«*a«gt fegrtè» t e w m M i te te# «tette iteli#*
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titeM
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te#te*# I N é
a#*tel? rtpifte «tettati
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f«vte te#iteteli te tute timmmdMfflm tettisi «te -^id«
/s/ D. W. BELL
àteSaf Mritefjr te te# tr**««T
w um% <• m * spi* 4# ite#* ¿li III ipi i#t# af 4i i5S* l» finite
te*!##!## fe# #fFf# fwi
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trter
fe* il#
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w**3*v* ftei
t 3h »| te»
a»* w
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!$ # & Stm*
ù & é m È*40#»
L M * *m» ?* 10«
4§i É
u 10«
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s , OréHP
16* M
iSMdi
8 *.
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17» W40» ®s, fttóa# *4*4. Jaiy li, l$4®l 8*. or*« W J <
I# | | f i | ®a* 0aNft«r É ié f# te tt e » * X% i # | in * O rter <101# f^ r te %
%
t*filteÌ«tef 4f#§l 1 % Ì f & % &* «aMHteii a** l#f liuti i w »
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lt 1 § 4 % teteter 1 % l ^ l |
r«fc 4 i
¿ 3 ' ? 3 ¿r
1
filli
______________ !
___________________
^
_
fWÌiìM
. -.;■ ..- ■■ ■'
b
TREASURY DEPARTMENT
Office of the Secretary,
March 12, 1941,
GENERAL LICENSE NO * 37 UNDER EXECUTIVE ORDER
NO,
APRIL 10, 1940, AS AMENDED, AND
REGULATIONS ISSUED PURSUANT THERETO, RELATING
TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.**___
% r
A general license is hereby granted authorizing banking insti
tutions within the United States to make all payments,
transfers
and withdrawals from accounts in the name of citizens of the United
States while such citizens are within any foreign country in the
course of their employment by the Government of the United States,
Banking institutions within the United States engaging in any
transactions authorized by this general license shall file promptly
with the appropriate Federal Reserve Bank monthly reports setting
forth the details of such transactions during such period.
D, W. BELL
Acting Secretary of the Treasury
♦Part 167; - Sec, JTbTJ 4-0 St at. 4l^ and 9^6; Se c . 2~J 4$ St at, T]
Public Resolution Mo, 69, 76th Congress; 12 U.S.C, 95a ; Ex, Order
6560, Jan, 15 , 1934; Ex, Order $3$9> April 10, 1940; Ex, Order S405,
May 10 , 1940; Ex* Order S446, June 17 , 1940; Ex, Order $4g4, July IE,'
1940; Ex. Order S493, July 25,'1940; Ex. Order 6565, October 10, 194c;
Ex. Order 6701, March 4, 1941; Regulations, April 10, 1940, as
amended May 10, 1940, June 17, 1940, July 15 , 19^0 , October 10, 1940,
and March
1941*
23-93
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 of
Origin
United Kingdom . ...
C a n a d a .... .
France ........
British India ..
Netherlands ....
Switzerland ....
B e l g i u m .......
Japan .........
China .........
Egypt .........
C u b a ...... .
G e r m a n y ..... ..
Italy .........
Total
l/
: Established: TOTAL QUOTA
*
(In Pounds)
TOTAL IMPORTS : Established
Sept. 20, 1940i 33-1/3? of
to March 1. 1941: Total Quota
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
• 17,322
8,135
6,544
76,329
21,263
1,107,166
213,714
«■
25,443
7,088
5,482,509
1,393,163
1,599,886
-
68,783
1,441,152
Imports Sept.
20, 1940, to
March 1. 19411/
6,430
-
75,807
—
-
22,747
14,796
—
-
3,500
Included in total imports, column 2.
e0 0
12,853
m
mm
-
—
-
—
-
-
-
-
—
6,430
J
*
"
ret
p f i k 1'
FOR IMMEDIATE RELEASE
(psUA-'Q, / w * t 4
2 sr«^
m i
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5 , 1939
and December 19, 1940, as follows, during the period September 20, 1940, to
March 1, 1941, inclusive,
COTTON HAVING A STAPLE OF LESS THAN l-ll/l 6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTSRS). Annual quotas /
commencing September 20, by Countries of Origin:
Country of
Origin
Egypt and the AngloEgyptian Sudan .....
Peru ..................
British India ........
China .................
Mexico ................
Brazil ................
Union of Soviet
Socialist Republics .
Argentina .............
Haiti .................
Ecuador ...............
Honduras ..............
Paraguay ..............
Colombia ..............
Iraq ..................
British East Africa ...
Netherlands East
Indies ..............
Barbados ..............
Other British West
Indies 1 / ..........
Nigeria ...............
Other British West
Africa 2/ ..........
Algeria and Tunisia ...
Other French Africa
.
(In Pounds)
Staple length less
than l~l/S"
: Imports Sept.
: Established : 20, 1940, to
Quota
: March 1, 1941
783,Sl 6
247,952
2,003,483
1,370,791
8,883,259
618,723
Staple length l-l/S" or more
but less than 1-11/16"
Imports Sept.
Established : 20, 1940, to
Quota
: March 1. 1941
43,451,566
2,056,299
64,942
46,660
64,079
961,132
415,329
2,626
3,808
9,778,090
961,699
_
_
80
€
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
-
21,321
5,068
-
435
506
8
-
•
-
-
-
-
-
-
-
2
71,267 ^
-
mm
5,377
-
16,004
689
-
•
29,909
m,•
12,554
1,737
30,139
«•
-
2,002
1,634
—
45,656,420
14 ,516,882
Total
JL, 563,545
l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
«•
10.741,606
4
1
i
1
TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
Thursday, March 13, 1941
Press Service
No. 23-9A. V
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President’s proclamations of September 5, 1939,
and December 19, 194-0, as follows, during the period September 20, 194-0, to
March 1, 1942., inclusive.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
Country of
Origin
Egypt and the AngloEgyptian Sudan .....
Peru ..................
British I n d i a ...... .
China ...... ..........
Mexico ..... ,.........
Brazil ...... .........
Union of Soviet
Socialist Republics .
Argentina .............
Haiti .................
Ecuador ...............
Honduras .... .........
P a r a g u a y ........... ..
Colombia . . . . . . . . ....
I r a q ...............
British East ¿Ulrica ...
Netherlands East
Indies ..............
Barbados ..............
Other British Nest
Indies 1/ ...........
N i g e r i a ....... ...... .
Other British West
Africa 2/ ...........
Algeria and Tunisia ...
Other French Africa 3/»
(In Pounds)
Staple length less
than 1-1/8’
: Imports Sept.
Established : 20, 1940, to
Quota
: March 1, 1141
783,816
247,952
2,003,4-33
1,370,791
8,833,259
613,723
475,124
5,203
237
9,333
752
871
124
195
2,240
Staple length 1-1/8” or more
but less than l-ll/lo”
: Imports Sept.
Established : 20, 1940, to
Quota
: March 1, 1941
9,778,090
415,329
43,451,566
2,056,299
64,942
2,626
—
3,803
5,063
3
435
506
—
_
—
—
—
—
—
—
—
¡n£
—
—
46,66-0
64,079
-
961,132
961,699
_
—
80
—
—
29,909
—
71,338
-
71,267
-
12,554
1,737
21,321
5,377
-
30,139
—
_
16,004
639
—
-
2,002
1,634
Total
14,516,882
45,656,420
1,563,545
1/ Other than Barbados, Bermuda, Jamaica, Trinidad^ and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
—
_
10,741,606
(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 aad 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:
(In Pounds)
C o u n try o f
O rig in
E s t a b U . shed
TO T A L QUOTA
T O T A L IM P O R TS : E s t a b l i s h e d
S e p t. 20 , 194Q
3 3 -1/3 $ o f
t o m arch 1 , 1 9 4 1 : T o t a l Q u o ta
U n i t e d K in g d o m . . . .
C a n a d a ................ ..........................
F r a n c e ............................................
B r itis h In d ia . . . . . .
N e t h e r l a n d s ........................
S w i t z e r l a n d ........................
B e l g i u m ........................
J a p a n ...............................................
C h i n a ...............................................
4 ,3 2 3 ,4 5 7
1 ,1 0 7 ,1 6 6
1 ,4 4 1 ,1 5 2
239,690
2 1 3 ,7 1 4
-
E g y p t ...............................................
C u b a ....................A .................. ....
G e r m a n y ................................... ...
I t a l y ......................................
8 ,1 3 5
6, 5 4 4
To ta l
2 2 7 ,4 2 0
-
69 , 6 2 7
6S ,240
6 8 ,7 8 3
-
4 4 ,3 3 8
- ■
-
3 8 ,5 5 9
3 4 1 ,5 3 5
1 7 ,3 2 2
-
3 ,5 0 0
7 6 ,3 2 9
2 1 ,2 6 3
5 ,4 8 2 ,5 0 9
-
1 ,3 9 3 ,1 6 3
1/ Included in total imports, column 2
-— oOo—
7 5 ,8 0 7
-
2 2 ,7 4 7
1 4 ,7 9 6
1 2 ,8 5 3
-
Im p o rts S e p t .
2 0 ,1 9 4 0 , to
M arch 1 , 1 9 4 1 1 /
6,430
-
-
-
-
-
-
2 5 ,4 4 3
7 ,0 8 8
1 ,5 9 9 ,8 8 6
-
6,430
%
-
2
-
:_____Established Quota____ sUnit of :Imports as of
______ Commodity_______ ;Period & Country: Quantity :Quanti tysMar, 1, IQAI
Silver or black foxes,
furs, and articles:
Foxes valued
under $250 ea. and
whole furs and skins
Month of Februs-iy
Canada
17,500 Number (Import quota
Other than Canada
Tails
Paws, heads or other
separated parts
Piece plates
Articles, other than
piece plates
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
12 months from
December 1, 1940
7>500
ti
5,000 Piece
3,927
500 Pound
385
364
it
it
550
ri
500 Unit
Calendar year
Venezuela
1, 913,049,600
578,806,200
Nethe rlands
86,956,800
Colombia
Other countriesl38,587,400
Calendar year
filled)
510
1,500,000
Pound
Gallon
h
ti
it
Gallon
23
290,843,785
98,656,657
6,581,305
93,346,743
è
m
7
0
(Tariff rate
quota fille d )
1/ Duty-free quota not yet detemined.
«
-oOo-
i
I
TREASURY DEPARTMENT
Washington
For Release, Morning Newspapers,
Friday, March 14, 1941
Press Service
No. 25-95
agntac«3iiajEffim
The Bureau of Customs announced today preliminary figures for imports
of commodities within qiota limitations provided for under trade agreements
from the beginning of the quota periods to March 1, 1941, inclusive, as
follows:
:_____Established Quota
:Unit of : Imports as of
Commodity______ tPeriod & Country: Quantity :Quantity : Mar. 1« 1911
Cattle less than 200
pounds each
Cattle, 700 pounds
or more each (other
than dairy cows)
Calendar year
Quarter year
from Jan. 1,
1941
Canada
Other courtries
100,000 Head
22,021
17,695
51,720 Head
n
(Tariff rate
8,280
quota filled)
Whole milk, fresh or
sour
Calendar year
3,000,000 Gallon
999
Cream, fresh or sour
Calendar year
1,500,000 Gallon
232
Fish, fresh or frozen
fille te d , e t c ., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
White or Irish potatoes
Certified seed
12 months
Sept. 15,
Other
12 months
Sept. 15,
from
1940
from
1940
Cuban f i lle r tobacco,
unstemmed or stemmed
(Other than cigarette
leaf tobacco),and
Calendar year
scrap tobacco
Red Cedar Shingles
Calendar year
15,000,000 Pound
1,283,704
90,000,000 Pound
18,602,697
60,000,000 Pound
2,574,043
Pound
(Unstemmed
22,000,000 equivalent)
2,896,609
1/
Square
593,429
TR EASU RY DEPARTM ENT
W a s h in g to n
F o r R e l e a s e , M o rn in g N e w s p a p e rs ,
F r i d a y , M a r c h 1 4 % 1 9 4 - 1 ___________
Pre ss S e rvic e
N o . 23 -9 5
3 /1 3 /a
The
Bureau
o f C u sto m s a n n o u n ce d t o d a y p r e l i m i n a r y
o f c o m m o d itie s w i t h i n
fro m
th e
b e g in n in g
q u o ta
o f th e
lim ita tio n s
q u o ta p e rio d s
p ro v id e d
to
fo r
M arch 1 ,
fig u re s
fo r
under trad e
19 41,
im p o rts
a g re e m e n ts,
in c lu s iv e ,
as
fo llo w s :
C o m m o d i t y ______
C a ttle le s s th a n
pounds each
': Im p o rts as o f
; M ar, 1 , 19 4 1
200
C a le n d a r y e a r
C a t t l e , 700 pounds
o r m ore e a c h ( o t h e r
th a n d a i r y cows)
W h o le m i l k ,
sour
: ______ E s t a b l i s h e d Q u o t a ____ | U n i t o f
{P e rio d & C o u n try : Q u a n t i t y :Q u a n t i t y
fre s h
1 0 0 ,0 0 0
Head
22,021
5 1 ,7 2 0
8 ,2 8 0
Head
1 7 ,6 9 5
( T a r i f f ra te
q u o ta f i l l e d )
Q u a rte r year
fro m J a n . 1 ,
1941
Canada
O th e r c o u n trie s
n
or
C a le n d a r y e a r
3 ,0 0 0 ,0 0 0
G a llo n
999
C a le n d a r y e a r
1 ,5 0 0 ,0 0 0
G a llo n
232
F is h , fre s h or fro ze n
fille t e d , e t c ., cod,
haddock, hake, p o llo c k ,
cusk and r o s e fis h
C a le n d a r y e a r
1 5 ,0 0 0 ,0 0 0
Pound
9 0 .0 0 0 .
000
Pound
1 8 ,6 0 2 ,6 9 7
6 0 .0 0 0 .
000
Pound
2 ,5 7 4 ,0 4 3
C ream ,
fre s h
or
sour
W h ite o r I r i s h p o ta to e s
C e r t i f i e d seed
1 2 m o n ths fr o m
S e p t. 1 5 , 1940
O th e r
1 2 m o n th s fr o m
S e p t. 1 5 , 1940
Cuban f i l l e r to b a c c o ,
u n s t e m m e d - o r s te m m e d
(O th e r th a n c ig a r e tte
l e a f to b a c c o ) , and
scrap to b a c c o
C a le n d a r y e a r
Red C edar S h in g le s
C a le n d a r y e a r
2 2 .0 0 0 .
l/
1 ,2 8 3 ,7 0 4
Pound
( Unstem m ed
000
e q u iv a le n t)
Square
2 ,8 9 6 ,6 0 9
• 5 9 3 ,4 2 9
-
C o m m o d i t y ______
2
-
.
E s t a b l i s h e d . Q u o t a _______ ¿ U n i t o f : I m p o r t s
:P e r io d & C o u n tr y ; Q u a n tity
:Q u a n tit y : M a r. 1 ,
S ilv e r or b la c k fo x e s ,
f u r s , and a r t i c l e s :
Fo xe s v a lu e d
u n d e r $250 e a . and
w h o le f u r s and s k in s
M o n th o f F e b r u a r y
Canada
O th e r
th a n Canada
1 2 m o n th s fr o m
D e c e m b e r 1 , 1 9 4 -0
T a ils
Paw s, heads or o th e r
se p a rate d p a rts
P ie c e p la te s
A r t i c l e s , o th e r th a n
p ie c e p la te s
Crude p e tr o le u m , to p p e d
crude p e tr o le u m , and
fu e l o il
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble
solids
1/
7,500
5,000
Piece
3,927
500 Pound
550 .Pound
385
364
Unit
Calendar year
049,600
Venezuela
1,9
806,200
Netherlands
5
956,800
Colombia
587,400
Other countries 138,587,400
Gallon
tt
n
n
C a le n d a r y e a r
G a llo n
-oOo-
of
Number (Import quota
filled)
n
510
17,500
500
Duty-free quota not yet determined.
as
1944..,
1 ,5 0 0 ,0 0 0
23
290,843,785
98,656,657
* 6,581,305
93,346,743
( T a r i f f ra te
q u o ta f i l l e d )
TREASURY DEPARTMENT
Washington
For Release, Morning Newspapers,
Friday, March 14, 1941»
3/13/41
Press Service
No. 23-96
VI
ror
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
conino
beginning of the quota periods to March 1, 1941, inclusive, as follows:
Indepi
Products of
Philippine Islands
:Established Quota
:
Period
;
Quantity
begim
:Unit of :Imports as of
:Quantity:March 1. 1941
Coconut oil
Calendar year
425,600,000
Pound
52,424,965
Refined sugars
Calendar year
112,000,000)
Pound
13,010,374
Sugars other than refined
Calendar year
1 ,792,000,000)
Pound
419,165,484
Cordage
12 months from
May 1, 1940
I
Coconi
Buttons of pearl or shell
Cigars
Scrap tobacco and stemmed
and unstemmed filler
tobacco
y
Refine
Calendar year
6,000,000
Pound
5,260,859
807,500
Cross
163,912
bucare
Cordag
4P
Calendar year
190,000,000
Number
21,471,623
Button
Cigars
Calendar year
4,275,000
Pound
164,539
Gcrap '
and i
toba<
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.
1/ The
fit
-0O0*
«
TREASURY DEPARTMENT
Washington
Press Service
No. 23-96
'For Release3 Morning Newspapers,
jgrIday, March 14, 1941«
3/13/41
1ft
The Bureau of Customs announced today preliminary figures for imports of
commodities within the quota limitations provided for under the Philippine
to:
Independence A c t, as amended, and the Philippine Cordage Act of 1935* from tne
555s
beginning of the quota periods to March 1, 1941* inclusive, as follows:
¡¿ILL
i
*A|:
Products of
Philippine Islands
t*
:
jUnit of :Imports as of
•Quantity •March L, 1941
Establishied Quota
: Quantity
Period
1S||
Coconut oil
Calendar year
425,600,000
Pound
52,424,965
Refined sugars
Calendar year
112,000,000)
Pound
13*010,374
Sugars other than refined
Calendar year
1,792,000,000)
Pound
419,165,484.
Cordage
12 months from
May 1, 1940
li
)i/
I IS
6,000,000
Pound
5,260,859
Gross
163,912
41 II
Ì *
Buttons of pearl or shell
Calendar year
807,500
Cigars
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,275*000
Number
Pound
21,471,623
1 6 4 ,5 3 9
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.
-oOoI
y
iS
EŒCUÏIVE OfiDEE
t i
n
mmmm m mtmnm ©nimm mm
m
0
m
10, 1940,
ü
¿MB®,
By T ir in e of th e a n th o rlty re e ie d l a a * fey »«etlon
${B) o f the âet of CetoBer é , 19X9 {4© S te i* 4X1)» a i
K'
ejBendeé, m û By T ir in e of a i l other authority rested in
jr
Si
m©, i f m m a j x
b
* Boosimf, n m m m
•f thè « r a r a
SfAfg* Of AMEBICA» do hereby e a â BxeetttiY® Order Ko.
Bn*
«3S9 of AprXX XO, 1940, «0 «meoded, m m to extead a lX
the prorieXens thereof to» and o ith respect to» property
in which Hmg&ry or any n a tio n a l thereof bas at *ay timo
mm
on o r «ino# March 13» X94X» M d eay in ie r e s t of oay notnre
B
whateoerer, d iro n t or in d ir e c t* oaroopt th o t, i » d e fin ia g
•Hmgiiry * «ad « n a tio n a l* of B»»g*ry thè doto * March 13»
X94X* « M il be « o b e titu te d fo r th e dates eppearing la the
définition« o f colatrice and nationale thereof*
ü
FRANKLIN D. ROOSEVELT
tm w s m m m n,
March
m
13 » X94X#
* 7
Hii.
1
IXfii
WÈËBÊ 1>fï3ïTj
Atri*?*'5”^
EXECUTIVE' CEDER' g?ll
AMENDMENT OF EXECUTIVE ORDER NO. $3&9
OB1 APRIL 10, 19^0, A3 AMENDED*
By virtue of the authority vested in me by section
5(b) of the Act of October
6,
1917 t*70 Stat. 411), as
t'
amended, and by virtue of all other authority vested in
me, X, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED
STATES OF AMERICA, do hereby amend Executive Order No,
S3S 9 of April 10, loSH, m
amended, so as to extend all
the provisions thereof to, and r*ith respect to, property
in which Hungary or any national thereof has at'any time
on or since March 1 % lrM j
had any interest of any nature
whatsoever, direct or indirect; except that, in defining
"Hungary" and "national" of Hungary the date "March 13,
1914-1 »
shall be substituted for 'the dates‘appe siring in the
definitions of countries and nationals thereof*
FRANKLIN D* ROOSEVELT
THE WHITE HOUSE,
March 13, 1^1*
23-97
mm-- o f
* lba«$r m â fimmmt
IM p ts r l ** ìkfm%&r? Otti ëm§ O tpstfjM ut &£
fitld 31
f m I 13 ?
v y
V J
%lm
Trmmset
V?
u¿/
f t t t M S OSFáOTMT
O ffic e 0.f i l » Secretary
Mal*ch
w s r a m
to
13, 1941
m m u m m m
th& Bafulfetioa?? o f A p ril 10f 1% 0, as ^©îïéeà (Sestiero
130*1 to 330*6), «*e fo r tte * i » ^ á
so «
to oxtond * U the
prerisiiaro thereof to« and w ith reepeet to« property 1». which
Ihsagery or «ny a s tie r o l thereof M s a t aoy t i »
co nr sine*
March 13« 1941« had «my Interest of aay nature ehetsoewsr,
dlroot or iadlrooti ©seept that report# m
f m m IflMGO with
respect to all property titanteé ia the Hatted States m
March 13«
1941« 5a which Hungary er «*y national thereof h&e at any t i » cm
or aio» March 13« 1941* tasé say ¿störest of m $ tantee «tialsoorií*
direct er indirect, & t ú l ho filed fcy April 13« 1941*
H. MORGENTHAU, JR.
0©or#tsry of th© f r # t « y
Am0VXftt
March 13, 1941.
FRANKLIN D. ROOSEVELT.
^"’’K Ä o s a 1l ^ ^ T i S o
** läe# vÿ f ^ « rï S ' ï t ï C ll"S5 r'ïïid "ífltf
Seo. % 4 i at&t* 1$ F a h iic S o o o lstio s Io* 69« 76th
l a Ö .3 .C * 95»} feu « o r 4560* Jm * 15« 19341 Ä U « o r « » ,
April 10* I960} Sä* Order §405, *^y 10« if40f M* « o r §446,
I f * 194&I Sau Order t i l i * Ju ly 15« 1940j Ês* Order S493«
Ju ly 25« 1940} m * ê w ê m §565« O ctober 10* 1940} I» * « o r
$901, »areh % 1141} Sau Order
, March 13, 1941.
T R E A S U R Y DEPARTMENT
Office of the Secretary
M a r c h 13, l JpY
AMENDME NT TO' R E G U L A T I O N S *
The Regu l a t i o n s
130,1
to
130* 6 ),
pro v i s i o n s
of A p ril 10,
direct
13 ,
thereof to,
and w i t h respect to, p r o p e r t y in w h i c h
thereof has at any time
except that reports
respect to all pr o p e r t y
on F orm T F R -100 w i t h
si t u a t e d in the U n i t e d States
19,41, in w h i c h H u n g a r y or any national
at any time on or since M a r c h 13,
nature whatsoever,
A p ril 13,
on or since
IjPfl, h ad any interest of any nature whatsoever,
or indirect;
M a r c h 13,
as a m e n d e d (Sections
are further a m e n d e d so as to e x t e n d all the
Hu n g a r y 'or any national
March
1940,
direct
19^1,
or indirect,
on
thereof has
had. any interest of any
shall be f i led by
194-1.
H. M O R G E N T H A U , JR,
Sec r e t a r y of the Treasury.
APPROVED;
F R A N K L I N D. ROO S E V E L T
0
1 Stat. 415 and 9E F T
^Sections 13"0.1 to -1 3 0 *6 ; - Sec7 3 T B 7
o
l
u
t
i
o
n
No
* 69, 7 ^Jh Congr bqq 1
Sec* 2, 48 Stat, 1 ; Public Res
12 U.S.C. 95a 5 -Ex* order 6560, J a n . 15, b934 ; Ex. Order S3?§ ,
April 10, 194-0; Ex, Order S40S , May 1 0 , 1940; Ex, Order 844 b
June IT, 1940; E x , Order g4g4, July 15, l o 4 o ; Ex, Order ^493 )
July 2L, 1§40; E x . Order S365, October 10 , 1940; Ex. Order
March 13, 194l,
S70I,.March 4, 194b; Ex. Order S711,
23 - 9S
title
CSia.p1
i - Money asâ Finançai
treasury
I * Monetary affi*##* Beparbsitat at th* freesuiy
Part 163^'
V.y
V-/. ^
V /
P
Esilili
wchei
Î & M S U B I DSPÀRTMSHT
Offlea of the Secretary
• '^ûuuelw I 3 j J9 i I
W B
5?
qw w u & u c is s i m .'te m m m xxm xw om m
MO. 8389, A i m 10* 1940, AS AM9ROD* ASS
m m u s io m im m m m m tm m o § m j& z m
A gaserei Ucease i# hereby granted authorising banking
institution» within the felted State# to »ska payment# from
accasai# in which Hungary or a actinal thereof ha# e property
Interest within the æaaiag of the Sxecuttrc Order of April 10*
1940* a# amended, and the Regulations issued thereunder, of
checks end drafts t o w « or issued prior to
March 13* 1941* sad
to accept sad pay sad debit to such accounts drafts drawn prior
to
March
13 * 1941* « d e r letter# of crediti .provided* that each
hanking Institution »»king any payment or debit authorised by thi#
m
Wm
general liceo## shall file promptly with the appropriate Federal
Resarv© Sank weekly report# «hewing the detail# of such transaction#*
this license shell expire at the close of business on
April 13
*
1941*
Secretary of the Treasury
Ms*©iP
liÄilil
4s"
.Sec* 5(b) * 43 ¿tat» 415 and 966} Sec* 2* 4Ï Stai. Ij
Publia Ko solution Ho. 69, 76th Congress* 12 H.8.C. 95»! 2». Ordar
6560, Jsa. 15, 1934» to. Order 8389, April 10, 1940» i*. Order
8405, May 10, 1940» to, Order 8446, im » 17, 1940» to. Order 8484,
July 15, 19401 fe. Order 8493, ^«ly 25, 1940} to, 0ra*r «65,
October 10, 1940} to. Order 8701, toron 4, 1941» to. Ordsr g 7 » / ,
•yntJU } ,1941» Regulations, April 10, 1940, •• «»»tod toy 10, 1940,
tone, 17, 1940, July 15, 1940, Ostobsr 1Ô, 1940, torch 4, 1941, aaA
1941#
T R E A S U R Y DEPARTMENT'
O f f i c e of the S e o x v t a r y
M a r c h XJ, xf4l.’
G E N E R A L L I C E N S E NO, 18 U N D E R E X E C U T I V E O R D E R
NO. S 389, A P R I L 10 , 191+0, AS AMENDED, A N D
REGULATIONS ISSUED P U R S U A N T THERETO, R E L A T I N G
TO T R A N S A C T I O N S IN F O R E I G N EXCHANGE, E T C . *
£
A general license
is h e r e b y g r a n t e d a u t h o r i s i n g b a n k i n g
institutions w i t h i n the U n i t e d States to m a k e p a y m e n t s
in w h i c h H u n gary or a n a t ional
thereof has a p r o p e r t y
the. m e a n i n g of the E x e c u t i v e Order
ahdthe
Regulations
or issued ,prior
of credit;
ment
i s sued thereunder,
to M a r c h
to s uch accounts
of checks
interest w i t h i n
I 9M 0, as amended,,
a nd'drafts
drawn
-1J, 19^1, and to accept a nd pay and debit
drafts drawn p r i o r "to M a r c h .13,
p r o v i d e d / that
or debit
of April 10,
from aocounts
19^1*
u n d e r letters
each b a n k i n g -institution m a k i n g any p a y
a u t h orized by this
g e n e r a l ^ l i c e n s e ' s h a l l file p r o m p t l y
w i t h the a p p r opriate Federal Reserve, B a n k w e e k l y r e p o r t s s h o w i n g
the de t a i l s
close
of such transactions.
of busin e s s
on April
This
license
shall expire at the
13 , 19t a *,J^b
' D, W, B E L E
A c t i n g S e c r e t a r y of the T r e a s u r y
•*’Part, 166;
3^0 )t Mo
8tat, 4 1 5 and
Oec« 57 ^-0 é t a t , T]
P u b l i c .Resolution Ko, 69> 7&-th Congress; 12 U,3,C, 9 5 a î Ex, Order
656a, J a n 1 R, 193^; Ex, Order
April 10,
Ex, O r d e r &40S,
M a y 10, 194-0; Ex, Order "ËH-My, June 17 , 19^ 0 ; Ex, O r d e r
J u l y 1 $,
19^ 0 ; Ex, O r d e r g^93> J u l y 2R, 19^0; Ex, O r der ¿ 565, O c t o b e r 10, 194-0
E x , O r d e r g701, M a r c h
Ex. O r d e r g 7 H , M a r c h
13 , 19MI;
Regu l a t i o n s . April 10, 19L 0, as a m e n d e d M a y 10, 19M 0, June 17, 1911-0,
J u l y 15 , 19-4-0, O c t o b e r 10, 1 % M f M a r c h
19^1, aud - M a r c h 13 , 19^1,
23-99
@FedFRASER