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ROOM 5030
JUN 1 4 1972
TREASURY DEPARTMENT
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TJ&XTX THïKBOr» T8I U*UB> STAIES MI8Î8 A ©
t o d i t o . e r d « Ho. «389 of Aprii l ^ í W .
«
^
“ad
f c S Ü T S 9 | E m * inrolvtog proparty to to toh
Aho raatrtotion» toerato to w«^««»
tato*wrt «t any Atoo on
Hungary or H »sètto»! toorwf *»« hto « y
aæondod,
oroino« March 13, 19U. » a BegulatioiUJ of Aprii iu, tow, »
hora likaviM boon further «Hended.
j
toil« onto Order and Reguletions^raBtato ^
visa directed, the tootmetion* of AorlX^ » _* - .
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March 13,
- « * * • " * ■ * * -* ■
March 13
^
* 1941» la
Ï Î . Î Æ
Â
.
X
0
.(4,
p p
Sóer®^ary of th© Ttv &sv&T»
ÔJ5
March 13 y 19*1«
INSTRUCTIONS TO THE TREASURER OF THE UNITED SPATES,
THE COMMISSIONER OF ACCOUNTS, THE COMMISSIONER OF THE
PUBLIC DEBT, ALL POSTMASTERS, ALL DISBURSING OFFICERS,
AND OTHER OFFICERS AMD EMPLOYEES MAKING OR RECEIVING
PAYMENTS ON BEHALF OF THE UNITED STATES, ANY DEPART
MENT, BUREAU, AGENCY, OR INSTRUMENTALITY THEREOF, THE
UNITED STATES MINTS AND ASSAY OFFICES, AND FEDERAL
RESERVE BANKS
Executive Order No* $3^9
^Pr ll ID, 194-0, as amended, has been
further amended by an Executive Order dated March 13, 194-1, to extend
the restrictions therein to transactions involving property in which
Hungary or any national thereof has had any interest at any time on
or since March 13 , 194-1. The Regulations of April 10 , 19 40, as
amended, have likewise been further amended.
While such Order and Regulations remain in effect, unless other
wise directed, the instructions of April 17 , 1940, shall apply in
full to Hungary or any national thereof except that the date
March 13 , 1941, shall be applied in the case of Hungary or any
national thereof«
The definitions of "Hungary" and "national" thereof in the
Executive Order dated March 13 , 1941, shall be applicable in carrying
out these instructions*
A schedule of the property held on March 13 , 194-1, in which
Hungary or any national thereof had any interest, should be filed
with the Treasury Department by .April 13 , 19^1,
The form of these
schedules should be similar to those heretofore filed and should be
filed as heretofore through the heads of the appropriate departments
or agencies*
D* W* BELL,
Acting Secretary of the Treasury.
March 1 3 , 194-1*.
iz&si.
----
-
2-
Reserve Banks and Branches, following which public announcement will he 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 19. 19^1 ---------.
The income derived from Treasury bills, whether interest or g a m from
the sale or other disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment, as such, under Federal tax Acts now or hereafter
enacted.
.
The bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Federal or State, but shall be exempt from all taxation
now or hereafter imposed on the principal or interest thereof by any State, or
any of the possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Treasury Department Circular Ho. 418, as amended, and this notice, pre
scribe 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.
ASifliA
4
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Friday. March lU, 19^1________ •
6ck*
The Secretary of the treasury, hy this public notice, invites tenders
for $ 200.OOP.QQO
t
or thereabouts, of
o
91 -day Treasury bills, to be issued
t
o
on a discount basis under competitive bidding.
be dated
March 19. 19^-1
.
The bills of this series will
and will mature
:66cbc
when the face amount will be payable without interest.
June 18. 19-Ul
lijàòx.
They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Ranks and Branches up to the |
closing hour, two o'clock p. m., Eastern Standard time, _ MondaX , March 17, 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, e. g., 99.925.
may not be used.
Fractions
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied by payment of 10 percent of the
face amount of Treasury bills applied for, unless the tenders a,re accompanied by
an exeress guaranty of payment by a.n incorporated bank or trust company.
^^limnediately after the closing hour, tenders will be opened at the Federal
TREASURY DEPARTMENT
FOR RELEASE, MORNING- PAPERS*
Friday, March l4, 194-1,
The Secretary of the Treasury* by this public notice,
tenders for $200, 000, 000, or thereabouts,
invites
of 91~*&ay Treasury bills,
to be issued on a discount basis under competitive bidding.
bills of this series will be dated March 19, 19^1,
The
and will mature
June IS, 194-1, when the face amount will be payable without interest.
They will be issued in bearer form only, and in.denominations 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,
Monday, March
17 ,
19^-1.
two o rclock p # m . , Eastern Standard time,
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,
Fractions may not be used.
e, g,,
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.
Tender^ from others must be
accompanied by payment of 10 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.
No. 24-1
Immediately after the closing hour, tenders will be opened
at the Federal Reserve Banks and Branches,
following which public
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,
in any such respect shall be final.
and his action
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 19, 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.
bills shall be subject to estate,
inheritance,
gift,
The
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,
States,
or any of the possessions of the United
or by any local taxing authority.
For purposes of taxa
tion 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* ^1S, as amended,
notice,
and this
prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular ma,y be obtained
from any Federal Reserve Bank or Branch,
TREASURY DEPARTMENT
Washington
Press Service
No • eL **/~~~
Fül RELKAS EjMORNING NEWSPAPERS/
Saturday, March 15, 1941_____ _
5/T474Ï
Swift and early movement of iron ore from the head
of the Great Lakes to the ^ t i o n ’s smelting and steel, pro
ducing areas is the object of reconnaissance flights by
Coast Guard aircraft detailed to the r
1/Vaesche, Coast Guard ^^piimundunt^ ,0 i
—
Early opening of Great Lakes navigation, a vital
factor in national defense, will be facilitated by daily
consolidated ice reports prepared by the Chicago and Cleve
land District offices of the Coast Guard.
These reports
indicate the day-to-day possibilities of opening channels
for the passage of ore carriers now ice-bound.
In addition to the regular Coast Guard ice-break
ing cutters, the Service is momentarily expecting Congressional
authorization for the charter of a large car ferry adapted
for ice-breaking.voWith all facilities mobilised, including
a Coast Guard plane and communications truck, and many other
units supplying information as to position, thickness and
movement of ice, it is expected that ships shortly will resume
their passage from Lake Superior ports to lower lake harbors in
whose vicinity the steel mills are located.
Tt is not niiipE probable that ore shipments w ill he
resumed m u c Y t Æ î o r e I p r u
1•
of ore on hand at shipping
points may be frozen to an extent that prohibits handling,
but it is expected that ore vessels will be able to reach upper
lake ports shortly after that d a t e •
— 0O 0—
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS.
Saturday, March 15, 19^1*
37W^i
Press Service
No. ?U-p
'
Swift and early movement of iron ore from the head of the Great Lakes
to the nation's smelticgand steel producing areas is the object of
reconnaissance flights by Coast Guard aircraft detailed to the region,
Admiral R. R. Waesche, Coast Guard Commandant, said today,
Early opening of Great Lakes navigation* a vital factor in national
defense, will be facilitated by daily consolidated ice reports prepared by
the Chicago .and Cleveland District offices of the Coast Guard*
These reports
indicate the day-to-day possibilities of opening channels for the passage of
•ore carriers now ice-bound.
In addition to the regular Coast Guard ice-breaking cutters, the Service
is momentarily expecting Congressional authorization for the charter of
a large car ferry adapted for ice-breaking.
With all facilities mobilized,
including a Coast Guard plane and communications truck, and many other units
supplying information as to position, thickness and movement of ice, it is
expected that ships shortly will resume their passage from Lake Superior ports
to lower lake harbors in whose vicinity the steel mills are located.
It is not probable that ore shipments will be resumed much before April 1,
Coast Guard officers said.
Stocks of ore on hand at shipping points may be
frozen to an extent that prohibits handling, but it is expected that ore
ve*ssels will be able to reach upper lake ports shortly after that date,
— oOo—
y
- * -
that message, ih« Présidait «aids
"baleas the 0«sagres» passe* sosa legislation dealing with
this situation prior to March 15th, Ï m informed by the
Secretary of the Treasury that ho will bo obligad to colled
book tax## for at least | years upon the employe® of many State
agencie® and upon the security holdere of many State corporate
instrumentalities, who mistakenly but in good faith believed they
were tax exempt* The assessment sad collection of these taxes
will doubtlessly in many cases produce great hardship*
"Accordingly, I recommend legislation to correct the exist*
log inequitable situation, and at the same time to make private
income from all Government salaries hereafter earned and from
all Government securities hereafter issued subject to the general
income-tax laws of the Nation and of the several States» It Is
difficult for almost all citisene to understand why a constitu
tional provisión permitting taxes on 1income fro» whatever source
derived* does not -mm *froa whatever source derived* **
Congress partially followed this recommendation fcy abating back
taxes
m
public employee through the enactment of the Public Salan/*Act
Aw
of 1939, but has not yet taken any action to relieve from tsx U t i l i t y
the headers of outstanding securities of public corporations*
If the Supreme Court now upholds the Treasury* s position, the
Trearujy will promptly renew its recommendation to Congress (1) to abate
the payment of back taxes,
(2)
to
outstanding Issues*
A
and (3)
to begin the taxation of future issues*
Assuming that Congress carries out these recommendations, no holders
of Port Authority and similar obligations have any reason to fear the im
position ©X taxes on obligations now outstanding^
û ^rfefrv-^U.a ~
V
I
March 4Mpgr'tfB5S8*^‘
svoid pvtMjng * largo iU
m
of tia^oyor# t© imneooeoaiy «jqpo»*of ^ 2- jj.;
*^o Sttrntt of lato-mal Brroauo náXL prooooá o»ly a#aií*«i o foo Fort of Üo»
lililí
X&fk Átfkbortty feoisdfeoitíor®« 9ii««® to ofeo» d»ft&tc&©yr»©ti«®« iKHf# ««»&
t©»ight aiv HoiM&rd $•
cornMtS&tontt*'™^
i # mtmá^rgü
oioo^ofetíirsen of .tho Apthoritjri
C«
P
■#!(,.
áXoxsndor
„ ^
f
of tho A tstboritfw feuH oc Bmfvlrr, ]?«nrxott* d*
Boawior» H U I« 8» fUmor ahá HarUn 8» Faino*
t i le ftm ^M t th o i tho
<¡
Fort tartfeerltor tó ll « d arM t» tho X«§«X dofoac-e of tho*c boadholctor«# *»pocUXXr «lo«o ¿t dofooáod Fort Á «th«rity «*|dqrof i» p m to w t&x l i t i g a
tío » «Ufe tho Y M m l
Sifea
N***áft*rff-f l
«itor bondholdor» of stallar publíe cOf|«*|^|
SS8MÍOa~“"I . .......
0«uri feos #4,
«ÉiMff
_
.
,..
4
II
Tfe« feistoi7 of ths procos! «etlo» ¿pos baoís to tho Sagjr©&& Coort’o
cloelticra X» fh» Fort of Mow Tosté ktNklo rity a&laiy ct¿e
G«*fe¿¿d.t, 5BSÜ* 3^4 ti* I* 405;
(E olw ring ▼*
roteo!«* te&sdh 193S# Jjlff I# i* 469)*
ffeo dofmdanl 1» th * t aa«o m s «a
of tías Fort ¿»thorlty*
liso court
hold tb « t h ís so lá is Irosa th» Fort itA h e rlij1 m i t¿a®.hl$*
S h o rts a lto r tfcl* étodUlo», SoerotasT' &arg«ntte¿w c slle d Prooidoat
SooM m lt9« «ttootlo» te the w rgm t wmé of l©gi*l&üaa i© rm & r* tho ua~
te»
«orU latle* crm tod tgr tho % f « i Gourtfo fin a l ruling*
Tfeo frsprou» Court
purpertod to doel&ro tho Isw &® I t b*»d alwoyo boon» «itfe tfce ro cu lt th o t
tfeo Mmmm of In to m al Méwmm h«d m eholoo but to «ppljr tho Court1# dool*»
í« .'*
- ,
IrS Il
«loo« ro tro activ o ly .
ffe® lé o iiiio tra tlo n liopod ifeot Ooi^ro«« wemld olljklxioto tho hordohlpo
HÜftt
H S
®«d lnoqtuilltlo« otdoh ooold fio» fre a tho rotroootiv» «^pllootlon of tho
Fort Authority e&oo* Oa 4mmtf 19# 1939» Prosidont Foooorolt trrm asslttod
I“""— ■
¡lir
to Ccmgross o aoooogo rmeomsm^Lng th o t Conrro*« oorroot tho « tto a tlo a .l 1»
¡Él
jlfeÉi
fafleaayi
For Immediate ReleaIp*
"*^ —
The Barami of lutarmi Revenue tonight began a teat nation t»t«nded
ultimatala ta prora la th® courts that the Federal Govemmeut has the right
under the Constitution to tax the Imaone from State end municipal securities*
Ita first step m e ta send notice« of defìeiency tavolar bondholders
of the Fort of lew fork Authority who had not included Interact from their
band« in their tar return® filed m March 15# 193S*
The Internal Revenue M e
%4dt
f"
not
previdee that the Federal Government say
_
the securities ofjtatee, territorlee er »political sub/i
divisions.” It la the Treasury’s contention that public eerpereticne like
the Pert of Mm fork Authority era neither state« nor territories net ”polit~
leal subdivisions”, m à that therefore the lneins fro« their securities ie
/
net exempt fres Federal income tax under the lac*
6u%£&. *$» Ti\¿~&,4a^ v
It the courts agree on this point, iW W H B W b % s will be faced equorei?
with the constitutional question of the immunity of jt&tc end municipal
A
securities fres Federal taxation^ /r&&
e C t ß w ' X & ^ ¿a XJL. 4
y ,
The presant action represents no change in the Administration1s
pellegr of sowing to tax only the future issues
<rV:
eeg^tiee. Secretary *org*nth&u
A
-geSHCiyfifv
¡Jiff
a K l ^is* --T ^ ^ w
>
«é^jfsjf'ti «in'Ti
la
»hich would subject the interest on outstanding
and municipal seeur»
^ JV
F, that the olíanse ef
‘ -f^ k *¿ y
iti«» to Federal taxes«
Congress on the imene tax status of obligation« of the Pert ef Bee Turk
<iC&n ^ P-t
Authority and similar public corporations has left
proceed in the preeent case.
no Alternative bud to
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, March l4, 19^1.
Press Service
No. 24-3
The Bureau of Internal Revenue tonight began a test action in
tended ultimately to prove in the courts that the Federal Government
has the right under the Constitution to tax the income from State
and municipal securities.
Its first step was to send notices of deficiency to seven
bondholders of the Port of New York Authority who had not included
interest from their bonds in their tax returns filed on March
15 ,
1936.
The Internal Revenue Code provides that the Federal Government
may not tax the interest on the securities of States,
political subdivisions ,
11
territories or
It is the Treasuryls contention that
:e
public corporations like the Port of New York Authority are neither
states nor territories nor Apolitical subdivisionsrt, and that there
fore the interest from their securities is not exempt from Federal
income tax under the law#
If the courts agree with the Treasury on this point,
they will
be faced squarely with the broader constitutional question of the
immunity of State and municipal securities from Federal taxation,
Treasury attorneys said.
The present action represents no change in the Administration1s
policy of seeking to tax only the future issues of State and munici
pal securities.
Secretary Morgenthau has consistently voiced
opposition to proposals which would subject the interest on outstand
ing State and municipal securities to Federal taxes.
Treasury
ofxicials feel, however, that the silence of Congress on the income
tax status of obligations of the Port of New York Authority and simi
lar public corporations has left, the Department no alternative but
to proceed in the present case.
2
To avoid -putting a large class of taxpayers to unnecessary
expense, the Bureau of Internal Revenue will proceed only
against a few Port of New York Authority bondholders.
to whom deficiency notices were sent tonight are Howard
Those
3.
Cullman, vice-chairman of the Authority; Alexander J # Shamberg,
7
a commissioner of the Authority; Dennistoun M. Bell, Maurice
Bouvier, Henrietta J. Bouvier, Willis S. Kilmer and Martin S,
Paine.
It is assumed that the Port Authority will undertake the
legal defense of these bondholders,
especially since it defended
Port Authority employes in previous tax litigation with the
Federal Government.
The history of the present action goes back to the Supreme
Court *s decision in the Port of New York Authority salary case
(Helvering v. Gerhardt, 1 9 3 3 0 4 - U. S. ^05; rehearing denied,
1933,
305
U. 3.
669).
of the Port Authority,
The defendant in that case was an employe
The court held that his salary from the
Port Authority was taxable.
Shortly after this decision, Secretary M 0rgenthau called
President Rooseveltls attention to tne urgent need of legislation
tf remove the uncertainties, created by the Supreme Court’s final
ruling.
The Supreme Court purported to declare the law as It had
always been, with the result that the Bureau of Internal Revenue
had no choice but to apply the Court’s decisions retroactively,
The Administration hoped that Congress would eliminate
the hardships and inequalities which would flow from the
retroactive application of the P 0rt Authority case.
On
January 19, 1939 j President Roosevelt transmitted to Congress
a message recommending that Congress correct the situation.
I
3
In that message,
the President said:
"Unless the Congress passes some legislation dealing
with this situation prior to March 15th, I am Informed by
the Secretary of the Treasury that he will be obliged to*
collect back taxes for at least 3 years upon the employes
of many State agencies and upon the security holders of
many Sta-te^ corporate instrumentalities, who mistakenly but
in good faith believed they were tax exempt.
The assessment
«nd collection of these taxes will doubtlessly In many cases
produce great hardship.
''Accordingly, I recommend legislation to correct the
existing inequitable situation, and at the same time to
make private income from all Government salaries hereafter
earned and from all Government securities hereafter issued
subject to the general Income-tax laws of the Nation and of
the several States.
It is difficult for almost all citizens
to understand why a constitutional provision permitting
taxes on Tincome from whatever source derived’ does not
mean ’from whatever source derived.'"
Congress partially followed this recommendstion by abating
back taxes on public employes through the enactment of the Public
Salary Tax Act of 1939, but has not yet taken any action to
relieve irom tax llaoility the holders of outstanding securities
of public corporations.
If the Supreme Court now upholds the Treasury's position,
the Treasury will promptly renew its recommendation to Congress (1 )
to abate txie payment of back taxes,
(2 ) to exempt outstanding
issues from taxation, and (3) to begin the taxation of future issues
Assuming that Congress carries out the(se recommendations, no
holders of Port Authority and similar obligations have any reason
to fear the imposition of taxes on obligations now outstanding,
Treasury attorneys said.
-oOo-
■
jQ ^ u — ql
i 6§
/ M ^ B Q
,A
>v*yJureau of Customs announced today that preliminary reports from
the collectors of customs show imports of 104,453,691 gallons of crude
petroleum, topped crude petroleum, or fuel oil, the produce or manufacture
of countries other than Venezuela, Netherlands, and Colombia, during the
period January 1 to March 8, 1941, inclusive.
Under the quota provisions of the trade agreement with Venezuela,
138,587,400 gallons of these commodities, the produce or manufacture of
such other countries, may be entered, or withdrawn from warehouse, for
consumption at the reduced rate of 1/4^ per gallon during the calendar
year 1940L
Imports for consumption in excess of the quota for the year
will be dutiable at the full rate of
\/Z$ per gallon.
For the administration of this tariff rate quota, the collectors of
customs have been instructed that, effective March 17, 1941, entries for
consumption and warehouse withdrawals for consumption covering these com
modities, the produce or manufacture of such other countries, may be
accepted at the reduced rate, provided the merchandise is not released
pending determination of its quota status for duty purposes.
If release
of the merchandise is desired before such determination, importers will be
required to deposit estimated duties at the full rate.
oOo
TPFASUPY D O T P T M O T
Washington
FOP iMMIDjAYI PFLFASS
Saturday. March 15. 1941
3/15/41
PP3SS S O T TOS
Fo. 24-4
from the collectors of customs show imports of 104,453,601 gallons of
crude petroleum, topped crude petroleum, or fuel oil, the produce or
manufacture of countries other than Venezuela, Fetherlands, and Columbia,
during the period January 1 to March 8, 1941, inclusive.
Under the quota provisions of the trade agreement with Venezuela,
138,587,400 gallons of these commodities, the produce or manufacture of
such other countries, may "be entered, or withdrawn from warehouse, for
consumption at the reduced rate of l/4^ per gallon during the calendar
year 1941.
Imports for consumption in excess of the quota for the year
will "be dutiable at the full rate of \f2tf per gallon.
For the administration of this tariff rate quota, the collectors of
customs have "been instructed that, effective March 17, 1941, entries for
consumption and warehouse withdrawals for consumption covering these com
modities, the produce or manufacture of such other countries, may "be
accepted at the reduced rate, provided the merchandise is not released
pending determination of its quota status for duty purnoses.
If release
of the merchandise is desired before such determination, importers will be
required to deposit estimated duties at the full rate.
-0 0O 00-
TREASURY DEPARTMENT
Washington
t
Press Service
No * 2^-5
FOR IMMEDIATE RELEASE
Monday, March 17, 19^1»
i
Market transactions in Oovern$iQn1| securiti es for Treasury
investment accounts in
of 4l"l,
99c ;00'©7
J 19^1 ; resulted in net purchases
i
Secretary Morgenthau announced' today.
l l ^ O O d
~o0o~
I
I
©
J« lF T*
fo m u b » y» liât,
Poring Ui* Month o í Jone*
^
ftlltu iil
aark et t m s M t l M i took pinco i» d iro n t »ad guar oat ood
«»cariti»» oí tho ôororaaomtt
Fardh»»»»
..... .
dal»» ........... ..........
|h$O»0OO
3,000
Met parchases .•••••* 1^7,000
Copy to Mr» Schwär«
Mr. H»ff»lflager
Mr»« Shaw
Mr. Martin
File
MLM
T R E A S U R Y DEPARTMENT
FISCAL SERVICE
WASHINGTON
BUREAU OF ACCOUNTS
O F F IC E O F T H E C O M M IS S IO N E R
March 7. 19^* •
TO MR» 'BKIffi
/
During the month of February» 19^T* the following
market transactions took place in direct and guaranteed securities of the Government:
Purchases ......................
Sales
*11 .950.000
......................... ..... "_____
Met Purchases •••*•••••* $11*950*000
TREASURY DEPARTMENT
Washingt on
FOR IMMEDIATE RELEASE
Monday» March 17, 19^ 1 »
Press Service
No. 2^-5
Market transactions in Government securities for Treasury
investment accounts in February,
of 111,950,000,
19dl,
resulted in net purchases
Secretary Morgenthau announced today.
TREASURY DEPARTMENT
Washington
for Release Afternoon Papers
Tuesday» March 18, 19^4-1.____
3/17/41
Press Service
No. 2k-S
'
A flood relief plan designed to cover the operations of the
United States Coast Guard in the Mississippi Basin was announced today hy
Admiral R. R* Waesche, Coast Guard commandant.
The plan will serve as a guide to Coast Guardsmen of the St, Louis
District, which covers in a general way the entire Mississippi and
tributary rivers, and will acquaint Coast Guard units of adjoining districts
with the cooperation which may be expected of them in event of flood or
disaster requiring rescue and relief.
This will include cooperation with
the Red Cross and with local relief agencies.
Basically the plan divides the Mississippi Valley into sections and
subsections which are to be administrative units.
An action-timing plan
defines a zero gauge for river conditions at various points, and establishes
a mark for water height which will bring the zero hour when positive action
shall begin.
There are instructions for equipping and shipping beats, with
designation of available unloading points under flood conditions.
There
are also communications instructions for planes, radio, trucks and other
Coast Guard facilities, as well as the usual commercial channels when
available*
Por the
1
irst time, the new Coast Guard Auxiliary, which will succeed
the Coast Guard Reserve as the Coast Guard’s civilian assistance unit, will
be called into action, when occasion shall arise for putting the plan into
effect.
-
2
-
The relief program prescribed by the plan is much more comprehensive
than any outlined under plans hitherto developed.
This is the result, it
is pointed out by Coast Guard officers, of increased facilities made
available by consolidation with it of the former Lighthouse Service.
The plan, in its general purposes for the Ohio-Mississippi Valley,
was outlined by Capt. W. F. Towle, Coast Guard commander for the St. Louis
District.
According to its author, it is not intended to encompass all
possible contingencies, but rather to lay down basic principles of action.
The program allows great latitude for individual initiative while providing
for necessary coordination of effort.
1It may be expected that all persons participating in flood relief
work will nave their ingenuity and resourcefulness taxed to the utmost,'»
said Admiral Waesche, adding that he believed the new plan would save time
and effort as well as increase facilities for saving life and relieving
suffering.
Coast Guard headquarters contemplates, according to the general
instructions that accompany the plan, that Philadelphia Coast Guard District
personnel will be available for handling floods in the region of Johnstown,
Pennsylvania, and that additional personnel for floods in the St. Louis
district occurring in the vicinity of Pittsburgh and westward will be
ordered by headquarters from the Cleveland, Chicago, and. Hew Orleans
Districts, unless extreme conditions make assignments from other districts
necessary.
—
0O0—
TRKASLRT DEPARTMENT
Washington
Press Service
FOR RELEASE, MORHIKG HE5I5PÀPERS,
Tuesday, Iferch 18. 1941.-----3/17/41
Tile Secretary of the Treasury announced last evening that the
tenders for $200*000,000, or thereabouts, of 91”*day Treasury biXXs,
to be dated March 19 and to nature June 18, 1941, which were offered
on March 14, were opened at the Federal Reserve Banks on March 17.
The details of this issue are as follows:
Total applied for - $442,380,000
Total accepted
- 200,167,000
Range of accepted bids:
High Low
Average
price -
(86
100.
99.966 Equivalent rate approximately 0.135 percent
99.971
"
"
’
0.117
"
percent of the amount bid for at the low price was accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 24-7
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 18, 1941,_________
3/17741
The Secretary of the Treasury announced last evening, that the
tenders for $200,000,000,
to be dated March
19
or thereabouts,
of 91-day Treasury bills,
and to mature June IS, 1941, which were offered
on March l4, were opened at the Federal Reserve Banks on March
17 ,
The details of this issue are as follows:
Total applied for Total accepted
-
$4-42,380,000
200,167,000
Range of accepted bids:
High Low Average
price -
100.
99.966
99*971
Equivalent rate approximately §*3|fB percent
n
f1
.
0.117
n
(86 percent of the amount bid for at the loxv price was accepted)
-cOc-
uimsurg
0 ?parim?tti
TELEG RAPH
O F F IC E
11w
WAA19 M 15
|94| MAR 19
COLUMBIA SC MAR 19 1941
0
910A
W BELL
UNDERSECRETARY OF THE TREASURY
OVERLOOKED TELLINQ
P U B L IC IT Y MAN I
AM MEMBER SOUTHCAROLINA
COUNCIL FOR DEFENSE# PLEASE TELL HI M#
B M EDWARDS
934a
REGARDS#
o
yJL. ¿I*r ^
FOR IMMEDIATE RELEASE
Secretary Morgenthau today announced the appointment
of B. M. Edwards, /resident of
e South Carolina National
Bank of Charleston, with headquarters office§jat Columbia,
S. C4p., as an Assistant to the Secretary,
Mr. Edwards, who is also a director of the Charlotte
branch of the Richmond Federal Reserve Bank, will serve
as liaison officer between the Treasury and the nation’s
banks in connection with the defense financing program.
His assignment will cover various phases of the effort
to sell savings stamps and bonds of small denominations,
as well as securities of larger denominations.
Mr. Edwards is a member of the Reconstruction Finance
S oujfk Ciuro i
\
CorporationTF“advisory^boarci at Charlotte, N. CiPTT^and
a director of the Columbia
Chamber of Commerce
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, March 19, 1941
Press Service
No * 24-8
Secretary Morgenthau today announced the appointment of
B•
Edwards, president of the South Carolina ■■National Bank bf
Charleston, with headquarters offices at Columbia, S. C*, as an
Assistant to the Secretary*
Mi', Edwards, who is also a director of the Charlotte branch
of the Richmond Federal Reserve Bank, will serve as liaison officer
between the Treasury and the nation1s banks in connection with the
defense financing program*
His assignment will cover various
phases of the effort to sell savings stanps and bonds of small
denominations, as well as securities of larger denominations*
Mr* Edwards is a member of the Reconstruction
Corporation’s advisory board at Charlotte, N,
Carolina Council for Defense
P’inanc.e
the South
and a director of the Columbia (S.C.)
Chamber of Commerce*
oOo-
«*3—'
for,
1
Exchange subseriptians «boxila ba aeoompanied by a U b a faaa amount
af 1-3/8 pereent Traaaury Vota« of Sarta« 8-1841, da« for payment on
faaa 18, 1841, atta final coupon dao fuma 18, 1341, attached.
If tba
]|
maturing mola« ara tendered la exehamge for tba aaa Traaaury banda,
acorued Interest fra» Deeember 13, 1840 ta March 15, 1841, «boat 84,004
r
per #1,000 faaa arneunt, «ili ba paid tba samara af tba aarraadarad note»
following tbair aoceptanoe.
If tba saturili« notes «re teadered in exehamge
far 3/4 pere ent Treasury Notes af Sariaa 0-1843, /‘
0 tékàà&6M tba diffaranaa
between tba aeeruad interest from Oaasnbar 13, 1840
March 15, 1841,
*\
on tba surrendarad notes and tba aeented interest from March 15 to March 31,
1941, on tba nata« to ba issued, about #3,678 par #1,000 faaa asou&t, «ili
'w
!i
ba paid tba ammara af tba surrendarad notes fellewing tbair accentano# •
The right 1« reserred ta alesa tba booka a« to asy or all suheerlptlone
W
or alasse« af subaeriptlens «t m y timo «ithout notlaa.
Subjeot to tba
reserretlame «et forth In tba afflalai alraulara, all exehange subscript ione
«ili ba alletted in fall,
The basi# af allotsent af eash subscriptions
«ili ba publicly announced, and payment far any bonds allotted must ba sada
or aasplatad on or bafora March 31, 1941, or an later allotsant,
There ara no« outstanding #503,877,500 af 1-5/8 paraant Treasury Nota»
af Saria« 8-1941, maturine fune 15, 1841,
The pressnt off«rime« af Treasury
j
bonds and Treasury notes afford ta boldara of tba ma turine nota« an opportuni!? |
to exahanea thea far otbar interest-bearing obiigetions af tba United Stata«•
Any nata« nat so axabanead at this tima «ili ba paid in aasb following tbair
presenta! lem on and aftar luna 15, 1941,
Tba tanta of tba afflala! alraulara fella«:
«*$*»
«Ad bomda
botb aa to principal and int©rast.
Botfa f©**0 »4U
b# iasu©d Im tba d©aominatloaa ©f #80, $100# $800, 11,000, 18,000, 110,000
and #100,000,
Pursuant to tb© proTlaioae of tb© Fabli© D©bt Act ©f ltil, iatereat
upob
tu« bonds now off©r©d «hall not bar© ab)(©xemption, aa am«B, «»d©r
Föderal tax Acta mow or baraaftar amaatad.
Ötbarwiaa, tba aecuritiea
will 8« aooordad tba ©am© ©xamptioaa from taxmtion aa ar© a©a©rd©d otb©r
iaamaa ©f Troaamry bonds mow outatanding.
Tb©aa prorialona ar© apecifically
86t fortb im tb© ©ffiei©l oiromler r©l©aa©d today.
fb© 8/4 p©re«nt Treaamry Bot©a ©f S©rioa 0-1048 mow ©ff©red in ©xoh&nge
for tb« notes maturing 3hm* 18, 1841, will b© am additlom to and will form
a part of tb© a©riea iaam©d pursuant to Tr©©aury D©partm«mt Oirettlar Ho. 650,
dated Fobruary 88, 1841.
Tb©y ar© id©mti©al im all raapoota witb ameb motoa,
witb mb lob tbey will b© fr»©ly interobangaabl©.
1841, amd boar imtoroat from tbat data,
Tb© m©t©a ar© dat©d Marob 18,
Tb©y will matmro Iferob 18, 1943, and
will mot b© subjact t© ©all for r©demption bafor© maturity,
M a©t fortb im
tb© ©ffieial circular relcaacd today, lmt©r©at upon tba notes shall not bar©
a&y exemptlon, aa anob, under Federal Tax Aota mow ©r b©r©aft©r amaoted, |
Subscriptions will b© re«©ired at tba Fodoral Reacrre Banka and Branohea,
and at tb© Traaanry Department, »ashington.
Baaking inatitutioma gan©rally
may ambmlt subecriptions for account of ©uatomora, bmt omly tb© F©d©ral Boaerre
Banka and tb© Treaaury Department ar© authorized to aet aa ©ffiaial aganelaa,
Cash subecriptions for tb© bomda from banka amd trmat
Companies
for tboir ©wm
aocount will b© roeaired witbomt deposit bat will b© r©atri«t#d im ©aob «aa©
t© an ©womit mot exceeding one-half of tba ©omblmad Capital amd aarplua of
tba aabaoribiisg bank ©r truat Company.
Oaab subscriptiona from all ©tbara
jaust b© socompanied by payment ©f 10 poroomt of tb© amoamt of bomda appliad
f m m m mptszmw?
Washington
fob m m m b m
, Mtmim
newspapers,
lodn»»day, March 19, 1941«
3/18/41
Frees Service
Bo,
Secretary of the Treasury Morgenthau today offered for oesh subscrip
tion, through the Federal Reserve Banks, at par and accrued Interest,
#600,000,000, or thereabouts, of 11-13-yesr 2-1/2 percent Treasury Bonds of
1962-04, and at the sane time offered the holders of 1-3/8 percent Treasury
Botes of Series B-1941, maturing June 13, the privilege of exchanging such
notes for additional amounts of the Treasury bonds now offered for oash sub
scription, or for 3/4 percent Treasury Botes of Berios 0-1943, dated March 15
1941, the exchanges in either case to be made par for par, with Interest
adjustments aa of Maroh 31, 1941.
An additional amount of #50,000,000, or
thereabouts, of the bonds may be sold to (government Investment Accounts
during the next month,
For the benefit of smell laveetore, preferential
allotment will he given to eaeh subscribers up to #6,000 of the bond#, «here
delivery in regietered bonds 90 deys after the Issue date ie specified; those
«ho enter such a subscription for preferential allotment may not enter miy
other eaeh euhaeriptlon.
The Treasury Bonds of 1962-64, no« offered for oeeh subscription end in
exchange for the notes due June 16, 1941, will be dated Maroh 31, 1941, and
«1X1 bear interact from that date at the rata of 2-1/8 percent par annum,
payable semiannually.
a fractional period.
The first coupon due September 16, 1941, «ill be for
Tho bonds «ill mature March 16, 1954, but may ba re
deemed, at the option of the United States, on and after March 15, 1962.
They will be Issued in two format baarsr bonds vith interest coupons attached)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, March 19, 19^1.
37TZm
.
........
Press Service
No. 2
....
Secretary of the Treasury Morgenthau today offered for cash
subscription, through the Federal Reserve Banks,
interest, $ 500,000,000, or thereabouts,
of H -
at par and accrued
13-year 2- 1/2
percent
Treasury Bonds of 1952-54-, and at the same time offered the holders
of 1-3/g percent Treasury Notes of Series B - 19^ 1 , maturing
June Ip, the privilege of exchanging such notes for additional
amounts of the Treasury bonds now offered for cash subscription,
or for 3/4- percent Treasury Notes of Series D-I 94-3 , hated March
15 ,
194-1, the exchanges in either case to be made par for par, with
interest adjustments as of March > 1 , 194-1.
$50,000,000,
An additional amount of
or thereabouts, of the bonds may be sold to Government
Investment Accounts during the next month.
For the benefit of
small investors, preferential allotment will be given to cash sub
scribers up to $ 5 *0(30 of the bonds, where delivery in registered
bonds
90
days after the issue date is specified;
those who enter
such a subscription for preferential allotment may not enter any
other cash subscription.
The Treasury Bonds of 1952-54-, now offered for cash subscrip
tion and in exchange for the notes due June
March
31 ,
15 ,
194-1, will be dated
194-1, and will bear interest from that date at' the rate
of 2-1/2 percent per annum, payable semiannually.
due September
15 ,
The first coupon
194-1, will be for a fractional period.
The bonds
-
«*
^ i H m &ture March 15, 1954, but may be redeemed, at the’option of
the United States, on and after March 15, 1952,
issued in two forms?
They will be
bearer bonds with interest coupons attached,
and bonds registered both as to principal and interest.
Both forms
will be issued in the denominations of $50, $ 100, $500, $ 1 ,000,
$5,000, $10,000 and $100,000*
Pursuant to the provisions of the Public Debt Act of 1941,
interest upon the bonds 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 outstanding.
These
provisions are specifically set forth in the official circular
released today,
The 3/4 percent Treasury Notes of Series D-1943 now offered
in exchange for the notes maturing June 15, 1941, will be an
addition to and will form a part of the series issued pursuant to
Treasury Department Circular No. 650, dated February 25, 1941,
Ihey are identical in all respects with such notes, with which they
will be freely interchangeable.
The notes are dated March 15, 1941,
and. bear interest from that date.
They will mature March 15, 1943,
and will not be subject to call for redemption before maturity,
As set forth in the official circular released today,
interest upon
the notes shall not have any exemption, as such, under Federal
Tax Acts now or hereafter enacted.
- 3 Subscriptions will be received at the Federal Reserve Banks
and Branches,
and at the Treasury Department, Washington. Banking
institutions generally may submit subscriptions for account of
customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies.
Cash sub
scriptions for the bonds from banks and trust companies for their
own account will be received without deposit but will be restricted
in each case to an amount not exceeding one-half of the combined
capital and surplus of the subscribing bank or trust company. Cash
subscriptions from all others must be accompanied by pa.yment of
10
percent of the amount of bonds applied for. Exchange subscriptions
should be accompanied by a like face amount of l- 3/g percent
Treasury Notes of Series B-19^-1, due for payment on June
with final coupon due June Ip, 1941,
attached.
15 ,
If the maturing
notes a,re tendered in exchange for the new Treasury bonds,
interest from December
15 ,
Ijko to March
194-1,
31, 1941 ,
accrued
about $4,004
per $1,030 face amount, will be paid the orniers of the surrendered
notes following their acceptance.
If the maturing notes are tendered
in exchange for 3/4 percent Treasury Notes of Series D-I 943, the
difference between the accrued interest from December
March Jlj 194l,
15 ,
1940 to
on the surrendered notes and the accrued interest
from March fcg to March
31 ,
1941,
on the notes to be issued,
about
l3*67B per $ 1,000 fa.ce amount, will be paid the owners of the
surrendered notes following their acceptance.
The right is reserved to close the books as to any or all
subscriptions or classes of subscriptions at any time without notice.
4 -
Subject to the reservations set forth in the'official circulars,
all exchange subscriptions will be allotted in full.
The basis of
allotment of cash subscriptions will be publicly announced, and
payment for any bonds allotted must be made or completed on on
before March 31, 1941, or on later allotment*
There are now outstanding $503,877,500 of 1-3/8 percent
Treasury Notes of Series B-1941, maturing Tune 15, 1941*
The
present offerings of Tre sury bonds and Treasury notes afford to
holders of the maturing notes an opportunity to .exchange them for
other interest-bearing obligations of the United States*
Any
notes not so exchanged at this time will be paid in cash following
their presentation on and after June 15, 1941*
The texts of the official circuir rs follow
UNITED STAFFS OF AMERICA
2~l/2 PERCENT TREASURY BONDS OF
1952- 5^
19^1
Dated and bearing interest from March |l,
Due March
15 , 1954
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND AC C R U E D
INTEREST ON AND AFTER MARCH 1 5 , 1 9 5 2
ACCRUED
Interest payable March
jPp
Department Circular No.
15
and September
15
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, March 19 , 19A 1
651
Fiscal Service
Bureau of the Public Debt
I.
1.
OFFERING- OF BONDS
The Secretary of the Treasury,
the Second Liberty Bond Act,
par and accrued interest,
as amended,
pursuant to the authority of
invites subscriptions,
at
from the people of the United States for
2-1/2 percent bonds of the United States, designated Treasury Bonds
000,
of 1952-54-.
The amount of the public offering is #500, 000,
thereabouts,
with the right reserved to the Secretary of the
or
Treasury to increase the offering by an amount sufficient to accept
all subscriptions for which Treasury Notes of Series B-I 9I11, maturing
June
15 ,
1941, are tendered in payment and accepted.
#50,000,000, or there
the amount offered for public subscription,
abouts,
In addition to
of these bonds may be allotted to Government investment
accounts against cash payment,
II,
1.
DESCRIPTION. OF BONDS
The bonds will be dated March
interest from that date at the rate of
2- 1/2
payable on a semiannual basis on September
on March
15
and September
15
31 , 19'lu,
and will bear
percent per annum,
15 , 19 I+I,
and thereafter
in each year until the principal
2
amount becomes payable*
They will mature March
15 ,
195^-, but may be
redeemed at the option of the United States on and after March
in whole or
terest day or days,
part,
at par and accrued interest,
15 ,
on any in
on four months* notice of redemption given in
such manner as the Secretary of the Treasury shall prescribe.
In
case of partial redemption the bonds to be redeemed will be deter
mined by such method as may be prescribed by the Secretary of the
Treasury.
From the date of redemption designated in any such notice/
interest on the bonds called for redemption shall cease.
2*
The
inoom0
Federal taxes,
to estate,
derived from the bonds shall be subject to all
now or hereafter imposed.
inheritance,
The bonds shall be subject
gift or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or hereafter im
posed on the principal or interest thereof by any State,
the pcsseosions of the United States,
3*
or any of
or by any local taxing authority
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.
Bearer bonds with interest coupons attached,
and bonds
registered as to principal and interest, will be issued in denomina
tions of $ 50, $100,
$500,
$1 ,000,
|5, TOO,
$10,000 and $100,000.
Pro
vision will be made for the interchange of bonds of different de
nominations 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.
ihe bonds will be subject to the general regulations of the
Treasury Department,
States bonds.
now or hereafter prescribed,
governing United
** 3 —
III.
I.
SUBSCRIPTION AND ALLOTMENT
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 insti
tutions generally may submit subscriptions for account of customers,
but only the Federal Reserve Banks and the Treasury Department are
authorized to act as official agencies.
Others than banking
institutions will not be pe rmitted to enter subscriptions except
for their own account*
Cash subscriptions from banks and trust
companies for their own account will be received without deposit
but will be restricted in each case to an amount not exceeding onehalf of the combined capital and surplus of the subscribing bank
or trust company*
Cash subscriptions from all others must be
accompanied by payment of
10
percent of the amount of bonds applied
for*
2*
The Secretary* of the Treasury reserves the right to reject
any subscription, in whole or in part,
to allot less than the
amount of bonds applied for, and to close the books as to any or
all subscriptions at any time without notice $ and any action he may
take in these respects shall be final*
Cash subscriptions
for amounts up to and including §5,000 where the subscribers specify
that delivery be made in registered bonds 90 days after the issue
date will be given preferred allotment*
In each such case a sub-
4
ocriber may not enter any other cash subscription, and. payment;
must be made as provided in Section IV of this circular*
ject tg these reservations,
Sub
subscriptions in payment, of which
Treasury Notes of Series B-1941 are tendered w^ill be allotted in
full.
Allotment notices will be sent out promptly upon allotment,
and the basis of the a 13.otment will be publicly announced*
IV, PAYMENT
1*
Payment at par and accrued interest,
if any, for bonds
allotted to the public on cash subscriptions hereunder must be made
or completed on or before March 31, 1941, or on later allotment.
In every case where payment Is not so completed,
application up to
10
the payment with
percent of the amount of bonds applied for
shall, upon declaration made by the Secretary of the Treasury In
his discretion, be forfeited to the United States,
Any qualified
depositary will be permitted to make payment by credit for bonds
allotted to it tor Itself and its customers up to any amount for
which It shall be qualified in excess of existing deposits,' when
so notified by the Federal Reserve Bank of Its district.
Treasury
Notes of Series B-1941, maturing June 15, 1941, with coupon dated
June 15, 1941, attached, will be accepted at par in nayment for any
Donds subscribed tor and allotted,
scription*
Accrued interest from December 15, 1940 to March 31,
1941 ($4*00412 per $1,000),
the notes.
and should accompany the sub
will be paid following acceptance of
5
V.
1.
GENERAL PROVISIONS*
As fiscal agents of the United States, Federal Reserve
B^iks 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,
ment for bonds allotted,
to receive pay
to make delivery of bonds on full-paid
subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds*
2*
The Secretary of the Treasury may at any time, or from
time to time, prescribe supplemental or amendatory rules and
regulations governing the offering, which will be communicated
promptly to the Federal Reserve Banks*
HENRY MORGENTHAU, JR*
Secretary of the Treasury,
UNITED STATES OF AMERICA
Dated and bearing interest from March
Interest payable March
15
15 , 19^1
- Due March
and September
15,1943
15
ADDITIONAL ISSUE
lÿ4l
Department Circular No*
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, March 19 , 19^-1
652
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, as amended,
at par and accrued interest,
invites subscriptions,
from the people of the United States
for 3/4- percent notes of the United States, designated Treasury
Notes of Series D-I 943, in payment of which only Treasury Notes
of Series B-194l, maturing June
15 ,
194l, may be tendered*
The
amount of the offering under this circular will be limited to the
amount of Treasury Notes of Series B-194l tendered and accepted
II. DESCRIPTION OF NOTES
1*
The notes now offered will be an addition to and will form
a part of the series of 3/4 percent Treasury Notes of Series
D-19^3 issued pursuant to Department Circular No*
650,
dated
February 25, 19^1* will be freely interchangeable therewith, are
identical in all respects therewith, and are described in the
following quotation from Department Circular No#
650:
,fl. The notes will be dated March 15 , 194l, and will bear
interest from that date at the rate of 3/4- percent per annum,
2
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 ; 19^3* and will not be subject to call for redemption prior
to maturity*
gt*
The income derived from the notes shall be subject
to all Federal taxes, now or hereafter imposed.
The notes shal.“
be subject to estate, inheritance, gift or other excise
taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of
the United States, or by any local taxing authority,
"3* The notes will be accepted at par during such time
and under such rules and regulations as shall be prescribed
or approved by the Secretary of the Treasury in payment of
income and profits taxes payable at the maturity of the notes.
The notes will be acceptable to secure deposits of
public moneys, but will not bear the circulation privilege,
'’5* Bearer notes with interest coupons attached will be
issued in denominations of $ 100, $ 500, $ 1 ,000, $ 5 ,000,
$ 10,000 and $ 100,000, The notes will not be issued in
registered form,
”6, The notes will be subject to the general regulations
of the Treasury Department, now or hereafter prescribed,
governing United States notes,"
III.
1*
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve
Banks and Branches and at the Treasury Department, Washington,
Banking institutions generally may submit subscriptions for account
of customers, but only the Federal Reserve Banks and the Treasury
Department are authorized to act as official agencies.
2,
The Secretary of the Treasury reserves the right to
reject any subscription,
in whole or in part, and to close the
books as to any or all subscriptions at any time without notice;
and any action he may take in these respects shall be final*
- 3 Subject to these reservations,
in full*
all subscriptions will be allotted
Allotment notices will be sent out promptly upon allot
ment*
IV,
1#
PAYMENT
Payment at par and accrued interest for notes allotted
hereunder must be made or completed on or before March
31 ,
19^1,
on or later allotment, and may be made only in Treasury Notes of
Series B-l 9*4-1, maturing Juno
15 , 1 9*4-1,
which will be accepted at
par, and should accompany the subscription.
Coupons dated June
15, 19^1 should be attached, and accrued interest from December
15 j 19*4-0 to March J l f 19*4-1 ($*4-*00*1-12 per $ 1 ,000) on the maturing
notes will be credited,
and accrued interest from March
15
to
March Jl, 19*4-1 ($0*32609 per $1,000) on the new notes will be
charged,
to subscribers.
The difference ($3*67^03 per $1,000)
will be paid following acceptance of the notes*
V.
1*
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve
Banks are authorized and requested to receive subscriptions,
to
make allotments on the basis and up to the amounts indicated by
the Secretary of the Treasury to the Federal Reserve Banks
of the respective districts, to issue allotment notices,
receive payment for notes allotted,
on full-paid subscriptions allotted,
to
to make delivery of notes
and they may issue interim
receipts pending delivery of the definitive notes*
2.
The Secretary of the Treasury may at any time, or from
time to time, prescribe supplemental or amendatory rules and
regulations governing the offering, which will be communicated
promptly to the Federal Reserve Banks»
HENRY MORGENTHAU, JR , ,
Secretary of the Treasury,
TREASURY DEPARTMENT
?5&shington
tor release,
Press Service
uomim
wispaf« #
Thursday.. March 2D, It Q * -----*
“Tm t "
to
5/19/41
Secreur? of the Treasury Uorgenthau announced last night that the eubacription book» for the receipt of caah subscriptions to the current offering
of *500,000,000, or thereabouts, of 2-1/2 percent Treason Bond, of 1952-54
closed at the close of business Wednesday, »arch 19, except for the receipt
of subscriptions for amounts up to and including *5,000 »here the subscribers
specify that delivery be »ad. in registered bond. 90 day. after the issue
date.
The subscription books »ill be closed for the receipt of subscriptions
of that class at the close of business tonight, March 20.
The subscription books for the Treasury Bonds of 1952-54 and for the
Treasury Rote, of Series D-1943 for the receipt of subscriptions in paynent
of which Treasury Botes of Series B-1941, maturing June 15, 1941, are tendered,
will close at the close of business tonight, March 20,
Subscriptions of any class addressed to a Federal Reserve Bank or Branch
or to the Treasury Department and placed in the mail before 12 o ’clock »idnight
of the respective closing day. H U
be consider«! as having been entered before
the cl©«® of the subscription book«.
Announcement of the amount of subscription, and the basis of allotment
will probably be made on Monday, March 24*
TREASURY DEPARTMENT
Washington
.V
DOR RELEASE, MORNING- NEWSPAPERS,
Thursday, March 20, 19^ 1 *
3/19/41
’
Prfess Service
No
n
. *
Secretary of the Treasury Morgenthau announced last night that
the subscription books for the receipt of cash subscriptions to the
current offering of $ 500,000,000, or thereabouts,
of
2- 1/2
percent
Treasury Bonds of 1952-5^ closed at the close of business Wednesday,
March
19 ,
except for the receipt of subscriptions for amounts up
to and including $ 5,000 where the subscribers specify that delivery
be made in registered bonds
90
days after the issue date«
The sub-,
scription books will be closed for the receipt of subscriptions of
that class at the close of business tonight, March 20*
The subscription books for the Treasury Bonds of I952- 5L and
for the Treasury Notes of Series D- 19^3 fob the receipt of sub
scriptions in payment of which Treasury Notes of Series B- 19 ^1 ,
maturing June
15 ,
19^~J a^e tendered, will close at the close of
business tonight, March 20*
Subscriptions of any class addressed to a Federal Reserve Bank
or Branch or to the Treasury Department and placed in the mail before
12
o 1clock midnight of the respective closing days will be considered
as having been entered before the close of the subscription books-*
Announcement of the amount of subscriptions and the basis of
allotment will probably be made on Monday, March 2^*
-0 O0-
TREASURY DEPARTI® NT
Washii^ton
(Add Press Service No* 24-11 for release.
MORNING NEWSPAPERS, Friday, March 21, 1941)
R e demption Values
of New Series of United States Savings Bonds
(Per $100*00 of maturity value)
Period
after
issue date
Defense
savings
bonds
Series F
savings
bonds
Series G
savings
bonds
Not redeemable
$9 6 .6 0
First 1/2 year
1/2 to 1 year
1 to 1 - 1 / 2 years
1 - 1 / 2 to 2 years
2 to 2- 1 / 2 years
$75*00
75*00
7 5 *5 °
7°*00
?6 *5 °
2- 1 / 2 to 3 years
3 to 3-1/2 years
3 - 1 / 2 to k- years
4 to 4— 1/2 years
4- 1/2 to 5 years
77*00
73*00
75.40
79*00
76.70
77.60
5 to 5- 1 / 2 years
S2 .0 0
S3.00
S4.00
S6 .0 0
SS.0 0
79.70
S5.50
64. SO
95. SO
90*00
9 2 .00
S6 .1 0
67.40
9^*00
9 6 .00
96.00
91.40
9 6 .4 0
9 6 .7 0
9 7 .0 0
9 7 .3 0
9 7 .6 0
5- l/2 to 6 years
b to 6-1/2 yea.rs
6- 1 / 2 to 7 years
7 to 7~l/2 years
7 - 1 / 2 to S years
6 to 6-1/2 years
6-1/2 to 9 years
9 to 9-1/2 years
9-1/2 to 10 years
10 to 10-1/2
10-1/2 to 11
11 to 11-1/2
H - l / 2 to 12
SO.00
Si. 00
7^.50
7H-.90
7 6 .0 0
78 .6 0
g o . 90
S2 .2 0
g g .7 0
9 0 .0 0
92.90
94.50
years
years
years
years
Maturity value*
#714-. 00
74. 20
9 6 .2 0
9 g . 00
100.00
1 0 0 .0 0
* Available ten years after issue date for the
Defense savings bonds and twelve years after
issue date for the Series F and G savings
bonds.
9 7 . SO
9 6 .9 0
9 6 .2 0
9 5 .6 0
9 5 .1 0
94. so
9 4 .7 0
9 4 .7 0
9 4 .9 0
9 5 .2 0
9 5 .5 0
9 6 .1 0
9 7 .9 0
9 s . 20
9 6 . 60
99.20
1 0 0 .0 0
The Postmaster General has approved a ne w series of stamps, of
special design, priced at j | J / 251, 50*, $1, and $5.
given attractive pocket albums in which to mount them.
|
Purchasers will be jj
A n album con-
t a i n i n g r 7 ^ ) f the 25* stamps has a cash value of $18.75 and can be ex-
J
changed for a Defense Savings Bond which i n ( ^ p y e a r s will be worth $25.
There are similar albums for mounting the 50*, $1, and $5 stamps, exchangeable for $50 ^ ^ $ 1 0 0 bonds.
j
Organization
MEvery man, woman and child in America will be given full details
of this National Defense savings plan, and easy ways to take part in it,I
Secretary Morgenthau said.
A new division of the Treasury Department,
called the Defense Savings Staff, has been created under the supervision
of Harold N. Graves, Assistant to the Secretary.
It includes Eugene W.
Sloan, administrative directorJ Gale F. Johnston, field director, and
Harford Powel, director of information.
j
for both, small and large investors, the Series G Bond is not transfer
able, and can be registered like Series F in the name of individuals,
associations, and corporations, exfi^j^^hanko for.their-own account, up
to a total of $ 5 0 j 0 0 C C \ i u a l ‘o * i n
Series F*
£r*A/
coffiination with
Denominationsare^$500, $1,000, $5,000 and $^.0,000.
.
<\ÀH
Series G fi^"^eS^emable before maturity J
.
yurti cas J
Ifearedâiiption vaïïïes printed on iâSS&f ace*
In fixing these values,j
inducement is given to holders to retain their bonds until final
maturity*
Sales Agencies
Defense Savings Bonds will be on sale M a y 1, 1941, at 16,000
Port Offices, at Federal Reserve Banks, M i.ii%9f^£!iU S 0 3^
and diroct by-^ftgrt l - 4 r e m ^ ^ Treasury.
.on .s
Series F and G Savings Bonds
-¿¡r
&***~&* o r &Ü “m
x
Arrangements are now being made through which
'L
lfc*Jr j
^ ^ l # s T ^ T o n d s
and savings banks
of all three series will be accepted at commercial
*
Postal Savings Stamps
Great emphasis is laid by Secretary Morgenthau upon the im
portance of Postal Savings Stamps as a means of encouraging steady
savings among the youth of America and all others to w h o m payment of
$18*75 at one time for the smallest Defense Savings Bond is not con
venient*
j
Le. I&JÎslm A J O j W ^ v ' V »
"i!'
■ U
ttJLR
ftUA^il^4U«w
| U "
77
^
a w
7%.
^
aa^
M
a
A§-^^'$A-f ”/i*l ^ÖCuA-fföb/
I/.' ■:i..4y . ^ ' ~K$AJh’{A flAw^-a d \
ejual to 8k sMBBft interestAS ^ o f 2.9 per cenm. This bond is not
._____ _ ^
V
'5-w a ^"
, and may be redeemed «teEBÿ
________ if...--- — n^rtm •■
transferable, will not fluctuate in
tip@ before maturity at values printed on its face*
Intended chiefly I
for people bf small income, ownership is restricted to individuals in
■1
i
,r,/ ,(■j?■.■
j|
/T
their own right, with a limit u p o n S w M i » g * ' b f $5,000 maturity value
{ ^ T 3 ^ “o S e % a l en d ar year*
- A
#
Denominations are $25, $50, $100, $500, and
$1,000.
Series F Savings Bond
The new Series F Savings Bond, intended for larger investors,
for trustees, and for reserve funds, is offered for 74 per cent of its
maturity value, with maturity of 12 years*
It can be held not only by
individuals, but by trustees, associations, pension funds, and corporawith a limit of $50,000
tions,
fc-^aa^ issued in any one calendar year, alone or in combination with Series G.
per centra year*
If held to maturity, the iiyferoot raté- m l 2*53
The Series F Bond is not transferable, and may be
redeemed^at any time after six months from date of issue in accordance
with a table of redemption values printed on its face.
Denominations
are $100, $500, $1,000, $5,000 and $10,000.
Series G Savings Bond
To meet demand for a current income bond, the new Series G
Savings Bond, to be issued at par, bears interest during its 12-year
Z.A
term at <Jj§p per cent, paid semi-annually by Treasury check*
Intended
I
FOR RELEASE, MORNING NEWSPAPERS,
-Friday, Mar ch^IpL, 1941.__________
M a r c i r l o , 1941 •
-vu.
l 4 ^ i
IH
Secretary of the Treasury Morgenthau today announced the new
issues of United States Sayings Bonds and Stamps, to go on sale May 1,
which have been developed to help in financing the National Defense
program*
»In meeting the cost of this tremendous effort,1* the Secretary
said, ,rthe Government must do more than find billions of dollars•
aid,
It
must find these dollars in a way that will best safeguard the nation
against the evils of inflation, and will give all American citizens a •
sense of taking a direct part in the defense of the country*”
Three new kinds of United States Savings Bonds will he sold.
The first kind, called the Defense Savings Bond, will be almost
identical with the present United States Savings Bond or "baby bond,"
which has become the most widely held single security in the country.
More than $5,000,000,000 worth, at maturity values, have been bought
v" by more than two million men r4Ési women*
t
*
Defense Savings Bond
The Defense Savings Bond will be offered for 75 per cent of
its maturity value, with maturity of 10 years*
Thus, a Defense
Savings Bond bought in May, 1941, for $18.75 will be redeemable in
May, 1951, for $25.00.
This is an increase of 33 1/3 per cent,
% 19
TREASURY DEPARTMENT
Washington
FOR RELEASE; MORNING- 'NEWSPAPERS,
Friday, March 21, 194-1,
3/19/4-1
Press Service
No, 24— 11
Secretary of the Treasury Morgenthau today announced the new
issues of United States Savings Bonds and Stamps,
May.
1,
to go on sale
which have been developed to help in financing the National
Defense program*
flIn meeting the cost of this tremendous effort,1’ the Secretary
said,
’’the G-overnment must do more than find billions of dollars*
It must find these dollars in a way that will best safeguard the
nation aga„inst the evils of inflation,
and will give all American
citizens a sense of taking a direct part in the defense of the
country, ”
Three new kinds of United States Savings Bends will be sold.
The first kind,
called the Defense Savings Bond, will be almost
identical with the present United States Savings Bond or ’’baby bond,”
which has become the most widely held single security in the country.
More than $5;0C0,000,COO worth,
at maturity values, have been bought
by more than two million men, women and children.
Defense Savings Bond
The Defense Savings Bond will be offered for
its maturity value, with maturity of 10 years.
Savings Bond bought in May,
May, 1951;
for $ 25.00,
to an interest return of
annually,
Thus,
per cent of
a Defense
194-1, for $ 1$,75 will be redeemable in
This is an increase of
2.9
75
33 1/3
per cent per annum,
per cent,
equal
compounded semi
This bond is not transferable, will not fluctuate in value,
and may be redeemed at any time before maturity at values printed
2
on its face*
Intended chiefly for people of small income,
ownership
is restricted to individuals in their own right, with a limit upon
holdings of $ 5^000 maturity value of bonds issued in any one calendar
year.
Denominations are $ 25, $ 50, $ 100, $ 500, and $1 ,000.
Defense Savings Bond will replace the present
The
nbaby b o n d 1’ series and
will be available to all subscribers under the Regular Purchase Plan
familiar to many thousands of small investors.
Series F Savings Bond
The new Series F Savings Bond,
intended for larger investors,
for trustees, and for reserve funds,
is offered for
its maturity value, with maturity of 12 years.
only by individuals, but by trustees,
and corporations,
one calendar year,
to maturity,
per cent of
It can be held not
associations,
pension funds,
with a limit of $50,000 cost price issued in any
alone or in combination with Series 0.
the yield approximates
F Bond is not transferable,
2,53
Per cent a year.
If held
The Series
and may be redeemed on thirty d a y s f
notice after six months from date of issue in accordance with a table
of redemption values printed on its face.
$5°0,
Denominations are $ 100,
$1 ,000, $ 5,000 and $10 ,000.
Series G- Savings Bond
To meet demand for a current income bond, the new Series
0
Savings Bond, to be issued at par, bears interest during its
12-year
term at 2-1/2 per cent, paid semi-annually by Treasury check.
In
tended for both small and large investors,
the Series
0- Bond
is not
transferable, and can be registered like Series F in the name of
individuals,
associations,
and corporations, up to a total of $ 50,000
cost price issued in any one year,
Series F.
alone or in combination with
Denominations are $100, $ 500, $1,000 $5,000 and $ 10,000.
- 3 Series G- Bonds will be redeemable before^ maturity on thirty days:
notice after six months from date of issue at fixed redemption values
printed on their face.
In fixing these values,
inducement is..,given
to holders to retain their bonds until final maturity.
Sales Agencies
Defense Savings Bonds will be on sale May 1, 19^+1, at lb, 000
Post Offices, at Federal Reserve Banks and at the United States
Treasury,
Series F and G- Savings Bonds may be obtained on
application to Federal Preserve Banks or to the Treasury,
Arrange
ments are now being made through which it is expected that orders
for bonds'of all three series will be accepted at ccmmerical and
savings banks generally.
Postal Savings Stamps
Great emphasis is laid by Secretary Morgenthau upon the im
portance of Postal Savings Stamps as a means of encouraging steady
savings among the youth of America and all others.to whom payment of
$18.75 at one time for the smallest Defense Savings Bond is not
convenient.
The Postmaster G-eneral has approved a new series of stamps,
50^,
of special design, priced at 10^,
$1, and $5*
Purchasers
will be given attractive pocket albums in which to mount them.
25^
An album containing seventy-five of the
stamps has a cash
value of $13*75 and can be exchanged for a Defense Savings Bond
which in ten years will be worth $ 25,
for mounting the
$100 bonds*
52^,
$1, and
$5
There are similar albums
stamps,
exchangeable for
$52
and
- 4
Organization
Every man, woman and child in America will be given full
details of this National Defense savings plan, and easy ways to take
part in it,,f Secretary Morgenthau said«
A new division of the
Treasury Department, called the Defense Savings Staff, has been
created under the supervision of Harold N* Graves, Assistant to
the Secretary.
It includes Eugene W. Sloan, administrative
director,* Gale P. Johneton, field director, and Harford Powel,
director of information*
- 0O 0-
TREASURY DEPARTMENT
Washington
(Add Press Service No* 2^k-11 for release,
MORNING- NEWSPAPERS, Friday, March 21, gffc )
Redemption Values
of New Series of United States Savings Bonds
(Per 5-100*00 of maturity value)
Period
after
issue date
2-■1/2
0
KA
4^>
5 ye ar s
/2
-1
ye ar s
3
■1/2 t 0 5 V P ar s
4 to 2— 1 /£ ;
years
4- 1/2 to. 5 ye P Y*c
to
to 5- 1/2
i-l/2 to I
^ 6
M to
6—1/ d
6-1/2 to 7
7 to 7-1/2
years
years
years
years
y ear s
7-1/2 to $ years
2 to $-1/2 years
£-1/2 to 9 years
9 to 9~l/2 years
91/2 to 10 years
IP' to 10-1/2
10-1/2 to 11
11 to 11-1/2
111/2 to
77.
78. 00
79. 00
$ 0.00
$ 1 .H B
Series Gsavings
bonds
not
redeemable
7^.20
7^.50
ak
c.
J TT* vo
7b. 00
76.70
77.60
7$. 60
0$ $0
97.ZO
96.90
9b. 20
95.60
95.10
94,80
9^.70
9^.70
82,-00
$ 3.00
$4.00'
$6,00
79.70
$ 0.90
$ 2,20
a
,11
i
84.$0
95.50
95.$0
96.10
90,00
92.00
94.OO
$6. .0
96 Ao
$$.00
$7.^
$8.7«
0
90*
96, in
9$.
years
years
years
12 years
Maturity value*
beries F
savings
bonds
not
edee siabId
"7^/00
w y.
m m . «9
75. 00
75. 50
76.y U
76.
0
First 1 / 2 yea r>
11//'2 to 1 V ear
1L to 1-1 / 2 ye¡ars
_
“j_■1/2 to 0 ye Q T*
1Q
2 to 2-1 / 2 year s
Defense
savings
bonds
QP
.90
9
y If-
Q
U
yfs
^ i on
Q
<
2
D
y
c.
100*00
00.00
*Available ten years after issue date for the
Defense savings bonds and twelve years after
issue dade for the Series F and G- savings
bonds.
— Uo 0—
9^.90
95.20
96*70
97.00
97.30
97.60
97.90
9$. 20
9$.60
99.20
100.00
ALPHA
-
2-
Reserve Banks and Branches, following which public announcement will he 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
j
March 26« 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 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
:
,
. . -]
wtorpot t’
bpreo'f' "by sny State, or
now or hereafter imposed on the principal or mtfr
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 Ho. 413, as amended, and this notice, pre
scribe 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.
2
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPER,
Friday. March 21« 19^1________•
i±ix
The Secretary of the Treasury, hy this public notice, invites tenders
for $100,000,000
or thereabouts, of
91__Treasury bills, to be issued
on a discount basis under competitive bidding.
be dated
March 26, 19^1
, and will mature
The bills of this series will
June 2*5. 19Ul
tót
when the face amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of $>1,000, $5,000, $10,000, $100,000,
$500,000, and $>1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to thi
closing hour, two o'clock p. m., Eastern Standard time, _Mpnday, March 2U,
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1 ,0 0 0 , and the price offered must be expressed
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
Fractions
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied by payment of 10 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.
y
Immediately after the closing hour, tenders will be opened at the Federal
TREASURY DEPARTMENT
POR RELEASE, MORNING PAPERS
Friday, March 21, 1941«____
The Secretary of the Treasury, by this public notice,
invites tenders for $ 100,000,000, or thereabouts, of 91-day
Treasury bills,
tive bidding.
to be issued on a discount basis under competi
The bills of this series will be dated March 26,
1941, and will mature June 25,,1941, when the face amount will
be payable without interest.
They will be issued in bearer form
only, and in denominations of f 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 ’clock p. m , , Eastern
Standard time, Monday, March 24, 1941.
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
decimals,
e. g., 99.925.
100,
with not more than three
Fractions may not be' used.
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 therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers 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 comp a n y .
24-12
2
Immediately after the closing hour,
tenders will he
opened at the Federal Reserve Banks and Branches, following which
public 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 26, 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
disposition of Treasury bills shall not have any special treat
ment, 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 original ly sold by
the United States shall be considered to 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 amy Federal Reserve Bank or Branch.
,o .
substantial increase during the 1942 fiscal year but no estimates
can be made at present*
In preceding years, approximately
110,800,000 gallons have been purchased under contracts executed by
the Division*
I
At present, there are about 4,000 delivery points*
last quarter of the present fiscal year, 500 delivery points
alone will be added in one of the six sections into which the
country is zoned.
With each additional delivery point, estimates
on requirements will be revised upward.
In the
-ifiïisC,s
y
ri
yi^r-^h
r/
il
il 14/
y
\ Gasoline purchases under Procurement Division contracts
will show a tremendous increase in the
19 4 2
fiscal year— possibly
doubling quantities bought in previous years, according to estimates
now being received*
I Thus far, the Division has reviewed estimates of requirements
for the first quarter|f of the
gallons.
19 4 2
fiscal year approximating
These estimates daily are being revised upward*
quarter of the present fiscal year requirements totaled
6 0 , 5 0 0 ,0 0 0
In the like
3 5 *2 0 0 ,0 0 0
gallons•
Nearly all the increase is a result of the national defense
I ^ei
program and is traceable to the additional needs of the military
services*
|^The Procurement Division contracts for all gasoline and fuel
oil used by the Army, (except aviation gas and fuel oil obtained
under Navy marine delivery contracts) by shore establishments of the
Navy, and by all civilian agencies,
4 Approximately 150,000,000 gaMonsj
I
to be delivered to 8,000 points, 4®ffbeen estimated by Federal
agencies as their requirement for the full 1941 fiscal year•
for the
1942 fiscal year, 24 Army posts alone estimate their requirements at
1 0 0 ,0 0 0 ,0 0 0
gallons.
^Although no accurate forecast can be made of 1942 needs at this
time, because of lack of data, it is
possible that purchases may
double those of the present year because of the expanding
preparedness program*
TREASURY DEPARTMENT
Washington
Press Service
No. 24-13
FOR RELEASE, AFTERNOON PAPERS,
Saturday, March 23, 1941.
I M
Gasoline purchases under Procurement Division contracts will show
a tremendous increase in the 1942 fiscal year--possibly doubling quantities
bought in previous years, according to estimates now being received.
Thus far, the Division has reviewed estimates of requirements for
the first quarter of the 1942 fiscal year approximating 60,500,000 gallons.
These estimates daily are being revised upward.
In the like quarter of
the present fiscal year requirements totaled 35,200,000 gallons.
Nearly all the increase is a result of the national defense program
and is traceable to the additional needs of the military services.
The Procurement Division contracts for all gasoline and fuel oil
used by the Army, (except aviation gas and fuel oil obtained' under Navy
marine delivery contracts) by shore establishments of the Navy, and by all
civilian agencies.
Approximately 150,000,000 gallons to be delivered to 8,000 points,
have been estimated by Federal agencies as their requirement for the full
1941 fiscal year.
For the 1942 fiscal year, 24 Army posts alone estimate
their requirements at 100,000,000 gallons.
Although no accurate forecast can be made of 1942 needs at this
time, because of lack of data, it is possible that purchases may double
those of the present year because of the expanding preparedness program.
Fuel oil requirements also are expected to show a substantial
increase during the 1942 fiscal year but no estimates can be made at
present.
In preceding years, approximately 110,800,00 gallons have been
purchased under contracts executed by the Division.
oj
C
At present, there are about 4,000 delivery points.
In the last
quarter of the present fiscal year, 500 delivery points alone will be
added in one of the six sections into which the country is zoned.
7/ith
each additional delivery point, estimates on requirements will be revised
upward •
-o0o~
51S
V.
s'
more men, a boy and a woman in the water.
cued and
Meantime the woman had been res-
lifeguards by the three other Coast Guardsmen.
Ensign Tuttle and his men continued the search for the two men and boy until
darkness and the rising sea made further effort impossible.
Fireman Malkiewicz was a member of a dinghey crew that put off from the
natrol boat Antietam at Milwaukee, Wisconsin, October 12, 1940, to rescue
three men whose motorboat had overturned 200 yards offshore.
Two men were cling-
ing to the boat, if third, John Swizer, was drowning 20 yards away.
He was
A
too weak to grasp a line that was thrown him, and went under.
Malkiewicz
dived, brought Swizer to the surface, and swam with him alongside the dinghey.
Swizer was hauled aboard, and resuscitated; the other two men were picked up
and the motorboat was towed in by the Coast Guard station boat.
Seaman Neal won his medal by an action while the cutter Cypresjsjwas
servicing a lighted whistle buoy several miles seaward of Cape Romain,
South Carolina.
He saved the life of Coxswain Edison Jones, who went aboard
the buoy to relight it and was knocked overboard unconscious when the Cypress,
came alongside.
12 pounds.
Jones, fully clothed, carried at his belt tools weighing
He was sinking when Neal dived overboard in the shark- and
barracuda-infested water.
Neal went beneath the surface, seized Jones,
0*4 r>»*L
brought him up and fastened a life ring ftrow«a him.
position to pick up both men.
-— -o 0 ft
The Cvpress came into
^iSfsSSIl
i .i?'
pBill
TREASURY DEPARTMENT
Viashi net on
& B B
life:a?"
mmMsm
Jjg
Press Service
No.
FOR RELEASE MORNING NEWSPAPERS
Saturday, March 22, 1941 ____
m
1mm
AI
:,j]
¿
y
w
/
Silver life-saving medal awards to four Coast Guardsmen were announced
today by Admiral R. R. Waesche, Coast Guard commandant, with citations
mmmm
mmS^
m m
describing the actions in line of duty which earned the tokens of heroism»
p l i
an Act of Congress, and may be awarded to anyone whose -a^fe^is worthy of this
Life-saving medals are given by the Treasury Department in accordance wiih
0uct*lsv-
recognition.
;:
|§
They are of two kinds, gold and silver.
The men /receiving the medals and their home addresses are:
A.
Ensign Raymond A. Tuttle, Chiloquin, Oregon; Boatswains Mate«^IJJ'liillIN ' liiwmTV»
William Chambers, South Norfolk, Virginia; Fireman
Anthony A.
Wji&sk.
Malkiewicz, Milwaukee, Wisconsin^^Apprentice Seaman Leon B. Neal, Mayport,
-»‘^Srar
Florida.
Ensign Tuttle and Boatswains Mate Chambers rescued Abraham Taylor, of
Ccy*^*4
Long Beach, California, from the sea, September 24, 1939.
Th^j wex4 on the
■HE
cutter Spencer, anchored behind the breakwater at San Pedro, California,
about
i ll ll i "i
HUI
ftg§
4
o ’clock p. m., when word came that a small motor cruiser had foundered
just outside the breakwater, and five persons were in the sea about 30 yards
out.
With three other men, Tuttle and Chambers went out in a self-bailing
motor boat, and searched without finding anyone.
They quitted the boat and
went to the top of the breakwater for better view.
Waves swept over the
BUS
boardwalk and almost washed them into the sea.
They heard a weak voice, and
climbed down the breakwater, to find Taylor wedged between boulders .
They
B||||p*
were flattened against the rocks several times by waves before they reached
ftdi
Taylor.
They carried him to the boardwalk, and he told them there were two
tl§
M S « ,,
WIMii
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Shturday, March 22, 19^1
3
Press Service
No, 24-14
Silver life-saving medal awards to four Coast Guardsmen were
announced today "by Admiral R. R, Waesche, Coast Guard commandant, with
citations describing the actions in line of duty which earned the
tokens of heroism.
Life-saving medals are given hy the Treasury Department in accordance
with an Act of Congress, and may be awarded to anyone whose action is
ivorthy of this recognition.
They are of two kinds, gold and silver.
The men currently receiving the medals and their home addresses
are:
Ensign Raymond A. Tuttle, Chiloquin, Oregon; Boatswains Mate William
Chambers, South Norfolk, Virginia; Fireman Anthony A. Malkiewicz,
Milwaukee, Wisconsin, and Apprentice Seaman Leon B. Neal, Mavport, Florida.
Ensign Tuttle and Boatswains Mate Chambers rescued Abraham Taylor,
of Long Beach, California, from the sea, September 24, 1939*
The
Coast Guardsmen were on the cutter SPENCER, anchored behind the break
water at San Pedro, California, about 4 o ’clock p.m., when word came
that a small motor cruiser had foundered just outside the breakwater,
and five persons were in the sea about ]>0 yards out.
With three other
men, Tuttle and Chambers went out in a self-bailing motor boat, and
searched without finding anyone.
They quitted the boat and went to
the top of the breakwater for better view.
walk and almost washed them into the sea.
Waves swept over the board
They heard a weak voice, and
climbed down the breakwater, to find Taylor wedged between boulders.
They were flattened against the rocks several times by waves before they
2
reached Taylor.
They carried him to the "boardwalk, and’
Jte told them
there were two more men, a hoy and a woman in the water.
Meantime
the woman had been rescued and left with lifeguards by the three other
Coast Guardsmen.
Ensign Tuttle and his men continued the search for
the two men and boy until darkness and the rising sea made further
effort impossible.
Fireman Malkiewicz was a member of a dinghey crew that put off
from the patrol boat ANTIETAM at Milwaukee, Wisconsin, October 12, 19^0,
to rescue three men whose motorboat had overturned
Two men were clinging to the boat.
20 yards away.
and went under.
200
yards offshore.
The third, John Swizer, was drowning
He was too weak to grasp a line that was thrown him,
Malkiewicz dived, brought Swizer to the surface, and
swam with him alongside the dinghey.
Swizer was hauled aboard, and
resuscitated; the other two men were picked up and the motorboat was
towed in by the Coast Guard station boat.
Seaman Heal won his medal by an action while the cutter CYPRESS
was servicing a lighted whistle buoy several miles seaward of Cape
Romain, South Carolina.
He saved the life of Coxswain Edison Jones,
who went aboard the buoy to relight it and was knocked overboard
unconscious when the CYPRESS came alongside.
carried at his belt tools weighing 12 pounds.
Jones, fully clothed,
He was sinking when Heal
dived overboard in the shark- and barracuda-invested water.
líeal went
beneath the surface, seized Jones, brought him up and fastened a life
ring, about him.
The CYPRESS came into position to pick up both men.
0O0
t J* & é
Form M
P
BACK INCOME TAX (PAYMENTS FOR 1939 & PRIOR YEARS)
mm
Collected March 1 - 20, 19A1:
CURRENT CORPORATION INCOME TAX PAYMENTS FOR 1940
»ré
Collected March 1 - 20, 1941s
it
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^
Back
Corporation
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____
Total, ^
35747
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/ 7?55k7
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%4 SJ7
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<J ù f â o x f
I li 937
/O 30.0
93 $6?
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1040-A Full Paid 1040-A Returns
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y i!
CURRENT INDIVIDUAL INCOME TAX PAYMENTS FOR 1940
| | (FORM 1040-A)
______Collected March 1 - 20, 1941s________
00+ 5
/ z Y 7YY\
n / S1 7
50 m
z!5 k% k
/ / 93/
% S
1
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714
CURRENT INDIVIDUAL INCOME TAX PAYMENTS FÇ,
(FORM 10h0 & lOLl)
*
osti--- aBHBHBBmTFFr- rTOgg
10*40 Part Paid
/ Z 30 ûY7\
j ? y o yÀ
Total
10h0 ' s and lOUll Total, All Incoine Taxes5
Total,
Current Returns
Back Taxes
IOUO Full Paid
~T~
/ Y 7 / Y 79
54$ y*/\
L 7s S g à,
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INCOME & EXCESS PROFITS COLLECTED MARCH 1 - 20, 1941
~ T ~
rs/ ssJ
770 YYp
/0 3 2 579
7314*090
/6 S 0 4 8 L À
2 Y 7 9 S 4$
/Y 826 36 7
/ 0 3/O Y t / /
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/ 70/ 8S$
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/k S j0 6 jf
3 C92 3 0 $
/ 86k 379
J / 0 2 70+
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/ 8S3 ¿S3
/ J 9 2 9 93$
/$ 0 9 2 s n
79 9 0 / 4 9 4
S 307 //)
/ 1 / l s s Jt
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/ô J S f£ /
/ 0 2 g 36$
3 3 0 3 S 3 j/
N / 6 4 6 2 *.
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70 Y 0 7 0 7p
48 3 3 # I4é
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Excess Profits Tax (Total Income and,, Total Income and|
—H
Flxcess Profits Tax Excess Profits Tax
March 1-2 0 ,19 ^
8+181
3 x ?41
ISl U S
241 x51
36 512
65+5x7
X++ 0 8 I 6
\8 2 l5 5 \5
47 727
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101151223
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1115561
I IG1558
Excess Profits Tax
Total Income,
(2nd Rev. Act
(Current and Back)
of 19AO)
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4 8 3446 24
8 4*5 415
3> o34 431
5 iS 58o
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1 81 L i t i
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L33ff64641
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4
(Oontinued)
Deposited
March 1-20 1940
District
i—i
H
472, 951, 84
4, 227, 533. 81
% 107, 373. 46
2,183, 751. 48
h 030, 770. 29
1 , 396, 447. 77
3, 536, 867. 18
21 ,803, 267. 15
593, 749. 47
14, 209, 511. 50
n , 339, 699. 60
46, 222,752. 45
1 1 ,580, 813. 96
3, 583, 048. 61
9, 363, 076, 81
a, 237, 749. 47
210,571. 79
9, 720, 941. 57
5, 466, 885, 53
2,982, 234, 92
! 8,449, 817, 53
4 ;057, 726, 72
2,059, 754, 01
23, 920, 719, 96
3 j 860, 341. 23
22,926, 378, 39
4 198, 273. 74
i. 643, 681. 10
325, 566. Ì7
476,
273, 00
4,
674,
866
,29
9,
64
864,
6,338,
1 , 095, 636. 01
833, 785. 21
8,073, 819. 61
1st Missouri
6th Missouri
Montana
Nebraska
Nevada
New Hampshire
1st New Jersey
5th New Jersey
New Mexico
1st New York
2d New York
3d New York
14th New York
21st New York
28th New York
North Carolina
North Dakota
1st Ohio
10th Ohio
11th Ohio
18th Ohio
Oklahoma
Oregon
1st Pennsylvania
12th Pennsylvania
23d Pennsylvania
Hhode Island
South Carolina
South Dakota
Tennessee
1st Texas
2d Texas
Utah
Vermont
Virginia
Washington, including
Alaska
West Virginia
Wisconsin
Wyoming
4, 819, 260. 65
3, 446, 184. 36
9, 916, 012,51
494, 641, 04
TOTAL
ryf
I
$621, 448, 616, 25
'P/i a
$ /. / 3 f , 3 %
■Ip ò
r
mi¿4,7a
( \JUh**&4**»*~*~* C U ^
“
¡j / f < 4 o .
TREASURY DEPARTMENT
Washington
Press Service
N o t '^S5SW50
Çl Lj i i
FOR IMMEDIATE RELEASE.
£$r±âæj, March 22. 194$«
ipj i J>4ty y
Income tax
3 H ¿>37
*
«.
a
,
deposited by Collectors [amounted to
P
the" period March 1 to 20, 194$,
Commissioner of Internal Revenue’
inclusive^
.announced today.
/1 S I
in the comparable period of a year ago, March 1-20,
inclusive
i l
deposits of income tax collections were“S^4a£C,-122,wU2. 39 c—
j $ up
by revenue collection districts,
The deposits *
fui the "t'wu “pci'iod^yJC as shpwn by telegraphic reports from
(flUp
*"wiov»4L /ÌUììaJ ^ v ! / 0
Collectorli;^
District
Alabama
Arizona
Arkansas
1 st California
6th California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
1st Illinois
8th Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland, including
District of Columbia
Massachusetts
Michigan
Minnesota
Mississippi
* I)ept5slted
March 1-20, 195!
1,760,003.04
654,523.57
1,165,073*31
.5,845,851.70
.6,565,094.99
3, 350,12*1.29
Ll\088, 030.65
)27,4 Í 7 ,03
¿23,476.30
13,709.14
>9,f89.07
433,124,35
2m,fe09.17
;88®il76.62
58^547,13
i,981a 575.44
,003i,\425.43
,625,355.29
431,4)B3,02
I,03b, 708.85
13, 734, 6 8 0 1 2 5
14, 4(Ï0, 027 a D9
23,024,248.13
1,295,748.00
910,420.10
Tltfl
III!
Deposited ^
March 1-20, 1940
2, 323,126.57 ;MI
914,433.42
1,344,925.08
18,153,880.42
17,274,531.36
3, 370,405.04 i
14, 742,861.06 »
21,744,083.15
7, 510, 247*08
5,651,117:21 I
1,461,003.61
655, 662.64 I
48,188,302.53}
5,171,244.06!
10,284,532.30
3, 924, 602.431
2,329,664.56! s3¡
4,783,533.51!
4,960,835.19!
2, 256,419.89 8
If
•
15, 719,048.301 St
19,341,824,531
39,9 99 ,498.001
7, ¿61, 044.00
1,100,191.48
Ü
TREASURY DEPARTMENT
Washington
3sServ];;| FOR IMMEDIATE RELEASE,
«Sii
Press Service
No. 2^-15
Saturday, March 22, 19^1»
a i
itedto I
Income tax payments deposited by Collectors during the period
March 1 to 20, 19^1,
inclusive,
amounted to $ 1 ,139 ,3^^, 637, the
3edtodiI\ Commissioner of Internal Revenue announced today.
ta )
rinclusi period of a year ago, March 1-20, 19^0, inclusive,
In the comparable
deposits of income
tax collections were $621,Mj-g, 6l 6 .
lisiiil
The 19^1 deposits, by revenue collection districts,
*
— A\
Ur
telegraphic reports from Collectors,
» I
similar
posited[
JWOjI
19^-0
as shown by
and the deposits during the
period were as follows:
District
Alabama
Arizona
Arkansas
1st California
6th California
Colorado
Connecticut
Delaware
.Florida
Georgia
Hawai i
Idaho
1st Illinois ■6th Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
['Maine
:Maryland, including
District of Columbia
Massachusetts
Michigan
¿Minnesota
¡Mississippi
Deposited
March 1-20, 19I+O
914 ,433.42
1 ,344,925.0g
13 ,153,220.1+2
17,27*1 531.36
3,370,403.01+
14 ,71+2,861,06
21 ,744,083.15
7 ,510,247.08
5,651,117.21
l,46l, 003.61
655,662,64
48.188.302.53
5,171,244.06
10 .284.532.30
3,924,602.43
2 ,329,664.56
4,7^3,533.51
4,960,835.19
2,256,419.89
15.719.042.30
19 .341.824.53
39,999,498.00
7 ,361,o44 . 00
1 ,100,191.48
Deposited
March" 1-20, 19^1
5 ,620,434
1,390,541
2,261,022
30,943., 721
26,497,746
5,?73,254
37,474,826
34, 591,524
12 ,213,431
8,980,967
2,480,062
1, 2 4 9 , 2 2 6
83,715,337
9,777,020
18 ,502,581
6 ,012,560
4,416,282
7 ,227,536
8,460,796
3,6 4 3 ,3 30
88,792,020
36,3681181
57,418,367
1 1 ,892,201
1,997,970
2
(Continued)
District
1st Missouri
6th Missouri
Montana
Nebraska
Nevada
New Hampshire
1st New Jersey
5th New Jersey
New Mexico
1st New York
2d New York
3d New York
l^th New York
21st New York
20th New York
North Carolina
North Dakota
1st Ohio
10th Ohio
11th Ohio
10th Ohio
Oklahoma
Oregon
1st Pennsylvania
12th Pennsylvania
23d Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
1st Texas
2d Texas
Utah
Vermont
Virginia
Washington, including
Alaska
West Virginia
Wisconsin
Wyoming
TOTAL
Deposited
March 1-20,1941
Deposited
March 1-20,19^0
I 11,^72,951^
M 27 ,533*^1
1,107,373*46
2 ,103,751^0
1 ,030,770.29
1 , 3 9 6 , 4-4-7.77
3 , 5 3 6 , 067.10
21 ,003,267*15
, 5 9 3 , 749*4|
1 ^ 2 0 9 , 511*50
7 1 , 3 3 9 , 699*60
^-6 ,222,752.4-5
1 1 ,530* ¿ 13.96
3 , 5 ^ 3 , c4-g, 61
9 , 3 6 3 , 076.81
3 , 2 3 7 , 7 4*9.4-7
210,571.79
9,720,94-1.57
5 ,4 6 o , ««5.53
21 902 , 234.92
13,414-9, «17.53
726.72
4
2 , 0 5 9 , 754.01
23,920,719.96
3,«6$, 341.23
22,926,3 7 « . 39
4,19«, 273.741,1k ,681.10
« 3 3 , 7 8 5 .2 1
« , 0 7 3 , 819.61
6,558,123
1 ,9 3 6 ,7 76
3 ,830,180
1,784,640
2,301,225
6 , 4 o4 , 5 0 7
3 5 ,2 9 7 ,8 2 7
997,48b
23,537,27«
118 ,652,586
92,590,721
25,706,607
6 ,8 4 6 ,6 8 8
1 6 ,917,358
1 1 ,825,936
370,337
18 ,577,268
10 ,581,271
4 ,8 6 8 ,1 97
40,855,720
6,796,690
4 ,4 9 2 ,4 6 5
38.863.897
,9 ,677,496
4 8.861.897
10 ,829,317
3,143,333
524,617
7,7 1 3 ,1 95
16 ,611,381
9 ,9 4 4 ,6 2 4
2,030,429
2 ,1 7 7 ,9 8 6
1 3 ,695,847
4 ,819,260.65
10 ,287,708
3 ,4 4 6 ,1 8 4 .3 6
9 ,916 ,012,51
4 9 4 , 6 4 1 , o4
18 ,279,098
866,852
325, 566,17
K M , 273.00
9 ,674-,866.29
6 , 33g , 864.64
1 , 09 5 , 636.01
$
621,44g, 616.25
5,410;724
$
1 ,139 ,384,637
Of the $1,139,384,637 deposited in the current period
$81,910,713 represented excess profits taxes levied under the
Second Revenue Act of 19^0.
0o0~
*JH
Director Ross pointed out that the Shield Type Nickel was designed
by Mint Engrave1* J* B. Longa ere with the assistance of two other I f f ! mint
employees, William Barber and William H. Key.
designed by C. E. Barber
Nickel.
H
The Liberty Nickel was
J. E. Eraser was the degignejjjpof the Buffalo
Felix Schlag was the winner of a*competition for the design of
the Jefferson Nickel,
American Numismatic Associations
In conjunction with the/designation of the week March 23-29 as
National Coin Week, Mrs. Ross contrasted the present popularity of th<
Ift^Hr
Numerous coinage displays in shop windows
/
and other spots easily accessible to the
throughout the country
/during this week by numismatists.
public are being
nickel with the
ijggt TÎTrnT considered by Congress in 1866
itlmaJaalf-dirngp -■rirl f:iga^aan1i nfinar-wprp i
A
■oUc
l nmppu.
J
/ )
O
8
(
fcAfd'J.
a
l~'/ / (J^'^P
\
ii
S/;
B
) ■
I
'
|
'"Xf > * H ^
the
More than two "billion nickels have "been coined by/United States
Mint since 1866, Nellie Tayloe Ross, Director of the Mint, pointed out
today in conjunction with the observation of National Coin Week and the
celebration of the 75th anniversary of the American nickel.
Commenting on the new Jefferson jiickel, Mrs. Ross I l i M that the
mints had struck off a total of 453,314,458 of these coins since October
■.i«.iw'»ir~irfrin»Ti"irTr<iiiiu)_
1, 1938.
The director added that the new design has proven
iL
popular'
that production of this same design has continued
{Â-&
steadily and rapidly since it was first
Recounting the history of this coin, it was noted that Congress
authorized the production of five-cent nickglpieces on May 16, 1866,
and coinage commenced almost immediately.
The first nickel was minted
in June of 1866 and was known as the Shield Type ^ickel.
The design
consisted of a shield on the obverse and a circle of thirteen stars and
the numeral M5 M on the reverse.
During the seventeen years of this
coin’s production, a total of 128,041,989 such coins were struck off.
In 1883 the first Liberty M c k e l was produced.
This coin had a
•
,
Liberty Head on the obverse and a "VM on the reverse.
pH
0
/ I
use for thirty years, ^wafe struck off 602,083,717 times.
The year 1913 saw the productioipf the first Buffalo^ickel.
During the ensuing twenttf-five years a total of 1,212,916,248 of these
was
4
coins jfarx* produced by the mints.
1938.-. the United States Mint coined the first Jefferson
/ c k e l , and on November 15 of that year 12,700,000
to the public.
2,396,356,412.
L
This design,
On M R » were released
The total of ell nickels minted to March 16, 1941, was
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, March 25, 19^-1.______ __
Press Service
No. 2A-16
More than two billion nickels have been coined by the
United States Mint since 1366, Nellie Tayloe Ross, Director of
the Mint, pointed out today in conjunction with the observation
of National, Coin Week and the celebration of the
75th
anniver
sary of the American nickel.
Commenting on the new Jefferson nickel, Mrs. Ross observed
that the mints had struck off a total of ^ 53,31^, ^53 of these
coins since October
1,
193&-
design has proven popular.
The Director added that the new
She added that production of this
same- design has continued steadily and rapidly since it was
first adopted.
Recounting the history of this coin,
it was noted that
Congress authorized the production of five-cent nickel pieces
on May l6, 1366, and coinage commenced almost immediately.
The first nickel was minted in June of 1366 and was known as
the Shield Type nickel.
The design consisted of a shield on
the obverse and a circle of thirteen stars and the numeral ,r5 n
on the reverse.
production,
During the seventeen years of this c o i n ’s
a total of 123,0^1,939 such c o ins‘were struck off.
In 1333 the first Liberty nickel was produced.
This coin
had a Liberty Head on the obverse and a 11V" on the reverse.
This design, with slight modifications,
years,
was in use for'thirty
and was struck off 602,033,717 times.
2
The year 1913 saw the production of the first Buffalo
nickel.
During the ensuing twenty-five years a total of
1,212,916,24$ of these coins was produced by the mints.
In 1936 the United States Mint coined the first Jefferson
nickel,
and on November
released to the public.
15
of that year 12,703,000 were
The total of all nickels minted to
March l6, 194-1, was 2,396,356,4-12.
Director Ross pointed out that the Shield Type nickel was
designed by Mint Engraver J. B. Longacre with the assistance of
two other mint employees, William Barber and William H. Key.
The Liberty nickel was designed by C. E. Barber,
was the designer of the Buffalo nickel.
J. E. Fraser
Felix Schlag was the
winner of a nationwide competition for the design of the
Jefferson nickel.
In conjunction with the American Numismatic Association's
designation of the week March
23-29
as National Coin Week,
Mrs. Ross contrasted the present popularity of the nickel
with the disapproving attitude of the public when a nickel fivecent piece was considered by Congress in 1$66.
Numerous coinage
displays in shop windows and other spots easily accessible to the
public are being shown throughout the country during this week
by numismatists.
0 O0
Treasury Department
Wasj rgton
Press Service N
No 24-17
For Release Morning Newspapers
Tuesday, Ma-yh 25, 1941.
7
¡E
The Bureau of Customs announced today that preliminary
reports from the collectors of customs indicate that the
quota on silver or black foxes valued at less than $250 each
and whole silver or black fox furs and skins (with or with
out paws, tails, or heads; from Canada which may be entered,
or withdrawn from warehouse, for consumption during April,
1941, will be 670 units.
This figure represents the
unfilled portion of the total quota of 70,000 units on such
merchandise for the current quota year which opened on
December 1, 1940#
The quota on such merchandise for April, 1941, from
countries other than Canada will be 7,500 units#
oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS,
Tuesday, March 25, 19^-1._______
Press Service
No. <24— 17
The Bureau of Customs announced today that preliminary
reports from the collectors of customs indicate that the Quota
on 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 which may be entered,
from warehouse,
670
units.
or withdrawn
for consumption during April, 19^1, will be
This figure represents the unfilled portion of the
total quota of
70,000
units on such merchandise for the current
quota year which opened on December 1, 1940*
The quota on such merchandise for April, 1941, from
countries other than Canada will be
0O 0
,^)00 units.
TO&strai w & A & f m m
Washington
FOB RELEASE, MOBHtUO TOSPAFIRS,
Tuesday, «arch 2 % 19*1._______
Press Service
Ho. ¿ a , j $
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be dated March 26 and to mature June 25, 19Ul, which were offered
on March 21, were opened at the Federal Beserve Banks on Mareh 2U .
The details of this issue are as follows?
Total applied for - $308,808,000
Total accepted
- 10 0 ,Ul3 ,000
Range of accepted bids? (excepting one tender of $3,000)
High - 100.
Low
- 9 9 .980
Average
price - 99*9^
Equivalent rate approximately 0.079 percent
«
»
*
O.O65 percent
(67 percent of the amount bid for at the low price was accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 25, 19^-1 •
3 / 2V^l
Press Service
N o *24-18
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts,
of
91-day
bills, to be dated March 26 and to mature June
Treasury
25, 192+1 ,
which
were offered on March 21, were opened at the Federal Reserve Banks
on March 2.K.
The details of this issue are as follows:
Total applied for - $30S,S06,000
Total accepted
- ÎQ0, Î-13,000
Range of accepted bids:
'(excepting one tender of $ 3,000) ’
High - 100
Low 99*9^0 Equivalent rate approximately 0*079 percent,
Average
price - 99*9$^
11
n
!l
O .065 percent
(67
percent of the amount bid for at the low price was accepted)
-OoO-
t m ASUKÏ DEPARTMENT
Washington
Press Service
FDR IMMEDIATE RELEASE,
Tuesday» |Sayah 25* 1941.
l v ^ ¿/~ /f-
Th» Secretary of the Treasury today anneuneed the subscription figure*
.^i the >--<« of «notaient for the ceeh offering of 2-1/2 percent Treasury
Sends of 1952-54*
Heporta received from the Federal Bleserro Bank» »hoe that eubscription»
aggregate #6,145*000,000.Subeeription* in aaounta up to and lnelnding $5,000
totaling about 137,000,000, »her« the «ubacri.bere specified that delivery be
Bade in regietered bonde 90 days after the ieaue date, were allotted in full.
A U other subscriptions were allotted 8 percent, on a straight percentage
basis, with adjustments, where necessary, to the $100 denomination.
More than 95 percent of the Treasury notes ««taring June 15, 1941, were
exchanged, about $447,000,000 for the bonds and $33,000,000 for Treasury
Notes of Series D—1943*
Details as to subscriptions and allotments will be announced when
final rsports are received from the Federal Beeerva Banka.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, March 2B, 19*11.
Press Service
No. 24-19
The Secretary of the Treasury today announced the subscriotion figures and the basis of allotment for the cash
offering of 2-1/2 percent Treasury Bonds of 195 2~5^’
Reports received from the Federal Reserve Banks show that
subscriptions aggregate ^6,1 ^4-5> 000, 000.
Subscriptions in
amounts up to and including 15,000, totaling about $ 37>
^
where the subscribers specified that delivery be made in
registered bonds
in full»
9^
days after the issue date, were alloted
All other subscriptions were allotted S percent,
on a straight percentage basis, with adjustments,
necessary,
to the
$100
where
denomination.
More than 95 percent of the Treasury notes maturing
June
15 ,
194-1, were exchanged,
about $4-4-7>000 ,000 for the
bonds and $33,000,000 for Treasury Notes of Series D-194-3.
Details as to subscriptions and allotments will be
announced when final reports are received from the Federal
Reserve Banks.
0O0
00,
____________ 1
H
EŒCOTITP OBDER Ntl. S T 2-\
mu
IH
aammm
or
or
g
m
1t
,0 ,
n m m n * o . 8389
1940 , 18
Bÿ irirtii© ©f th© authority ©ested la ma fey section 5(B)
#f th® â«t of Beiofeer é, 1917 j # Stat. 411) $ m saended*
I
I
and fcy ▼irta» ©f ail other «uthority ir@#t®d la me» I#
FBâülXlM B* Ü 0 « M t M W » *
®f th© ® l î ® STATES 0F
iESECâÿ ê® herefcy mmmê JîseeeutiT® Order Ho* &3S9 ©F âprll
I
m
10#
194$» a# süft®adod,. s® as t® ariead ail the psroTisioas
thoraof t@f and eith respect t®, property la which
Tngoslavia or &ny national theraof Bas at aiqr tiae on or
sine© March 24
,
1941» M
aay iaterest of aay m t o
whatsoeTer» diroot or indirect* exeept that» la deflning
«Tagoslaria* and »national* of Xagoslaria th© data * March 24,
1941* »Bail B© substitnted for th© dates appearlng là the
définitions of eoaniriee aad nationale ihareof*
T ^ M
"P if £
^ Mr
\1
t
K
U
N
?.<
«a
t, Cv ? «**
vo
|4üv/ S.Ç-
March 24, 1941»
^awi^afeiÉy^BaS
EXECUTIVE CEDER ITO. 8721
AMENDMENT OF EXECUTIVE ORDER NO. 8339
OF APRIL 10, 19^0, AS AMENDED
By virtue of the authority vested in me by section 5(t))
of the Act of October
6
, 1917 (^0 Stat. Hll), as amended,
and "by virtue of all other authority vested in me, I,
FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF
AMERICA, do hereby amend Executive Order No. 8339 of April
10
,
1 9 ^+0
, as amended, so as to extend all the provisions
thereof to, and with respect to, property in which
Yugoslavia or any national thereof has at any time on or
since March 2k, 19^1, had any interest of any nature
whatsoever, direct or indirect; except that, in defining
"Yugoslavia” and "national" of Yugoslavia the date "March 2k,
I9 H 1 " shall be substituted for the dates appearing in the
definitions of countries and nationals thereof.
FRANKLIN D. ROOSEVELT.
March 2k,
24-20
1 9 hl.
v; :
v .; .
& ftSSp
mi Sp SkissISb
te
HW?;
com of f e ö e h ä l
s^sss n
m
.y *< £ *iT ?
*'?', m * 9 H H ! f i H g
HiipLiTteiä
tjfcjLqf Ä
Uo m j imä ft^rniQ^t J t w m m m f
%g£ Charter %j~ lidn^ar/sOfflo0fit/^®p^rtM©nt of the Treasury
¡¡1 i&rtf130 '
W
TREASURY DEPAR.TIK1IT
Office of the Secretary
nrvWiJiv ^ * 1941
1
¿1
AMMfIMlM TO KEGUL&fXQHB*
The Regulations of April 10» 1940* ns amended (Sectio »
130*1 to 130*6)f are farther amended so as to extend all the
provisions thereof to* and with respect to* property in which
Yugoslavia or any national thereof has at any time on or since
March 24* 1941# had any interest of any nature whatsoever*
direct or indirect! except that reports on For® TFR-CLOO with
respect to all property situated in the United States on
March 24* 1941* in which Yugoslavia or any national thereof
has at any time on or since March 24* 1941* had any interest
of any nature whatsoever# direct or indirect, shall bo filed
by April 24* 1941#
Ü
JO . W ,
e r n ^
t3
£ LL
Secretary of the Treasury
* Sections 130*1 T o ^ l J O Ä ’ 415 and 9661 Sec. 2, 48 St&t* 1| |
Public Resolution Ho* 69* ?6ih Congress! 12 U*S*C* 95a| lx* Order 6560f Jan* 15*
1934» Ex, Order 8389* April 10* 1940| lx. Order 8405, May 10* 1940j Ex. Order
8446* Juno 17* 1940j Ex, Order 8484# July 15* 19401 Ex* Order 8493* July 25*
1940J Ex* Order 8565* October 10, 1940j Ex. Order 3701* March 4* 1941| S % Order
8711* March 13* 1941; Ex* Order t l A * Ma2rch 24* 19U*
3M
2
)
TREASURY DEPARTMENT
Office of the SecretaryMarch 24, I3 U 1
AMENDMENT TO REGULATIONS*
The Regulations of April 10, 1940, as amended (Sections
1 3 0 .1
to
1 3 0 .6
), are further amended so as to extend all the
provisions thereof to, and with respect to, property in which
Yugoslavia or any national thereof has at any time on or since
March 24, 1941, had any interest of any nature whatsoever,
direct or indirect; except that reports on Eorm TFR-100 with
respect to all property situated in the United States on
March 24,
1 9 U1
, in which Yugoslavia or any national thereof
has at any time on or since March 24, 1941, had any interest
of any nature whatsoever, direct or indirect, shall he filed
hy April 24, 1941.
D. ¥. Dell,
Acting Secretary of the Treasury.
* Sections 130,1 to 130.bs - Sec. 5(b )» ^0 Stat. 4l^ and
; Sec. 2, 48 Stat. 1;
Public Resolution No. 6 9 » 7 6 th Congress; 12 U.S.C. 95au Ex. Order 6 5 6 0 , Jan. 15»
I93 I1-; Ex. Order3 3 8 9 , April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order
8446, June 1 7 , 1940; Ex. Order 8434, July 15, 19^0; Ex. Order 8493, July 25,
I9 I4-O; Ex. Order 8 5 6 5 , October 10, 1 9 HO; Ex. Order 3701,March
ft, 1941; Ex. Order.8711, March 13, 19'dl-i Ex. Order 8721» March 24, 19^1.
24-21
riMffBnafTftBa tO T8S I8SASU1U» OF W S
W
®
W 1
» AOCO0STS, tH S
AIL POSIMAST888, AIL. S M
O K M
2
Ì8B I S M
SAKWQ Ml EBOBIIIHG PAMSSffl« M M B * » O F * K
W B S » » A t t t , AM MFAMHBSf, B8KW J, ¿01861, M IS S tM K I» -
/ g
mm
mo
ra m i,
«aanm . « m
^
S i f
smi»®
i « * 8 ... .................. -— .......................................... ..
tateatto« Order to. • »
April » , 19», «
“f*
farther amended by an Bxoestive Orde*1 S&tefi March <4» 941». „¿*4
the restriotioto thereto to trantoetion» involving S*»P«*r *»
tageetevte »• « * «
«
thereof toe «
«J **•"*
“ y
°"
1941
.
the
of
AprU
10*
1940*
»*
«F
©If fin©# Mai
March
OU ¿
24
-Af #
, w
m,®nàmét M
ItìwwiJ» I m i fiarttaMP mmbM
«ili» eueh Orter «
toga»»«« « =
J* »«tot , m i « * ottor•iee direste«, te» laetruotton» of A srii 17, 1940, «toll «pply t o W S l
to Xagoelavia or any nattoael tfcereof eswept that te» date
Hi-rch <4.,
1941, teeU te s-pplled in tee oate of Iugoslavi* or any nattotol teereof,
«te defloittoM of "lagoelCTle* and battente» tóereof
““
taeetttive Order «atte March 24* 1 » , **»» *• • « ,U8tól* to ****yio*
©**$, U mimi
A sohteol* of tee properfey h e » on March -4* 1941, to fhite
Iugoslavia or «ajr totteaal ttoreof «
uty Interest, teould to file*
»ite te® Ireasury Beparteaat bjr Aprii 24«W**«
tofeteele* etould to etoitor te teoee h®retofore f U ^ and teoal . to
file« as heratefore terough tee tote* of tee eporeariate toparteeat*
or *f*««lM*
S©©r#t«jry ©£ th© Tnwfcwwy*
7
March
sy
1941.
suam as
INSTRUCTIONS TO THE TREASURER OF THE UNITED STATES, THE
COMMISSIONER OF ACCOUNTS, THE COMMISSIONER OF THE PUBLIC DEBT,
ALL POSTMASTERS, ALL DISBURSING OFFICERS, AND OTHER OFFICERS
AND EMPLOYEES MAKING OR RECEIVING PAYMENTS ON BEHALF OF THE
UNITED STATES, ANY DEPARTMENT, BUREAU, AGENCY, OR INSTRUMEN
TALITY THEREOF, THE UNITED STATES MINTS AND ASSAY OFFICES,
AND FEDERAL RESERVE B A N K S _______ ____ ______ ;_________________
Executive Order No, 3389 of April 10, 1940, as amended, has been
further amended by an Executive Order dated Marq& 24, 1941, to extend
the restrictions therein to transactions involving property in Which
Yugoslavia or any national thereof has had any interest at any lime on
or since March 24, 1941. The Regulations of April 10, 1940, as
amended, have likewise been further amended.
While such Order and Regulations remain in effect, unless other
wise directed, the instructions of,April 17, 1 9 4 0 , shall apply in full ,
to Yugoslavia or any national thereof except that the date March 24,
1941, shall be applied in the case of Yugoslavia or any national thereof
The definitions of "Yugoslavia" and "national" thereof in the
Executive Order dated March 24, 1941, shall be applicable in carrying
out these instructions.
A schedule of the .property held on March 24,- 1941, in which
Yugoslavia or any national thereof had any interest, should be filed
with the Treasury Department by April 24, 1941» The form of these
schedules should be similar to those heretofore filed" and should be
filed as heretofore through the heads of the appropriate departments
or agencies.
D. W. Bell,
Acting Secretary of the Treasury.
March 24, 1941*
24-22
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TREASURY DEPARTMENT
Office of the Secretary
March 24-/1941 '
GENERAL LICENSE NO. 39 UNDER EXECUTIVE ORDER
NO. 8339, APRIL 10, 1940, AS AMENDED, AND
REGULATIONS ISSUED PURSUANT THERETO, RELATING
TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.-*
A general license is hereby granted authorizing banking
institutions within the United States to make payments from
accounts in which Yugoslavia or a national thereof has a property
interest within the meaning of the Executive Order of April 10,
1940, as amended, and the Regulations issued thereunder of checks
and drafts drawn or issued prior to March 24, 1941, and to
accept and pay and debit to such accounts drafts drawn prior
to March 24, 1941, 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 24, 1941.
D,. W. Bell,
Acting Secretary of the Treasury.
* Part 169j - Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 4 8 Stat. 1;
Public Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order
6 5 6 O, Jan. 15, 1934-; Ex. Order 8389, April 10, 1940; Ex. Order 8405,
May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8 4 8 4 , July
m
1940; Ex, Order 8493, July 25, 1940; Ex. Order 8 5 6 5 , October 10,
1940; Ex. Order 3701, March 4, 1941; Ex. Older 8711, March 13, 1944;
Ex. Order 8721, March 24, 1941; Regulations, April 10, 1940, as
amended May 10, 1940, June 17, 1940, duly 15, 1940, October 10, 1940,
March 4,.1941, March 1 3 ^ 1 9 4 1 and March 24, 1941.
2—
facture and use are in violation of^the laws against counterfeiting,1
1
j In connection with Nation Coin Week, March 23 to 30, Chief
...
^
Wilson urged everyone to beware of slugs as well as of other forms
"Know Your Money”
of counterfeit money, and offered to supply/lL^61*3-^111*®
anY°ne
will write to Secret Service headquarters in Washington.^
for
1 dtoripe boxes and mechanical sales devices are held responsible
7^ A A
unprecedented demand for 0 nickels which in jtisjs 194-0 caused
United States mints to utilize 358 tons of nickel in the production
259,729,159 new five-cent pieces.
jtq
("The United States courts have recently held that these
slugs, made in the similitude of nickels, are to all^intents and
purposes counterfeit coins," said Che^f Wilson, "and^their manu-
Counterfeiting of the lowlt nickel suddenly has become
TREASURY DEPARTMENT
Washington
F6R RELEASE MRONING NEWSPAPERS
>M arch
1941_________________
3/2J/41
Press Service
N o . a y - z.y'
UjLAA
^Counterfeiting of the lowly nickel has bifcom^a
factor in the task of the United States Secret Service to suppress
all counterfeiting of the Nation’s currency, according to Chief
«u„>,
so far," slid Chief W ils o n ;
¿UÀ
»as to go into the vending machine business in a big way,
— fee providji^a pretext for banking large quantities of five-cent
A
pieces, purportedly taken in by h^s machines.
He had a highpower counterfeiting plant where he was striking off ]AtogMs&*
phony nickels at a great rate.”
&3a±e£z]i£ii2Enxgix*xxaxexife0xzi0xihexmacBfc4Hexxx
/ But the biggest counterfeiters of nickels, Chief Wilson
^
I,
asserts, make no attempt to decorate their product with an Indian
head, nas a buffalo, nor the ¿aiax bewigged profile of Thomas
Jefferson.
They merely
cut slugs of the size
O-U^X
A
-thickness of nickels, ana sell them as slugs to dealers who sell
A
.- - .V';|
them to persons who use them instead of nickels to buy
chewingij
j
m /* O'Urvnr'
gum or sandwiches, oriheart
croo^/Trom the recesses
w
A
X'jh
K
A
. of a K
box.
TmSTJRY TjHPAPTyPFT
Washington
FOP PSLPASF MOPNIFO HFWSP.APFPS
Wednesday, March 25, 1941_____
3/25/41
Press Service
F o . 24 - 24
Counterfeiting of the lowly nickel has "become & -large■factor in
the task of the United States Secret Service to suppress all counter
feiting of the Na.tion's currency, according to Chief Frank J. Wilson,
in a statement issued today from Secret Service headquarters in
Washington.
"One counterfeiter went so far," said Chief Wilson, "as to go into
the vending machine "business in a "big way, thus providing a pretext for
"banking large quantities of five-cent nieces, purportedly taken in "by
his machines.
He had a high-power counterfeiting plant where he wa.s
striking off phony nickels at a great rate."
"But the "biggest counterfeiters of nickels, Chief Wilson asserts,
make no attempt to decorate their product with an Indian head, a "buffalo,
nor the "bewigged profile of Thoma.s Jefferson.
They merely cut metal
slugs of the size, thickness and approximate weight of nickels, and
sell them a,s slugs to dealers who sell them to persons who use them
instead of nickels to &uy chewing gum or sandwiches from machines, or
to hea.r crooners croon from the recesses of a music "box.
2
"The United States courts have recently held that these slugs,
made in the similitude of nickels, are tc all intents and purposes
counterfeit coins," said Chief Wilson, "and that their manufacture and
use are in violation of the laws against counterfeiting."
In connection with National Coin Week, March 23 to 30» Chief
Wilson urged everyone to "beware of slugs as well as of other forms of
counterfeit money, and offered to supply "Know Your Money" literature
to anyone who will write to Secret Service headquarters in Washington.
Music "boxes and mechanical sales devices are held responsible
for the unprecedented demand for nickels which in 19*4-0 caused United
States mints to utilize 35S tons of nickel in the production of
2 5 9 ,7 2 9 » 1 5 9
new five-cent pieces.
0O0
-4-
|j)omestic banks» claims on foreigners declined $11,162,000
in the five weeks to $383,978,000.
<=fP &
.
\ foreign selling of American securities continued, net sales
V-— '
/
amounting to $10,818,000.
totaled $16,976,000.
In the preceding five weeks net sales
Italy
liquidat^K.» net of $14,290,000
of American securities. v^The United Kingdom sold $3,148,000.
The
J
Netherlands increased their holdings $2,271,000, Canada $1,845,000,
and Switzerland $1,300,000^
gross sales $43,930,000.
Gross purchases aggregated $33,112,000 and
/
I^Latin America, Asia, and Canada were the principal purchasers
of foreign securities held in this country in the period.
Small net
sales by the United Kingdom reduced the total net purchases to $5,740,000.
\
\ Foreign brokerage balances increased nearly a million dollars.
JA
-3) The year saw the foreign exchange markets seriously disrupted
hy the war.
Technical changes which took place, resulting from legal
obstructions to international capital movements as well as the reper
cussions from the general dislocation of international trade and finance,
contributed to the continuation of the trend toward rigid governmental
control of exchange.
In most foreign countries, control was instituted
w , Mliiinprim to conserve foreign exchange either for prosecution of the
war or to soaba
assets
or Hussian subjugation vrpn
»
In the United States,
e
those European countries under ^ r®an
’
huniftift da aifc /to safeguard the
financial interests of the invaded nations.
\ For the latest period reported, the five weeks ending
December 31, 1940, statistics in the Bulletin disclosed a net outflow
of capital from the United States of $34,560,000l
In the four weeks
just preceding an inflow of $65,957,000 was recorded.
| Short-term foreign funds in this country for the five weeks
decreased $41,597,000.*" British funds dropped $31,691,000, China $11,083,000,
Japan $9,019,000', Brazil $7,898,000,*" Mexico $7,620,000, France $7,521,000,^
Finland $5 ,4 5 7 ,000/ and Germany $1,275,000."
Swiss funds increased $14,862,000*
and Swedish $3,041,000.
^At^the close of the year, the^nited Kingdom had total short
term funds here of $365,464,000;" France $490,093,000;" Germany $6,725,000r
✓
V
Italy $17,904,000;^ Netherlands $174,265,000; Switzerland $508,386,000;
Canada $434,284,000*" Latin America $447,298,000; and Asia $610,338,000.^
-
2-
Other large deposit increases in American "banks were: $159,662,000 for
Canadian account; $111,299,000‘for Latin American account; and $118,979,000
for Asiatic account*
The United Kingdom withdrew $82,753,000;
Germany
$2,769,000; and Italy $20,596,000.^
Foreign investors during the year were active in American
.._*■*#**•
y
security markets, trading a reported total of $1,153,012,000 domestic
stocks and bonds.
O^My^urchases aggregated $506,022,000 and g m t i
sales $646,990,000, disclosing a net liquidation of $140,968,^000.
In
addition, foreign countries repatriated $78,459,000 of their securities
held in the United States.
| T h e United Kingdom, Canada, and Asia were the principal sellers
of securities, decreasing domestic stock and bond holdings $152,701,000.
jjThe year disclosed a decrease of $124,724,000 in American funds
abroad, withdrawals appearing in all sections except Latin America,
claims
on Europe declined $21,404,000 led by the United Kingdom where our funds
y
decreased $16,966,000^'0’ermany
.4
$13,803,000j Italy $9 ,7 9 3 ,000^1
/
¿fuAsia^567272,000/ A jzfinims on Latin America rose $9,400,000.v
/v
-J.
| Foreign brokerage balances showed a net inflow of $20,358,000
for the 52 weeks.
IjOnited States banks and bankers reported purchases of $2,953,969,000
in spot and forward foreign exchange during the year and sales of $2,947,884,000.
Their position in foreign currencies was changed from $18,876,000 short on
January 3, 1940 to $259,000Vlong on December 31, 1940.
/«
if—w
/1
'W Vfc<
((ft
2S
**S ^J
iC-r A V
S**5^
|
Capital movement "between the United States and abroad was
overwhelmingly inward during 1940 as both private and official funds
sought haven here, statistics in the March Bulletin, of the Treasury
Department disclosed today*
f Recorded transfers for the 52 weeks ended December 31* 1940^
indicated a net inflow of $804,200,000 w
v
1 thaBEuthe preceding year’s inflow of $1,195,635,000i
1
yfU.¿MW*
I W W T h e inflow
in
have been sa*3»4«*4AaiAy higher had it not been
for heavy foreign purchases, especially by the British, of war materials
and the control of exchange* by foreign governments.
Nearly all theHnilow puured into foreign short-term banking
■»
A
accounts which rose $721,627,000 j ^ t h e year to $3,778,655,000^
Foreign
’’official” funds accounted for most of the increase*
French short-term funds during the period increased $2 0 1,868*000»
I
V
-H I
the greater part of which was deposited
last June*
Swiss funds rose
$132,037,000,^and countries included in the item ’’Other Europe”, princi
pally Scandinavian and Balkan, increased their deposits
$133,678,000.7
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Saturday, March 29, 19^1
Press Service
24— 25
Capital movement between the United States and abroad
was overwhelmingly inward during
funds sought haven here,
19^0
as both private and official
statistics in the March Bulletin of the
Treasury Department disclosed today.
Recorded transfers for the 5 2 weeks ended December
19^0
31 ,
indicated a net inflow of $ 00^, 200,000, as compared to the
preceding y e a r ’s inflow of $1 ,195>635» 000.
The inflow might
have been higher had it not been for heavy foreign purchases,
especially by the British,
of war ma.terials and the control of
exchange by foreign governments,
Nearly all the capital inflow poured into foreign short
term banking accounts which rose $721 ,627,000 during the year to
$3,
77S, 655,000.
Foreign “official 11 funds accounted for most of
the increase.
French short-term funds during the period increased
$201,060, 000, the greater part of which was deposited last June,
Swiss funds rose $132 ,037,000, and countries included in the
item “Other Europe", principally Scandinavian and Balkan,
their deposits |133,67s, 000.
American banks were*.
Other large deposit increases in
$159> 662, 000 for Canadian account;
$111,299,000 for Latin American account;
Asiatic account.
increased
and $110,979 »000 for
The United Kingdom withdrew $02,753,0 00;
G-ermany $ 2 ,769»000; and Italy $ 20,596*000.
2
Foreign investors during the year were active in
American security markets,
trading a reported total of
$ 1,15 3 >012,000 domestic stocks and bonds.
Total purchases aggre
gated $ 506,022,000 and sales $646,99C*00C,
disclosing a net
liquidation of $l4o, 966,000.
foreign countries
In addition,
repatriated $ 76,^59*000 of their securities held in the
United States.
The United Kingdom,
cipal sellers of securities,
Canada,
and Asia were the prin
decreasing domestic stock and
bond holdings $152 ,701 ,000.
The year disclosed a decrease of $124,724,000 in
American funds abroad, withdrawals appearing in all sections
except Latin America.
Claims on Europe declined $21,4o4,QQO,
led by the United Kingdom where our funds decreased $ 1 6 , 9 6 6 , 0 0 0 ;
G-ermany $13,605,000; Italy $ 9 , 7 9 3 * 0 0 0 •
American claims on
Asia decreased $ 56,272,000, and claims on Latin America rose
$9,400,000.
Foreign brokerage balances showed a net inflow of
$ 20,356,000 for the
52
weeks.
United States banks and bankers reported purchases
of $ 2,953,969,000 in spot and forward foreign exchange during
the year and sales of $2, 947,664, 000.
Their position in foreign
currencies was changed from $ 16 ,676,000 short on January 3, 1940
to $259,000 long on December 31» 19^0*
The year saw the foreign exchange markets seriously
disrupted by the war.
Technical changes which took place,
resulting from legal obstructions to international capital
- 3 movements as well as the repercussions from the general dis
location of international trade and finance,
contributed to
the continuation of the trend toward rigid governmental control
of exchange.
In most foreign countries,
control was instituted
to conserve foreign exchange either for prosecution of the
war or to protect dwindling reserves.
In the United States,
the assets of those European countries under German or Russian
subjugation were placed under strict control to safeguard the
financial interests of the invaded nations.
For the latest period reported,
ing December 31; 1940,
the five weeks end
statistics in the Bulletin disclosed a
net outflow of capital from the United States of $34,560,000.
In the four weeks just preceding an inflow of 165,957,000 was
recorded.
Short-term foreign funds in this country for the five
weeks decreased $41,597,000.
British funds dropped $31,691,000,
China $11,033,000, Japan $9,019,000,
Mexico $7,620,000,
Brazil $7,393,000,
France $7,521,000,
and Germany $1,275>000.
Finland $ 5 ^ 5 7 ,
Swiss funds increased $14-, 362, 000
and Swedish $3,041,000.
At the close of the year,
the United Kingdom had
total short-term funds here of $365,464,000; France $490,093,000;
Germany $6,725*900; Italy $17,9^4,000; Netherlands $174, 265,000,
Switzerland $503, 366,000; Canada $434,234,000; Latin America
$447,293,000; and Asia $610,333,000.
Domestic b a n k s 1 claims on foreigners declined
$1 1 ,162,000 in the five weeks to $3&3>97^, 000.
- 4- -
In the same period,
foreign selling of American securities
continued, net sales amounting to $10,£lS,000*
five weeks net sales totaled $16,976,000*
Italy liquidated
a net of $1^,290,000 of American securities*
sold $3,14-3,000*
In the preceding
The United Kingdom
The Netherlands increased their holdings
$ 2,271 ,000, Canada $ 1 ,34-5,000, and Switzerland $1,300,000*
Gross purchases aggregated $ 33,112,000 and gross sales
$4*3,930,000*
Latin America, Asia,
and Canada were the principal
purchasers of foreign securities held in this country in the
period*
Small net sales by the United Kingdom reduced the total
net purchases to $5,74-0,000#
Foreign brokerage balances here increased nearly a million
dollars*
0O0
ass*.
-
2-
Reserve Banks and Branches, following which public announcement will he 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
April 2, 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 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 Ho. 418, as amended, and this notice, pre
scribe 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.
1
èmà
TREASURY DEPARTMENT
FOR RELEASE, MORN DIG NEWSPAPERS,Friday. March 28. 19*11________ .
4&à
The Secretary of the Treasury, hy this public notice, invites tenders
for frlOO,000,000____, or thereabouts, of
91-day Treasury bills, to be issued
on a discount basis under competitive bidding.
be dated
April 2, 19^1
The Dills of this series will
, and will mature _
July 2 . iqiq
jrvjr
ÉH
when the face amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1 ,0 0 0 ,0 0 0 (maturity value).
Tenders will be received at Federal Reserve Ranks and Branches up to the
closing hour, two o*clock u, m., Eastern Standard time,
Monday^—March .3.
1.
t—19^1.,»,
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1 ,0 0 0 , and the price offered must be expressed
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
Fractions
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied by payment of
10
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
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS
Friday, March 2g, 19 ^1 .
The Secretary of the Treasury, by this public
invites tenders for $ 100,000,000, or thereabouts,
notice,
91-day
Treasury bills,
to be issued on a ‘
d iscount basis
under competitive bidling.
be dated April
2,
19^1,
of
The bills of this series will
and will mature July 2, 19^1, 'when
the face amount will be payable without interest.
be issued in bearer form only,
They will
and'in denominations 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 uo to the closing hour,
two o'clock p. m . ,
Eastern Standard time, Monday> March
19^-1.
not be received at the Treasury Department,
Tenders will
Washington.
Each
tender must be for an even multiple of $1 ,000, and the price
offered must be expressed on the basis of
than three decimals,
used.
e. g . , 99*9^5*
100,
with not more
.Fractions may not be
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 therefor.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible
and recognized dealers
in investment securities.
from others must be accompanied by payment of
Tenders
10' percent
the face amount of Treasury bills applied for, unless the
24-26
of
2
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,
follow
ing which public 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,
any such respect shall be final.
and his aption in
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 April 2, Infill
The income derived from Treasury bills, whether
interest or gain from the sale or other disposition of the
bills,
shall not have any exemption,
as such,
and loss from
the sale or other disposition of Treasury bills shall not
have any special treatment,
as such,
under Federal tax Acts
now or hereafter enacted.
The.bills shall be subject to
estate,
or other excise taxes, whether
inheritance,
gift,
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
- 3 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. 1|16>, 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.
0O 0
TREASURY DEPARTMENT
Washington
April 1, 191J-1.
Silver bullion owned by the United States is stored
mainly in the Treasury's bullion depository at West Point,
New York.
The depository,
completed at a cost exceeding $^>G0,000
and occupied in 193$>
Tayloe Ross,
windowless,
is under the supervision of Nellie
Director of the Mint.
It is a rectangular,
one-story concrete structure,
170
by
256
feet,
on a four-acre tract of the West Point army reservation.
building is within
500
feet of the Storm King highway,
The
near
West Point's old North G-ate.
Offices and guard rooms are on the first floor and
mezzanine,
at the front of the building,
a vestibule.
with entrance through
Light and air for this section are obtained
through skylights.
The remainder of the structure is under
a solid composition roof.
A vertical-lift steel door in the center of the front
affords passage for bullion trucks.
With this door closed,
comolete isolation is provided for loading operations.
To the rear of the loading platform are rolling steel
doors and checking rooms through which the storage vault
is reached.
A series of vault compartments is guarded by a
master vault door and an emergency door.
The vault doors are
equioped to record the time of opening and closing.
master door is of drill-proof and flame-proof metals,
inches thick.
24-27
The
12 1/2
2
A nine-foot steel fence surrounds the building, with a
steel gate controlled by guards that regulates the entrance
and departure of persons and vehicles.
The outside walls are of reinforced concrete 12 inches
thick.
Behind these walls is a three-foot corridor surrounding
the storage space.
This corridor connects four turrets or
watchtowers at the corners, whence sentries may observe the
terrain in all directions,
The depository’s outside walls
may be placed under floodlight.
Behind the corridor is a two-foot concrete wall,
protection for the
stored.
23
added
compartments in which the silver is
The compartments,
built in- three tiers,
walls one foot in thickness.
have interior
Each compartment is approximately
20 by 4-5 feet.
A basement under the office portion of the building pro
vides space for a heating system and storage of fuel.
The
building rests on a foundation 10-| feet below ground level,
and has a six-foot concrete walk skirting sides and rear.
The depository has a capacity of two billion ounces of
silver,
or about "[0,000 tons.
-0O0-
TBEASÜEY DEPARTMENT
Comptroller of the Currency
Washington
js.
fo^
pX
elease
"Th I V
Comptroller of the Currency Preston Delano announced today that national
hanks in the United States and possessions on December 31. 19^0. ^
outstand
ing $819,535.000 in personal and retail installment paper, including F.^.A.
Title I loans, which was 12 percent of the total of their loans to customers,
excluding real estate loans, loans for purchasing or carrying securities, openmarket paper, and loans to hanks.
More than 88 percent, or ^.56? of «ie ^nks
were engaged in making loans of the type indicated.
Included in the aggregate of such loans were r tail installment paper of
$^,1^0,000, F.H.A. Title I loans of $l6l,028,000, and personal installment
cash loans of $2 0 ^,3 6 7 *0 0 0 .
Personal and retail installment loans were reported by banks in all
sections of the country.
The ratios of such loans to total loans to customers,
exclusive of real estate loans, loans for purchasing or carrying securities,
open-market paper, and loans to banks, ranged from 25 percent in the Pacific
States to 9 percent in the New England and Southern States.
The retail installment loans outstanding represented purchased paper of
$3 1 2 ,1 0 5 , 0 0 0 and direct loans of $1 ^ 2 ,0 3 5 .0 0 0 , and the aggregate of $^,lHO,000
was an increase of $136,107,000 of this class of paper reported by national
banks at the end of the previous year when it amounted to $318,033,000.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR IMMEDIATE RELEASE
Friday, March 2S, 19^-1.
|
Press Service
No. 2A-2E
Comptroller of the Currency Preston Delano
announced today that national banks in the United States
and possessions on December 31, 19^0, had outstanding
$Sl9,535)000 in personal and retail installment paper,
including F.H.A. Title I loans, which was 12 percent of
the total of their loans to customers,
estate loans,
excluding real
loans for purchasing or carrying securities,
ooen-market paper,
and loans to banks.
66
More than
percent,
or k , 567 of the banks were engaged in making loans of the
type indicated.
Included in the aggregate of such loans were
retail installment paper of
lipo, 000, F.H.A. Title I
loans of $161 ,020,000, and personal installment cash loans
of $204-, 767 ,000,
Personal and retail installment loans were re
ported by banks in all sections of the country.
of such loans to total loans to customers,
estate loans,
The ratios
exclusive of real
loans for purchasing or carrying securities,
open-market paper,
and loans to banks, ranged from
25
percent
in the Pacific States to 9 percent in the New England and
Southern States.
-
2
-
The retail installment loans outstanding repre
sented purchased paper of $312 ,105;000 and direct loans of
$1^2, 0 5 5 , 0 0 0 ,
increase of
and the aggregate of $^5SI 1 ^ 0 , 00 0 was an
$136;107 ,,000
of this class of paper reported
by national banks at the end of the previous year when it
amounted to $31$;033>000.
0 O0 -
FOR
MARCH 29, 1941
immediate release
/u-o
^
Howard Diets, director of publicity for Metro-Ooldwyn-Mayer,
- -
*
■ •
activities of the Treasury Department
i§new series of Defense Savings Bonds and Postal
Savings Stamps, it was announced today»
Mr» Dietz, whose Washing-
ton cjffice »ill be with the new Defense Savings Staff in the
Treasury Department, will work in collaboration with the Motion
Picture Committee Cooperating on National Defense*
A
native of New York City, Mr. Dietz la w^Ll'-known as a
songwriter and author* He has written thirteen plays, including:
«The Little Show11; «The Second Little Show415 «Three *s a Crowd»?
«The Bandwagon«? and «Revenge With Music»• He has also contributed
articles and verse to numerous periodicals* He joined the staff of
the Goldwyn Picture Corporation soon after his discharge from the
Navy in 1913*
xx
turai 29, 1941.
rat o w t t B n um »
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TREASURY DEPARTMENT
Washington
Press Service
No. 2H--29
FOR IMMEDIATE RELEASE,
Saturday, March 29« 19^1«
Howard Dietz,
director of publicity for Metro-Goldwyn-Mayer,
will head the motion picture activities of the Treasury Department
in connection with the new series of Defense Savings Bonds and Postal
Savings Stamps,
it was announced today*
Mr* Dietz, whose Washington
office will be with the new Defense Savings Staff in the Treasury
Department, will work in collaboration with the Motion Picture
Committee Cooperating on National Defense*
A native of New York City, Mr. Dietz is well-known as a-song
writer and author.
’’The Little Show";
11The
Bandwagon";
He has^ written thirteen plays,
"The S e c o n d Little Show";
and "Revenge With Music",
articles and verse to numerous periodicals.
including.
"Three*s a Crowd ,
He has also contributed
He joined the staff of
the G-oldwyn Picture Corporation soon after his discharge from the
Navy in 1912*
-0 O 0 -
information up to date each month.
I shall appreciate
it if you will send your reply as soon as possible.
»May I take this opportunity to thank you in
advance for your cooperation.
Sincerely,
fi- fiù(^ $ - e w t i * * u , T K -0O 0 -
Because of the need for additional information for
guidance in the defense financing program,
Secretary
Morgenthau today sent the following letter to 6,500
bankers and
1,000
insurance executives for a statement
of their holdings of Government and Government-guaranteed
securities!
HIn order that the defense financing program
may be conducted with the greatest facility, it
seems to me essential that the Treasury be provided
with frequent detailed statistical information on
the ownership, by classes of investors, of every
outstanding security issued or guaranteed by the
United States Government.
I am writing you at this
time, therefore, to ask if you would be kind enough
to submit to me for my confidential use the data
provided for on the attached schedule.
"These data cannot be obtained from the present
records of the Treasury Department because the secu
rities covered have been issued, as you know,
principally in coupon form.
When combined with data
secured from other investors they will give us a
comprehensive picture of the ownership of the secu
rities issued or guaranteed by the Federal Govern
ment .
"The attached schedule, you will note, provides
for the par amount of each security issued or
guaranteed by the Federal Government owned by your
institution on March 31 , 19^1, and the total par
value of all such securities owned.
Savings bonds
should be included at their face (maturity) value.
"Please forward the attached schedule in the
enclosed envelope, which requires no postage, to
Mr. George C. Haas, Director of Research and Statis
tics, Treasury Department, Washington, D. C., whom
I have asked to arrange to obtain from you such
subsequent figures as are necessary to bring the
TREASURY DEPARTMENT
Washington
Press Service
No, 24--3C
Mondayy March jif iq^-j-1.
Because of the need for additional information for guidance
in the defense financing program,
the following letter to
6,5fP
Secretary Morgenthau today sent
hankers and
1,000
insurance executives
for a statement of their holdings of G-cvernment and Governmentguaranteed securities:
”In order that the defense financing program
may be conducted with the greatest facility, it seems
to me essential that the Treasury be provided with
frequent detailed statistical information on the ownership, by classes of investors, of every outstanding
security issued or guaranteed by the United States
Government. I am waiting you at this time, therefore,
to ask if you would be kind enough to submit to me
for my confidential use the data provided for on the
attached schedule,
r!These data cannot be obtained from the present
records of the Treasury Department because the secu
rities covered have been issued, as you know,
urineipally in coupon form.
When combined with data
secured from other investors they will give us a
comprehensive picture of the ownership of the securi
ties issued or guaranteed by the Federal G-overnment,
’'The attached schedule, you will note, provides
for the par amount of each security issued or
guaranteed by the Federal Government owned by your
institution on March 31 ,
and the total par
value of all such securities owned.
Savings bonds
should be included at their face (maturity) value,
’’Please forward the attached schedule in the
enclosed envelope, which requires no postage, to
Mr. George 0. Haas, Director of Research and Statistics,
Treasury Department, Washington, D, C., whom I have
asked to arrange to obtain from you such subsequent
figures as are necessary to bring the information up
to date each month.
I shall appreciate it if you will
send your reply as soon as possible.
2
"May I take this opportunity to thank you in
advance for your cooperation.
3incereiy;
H, MorgenthaU;
'Oc
Jr,"
TREASURY DEPARTMENT
Washington
Press Service
FOR RELEASE,
/l I * j
1941
Secretary of the Treasury Morgenthau today made public preliminary sta
tistics of individual income tax returns and taxable fiduciary income tax
returns for 1959 filed in the period January through June, 1940, prepared
under the direction of Commissioner of Internal Revenue, Guy T. Helvering.
The returns for 1939 are filed under the provisions of the Internal
Revenue Code, as amended by the Public Salary Tax Act of 1939 and by the Rev
enue Act of 1939.
The major change provided by this Code as amended, as com
pared with the provisions of the Revenue Act of 1958 under which the returns
for 1938 were filed, is the imposition of the Federal income tax on the com- _
pensation for personal service received after December 31, 1938 as (1) an
officer or employee of a State, or any political subdivision thereof, or
any agency or instrumentality of any one or more of the foregoing, and
(2) a judge of a United States* court who took office on or before June 6,
1932.
The statistics are taken from the returns as filed by the taxpayer, and
prior to any revisions that may be made as a result of audit by the Bureau
of Internal Revenue.
Amended returns and tentative returns are not included
in the tabulations.
Data from all taxable fiduciary returns, from individual
returns with net income of $5,000 and over, and from certain individual returns with
no net income are tabulated from each such return.
Data for individual re
turns with net income of less than |5,000 are partly estimated and partly
tabulated.
Data for nontaxable individual returns with net income and for
individual returns with no net income are included in the attached tables
because of certain legal requirements regarding the filing of returns.
In Ifebles 1 and 2, pages 4 and 6 , there are presented certain composite
data for individual returns and taxable fiduciary returns, with net income,
by net income classes, also aggregate data for individual returns with no
net income.
Tables 1A and 2A, pages 5 and 7, contain data for individual
returns with net income, by net income classes, also aggregate data for
-
individual returns with no net income#
2
-
Tables 1 and 1A show number of returns,
net income, personal exemption, credit for dependents, earned income credit,
total tax, normal tax, surtax, alternative tax, average total tax and effective
tax rate#
Tables 2 and 2A show number of returns, sources of income and de
ductions, and net income#
NUMBER
of r e t u r n s , r e t income a n d tax
The total number of returns is 7,568,772, of which 7,426,515 are indi
vidual returns with net income, 61,589 are taxable fiduciary returns with net
income and 81,068 are individual returns with no net income (see Tables 1 and
1A)#
Of the 7,487,704 returns showing a net income of #22,289,851,751, there
are 5,896,607 taxable individual and fiduciary returns and 5,591,097 nontaxable individual returns.
The total tax is #910,814,088, of which
#590,911,107 is the normal tax and surtax reported on 5,888,551 taxable re
turns with no alternative tax, and #519,902,981 is ¿he alternative tax re-,
ported on 8,294 returns with alternative tax#
Eighteen individual retura®
with no net income show alternative tax (see note 7, page 8 ).
The
average tax is #122: for all returns with net income and #254 for taxable
returns with net income.
The effective tax rate is 4.1 per cent for all
returns with net income and 5.9 per cent for taxable returns with net
income.
As compared with preliminary data for 19S8, the total number of returns
increased 1 ,4 1 2 ,9 16 , or 28.0 per cent; the number of taxable indiT|*«*'*»*‘
fiduciary returns increased 901,567 or 30.1 per cent; the number of nontaxable individual returns increased 511,349,or 16.2 per cent.
Aggregate net
income increased $3,625,794,799, or 19.4 per cent, the net Income on taxable
individual and fiduciary returns increased $2,835,551,244, or 22.5 per cent,
and the net income on nontaxable individual returns with net income increased
$790,243,555, or 13.1 per cent.
The total tax liability (including for this
comparison the alternative tax on individual returns with no net Income)
increased $147,364,413, or 19.3 per cent. 1/
The total tax liability, as pubiis^d in the Prelimi ^ j ^
Individual Income Tax Returns and Taxable nduclary inc
has been revised. The correct amount i s $7 6 3 , 4 4 »,«™ xn
t,724,215.
Returns”,
- 3 SOURCES OF INCOME AND DEDUCTIONS
Income from the various sources represents the net amount by which
the gross receipts exceed deductions, as reported in the schedules on the
returns, and in aggregate represents -the sum of the net amounts of income
from each source.
Net losses reported under "Income** items on the face of
the returns are transferred in tabulation to deductions, which also include
amounts reported on the retums^under "Deductions".
Deductions do not
include credits such as personal exemption, credit for dependents, and
credit for earned income.
The deduction items "Losses from fire, storm,
etc." and "Bad debts," shown in tables 2 and 2A, were included in "Other
deductions" for 1938
\
IP
“Ui
1939 s
Table 1. -
°t o
(Het income classes and money figures, except average total tax, in thousands of dollars)
pieturns filed in .period January .through June, 1940)
£
Returns with no alternative tax
Humber of
returns
(col. g i 13)
Net income
if
Met
income 1 /
(col. 9 / 14)
Personal
exemption
2/
classes
Individual returns and (taxable fiduciary
c^Treturns i f with net income*
3.59O.7II
Under 5 (est.) ¿/
3,222,728
Under 5 (est.)
386
5 under 6 5./
466,951
5 under 10
163.173
10 under 25
31.721
25 under 50
9.176
50 under 100
1.584
100 under 150
915
150 under 300
208
300 under 500
108
500 under 1,000
43
1,000 and over
Nontaxable returns J2/
Taxable returns
Total, individual returns and
taxable fiduciary returns
with net income
Individual returns with no net income:
Nontaxable 6/
Taxable J^f
Total, individual returns with
no net income
4 ,416,726
2,056
3,136,964
1 ,006,44l
971
335.883
62,664
1,070,280
17.910
611,314
1 ,009,196
238,719
931
196,663
66,377
499.873
733.035
89.972
l4o
247,930
81,505
136,238
156,617
12,149
29.704
3.3^1
8,863
145,642
145,121
70,422
if
( 10)
<21
3 ,590,711 6,833.523
3 ,222,726 7,642,004
2,056
386
466,947
3.136.932
163.133 2,393.361
30.530 1 ,016,452
4,240
482
276,979
42,874
57.170
2,988
525
1.477
183,636
1.723
79^
86,452
213
80,068
400
263
62
43.585
42
16.171
72,005
74,091
209
30
43,228
13
87
ll
164
77
33
47.969
5
9.372
8,773
7 .316.030
1 ,010,127
518.139
- 1 .158,315
7,437.704
22,289,852
'
5,845.031
500,012
910,513
3 .591.097 6,835,579
3 .888,331 14,600,088
7,568,772
Number of TT£F----income if
returns
Surtax
tai
Average
total tax
(col. 7 i 2)
(
(17)
(16 )
11)
8!
Effective tax
rate, percent
(returns with
net income)
(col. 7 7 3)
1.18
89,964
89,828
136
2
6
81,492
156,370
66,906
14,586
4
40
I.19I
4.936
31
798
53.827
33^.335
13
247
9.937
81,348
175
96O
4,591
13.61
I5.8I5
23.7^
132.576
140,762
»•9.168
65.855
9^83
8,694
1,102
702
166
44,458
37* H
47.08
54.44
5.729
5.968
95
38
135.705
73. W
36,281
6,318
10,445
2,208
1,682
642
373
350
59O.9II
282,190
63.773
21,254
20,597
9.336
6,101
82,896
99.423
53.328
19,046
IS . 915
308,721
63.897
62,632
65.319
8,276
854,184
28
34,21*9
37.127
41,650
319,602
ff
2.60
6.54
209.51*
400,261
1 .115.550
60.04
234
5.89
64.74
1
8/
8/
277.786
8/ I.I30
278,917
/ 13 ,161,061
1 ,528,266
2
33
910,513
7.479,428,21 ,435,668
81,050 8/ 277.786
(10)
(10)
(10)
1 ,658,328
10
2 / 22.010,935
fio)
590,911
282,190
-
(10)
-
301
81,050 8/ 277.786
(10)
-
910,814
7,560,478 21,157,881
308,721
8,276
854,184
319,602
122
1,130
3OI
16,746
1,130
3OI
(11)
853,054
319.903
(11)
**
301
2l
Grand total
Total (col.
Tax liability
Normal tax
Returns with alternative tax 4/
11 / 12)
189,746
6.835.579
/ 15 .454,272
81,068
7.315.059
2,394.160
Humber of ¡Nel
returns
¡income
(8)
6,833.523
7,642,009
3 .591.097
3,396,607
81,050
18
¡Total tax
{Earned
¡(col. 10 { 1 5 )
•income
;credit
•(ind iv idual
(4)
I 2L
( 2)
Credit for
dependents
(individual
return s)
T
590.911
-,
282,190
-
308,721
8/
18
8/
18
8,294
l!
4.08
1
!
I
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TREASURY DEPARTMENT
of the Ch i e f Clerk
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REQ UISITION FOR DUPLICATING SERVICE
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2,
Table
- Individual returns and taxable fiduciary returns, with net income, by net income classes, also aggregate for individual returns with no net income (excluding fiduciary returns with no net income)
number of returns, sources of income and deductions, and net income
(Net income classes and money figures in thousands of dollars)
%
(Returns filed in period January through June, 1940)
of income
Numb or of
Net income
n
classes
Ba laries,wages »Dividends
from domestic
Icommissions.
and1 fu itigli
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;dual returns) corporations gages , corpo
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returns
^
Net capital gain!6/
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profit
Short-terml7/
tax-exempt
Net gain from
sale of property other
Other
income
Total
income
Government
Individual returns and taxable
fiduciary returns 1/ with net income
13 4 3 7 1 U 3ig cjù
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4 6 7 3 3 7 Ì l 8 4 o S3z}{
/ ¿ 3 1 7 3 ] 1 / /7 ¡2 2 . j]
3 ! 72 /
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¿8
5 under 10
10 under 25
25 under 50
50 under 100
100 under 150
150 under 300
300 under 500
500 under
1,000
1,000 and over
%_LQ_£_£_L 1^1f S o 6 4 &4-
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LßÄ
1 1 7 3 jj
/ 2 4 s"
2 8 7 S/
1251
/4
t b 7i
¿ d o o jj
4 7 s/4 -\
^¿3 7^J
/6 2 2 6 0 3 7
3 7 X0 S
3 3 x 74
b ¿7O4—
,
3764.7! 3 6 3 8 3 4 4
¿>7 8 8 6 .
J<7 2 7 2 .
7 8 /b
4/ 7 3 8
4 S70
24270 "
/ 2 3 o\
4*4]
n 2)
22
21 34-Ä
4ò à
/ 275737'
6>
’ 62 s l
"J33 2 6 z
ll
2 3 4 } Il
782/1
70 /1
to 2 s b
7
/ xfbI
7 J3S H
8S j\
7 08S
S31
/gsj
?^7i
3
3 *>o\,
3 /4b J
/
ml
/o 8 il
2828736
2278771
28 ot
/4 0 8 7 Ì
22S477
7 7 S^Z.
8 7 3S 4
7 3 /S/ ;
Total, individual returns
and taxable fiduciary
returns with net income
Individual returns with no net income
j
6/
7 4 8 7 704A
8 i 06 2 |[
Grand total
/ S b t i 8 *>8
47/86
/Sbbo776j
782024
6
o
I 733\
8 7o*>dz
21 8 7 3
2 32zi~j3l
S t /4 3
! 6 B>4~
A/ (> 2 7 5 7
/o 2 4 z \
7 J S 7 ^ 7 :,
S 2 827
/ /7 3 0 0 ]
7 8 b i43\
2 ¿,¿>2/64
/ b 8 763
/ x 74À
3 3 70S 1
¡ 3 SX8
¿073
7 2 g 734
$¡¿¡8481
2 6 7 s 671
I7 4 84 /
2 2 6 , 7 2 SÌ
233 ¡8 7
Deductions
Net income ¿/classes
Partnership
Business
loss^/
loss
Net loss from Contributions
sale of prop!
term capital
ZOj (ìndi*erty other
loss 3 / B / than capital Fidual return^’
assets19/
Net long
Interest
paid
21/
Taxes
paid 21/
Losses from
Bad
Other
Total
fire, storm,
debts
deductions
deductions
(individual
etc ^indi
vidual re turni returns) 22/
2 6 87 s '
336 7 4 7
/ £78
b 4zo
2 5 4 3 7 S 67
7* X 3 o b
28 473
3 À 3 ¡¿><7
j 2 £ ~ 6 C4-% 73
Amount ___
distributable
to benefici
aries
(fiduciary
returns/
Net
income
n
Individual returns and taxable
fiduciary returns
u
with net income :
Under 5 (estimated)
4 S3 44
5 under 10
4363Ì
10 under 25
25 under 50__
/O ooo\
______ ___
50 under 100
! 4d3\
100 under 150
dod\
150 under 300
8L / À
300 under 500
/ ! 82.1
387I
3 7À
500 under 1,000_____ ______ ______ __
1,000 and over
4 7 S 70
/4 / 4 4
!3 8 s z
S 26
S o j d ¡j
/ 70 3>
X 36z \
73 A
X 4ss~
3
77
/Xb 7 0 x4
7 77
6 7 ddo
3 s q .6 i\
/ 6>S /3
¿>2
4 °7~/\
3 s /8
! 047
.. .7 4
2 6! 3
/S 444Â 6 7 /!
3 888,
2 7 8 8 8 4 -,
3 / 3 7(*(* \
67 7SS
/oo S s z
S d 2 08
¿ 7 348 V
4783So1
/ / 4 3 283 \
) / 7 S 3 di
JO OSJ
3
2 2 72S
* l g l\
--- k j À
_jd z z
2 7 03/ j
__ X S *720___
S *7 *3 / l 1
743
2 / 177,j
73 477
3 3 7 7 Â
4 ig\
8 746 ;
4 Z08
Jj_ / o b \
22d
B P
f-3^;
7 76b /
{34.
I
4
$3 !2->
»
4 7 4 2 ,1
S /d 3
S d 3 2i
5 5 3
/ ! SSJi
';
/°78 6 \
4 / 4 S\
¿tsg\
f
*1 _____ 4 4-S 2,
6> 17.,
4 öC/8\
j
136 j
46 j
__ //Zt ^
3 /
/S S 4 8
/4 7 2 z j
8732Ì v
S~/ 4- / j
/7 / A
2 S84
5 3
2¿3S88
1 S 73 b 7 7
6 / 73) :
i /78 6 4 / I
4 7 2 4 0 ;A
3 7 8 o4 z k
2 3 )o4
1-7y.
3 -S S 8
<
!4 6 / 2j
/ / x 8b b
4 43à
3 b 8 Ob
4 6 84
3704z
/Sdj
!S S 7 3 i
Jc<i ■------1______ 1 7 / 0 7
¿¡■SI I
2 2 bo
¡ 7 0 b ck
t S 6>\go 8 B /4 ^ - j £'S3 J
70 682
3 137020
b S 3 4 . 2 3 7 4 /bo
// 6 4 7 _ J-O ^~70 2 Bo
7 0%3
6 / / 3/4-1
3 32S*
Ì8 7 7 d è i
(8 3 63 0;,
873/ ;
80 O 6 8 y
2 di !
7Tî2 oo S~
7 4 O <7 /
i 773
3
Total, individual returns and
taxable fiduciary returns
_________
with net income
7 6 o 7 ^"
76 8 2 2
2 7 6j4\
IIS 078
3 2 o 844f
2 7 9 ¿ 6> I
4 8 s ¡03 L
S 3 ! 727t
8 8 7 8 bo
4 OS8 j
3 3 3dS%
3 3 7 /0
!Z J~]3\
n
!!
4g 8 n
;
71 ff 2
4 2 8 178 i1 2 QtaZ ¿ 2 2 .
¿470*743 2 X 2 8 7 g £2
Individual returns with no net
income
6/
¡47
¿4$
¿fs& A
yU/<?|
S3 7s /
£*>422.2,'
--
i§ / ^
7 ^ 7 /7 !
1939 1
Table 2A. - Individual returns with net income (excluding fiduciary returns with net income), by net income classes, also aggregate for individual returns with no net income (excluding fiduciary returns with no net income)
number or returns, sources of income ana deductions, and net income
1939j
(Net income classes and money figures in thousands of dollars)
(Returns filed in period January through June. 1940)
I-—
|.. .... -...
^— ..
! /
Sour<ses of Income
interest
Partnership Income from
Business
Rents and
Net capital gein 16/
Net gain from
Other
fiduciaries
profit
14/
. Partially
profit
royalties
Short-termi?/ Long-termlß/ sale of propL,— ■
■■„ t m i
■•aia;" , jaincome
aaaaaa'ai.yili
"ertj othei4
tax-exempt
Government ob
than capital
ligations 15/
assets 19/
I
Number of
Net income classes
¿Salaries,
returns
wages.
commissions,
etc.
Dividends
from domestic
and foreign
corporations
____ 12/
Taxable
Bank deposits
notes, mort
gages , corporation bonds
F--
II
1
=====j
Total
income
Returns with net income:
Under 5 (estimated)
7^9 o s
u
5 under 10____________________
¿>77
g .
U j î o £3■V
i
I/o4
J-3o x x b
3 5 3 s77
!3 o 7 b £
7/7
10 under 25
/ n o
1x x
4 jo
25 under 50
3Jx
07 ^
3£o 4 xo
£0 £ 3 2
XXoSS
4-J Jdz,,
¿ ¿7 7 80
74 7 / s\
3 3 0 ¿4-
/piJd b x 4-
50 under 100
100 under 150
150 under 300_______ ________
300 under 500
!
/Xo34x
(34)i
3 /J £<Zo
7
0b /
/£ /b
3 / o\
500 under 1,000
7* 7
X 2 jX
£ ! /Ill
! 233
gs\
1,000 and over
}JOJ
4 4 2 2S '
i 4/cj
xb\
I ¡S b / / %02
X £ o b 2 8 3\
1/3
278 S43
Jbo
1 3 3 ¿138
3 J£J
£ 2xb
/X S £
4 s ¿x> _______ / 0 o q \ ___
S 0 3 CJ0
7/77
’3 o
JJLÆ L3
/"] !#£>
/X £ 4-/ 1
Jo b
74 Z
Jo 7
g /7
¿7
Jx £ 4 3
lo 3 / X
28 4 ¿4
3 O é vS’O
2 82
/ £ 4 b *f
X
J
4 4 z s o /\
! b /x j b j
1 3 8 3r/x>
£ 478 £ 3 b
/
77
8& À
Jo 3 b b
, )b £ 3 b !
3 2 2 it
3 3xM
T
)b ¿¡<£2 \
!XH
) b b <27
) 6 cj \
X 4 o o Jy
"77!
.>e>2\
lb f J 3 \
j
I X C j££
1x4
X ! ¿/|
X3/J3
X J3oob3\
j
/X £ J
11 ¿> 8 j
1 2 2 4 -^ 0 0 ,
j
4- /b
b 3 4<J\
b 7 b b b3
7
8 J83'
4 -g\
434\
(25)
/ 4-£>2cj\
! X On :
2/4- ~j~fb ..
0 /^*7 U
^*' 1/i
*l♦
1
1
ib A
8 8 3£b.,
1
)J 8 \
2x 3 b2
bA
22o
8
7 7 7 ^,:
Total, individual returns
with net income
Returns with no net income
A/
4 j 12 b \
Grand total
I S 'b b o c\c j £ '
b /
7 ^3\
£ £ ¿ 8 X /b \
7bj
07S
¿4&> 4ro4-\
X/ B fä \
! 62 4
7 88\
dgogg]
7Jo
1 1£ b <Jb£\
Jo x
4 jzj
u ^ jzo gi
Jo4-
;
/ x J f4 -\
J / J JX 3 ,
)4s^4-Cj3\
j4 4 o jb 2 \
3 3 ~7o£\
77 8
bjA
13 £ X 8 \
! S4- & ^-A
2. ¿ . ¿ j ni>
[¿£/ ^
7/j
! J o £ / / !,
Deductions
Net income classes
] Partnership
Business
! loss 14 /
loss
Net loss from Contributions
sale of prop
term capital erty other J
goL ____
than
capital
lossie/ 18/ i
assets 19/
Net long
X £ J4 -J
3 3 / b / j j x 4 8 2 / 13 b \
C&-2. ó?
b>°J2\
b4xo
2 J 3
/7
Losses from
Bad
paid 21/
fire, storm
debts
etc, 22/
22/
m
m
rnm
m
: Other
Total
deductions
income
deductions
Returns with net income:
1X 5 0 / 1 !
4 j 4x 4 -1
!^ \
4 ¿iqb'
¡----------!
4 o £ 7 ------ !----b !"n3— Q
f
T—! 1*
b j2 \
4 3 x 4\
^ é? ^ &£>\
X £Jo y
2 4 j 4,
ds'/i/xJ
/4
£ 0 £Oj.
lb 2 77
ibjj
3 jb \
4 Obo
3>£ob
8 /4~'
X 3sq
------ ^ ^ ------ n
10 2 / j
733.
I 18 M
Xo
bbj
2 4££
%2 o
3 jx
Under 5 (estimated)
7 7
5 under 10
10 under 25
25 under 50
50 under 100
¡100 under 150
150 under 300 ______
300 under 500
500 under 1,000
1,000 and over
______
■
mmbhZ
2-fJ 8 SJb j J££11
3 4 x *2
¿7 0 5> ! i
x / 17 7
2? J 4 b ,
__7_ 7<^ ^
4cjdx\
'6/43
£ 43X
5 77
SB A
77 3 s A
6 3 J3XÀ
x4 2j2
l x 4J4À
4 o 48\
¿3 b £ 0 1
Ì tix \
7 S'A
b /7 !
4 8 jx 4 o
14o 7b 3
1/b 4 j b
s b 3 Mm
3xj7i,
/ 7I 7 / 7 I
/ 0 £~2 0
3 2 / S\
f
A a -f> '
/o o£/\
3J44Î
X 7$J\
17A
4b8\
XX A
1 3b\
d é \1
\jlXA
3t\
2^2 JX b>j!
I S £421
14 J22Â
3 7 3x2
£ /4/
17 ,zl
X £ 2 £■
k
!5 bo £
£2 &4j
4S
,ocj
<3££x44
3 771:
a I- Ì !£ f
3'J-TiLZft
) t>3S„
X
3 / o x 'j B /1!
X 3 4 X 34*01
^SyjzÄ
i2<J 0 X 8 | . ! o 3 & ¿ 7 /
2 / 1741
f
1° éì.
7£ 1
_ 4 j & 4-bX
/ 4 ¿4-/0 S’SàÀ
Jj4
£87 £3b t
47JX3Xjfi
Indx8j
J3 4 o SÌ
l b /Jcj\
bb /j4—^
iSlbsi
JX b x S Ì
X83b£xd
XXo44boj\
OOij-
3, /S3,,
Total, individual returns
with net income
Returns with no net income
Grand total
t t Ì9Y
1£ X /«r
. 0-^-b-p
X £ £oq I
6/
j b 3 X 7 ¡j
n s o j 8\
z- j
£3
3 /J- 3 J 3 j
>83\
3>i 4 do£~
M a W t(A
77/\
4 2 £ /0 3
4 os 8
48J i b /
£ 2 3 1 7 44
3 3 3 4 S 1j
;
i S £ b S 3 Q/ I
8bj / H 1
33 J /o
m 77À
7 4 2j\
7 f U /4 l
dg g n I
Joo 2xr,
Xb x b a
ix2 bxxl
3 JJ£ £ j\
£3j£f\
4 S 3 £ o 7 || 2
£ 04.
&\âjÀjï'j I
¿
7/
X X £ 3 o b |j
X £ /ob 4 -4 x.t
Net
Interest
j
4 3 00
Cj
6 JJ8\
7 7 / ! 4 b \{
^
82
j
/£
3 £73x4x
8 o jé \
44x\
X b 1 3 3 Cj
b■>7b /
7 S' d-- - -2 ^b 7/ 7.^
/'S
■■■
!J J 3 Z t
1 J o2\
//£ / 1
CjoA
1
213 X 3 & I
jb X O
bx4^
£ /4b>
4^2 j
3£3£X
3 £ 2/0 ----- ——X I/ ■4j----3!
h
3 S 4 -2 3
Xz
7/
4 o /b 3
4~Xj4-\
7 64\
3X J £
4b 3 X 3
j
FOOTNOTES
15/
l/
For taxable fiduciary returns the net income used for classification and tabulation is the net income taxable
to the fiduciary.
,,
.
. _
2/ On fiduciary returns an estate is allowed the personal exemption of <$1,000 allowed a single person, and a
trust is allowed, in lieu of the personal exemption, a credit of $100 against net income.
3/ Consists of (1) returns with no net long-term capital gain or loss and (2) returns with net long-term capital
gain or loss which have no alternative tax.
4/ The alternative tax is imposed on returns with net long-term capital gain if such alternative tax is less
than the sum of the normal tax and surtax computed on net income including net long-term capital gain. The
alternative tax is imposed on returns with net long-term capital loss if such alternative tax is greater
than the sum of the normal tax and surtax computed on net income after deducting net long-term capital loss.
5/ Nontaxable individual returns. Exemptions from normal tax and surtax exceed net income. A negligible number
of nontaxable individual returns in net income classes of $6,000 and over is not tabulated separately.
0/ Includes returns with zero net income (total income equals total deductions).
7/ Returns with net long-term capital loss on which the tax, computed on net income before the deduction of net
long-term capital loss, exceeds 30 percent of the net long-term capital loss.
8/ Deficit.
9/ Net income less deficit,
as/ Not available.
ll/ Average total tax not computed.
.
12/ Excludes dividends received through partnerships and fiduciaries and dividends received on share accounts in
Federal savings and loan associations.
'
13 / Interest received on United States savings bonds and Treasury bonds, owned in excess of $5,000, and on obli
gations of instrumentalities of the United States other than those issued under the Federal Farm Loan Act,
or such Act as amended.
«
1 4 / Partnership profit or loss includes dividends received and excludes (1) taxable interest on obligations 01
the United States and (2) net gain or loss from the sale or exchange of capital assets. The item »Chari
table contributions» is not an allowable deduction in the computation of partnership prof it or loss. ^ Each
item which is excluded from partnership profit or loss is reported under its appropriate classification.
Income from fiduciaries includes (1) dividends received and (2) net gain or loss from sale or exchange
of capital assets and excludes (1) taxable interest on obligations of the United States and (2) net
gain or loss from sale or exchange cf capital assets received from »Common trust funds”. ^ Each item
which is excluded from income from fiduciaries is reported under its appropriate classification.
16 / Capital assets exclude property used in trade or business of a character which is subject to the al
lowance for depreciation. »Net capital gain» and »Net long-term capital loss» include each partic
ipant* s share of net capital gain or loss to be taken into account,from partnerships and »Common
.trust funds».
YjJ Consists of net short-term capital gain on capital assets held 18 months or less. In the computation
of these data there has been deducted the amount of net short-term capital loss of the preceding
w .|'
taxable year which is not in excess of net income for the preceding taxable year.
18/ Consists of net long-term capital gain or loss on capital assets held over 18 months. Includes losses
j from worthless stocks and bonds.
--..
•- :
..
w
Consists of net gain or loss from property used in trade or business of a character which Is subject
to the allowance for depreciation, which is excluded from capital assets.
20/ Includes each partner’s share of charitable contributions of partnerships.
21/ Excludes amounts reported as deductions in Schedule C and in business schedules, Forms 1040 and 1041.
22/ For 1938, included in »Other deductions».Excludes amounts reported as deductions in business sched
ules, Form 1040 and 1041. Losses arising from fire, storm, shipwreck, or other casualty, or from
theft, are those not compensated for by insurance or otherwise.
23/ Includes taxable interest received on partially tax-exempt Government obligations reported on returns
with net income under $5,000.
24/ For returns with net income under #5,000, »Taxable interest received on partially tax-exempt Govern
ment obligations» is tabulated with »Taxable interest received on bank deposits, notes, mortgages,
corporation bonds».
25/ Less than $500.
Table IA. - Individual returns
with net income (excluding fiduciary returns with net income), by net income classes, also aggregate for individual returns with no net in cone (excluding fiduciary returns with no net income), 1939i
net "income, personal exemption, c r e d i t for dependents,/earned income credit, total tax, normal tax, surtax, alternative tax, average total tax and effective tax rate
number of returns,
__
^ 3
(Net income classes and money figures, except average total tax, in thousands of dollars)
(Returns filed in period January through June, 1940)
Net income classes
Net
income
Number of
returns
Personal
Credit for
exemption
dependents
(col. 8 + 13J (col. 9 + 1 4 )
(3)
(2 )
(1 )
M M
(4)
j
« M M bJ
Earned
Total
income
tax
(6 )
m
returns
(8 )
;
IL___________ )
(9).-
Surtax
Net
income_____
returns
(1 2 )
Alternative
tax
(15)
(14)
(13)
Effective ta3j
rate, percent
total tax
(returns with
(col. 7 + 2) net income)
(col. 7 f 3 ) r
(16)
il7)
!’|
Average
Returns with alternative tax V
Number of
T lx liability
Normal tax
Total
(aoi.lx’-1S
(1 0 )
tu)
...
.
Net
income
Number of
(col. 10 + 15J
credit
(5)
Retur Ls with no alternative tax
Returns with net income:
Under 5 (estimated)
5/
Under 5 (estimated)
5 under
6 V
5 under 10
3 5 y o y /1
b 83 3 5X3 .
3 iy / 4 ì /
32b
y ^ 7 7 ^ S>3\
X 05b
3 i£> o y ^ d
d è i yyi\
2~3dz3do
JSy yy2
3 o 7 // ! 1 0 3 5 ¿ 7 7 ;
2Bx 7 j
5 8y 5 3 b
q/
qH’---- /'T4X3Z.
'—f—
f—
..... 1—>d..-
10 under 25
25 under 50
50 under 100
100 under 150
500 under 1,000
lo o ,
1,000 and over
jA
¡yds. 8 y
y 3 do5,
bb /y d
J X bZ-5
150 under 300
<
300 under 500
'7'
4xp j S \osgn
4 U o /dy3\
yyi
1 0 0 3 8x 8 1
334-33XX
bx/yb
ìy y 5 A
x ydy
i\b>yy
/ 00tJ tyb ;
S 3 8 %iyi
4 3 1 15
—/
/7 b
L>b 3 '
U b 3yy\
ix /4y
33d\ j
óxsA
Xb3
bx
30
3yx
So 3
88 Oil
Xdytj30
ycjbxo\
!3bXS8
xy 7od
8 8b3
77-
J5X >Xd\
l U o d/X*
13 4 / 5 5 Ì
ls>b 5 o 3
—A
8 x x gol
d o / b zi
d o 0 /3\
S3
db 0 y à
1d y y ]
! b d-\
II
n
Nontaxable returns 5/
3
s y / oyy
è z$4syy
y 3 Jb 0 3 0
Taxable returns
3
8 3 5 Z i2 \ / 5 X o y o x 8
7
dxb
¡¿r 1 XX o d d b o y
5 2 x d y ix
¡ o / o /xy
5 /8 iay
/1583
ì3 lA o y d x ,
1 5 X 8 Xbb
)
5 ^ 0 y 11
b 2 3 3 5X3Ì
3 iyi docf
325
5 5 y y e>xy\
3
g-]3 .
y33o3 5 j
ido
Vff
S 00 0 1 X^
22003!
87 g S'il
£
U m
2
xs\
Aib
s* .5 y
b .dy
X oSb!
d b ! y 2 y . 3 1 0 0 b y3
/ 5 y y 3 7 . Z '3d 1 5 b !
y 23 ozy 1
¿y\sdb\
d oX 3
x b x ny\
ddd
57 3 y b i
J7 5~
32
IX
3cj 3 3 8 j
y4- £■ 23\
g SA A
JT
g 77jï
3Sy/oyy\
b 835&yoj\
¡5*
2 y J -3 5 y
3>8xyiy%\ id
t,S 8 3
8 y ls s y
7 d / 8 x cj5\ì X! X X 3 (s>3cj
3 22054
yyb*y\
1 5 1 8yX\
bS 5^3
¡4 O l d \
3/
¿3 ]
/Jz\
y /so A
S 6 3 y /\
777
X32t
7sx.
! 3 o byx\
¿s>0 O 0 B\
34- y 2 2
7 8b3\
X O !2 l
y s 7 c>d\
5 0 tdd
! 7 3 J- 3
A5 dl\
5 2o
/y 3 5 z
M\3bl\
12 2 f 3 \
2d32\
553d
L 3 18
j.f
\33 7
;
l i b 5Î
d Sod j
5X bdx
3 X 5 d/y
lO 55\
IX b 2 5 b '
/3 d 7 5 o
¿7^1
!S 3 1
y 252
5
/y 5
58y8x
S y bsd-
gg\
5yb8
'*
•3 7|
5b2ydb
xydbb/
x y d oBb
8
5b 8 yd-b
x y d b b/
xydo 8b
8 oXO\
0X 0 ,
b 3 2 5X,
/3.5b
4 5-JZ.
X3.b2
15 7 b 5 ‘i
dd 3 by i
_____
d j.z ) 1
y d yy3 \
x 10 x y d
sd.yi
body
d o o 133\
/d2
4y/dg
b 3 38 7
77
3 ) yxd
3ddSo
3 y y5 5
2 x o y by
3o5 b
2 So <yby
3 öS b / 3
1
b 3 .d d
oybyyx
Xz8[
13
3
US
3-41
Returns with no net income:
Nontaxable 6/
Taxable 7/
8) oso
!8
§Jx 77 y g c
8 ìobS
§lx/y8 7 / 7
^
Ü.0)
! 130
—
ostò
8\ O&D §/ x y y y 2 l
3o /
/o
33
3o f
!
12
—
/é
Total individual returns
with no net income
CIO)
'
Sol
(1 0 )
gl W x y y y2b
_
§/ /
s
Grand total
IgA
J 5 o y 383 f i s i y è 5 by 1 !
(io)
(1 0 )
s
bb 0
ydyy 3 d & z 0 yd58sz
-f-
s '* % ^
.2
_
1
T
‘
S ig '¡de.
xydb b1
i
x y d ogb
!3o
So / L
(n)
/?:
2 038
ÿ g 1^83^
I
3o5 y id
(1 1 )
|
1
Total individual returns
with net income
I
|
¡
1
L
Table 1. - Individual returns and taxable fiduciary returns.with net income, by net income classes,also aggregate for individual returns with no net income (excluding fiduciary returns with no net income), 1939i
number of returns, net income, personal exemption, credit for dependents, earned income credit, total tax, normal tax, surtax, alternative tax, average total tax and effective tax rate
(Net income classes and money figures, except average total tax, in thousands of dollars)
(Returns filed in period January through June, 1940)
Number of
income
returns
y
Net income 1/ classes
Credit for
dependents
Earned
Total tax
income
10 +
(indiv idual
credit
(individual
returns}
(col.
Returns wijth no alternative tax
Number of
returns
income
1/
Total (col
Average
Number of
returns
Tax liability
Normal tax
Effective taxi
rate, percent
total tax
(col. 7 jr2) (returns with]
net income)
(col. 7 *•3 )
Alternative
tax
income 1/
(17)
Individual returns and taxable fiduciary
returns
1/ with net income:
Under 5 (est.) 5/______________ .
3> S q 0 7 ! / !
6 2 3 3 S z J \ ___ 7 3
Under 5 (est•)
^ ¿ ¿ 2 7x 8
7 ¿ 4-2 Ò 0 7 I
5 under
6 5/
! 007 I 7b
¿ 3 3 'Jl<j
2 oSb
3 !¿3b 7^42 3 7 4 /b o
5 under 10
10 under 25
25 under 50
b /I 3 /4
100 under 150
I8 7
150 under 300
18 3 b 3 b
300 under 500
go o b 8
500 under 1,000
72
1,000 and over
74 0 7 / \
7
2 4 7 7 30
bb 5 7 7
!3 b 238
\/Z nlej
27704
4b
f
3 3*Jio^'j\
M & 3 S C& 7
Taxable returns
3 8 7 b bo^A IS d - S d ^ Z
' ^777?^
•/b 4—
j
o °^s
Nontaxable returns 5/
S 86 3 \
3 34-)
50 under 100
...
77_
âA
7
7
3 /¿>o3o
3-8 jI£To 3 /
l o t o JZ.'J
Si8 l3 7
87 7 7 2 jj
b833S33
32.2-3. 7 2 b
7 bdx 0041
/4 o
fëJ
C>63
/^
/ 0*10 2 go'
733o3S\
3 S 70 7 / 1 1
32b
8)
S o SI,
j &b b 1 7
id s' b d z \
l 4 S 12 1 U
70 4 2x1
8b 4S2j.
dz S gsf
d 3 2 X8
4 7 7 6 7 ).
SoOO
/ / 3 8 3 'ts\
7/0
/ b S 8 3x8
7
%kä\
8 7 828
/3 b
2
b\
\
2
/•/2
22
-2¿2Sb!l
4b b
3 !3b 7 3 z
Jb 3 J 3 3
2 37$3U
I
ioti, /Jss,
¿76 7 7 J
& 7 '7 ° *
d z g jJ h
Kp 7 7 /
$
3
87731
31
3 S^ i o 77 j
87
8 / 4 7 2 .)
b b ¿JO b ,
id S g b
/Sb 3 7 0 j
7 3 4 7 4 -,
8 X 87 b
7f*\
<3 3 8 2 7 *
7 737
3 3 d 336 1
8 l 34-6
4 7 /b 8
/ 3 ¿IS 761
/ d o 7 b 2\
b S 8 SS
b 3 8 7 7 s,
34247
b 2 63 2 _____ 3 .7 4^37
bS3
d / b So
!3 S J o s k
S33Z8
17 odb
¿3773!
2 I 2 S jA
£0S~7 7!
33bJ
b /Q/ !
C 3 / g\
7
I
4- 7 3 b .
A 102 ,
70 2 \
/b b 1
I
38\
3So
13
2d 7
3/
4\
do .
b 8 3 8 ~ S 7 c j\
S / 3 I 3 8 2 8 3 3 / 1 > 4 boo oggi
tb O j
b. S d ì
!3 . b!
2 3 .7 4 - !
2
760
!_______ 4 3 7 1
/ s 2 JS
44 d sg (
74480,
¿07 ^44
doo z b / >
J J 1S~SSo
37,11
>og\
S 4 .4 4 j
b o . 0 4b d- •74- J
4-7
!
S 7 0 7 /1 Ì
¿ 83. 1 7 0 %
808721
8 27b
370711%
2821701
308721
8 27
g s 4 t84\
3/76
X sÀ M À
o2 s
X3d\
S , 87
3 1 7 bo x I
/¿ Z i
4 .0 8 1
3o /\
i b 7 *^b
_____Total, individual returns and
taxable fiduciary returns
with net income
j|
7 4 8 7 7 0 *!^ 22 2 8 7 2 SZ%
Individual returns with no net income:
Nontaxable
6/
^
s\
8 1 o so «
____ Taxable 7/_______ __ _______ 2________ S!___________ ^
Total, individual returns with
no net income
Grand total
r
'
/
Si oißi
y
li
"; ;
2~f'f‘j84>
1 1
i
7 4 7 7 4 2 . g X i\d3s b t M
1
gl o s o ,
IO
|
I
/O rS/3 1
( f&)-
¿ 1 $ 7'7 1
'is&g'l'jz f z z 0 / 0
13 l b / o b t\
( to)
3o
3o
—
— *
f/o
< 277
j 8 b\
J8
/
—
/j
g 14-..
b\
7
T
8/
oso %
M
2 77 78b
T5f
Sbo 4 7 8 \ 2 / 1 3 7 8 8 i
¿g\
3 7 0 7 //
¿82170
3 0 8 7 2 .1
S 2-14-. ;
JJ
U
Jj
) i3o
j )3o
8 S3 0 Sd
;
317
3o/
Cn)
—
7° ^
L ui
—
treasury department
Washington
TOR RELEASE, AFTERNOON PAPERS,
Friday, April 4, 1941.
Press Service
No* 24-31
Secretary of the Treasury Morgenthau today made public preliminary
statistics of individual income tax returns and taxable fiduciary income
tax returns for 1939 filed, in the period January through June, 1940,
prepared under the direction of Commissioner of Internal Revenue Guy T.
Helvering.
The returns for 1939 are filed under the provisions of the Internal
Revenue Code, as amended by the Public Salary Tax Act of 1939 and. by the
Revenue Act of 1939»
The major change provided by this Code as amended,
as compared with the provisions of the Revenue Act of 1932» under which
the returns for 193® were filed, is the imposition of the Federal income
tax on the compensation for personal service received after December 31»
193S as (l) an officer or employee of a State, or any political subdivision
thereof, or any agency or instrumentality of any one or more of the fore
going, and (2) ajudge of a United States' court who took office on or
before June 6, 1932«
The statistics are taken from the returns as filed by the taxpayer,
and prior to any revisions that may be made as a result of audit by the
Bureau of Internal Revenue.
Amended returns and tentative returns are
not included in the tabulations.
Data from all taxable fiduciary returns,
from individual returns with net income of $5,000 and over, and from cer
tain individual returns with no net income are tabulated from each such
return.
Data for individual returns with net income of less than $5,000
-
2
-
are partly estimated and partly tabulated.
Data for nontaxable indi
vidual returns with net income and for individual returns with no net
income are included in the attached tables because of certain legal re
quirements regarding the filing of returns.
In Tables 1 and 2, pages
b and 6, there are presented certain compos
ite data for individual returns and taxable fiduciary returns, with net
income, by net income classes, also aggregate data for individual returns
with no net income.
Tables 1A and 2A, pages 5 and 7» contain data for
individual returns with net income, by net income classes, also aggregate
data for individual returns with no net income.
Tables 1 and 1A show
number of returns, net income, personal exemption, credit for dependents,
earned income credit, total tax, normal tax, surtax, alternative tax,
average total tax and effective tax rate.
Tables 2 and 2A show number of
returns, sources of income and deductions, and net income.
NUMBER OF RETURNS, NET INCOME AND TAX
The total number of returns is 7*568,772» of which 7*^26,315
individual returns with net income, 6 1,3 8 9 are taxable fiduciary returns
with net income and 81,0 68 are individual returns with no net income (see
Tables 1 and 1A).
Of the 7,U87»70^ returns showing a net income of
$2 2 ,289,8 5 1 ,7 3 1 , there are 3 ,896,607 taxable individual and fiduciary
returns and 3,591,097 nontaxable individual returns.
The total tax is
$9 1 0 ,8 1^,088, of which $590,9 1 1 ,1 0 7 is the normal tax and surtax reported
on 3 ,8 88,331 taxable returns with no alternative tax, and $3 1 9 ,90 2,981 is
the alternative tax reported on 8,29^ returns with alternative tax.
Eighteen
individual returns with no net income show alternative tax (see note 7»
page 8).
The average tax is $122 for all returns with net income and
- 3$23** for taxable returns with net income.
The effective tax rate is **.l
per cent for all returns with net income and. 5*9 Per cent for taxable
returns with net income.
As compared with preliminary data for 1938» the total number of re
turns increased l,**12,9l6, or 23.0 per cent; the number of taxable indi
vidual and fiduciary returns increased -901,567 or 30*1 per cent; the num
ber of nontaxable individual returns increased 511,3*+9» or 16.2 per cent.
Aggregate net income increased $3»625»79**»799» °r 19*** Per cent, the net
income on taxable individual and fiduciary returns increased $2,835,551,2****,
or 22.5 per cent, and the net income on nontaxable individual returns with
net income increased $790»2**3»555» or I3.I per cent.
The total tax liability
(including for this comparison the alternative tax on individual returns
with no net income) increased $1**7»36**»**13» or 19»3 Per cent. 1/
SOURCES OP INCOME AND DEDUCTIONS
Income from the various sources represents the net amount by which
the gross receipts exceed deductions, as reported in the schedules on the
returns, and in aggregate represents the sum of the net amounts of income
from each source.
Net losses reported under MIncome” items on the face of
the returns are transferred in tabulation to deductions, which also include
amounts reported on the returns under deductions”. Deductions do no include
credits such as personal exemption, credit for dependents, and credit for
earned income.
The deduction items “Losses from fire, storm, etc." and
“Bad debts," shown in tables 2 and 2A, were included in "Other deductions”
for 1938.
l]
The total tax liability, as published in the "Preliminary Report for
1938, Individual Income Tax Returns and Taxable Fiduciary Income Tax
Returns", has been revised. The correct amount is $763.****9»675 instead
of $76**,72*+,215.
f.bl* 1. - IndlYldual returns end tumble fiduciary return., id th net lncone. by net lneone d»..e., al«° «««regate for lndlrida.l retttrn. wlth no net lneone
(excluding fiduciary return, n t h no net lneone), 1939« Hunter of return., net lncone, per.onel exenptlon, credit for
dependente, earned lncone credit, total tax. nornal tax, eurtax, alterna tire tax, arerage total
tax and effectire tax rata.
(Set income classes and noney figures, except average total tax« in thousands of dollars)
(Returns filed in period January through June, 19*40)
Returns with
Returns with nc» alternative tax
Hat lncone
1/
cle.ee.
lunbor of
returns
(col. 8 /
1st
13)
Incoas
(col. 9
Personal
sxsaptlon
i 1*0
(4)
(3)
Individual return, end
taxable fiduciary
returns 1/ with nat
lneone i
Under 9 (set.) ¿/
Under 5 (eet*)
5 under 6
5 under 10
10 under 25
25 under 50
50 xuder 100
100 under 150
150 under 300
500 under 500
500 under 1,000
1,000 and over
Vontaxabla returne ¿/
Taxable returns
Total, Individual
returns and tax
able fiduciary
returns with nst
Incoas
Individual returns with no
net lneonet
Sontaxable 6/
Taxable Jj
Total, individual
returns with no
not laooae
Ornad total
for footnotes, see p. 8
6,833.523
7,642,009
2.056
3.136.90t
2,394,160
1 .070.280
611.314
1S9. W 6
183,636
3.59O.7II
3,222.728
m63jg73.
I .I
31.721
9.176
1.58U
915
80,068
72.OO5
208
108
•*3
2/
74,091
Oredlt for
dependents
(Individual
returns)
1 ,009,196
4,416,726
971
1,006,441
238.719
931
a
17.910
2.988
I .723
400
196.663
66.377
12,149
3.3*81
525
263
62
209
30
l.>*77
794
164
77
33
Number of
returns
Surtax
(8)
89,972
Sl .505
156,617
145,642
145,121
70,422
(9)
3.590.711
3,222,726
3«6
466,947
163.133
34,240
0.530
482
86.452
213
•*3.5*5
43,228
42
13
•*7.969
5
6,833,523
7,642,004
2.056
3.136.932
2.393.361
1 ,016,452
276.979
57.170
42.871*
16.171
9.372
8.773
136
2
6
8
66,906
14.586
k
UO
31
79«
53.827
33**.335
132.576
13
247
9.937
81.348
140,762
65.855
156.370
135.705
63.773
21.254
20.597
9.336
6.101
6,318
73.>*7»*
36.281
82,896
99.423
350
53.32«
19.046
18.9K
8.694
5.729
5.968
M
1,103*2
7
10
62
6
95
3«
319.602
122
4.08
18
H 1.130
301
16.7M6
7,479.428
21,435.668
590.911
282,190
308J21
-
81,050
8/ 277.786
-
-
il 278.917
(10)
(10)
do)
do)
-
301
81,050
-
910.814
7.560.478
277.7*6
-
-
-
18
i] 21.157.8*1
590.911
282.190
308,721
s.29>*
il
6.54
13.61
854,184
910.513
81,068
960
•*.591
15.815
44,458
94.48J
209,544
1.18
2.60
8,276
1 ,658.328
3OI
28
m
5.89
8.276
-
< « > _______
23**
308,721
do)
(16)
(15)
319.602
282,190
33
Effective
tax«rate,
percent
(return#
854,184
590.911
(10)
2)
1,115.550
6.835.579
14,600,088
il 1.130
,
41.650
33,888,331
.59I.O97
8/ 277.786
7
23-7*8
37.11
47.08
54.44
60.04
64.74
910.513
81,050
18
(14)
1.191
10,445
2,208
1,682
642
373
500,012
1 .158.315
1 ,528,266
(col.
89,828
5 8.139
13,161.061
▲Iternative
tax
89,964
81,492
(13)
(12)
1,010,127
22,289.852
1/
(id
5.845.031
X
Net
income
do)
7 .316.030
7,4*7,70**
22.010.935
29,704
8,863
Average
Tax Liability
Normal
Total (col•
tax
1 1 / 12)
87
6.835.579
15.>*5>*.272
il
2**7.930
136.23«
if
lneone)
(ool. 7 f 3)
(7)
l4o
Net
lncone
15)
retarne
credit
(individual
returns)
•*99.873
733.035
1
11
3
.59I.O97
3,896,607
7,568,772
(col. 10
(6)
(5)
7.315.05?
r
Earned
alternative tax 4/
]J
63.897
62.632
65.319
34.249
37.127
1.130
301
«53.05>*
319.903
il
il
49.168
400,261
(id
(11)
I
iftable IA. - Individual retnrns wlth net lncone (eiclodlng fldaclary returae wlth net lncone), by net lneene elnseec. nleo aggregate for ladlvldnal retnme wlth no net lneone
(exclodlng fldaclary retnrne wlth no net lneone). 1939« nonber of rétama, net lncone, pereoaal exception, eredlt for dependente,
eamed lncone oredlt, total tax, nomal taz. eurtax. alternatIre tax, average total tax and effective tax rate
(let lncone elaaeea and noney fIcárea, except average total tax, ln thonaande of doliere)
(Retarne flled ln perlod Janaary thronet Jone, I9U0)
lncone elaoeea
Pereon&l
let
Ronber of
exeaptlen
lneone
retoma
(col. 8 / 13) (col. 9 / lU)
(0)
Oredlt for
dependente
lamed
lncone
eredlt
Total
tax
(col. 10
/ 15)
loaber of
retoma
(5)
(6)
(7)
(8)
(1)
(2)
Retoma wlth nat lneonei
Sedar 9 (eatlnated) 5/
Ohder 9 (eatlnated)
9 nadar 6 5/
9 andar 10
10 andar 89
89 andar 90
90 andar 100
100 nadar 190
190 nadar 300
300 nadar 900
900 andar 1,000
1,000 and over
3.59O.71I
3,171,011
386
>»61.791
199.77«
30.711
8.887
l.»99
868
191
100
h2
6.833.523
7.577.O33
2.096
3,100,720
2,302,3O0
1 .039.671
987.536
179.238
170.289
73.009
66.170
72.629
7.315.099
0,001,093
971
1 .003.828
33h.33f
62,176
17.753
2.909
1.699
392
203
87
1 .009.196
238.719
931
196.663
66.377
12,lh9
3.3hl
525
263
62
30
11
099.873
733.035
lho
807.930
136.238
29.700
8,863
1.077
790
160
77
33
■oataxable retoma 9/
Texable retoma
3.591.097
3.835.218
6.835.579
19,209.028
7.316.030
9,82h,918
1,010.187
518.139
Total ladlvldnal
retoma wlth net
1apone
7.026.315
28.ohh.607
I3.lh0.9h8
1,928,266
Retoma wlth no net lneonet
fontaxable 6/
Taxable J j
81,090
18
8/ 277.786
f/ 1,130
(10)
33
(10)
81.068
8/ 278.917
(10)
(10)
Total ladlvldnal retome
wlth no net laooae
Ornad total
Ver footnotea, ace page I
(3)
7.507.383 2/ 21.765.691
Retarne wlth no alternative tax 3/
Tax llabllltr
let
fornai
Total
lneene
taz
(col. 11
/ 12)
(10)
(i d
(9)
Sortez
Retome wlth alternative tax h/
Alterna'
■et
loaber of
tlve tax
lneone
Average
total tax
(col. 7
♦ 2)
(16)
Rffeetlve tax
rate, pereent
(retome wlth
net lneene)
( eoi. 7 0 )
(17)
(12)
(13)
(1**)
(15)
117
8
6
8
28
I.16
31
779
52,608
325.017
126.856
13O.950
58.7«2
57.65O
63.852
13
232
9.720
79.10«
07,108
63.387
3I.72O
30,080
39.755
I72
952
0.572
15.765
OO.369
9O.793
210,870
000.133
1 .096.972
13.56
23.68
37.II
O7.21
5O.71
60.07
63.OO
79.620
152,12h
lho.hi?
139.155
66,909
88.880
0o ,168
OO.OI3
06.073
3.590.711
3.171.O09
3«6
061.787
159.739
29.506
0.083
000
195
3«
12
5
6.833.523
7.377.027
2.096
3.100.693
2.301,961
983.029
262.119
52.376
39.33«
1O.623
8.921
8.773
79.607
191.898
130,692
60,008
19.361
18,893
8,038
5.53O
6.3I8
65.593
71.501
30.988
9.863
2.018
1.501
5«0
339
350
lO.OlO
80.391
95.700
50.100
17.303
17.352
7.85«
5.195
5.968
Ö
39
1.169
O.SoO
1,055
673
153
88
37
900.012
I.I98.3I5
870.359
3.591.097
3,887.19«
6.839.579
10.388,099
568,706
270,661
290,086
8.080
820.969
305.613
228
5-75
1.698.328
870.359
7.018,295
21.283.639
56«.706
270,661
290,086
8.020
820.969
305.613
118
3.97
81.090
8/ 277.786
10
301
301
16.7O6
r
(10)
-
301
(10)
-
870,66o
2
88.011
88,003
87.887
-
"
-
«/ 277.786
-
-
-
7.O99.3O5 2/2O.905.852
968.70€
870,661
890,086
81,090
ú
18
tj
18
8/ I.I30
301
(11)
-
8.038 2/819.839
305.91O
(11)
-
I.130 ,
labi*2. - Individuai retura* aad taxable fiduciary return*,
(excluding fiduciary returns with no net Income), 1939:
with net Income, by net Income classe*, also aggregate for individual returns with no net lnoome
number of returns, sources of Income and deductions, and net income
(Net Income classes and money figures In thousands of dollars)
(Returns filed in period January through June, 19UO)
Number of
returns
Net income
classes
Salaries, wages,
commissions,
etc. (indivi
dual returns)
from domestic
and foreign
corporations
12/
Bank deposits,
notes, mort
gages, corpo
ration bonds
Partially
tax-exempt
Government
obligations
Partnership
profit
14/
Income from
fiduciaries
Bents and
royalties
Business
profit
Short-term
11 /
Hi
Long-term
18/
Net gain from
sale of prop
erty other
than capital
assets 19/
Income
Income
M
Individual returns and taxable
fiduciary returns 1/ with net income:
6 ,813,439
Under 9 (estimated)
467.337
9 under 10
16 3 .1 7 3
10 under 25
31.721
25 under 50
9 .1 7 6
50 under 100
1.584
100 under 150
150 under }00
915
208
300 under 500
108
500 under 1,000
1,000 and over
43
11.989.028
1.840,532
1 ,1 1 9 ,1 2 2
392.O79
178 .96 2
47,742
33.014
6.729
2,892
1.7 0 7
819,521
386.938
554.627
382,304
292.332
105.644
115.858
57.648
55.123
50,246
total, individual returns
and taxable fiduciary
returns with net income
7.487.704
Individual returns with no net income 6/
81,068
1 5 ,6 11,8 0 8
49,186
15.660.995
Qrand total
Net income 1/ classes
Individual returns and taxable
fiduciary returns l/ with net income;
Under 5 (estimated)
5 under 10
10 under 25
25 under 50
50 under 100
100 under 150
150 under }00
300 under 500
500 under 1,000
1,000 and over
Total, individual returns and
taxable fiduciary returns
with net income
Individual returns with no net
income 6/
Grand total
for footnotes', see page 8
7,568,772
Partnership
loss
1HJ
Business
loss
506,4o4
139.991
129.246
54.578
23.767
6,124
4.913
1 .7 2 6
1.874
1,419
(24)
14,952
19 ,0 0 1
9.943
4,491
1.3 0 0
1,014
313
102
26
3 1 9 .185
30 8 ,18 1
3OO .387
134,415
7O .547
15.469
1 0 ,3 16
2.964
125
1 .1 6 9
12 9.0 77
115 .5 2 9
16 2,5 4 4
108,829
73.561
28,951
39.791
16,958
16,689
24,007
466,553
144,945
10 4 ,2 15
42.235
18,082
4,s4l
3.364
607
1.193
108
1 .616,39 6
580,248
328,928
9 1 ,2 1 8
3 3 .2 5 1
6.545
3.146
1.187
1.245
53.258
39.205
39,886
19 .2 7 2
9 .8 16
2.341
1,901
2 .1 3 5
851
99
49,314
33.274
41,938
28,147
21,344
9 .8a
10 ,8 56
9.085
9.057
14,089
13.540
6,904
4.570
1,280
424
112
9
53
3
263,762
27.647
24,270
11 .4 3 6
6 ,68 5
987
1.2 9 6
185
200
280
1 6 ,226,039
3 .638,344
2.828.736
1.275.737
733.262
2 2 9,8 77
225.477
99.592
89.354
9 3 .1 5 1
2,820,240
6 1,9 3 3
870,042
2 1.8 9 3
51.143
1,684
1 .16 2 .7 59
10,242
715.937
12,794
786,143
33.705
2,662,164
13.528
16 8 ,76 3
6 ,078
226,925
6,264
26,895
1.578
336.749
6,420
25.439.567
225.306
2,882,173
891.935
52.827
1 ,173 ,0 0 1
728,732
819,848
2 ,6 7 5 .6 9 1
174,841
233.189
28,473
34 3.169
25,664,873
Other
deductions
Total
deductions
Net long
term capital
loss 1 6 / 18/
Zh!
Net loss from
sale of prop
erty other
than capital
assets 19/
312
263,588
6 1 .9 3 1
49,800
23,104
l4,6l2
4,436
4,684
1,547
2 .1 7 7
2 ,260
1 .593.699
478,641
398,042
193.758
112,866
36,806
39.042
15.593
17 .10 9
17,0 6 6
156,808
20,682
36.534
11.699
9.083
3.325
2.799
3.931
241
1.993
1 4 ,4 7 5 .5 3 2
3 ,139.020
2 ,39 4,16 0
1,070,280
611,314
189,746
18 3,636
80,068
7 2 .OO5
74,091
2 7.16 6
485,103
531.989
887,860
18.773
79.811
428,178
2 ,902,622
247,094
22,289,852
33.710
7.489
48.811
5 3 .9 5 1
504,222
921.570
26,262
128,622
482,129
3,406,844
247,094
2/2 2 ,0 10 ,935
96,822
320,844
470,387
income
1/
28,925
15.548
14,782
8 .732
5,l4l
1 .7 1 2
2.584
729
706
951
26,0 75
214,900
distributable
to benefici
aries
(fiduciary
returns)
10,051
3,944
2.787
974
468
224
136
46
112
31
15,444
4.671
3,888
1,422
943
170
236
5 3.74 9
Bad
Losses from
debts
fire, storm,
(individual
etc.
(Individual returns)
22/
returns)
22/
498,350
143.283
119.534
5 7 .9U
33.995
1 1 ,1 0 6
10,986
4,145
4,452
4,098
126,902
62,279
67,440
3 5 .76I
1 6 .5 1 3
4.097
3.518
1.047
674
2 .6 1 3
14 9 .5 4 3
Taxes
paid 21/
3 13.9 66
100 ,552
67.348
25.720
13.479
4,208
3.957
1,182
958
619
47.590
14,144
13.852
8.526
5 .0 74
1.7 0 3
2.36 2
739
2.455
377
116 ,0 78
Interest
paid 21/
278,884
67.755
54,208
2 9 .O3I
21.197
8,746
9 ,76 6
4,942
5,143
5.432
10,000
4 .5 3 4
4 .3 6 3
2 .5 7 7
1 .4 4 3
404
814
1.182
387
372
2 7 .6 7 4
Contributions
20/
(individual
returns)
t
27.564
54.730
4,058
489,161
33.345
565.334
8/ 278.917
•
V
v
7Table 2k. - Individual returns with net income (excluding fiduciary returns with net
Income), by net income classes, also aggregate for individual returns with no net income (excluding fiduciary returns with no net income), 1939*
number of returns, sources of Income and deductions, and net Income
(Net Income classes and money figures in thousands of dollars)
(Returns filed in period January through June, 1940)
—
Sources of income
Number of
returns
Net income classes
Salaries,
wages,
commissions,
etc.
Dividends
from domestic
and foreign
corporations
Bank deposits,
notes, mort*
gages, corpo
ration bonds
Total, individual returns
with net Income
Returns with no net income 0/
12 .9 5 5
6 ,6 7 5
4,300
1 ,2 5 7
4i6
82
9
48
(2 5 )
261.3 39
26.773
23.173
11.0 8 7
6,349
964
1.290
163
198
280
15,971,146
3,573.242
2 ,730,063
1,224,700
696,663
214.776
212,034
88,356
82,368
87.790
769.095
46, 4o 4
1 .15 6 ,9 6 5
704,928
744,968
2.653.588
145.493
184,246
25.741
331.617
2 4 ,8 8 1,13 6
6 1.9 3 3
21,893
1,684
10,242
12.794
33.705
13.528
6,078
6,264
1 ,5 7 8
6,420
225.306
790.988
48,088
1,167,208
717.723
778 .6 72
2 ,6 6 7 ,1 1 6
151.571
190,511
27.319
338.037
25,106,442
Taxes
paid 21/
Losses from
fire* storm
etc. 22/
Bad
debt s
22/
Other
deductions
15,611,808
2,506,283
Partnership
loss 14/
Business
loss
Net long
term capital
loss 1 6 / 18/
Returns with net income:
Under 5 (estimated)
5 under 10
10 under 25
25 under 50
50 under 100
100 under 150
150 under 300
300 under 500
500 under 1,000
1,000 and over
9.916
U.i+96
U. 32U
2.570
1,419
396
814
1,182
20
372
Grand total
For footnotes, see p. 8
27.67**
53.W3
22/1*30,226
130 .765
120,3“*2 .
50,588
22,058
5.826
“*.522
1.516
1.833
1.“*19
Net loss from
sale of prop
erty other
than capital
assets 19/
Contributions
20/
Interest
paid 21/
deductions
Net
income
14,410,556
3,102,781
2 ,342,340
1 .0 3 5.6 71
5 87.536
179 .2 3 2
174,289
73.405
66,174
72.6®
“*7, “*2“*
l“*.057
13.6 78
8 ,1*91*
5.059
1 .6 9 1
2.359
733 N
2.“*55
377
1 2 5 .0 1 1
61.391
66,206
35.“*12
16.279
“* ,o 6o
3,506
1 ,0 2 1
667
820
15.217
“*,608
3.817
1 ,1*0“*
929
168
236
31*
1*6
312
278,884
67.755
54,208
2 9 .0 31
21.197
8.746
9.766
4,942
5.143
5.432
310,581
99.350
65.732
24,878
12,474
4,o48
3,650
1,112
751
619
487,240
140,763
116 ,4 7 6
56.359
32.771
10.719
10,580
3.815
4 ,2 9 1
4,098
10 ,0 5 1
3 .9 44
2.787
974
468
224
136
46
112
31
28,925
15.548
14,782
8.732
5,l4i
1.712
2.585
729
706
951
24 7.343
58.549
4 5 .7 14
2 1 .1 7 4
13.38 9
3 .7 7 9
4 ,1 1 5
1.338
2.004
2.153
1 .560,590
470,1*62
38 7.723
189,028
10 9 .12 7
35.544
3 7.7 4 5
14.951
16,194
1 5 .1 6 5
96.327
31“*. 373
26.771
485.103
5 2 3 .19 4
8 6 7 .1 1 1
18.773
79.811
399.557
2 .836,529
53.951
504,222
118 ,0 78
21“*,1*05
Total
income
35.352
27.931
34,622
23.230
17.732
8,075
8.9«3
7.434
6.79«
14,089
Net income classes
6/
Other
income
46,823
35.810
35.423
16,193
7.629
1.708
1 .1 5 1
442
214
99
2 ,5 68 .216
Returns with no net income
ÜL/
Net gain from
sale of property other
than capital
assets 19/
1 ,6 12 ,7 6 7
578.536
3 2 7 .5 7 1
90,366
32.811
6,242
3.146
904
1.245
7,“*2 6 ,3 15
25.509
Net capital gain 1 6 /
Long-term
Short-term
18/
11/
442,501
138,512
97.855
4 0 ,16 3
16 ,53 6
4 ,2 9 4
3.324
498
1.177
108
1 5 ,660,995
Total, individual returns
with net income
Business
profit
1 2 5 ,4 1 1
113.742
160,70 7
10 6 ,8 17
72.543
28,404
39.650
16,958
16,689
24.007
697.16“*
353.277
“*90 ,9 19
350,1*20
267,780
9“*.715
10 5 ,62“*
50.390
51.111
l*l+,885
7.507.383
Grand total
Rents and
royalties
317.580
307.177
298,843
133.438
69,888
15.469
10 ,3 12
2,964
125
1 .1 6 9
11,989.028
1 ,8U0 ,5 32
1,119,122
392.079
178.962
“*7.7“*2
33.01“*
6 .72 9
2,892
1.7 0 7
1*9 ,18 6
Income from
fiduciaries
(24)
13.513
17 ,18 6
9 .0 6 1
3.959
1.255
1.009
310
85
26
6 ,76 2 ,122
■♦6 2 ,1 7 7
15 9 .7 78
3 0 .7 11
8,827
1.499
868
191
100
42
81,068
Partnership
profit lh/
ill
12/
Returns with net income:
Under 5 (estimated)
5 under 10
10 under 25
25 under 50
50 under 100
100 under 150
150 under }OQ
300 under 500
500 under 1,000
1,000 and over
Partially
tax-exempt
Government
obligations
l“*9,5“*3
>»6 3 ,9 16
27.564
54.335
4.058
4 8 9 ,16 1
33.345
556.539
3 3 .7 10
900,821
7.489
26,262
48,811
128,6 22
453.507
3.340.751
22,044,607
8/
278,917
2 /2 1 .76 5 .69 1
»
FOOCTOTIS FOR TABLES 1 - 2 A
1/
Tor t u « i . fiduciary return, th. n.t Inc on. nn.d for elaeelf lent Ion and tabulation
1.
the net Income taxable to the fiduciary.
2/
On fiduciary return, an ..tat. 1. allowed th. p.r.on.1 exeaptlon of »1.000 allowed a .Ingle p.r.on, and a tru.t 1. allowed. In 1 1 « of the per.onal exemption, a credit
U
C U t .
of (1 ) return, with no n.t long-t.r. coi t a l gain or lo.. « d
,, i k
^
ftIlthtM “ i i £ - t e lc a ^ * i o «
5/
IoitaI.bl. lndlwldual return..
lf‘e h
of »100 agaln.t
n.tl a c e .
(2) return, with net long-term capital gain or lo.. which hare no alt.matlT. tax.
*1 t e m a t It a
tax
1.
le*. than the .um of the normal tax and surtax computed on net Income Including net long-term capital gain,
Ixemptlon. fro. normal U x and surtax exceed n.t Inc*..
A negligible number of nontaxabl. indirldual return, in n.t Income e U . e e . of »6.000 « d
6/
Include, return, with »ero net Income (total Income equal.total deduction.).
Return, with n.t long-term capital lo.. on which th. Ux . computed on n.t income before the deduction of net long-term capital lo... exceed. JO percent of th. net long-term capital lo...
8/
Deficit.
i m p e d on return.
Vet income let» deficit.
10/
lot available.
11 /
Average total tax not computed.
12/
exclude, dividends recelred through partnership, and flduelarle. and dividend, received on .hare account, in federal .aving. and l o « «.«elation..
IV
Interest r e c . l v « on United State, .aving. bond, and Tr.a.ury bond., o w n « In exc... of »5.000. and on obligation, of ln.trum.nt.litl.. of th. United State, other
*
......
than tho.ei . « . d under
th. F « . r . l Far. L o « Act. or .uch Act a. a mend«.
ssir*--s.rgsa.'arjstrrsatf.’srs sntxzxrs isssn sa sr - — “““■~
» ’■assra
w
1.
ower 1. not Ubulated . ^ a t e l y .
Jj
2/
the alternatlwe tax
d U r n I t l « ” t i x * U R e n t e r than th. « . of the normal t u and surtax computed on n.t Income after deducting net long-term capital l c .
saras aiS.-se.WJsa ass t:zStas s emsssussr - ~
....u
«.....MW. « «.«1—
f«
- - “““— - “ “ - ”‘™- ““%
«*“■*>•••■
•“
« “>•»*“>
,r
into account frea partaerehipe and "Common trust funds."
U,
Consist, of net .hort-t.r. oapiUl gain on capital « . . t . held 16 « n t h . or 1 . «
In th. c i t a t i o n of th... data there ha. been 4 « u c t . d the « o u n t of net .hort-ter. capital lo.. of th. preceding taxable year * i c h 1. not in e x c « . of net i n c o «
for the preceding taxable year.
12/
Con.lst. of net long-term capi U l gain or lo.. on cepltal a...t. held over 16 month..
12/
Consist, of net gain or lo.. fro- property used In trad, or buaine.. of a chwacter which 1. .ubject to th. allowance for depreciation, which 1. excluded fro. capital a..et..
gO/
Include, each partner's »hare of charitable oontrlbutions of partnerships.
21/
Ixcludes amounts reported a. d«uctlone In S c h«ule C a «
22/
For 193*. included in -Other d«uction...
Include. I c e . fro- worthle.. .took, « d bond..
in business sch«ules, Form. 1040 and lOhl.
Sxclude. -ou n t . reported «
deduction, in bu.ln... .chedul... Form 1040 « d 104l.
Lo..e. arl.lng fro. fire. .tor., .hlpwr.d, or other ca.ualty. or fro. theft. « .
th... not comp.n.at.d for by l neur«c. or
otfcerviss.
22/
Includes taxable Interest r « eived on partially tax-exempt Government obligation, reported on return, with net Income under » 5,000.
24/
For return, with net I n c * , under »5.000. -taxable Inter.« received on partially tax-exempt Government obligation.' 1. tabulat« with 'Taxable inter.« received on bank depo.it., not.., mortgage., corporation bond.*.
25/
Lsss than $500.
Federal Reserve
District ...
Bestem
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Balias
San Francisa»
Treasury
TOTAL
Total Subscriptions
Received and Allotted
$
160,000
30*797*600
65*500
155,900
111*500
5*000
503*300
135*500
122,500
101*000
197.000
105,500
100.000
#32,639*300
u,c 2 ^
~"~7"T K
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, lififei H « lt d »
Pre#e Service
^
The Secretary of the Treasury today announced the final subscription and allot
ment figures with respect to the current offering of
1952-5A and 3A
2-1/2
percent Treasury Rotes of Series XKL943*
subscriptions aggregated #526,213,750.
percent Treasury Bonds of
Cash allotments on public
This amount includes $37,337,500 allotted in
full to subscribers for $5*000 or less who specified that delivery be made in regis
tered bonds 90 days after the issue date.
In addition to the amount allotted on pub.
lie subscriptions, $28,940,200 of the bonds have been allotted to Government invest
Of the $ 503,877,500 of Treasury
ment accounts, within the $50,000,000 reservation.
Rotes of Series B-1941, maturing «June
15,
1941, $480,097,500 have been exchanged for
the new issues.
Subscriptions and allotments were divided among the several Federal Reserve Dis
tricts and the Treasury as follows!
2-1/2 PSRCMT TREASURY BONDS OF 1952-54
Federal Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
S&n Francisco
Treasury
TOTAL
’
Total Cash
Subscriptions
Received
Total Cash
Subscriptions
Allotted
Total Exchange
Subscriptions
Received
(Allotted in full)
* 479,191,750
3,043,206,550
354,963,200
369,307,650
201,579,400
236,579,450
681,248,700
130,326,800
84,341,150
101,665,850
138,829,900
308,321,150
15.224.600
$ 40,912,800
251,649,950
32,661,950
31,141,200
17,915,500
19,970,000
59,425,400
12,674,250
8,916,800
10,817,200
12,513,300
26,352,200
1,263.200
*526,213,750
*
*6,144,786,150
M
17,951,700
316,632,600
8,086,400
Total
Subscriptions
Allotted
58,864,500
568,282,550
$
17,731,500
18,074,900
8,372,000
31,587,200
6,971,400
2,866,000
9,327,800
2,327,500
6,944,700
584.500
40,748,350
48,872,700
35,990,400
28,342,000
91,012,600
19,645,650
11,782,800
20,145,000
14,840,800
33,296,900
1.847.700
*447,458,200
*973,671,950
TREASURY DEPARTMENT
Washington
Press Service
No. 24-32
FOR IMMEDIATE RELEASE,
Monday, March 51, 1941«
The Secretary of the Treasury today announced the final subscription and
allotment figures with respect to the current offering of 2-1/2 percent Treasury
Bonds of 1952-54 and 3/4 percent Treasury Notes of Series D-1943. Cash allot
ments on public subscriptions aggregated $5 2 6 ,213,750.
This amount includes
1-37,337,500 allotted in full to subscribers for f.5,00C or less who specified
that delivery be made in registered bonds 90 days after the issue date.
In.
addition to the amount allotted on public subscriptions, >§28,940, ¿00 of the
bonds have been allotted to Government investment accounts, within the
^50,000,000 reservation.
Of the *503,877,500 of Treasury Notes of Series B-1941,
maturing June 15, 1941, *480,097,500 have been exchanged for the new issues.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows:
2-1/2 PER CENT TREASURY BONDS OF 195 2.-54
Total
Total Exchange
Total Cash
Federal Reserve Total Cash.
Subscriptions
Subscription's
ubs'cr
ipt
ions
Subscriptions
S
Distr ict
Allotted
Received
Received
Allotted
(Allotted in full)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
I
17,951,700
479,191,750, 4 40,912,800
3,043,206-, 550 251,649,950 316,632,600
'8,086,4:00
354,96.3,200 . 3 2,€61,9-50
31,141,,A'- 17,731,5.00
369,307,650
17,915, UOO'. 18,074,900
201,579,400
8,372,000
19,970,000
236,679,460
31,587>200
59,425,400
681,248,700
6,971,400
12,674,250
130,326,800
2 ,8 6 6 ,0 0 0 .
8,916,800
84,341,150
9,3.27 >800.
10,817,200
101,665,850
2,327,500
12,513,300
138,829,900
6,944,700
308,321,150: 26,352,200
584,500
1,263,200
15,224,600
16,144,786,150 1526,213,750 1447,458,200
t
58,864,500
568,282,550
40,748,350
48,872,700
35,990,400
28,342,000
91,012,600
19,645,650
11,782,800
20,145,000
14,840,800
33,296,900
1,847,700
1973,671,950
5/4 PERCENT TREASURY NOTES OF SERIES D-194-3
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Total Subscriptions
Received and Allotted
$
160,000
30,797,600
65,500
155,900
111.500
5,000
582,300
135.500
122.500
101,000
197.000
105.500
100.000
£32,639,300
March 31» 19^1*
MEMO FOR THE PRESS:
Acting under the President's proclamation lif June 27, 1940,
issued under the authority of Section 1, title ,11, of the Espionage
Act of^June 15, 1917»
*+0 Stat. 220 (U.S.C. title 50, sec. 191).
the Treasury Department has taken into custody the following German
Italian and Danish ships and has removed the crews therefrom:
ITALIAN
Boston
DINO
New York
ALBERTA
ARSA
AUSSA
BRENNERO
SAN LEONARDO
Philadelphia
BELVEDERE
ANTONIETTA
SANTA ROSA
MAR GLAUCO
Baltimore
PIETRO CAMPANSLLA
EURO
Newport News, Virginia
LACONIA
VITTORIN
Norfolk, Virginia
GUIDONIA
SAN GUISEPPE
GIUAN
Wilmington, North Carolina
VILLARPEROSA
Savannah, Georgia
CLARA
Jacksonville
IRCANIA
CONFIDENZA
New Orleans
ADA 0.
MONFIORS
Houston
MONGIOIA
Mobile
IDA Z. 0.
San Juan, Puerto Rico
COLORADO
Portland, Oregon
LEMS
24-33
%
-
2
GERMAN
Boston
PAULINE ERISLRICH
Port Everglades, Florida
ARAUCA
Da n i s h
Portland, Maine
JUTTA
Boston
EMMA MAERSK
HERTA MAERSK
RITA MAERSK
New York
AUSTRALIAN REEFER
BROHOLM
GEORGIA
GERTRUD
JONNA
LUNDBY
RAR.IA
NORA
MARNA
OLYMPIA
PAULA
SES3A
SIGILLEN
TANJA
TUNIS
Philadelphia
NORDEN
P. N. DAMM
Baltimore
ALSSUND
BROSUND
Ra GNHIl d
LENA MAERSK
COLUMBIA
ANNA MAER SK
NIEL ‘
MAERSK
LAURii MAERSK
Norfolk
ERODE ’
E . R . DALGAS
Jacksonville
CAROLYN Ma ERSK
Los Angeles
NORDPOL
NORDHVAL
Grays Harhor, Washington
NORDVEST
-
I
l
-
3
-
At Cristobal, The Canal Zone, Army and Navy authorities col
laborated in taking the Italian CONTE BIa NCa M a NO into custody.
— oOo—
TREASURY DEPARTMENT
Washington
^ FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday. April 1, 1 9 M .
3/31/41
I
.
N °-
The Secretary of the Treasury announced last evening that the
i tenders for $100,000,000,
or thereabouts,
of 91-day Treasury bills,
J to be dated April 2 and to mature July 2, 19^1> which were offere
on March 28!, were opened at the Federal Reserve Banks on March ?1.
The details of this issue are as follows:
Total applied for - $ 290,755,000
Total accepted
- 100,571,000
Range of accepted bids:
High - 99.99S Equivalent rate approximately O.OOg percent
Low - 99.9^6
"
’V
”
Average „
„
„
0.055
«
Price - 99 *9<->b
I
(96
percent of the amount bid for at the low price was accepted)
- 0o 0~-
JBSmxmm, .mmxm
Oeraan
AMIGA
No apparent eridenee of sabotage.
Italia»
IDA t Q
Machinery badly damaged*
BBTPBOtt»3. LOUISIANA
Italian
km
0
Main anginas damaged*
Italian
SSONFIORU
Main anginas damaged*
yma
Italian
kjmZQXh
Undamaged*
MM...JUAN.
Italian
COLORADO
FOiSHlP RICO
Main engines and boilers sabotaged*
p o m AND. ORFUQN
Italian
m m
Auxiliary motors in engineroom wrecked - sondition
main engine as yet unknownj compasses and navi«,
gattonai instruments sabotaged*
111811181
ltei®RÍlSÍÉSIIll
í 81
—
s r
GLOUCESTER. W M JBR3BT
«
Italian
SARTA ROSA.
Machinery badly sabotaged} condensers, crossheads
and lew pressure cylinders smashed; other damage
minor in nature*
Italian
MAR GLAUCO
Machinery badly sabotaged; condensers, crossheads
and low pressure cylinders smashed; other damage,
minor in nature*
BALTIMORE*
Uk^iUMD
PX3 TUQ CAMPANELLA Considerable sabotage to both engines; all Tires
”■
in boilers were drawn*
.......
»
■-
©
Machinery badly sabotaged} condensers, crossheada
and low pressure cylinders smashed} other damage
minor in nature*
Italian
EURO
Considerable sabotage to both engines; all fires
in boilers were drawn*
m
Machinery and boilers badly wrecked*
Italian
UffOMXM
Machinery and boilers badly wrecked.
SOfSPOUL VISfllKIA
Italian
mxrnm.
Machinery and boilers badly wrecked.
Italian
1U
Nh
SAM GIUSEPPE
***ta*n « a »oilar. badly weo&sd.
Italian
Machinery and boilers badly wrecked.
M m m q r o K . korth c a r o u k a
Italian
VILLARPBROSA
Circulating pump wrecked} no other apparent
damage discovered to date*
Italian
CURA
No apparent damage discovered to date*
LOASQNVIXXS. FLORIDA
Italian
BIGAMIA
Machinery practically completely wrecked.
Italian
COMFIDEMZA
Machinery practically completely wrecked.
—2~
....**■""■.................. '....1....... '... ..........
UCOBXA
—...— '['Ll » ...... fl""1'"'... ' ■
Italia»
•
fflPQJlt BMS. y a m
I fte /v S t^ Y
f o R iMlUt^P/ATE
j pjL^e*^' 0 4 ^ 4
R 4 f? T /v ir /t T
$ a j l s l *—
(. i ! $ l —
l\ o
lififl)
¡1i
«
^~l~Hl
The Coast Guard reported to the TreasuryDepartment today the following details of damage by
their own crews upon German and Italian merchant ships
in American portsj
msKffl. Massachusetts
German
Italian
FáíILBIB FfUSDEHIGS
DBiO
All auxiliaries destroyed by sledging! mnlfe*^
and bearings destroyed! all M i n cylinder« arilUj
and sections of lining removed* Dosage believed
to have been inflicted March 30th*
ili®
Slight damage to bearings and machinery by
introduction of filings»
lili
jgjj¡¡ YQHIL m
YORK
Italian
ADMTA
Three boilers! main condensers and main engine«}
m i n shaft burned partially through; blowers,
gauges and air pumps, and general damage
throughout, Including steering engine«
Italian
AHSA
Two boilersj m i n condensers and m i n engine«}
m i n shaft burned partially through} blowers,
gauges and air pumps, m d general damage
throughout, including steering engine.
Italian
AUS3A
Three boilers} m i n condensers and m i n engine«}
main shaft burned partially through} blowers,
gauges and air pomps, and general damage throatout, including steering engine.
Italian
BOTI»)
Two boilers; m i n condensers and main engines;
m i n shaft burned partially through; blowers,
gauges and air pumps, and general damage throut*
out, including steering engine.
Italian
S m LSQHARBQ
Two boilers; m l n condensers and m i n engines;
m i n shaft burned partially through; blowers,
gauges and air pusps, and general damage
throughout.
LDSLPHIA. PENNSYLVANIA.
Italian
maxmmM
Machinery baoly sabotaged; eondeiiaere,
and low pressure cylinders smashed; other d a m ^ f
minor in nature.
ill
¡
TREASURY DEPARTMENT
Washington
Press Service
No. 2^-35
FOR IMMEDIATE RELEASE
Tuesday, April 1, 19^-1
The Coast G-uard reported to the Treasury Department today the
following details of damage by their own crews upon German and
Italian merchant ships in American ports:
BOSTON, MASSACHUSETTS
German
Italian
PAULINE FRIEDERICH All auxiliaries destroyed by sledging;
manifolds and bearings destroyed; all
main cylinders drilled and sections of
lining removed.
Damage believed to hav
been inflicted March 30th.
DINO
Slight damage to bearings and machinery
by introduction of filings.
NEW YORK,
Italian
ALBERTA
NEW YORK
Three boilers; main condensers and main
engines; main shaft burned partially
through; blowers, gauges and air pumps,
and general damage throughout, includ
ing, steering engine.
Italian ARSA
Two boilers; main condensers and main
engines; main shaft burned partially
through; blowers, gauges and air
pumps, and general damage throughout,
including steering engine.
Italian AUSSA
Three boilers; main condensers and
main engines; main shaft burned
partially through; blowers, gauges
and air pumps, and general damage
throughout, including steering engine.
11 ali an BRENNERO
Two boilers; main condensers and main
engines; main shaft burned partially
through; blowers, gauges and air
pumps, and general damage throughout,
including steering engine.
NEW YORK, NEW YORK
Italian SAN LEONARDO
Two boilers; main condensers and
main engines; main shaft burned
partially through; blowers, gauges
and air pumps, and general damage
throughout.
PHILADELPHIA,
Italian BELVEDERE
PENNSYLVANIA
Machinery badly sabotaged; condensers,
crossheads and low pressure cylinders;
smashed; other damage, minor in
nature.
GLOUCESTER,
NEW JERSEY
Italian ANTONIETTA
Machinery badly sabotaged; condensers,
crossheads and low pressure cylinders
smashed; other damage, minor in
nature.
Italian SANTA ROSA
Machinery badly sabotaged; condensers,
crossheads and low pressure cylinders
smashed; other damage, minor in
nature,
Italian MAR GLAUCO
Machinery badly sabotaged; condensers,
crossheads and low pressure cylinders
smashed; other damage, minor in
nature,
BALTIMORE,
MARYLAND
Italian PIEmRO CAMPANELLA
Considerable sabotage to both engines;
all fires in boilers were drawn.
Italian EURO
ixaxlan tunu
Considerable sabotage to both engines;
all flres in boilers were drawn.
NEWPORT NEWS, VIRGINIA
Italian LACONIA
Machinery and boilers badly wrecked.
Italian VITTORIN
Machinery and boilers badly wrecked.
NORFOLK,
VIRGINIA
Italian GUIDONIA
Machinery and boilers badly wrecked,
Italian GIUAN
Machinery and boilers badly wrecked,
Italian SAN GIUSEPPE
Machinery and boilers badly wrecked.
-
WILMINGTON,
'tallan VILLARPEROSA
3
NORTH CAROLINA
Circulating pump wrecked; no other
apparent damage discovered to date.
SAVANNAH,
Ttallan CLARA
GEORGIA
No apparent damage discovered to date.
JACKSONVILLE,
FLORIDA
Italian
IROANIA
Machinery practically completely
wrecked*
Italian
CONFIDENZA
Machinery practically completely
wrecked.
PORT EVERGLADES,
German
ARAUCA
No apparent evidence of sabotage*
MOBILE,
Italian
IDA Z 0
FLORIDA
ALABAMA
Machinery badly damaged,
NEW ORLEANS,
LOUISIANA
Italian
ADA 0
Main engines damaged;
Italian
MONFIORE
Main engines damaged*
HOUSTON,
Italian
MONOICIA
TEXAS
Undamaged,
SAN JUAN, PUERTO RICO
Italian
COLORADO
Main engines and boilers sabotaged,
PORTLAND,
Italian
T VME
OREGON
Auxiliary motors in engineroom wrecked
condition main engine as yet unknown;
compasses and naivgational instruments
sabotaged*
- 0O 0-
April 2, 19*H
STATUTORY DEBT LIMITATION
AS OP MARCS TL. 19**1~
Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act nshall not exceed
in the aggregate $65,000,000,000 outstanding at any one time** j
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount of bonds, savings bonds, certificates,
bills, notes, savings certificates, stamps, etc.,
which may be outstanding at any one time
Outstanding as of March 31»
Int ere st-bearing:
Bonds Treasury
Savings (maturity
value)*
Adjusted Service
Treasury notes
Certificates of
indebtedness
Treasury bills
(maturity value)
$©5,000,000,000
19Hl l
$ 29,531,881,10*5
1*,618,166,650
7fc5 .559.356
$
$3fc,895,607,fc5l
8,817,677.000
2,087,100,000
1 ,603,9U6,000
Matured obligations, on
which interest has ceased
12 ,508,723,000
$1*7,UOM-,330,1*51
206,529,350
face amount of obligations
issuable under above authority
1*7 , 610 , 859,801
$17,389,1^,199
Reconcilement with Daily Statement of the United States Treasury
'
March 31. 19**1
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended
Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)
$1*7»610,859, SOI
1,019,620,370
$146,591,239^31
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (pre-war, etc.)
$196,102,380
Matured obligations on which interest
13*063,3^5
has ceased
372,1*83,^63
Bearing no interest
581,61*9,138
$1*7»172,888,6l9
Total gross debt outstanding as of March 31» 19**1
♦Approximate maturity value.
Principal amount (current redemption value)
jtccord^i^, to preliminary public debt statement $3,598,5^6,280.
j
April 2, 1941
STATUTORY DEBT LIMITATION
AS OP MARCHAI, 1941
Section 21 of the Second Liberty Bond Act, as amended, provides that the
face amount of obligations issued under authority of that Act ’’shall not exceed
in the aggregate $65,000,000,000 outstanding at any one time”.
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under tnis limitation:
Total face amount of bonds, savings bonds, certificates,
bills, notes, savings certificates, stamps, etc.,
which may be outstanding at any one time
Outstanding as of March 31, 1941:
Interest-bearing:
Bonds 129,531,381,445
Treasury
Savings (maturity
4,618,166,650
value)*
I745,559,356
Adjusted Service
Treasury notes
.Certificates of
indebtedness
Treasury bills
(maturity value)
$65,000,000,000
$34,895,607,451
$ 8,817,677,000
2.087.100.000
1.603.946.000
Matured obligations, on
wh£-ch interest has ceased
12,508,723,000
$47,404,330,451
206,529,350
Face amount of obligations
is suable under above authority
47,610,859,801
$17,389,140,199
Reconcilement with Daily Statement of the United States Treasury
_
March 31, 1941
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
as amended
Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)
Add other public debt obligations .outstanding but not
subject to the statutory limitation:
Interest-bearing (pre-war, etc.)
$196*102,380
Matured obligations on which interest
has ceased
'
8
M
p >£|
Bearing no interest
5 /’c ,48«. ,4
Total gross debt outstanding as of March 31, 1941
$47,610,859,801
1,019,620,370
$46,591,239,431
581,649,188
$47,172,338,619
♦Approximate, maturity value.
Principal amount (current, redemption value)
according to preliminary public debt statement $3,598,546,280.
-oOo24-36
TREASURY DEPARTMENT
Washington
Press Service
No. 24-37
FOR IMMEDIATE RELEASE
Wednesday; April 2, 1941,
Admiral R. R. Waesche, United States Coast Guard Commandant,
today announced acceptance by the Coast Guard of the gift of the
three-masted schooner yacht ATLANTIC from Gerard B. Lambert, rear
commodore of the New York Yacht Club.
Commodore Lambert's purpose,
Admiral Waesche,
expressed in a letter to
in giving the 14-5 foot,
300-ton yacht to the
Coast Guard, was "to improve the training of the young men in this
branch of our Government through experience under sail."
The Coast Guard will take the ATLANTIC from her New York
harbor berth to New London, Connecticut, home of the Coast Guard
Academy, whose cadets will make a practice cruise on her the
coming summer.
Lieutenant Commander H. C. Moore will have custody
of the vessel,
-OoO
(Note to correspondents:
at Room 390, Treasury )
Pictures of the ATLANTIC are available
ALPHA
-----
.- 2 -
Reserve Ranks and Branches, following which public announcement will he made by
the Secretary of the Treasury of the amount end 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
April 9« 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 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 anj 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. 413, as amended, and this notice, pre
scribe 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.
xmm&
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Friday, April k* 19^1_________.
j
The Secretary of the treasury, by this public notice, invites tenders
for H> 100.000.000
, or thereabouts, of
91 -day Treasury bills, to be issued
on a discount basis under competitive bidding*
be dated
Aprii q. iqiq
j
, and will mature
The Dills of this series will
July 9. l|Ul
when the face amount will be payable without interest*
They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve -thanks and Branches up to the
j
closing hour, two o lclock p* m., Eastern Standard time, __ Monday, ^ _rll_7.»_1S.$1_. \
xm
Tenders will not be received at the Treasury Department, Washington,
Each tender j
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, e. g., 99.925.
may not be used.
Fractions
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi- j
ties.
Tenders from others must be accompanied by payment of 10 percent of the
face amount of Treasury bills applied for, unless the tenders are a c c o m p a n ie d by
3
an express guaranty of payment by an incorporated bank or trust company.
Immediately a.fter the closing hour, tenders will be opened at the Federa3|
1
TREASURY DEPARTMENT
Yiashington
FOR RELEASE, MOENIHG "NEWSPAPERS,
Friday, April 4, 1941._________
The Secretary of the Treasury, by this public notice, invites
tenders for $100,000,000, or thereabouts, of 91-day Treasury bills, to be
issued on a discount basis under competitive bidding.
Ihe bill- of this
series will be dated April 9, 1941, and will mature July 9, 1941, when
the face amount will be payable without interest.
They will be issued
in bearer form o n ly , and in denominations .of $ 1 ,0 0 0 , $ b ,0 0 0 , $ 1 0 ,0 0 0 ,
$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'clock p. m . , Eastern Standard time,
Monday, April 7, 1941.
Department, Washington.
Tenders will not be received at the Treasury
Each tender must be for an even multiple of
u 000,
___ andi "the
ii price
•II nP-Oo
worl muoo
mnof Top ©
xt)T*©SSed Oil tfl6 bn S1ib Of TOO.?
Ol
oixereu
oApiooeou
vfith not more than three decimals, e. g., 1.9.925«
used.
fractions may no
It is urged that tenders he made on the printed forms and for
warded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized dealers
in investment securities.
Tenders from others must be accompanied by
payment of 10 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, following which public announce®
2
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 acceptor 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 avail
able funds on April S, 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 disposition oi
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. 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.
-oOo
Conference on the Safety of Life at Sea which was convened in London in
1913,
At this conference thirteen nations i^Wiaa
agreed to defray the cost of a service of ice observation,
derelict destruction and patrol.
The United. States undertook the actual
management of the patrol, the work being placed under the direction of
in 1913^
1917 and 1918,
been regularly maintained. J L
1' L L e duties of the Coast Guard in conducting the ice
patrol in the vicinity of the Grand Banks along the trans-Atlantic steamship lanes, where in 4ZB# spring and early summer icebergs fr a * » a menace
to navigation, consist in finding and keeping in touch day by day with
icebergs and field ice, determining their set and drift, reporting their
presence and location to the Hydrographic Office of the Navy, and broad
casting the information by radio for the protection of shipping.
TREASURY DEPARTMENT
Washington
Press Service
No
FOR IMMEDIATE RELEASE
The Coast Guard cutter CHAMPLAIN has taken her station
on the International Ice Patrol in the north Atlantic, Coast
Guard headquarters in Washington was informed today by a message
from her commander. _
,—
,*4
the twenty-ninth season of
the patrol, designed
to protect shipping of all nations
from the menace of drifting icebergs whichjagfc float down from Greenland^
i ------ 1-'----
j-----—
—
a imu
Q
season’s ice patrol
h will continue
long as ice is a menace on the North Atlantic shipping routes^
1I
^
^
a£rvr t.hp
the service.by three ships of the Coast Guard.. CB. With the ClWWir CHMCPLAIN now
on
watch for ice
bergs, and assembling the various types of weather and oceanographic data
bearing upon ice movements, the Cutter CHELAN is m
paring for
patrol duties.
pre
The CHELAN is scheduled to sail from Bos
ton, Mass., W i April 15, to relieve the CHAMPLAIN, and while at sea will
take on board the special detail of ice experts which transfers from ship
to ship throughout the season.^The Cutter GENERAL GREENE, third of the
trio assigned to the ice patrol, is already at sea, and in the general
vicinity of possible ice fields which may
reach the steamship lanes.
The GENERAL GREENE sailed from Woods Hole, on the southern coast of Mass
achusetts, a short time ago on a preliminary oceanographic cpuise.
I
trt JCL*
.P.na.qf. Guard cutters will base only upon
United States ports, instead of upon Canadian ports which was the custom
a few years ago.
The present International Ice Patrol resulted from the International
/
149143
TREASURY DEPART!TENT
Washington
FOR IMMEDIATE RELEASE
Friday, April 4, 1941.
Press Service
No. 24-39
The Coast Guard cutter CHAMPLAIN has taken her station on the
International Ice Patrol in the north Atlantic, Coast Guard headquarters
in Washington was informed today by a message from her commander.
It inaugurates the twenty-ninth season of the patrol, designed
to protect shipping of all nations from the menace of drifting icebergs
which float down from Greenland's glaciers.
This season's ice patrol will continue so long as ice is a
menace on the North Atlantic shipping routes.
The service will be main
tained by three ships of the Coast Guard.
With the CHAMPLAIN now on watch for icebergs, and assembling the
various types of weather and oceanographic data bearing upon ice movements,
the Cutter CIIEIAN is preparing for patrol duties.
The CHELAN is scheduled
to sail from Boston, Mass., April 15, to relieve the CHAMPLAIN, and while at
sea will take on board the special detail of ice experts which transfers
from ship to ship throughout the season.
The Cutter GENERAL GREENE, third of the trio assigned to the ice
patrol, is already at sea, and in the general vicinity of possible ice
fields which may reach the steamship lanes.
The GENERAL GREENE sailed
from Woods Hole, on the .southern coast of Massachusetts, a short time ago
on a preliminary oceanographic cruise.
’Coast Guard cutters of the patrol
will base only upon United States ports, instead of upon Canadian ports
which was the custom a few years ago.
2
The present International Ice Patrol resulted from the International
Conference- on the Safety of Life at Sea which was convened in London in 1913.
At this conference thirteen nations agreed to defray the cost of a service
of ice observation, derelict destruction and patrol.
The United States
undertook the actual management of the patrol, the work being placed under
the direction of the Secretary of the Treasury who delegated the duties to
the Coast Guard, then known as the Revenue Cutter Service.
began in 1913.
The service
With the exception of the World War years of 1917 and 1918,
it has been regularly maintained each year since then.
The duties of the Coast Guard in conducting the ice patrol in
the vicinity of the Grand Banks along the trans-Atlantic steamship lanes,
where In spring and early summer icebergs are a menace to navigation, consist
in finding and keeping in touch day by day with icebergs and field ice,
determining their set and drift, reporting their presence and location to
the Hydrographic Office of the Navy, and broadcasting the information by
radio for the protection of shipping.
-oOo-
-
2-
Planographie or surface plates Till be salvaged at the Bureau by
use of an emulsion and grinding process which rémérés the design, leaving
the metal in condition for reprocessing* These plates cannot be reprocessed
muc
elow *02 inches in thickness. Approximately 65 per cent of the plates -which
\
vill be reprocessed Till be planographic plates. Canceled high—etched and
deep—etched plates vill be cut into two inch strips and melted into
ingots and sent to commercial firms for rolling.
In some instance/; deep-etched
plates may be reclaimed vithout smelting.
Destruction of all plates is vitnessed by the examining committee.
The committee, -which formerly m s
called together every year to determine
which plates were to be destroyed, m i l now meet every two months to certify
plates for destruction and reclamation* Members of the committee are:
Raymond T. Stout, chairman, Division of Loand and Currency; John E.
Harris, Division of Loans and Currency; and Arnold Schmitt, Examining
Division
ó '
* 1
/If ¿1/
To aid t W » f e n s e program, the Bureau of Engraving and Printing
salvag^fzinc plates used in printing the nation’s bonds, revenue stamps,
and other items, Director Alvin Hall ÉËÊ& today«
The salvaging process, -which 4 N P enabled the Bureau to reprocess
U i
the metal for future engravings, -was adopted, Mr« Hall said, so that there
would be little drain on stocks of zinc needed for defense industries during
he emergency®
6~4C*C*si
Certain economies will result from the move, he pointed out,
t r
the defense value®
id*
Mr. Hall estimated that 5,800 pounds of zinc msr*be reclaimed for
reprocessing this year from canceled plates®
Ordinarily, the Bureau purchases
about 7,500 pounds of the metal on oh ¿foy», for which it pays about -i1,700.
The plan to salvage zinc m s adopted after a canvass for a suitable
substitute.
Until recently, canceled plates were sent to the Navy Yard in
Washington where they were destroyed under the supervision of the Treasury
Department Destruction Committee.
The scrap metal then was used by the Navy«
{ in c lu d e d in the list of strategic and critical materials essential
m
U
Z ^ f * * *
„
.
for, .igiiWit,, zinc is used by the Bureau in plate form for offset printing*
The plates are of three sizes, 25y inches by 36 inches, 32 y inches by 40
inches and 32y inches by 43 inches,
^hey range from .02 inches in thickness
to .024, and weigh five, seven, and seven and a half pounds^
| Plates are of thsee types: planographic plates, on which the
design is printed on the surface of the metal; high—etched plates, on which
the design is in relief; and deeg^etched plates, on which the design is
intaglio.
The Bureau/iias 829 canceled plates in its iwi— i v a u l t s which
m i l be reclaimed!
/
2
on which the design is in relief; and deep-etched plates, on which the
design is intaglio.
The Bureau now has 829 canceled plates in its storage
vaults which will be reclaimed.
Planographic or surface plates will be salvaged at the Bureau
by use of an emulsion and grinding process which removes the design,
leaving the metal in condition for reprocessing.
These plates cannot
be reprocessed much below .02 inches in thickness.
Approximately 65
per cent of the plates which will be reprocessed will be planographic
plates.
Canceled high-etched and deep-etched plates will be cut into
two inch strips and melted into ingots and sent to commercial firms for
rolling.
In some instances, deep-etched plates may be reclaimed without
smelting.
Destruction of all plates is witnessed by the examining committee.
The committee, which formerly was called together every year to determine
which plates were to be destroyed, will now meet every two months to
certify plates for destruction and reclamation.
are:
Members of the committee
Raymond T. Stout, chairman, Division of Loans and Currency; John E.
Harris, Division of Loans and Currency; and Arnold Schmitt, Examining
Division.
I
"VW^VN
k.
fj #n
«
.
jr
•
*
/
iJt / *
To aid the National Defense program, the Bureau of Engraving and
Printing is salvaging zinc plates used in printing the nation’s bonds,
revenue stamps, and other items, Director Alvin Hall reported today.
The salvaging process, which enables the Bureau to reprocess
the metal for future engravings, was adopted, Mr. Hall said, so that there
would be little drain on stocks of zinc needed for defense industries during
the emergency.
Certain economies will result from the move, he pointed
out, in addition to the defense value.
Mr. Hall estimated that 5,800 pounds of zinc may be reclaimed
for reprocessing this year from canceled plates.
Ordinarily, the Bureau
purchases about 7,500 pounds of the metal annually, for which it pays
about $1,700.
The plan to salvage zinc was adopted after a canvass for a suitable
substitute.
Until recently, canceled plates were sent to the Navy Yard
in Washington where they were destroyed under the supervision of the
Treasury Department Destruction Committee.
The scrap metal then was
used by the Navy.
Included in the list of strategic and critical materials essential
for National Defense, zinc is used by the Bureau in plate form for offset
printing.
The plates are of three sizes, 25-|- inches by 36 inches, 321-
inches by 40 inches and 32j inches by 43 inches.
They range from .02
inches in thickness to .024, and weigh five, seven, and seven and a half
pounds, respectively.
Plates are of three types:
planographic plates, on which the
design is printed on the surface of the metal; high-etched plates
r.-t
.
**■■■ ■
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Monday7-, April 7, 1941
4/4/41
Press Service
No* 24-40
To aid the National Defense program, the Bureau of Engraving and
Printing is salvaging zinc plates used in printing the nation’s bonds
revenue stamps, and other items, Director Alvin Hall reported today*
The salvaging process, which enables the Bureau to reprocess
the.metal for future engravings, was adopted, Mr* Hall said, so that
there would be little drain on stocks of zinc needed for defense
industries during the emergency#
Certain economies will result from
the move, he pointed out, in addition to the defense value,
Mr# Hall estimated that 5,800 pounds of zinc may be reclaimed
for reprocessing this year from canceled plates#
Ordinarily,
the
Bureau purchases about 7,500 pounds of the metal annually, for which
it pays about $Y,700.
The plan to salvage zinc was adopted after a canvass for a
suitable substitute#
Until recently,
canceled plates were sent to the
Navy Yard in Washington where they were destroyed under the super
vision of the Treasury Department Destruction Committee#
The scrap
metal then was used by the Navy#
Included in the list of strategic and critical materials
essential for National Defense, zinc is used by the Bureau in plate
form for offset printing#
The plates are of three sizes, 25i inches
by 36 inches, 32-i inches by 40 inches and 32i inches by 43 inches.
- 2
They
from .02 inches in thickness to .024, and weigh five, seven
and seven and a half pounds,
respectively.
Plates are of three types:
planographic plates, on which the
design id printed on the surface of the metal; high-etched plates,
on which the design is in relief; and deep-etched plates, on which
the design is intaglio.
The Bureau now has 829 canceled plates in
its storage vaults which will be reclaimed.
Planographic or surface plates will be salvaged at the Bureaii by
use of an emulsion and grinding process which removes the design,
leaving the metal in condition for reprocessing.
be reprocessed much below
,02
inches in thickness.
These plates cannot
Approximately 65
percent of the plates which will be reprocessed will be plano
graphic plates.
Canceled high-etched and deep-etched plates will be
cut into two inch strips and melted into ingots and sent to commercial
firms for rolling.
In some instances, deep-etched plates may be
''C'
reclaimed without smelting.
Destruction of all plates is witnessed by the examining committee«
The committee, which formerly was called together every year to
determine which plates were to be destroyed, will now meet every two
months to certify plates for destruction and reclamation.
the committee are:
Raymond T, Stout,
Members of
chairman, Division of Loans and
Currency; John E. Harris, Division of Loans and Currency; and
Arnold Schmitt, Examining Division.
-OoO
«3*
From every community we have received expressions of ooopera«*
tion, indicating the sincere desire of the American people to
back its government in every way possible*
’’This is not a specialized, discriminatory activity«
Every
child has the opportunity of doing his proportionate bit along with
every adult* As the^Defense program continues to expand so does
the necessity of paying our obligations« We are confident that
public reaction will show itself to be uniformly cooperative,**
Three types of Defense Bonds and stamps in five denominations
will go on sale May 1«
Defense Savings Bond^will be offered for 75 per cent of their
maturity value, maturity in ten years.
Series F Savings Bonds, in*
W*M
tended for larger investors, trusteesiand reserve funds, ajpe offered
for 74 per cent of maturity value, maturity in 12 years, Jp*ttm&%-of
ftK/ijnon
„4-
■■ t■
o i bcm&t
Series G Savings Bonds
uMl 0<
offered to meet the demand for a
current income bond,t These will be issued at par, bearing interest
during a 12 year term at 2j per cent, paid semi«annually by Treasury
check* ami wra net tea— tfowabfcw.
which that program affords to every citizen to make a substantial contribution
toward the security of the nation, while at the same time saving for his own
future as an individual.w
The program officially opens May 1, when the bonds and
stamps will go on sale# at ^6,000 post offices, all Federal Reserve Banksyawh-etthe United States Treasury,/From this beginning* the development of the program
in additional states will follow in rapid order with local organizations functioning I
in every county^^ity^jMb«MNteg», by the end of summer.
Supported by ttwMNMdSSOf volunteer workers, the state
organizations of the Defense Savings Staff of the Treasury will make it easily
Toh* ba/i^C
possible for every man, woman and child in the country to partioipatc in the
national , all-out effort to finance the defense program.
]
Gale F. Johnston, National Field Director of the Defense
Savings Staff commented on the details of the programs
wThe essence of our present effort is the volunteer
cooperation of the public in general. There are no compulsions. The obvious
advantages open to all Americans are to be emphasized. Encouragement of thrift
as a personal habit; the opportunity for the individual to take direct part in
providing for the defense of America —
these are the two primary factors underlying
our activity.
MAs rapidly aspossible, our organization will begin to
function in every state in the Union, The lessons learned in our initial work in
North and South Carolina,Michigan,Missouri, Texas and Connecticut will be of
value to us as we expand the work into
additional states.
I
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS,
Sunday, April 6, 1941
Secretary Morgenthau today announced the appointment of State
Administrators of the Defense Savings Staff in six states«
These officers,
already serving the Treasury Department as Collectors of Internal Revenue,
will provide local direction for the initial activity in the program to
finance the national defense effort through the sale of Savings Bonds and
Postal Savings Stamps«
The Administrators named are William P. Bowers, South Carolina;
Giles Kavanagh, Michigan; Dan M. Nee, Missouri Charles H* Robertson,
North Carolina; Frank Scofield, Texas, and Thomas S. Smith, Connecticut.
T & f newly-appointed State Administrators will each head a state division
of the Defense Savings Staff and will direct the sale of Defense Savings Bonds
and Postal Savings Stamps in their territory under the direction of
Gale F« Johnson, National Field Director, Washington.
They will also be
responsible for all promotional activities pertaining to the program in their
respective states.
"The policy of tlie Treasury Department,"
Mr. Morgenthau said, ”ifil
promoting the sale to the public of Defense Savings Bonds, Postal Savings Stamps
and other securities, will be to induce t e widest possible participation by
all groups on a purely voluntary basis.
pledges is not contemplated.
The solicitation*of orders or
The immediate objective will beto see that all
people of whatever station are informed fully of the financial needs of the
government in the present emergency, of the details of the Treasury1s program
for meeting these needs, and of the opportunity
TREASURY DEPARTMENT
Washington
Press Service
No. 24-41
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, April 6, 1941.
4/5/41
Secretary Morgenthau today announced the appointment of six
State Administrators of the Defense Savings Staff.
The Administrators, already serving the Treasury Department as
Collectors of Internal Revenue, will provide initial local direction
in the program to finance the national defense effort through the
sale of Savings Bonds and Postal Savings Stamps.
j
The Administrators named are William P. Bowers, South Carolina;
Giles Kavanagh, Michigan; Dan M. Nee, Missouri; Charles H. Robertson,
North Carolina; Frank Scofield, Texas, and Thomas S. Smith,
■ *
Connecticut.
They will report to Gale F* Johnston, National .field Director,
Washington.
’’The Treasury policy in promoting the sale to the public of
Defense Savings Bonds, Postal Savings Stamps and other securities,
Secretary Morgenthau said, ’’will be to induce tne widest possible
participation by all
groups on a purely voluntary basis.
solicitation of orders or pledges is not contemplated.
The
The immediate
objective will be to see that all of our people are informed fully
of the financial needs of the Government in the present emergency, of
the details of the Treasury’s program for meeting these needs and of
the opportunity the program affords to every citizen to make a sub
stantial contribution toward national security, at the, same time
saving for his own future*”
-
2—
The bonds and stamps will go on sale May 1 at 16,000 Post
Offices,
all Federal Reserve Banks, the United States Treasury,
and other institutions.
From this beginning, the program1s develop
ment in other states will follow rapidly, with local organizations
functioning in every county and city.
Supported by volunteer workers,
the state organizations of the
Treasury’s Defense Savings Staff will make it easily possible for
every man, woman and child in the country to take part in the
national, all-out effort to finance the defense effort.
Field Director Johnston,
commenting on the details of the
program, said:
’’The essence of our present effort is the volunteer cooperation
of the public in general.
There is no compulsion.
The obvious
advantages open to all Americans are to be emphasized.
Encouragement
of thrift as a personal habit, the opportunity for the individual to
take direct part in providing for the defense of America -- these
are the two primary factors of our activity.
”A S rapidly as possible, our organization will begin to function
in every state in the Union.
The lessons learned in our initial
work in North and South Carolina, Michigan, Missouri, Texa.s and
Connecticut will be of value to us as we expand the work.
community we have received expressions of cooperation,
From every
indicating the
sincere desire of the American people to back its government in every
way possible.
3
-
"This is not a specialized,
-
discriminatory activity.
Every
child has the opportunity of doing his proportionate hit along with
every adult.
As the National Defense program continues to expand so
does the necessity of paying our obligations.
We are confident that
public reaction will-show itself uniformly cooperative.
Three types of Defense Bonds and stamps in five denominations
will go on sale May 1.
■
Defense Savings Bonds Series E will be offered for 75 percent
of their maturity value, maturity in ten yepvrs.
Series F Savings Bonds,
intended for larger investors,
and reserve funds, will be offered for
maturity in
12
7*
trustees
percent of maturity value,
years.*
Series G Savings Bonds will be offered to meet the demand
for a current income bond.
interest during a
12
These will be issued at par, bearing
year term at
2*
by Treasury check.
- 0O 0—
percent, paid semi-annually
eapntngs,
EXPENSES, AND DIVIDENDS OF NATIONAL BANKS FOR YEARS
ENDED DECEMBER 31, 1939 AND 19^40
(Amounts in thousands of dollars)
:
Six months ended
Dec. 31» : June 30,
:
19*10
: 1940
Capital stock par value: l/
Preferred........................
Common...........................
TOTAL CAPITAL. STOCK...........
Capital funds i f ....................
Gross operating earnings:
Interest and discount on loans....
Interest and dividends on "bonds
and securities................
Trust department.................
Service charges on deposit accounts
Rent received....................
Other earni ng ....................
TOTAL GROSS OPERATING EARNINGS.
195.657
1 .333.816
:______Year ended
Dec. 31, 1 Dec. 31,
1940
1939
195.657
1 ,333,816
1 ,529,473
211.733
1 ,323.6941
1,529,473
3.536,398
208,763
1,328,180
1 ,536,943
3 ,476,441
3.536,398
1,535,427
3,405,118
210,632
201,012
4n,644
387,324
1 ^ 2,030
142,063
284,093
17,575
15,106
20,116
32,681
40,745
51,792
43,794
864,749
297.842 : :
31,421
37,485 I 1:
51,961
42,386
848,4-19 '!
20,629
25,90S
21,967
438,7hl
25,884
21,827
“ 426,008“
III
Gross operating expenses:
Salaries and wages—
Officers......................
Employees other than officers..
Interest on time and savings
<a-nn«sit.«..................... .
Real estate taxes................
n+.VlOT* t.BYflfi......................
Other expenses...................
TOTAL GROSS OPERATING EXPENSES.
5 3 ,H2
77,631
50,990
73,366
104,102
151,197
100,733
146,093 j
52,017
11,155
22,790
86,283
303,188
53,553
105,570
21,815
44,289
86,188
296,256
172,471
114,291 I
21,850
32,621 i
165,676
599,444“
581,264
NET OPERATING EARNINGS..... .........
135,553
129,752
265,305
267,155
19,484
23,375
17.267
17,618
7,693
36,751
39,927
33,631
Recoveries:
fin Tnan s . . _. _................................. . .
On "bonds and securities..........
All other........................
TOTAL RECOVERIES..............
Profits on securities sold..........
TOTAL RECOVERIES AND PROFITS
ON SECURITIES SOLD..........
7,662
50.521
51,765
10,660
21,499
>+2,578
53,286
40,993
15,355
93,099
ij
:
105,051
12,481 ;
86,039 I '
124,920 1 |
102,286
95,864
198,150
j ;
210,959 !!
28,618
52,972
29,631
54,988
58,249
107,960
67,171
109,378
12,464
28,346
27,922
15,565
22,067
226,53S
Losses and depreciation:
On "bonds and securities..........
On "banking house, furniture and
■ Pi Ybiraa ...................... ...........
1
TOTAL LOSSES AND DEPRECIATION..
15,882
11,870
109,342
112,648
27,435
221,990
NET PROFITS BEFORE DIVIDENDS........
12S.H97
112,968
241,465
251,576
3.762
64,497
68,259
8,114
137,159
TYWAT. DIVIDENDS DECLARED......
4,352
72,662
77,014
145,273
8,911*
130,576 ,
139,487 fl
Number of "banks 1/ ..................
5.150
5,170
5,150
Percent
14.70
6.50
Percent
Percent
15.79
6.83
16.38
9.50
4.11
9-08
Dividends declared:
Annual rate of net profits:
On common and preferred stock 1/..
On capital funds if..................... ..
Annual rate of dividends:
On common and preferred stock 1f..
On capital funds 1/..............
Percent
16.80
7.27
10.07
4.35
8.88
3.93
5,193 1
7-39
4.10
TREASURY DEPARTMENT
Washington
Press Service
POR RELEASE
'hs'
^^
Comptroller of the Currency, Preston Delano, announced today that the
5,150 active national hanks in the country on December 31» 3-9*40, reported
gross earnings of $86*4,7*49,000 for the calendar year 19*40.
This represents
an increase of $1 6 ,330,000 over the gross earnings for 1939 of the 5,193
national hanks that were in active operation on December 31 of that year.
Operating expenses for the year 19*40 were $599,*4*4*4, 000 as against
$581,26*4,000 for the year 1939-
Net operating earnings for 19*40 were
$265,305,000, which was $1,850,000 less than the amount reported for the pre
ceding year.
Adding to the net operating earnings profits on securities sold of
$10 5 ,051,000 and recoveries on loans and investments, etc., previously
charged off of $9 3 ,099,000, and deducting losses and depreciation of
$221,990,000, the net profits before dividends for the year 19*40 amounted to
$2*41,*4-65,000, which was 15*79 percent of the par value of common and pre
ferred stock and 6.83 percent of capital funds.
This figure of net profits
before dividends for 19*40 was $10,111,000 less than the amount reported for
1939.
The principal items of operating earnings for 19*40 were $*411,6*4*4,000 from
interest and discount on loans, an increase of $2*4,320,000; and $28*4,093*000
from interest and dividends on bonds and securities, a decrease of $13»7*49,000
in the year.
The principal operating expenses were $255,299,000 for salaries
and wages of officers and employees, an increase of $8,*473»000 over 3-939’
» an<i
$10 5 ,570,000 expended in the form of interest on time and savings deposits, a
decrease of $8 ,7 2 1 ,000.
Profits on securities sold during 19*40 aggregated $105,051,000 as against
$12*4,920,000 for the preceding year, and losses and depreciation on bonds and
securities for 19*40 totaled $107,9^0,000 as compared with $109,37^,000
the year before.
Dividends declared on common and preferred stock in 19*40 totaled $1*45,273,000, in comparison with $139**487,000 in 1939»
The dividends were 9*5° P er
cent of common and preferred capital and *4.11 percent of capital funds.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS
Tuesday, April 3, 1941_____
Press Service
No. 24-42
Comptroller of the Currency, Preston Delano, announced today that
the 5>150 active national hanks in the country on December 31* 19^0, re
ported gross earnings
0f $364,749,000 for the calendar year 19 U0 t This
represents an increase of $ 1 6 ,330,000 over the gross earnings for
1939
of the 5» 193 na.tional hanks that were in active operation on December
31
of that year.
Operating expenses for the year 19^-0 were $599 *444,000 as against
$531* 264*000 for the year 1939*
Net operating earnings for 1940 were
$26 5 ,30 5 >000 , which was $1,350,000 less than the amount reported for the
preceding year.
Adding to the net operating earnings profits on securities sold of
$1 0 5 *051,000 and recoveries on loans and investments, etc., previously
charged off of $9 3 *099 *000 , and deducting losses and depreciation of
$ 2 2 1 ,990 *000 , the net profits before dividends for the year 1940 amounted
to $24l,'4651 000, which was 15*79 per‘scent of the par value of common and
preferred stock and 6,33 P 01* 00nt of capital funds.
profits before dividends for
reported for
This figure of net
19*10 was $10,111,000 less than the amount
19 3 9 *
The principal items of operating earnings for 1940 were $4lL,644,000
from interest and discount on loans, an increase of $24,320,000; and
$234,093,000 from interest and dividends on bonds and securities, a de
crease of $13,7^9,000 in the year.
The principal operating expenses were
$2 5 5 ,299,000 for salaries and wages of officers and employees, an increase
of $3,^73,000 over
1 9 3 9 ; and $1 0 5 ,570,000 expended in the form of interest
on time and savings deposits, a decrease of $ 3 ,7 2 1 ,000 ,
Profits on securities sold during 19^-0 aggregated $105*051,000 as
against-- $124,920,000 for the preceding year, and losses and depreciation
on bonds and securities for
19^+0 totaled $1 0 7 ,960,000 as compared with
$109,376,000 for the year before.
Dividends declared on common and preferred stock in 1940 totaled
$1^5,273,000, in comparison with $139,437,000 in 1939*
The dividends were
9*50 per cent of common and preferred capital and .4,11 per cent of capital
funds
EXPENSES, AID DIVIDENDS OF NATIONAL TANKS POP
ENDED DECEMBER 31, 1939 AND 1940
AXIS
(Amounts in thousands of dollars)
:
S ix months ended
:
•
Dec. 31, î June 30,
1940
: 1940
C apital s to c k p a r v a lu e : 1/
pm fem e; i. t f . f , , , , , , , , , , , , , ,
TOTA CAPITAL STOCK
C apital funds 1j ......... ................... . .............
[Gross o p e ra tin g e a rn in g s ;
I n t e r e s t and d is c o u n t on l o a n s . . . .
I n t e r e s t and d iv id e n d s on bonds
and s e c u r i t i e s .............................
T ra s g d e p u r t i u e n t . . . . a . . . . . . . . . . . . .
S e rv ic e c h arg es on d e p o s it a c c o u n ts
Rent r e c e i v e d . ..........................................
O ther ear m n g s
i OjlAI;
O Of_ifiri i
•
:
Year ended
: Dec. 31, : Dec. 31,
:
1940
1939
195,657
1, 333,216
1, 529,473
3, 536,393
208,763
1 , 328,180
1 , 536,943
3y
^
1Qf Af 7
1 . 333.816
1 , 529,473
3, 536,393
211,733
1 .3 2 3 ,6 9 4
1 , 535,427
3 ,4 0 5 ,1 1 3
210,632
201,012
411,644
387,324
142,030
17,575
20,629
25,903
¿1,967
438,741
142,063
15,106
20,11.6
fec yO
c'0
O1
21,827
4+20, ÛO0
2e 4,093
32,681
40,745
51,792
43,794
864,749
297,842
31, 42I
37,485
51,961
42,386
848,419
Gross o p e ra tin g ex p en ses:
vDbJlb,n e s etnel vici1^00—
O f f i c e r s ...........................
Employees o th e r th a n o f f i c e r s . .
I n t e r e s t on tim e and s a v in g s
d e p o s it s ...........................
x eai e s t a t e t a x e s . .................... ..
0idler t a x e s o . . . . . . . . . . . . . . . . . . . . . .
O ther e x p e n se s................................. ..
TOTAL GROSS, OPERATING- EXP 'USES.
53,112
77,331
50,990
73,966
104,102
151,197
100,733
146,093
52,017
11,155
22,790
86,233
303,133
53,553
10,660
21,499
86,183
296,256
105, 570
21,815
44,289
172,471
599,444
114,291
21,850
32,621
165,676
581,264
NET OPERATINE SARN3AG3 .............................
135,553
129,752
265,305
267,155
19,434
23,375
7,662
50,521
5'- , 76.5
17,267
17,618
7,693
42,578
53,286
36,751
40,993
15,355
93,099
105,051
39,927
33,631
12,481
86,039
124.920
102,286
95.864
198,150
210,959
23,618
52,972
29,631
54,986
53,249
107,960
67,171
109,378
15,832
11,870
109,342
148,497
12,464
15,565
112,648
112,968
28,346
27,435
221,990
241,465
27,922
22,067
226,533
251.576
TOTAL DIVIDENDS DECLARED. ......
j J^
72,662
77,014
3 ,7 6 2
64,497
68.259
8,114
137,159
145,273
8, 9H
130,576
139,487
:LiUmber of banks 1 / ........... ..........................
5,150
5,170
5,150
5,193
P e rc e n t
14,70
6.50
P e rc e n t
15.79
6.83
P e rc e n t
[R ecoveries:
On lo a n s .................... .................
On bonds and s e c u r i t i e s . ..............
A ll o t h e r . ........................................ , . . . .
TOTAL PACO /DRIES...............................
[ p r o f its on s e c u r i t i e s s o l d . ,
TOTAL RECOVERIES AND PROFITS
ON SECURITIES SOLD......................
[Losses and d e p r e c ia tio n :
On 1o a n s.......................................................
On oonds and s e c u r i t i e s ......................
On banking h o u se, f u r n i t u r e and
A ll o t h e r .............................................. ..
TOTAL LOSSES AND PEPR fC XAIION..
Ife PROFITS TEPORE DIVIDENDS........
^¿iyidfpds d e c la re d ;
On p£i&^-££dL s t o c k .................................
On common s t o c k . ............................. ..
A nnual r a t e o f n e t p r o f i t s :
On common and p r e f e r r e d s to c k l / . .
On capita.! fu n d s 1/ .
............. ..
Annual r a t e o f d iv id e n d s :
On common and preferred s to c k 1/ . .
On capita!, funds 1/..... .
y
At end of poriod.
y
P e rc e n t
16.80
7.27
10.07
4.35
8.88
3.93
9.50
4.11
16.38
7.39
9.08
4.10
IMPORTS OP DISTILLER LIQUORS AND WINES AND DUTIES COLLECTED THEREON - FEBRUARY 1941
February
January
February
1941______ 1941__________ 1940
DISTILLED LIQUORS (Proof Gallons):
Stock: in Customs Bonded Warehouses
at beginning
Total imports. (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Exported frea-Cuat-ong- 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)
8,224,091
563,104
8,787,195
629,962
8,223,587
577,811
8,800,698
576,093
_____8 months ended
February 1941 February 1940
6,976,845
8,081,064
15,057,909
6,891,297
5,146,093
953,007
6,099,100
622,939
4,137,917
9,575,058
13,712,975
8,168,791
...ii.i'iwiTpnaiiiff
8,157,035
8,224,091
5,466,727
8,157,035
5,466,727
1,606,348
144,445
1,750,793
106,806
1,533,912
192,788
1,726,700
120,264
1,461,659
276,657
1,738,316
232,651
1,526,805
1,486,627
3,013,432
1,367,235
1,151,290
2,788,258
3,939,548
2,432,425
um iB iuii»* m I
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)
Exported from Qustums ClikTufly
Stock in Customs Bonded Warehouses
at end
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Totay Duti
Total Dut,
1,643,122
1,606,348
1,643,122
1,505,665
1,505,665
217,595
9,766
227,361
7, 380
,541"»
221,290
6,917
228,207
10,353
-269™"
455,380
26,783
483,163
24,408
H000“
395,772
57,533
453,305
231,961
— ty9Wr-
321,014
593,819
914,833
456,640
219,440
217,595
457,555
219,440
457,555
$ 1,560,861 $ 1,423,453 $
98,448
111,320
21,432
30,021
4670,7/1 $ 1/564
>,959/704 GL, 691
GOmmod
$31,630,445 $33,256,684
TOTAL DUTIES COLLECTED
Percent'"police ted-en Liuutnr
(a.) including with.dre.wals for ship supplies and diplomatic use.
1,544,751 $
194,754
72,354
$25,651,130
16,976,516 $ 20,233.764
1,227,022
2,068,468
687,489
1,355,814
$223,445,973
________014
$239,057,060
For Release, Morning Papers
Tuesday, April 8, I9 I+I_____
TREASURY DEPARTMENT
Washington
Press Service
No, 2 I U +3
CoRiinissi oner of Customs W, R, Johnson today issued the following statement
showing imports Oj. distilled liquors and wines, and duties collected thereon,
covering February, I9 I+I, with comparative figures for February, 19 1 +0 , and
January, I9 I+I, and the calendar years I9 I+O and 1 9 I+I:
1
1
1
I
K
if
L
j
I
1;
■
1
\
February
19^1
January
19^1
February
191+0
Calendar Year
1941
194D
DISTILLED LIQUORS
(Proof Gallons) :
Stock in Customs
Bonded Warehouses
at beginning,.,.
8 ,2 2 *
1 ,0 9 1
5 ,11 +6 , 0 9 3
6,976,81+5
8,223,587
4 ,1 3 7 , 9 1 7
Total Imports (Free
and Dutiable),,,,.
5 6 3 ,1 0 *+
577,811
953,007
8 ,0 8 1 ,061 +
9,575,058
Available for Consumption..... .
8 ,8 0 0 , 6 9 8
8 ,7 2 7 . 1 9 5
6,099,100
15,057,909
1 3 ,7 1 2 , 9 7 5
Entered into Consumption (a),..,..
6 2 9 ,9 6 2
5 7 6 ,0 9 3
6 ,8 9 1 , 2 9 7
6 2 2 ,9 3 9
8 ,1 6 8 , 7 9 1
Stock in Customs
Bonded Warehouses
at end,.......... 8 ,157,035
8 ,2 2 l+,0 9 1
5 ,1+6 6 , 7 2 7
5.U66.727
8 ,1 5 7 , 0 3 5
STILL WINES (Liquid
Gallons):
Stock in Customs
Bonded Warehouses
at beginning,.... 1 ,6 0 6 ,31+8
1 ,1+6 1 , 6 5 9
1,533,912
1,526,805
1 ,1 5 1 , 2 9 0
Total Imports (Free
and Dutiable),..,
ll+l+,1+1+5
1 9 2 ,7 8 8
2 7 6 ,6 5 7
1 ,1+8 6 , 6 2 7
2,788,258
Available for Consumption........
1 ,7 2 6 , 7 0 0
1,750,793
1,738,316
3,939,5>+8
3 ,0 1 3 ,1+32
Entered into Consumption (a)..,..
1 0 6 ,8 0 6
1 2 0 ,261 +
2 3 2 ,6 5 1
2 ,1+3 2 ,1+25
1,367,235
Stock in Customs
Bonded Warehouses
at end....
1,61+3,122
1 ,6 0 6 ,3 I+8
1,505,665
1,61+3,122
1 ,5 0 5 , 6 6 5
SPARKLING WINES
: (Liquid Gallons):
Stock in Customs
Bonded Warehouses
at beginning....
2 2 1,2 9 0
1+55,380
217,595
3 9 5 ,7 7 2
3 2 1 ,0 1 1 +
Total Imports (Free
and Dutiable)..*,
9 ,7 6 6
6 ,9 1 7
593,819
2 6 ,7 3 3
57 ,.533
Available for Consumption...... ..
2 2 7 ,3 6 1
2 2 8 ,2 0 7
1+8 3 , 1 6 3
^53,305
914,833
Entered into Consumption (a)....
7,380
2 l+,1+08
2 3 1 ,9 6 1
I+5 6 ,6 U0
10,353
Stock in Customs
Bonded Warehouses
at, end...........
219, l&Q
2 1 9 ,^1+0
2 1 7 ,5 9 5
>+57,555
457,555
DUTIES COLLECTED ON:
Distilled Liquors $1 ,5 5 0 , 8 6 1
$ 1 ,1+2 3 ,1+52 $ 1 ,51+1+,7 5 1 $ 1 6 ,9 7 6 , 5 1 6 $ 2 0 ,2 3 3 ,7 6 ++
Still Wines
98,1+l+g
11 1 ,3 2 0
1 ,2 2 7 , 0 2 2
19l+,75l+
2 ,0 6 8 ,1+68
Sparkling Wines
3 0 ,0 2 1
21,1+32
1,355,811+
7 2 ,351 +
687,1+89
TOTAL DUTIES COLLECTED
__ on liquor
$3 1 ,6 3 0 ,1+1+5 $3 3 ,2 5 6 ,681 + $2 5 ,6 5 1 , 1 3 0
$2 2 3 ,1+1+5 , 9 7 3 $2 3 9 ,0 5 7 , 0 6 0
a) Including withdrawals for ship supplies and diplomatic use.
TltBAOTHT BISPASiMrare
Washington
FOl KSUtkSn, MOUSING HMSPAPI1S,
Tuesday, April St 19^1«
Press Service
57T75T—
The Secretary of the Treasury announced last evening that the
tenders for $100*000,000, or thereabouts, of 91-*day Treasury bills,
to be dated April
9 and to mature July 9. 19*1* w M c h were offered
on April it, were opened at the Federal He serve Banks on April 7»
The details of this issue are as followsi
Total applied for * $208*9^1*000
Total accepted
* 100*091*000
gauge of accepted bides (excepting one tender of $10,000)
99*995 Boulvalent rate approximately 0,020 percent
- 99.972
"
"
*
0-111
High Low
Average
Price
„
- 99.980
"
,
°-°l°
(5 percent of the amount bid for at the low price wae acoepted)
/
/
A
TREASURY DEPARTMENT
Washington
Press Servie©
No. 2*4-44
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, April $, 19^1•
|777w
Thc Secretary of the Treasury announced last evening that the
tenders for 4100,000,000,
or thereabouts,
of 91~day Treasury bills,
to be dated April 9 and bp mature July 9j 19^*1* which were offered
on April 4, were opened at the Federal Reserve Banks on April 7*
The details of this issue are as follows:
Total applied for - $30$,94d,000
Total accepted
- 100,091,000
Range of accepted bids:
(excepting one tender of $10,QOO)
High - 99.995 Equivalent rate approximately 0,020 percent
n
tt
n
0.111 percent
Low - 99,972
Average
H
t!
»
Price - 99.980
0,079 P ©ncent
(5 percent of the amount bid for at the low price was accepted)
-o0o~
n
s /.
2 yThe Bureau of Customs announced today that preliminary reports from
the collectors of customs indicate that the adjusted quota for April, 1941,
of 950 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, consisting of the unfilled portion of the total quota of
70,000 units for the current quota year, has been exhausted, and that the
April, 1941, quota of 7,500 units on silver or black foxes, valued at less
than $250 each, and whole silver or black fox furs and skins from countries
other than Canada has also been exhausted*
These data 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 April 1, 1941, under quotas, provided
for in the 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 sil
ver or black fox furs
and skins (other than
tails) (pounds)
Entered
4,964
500
500
Piece plates made of pieces
of silver or black fox
furs and skins (pounds) 550
364
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
-oOo-
Ky
34
Per cent of
fulfillment
99.3
(Quota
filled)
66.2
6.8
TREASURY DEPARTMENT
Washington
for Release, Afternoon Papers
Tuesday, April g, 1 9 U1
Press Service
No. 2 U-U5
The Bureau of Customs announced today that preliminary reports from the
collectors of customs indicate that the adjusted quota for April, 19*41, of 950
silver or black foxes, valued at less than $ 2 5 0 each, and whole silver or black
fox furs and skins (with or without paws, tails, or heads) from Canada, con
sisting of the unfilled portion of the total quota of 7 0 , 0 0 0 units for the
current quota year, has been exhausted, and that the April, 19^1» quota of
7 , 5 0 0 units on silver or black foxes, valued at less than $ 2 5 0 each, and whole
silver or black fox furs and skins from countries other than Canada has also
teen exhausted.
These data also indicate that the quantities of silver or black fox mer
chandise entered, or withdrawn from warehouse, for consumption during the
prriod December 1, 19^0 through April 1, 19^1t under quotas, provided for in
the supplementary trade agreement with Canada, and the percentage of fulfillment
of these quotas, were as follows:
Per cent of
Quota
Entered
fulfillment
Tails of silver or black
foxes (pieces)
5 ,0 0 0
0
0
LO
Paws, heads, or other
separated parts of sil
ver or black fox furs
and skins (other than
tails) (pounds)
Piece plates made of pieces
of silver or black fox
550
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)
500
-0 O 0 -
i+,96U
500
36U
31*
99-3
(Quota
filled)
66.2
6 .8
m JJ **
others must be accompanied by payment of 10 percent of the aaount of notes applied
for*
2* The Secretary of the Treasury reeerree the right to reject any subscrip.
tlon9 In whole or in part, to allot less than the amount of notes applied for, and 1
to close the books as to any or all subscriptions at any time without notice) and
any action he nay take in these respects shall be final* Allotment notices will
j
be sent out promptly upon allotment, and the basis of tha allotment will be pubHoly announced*
If*
PAYMENT
1* Payment at par and accrued interest, if any, for notes allotted hereunder |
must be made or ccnpletod on or before April
1941, or on lator allotment, in
every case where payment la not so completed, the payment with application up te
10 percent of the amount of notes applied for shall, upon declaration wade by the
Secretary of the Treasury In his disexetien, be forfeited to the United States*
?.
GENERAL FBOfXSXOffS
1* As fiscal agents of ths United States, Federal Reserve Banks are authorimd
and requested to resolve subscriptions, to sake allotments on the basis and up te
the amounts Indicated by the Secretary of the Treasury to the Federal Reserve Bank«
of the respective districts, to Issue allotment notions, to reosivs payment fer
notes allotted, to make delivery of notes on full-paid subscriptions allotted, and
thsy may issue interim receipts pending delivery of the definitive notes*
2* The Secretary of the Treasury may at any tins, or from tine to time, pre
scribe supplemental or amendatory rules ami regulations governing the offering,
which will be communicated promptly to the Federal Reserve Banks*
M
MQRGENTHAO,
JR*,
Secretary of the Treasury
* * * * * by any Territory, dapendeney, or poasasaion of thè United SUtee, or by
eny State, coenty, «nicipallty, or l o c i Uni i * .«thority.
M a l
Th... note. .hall b.
intontente, and «ay b. eoeepted ee eecrity, fer tìl fiduoUrr, t«et,
««I publle fonde thè inre.t*«nt or d*o.it ef «hieh «bell b. under th. ethorit,
or control of thè United State, or any rffloer or officer» thereof.
3.
The authorHing eot prorides that In thè * w s t thè Beoonetruotion Filane.
Corporation «hall be unabl. te pay upon deand, uhen dne, thè principal ef er
interest en note. t e e * * by it, th. d c r C e r y of th. T r c e c y oboli poy th. ano«*
thereof, «hieh la authorieed te be appropriated, out ef any aoneye in tha Treasury
noi otherwiaa appropriata, and theieupoa te tha «tea* ef thè uwuate «. peid «»
Secretary ef thè Treasury diali «aceed te * U thè right. ef thè holdera of sueh
witt*
4,
Bearer noto# olth intereat coupon* attaohad «ili bo ioouod in dsnonina-
U o n e of «1,000, «$,000, «10,000 and «100,000.
The notes «ili no* bo ioauod in
registered form.
S i. suBscaimo» *» momst
X.
Subscrlptlona «ili bo roooiuod at thè Federai de.erw Bank. and Branche
and et thè Treasury Deportaci, Uaehtagtc».
»»beeribera a u t agree not to el i or
othervisa diapooo ef « d i r eubeerlpttone, er th. eocuritio. d U o h aay b. allctted
thereen, prler te thè elesla« ef thè eubacriptlon booka.
generally
mj eulodt
Banking instltutions
eubacriptlon. fer aeoeunt ef c u t t e r . , ta» only th. Fed
Resere, Banks and th. Traaeury Departaent ere autherlaed te aet ae effieial
agenelea,
O t h e » than barici»« ictitution. «ili net b. p d t t C te «iter sub-
scriptiona axeept fer thoir osn aecount.
Subacriptiona firn banka and trust co>u-
r .«.a fer thoir e m account «ili be reeoiued «lthout dapoait hot «ili b. restrloted in eaeh s u e te an anount not .assedia« oc-half of th. ecbin«l e p i U l
and aurplua of th. eub.crlbing bank er trust ooepany.
Subecriptions fra. all
RSC08STSD STICK FIKAKCt COHPOIUTIOK
1-l/S
W E S OF SERIES F, W ®
1F43
Dated and bearing interest fro® April
TOU,I «
tT -tii.-rr.ifj.ti t miAiMfITiSIB BOTH AS TO XBTE'BKST AHD PBIKCIPAI» BT THE tfBIfKD
» « S S r S c f S S S
w
« m
FACS OF SACK W
fSSASOHI DBFA3TI2EMT,
Office of the Secretary,
Washington, April 9, 1941»
m i
Departnent Circular Bo. 659
Fiscal Service
Bureau of the Public Debt
I.
1.
0FPS3XB® OF SOfSS
Th. Secretary of the Treaeury, on brtalf of th. «.oowtmction Finance
th. j m p U
Corporation, invite. eubacrlptlone, at par and accrued
of th. United State, for not., of th. Heconriruotlon Financ. Corporation, de.ign a f d lri/1 percent not., of Sort.. T.
«»
•* the offering ia «300,000,000,
or thereabout*.
XI.
1.
OBSCRimo» OF HOTKS
Tho note. „Ill bo dated April
«**» *nd
b* r int*” rt fr0a
date at tho » t o of 1-1/8 poroont per anm», payahlo on a ooriannaal bail, on
Jriy 15, 1941, and thereafter on January 15 and July 15 in each year until the
principal a**mt become payable.
They rill » t w o Jriy 15, 1943, and rill not
bo «abject to call for redaction prior to saturlty.
2.
Th. note. r i U be i«mad under authority of an act of C o n « » «
(*n o m
«. "iieoonetructlon Flnaneo Corporation Act") approved Janaary 22, 1932, a.
•ad wppaooontad.
m en M
The in«®, derived fro. tho note. ahaU bo oabjoct to all
Federal tax.., now or ho»aftor inpoaed.
The note, .hall be «object to ootate,
inheritance, gift or other ««loo tax.., whether Federal or State, but .hall be
™
t
fro« all taxation now or hororitor i«poo«i on the principal or intoreri
3 -
2, The
Secretai? of thè Treasux? reeenre# thè right te roject anjr «iboeriptlon,
In tthole or in port, te » H o t Im
o
thè» thè M « m t of note» applied for, and to
r1f.T. thè hook» oo to «ny or *11 «rabeoriptlen» at any tiae eitheut noticej and
any action he n*y take in theae reepeot» aitali he final.
AllotaMt netiee» «ili
he cent eot presti? »pò« allotcwnt, and thè beale of tt» allotaent «ili be publiely announced.
IT.
PAliCBt?
X, Paynent at par and aocrued intereat, if any, for note» allotted heretmdwr
tmat be «ade or coapìeied on or before Aprii li» 1941# or on later allotaeni. la
o w * 7 eaee *i«re payaont le net se coapleted, thè payaent «ith application up to
10 porosi of ths enowat of notes applied for shall, epon declar&tion «ade òj
thè Secretary of thè Treasury la hit dlseretion, ho forfoited to thè United Stateti
9,
X.
GSSXSHAXe PIOTISIOI®
Ài fissai agente of thè United States, Federai neserve Banks are authori*«
and requeeted to recete« eobeeripiione, te aake allotaenta sii thè hesls and \xp U
thè aaoonts indieated by thè Secretary of thè Treaeury to thè Federai Beserve Banki
0f thè respective dietriste, to leene allotaeat notices, to reoeive pey»*nt for
notes allotted, to aake delivery of notes m
full-pald snbecriptlons allotted, and
they aay leene interi« reeeipte pending delivery of thè definitive notes.
2.
The Secretary of thè Treaenry s«y at any tl*e, or fra» tliee to tino, prò-
scriba supplemental or ansndatory m i s e and regulatlone governine thè offering,
which vili be eonmmleated proaptly to thè Foderai Seeerve Banks.
wsm
wmmmmfa.,
S M N t U 7 of tho Treaeury.
- 2 -
eny State, ©ounty, muieipality, or local taxing autherlty* tfeeao note* »hall be
lanital infestaente, and i&y be acoepted a» «eeurlty, for all fiduciary, trust,
and pabilo funds th© investment ©r d^oolt oí Xiloli «hall b© imder the autherlty
or control ©f thè United State© or aay offtoer ©r ©moer« thereof.
1*
The auihorl fing aet previde© tbat la the evsnt th© Heconotruction r*inance
Corporation ©hall be ©nable t© pay opea <^wandf ehen duo, the principal ©f ©r
internet ©n note© iseued by it, ih© Secretar/ ©f thè frea«ury © h a U pay the m m
J
thereof, wfeich le authortsed lo be appropriate«*, cmt ©f any monays la the Tmmury
not ©therelee approprl&ted, and tbsrsupon t© the extent oí the aaouat» «© paid th«
Secretar/ oí th» Treaeury ©hall sucoeed t© all the righta ©f the eidero of auch
notes*
1, Searer note» eith internet coupon© attached «ili be leaued in denosdnation» of $1,000, $5,000, $10,000 and $100,000,
The note» will not be iseued la
regletered Tora*
OT,
ddB$€KXf*TSCi A»P ALIOThERT
1, Bubacriptions «ili be reeeived at the Federal Seeerve Banks and Branche«
and at the freaeury Pepartaent, Hashlngt©**.
Subeeriber© «niet agre© not to sell cr
©themiee dispose ©f their «ubecripttone, ©r th© ©©curiti©© «hich «aay be allotta
thereon, prior t© thè decina ©f the «ubacrlption bode«, Banking iaetitutlon»
generally aay subedt ©ubeeriptloa© For account ©f euetoaers, but ©nly the Federal
Reserve Bank© and th© Treeeury Peparlaent are awthorlsed t© act a© officiai
agencie».
Othar© than banking inetitution© «ili not be pemltted t© «iter ©aW
script ion© exeept for their ©en account.
Subscription» fnea banks and trust eafr
panie© fer their o«n account «111 be reeeived without depoelt but will be restricted in eaoh cae© to an aaount not exceeding one-half ©f th© combinad capitel
and surplus of the ©ubecxlblng benk ©r tru«t coapany.
BubscrlpUona fro© all
©there «u»t be acooapanled by payaent ©f 10 pere©nt ©f the amount ©f notes appliad
for*
mom&Tmmim
fisascs corporation
7/8 FSHOTT HQT1S OF SERIES U, DOS OCTOBER 15, 19^2
Dated and bearing interest from April
17 . 19^1
FOLLY AMD UNCOMDITIOHALLY GOAEAMYIISD BOTH AS TO IHTRRBST AMD PRINCIPAL BY TER TOTSD
STATES. WHICH GUARANTY IS EXPRESSED OH THE FACE OF EACH «Of!
19Ul
Department Circular Ho.
____
Tisea.1 Serrloe
658
TREASURY D1PAHJM1MY,
Office of the Secretary,
W..hin«ton. April 9. & * .
Bureau of the Public Debt
I.
1.
OFFERING OF MOTES
The Secretary of the Treasury, on behalf of the Reconstruction Finance
Corporation, invites subscriptions, at oar and accrued interest, fro» the people
of the United States for notes of the Reconstruction Finance Corporation, desig
nated 7/8 percent notes of Series U.
The amount of the offering is $300,000,000,
or thereabouts.
II.
1.
DESCRIPTION OF MOTES
The notes will be dated A^rll 17. 19^1» and will bear interest fro» that
date at the rate of 7/8 percent per annum, payable on a semiannual basis on October
Ip, 19bl, and on April 1$ and October 15, 19**2.
They will mature October 15, 19^2,
and will not be subject to call for redemption prior to maturity*
2.
The notes will be issued under authority of an act of Congress (known as
“Reconstruction Finance Corporation Act“) approved January 22, 1932, as amended
and supplemented.
The Income derived from the notes shall be subject to all
Federal taxes, now or hereafter 1»nosed. The notes shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt fro» all taxation now or hereafter imposed on the principal or interest
thereof by any Territory, dependency, or possession of the United States, or by
*
§•*•1*11? *agr «»bail
2
«*
«uboeriplion» for »ecouat of •*•%•*•*•, bal osa* the
f i i m l $•••**• bonico **é Iko fro»«*ry Boporlaoal »*• »ulhoriiod to let n
offlel»! «§»***•*<
Sut»8criptioB» fro* boa*» ftil tf*ot oeaponleo for th*lr
«•* occount wlll bo roeoi*od wlthoat Oopoeit bul *1X1 bo m l r l e t t i i» ooeh
•»•• to '•* iaottüt not üeii4ÍB| ®a#*hilf of Ib» oosblMi oopitol »nd turplua
•f th» subacribing boafc ** tro»!
m i l bo occoap*ai*d by
pmfwtmt
*<W*T-
»mb»oriptlea« fro» »IX othtr»
of 10 porcoat of tho »»otint of aoto« appllod
for.
fh» right lo r » « « m d lo oX««o Ib» booko m
to m y ®r «XX oabeerlptloao
o* «Xm i «i of o»boerlptleao »1 oaj %tm wltb*»t aotieo.
Subjoet lo tfeo
rooorootleao ool fortb 1» tbo offieloX cirealar» »XX oaboerlptlo»» wlXX be
roeetred oabjoet lo »Uol»»al. Poyoent for
»*7
aotoo ollottod *»•! 1« *»d«
o* cowploted o* o* bofore Jkpwil ify 19*1. o* o* Xolor ollotftoat.
Tho texto of Iho offieloX eircnloro folio*t
twuam mramem
Vuhlaftoa
m
ssu&sx, m m i m i **s p à f *i s ,
Vodne.dey. Anril 9. 19*1
li/s/Ui
-----
f w « «f*^e®
1^
«Mi Socretary of th® frea®ury, on Intelf of th® Beeonatruetion Finane®
Corporation, Io today offerii^ far oa»h ®ub®crlption, at par and aecrued
la tare st, through th® Föderal l « t « m bank®, I w «aria« af nata® of th®
Äecon®truction Fiaana® Corpora! loa * la tha m w b ! of $300*000*000, ar
th®r®about®, of aaoh «ori®®.
il
4$,.
19*1 ;
Th® nota® of ®ach «aria® vili Va ftatad April
aaa aarlaa, daalgnated darla® 0, vili Vaar iat®re®t al th® rata
of 7/i paraant par annua, and vili natura on OotaVar 15» 19**t* *ha othar
•aria®, d«®i«aatad darla® ?. vili Vaar latara®t at th® rata af 1-1/8 par®«®!
par nanna* and vili notar® aa July
15*
19*3*
ta tali far radaaptloa priar ta anturi ty.
nata® vili not V® «ubject
fhay vili Va l«auad only in
Vaarar fora vith coupon® nttaah®d, in danonlnations af $1,000, $5,000,
$10,000 and $100,000.
«i® nata® vili Va fully and uaaonditionally ¿aarantaad Vath a» ta
in tara®! and prinalpal Vy tha United Stata®,
Pnrtuant ta th® prariaian®
af tha FuVlia OaVt hat of 19*1, latore»! upaa tha nata® nav affarad «hall
not har« any ®x®nptio», a® auch* andar Federal «an hat® nav ar haraaftar
•naetad.
Otharviaa tha nata® vili Va aaeardad tha ®an® «xemptlon® fron
tannila® a® ara aaeardad athar ia«ua® af Baaonatmetlan fi nane® Corporation
nata® nav aatatandinf. Th®®® prariaian® ar® ®paalfiaally aat farth in th®
affiatai eireulass ralaaaad today.
SuVceription® vili Va raaalrad at tha fadaral Sa®arra Vattìc® and
branche®,, and at tha fraaanry B®parta®nt, Va«hln<taa| thay vili aat Va
raaalrad at th® l®aaa®tmotÌan finanaa Corporation,
Banking Institution®
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, April 9, 1941»
4/8/41
Press Service
No* 24-46
The Secretary of the Treasury, on behalf of the Reconstruction
Finance Corporation,
is today offering Por cash subscription, at par
and accrued interest, through;the Federal Reserve banks, two series of
notes oP the Reconstruction Finance Corporation,
$300,000,000, or thereabouts, oP each series«
in the amount oP
The notes oP each
series will be dated April 17, 1941; one series, designated Series U,
will bear interest at the r’ate oP 7/8 percent per annum, and will
mature on October 15, 1942} the other series, designated Series V,
will bear interest at the rate oP 1-1/8 percent per annum, and will
mature on July 15, 1943«
The notes will not be subject .to call Por
redemption prior to maturity*
form with coupons attached,
They will be issued only in bearer
in denominations oP $1,000, $5,000,
$10,000 and $ 100,000.
The notes will be Pully and unconditionally guaranteed both as t*
interest and principal by the United States*
Pursuant to the pro
visions oP the Public Debt Act of 1941, interest upon the notes now
ofPered shall not have any exemption, as such, under Federal Tax
Acts now or hereafter enacted*
Otherwise the notes wilx be accorded
the same exemptions Prom taxation as are accorded other issues of
Reconstruction Finance Corporation notes now outstanding»
provisions are specifically set forth m
released today.
These
the offi.ci.al circulars
oj
C
Subscriptions will be received at the Federal Reserve banks
and branches, and at the Treasury Department, Washington;
not be received at the Reconstruction Finance Corporation.
they will
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.
Subscriptions
from banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not
exceeding one-half of the combined capital and surplus of the sub
scribing bank or trust company.
be accompanied by payment of
10
Subscriptions from all others must
percent of the amount of notes
applied for.
The right is reserved to close the books as to any or all sub
scriptions or classes of subscriptions at an y time without notice.
Subject to the reservations set forth in the official circular, all
subscriptions will be received subject to allotment.
Payment for
any notes allotted must be made or completed on or before April 17,
1941, or on later allotment.
The texts of the official circulars follow:
RECONSTRUCTION FINANCE CORPORATION
7/g
PERCENT NOTES OF SERIES U, DUE OCTOBER 15, 19^2
Dated and bearing interest from April 17, 19^1
FULLY AND UNCONDITIONALLY'GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL
BY THE UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE
FACE OF EACH NOTE
19 Ll
Department Circular No*
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 9; 19^1«
65$
Fiscal Service
I Bureau of the Public Debt
I*
1*
I tion
OFFERING OF NOTES
The Secretary of the Treasury,
Finance Corporation,
on behalf of the Reconstruc-
invites subscriptions,
at par and accrued
| interest, from the people of the United States for notes of the
I Reconstruction Finance Corporation,
I Series U*
The amount of the offering is $3^0,000,000,
II.
1,
designated ~[/& percent notes of
DESCRIPTION OF NOTES
The notes will be dated April 17? 19^1?
terest from that date at the rate of
\ on a semi-annual basis on October
October
15 ,
19^2.
or thereabouts,
7/$
15 ,
and-
bear in
percent per annum, payable
19^1?
They will mature October
anh on April 15 an(i
15 ,
19^2, and will not
be subject to call for redemption prior to maturity*
1
2* The notes will be issued under authority of an act of Congress
(known as "Reconstruction Finance Corporation Act") approved January
22,
1932,
as amended and supplemented*
The income derived from the
I notes shall be subject to all Federal taxes,
The notes shall be subject to estate,
now or hereafter imposed.
inheritance,
gift or other
I excise taxes, whether Federal or State, but shall be exempt from all
I taxation n*w or hereafter imposed on the principal or interest thereof
2
by any territory, dependency,
by any State,
or possession of the United States,
county, municipality,
notes shall be lawful investments,
for all fiduciary,
trust,
or local taxing authority,
or
These
and may be accepted as security,
and public funds the investment or deposit
of which shall be under the authority or control of the United States
or any officer or officers thereof,
3*
The authorizing act provides that in the event the ReconstrUo
tion Finance Corporation shall be unable to pay upon demand, when due,
the principal of or interest on notes issued by it, the Secretary of
the Treasury shall pay the amount thereof,
appropriated,
which is authorized to be ,
out of any moneys in the Treasury not other-wise appro
priated, and thereupon to the extent of the amounts so paid the
Secretary of the Treasury shall succeed to all the rights of the hold
ers of such notes.
L,
Bearer notes with interest coupons attached will be issued
in denominations of $1 ,000, $5>
000,
$10 ,000, and $100,000,
The notes
will not be Issued in registered form,
III,
1#
SUBSCRIPTION AND ALLOTMENT
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 the securities which may be allotted thereon, prior to the closing
of the subscription books,.
Banking institutions generally may submit
subscriptions for account of customers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official
agencies.
Others than banking institutions will not be permitted to
enter ■ subscriptions except for their own account,
Subscriptions
- 3 I 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
I exceeding one-half of the combined capital and surplus of the subscribe
jl ing bank or trust company.
Subscriptions from all others must be
I
| accompanied by payment of 10 percent of the amount of notes applied
[for*
2,
The Secretary of the Treasury reserves the right to reject
I any subscription,
I of
in whole or in part,
notes applied for,
to allot less than the amount
and to close the books as to any or all sub-
I scriptions at any time without notice;
I these respects shall be final*
j promptly upon allotment,
and any action he may take in
Allotment notices will be sent out
and the basis of the allotment will be pub-
I licly announced*
IV,
1,
PAYMENT
Payment at par and accrued interest,
if any, for notes
I allotted hereunder must be made or completed on or before April 17>
or on later allotment*
I completed,
In every case where payment is not so
the payment with application up to
10
percent of the amount
1 of notes applied for shall, upon declaration made by the Secretary
I of the Treasury in his discretion, be forfeited to the United States,
V,
,;y
1.
GENERAL PROVISIONS
As fiscal agents of the United States,
Federal Reserve Banks
| are authorized and requested to receive subscriptions,
to make allot-
I 'Rents on the basis and up to the amounts indicated by the Secretary of
II ohe Treasury to the Federal Reserve Banks of the respective districts,
[•to issue allotment notices, to receive payment for notes allotted,
; to make delivery of notes on full-paid subscriptions allotted,
and
I they may issue interim receipts pending delivery of the definitive
■ notes*
n
The Secretary of the Treasury may at any time,
ar from time
to time, prescribe supplemental or amendatory rules and regulations
govern irlit the offering, which will be communicated promptly to the
■Federai Ilaser re Banks*
HENRY MORG-ENTKAU, ,JRM
Secretary of the Treasury*
RECONSTRUCTION FINANCE CORPORATION
1 -l/g
PERCENT NOTES OF SERIES V, DUE JULY
Dated and bearing interest from April
15 , 19^3
17,
19^1
1/ FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL
BY THE UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF
EACH NOTE
I
I
194-1
Department Circular No#
---------
659
Pisoli*-Service
a Bureau of the Public Debt
I*
1*
TREASURY DEPARTMENT
Office of the Secretary,
Washington, April 9 # 19^1*
OFFERING OF NOTES
The Secretary of the Treasury, on behalf of the Reconstruc
tion Finance Corporation,
invites subscriptions, at par and accrued
I interest, from the people of the United States for notes of the
Reconstruction Finance Corporation,
of Series V,
designated l-l/€> percent notes
The amount of the offering is $300,000, 000, or there
abouts*
II.
1.
DESCRIPTION OF NOTES
The notes will be dated April 1 7 ,
interest from that date at the rate of
19^-1*
1 - 1 /S
and will bear
percent per annum, pay
able on a semi-annual basis on July 15* 19^1* and thereafter on
January
i payable*
15
and July
15
in each year until the principal amount becomes
They will mature July 15, 19^3> and will not be subject to
call for redemption prior to maturity.
2.
The notes will be issued under authority of an act of
| Congress (known as ’’Reconstruction Finance Corporation A c t ” ) approved
! January
22,
1932* as amended and supplemented.
The income derived
-
2
-
from the notes shall be subject to all Federal taxes, now or here
after imposed*
The notes shall be subject to estate,
inheritance,
gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any Territory,
the United States, or by any State,
taxing authority*
dependency,
or possession of
county, municipality,
or local
These notes shall be lawful investments,
and
may be accepted as security, for all fiduciary, trust, and public
funds the investment or deposit of which shall be under the authority
or control of the United States or any officer or officers thereof»
3*
The authorizing act provides that in the event the Recon
struction Finance Corporation shall be unable to pay upon demand,
when due, the principal of or interest on notes issued by it, the
Secretary of the Treasury shall pay the amount thereof, which is
authorized to be appropriated,
not otherwise appropriated,
out of any moneys in the Treasury
and thereupon to the extent of the
amounts so paid the Secretary of the Treasury shall succeed to all
the rights of the holders of such notes*
4-»
Bearer notes with interest coupons attached will be issued
in denominations of $1,000, $ 5 >000, $ 10,000 and $100,000.
The
notes will not be issued in registered form»
III.
1*
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve
Banks and Branches and at the Treasury Department, Washington*
- 3
Subscribers must agree not to sell or otherwise dispose of their
subscriptions, or the securities which may be allotted thereon,
prior to the closing of the subscription books*
Banking institutions
generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized
to act as official agencies.
Others than banking institutions will
not be permitted to enter subscriptions except for their own
account.
Subscriptions from banks and trust -companies for their
own account will be received without deposit but will be restricted
in each case to an amount not exceeding one-half of the combined
capital and surplus of the subscribing bank or trust company.
Subscriptions from all others must be accompanied by payment of
10
percent of the amount of notes sp plied for.
2,
The Secretary of the Treasury reserves the right to reject
any subscription,
in whole or in part, to allot lesssthan the amount
of notes applied for, and to close the books as to any or all sub
scriptions at any time without notice; and any action he may take
in these respects shall be final.
Allotment notices wrill be sent
out promptly upon allotment, and the basis of the allotment will be
publicly announced.
IV.
1,
PAYMENT
Payment at oar and accrued interest,
if any, for notes
allotted hereunder must be made or comple ted on or before April
1941, or on later allotment.
so completed,
In every case where payment is not
the payment with application up to
10
percent of the
4
amount of notes applied for shall, upon declaration made by the
Secretary of the Treasury in his discretion, be forfeited to the
United States*
V.
1.
GENERAL PROVISIONS
As fiscal agents of the United States,
Federal Reserve
Banks are authorized and requested to receive subscriptions,
to
make allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts,
for notes alloted,
tions allotted,
to issue allotment notices,
to receive payment
to make delivery of notes on full-paid subscrip
and they may issue interim receipts pending delivery
of the definitive notes*
2.
The Secretary of the Treasury may at any time, or from time
to time, prescribe supplemental or amendatory rules and regulations
governing the offering, which will be communicated promptly to the
Federal Reserve Banks*
HENRY MORGENTHAU, JR.
Secretary of the Treasury*
2
t
Established Quota________ _:Unit of :Imports as of
_____ Commodity______ {Period & Country:.
Quantity
Quant itysMar« 89, 1943
Silver or black foxes,
furs, and articles:
Foxes valued under
$250 ea. and whole
furs and skins
Month of March
Canada
Paws, beads, or other
separated parts
Piece plates
Articles, other than
piece plates
Number
(Import quota
filled)
(Import quota
filled)
7,500
*t
5,000
Piece
4,964
n
500
Pound
M
550
Pound
(Dnport quota
filled)
364
«
500
Unit
Other than Canada
Tails
17,500
12 months from
December 1, 1940
34
Crude petroleum, topped Calendar year
crude petroleum, and
Venezuela
1 ,913,049,600
fuel oil
Netherlands
578,806,200
Colombia
86,956,800
Other countries
138,587,400
Gallon
it
»
it
459,928,695
193,782,271
10,355,189
132,725,761
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
.total soluble solids
Gallon
(Tariff rate
quota filled)
Calendar year
1,500,000
■
?§N&4=i
y
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 March 29, 1941, inclusive, as
follows:
:
Established Quota____ ^ Unit of : imports as of
Commodity_______rPeriod & Country: -Quantity : Quantity : Mar. 29. 1941
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 countries
100,000
Head
32,869
51,720
8,280
Head
"
23,154
(Tariff rate
quota filled)
Whole milk, fresh or
sour
Calendar year
3,000,000
Gallon
1,481
Cream, fresh or sour
Calendar year
1,500,000
Gallon
261
Fish, fresh or frozen
filleted, etc«, cod,
haddock, hake, pollock »
eusk and rosefish
Calendar year
15,000,000
Pound
2,198,827
90,000,000
Pound
32,859,868
60,000,000
Pound
3,133,103
White or Irish potatoes
12 months
Certified seed
Sept« 15,
12 months
Other
Sept. 15,
from
1940
from
1940
Cuban filler tobacco,
unstemmed or stemmed
(Other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Hed cedar shingles
Calendar year
Pound
(Unstesmed
22,000,000 equivalent)
2,488,359
Square
4,347,347
826,934
TRHASUKÏ DEPARTMENT
Washington
Press Service
No« 24-47
For Release, Afternoon Papers
Wednesday. April 9« 1941
The Bureau of Customs announced today preliminary figures xor imports of
comodities within quota limi'oations provided lor unoer trade agreements, j-rcm.
the beginning of the quota periods to March 29, 1941, inclusive, as follows:
Established Quota
______C o m o duty_____
Cattle less than 200
pounds each
iairy cows)
Whole rdf
sour
Calendar
yrear
Quarter year
from Jan. 1,
1941
Canada
Gt her c ount ri es
Importé as of
: Unit o:
^----- X*-.
100,000
Head
32,369
51,720
Head
i!
23,154
(Tariff rate
quota filled)
0,200
,'rssh or
Calendar ;gear
3,000,000
Gallon
1,431
Calendar :gear
1 ,500,000
Gallon
261
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, polio k,
Calendar ;year
cusk and rosefish
15,000,000
Pound
2,193,327
90,000,000
Pound
32,359,363
60,000,000
Pound
3,133,103
Cream, fresh or sour
Yin.to or Irish potatoe
Certified seed
Other
12 ?]ionths from
j
—■E$ ly ^ ’1940
12 months from
òepo • 1 ■1940
yy
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco;, and
Caloridai* year
scrap tobacco
Red cedar shingles
Calendar year
Pound
(Unstemmed
22,000,000 , equivalent
-*
;y./.o
;o,yj
o.go
Z
pr
o
yy
Square
)
- 4,347,347
326,934
4
-
Commodity
2
-
Established Quota
Quantity
Period & Country :
Silver or black foxes,
furs, and articles:
Foxes valued under
0 ea, and whole
Month of March
furs and skins
Canada
17,500
M
5,000
Piece
h
o
o
vr\
Paws, heads, or other
separated, parts
Piece plates
Articles, other than
piece plates
Pound
it
550
Pound
h
500
Unit
12 months from
December 1, 194-0
Crude petroleum, topped Calendar year
Venezuela
crude petroleum, and
Netherlands
fuel oil
Colombia
Other countries
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble solids
Number
7,500
Other than Canada
Tails
: Unit OI
; Quantity
1,913,049,600
578,806,200
86,956,800
138,587,400
1,500,000
Calendar year
oOo-
Gallon
it
ii
it
: Imports as of
: Mar, 29, 194-1
(import quota
filled)
(import quota
filled)
4,964-
(import quota
filled)
364
34
459,928,695
193,782,271
10,355,189
132,725,761
Gallon (Tariff rate
quota filled)
9
.■'// /
?.
ff# /
&&&&&*
The Bureau of Customs announced today preliminary figures for imports ef
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 March 29, 1941, inclusive, as follows:
Products of
Philippine Islands
:
:
Established Quota
Period
:■ Quantity
itJnit of :Imports as of
:Quantity:Mareh 29.1941
Coconut oil
Calendar year
425,600,000
Pound
76,283,673
Refined sugars
Calendar year
112,000,000)
Pound
26,650,443
Sugars other than refined Calendar year
1,792,000,000)
Pound
539,525,136
6,000,000
Pound
(Import quota
filled)
Buttons of pearl or shell Calendar year
807,500
Cross
174,558
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed filler
Calendar year
tobaceo
4,275,000
\n
Cordage
Cigars
12 months from
May 1, 1940
Number
Pound
31,047,719
1,164,184
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-
(Pilep^rjed V the Bureau-of CustomA^>
treasury department
Washington
I'or Release, Afternoon Papers,
Wednesday, April 9. 19^1«_____
Press service
* 24-48
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 March 29, 194l, inclusive, as follows:
Products of
Philippine Islands
;____Established Q,uota_____¡Unit of ¡Imports as of
: Period
: Quantity
:Quantity:March 2 Q. iq4l
Pound
7 6 ,2 8 3 , 6 7 3
Refined sugars
Calendar year
1 1 2 ,0 0 0 ,0 0 0 )
Pound
2 6 ,6 5 0 ,A 3
Sugars other than refined
)i
Calendar year- 1,792,0 0 0 ,0 0 0 ) Pound
5 -3 9 .5 2 5 . 1 3 6
Cordage
12
May
months from
1 , 19^0
0
0
0
425,600,000
0
0
0
Calendar year
CM
Coconut oil
Duttons of pearl or shell
Calendar year
8 0 7 ,5 0 0
Cigars
Calendar year
1 9 0 ,0 0 0 ,0 0 0
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,275.000
1
j
Pound
G-ross
Number
Pound
(Import quota
filled)
17^.553
3 1 ,01+7 . 7 1 9
l,lol+, 184
The duty-free quota on Philippine sugars applies to 850,000 long tons, of
which not more than 5 0 | 0 0 0 long tons may be refined sugars,
kwraPÉttiÜW
PCTErrifG TB B
JuaiiSli
aUL£tCH 31« 1911
Location of Bank!
Mature of
Bate
Dt.ld.nd» Autborltedl
The First Nat*l Bank of
Final
Odin, Illinois
Old-First Hat‘1 Bank & Tr.
Begular
Co* of Fort Wayne, lad*
The First MatfX Bank of
Final
Linton, Indiana
The Taylor Mat*l Bank of
Begular
Caapbellsvllle, Ky*
First Nat'l Bank & Tr* Co*
Final
at Flint» Michigan
The First Kat’l Bank of
Begular
Bochester, Michigan
The First Hat»! Bank of
Final
Bt. Clair Shores, lieh*
Chelsea-Second SB & Tr Co*
Final
Atlantic City, S. J*
The Mechanics IB & Tr Co*
Final
Millville, 8* J*
The Seneca Mat1! Bank of
Final
lest Seneca, Sew fork
The Clearfield 8&t#l Bank
Final
Clearfield, Fa*
The Central 8at#l Bank of
Begular
Spartanburg, 3* C.
First Mat*l Bank of
Begular
Spartanburg, B* C*
The First Sat*l Bank of
Final
Keyser, West Virginia
Number aet
Percentage
of Dividends
3-6-41
6th
8.53 %
5-24-41
5th
5.
3-26-41
5th
7.27%
3-22-41
4th
10.
3-21-41
5th
3-25-41
5th
7.5
3-14-41
%
D is t r ib u t io n
of Puons by
Dividend
frlthort g<adi
1
6,800.00
554,800.00
WetaX
Percentage
authorised
Dividends
W .fiditi—
93.53
%
90.
%
37,900*00
95.27 %
%
88,400.00
85.
10.59 %
562,100*00
95.59 %
%
106,000*00
72.5
6th
8.78 %
3-13-41
2nd
3-19-41
%
Number of
Clalaaatst
2201
Amount
Ciadas
Prevedi
79,900.00
25,776 U , 095,100.00
927
538,500.00
2,860
884,400.00
U
.,640 5,308,000*00
%
2,121
1,413*700*00
43,300*00
68,78 %
1,889
493,700.00
4.23 %
244,200.00
10*28 %
8,440
5,706,500*00
7th
10.45 %
54,500.00
61.45 %
1,340
521,400.00
3-31-41
4th
6.98
%
38,400*00
94*98 %
2,282
550,700.00
3-18-41
5th
12-
%
56,400*00
87.
£
1,9X4
470,100.00
3-7-41
6th
5-
*
• 81,600.00
95-
*
4,85«
1,631,700.00
3-7-41
5th
5-
5
80,100.00
67*
%
4,254
1,601,400.00
3-22-41
6th
5.86 %
51,500.00
85.86 %
2,465
879,300.00
TBIAStffiX DEPARTMENT
Comptroller of toe Currency
Washington
FOB m M S L , MOfiTOG 81W5PAPIBS
Frees Seryiee
z
4 - ^ ?
During the mouth ended Mar eh 31, 1941» authorisations
«ere Issued to receivers for payments of dividends In fourteen In
solvent national banks.
Dividends so authorised «ill effect total
distributions of |2,006,000 to 70,936 claimants «bo have proved
claims aggregating 131,174*400, or an average percentage payment
of 6*43$*
the smallest and largest individual dividend percent
ages authorised «ere 4*23$ and 1 3 » respectively, while the
smallest and largest receivership distributions «ere $6,300, and
$562,100, respectively«
Of the fourteen dividends authorised five
«ere for regular dividend payments, and nine were for final
dividend payments*
Dividend payments so authorised during the
month ended March 31» 1941» «are as followst
- .. ........ n------- ------
---- B A N i r S
AtITHOBIZED D U R I N G T H E M O N T H E N D E D
M ARCH 3 3 ., 1 9 A J L _______________________ __
1
-------------------------------
Name and Location of Bank:
The First Natfl Bank of
Odin, Illinois
Old-First Nat'l Bank & Tr.
Co, of Fort Wayne, Ind,
The First Nat*l Bank of
Linton, Indiana
The Taylor Nat’l Bank of
Campbellsville, Ky,
First Nat*l Bank & Tr, Co.
at Flint, Michigan
The First Nat’l Bank of
Rochester, Michigan
The First Nat'l Bank of
St. Clair Shores, Mich.
Chelsea-Second NB & Tr Co.
Atlantic City, N. J.
The Mechanics NB & Tr Co.
Millville, N. J.
The Seneca Nat*l Bank of
West Seneca, New York
The Clearfield Nat*l Bank
Clearfield, Pa.
The Central Nat*l Bank of
Spartanburg, S. C.
First Nat*l Bank of
Spartanburg, S. C.
The First Natfl Bank of
Keyser, West Virginia
Nature of
Date
Dividends Authorized;
Number and
Percentage
of Dividends
Authorized?
Final
3-6-41
6th
8.53
%
Regular
3-24-41
5th
5.
%
Final
3-26-41
5th
7.27%
Regular
3-22-41
4th
10.
Final
3-21-41
5th
Regular
3-25-41
Final
To1>al
Distribution
of Funds by
Dividend
Authorized:
$
6,800.00
Percentage
Authorized
Dividends
to Date:
d
93.53 fi
Number of
Claimants;
fO
TO
O
------
1
Amount
Claims
Proved:
79,900.00
25,776 11,095,100.00
90.
%
37,900.00
95.27
%
927
538,500.00
%
88,400.00
85.
%
2,860
884,400.00
10.59
%
562,100.00
95.59
%
11,640
5,308,000.00
5th
7.5
%
106,000.00
72.5
%
2,121
1,413,700.00
3-14-41
6th
3.78
%
43,300.00
68,78
%
1,889
493,700.00
Final
3-13-41
2nd
4.28
%
244,200.00
10.28
%
8,440
5,706,500.00
Final
3-19-41
7th
10.45
%
54,500.00
61.45
%
1,340
521,400.00
Final
3-31-41
4th
6.98
%
38,400.00
94.98
%
2,282
550,700.00
Final
3-13-41
5th
12.
%
56,400.00
87.
%
1,914
470,100.00
Regular
3-7-41
6th
5-
%
81,600.00
95-
%
4,858
1,631,700.00
Regular
3-7-41
5th
5-
%
80,100.00
67.
%
4,254
1,601,400.00
Final
3-22-41
6th
5.86
%
51,500.00
85.86
%
2,465
879,300.00
554,800.00
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
FOR RELEASE, MORNING NEWSPAPERS
/fV '.
2 ‘/ - V f
During the month ended March 31» 1941» authorizations
were issued to receivers for payments of dividends in fourteen in
solvent national banks.
Dividends so authorized will effect total
distributions of $2 ,006,000 to 70,986 claimants who have proved
claims aggregating $31,174-» 400, or an average percentage payment
of 6.4-3%.
The smallest and largest individual dividend percent
ages authorized were 4.28% and 12%, respectively, while the
smallest and largest receivership distributions were $6,800, and
$562,100, respectively.
Of the fourteen dividends authorized five
were for regular dividend payments, and nine were for final
dividend payments.
Dividend payments so authorized during the
month ended March 31, 1941» were as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
EOR RELEASE, MORNING NEWSPAPERS
Thursday, April 10, 19^1
During the month ended March
Press Service
2 U-U9
3 1
, 19^1» authorizations were
issued to receivers for payments of dividends in fourteen insolvent
national hanks.
Dividends so authorized will effect total dis
tributions of $2 ,0 0 6 ,0 0 0 to
7 0 ,9 ^ 6
claimants who have proved claims
aggregating $3 1 ,1 7 ^,^0 0 , or an average percentage payment of 6.^3$.
The smallest and largest individual dividend percentages authorized
were k. 28$ and 12$, respectively, while the smallest and largest
receivership distributions were $6,800 and $5 6 2 ,1 0 0 , respectively.
Of the fourteen dividends authorized five were for regular dividend
payments, and nine were for final dividend payments.
Dividend pay
ments so authorized during the month ended March 31 * 19^1» were es
follows:
-
2
-
DIVIDEND PAYMENTS TO CREDITORS OE INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
_________________MARCH 51, 1 3 k l_____________________
.
'Tame and Location of Bank:
The First Nat’l Bank of
Odin, Illinois
Old-First Nat’l Bank & Tr.
Co. of Fort Wayne, Ind.
The First Nat’l Bank of
Linton, Indiana
The Taylor Nat11. Bank of
Campbellsville, Ky.
First Nat’l Bank & Tr. Co.
at Flint, Michigan
The First Nat11 Bank of
Rochester, Michigan
The First Nat’l Bank of
St. Clair Shores, Mich.
Chelsea-Second NB & Tr. Co.
Atlantic City, N. J.
The Mechanics NB .& Tr. Co.
Millville-, N. J.
The Seneca Nat’l Bank of
West Seneca, New York
The Clearfield Nat’l Bank
Clearfield, Pa.
The Central Nat’l Bank of
Spartanburg, S. C.
First Nat1l Bank of
Spartanburg, S. C.
ThevFirst Nat’l Bank of
K^yser, West Virginia
Number and
Percentage
Date
of Dividends
Nature of
Dividend: Authorized: Authorized:
Distribution
of Funds by
Dividend
Authorized:
Total
Percentage
Authorized
Dividends
to Date;
9 3 .5 3
Number of
Claimants-:
Amount
Claims
Proved:
Final
3~6~4l
6th
3.53 $
% 6,800.00
Regular
3-24-41
5 th
5.
>
554,800.00
Final
3-26-41 5th
7.27-#
3 7 ,9 0 0 .0 0
95.27
f>
927
538,500.00
Regular
3-22-41 4th
10.
f
88,400.00
85.
c
j°
2,8 6 O
884,400.00
Final
3-21-41 5th
1 6 .5 9
c
p
5 6 2 ,1 0 0 . 0 0
9 5 .5 9
$
n,64o
5 ,3 0 8 ,0 0 0 .0 0
Regular
3-25-41 5th
7 .5
$
1 0 6 ,0 0 0 .0 0
7 2 .5
2 ,1 2 1
1 ,4 1 3 ,7 0 0 . 0 0
Final
3-i4-4i 6th
8 .7 1
$
4 3 ,3 0 0 .0 0
6 8 .7 8
$>
1 ,8 8 9
4 9 3 ,7 0 0 . 0 0
Final
3 -1 3 - 4 1
2nd
4.28
f
244,200.00
10.28
%
8,440
5 ,7 0 6 ,5 0 0 . 0 0
Final
3 -1 9 - 4 1
7 th
10.45
>
5 4 ,5 0 0 .0 0
61.45 #
1 ,3 4 0
5 2 1 ,4 0 0 .0 0
Final
3 - 3 1 -tu
4th
6 .9 8
$
38,400.00
94.98 $
2,282
5 5 0 ,7 0 0 . 0 0
Final
3-18-41 5th
12.
%
5 6 ,4 0 0 .0 0
87.
%
.1 , 9 1 4
4 7 0 ,1 0 0 . 0 0
Regular
3-7-41
6th
5.
8 1 ,6 0 0 .0 0
95.
t
4,858
1 ,6 3 1 ,7 0 0 .0 a
Regular
3 -7 - 4 1
5th
5.
80,100.00
67.
i
4 .2 5 4
1
Final
3-22-41 6th
5 1 ,5 0 0 .0 0
8 5 .8 6
C
jo
2,465
$
5.36 s&
$
90.
220 ?
2 5 .7 7 6
.73,900*00
1 1 ,0 9 5 ,1 0 0 . 0 0
,6 0 1 ,4 0 0 .0 0
8 7 9 ,3 0 0 .0 0
TRSASURI DEPAiCTMEMT
Washington
Pro«» Service
Poe msAsi, m m im
ThawdMT. April Ifl. 1911.....-
^ H "S ^
W t t
Secretary of the Treasury Morgenthau announced last night
that the subscription books for the current offering of 7/8 percent
notes of Series 8 end 1-1/8 percent notes of Series T of the Baconstruction Finance Corporation closed at the close of business Wednes
day, April 9«
Subscriptions addressed to a Federal Heaerve Bank or Branch,
or to the Treasury Department, and placed in the nail before 12 o'clock
midnight, Wednesday, April % will be considered ae having been entered
before the oloee of the subscription books.
Announcement of the amount of subscriptions and the bases of
allotment will probably he made on Monday, April 14«
h
M
* * •* // l
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, April 10, 194-1
V9/41
■
Press Service
No, 24— 50
Secretary of the Treasury Morgenthau announced last night
that the subscript ion books for the current offering of
7/G
percent
notes of Series U and 1-l/S percent notes of Series V of the Recon
struction finance Corporation closed at the close of business Wed«
nesday,
April 9«
Subscriptions addressed to a Federal Reserve Bank or Branch,
or to the Treasury Department,
o ’clock midnight,
and placed in the mail before 12
Wednesday, April 9; will be considered as having
been entered before the close of the subscription books.
Announcement of the amount of subscription and the bases of
allotment will probably be made on Monday, April l4-„
-OoO—
\ v a14f
"t\
CM *
d
> />
!C
n k Jl ?C--~— ?
j
\ Q,A$
*f
WilliarnTtiree n, president of the American Federation of Labor,
this afternoon promised Secretary ^wf
Morgen than that his
organization would put its whole-hearted support behind the sale of defense
savings bonds and stamps.
w
The newsn bonds and stamps will be ready for
hsE.
distribution and sale on May 1.
I
y
Mr. Green said that he intended to i s s u e / e n d o r s e m e n t of
AL
the defense savings prograin to all the A.F. of L. unions, and through them to
""S,
'»s*.
their Seaer.x H,000,000 members.
ftf,
In addition, he offered to distribute
IX«-
*»%> A*?*
/■* fU*^rtJi
pamJHTets , posters
' srs and o the 1» iHformat ion t6’ all 4tt(r AT TV"hi L. members':
'A
Mr. Green told the Secretary that he considered the financing of the defense
program a ’’noble cause11 which would appeal to the workingmen of America.
’’Nothing could be finer for, national psychology at this time,”
Mr. Green iwr%(fcidEte«i«BBaiBH^x said to the Secretary.
He added that he was
sure the A. F. of 1. unions would wish to buy savings bonds with their union
funds auEHMtiBbMsar and would also encourage their members to buy as individuals,
aJNA
Secretary Morgenthau
Mr. Green that none of the pressures
exerted by employers on employees during the I9 1 7 -I93 S Liberty L0an sma sales
would be used in the present Defense Savings effort.
The buying of defense
*5£>
bonds and stamps, he said.,
.X"
V
be entirely voluntary*. withirTt1
A
At the end of their fifteen-minute talk, Mr. Morgenthau said that
he thought Mr. Green’s a4£$*4%fe.ie was
highly encouraging for
the fTtnnwr success of the Defense alir Savings program.
Today's meeting was the first time that Mr. Green had ever * A s M
ayaiEEa
visitedVar/Secretary of
A
the Treasury.
TREASURY DEPARTMENT
Washington
Press Service
No. 2 . ^ 1
FOR IMMEDIATE RELEASE,
Wednesday» April 3, 19^-
F* Green, president of* the American Federation of
Labor,
this afternoon promised Secretary Mcrgenthau that his
organization would put its whole-hearted support behind the sale
of Defense Savings Bonds and Stamps*
The new bonds and stamps will
be ready for distribution and sale on May 1.
Green said that he intended to issue an endorsement Oa.
the Defense Savings program to all the A* F. of L, unions, and
through them to their k, 000,000 members.
In addition, he offered
to distribute pamphlets, posters and other information to all A, F f
of L. members, and to include news, of the Defense Savings program
in A. F. of L, publications.
Mr. (Green told the Secretary that ho
considered the financing of the defense program a ’’noble cause”
which would appeal to the workingmen of America*
"Nothing could be finer for national psychology'at this time,"
Mr. G-reen said to the Secretary.
He added that he was sure the
A. F. of L. unions would wish to buy Savings Bonds with their union
funds and would also encourage their members to buy as individuals.
Secretary Mcrgenthau assured Mr, G-reen that none of thp
pressures exerted by employers on employees during the
1917 "~^9G-^
Liberty Loan sales would be used in the present Defense Savings
effort,
The buying of Defense Bonds and Stamps,
he said, must be
entirely voluntary.
At the end of their fifteen—minute talk, Mr, Morgenthciu said
that he thought Mr, G-reen* s offer was highly- encouraging for the
%
success of the Defense Savings program.
-
2
T o d a y ’s meeting was the first time that Mr* Green had ever
visited any Secretary of the Treasury*
-oOo-
(2)
COTTON CARD STRIPS, COMBER VfASTE, 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 ..........
C h i n a ......... .
Egypt ......... .
C u b a ...........
G e r m a n y ....... .
I t a l y ......... .
Total
1/
: Established
TOTAL QUOTA
TOTAL IMPORTS : Established
Sept. 2 0 ,1 9 4 0 : 33-1/3*
to M arch 2 9 , 1943: Total Quota
4,323,457
239,690
227,420
69,627
68,240
44,338
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1 ,1 0 1 ,1 8 9
2 1 3 ,7 1 4
5,482,509
1 ,3 8 7 ,1 8 6
6 8 ,7 8 3
3 ,5 0 0
-
Included in total imports, column 2.
1,441,152
75,807
22,747
14,796
12,853
25,443
7,088
1,599,886
Imports Sept.
20, 1940, to
M arch 29,19411
6 ,4 3 0
-
6 ,4 3 0
• ~Tu- > Lh S ^
FOR IM'ESDIATS R3ISASE
APir^i.9.4i
The B u r e a u o f C u sto 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 fro m th e
c o l l e c t o r s o f c u s t o m s sh o w 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 the
i m p o r t 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 te m b e r 5 , 1939
a n d D e cem b er 19* 1940, a s f o l l o w s , d u r in g t h e p e r i o d S e p te m b e r 2 0 , 1 9 4 0 , t o
M arch 2 9 , 1 9 4 1 , i n c l u s i v e .
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 HANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINT3RS). 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 ............
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
Staple length 1-1/8" or more
than 1-1/8»
but less than 1-ll/lA"
: Imports Sept.
Imports Sept/
Established : 20, 1940, to
Established : 20, 1940, to
Quota
: March 29. 1941
Quota
:March 29, lQ£i
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
m
5,070
9,271
-
71,388
2,240
—
« , 451,566
2,056,299
64,942
55,154
65,566
•
1,751,819
618,725
2,626
—
3,808
435
506
16,004
—
689
- .
»
—
29,909
-
71,588
-
12,554
1,737
30,139
.
-
2
-
—
«■»
-
—
-
2,002
.
1,634
_
2 , 5 5 -4, ,--7....
9 5- - - -y4 5 .6r 5 6 . 4 2 0
.— Total
.......... ..... ...... ... ..........—14,516.882
—
--------------- y—
^<-3,
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
--
•
•
49
-
21,321
5,377
15,489,590
1,287,062
-
1 6 ,7 7 8 ,4 3 8
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
April 10, 1941*.
Press Service
No. 24-52
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 29, 1941, inclusive.
COTTON HAVING A STAPLE 0$j LESS THAN 1-ll/lS 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 ï-l/8” or more
than 1-1/8”
but less than l-ll/l6”
: Imports Sept.
Imports Sept.
: Established : 20, 1940, to
Established
20, 1940, to
Quota
: March 29, 1941
Quota
March 29, 1941
:
:
Country of
Origin
Egypt and the AngloEgyptian Sudan ......
Peru ............. .
British India .........
China ........ ........
Mexico ................
Brazil ............. ..
Union of Soviet
Socialist Republics .
Argent ina .............
Ha it i .................
Ecuador .............
Honduras .............
Paraguay .............
Colombia .......
Iraq ............. .....
British East Africa
Netherlands East
Indies ..............
Barbados ...............
Other British West
Indies l / ......
Niger ia ...............
Other British West
Afr ica 2/ ...........
Algeria and Tunisia ...
Other French Africa 3 /.
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
55,154
63,366
1,731,819
618,723
5,070
-
9,271 x
_
-
2
689
435
506
-
_
—
—
-
_
-
71,388
-
-
-
-
29,909
12,554
**
1,737
30,139
2,002
1,634
-
Total
14,516,882
| 2,554,795
45,656,420
Other than Bar bado s , Bermuda , Jama ica, Tr inM a d / a n d / b a / . '
jy Other than Gold Coast and Nigeria,
3/ Other than Algeria, Tunisia, and Madagascar.
\J
15,489,590
1,287,062
_
_
_
49
-
16,004
-
43,451,566
2,056,299
64,942
2,6 26
_
3,808
-
16,778,438
(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 oard 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
Or igin
United Kingdom ....
Canada
France .... ........
British India. .....
Netherlands ..... .
Switzerland .......
Belgium ...........
Japan .............
China .............
Egypt .............
Cuba ..............
Germany.......
Italy ....... .
Total
(In Pounds)
Established
TOTAL IMPORTS Established
TOTAL QUOTA
Sept. 20,1940 : 33-1/3/ of
to March 29, 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
1,101,189
213,714
68,783
-
25,443
7,088
5,482,509
1,387,186
1,599,886
-
-
_
_
—
22,747
14,796
12,853
—
n
-
..
ÿj
-
3,500
-
-oOo-
>
6,430
_
l/ Included in totsil imports, column 2.
\
1,441,152
75,807
Imports Sept.
20, 1940, to
March 29, 1941 l/
-
-
-
6,430
Prof. G.E.Russell, Massachusetts Institute of Technology; and
Judge T.W.Swan, U.S.Circuit C 0urt of Appeals.
All members,
with the exception of Dean Clifford, are a 1 1 e n d i n g thejpyse
meeting^
Guard
d
A Rear Admiral R.R.Waesche, C o m m a n d a n t ^ » » . C o a s t
!i f t e
p ò
/xlMfipMTf
a
m m
A S u R i
R
~ *4
-co; "
H03
p E
Pa K T M & K T
1 1
/f £
'ìSl^
? U
ÌÉ
IIIP
À^lATUkj^
W
S
P
ÍMITTJ
Am NUAL MEETING
J^The Advisory 0 jytffnl-ttee of the United States Coast Guard
j bordane
Academy 1
l!adeiy,£
Pers^with
Prof, 1iew»y"L.Seward^ of Yale University
Headquarters^»
ts
I fesent £
'^Appointed by the Secretary of the Treasury, in
presiding^^^Appointed
m
of examiixaccordance with an act of Congress, for the purpose of^examinAJBUeo<^
ing the^course of instruction and advising the SecretaryMihore
—f
present session will consider matters brought to the
fore by the increase in the number of students at the Academy
resulting from the nation*s needs under the present emergency.
of
last Gu
acht Aï
CÏÏ The meeting of the Academy Advisory Committee follows
closely uyoB. the award of a contract for the expansion of the
or the
housing facilities at the Coast Guard Academy, and also the ac
ceptance by the Coast Guard of the Yacht ATLANTIC, presented
to the Service by|| Gerard B.Lambert, of New York, whose wishes
oivers
were that it would be used at New London, Conn., for the iniistito
pal;
Prof-
Seward, Yale University, chairman; Dean J.W.Barker,
ihemei
Colmmbia University; Dean H.E.C|ifford, Harvard University;
m
st1
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, April 10, 1941
Press Service
No* 24-53
The Advisory Oonmittee of the United States Coast Guard Academy opened
its annual meeting at Coast Guard Headquarters today, with Prof. Herbert L.
Seward of Yale University presiding.
The committee is appointed by the Secretary of the Treasury, in
accordance with an Act of Congress, for the purpose of examining the
Academy’s course of instruction and advising the Secretary thereon.
The
present session will consider matters brought to the fore by the increase
in the number of students at the Academy resulting from the nation’s
needs under the present emergency.
The meeting of the Academy Advisory Committee follows closely the
award of a contract for the expansion of the housing facilities at the
Coast Guard Academy, and also the acceptance by the Coast Guard of the
Yacht ATLANTIC, presented to the Service by Gerard B. Lambert, of
New York, whose wishes were that it would be used at New London, Conn.,
for the instruction of Coast Guard Academy cadets.
Coast Guard Headquarters
has announced that the ATLANTIC will be used as its donor desires.
The Academy Advisory Committee consists of^Professor Seward, Yale
University, chairman; Dean J.. W. Barker, Columbia University; Dean
H. E. Clifford, Harvard University; Prof. Q* E. Russell, Massachusetts
Institute of Technology; and Judge T. W. Swan, U. S. Circuit Court of
Appeals..
All members, with the exception of Dean Clifford, are attending
the meeting, as are also Rear Admiral R. R. Waesche, Commandant of the
Coast Guard, and Capt. James Pine, Superintendent of the Academy,
— — oOo---
ALPHA
-
2-
Reserve Banks and Branches, following which public 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 Pederal Reserve Bank in cash or other immediately available
funds on
April l6. 19Ul
The income derived from Treasury bills, whether interest or g^in from
the sale or other disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment, as such, under Federal tax Acts now or hereafter
enacted.
The bills shall be subject to estate, inheritance, gift, or other
excise taxes, whether Pederal 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. 418, as amended, and this notice, pre
scribe 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.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPER,
Friday. April 11. I9 UI-------- •
3(sb$X
The Secretary of the treasury, hy this public notice, invites tenders
for $ 100.000.000
. or thereabouts, of
9 1-day Treasury bills, to be issued
on a discount basis under competitive bidding.
be dated
April l6. 19^1
The Dills of this series will
, and will mature _
July 16. lQ.Ul
when the face amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of **>1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders wall be received at Federal Reserve Banks and Branches up to the
closing hour, two o'clock p. m., Eastern Standard time, — Monday,
April .ill,
jgkxx
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, e. g., 99.925.
may not be used.
Fractions
It is urged that tenders be made on the pi-inted forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied 'by payment of 10 percent of the
face amount of Treasury bills applied for, unless the tenders are accompanied ty
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the FederS^
FOR RELEASE, MORNING- PAPERS
Friday, April 11, 19^-1»____
TREASURY DEPARTMENT
The Secretary of the Treasury, by this public notice invites
tenders for $100,000,000,
or thereabouts,
of 91-day Treasury bills,
to be issued on a discount basis under competioive biduing.
bills of this series will be dated April 1 6 , 19^1 > and
w il1
The
mature
July l 6 , 19^-1, when the face amount will be payable without interes
They will be issued in bearer form only, and in denominations 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,
Monday,
April 14-, 19^1.
two o ’clock p. m . , Eastern Standard time,
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,
Fractions may not be used.
e. g . , 9 9 - 9 2 5 -
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 appli
cation therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in' investment securities.
accomDanied by payment of
10
Tenders from others must be
percent of the face auiouno of
Treasury bills applied for, unless the tenders are accompanied by
an express guaranty of payment by an incorporated bank or trust
company.
2
4
Immediately after the closing h o u r , .tenders will be opened
at the Federal Reserve Banks and Branches,.following which public
announcement will be made by the Secretary of the Treasury of the
amount and orice 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,
in any such respect shall be final.
and his action
Payment of accepted tenders
at the prices offered must be made or completed at the Federal
Reserve Bank in cash or oth^r immediately available funds on
April l 6 , 19^+1.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills,
have any exemption,
shall not
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.
bills shall be subject to estate,
inheritance,
gift,
The
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 Stale,
States,
or any of the possessions of the United
or by ^ny local taxing authority.
For purposes of tax
ation 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. k-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 Bra.nch,
- 0O 0-
- 3
-
cai'Tn'ot ordinarily be given regular Coast Guard observation.
This w »
fleet is organized in hunaru to ■'■<?•» flotillas, each with
its own officers, responsible to orders from the district commanders.
Among the purposes of the Auxiliary are:
To increase interest
in safety at sea and upon navigable waters; to promote efficiency
in operation of motorboats and yachts; to foster a wider knowledge
of and. better compliance with laws, rules and regulations governing
operations of motorboats and yachts; and to facilitate operations
of the coast Guard.
-0 O0 -
The purpose of the Reserve, as set forth by its regu
lations, is to provide a trained force -which added to the
regular Coast Guard personnel will be adequate to enable
the Service to perform “such extraordinary duties as may
be necessitated by emergency conditions.
Reservists on active duty will have the same authority
and responsibility as regular Coast Guardsmen*
While on
inactive duty they will be under the jurisdiction of the
commander of the district in which they reside.
General Reserve policies will be determined by the
Commandant, but the regulations provide for a general
policy board to advise him.
Of the seven officers compo
sing the board at least four shall be Reservists.
The
board will meet annually at Headquarters in Washington.
The close of 1940 found 4000 men with 3800 boats
enrolled in the old Reserve, now the Coast Guard Auxiliary*
It is expected that this organization will remain virtually
intact.
Those of its members who enlist in the new Reserve
may retain their membership in the Auxiliary if they so
desire*
The Auxiliary has yachts, speedboats, cabin cruisers,
and other competent small craft whose masters well know
many harbors, bays, inlets, rivers, bayous and lakes that
TREASURY DEPARTMENT
Washington
se Service
Ho.
5 -5
FOR RELEASE, AFTERNOON PAPERS,
April 11. 19Hl________________
Regulations for the new Coast Guard Reserve were issued today by
Rear Admiral R, R. Waesche, Commandant, with the approval of Secretary
Seorutary cf tho Navy itno*
Morgen thau ,a»d ■thO'
Organization of the Reserve was authorized by an Act of Congress
of February 19, I3 HI, as a factor in the National Defense program.
The new Reserve succeeds a unit of the same name formed in 19^0 under
the Act of June 23, 1939, as a voluntary, non-military force on call
to aid the Coast Guard in its work on coasts and navigable streams.
The original Reserve has been succeeded in form and function by the
Coast Guard Auxiliary, also authorized by the Act of February
19
, I9 U1 .
Admiral Waesche will authorize district Coast Guard commanders
/rato accept *
p
ft ¿2-3 y
/"Must
p
r
n
^
1'ilTUim^of ficers
and^lá^BaBBPPIiWF
men for the new Res erve^ iwjw U G C s. Ranks,
grades, and ratings, not above that of lieutenant-commander, will be
the same as those in the regular Coast Guard.
The Reserve is a military organization, any of whose members
may be ordered to active duty intime of war or during any period of
*
national emergency declared by the President.
v
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON PAPERS
Friday, April 11, l ^ l ______ _
Press Service
No. 2^-55
Regulations for the new Coast Guard Reserve were issued
today by Rear Admiral R. R. Waesche,
Commandant, with the
aprooval of Secretary Morgenthau.
Organization of the Reserve was authorized by an Act
of Congress of February 19, 19^-1, as a factor in the
National Defense program.
The new Reserve succeeds a unit
of the same name formed in
19^0
1939,
under the Act jfef June
23,
as a voluntary, non-military force on call to aid the
Coast Guard in its work on coasts and navigable streams.
The original Reserve has been succeeded in form and function
by the Coast Guard Auxil.
February
19 ,
ry,
also authorized by the Act of
19^1.
Admiral Waesche will authorize district Coast Guard
commanders to accept for service
1,323
men for the new Reserve.
grades,
Ranks,
officers and enlisted
-and ratings,
not
above that of lieutenant-commander, will be the same as those
in the regular Coast Guard.
The Reserve is a military organization,
members may be ordered t
any of whose
active duty in time of war or
during any period of national emergency declared by the
President.
Since,
in time of war,
become part of the Navy,
the Coast Guard would
the regulations have been submitted
to and aporoved by Secretary of the Navy Knox.
2
The purpose of the Reserve,
tions,
as set forth by its regula
is to provide a tr lined force which added to the
regular Coast Guard personnel will be adequate to enable
the Service to perform "such extraordinary duties as may be
necessitated by emergency conditions."
Reservists on active duty will have the same authority
and responsibility as regular Coast Guardsmen.
"While on
inactive duty they will be under the jurisdiction of the
commander of the district in which they reside.
General Reserve policies will be determined by the
Commandant, but the regulations provide for a general policy
board, to advise him.
Of the seven officers composing the
board at least four shall be Reservists.
The board will
meet annually at Headquarters in Washington.
The close of 19*10 found i-000 men with J&OO boats
enrolled in the old Reserve,
now the Coast Guard Auxiliary.
It is expects 1 that- this organization will remain virtually
intact.
Those of its members who enlist in the new Reserve
may retain their membership in the Auxiliary if they so desire.
The Auxiliary has yachts,
speedboats,
cabin cruisers,
and other competent small craft whose masters well know many
harbors, bays,
Inlets, rivers, bayous and lakes that ca.nnot
- 3 ordinarily be given regular Goast G-uard observation*
This
fleet is organized in flotillas, each with its own officers,
responsible to orders from the district commanders*
Among the purposes of the Auxiliary are:.
To increase
interest in safety at sea and upon navigable waters; to
promote efficiency in operation of motorboats and yachts; to
foster a wider knowledge of and better compliance with laws,
rules and regulations governing operations of motorboats and
yachts; and to facilitate operations of the Coast G-uard*
o
0
o
màstiEt m p m r n n
Washington
Prees Service
ioe m m m n miMm ,
Mondar, Aprii U , V U l
Ì3I
Secretary ©f thè Treeeuiy Morg«ath©u today announeed thè
«uboeription fifaree and thè baeea ©f allotneat far thè ©fferings
of 7/8 percent notes ©f Serie© 8 end l~l/S pereent nate© ©f Serie© V
©f thè Beconairactlon Finance Corporation,
The amount of each of~
fering m e 1300,000,000» or thereaboute.
Heports received froa thè Federai Eeeerve Bank© show that
siibscriptions ior thè Serie© 0 note© ©Sfregete $2,646»000,000 and
for thè Serie© ¥ note«, $3,560,000,000,
Subscriptions for ih©
Strie© 0 nate© «ere ©lletted 12 pereent end for thè Serie© ¥
net#© 9 pereent, but net le«« than $1,000 ©a any o»e eubecrlption.
Fbrther detaile ©e to eubecrlption# and ©Hotaeat© «111
be announced ehen final reporte ©re received froa thè Federai le«
cerve Bank©»
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, April A
19^1«
Press Service
No*
Secretary of the Treasury Morgenthau today announced the sub
scription figures and the bases of allotment for the offerings of
7/S percent notes of Series U and 1—1/6 percent notes of Series V
of the Reconstruction Finance Corporation.
The amount of each
offering was $ 300,000,000, or thereabouts.
Reoorts received from the Federal Reserve Banks show that
subscriptions for the Series U notes aggregate $ 2 , 0 0 0 , 0 0 0 and
for the Series V notes, $ 3, 560,000,000.
Subscriptions for the Series
U notes were allotted 12 percent and for the Series V notes 9 percent,
but not less than $1,000 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks.
- 0 O 0-
m u m s rnvAsemm
Washington
70» KKUA8K. MOHlIIfO IffiWSPATIRS,
hjìk/hì.
Th« Secretary cf the Treasury announced last evening that the
tandera far $100,000.000, ar thereabout«, •* 91-day Treasury bille,
ta ha datad April l6 and te nature duly l6, 19^1» which aere offered
an April 11, vara opened at the TUderal Becerra Banka an April lb.
fha detalla of this laaua are aa fellow«*
fatal applied for - $2$7,$9^*000
fatal accepted
- 100,039*000
Bange of accepted bide*
High
*
lav
- 99*975
99*990 »quiraient rata approxlaately 0*0b0 percent
«
0*099 percent
Average
Trice - 99*97^
»
0*093 percent
(97 percent af the aaount bid far at tha lav price vae accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, Anril 15 , 19*1-1.
W W %1
Press Service
No. 2*1-57
The Secretary of the Treasury announced last evening that the
tenders for $100,000, 000, or thereabouts,
of 91-day Treasury bills,
to be dated April l 6 and to mature July l6, 19^1, which were offered
on April
11,
were opened at the Federal Reserve Banks on April 1^*
The details of this issue are as follows:
Total applied for - $252,59^»°°°
Total accepted
- 100, ^39»°°°
Range of accepted bids:
High
Low
Average
Price
(97
- 9 9 * 9 9 ° Equivalent rate approximately 0.040 percent
_ 99^975
‘
H
n
"
0.099 percent
_
99^976
"
M
0.093
percent
percent of the amount bid for at the low price was accepted)
~o 0o~
!
,f
^
rf-f»
^-auA—
A^sr>
CO.
tX.Jc. l ^ j
^L^r 2-'^f
%
PRESS RELEASE
Tlie Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the tariff rate
quota for the second quarter of the calendar year 1941 on im
ports of cattle weighing 700 pounds or more each, other than
dairy cows, the produce of countries other than Canada, was filler
during the period April 1 to April 5, 1941, inclusive*
^tr
The President’s proclamation dated November 30^^940, limits
to 8,280 head the number 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.
TREASURY DEPARTMENT
Washington
i FOR IMMEDIATE RELEASE,
Tuesday, April 15, 1941
Press Service
No. 24-58
The Bureau of Customs announced today that preliminary reports
[
p from the col3e ctors of customs show that the tariff rate quota for
the second 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 April 1
\>o April 5, 1941, inclusive.
The P r e s i d e n t s proclamation dated November 30, 1940, limits
to 8,280 head the number 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
^t the reduced rate of duty provided in the trade agreement with
Canada.
-OoO-
)
i
**
2
**
When an album la filled with stamps it will be excbangeabl*
for one of the new Defence Savings Bond«.
5he ten-cont stasis may be pasted on a card containing
»paces for ten.
'¿hen the oard is filled, it m y be «changed
for a #1 stamp.
Treasury officials sold presses at the Bureau of Bngraving
and Printing are running day and night on orders for the bonds
and stamps.
An adequate supply is assured in every part of tie
country for the opening day of business in the Defense Savings
Programs
ifho Treasury also announced the portraits which will
appear on the new bonds.
Those on Series "B w,or "Baby Bonds ,
are* $25, George Washington* #50, Thomas Jefferson; $100,
Grover Cleveland* #500, Woodrow Wilson, and $1,000, Abraham
Lincoln«
Series
and WGB bonds will, bear the following
portraits« $100, Washington; $500, Jefferson; $1,000, Cleveland)
$5,000, James Monroe, and $10,000, Theodore Boosevelt.
~o0o-
for Wednesday pro’s
ç l
H'S.o
first shipments of Defense Savings Stamps bearing like*
nesses of Daniel Chester French’s famous statué.of the "Minute
Man" will be dispatched to post offices throughout the
country on Saturday, the 166th anniversary of the Battle of
Lexington, as a result of arrangements completed today by the
Post Office and Treasury Departments.
The Stamps and Defense Savings Bonds will be placed on
sale in post offices, banks and other places of business
May 1.
The "Minute Man," symbol of the average American’s
stand against tyranny of all kinds, will also appear on
posters and other educational material in the Defense Savings
program*
The Government Printing Office has been working on an
initial order for 30,000,000 pocket albums in which purchasers
may paste the stamps•
The albums, with attractive oover designs in color
featuring a Dnited States battleship and an eagle bearing the
American flag on the front and the "Minute Man" statue on the
back, will be given, free of charge, to purchasers of any
savings stamp higher than ten cents in value.
The stamps will appear in the following colors $ ten cents,
red; twenty-five cents, green; fifty cents, blue; #1, grey,
and $5» brown.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON PAPERS,
Wednesday, April 16, 1941*
¡4/15/41
Press Service
No* 24-59
First shipments' of Defense Savings Stamps bearing likenesses of
Daniel Chester French1s famous statue of the "Minute Man" will be
dispatched to post offices throughout the country on Saturday, the
166th anniversary of the Battle of Lexington, as a result of
arrangements completed today by the Post Office and Treasury Depart
ments*
The Stamps and Defense Savings Bonds will be placed on sale in
post offices, banks and other places of business May 1.
The "Minute
Man," symbol of the average American’s stand against tyranny of all
kinds, will also appear on posters and other educationsl material in
the Defense Savings program.
The Government Printing Office has been working on an initial
order for 50,000,000 pocket albums in which purchasers may paste
the stamps.
The albums, with attractive cover designs in color featuring a
United States battleship and an eagle bearing the American flag on
the front and the "Minute Man" statue on the back, will be given,
free of charge, to purchasers of any savings stamp higher than ten
cents in value.
The stamps will appear in the following colors; ten cents, red;
twenty-five cents, green; fifty cents, blue; $1, grey, and $5, brown.
-
2
-
When an album Is filled with stamps it will be exchangeable for
lone of the new Defense Savings Bonds.
The ten-cent stamps may be pasted on a card containing spaces
1 for ten.
1
When the card is filled, it may be exchanged for a $1 stamp
Treasury officials said presses at the Bureau of Engraving and
Printing are running day and night on orders for the bonds and stamps
I An adequate supply is assured in every part of the country for the
I opening day of business in the Defense Savings Program.
The Treasury also announced the portraits which will appear on
| the new bonds.
Those on Series ,fE n , or ”Baby Bonds” , are:
$25,
lGeorge Washington; $50, Thomas Jefferson; $100, Grover Cleveland;
I $500, Woodrow Wilson, and $1,000, Abraham Lincoln.
I
Series ” FH and tTG n bonds will bear the following portraits:
|$100, Washington; $500, Jefferson; $1,000, Cleveland; $5,000,
■tomes Monroe, and $10,000, Theodore Roosevelt.
-OoO-
i
>
TREASURY DEPARTMENT
Washington
FUR RELEASE, AFTERNOON PAPERS,
Wednesday, April 16, 1941.
4/15/41
Press Service
No. 24-59
First shipments of Defense Savings Stamps bearing likenesses of
Daniel Chester French’s famous statue of the ’’Minute Man” will be
dispatched to post offices throughout the country on Saturday, the
166th anniversary of the Battle of Lexington, as a result of
arrangements completed today by the Post Office and Treasury Depart
ments •
The Stamps and Defense Savings Bonds will be placed on sale in
post offices, banks and other places of business May 1.
The ’’Minute
Man,” symbol of the average American’s stand against tyranny of all
kinds, will also appear on posters and other educationsl material in
the Defense Savings program.
The Government Printing Office has been working on an initial
order for 50,000,000 pocket albums in which purchasers may paste
the s t amp s •
The albums, with attractive cover designs in color featuring a
United States battleship and an eagle bearing the American flag on
the front and the ’’Minute Man” statue on the back, will be given,
free of charge, to purchasers of any savings stamp higher than ten
cents in value.
The stamps will appear in the following colors; ten cents, red;
twenty-five cents, green; fifty cents, blue; $ 1 , grey, and $5, brown
-
2
-
I
When an album is filled with stamps it will be exchangeable for
lone of the new Defense Savings Bonds.
f
The ten-cent stamps may be pasted on a card containing spaces
I for ten.
I
When the card is filled, it may be exchanged for a $1 stamp
Treasury officials said presses at the Bureau of Engraving and
I Printing are running day and night on orders for the bonds and stamps
I An adequate supply is assured in every part of the country for the
I opening day of business in the Defense Savings Program.
*
The Treasury also announced the portraits which will appear on
I the new bonds.
Those on Series ,rE ” , or ”Baby Bonds” , are:
$25,
I George Washington; $50, Thomas Jefferson; #100, Grover Cleveland;
I f500,
I
Woodrow Wilson, and $ 1 ,000, Abraham Lincoln.
Series f,F” and "Gn bonds will bear the following portraits:
IflOO, Washington; #500, Jefferson; #1,000, Cleveland; $5,000,
jjJames Monroe, and $10,000, Theodore Roosevelt.
4
-OoO-
TR E A S U R Y DEPARTMENT
FISCAL SERVICE
WASHINGTON
BUREAU O F ACCOUNTS
O F F IC E O F T H E C O M M IS S IO N E R
April 8, 19^ 1
Daring the month of March, 19^1» no market trans
actions took place in direct and guaranteed securities
of the Government
TREASURY DEPARTMENT
Washington
Mongenthau said today•
-oOo-
TREASURY DEPARTMENT
Washington
Press Service
No. 2i+~60
FOR IMMEDIATE RELEASE,
Wednesday, April l 6 , 19^1
No market transactions in Government securiti es for Treasury
investment accounts were completed in March, 19^-1, Secretary
Morgenthau said today.
-OoO'
TREASURE DEPARTMENT
Washington
iS l
rr^
F O R ^ßßDim-Btü^SS,
Press Service
Wednesday. April 16. 1941*
i
Secretary of the treasury Morgenth&u today announced the final subscription and
allotment figures with respect to the current offering of 7/8 percent notes of
Series V and of 1-1/8 percent notes of Series ? of the Reconstruction Finance Corpora
toroorl
tion.
Subscriptions and allotments were divided among the several Federal Reserve Ms.
tricts and the Treasury as follows*
SERIES I
SERIES g
Federal
Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
total Sub
scriptions
Received
Total Sub
scriptions
Allotted
$ 185,864,000 $ 22,371,0 0 0
1 300 426 ,0 00 156,165,000
19 ,366,000
161 063 ,0 00
24.885.000
206 766,000
9.879.000
81,861,000
11.759.000
8 7 021,000
32.354.000
267 556,000
8.186.000
6 6 643,000
3 ,848,000
31 608,000
5 ,421,000
44.704.000
7 ,362,000
60 670.000
17.505.000
145,769,000
792.000
6.600.000
1,895,000
$2,646,551,000
, ,
,
,
,
,
,
,
.
Ú
Total Sub
scriptions
Received
Total Sub
scriptions
Allotted
$ 251, 620,000
I 22,793,000
149,789,000
17.457.000
1,661,002,000
192.542.000
278.846.000
113.334.000
122.733.000
469.759.000
81 ,895,000
52 ,568,000
56.276.000
71.894.000
200 446.000
7.600.000
$3,560ÍK5Í000
.
'eiierai j
terri
listrii
Ilsreli
25 .302.000
1 0 ,388,000
12,711,000
42.734.000
7 ,726,000
4.847.000
5.186.000
6,681,000
.
isco
18 099.000
684.000
#324,397,0®
w
TREASURY DEPARTMEÎTT
Washington
FOB IMMEDIATE RELEASE,
Wednesday, April l6, iqUi.
j
Press Service
Fo. 2*h-6l
Secretary of the Treasury Morgenthau today announced the final subscrintion
j and allotment figures with respect to the current offering of 7/8 percent notes
.of Series U and of 1-l/g percent notes of Series V of the Reconstruction Finance
Corporation.
Sun scriptiqns and allotments were divided among the several Federal Reserve.
Districts and the Treasury as follows:
SERIES Ü
Federal
Reserve
Di strict
Boston
liew York
Philadelphia
iteveland
Richmond
Atlauta.
ftvi
Viicago
St . Louis
Mi.rmeapolis
Iz: nsas City
Dalias
San Francisco
Treasury
TOTAL
$
1
SERIES V
Total Subscriptions
Receive^d
Total S-Ub—
scr inti'ons
All ot ted
Total Subscriptions
Rece ived
Total Subscriptions
Allotted
185.86*1 ,000
,3 0 0 > 2 o ,000
l6 l ,0 6 3 ,000
$ 22 ,371 ,000
2 0 6 , 7 6 6 ,0 0 0
2*1,3S5 ,000
Q ,379 ,0 0 0
11
,759 ,000
32
,00 0
g ,136,,000
7 ,3*fg,,000
0 !>21,,0 0 0
7.»392,,000
17,'505,,000
7Q2,,000
$3X9..895.,000
2 5 1 ,6 2 0 ,0 0 0
.,6 6 l ,0 0 2 ,0 0 0
I9 2 ,5*+2 ,0 0 0
278 ,g*+6 ,0 0 0
1 1 3 .33>,0 0 0
1 2 2 -733 1,0 0 0
*+69 »759*,0 0 0
81 .895,,0 0 0
52 .5 6 s,,0 0 0
5 6 .2 7 6 ,
,0 0 0
i t .g?1*.,0 0 0
2 0 0 ,*>6 ,
.0 0 0
7 ,6 0 0 ,0 0 0
$3 .5 6 0 ,5 1 5 , 0 0 0
$ 22,793.000
1^9.789,000
1 7 > 5 7 ,0 0 0
25,302,000
1 0 ,3 gg ,0 0 0
1 2 ,7 1 1 , 0 0 0
*12,73^.000
7,726,000
*+,8*4-7,000
5,186,000
6,681,000
1 8 ,0 9 9 ,0 0 0
6g'4,000
$3 2 ^,3 9 7 ,0 0 0
81,S6l ,000
87,021 ,000
,000
,000
3 1 ,6 0 g.,000
*>,70*+,,000
60,b70,,000
,000
1 ^ 5 .7 6 9 ,
6 ,6 0 0 ,
,000
$2 ,656,551,,000
2 6 7 ,3 5 6
6 6 ,6*13
1 3 6 , 1 6 5 ,0 0 0
19 ,368 ,0 0 0
1
-OoO-
)
i<tll
&
'»k
^ L cf~
Henry Bruere, President of the Bowery Savings Bank,
New York, has been appointed liajson officer to coordinate
Treasury Department defense financing plans with a program
of cooperation with mutual institutions, it was jointly an-»
*v
nounoed today by Secretary of the Treasury Henry Morgenthau,
Jr^ and Hyron F* Converse, President of the National Associa
tion of Mutual Savings Banks*
a.
Previously, Mir* Bruere has acted as an advisor to the
Wernment in railroad rehabilitation and other matters*
"Mutual Savings banks will do their full part in support
ing the ^gefense program", Mr* Bruere said*
"Mutual institutions
hold more than t en billion dollars, the largest sum of deposits
in their 125 years of operation*
Mistual'Zsaviii^^wsabi will
assist the public in the purchase of these securities, giving the
Treasury Department complete support*"
TREASURY DEPARTMENT
Washington
Press Service
No. 2^62
FOR RELEASE, MORNING- NEWSPAPERS,
Thursday, April 17* 19^-1
VÌ67W
Henry Bruere, President of the Bowery Savings Bank, New York,
has been appointed liaison officer to co-ordinate Treasury Depart
ment defense financing plans with a program of co-operation with
Mr. Bruere has acted as an adviser to the G-overnment in railroad
rehabilitation and other matters.
MMutual Savings banks will do their full part in supporting
the Defense progranT*^ Mr. Bruere said.
’'Mutual institutions now
hold more than ten billion dollp.rs, the largest sum of deposits
in their 125 years of operation.
They will assist the public in
the purchase of these securities, giving the Treasury Department
complete support.”
-oOo
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Thursday, April 17» 19^1
: Vlb/il
Press Service
24-o2
Henry Bruere, President of the Bowery Savings Bank, New York,
has been appointed liaison officer to co-ordinate Treasury Depart
ment defense financing plans with a program of co-operation with
mutual institutions,
Secretary Morgenthau and Myron F. Converse,
President of the National Association of Mutual Savings Banks,
M#bdav in a joint annoucement.
r
said
Previously, Mr. Bruere has acted as
an adviser to the G-overnment in railroad rehabilitation and other
| mat t er s .
"Mutual Savings banks will do their full -part in supporting the
Defense program,". Mr. Bruere said.
"Mutual-institutions now hold
more than ten billion dollars, the largest sum-of »deposits in their
125
years of operation.
of these securities,
They will assist the public in the purchase
giving the Treasury Dtepartmen't complete support
-OoO-
1
fho fm u t r j r Siprtstftl i m w w i i tho arrifil li
Tork of $1 3 9 , 0 0 0 ,0 0 0 of gold for àollrory lo ih« Unitod
Stato« A««ay Office. Thlo aowljr proda«od gold «a» purofcasod
la South Africa by tho Uhi tod Stato« froaoary Stabili tati««
faad fro» tho Britloh froaoary, and tho proeood« of tho «alo
ropìoalali tho dollar ozohango rooourc«« of tho Britioh
OoToraaoat oa tho Aaorleaa aarkot*
9««
ALTIRHAt» BRATTI
JOIIT RILKASS
S*TT
IIBttPIAf» RXUtASl
\
Some timi »*o United Stati« pttrcha*ed a tt» of «old la tho
t^ioa of Soath^frioa. U imo traaeported to tho United Staio*
*
u j s f s . flaooaaoo ohieh H I beeaeperatln« la South
Atlantic water».
m (4H
|| ■ ■
U
delirery io thè United Stato» Aeaar Office. ***!• nowlp-preduood
gold va» purehaeed la South Africa by thè United SJ^teo fre«»ary
Stabili tal tea faad froa thè Britieh Treaeury, andprooeede of th»
•alo repieni*h thè dollar oxehaa&e roeoareee of th» Britieh
Qerernaeat en thè Aaorleaa aarket.^
b Oc-
HMCilfigp-tylGAl
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, April 17 , 1§^1
Press Service
No* 2I+-63
The Treasury Department announced last night the arrival in
New York of $132,000,0 00 of gold for delivery to the United States
4ssay Office,
This newly-produced gold was purchased in South Afri
by the United States Treasury Stabilization Fund from the British
Treasury,
*
and the proceeds cf the sale replenish the dollar exchang
resources of the British Government on the American market.
-OoO-
teSSk
-------------
-
R e se r v e B anks and B r a n c h e s,
2
-
f o l l o w i n g w h ic h p u b l i c a n n o u n c e m e n t w i l l b e made ’ey
th e S e c r e ta r y o f th e T rea su ry o f th e
am ount a n d p r i c e
r a n g e o f a c c e p t e d b id s .
T h o s e s u b m i t t i n g t e n d e r s w i l l b e a d v i s e d o f t h e a c c e p t a n c e o r r e j e c t i o n thereof.
The S e c r e ta r y o f th e T r e a su r y e x p r e s s ly r e s e r v e s
th e r ig h t
any or a l l
a c tio n
te n d e r s,
s h a ll be f i n a l .
i n w h o le o r i n p a r t ,
and h i s
t o a c c e p t o r r e je c t
in an y su ch re sp e ct
Paym ent o f a c c e p t e d t e n d e r s a t t h e p r i c e s
o f f e r e d m ust be made
o r c o m p l e t e d a t t h e F e d e r a l R e s e r v e B an k i n c a s h o r o t h e r i m m e d ia t e ly a v a ila b le
fu n d s on
A p rO
PS- i q h l ------- -------------- •
T h e in c o m e d e r i v e d fr o m T r e a s u r y b i l l s ,
th e
s a le o r o th e r d is p o s it io n
su ch ,
and l o s s
fr o m t h e
s a le
h ave any s p e c i a l tr e a tm e n t,
en a cted .
e x c is e
T he b i l l s
ta x e s,
s h a ll be
su b ject
to
e sta te ,
in h e r ita n c e ,
g ift,
j
s h a l l not
a s s u c h , u n d e r F e d e r a l tape A c t s now o r h e r e a f t e r
o r o th er
:j
;
b u t s h a l l b e ex e m p t fro m a l l ta x a tio n
o f th e U n ite d S t a t e s ,
F or p u r p o se s o f t a x a t io n
;|
t h e r e o f b y an y S t a t e , or
o r b y any l o c a l
t a x i n g a u th o r ity .
t h e am ount o f d i s c o u n t a t w h ic h T r e a s u r y b i l l s are
s o ld by th e U n ite d S t a t e s
s h a ll b e c o n s id e r e d to b e in t e r e s t .
T r e a s u r y D e p a r tm e n t C i r c u l a r H o . 4 1 8 ,
s c r ib e th e
o f T reasu ry b i l l s
im p o s e d o n t h e p r i n c i p a l o r i n t e r e s t
any o f th e p o s s e s s io n s
o r g a m iron
s h a l l n o t h a v e a n y e x e m p tio n , as
or o th e r d is p o s it io n
w h e th e r F e d e r a l o r S t a t e ,
now o r h e r e a f t e r
o r ig in a lly
o f th e b i l l s ,
w h e th e r i n t e r e s t
te r m s o f t h e T r e a s u r y b i l l s
a s a m e n d ed ,
|
an d t h i s n o t ic e , pn,
a n d g o v e r n t h e c o n d i t i o n s o f t h e i r issue,
C o p i e s o f t h e c i r c u l a r m ay b e o b t a i n e d fr o m a n y F e d e r a l R e s e r v e B ank o r Branch
P
TREASURY DEPARTMENT
W a s h in g to n
FOR RELEASE, MORNING NEWSPAPERS,,
Friday. April 18, 19*11________ .
T he S e c r e t a r y o f t h e t r e a s u r y ,
fo r
$100,000,000
,
or th e r e a b o u ts,
h y t h i s " o u b lie n o t i c e ,
91 - d a y T r e a s u r y h i l l s ,
of
on a d is c o u n t b a s is u n d er c o m p e titiv e b id d in g .
be d a ted
A p r il
Z}.
T he D i l l s
o f th is
t o he issued,
s e r i e s w ill
July 83, ,13^
, a n d w i l l m a tu r e
iq U i
i n v i t e s tenders
w5c
w h en t h e f a c e
am ou n t w i l l b e p a y a b l e w i t h o u t i n t e r e s t .
b e a r e r fo r m o n l y ,
$ 5 0 0 ,0 0 0 ,
and in
a n d $ 1 , 0 0 0 ,0 0 0
d e n o m i n a t io n s o f $ 1 , 0 0 0 ,
$5 ,
T h e y w i l l b e is s u e d in
0 0 0 , $ 1 0 , 0 0 0 , $ 1 0 0 , 000 ,
(m a tu r ity v a l u e ) .
e n d e r s w i l l b e r e c e i v e d a t F e d e r a l R -e se r v e R a n k s an d B r a n c h e s up to the
c lo s in g hour,
tw o o ^ l o c k p . m .f E a s t e r n S t a n d a r d t i m e , .. Monday, Agril_2 U lS$L_., ■
T e n d e r s w i l l n o t b e r e c e i v e d a t t h e T r e a s u r y D e p a r t m e n t , W a s h in g t o n .
Each tender j
I use
o f $1 , 000,
m u st b e f o r a n e v e n m u l t i p l e
on th e b a s is
of 100, M
m ay n o t b e u s e d .
w arded in
th e
It
is
and th e p r ic e
| n o t m ore t h a n t h r e e d e c i m a l s ,
u rg ed th a t
g .,
9 9 .9 2 5 .
Fractions
j
t e n d e r s b e m ade on t h e p o i n t e d fo r m s and for
th e r e fo r .
T en d ers w i l l b e r e c e iv e d w ith o u t d e p o s it
tie s .
e.
s p e c i a l e n v e l o p e s w h ic h w i l l b e s u p p l i e d b y F e d e r a l R e s e r v e Banks
o r B r a n c h e s on a p p l i c a t i o n
tr u st
o f f e r e d m u st b e expressed
c o m p a n ie s a n d fr o m r e s p o n s i b l e
fr o m i n c o r p o r a t e d banks and
and r e c o g n iz e d d e a le r s in
T s n d e r s fr o m o t h e r s m u st b e a c c o m p a n ie d b y p a y m e n t o f
in v e s t m e n t securi-
10 p e r c e n t o f the
Ii
fa c e
am ou n t o f T r e a s u r y b i l l s
a p p lie d f o r , u n le s s th e
t e n d e r s a r e a cco m p a n ie d hy
an e x p r e s s g u a r a n ty o f p aym en t b y an in c o r p o r a t e d b an k o r t r u s t
com p an y.
eral
I m m e d ia t e ly a f t e r
th e c lo s in g h o u r,
t e n d e r s w i l l b e o p e n e d a t th e Federa
i
CI -
0
treasury
FOR RELEASE, MORNING PAPERS,
Friday, April IS, 1941._____
department
The Secretary of the Treasury, by this public notice,
»tenders for $100,000,000,
or thereabouts,
of 91-day Treasury bills, to
be issued on a discount basis under competitive bidding.
this series will be dated April
23,
invites
1941, an&
The bills of
23,
mature July
19^1, when the face amount will be p a y a b l e without interest.
They
'Bissue■
will be issued in bearer form only, and in denominations of $1 ,000,
:f5,QQ0, $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 ’clock p*m., Eastern Standard time,
Monday, April 21, 1941.
Tenders will not be received at the Treasury
Department, Washington.
Each tender must be for an even multiple of
|l,000, and the price offered must be expressed on the basis of
with not more than three decimals,
[be used.
e.g., 99-925.
100,
Fractions may not
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 therefor*
Tenders will be received without deposit from incorporated banks
and trust companies .and from responsible and recognized dealers in
|l investment securities.
bd
Tenders from others must be accompanied by
payment of 10 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,
24-64
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,
any such respect shall be final.
and his action in
Payment of accepted tenders at the
prices offered must be made or completed at the Federal Reserve Bank
23,
in cash or other immediately available funds on April
19^-•
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills,
exemption,
as such,
shall not have any
and loss from the sn.le or other disposition of
Treasury bills shall not have any special treatment,
Federal tax Acts nor or hereafter enacted.
ject to estate,
inheritance,
gift,
as such, under
The bills shall be sub
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,
ing authority.
or by any local tax
For purposes of taxa.tion 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. ^1S,
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.
-OoO-
- A -
Series F bonds issued in denominations of $100, $500, $1,000,
$5,000 and $10,000, mature in twelve years.
seventy-four percent of face value«
They are sold for
be redeemed hmSmm
irsstaMilfy on one month*s notice after^six months.
Series G bonds are issued in denominations of $100, $500, $1,000,
$5,000 and $10,000, and mature in twelve years.
They are sold at par
and bear interest at 2-1/2 percent per year, payable semi-annually.
They may be redeemed before maturity on one month’s notice after six
months.
One purchaser is limited to $50,000 cost price of Series F or
Series G bonds or a combination of the two in any one year.
The texts of the complete offering circulars are attached:
- 3 -
O th e r im p o r ta n t p o i n t s a r e «
one c a le n d a r y e a r t o
c o -o w n e r i s
T he a m o u n t o f S e r i e s E B on d s o f any
b e h e ld b y on e p e r s o n , e it h e r a lo n e o r a s
lim ite d t o
1 5 ,0 0 0 , m a t u r it y v a l u e .
B o n d s p u r c h a s e d b y m a i l w i l l n o t b e d e l i v e r e d o u t s i d e t h e U n ite d
S ta te s, i t s
p o s s e s s io n s and t e r r i t o r i e s .
D e liv e r y s h o u ld n o t b e a c c e p te d b y a n y p e r s o n , u n t i l he h as v e r i
fie d
th a t th e
bond;
c o r r e c t nam e a n d a d d r e s s a r e i n s c r i b e d o n t h e f a c e o f the
th a t th e bond i s
p aym en t o f t h e i s s u e
d a te d a s
th e c ir c le
fir s t
d a y o f t h e m o n th i n w hich
p r i c e w a s m a d e , a n d t h a t t h e d a t i n g sta m p w i t h th e
c u r r e n t d a te o f r e c e ip t i s
in
o f th e
im p r in te d i n
th e lo w e r l e f t
c o m e r o f t h e bond
p r o v id e d f o r i t .
D e f e n s e S a v i n g s B o n d s w i l l b e h e l d f o r s a f e k e e p i n g b y t h e T reasury
D e p a r tm e n t u p o n r e q u e s t , f r e e
o f ch arge.
B onds a r e d a te d t h e f i r s t
p r ic e i s
r e c e iv e d .
d a y o f t h e m o n th i n w h i c h t h e p u r ch a se
B u t e a c h b on d h a s a s p a c e n o t o n ly f o r t h e is s u e
d a te , b u t f o r t h e a c t u a l d a te o f p u rch a se a s w e l l .
B o th m u st b e f i l l e d
in .
T h e o n l y a g e n c i e s a u t h o r i z e d t o p a y o r r e d e e m s a v i n g s b o n d s are
t h e T r e a s u r y D e p a r tm e n t a n d t h e F e d e r a l R e s e r v e B a n k s , b u t p o s tm a s te r s
a n d o t h e r p e r s o n s w ho s e l l t h e b o n d s w i l l h e l p b o n d h o ld e r s m ake o u t the
r e q u e s t s f o r r e d e m p tio n .
P a y m en t w i l l b e m ade by c h e c k .
The S e r i e s E b o n d s w i l l b e i s s u e d i n
$ 2 5 , $ 5 0 ,$ 1 0 0 ,|5 0 0 an d $ 1 ,0 0 0 .
p ercen t o f fa c e v a lu e .
d ays.
th e
f o l l o w i n g d e n o m in a tio n s :
T h e ir p u r c h a se p r i c e i s
s e v e n ty -fiv e
T h e y m ay b e r e d e e m e d a t a n y t i m e a f t e r s i x t y
T h ey m a tu r e i n t e n y e a r s .
w i t h e v e r y s i x m o n th s p e r i o d .
A f t e r on e y e a r t h e i r v a lu e in c r e a s e s
20
P a r t i a l r e d e m p t i o n o f a D e f e n s e S a v i n g s B on d o f S e r i e s
a d e n o m i n a t io n h i g h e r t h a n
v a lu e i s
¿1 o f
$ 2 5 ( m a t u r i t y v a l u e ) at- cu rr en t* r e d e m p tio n
p e r m it te d b u t o n ly in m u lt ip le s o f
$ 25 ( m a t u r i t y v a l u e ) .
Thus the holder of a $ 1 0 0 , face value, Serines E Bond, after sixty days,
could, if pressed for money, turn it in and get back $13• 75 in cash and
three $25 bonds.
3.
The in c r e m e n t i n
v a lu e , r e p r e se n te d by th e
d i f f e r e n c e b etw een
t h e p r i c e p a i d f o r S e r i e s E a n d S e r i e s F B o n d s , a n d t h e p r i c e s a t which
th e y a r e redeem ed, i s
su b ject to
in c o m e o r p r o f i t s t a x e s , a s i s
th e
i n t e r e s t on t h e S e r i e s G B o n d s.
4.
S e r i e s E B o n d s a r e n o t t r a n s f e r a b l e a n d c a n n o t b e s o l d o r pledged
as c o lla te r a l.
fir s t,
T h e y m ay b e p u r c h a s e d o v e r t h e c o u n t e r f o r c a s h a t a l l
s e c o n d , a n d t h i r d c l a s s a n d m any f o u r t h c l a s s p o s t o f f i c e s , a t
P o s t a l S a v i n g s w in d o w s w h e r e p o s t a l s a v i n g s m ay b e w ith d r a w n f o r th e
■ p u rp o se, a t a u t h o r i z e d b a n k s a n d o t h e r a u t h o r i z e d a g e n c i e s ,
an d on m ail
o r d e r fr o m t h e T r e a s u r y D e p a r tm e n t o r t h e F e d e r a l R e s e r v e B a n k s .
la tte r
c a s e c h e c k s a n d o t h e r f o r m s o f e x c h a n g e w i l l b e a c c e p t e d and should
b e m ade o u t t o t h e T r e a s u r e r o f t h e U n i t e d S t a t e s
B ank.
In the
o r t h e F e d e r a l Reserve
S e r i e s F a n d S e r i e s G B o n d s a r e a l s o n o t t r a n s f e r a b l e a n d may not
b e p le d g e d a s c o l l a t e r a l .
5.
fiv e
P o s t a l S a v i n g s S ta m p s i n
c e n ts, f i f t y
ce n ts,
b on d s.
c e n t s , tw e n t y -
$ 1 a n d $ 5 , m ay b e p u r c h a s e d a s a m ea n s o f
a c c u m u la tin g fu n d s f o r b o n d s .
sta m p s h ig h e r th a n t e n
d e n o m i n a t io n s o f t e n
P o c k e t a lb u m s a r e g i v e n p u r c h a s e r s o f
c e n t s a n d w h en f i l l e d
t h e y m ay b e e x c h a n g e d fo r
TREASURY DEPARTMENT
Washington
Press Service1
No. 24-65
,
T r e a s u r y o f f i c i a l s t o d a y made p u b l i c a p o p u la r i n t e r p r e t a t i o n
o f some o f t h e m a jo r p o in t s r e l a t i n g t o t h e new D e fe n s e S a v in g s
Bonds and S ta m p s, t h e s a l e o f w h ic h b e g in s May 1 .
T he S a v in g s p ro gram , f u l l y g e a r e d f o r t h e o p e n in g d a y , has oeen
p la n n e d a s a means o f g i v i n g e v e r y A m erican c i t i z e n an o p p o r tu n ity
t o h e lp m eet t h e N a t io n a l D e fe n s e o i l l and Guild u p h i s p e r s o n a l
in v e s t m e n ts a t t h e same tim e .
H ere a r e some o f t h e f e a t u r e s o f th e s e c u r i t i e s .
1.
The S e r i e s »E» o r "B a b y Bonds» may b e r e g i s t e r e d o n ly hi
t h e name o f p e r s o n s , w h e th e r a d u l t s o r m in o r s , i n t h e i r »own righ t»
who a r e r e s i d e n t s o f th e c o n t i n e n t a l U n it e d S t a t e s o r i t s t e r r it o r ie s
o r p o s s e s s io n s o r c i t i z e n s o f t h e U n it e d S t a t e s t e m p o r a r ily l i v i n g
a b r o a d , in t h e name o f one p e r s o n , i n th e name o f two p e rso n s as
c o -o w n e r s , o r i n th e nam es o f tw o p e r s o n s ,, on e as ow ner and one as
b e n e fic ia r y .
The same a p p l i e s to S e r i e s F and G b o n d s , e x c e p t t h a t th e y may
be r e g i s t e r e d i n t h e nam es o f in c o r p o r a t e d o r u n in c o r p o r a te d b od ies
( e x c e p t a co m m ercia l b a n k , w h ic h f o r t h i s p u r p o s e i s d e f in e d as a
ban k t h a t a c c e p t s demand d e p o s i t s ) , in th e name o f a f i d u c i a r y ,
and i n th e name o f t h e ow ner o r c u s t o d ia n o f p u b l i c f u n d s .
4
Series F bonds issued in denominations of $100, $500, $1,000,
$5,000 and $10,000,mature in twelve years.
four percent of face value.
They are sold for seventy-
They may be redeemed on one month's
notice aftervsix1months •
Series G bonds are issued in denominations of $L00, $500, $1,000,
$5,000 and $10.000/and
w^9
9
fnnr value■ 'They^pay
A
per year, payable semi-annually.
fQr 22 yoaro.
v/j.
They may be redeemed at par »if-held
^vv%-CC^' ¿7t
«*► TZ2
&f / W it ]
One purchaser is limited to $50,000 cost price of Series F or
--Series G bonds in any pne year,
ft ~h
^"^»p
"”'Sss
a combination of Serl-efr-F anrti
J aagayes)
.
The texts of the complete
i
r^cs“5ftdfbews4.
'4/1
- 3 -
Bonds purchased by mail
to .11
nob be delivered outside bhe Unibed
States, ibs possessions and berribories.
Delivery should nob be accepbed by any person,
until he has verified bhab bhe correcb name and address are iry?tribed on
the face of the bond1
, that bhe bond is dated as of bhe first day of the
month in which payment of the issue price "was made^and bhab the dating
stamp with bhe current date of receipt is imprinted in bhe lower left
corner of bhe bond in bhe circle provided for it.
Defense Savings Bonds will be held for safekeeping ty bhe
Treasury Department upon request, free of charge*
Bonds are dated bhe first day of the month in which they-aa-e purchaser
.
Bub
each bond has a space f >i- rini— rf:. date «sri bhe actual date of purchase
<
well*
t
1
as
/v
Both must be filled in*
The only agencies 'authorized to pay or redeem savings bonds are
bhe Treasury Department and the Federal Reserve Bank
but postmasters
and other persons who sell bhe bonds will help bondholders make out
the regdD^nrTOTas for redemption*
Payment will be made by check.
The Series E bonds will be issued in the following denominations?
$2 5, $50, $100, $500 and $1,000.
percent of face value.
days.
Their purchase price is seventy-five
They may be redeemed at any time after sixty
They mature in ten years.
with every six months period.
After one year their value increases
2.
P a r t i a l r e d e m p t io n o f a
h ig h e r th a n
Defense S a v i n g s B on d o f a d e n o m in a t io n
$ 2 5 (maturity v a l u e ) a t c u r r e n t r e d e m p t io n v a l u e i s p e r m it t e d
b u t o n ly i n m u l t i p l e s o f $ 25 (m a t u r it y v a l u e ) .
T hus t h e h o ld e r o f a
$ 1 0 0 , f a c e v a lu e S e r ie s E B ond, a f t e r s i x t y d a y s , c o u ld , i f
m oney, tu r n i t
3*
in
an d g e t b a ck $ 1 8 .7 5 i n
ca sh and th r e e
p ressed fo r
$25 b on d s.
T he i n c r e m e n t i n v a l u e , r e p r e s e n t e d b y t h e d i f f e r e n c e b e tw e e n
t h e p r i c e p a i d f o r S e r i e s E a n d S e r i e s F B o n d s a n d t h e p r i c e s a t v h ic h
P o s t a l S a v i n g s w in d o w s w h e r e p o s t a l s a v i n g s j a a y b e w ith d r a w n f o r t h e
p u r p o s e , a t a u t h o r is e d b a n k s , an d on m a il o r d e r fr o m t h e T r e a s u r y
D e p a r tm e n t o r t h e F e d e r a l R e s e r v e B a n k s .
In th e l a t t e r
c a s e c h e c k s and
o t h e r f o r m s o f e x c h a n g e m i l b e a c c e p t e d a n d s h o u l d b e m ade o u t t o t h e
T r e a su r e r o f t h e U n ite d S t a t e s
5*
fiv e
o r t h e F e d e r a l R e s e r v e B ank»
Po s t a l s a v i n g s S ta m p s i n
cen ts, f i f t y
cen ts,
tw e n ty -
$ 1 a n d $ 5 , m ay b e p u r c h a s e d a s a m e a n s o f
a c c u m u la tin g fu n d s f o r b o n d s .
sta m p s h ig h e r t h a n t e n
d e n o m in a t io n s o f ( t e n c e n t s ,
C
P o c k e t a lb u m s a r e g i v e n p u r c h a s e r s o f
c e n t s a n d w h en f i l l e d
t h e y m ay b e e x c h a n g e d f o r
b on d s.
O th e r i m p o r t a n t p o i n t s a r e :
T he am ou n t o f S e r i e s E B o n d s o f a n y
o n e c a l e n d a r y e a r t o b e p u r e raw ed, b y o n e p e r s o n , e i t h e r a l o n e o r a s
co -o w n er
,a u'a&sssze&sssr i s
l i m i t e d t o $ 5 ,0 0 0 ^
*V
For Saturday pms?
Treasury officials today made public a popular interpretation
1f“"faZ" -ft** SK*-*--*?
of some of the major points jin- the-neW m gulati-ena governing thesale
■
■r
s ^ , 2r ****'+' 4~
efpefense Savings Bonds and Stamp^begii®4»g Say 1.
The Savings program, fully geared for the opening day, has been
planned as a means of giving every American citizen an opportunity
to help meet the National Defense bill and build up his personal
investments at the same time*
_
Here are some of the features of the eeguJLaiieits: ' 1
1*
The Series ”E M or “Baby Bonds” may be registered only in
the name of persons, whether adults or minors, in their “own right” who
are residents of the continental United States or its territories or
possessions or citizens of the United States temporarily living abroad,
in the name of one person, in the name of two persons as co-owner
or
in the names of two persons, one as owner and one as beneficiary.
The same applies to Series F and G bonds, except that they may
be registered in the names of incorporated or unincorporated bodies
^except a comnBrcial bank which for this purpose is defined as a bank
that accepts demand d e p o s i t s ^ i n the name of a fiduciary, and in the
name of the owner or custodian of public funds.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Saturday, April 19, 19^1
Press Service
No. 2 U- 6 5
rT
Treasury officials today made public a popular interpretation
of some of the major points relating to the new Defense Savings
Bonds and Stamps, the sale of which Begins May 1.
The Savings program, fully geared for the opening day, has "been
planned as a means of giving every American citizen an opportunity
to help meet the National Defense hill and huild up his personal
investments at the same time.
Here are some of the features of the securities;
1
The Series "S” or ’’Baby Bonds” may he registered only in
the name of persons, whether adults or minors, m
their ’own right
who are residents of the continental United States or its territories
or possessions or citizens of the United States temporarily living
abroad, in the name of one person, in the name of two persons as
co-owners, or in the names of two persons, one as owner and one as
beneficiary.
The same applies to Series 1 and G bonds, except that they may
he registered in the names of incorporated or unincorporated bodies
(except a commercial hank, which for this purpose is defined as a
hank that accepts demand deposits), in the name of a fiduciary,
and in the name of the owner or custodian of public funds.
of
Partial redemption of a Defense Savings Bond of Series 3
2.
a denomination higher than
$25 (maturity value) at current redemption
value is permitted but only in multiples of $25 (maturity value).
Thus the holder
of a $100, face value,
Series E Bond, aftersixty daj-s,
,
¿14.
cnri frp'i'bock. Ui)lu5«75 in cash and
could, if pressed for money, turn it o.n an §
three p§f bonds.
3 . The increment in value, represented by the difference betv.-een
the price paid for Series E and Series ? Bonds, and the prices at which
they are redeemed, is subject to income or profits taxes, as is the
interest on the Series G Bonds,
4 . Series E Bonds are not transferable and cannot be sold or pledged
as collateral.
first, second,
They may be purchased over the counter for
and third classand many fourth class post
cash at all
offices, at
Postal Savings windows where postal savings may be mtluxa*»
v
purpose, at authorized banks and other authorized agencies, and
order from the Treasury Department or the Federal Reserve Banks.
In the
latter case checks and other forma of exchange vail be accepted and should
w. +. _ tTn4 J y states or the Federal Reserve
be made out to the Treasurer of the U n i W
vtazm
r
_
,h .
ryn r i c.rr. also not transferable 'and may noo
Series F and S e n e s G Bon do are u m o not
Bank,
be pledged as collateral,
5.
Postal Savings sjtampa in denominations of ten cents, twenty-
five cents, fifty cents,
$1 and $ 5 , may bo purenased as a meanu
accumulating funds for bonds.
Pocket albums arc-: given purchasers of
stamps higher than ten cents and when filled they may be exchanged xo
bonds
Other important points are:
The amount of Series E Bonds of any
one calendar year to be held by one person, either alone or as cc~
owner is limited to So,000, maturity value.
Bonds purchased by mail will not be delivered outside the United
States, its possessions and territories.
Delivery should not be accepted by any person, until he has veri
fied that the correct name and address are inscribed on the face of tne
bond; that the bond is dated as of the first day of the month in wnich
payment of the issue price was made, and that the dating stamp with the
current date of receipt is imprinted in the lower left corner oi the
bond in the circle provided for it.
Defense Savings Bonds will bo held for safekeeping by the Treasury
Department upon request, free of charge.
Bonds are dated the first day of the month in which tho purchase
price is received.
But each bond has a space not only for the issue
date, but for the actual date of purchase as well.
Both must be filled
m.
The only agencies authorized to pay or redeem savings bonds arc
the Treasury Department and the Federal Reserve Banks, bat postmao ter.,
and other persons who sell the bonds mill help bondholders make out
the requests for redemption.
Payment will be made by check.
The Series E bonds will be issued in the lollowing denominations.
525, ')50, 0100, 0500 and 01,000.
percent of face value.
days.
Their purchase, price is sevcnty-uve
They may be redeemed at any time afuer sixty-
They mature in ten years.
with every six months period.
After one year their value increases
Series F bonds issued in denominations of $100, $500’
, $1,000,
05,000 and $10,000, mature in twelve years.
seventy-four percent of face value.
They are sold for
They may be redeemed on one
month’s notice after being held six months.
Series G bonds are issued in denominations of $100, $500, $1*000,
$5,000 and $10,000, and mature in twelve years.
and bear interest at
2-1/2
They are sold at par
percent per year, payable semi-annually.
They may be redeemed before maturity on one month’s notice after six
months •
One purchaser is limited
do
$50,000 cost price of 3ei-i.es x1 or
Series G bonds or a combination of the two in any one year.
The texts of the complete offering circulars are attached:
UNITED STATES DEFENSE SAYINGS BONDS
SERIES E
ISSUED ON A DISCOUNT BASIS—PAYABLE 10 YEARS FROM ISSUE DATE, AT PAR
Investment Yield—Approximately 2.9 Percent to Maturity
Redeemable Before Maturity, at Option of Owners, at Fixed Redemption Values
Issued at 75 Percent of Maturity Value, in Registered Form Only, Not Transferable, With Registration Restricted to
Individuals. Not More Than $5,000 (Maturity Value) Originally Issued to Any One Person During Any One Calendar
Year May be Held by That Person at Any One Time. Coownership and Beneficiary Registration Permitted
DEFENSE POSTAL SAVINGS STAMPS FOR INSTALLMENT PAYMENTS
1941
Department Circular No. 653
TREASURY DEPARTM ENT,
O
f f ic e
of the
Sec r etar y,
Washington,April15,191^1.
Fiscal Service
Bureau of the Public Debt
I. OFFERING OF DEFENSE SAVINGS BONDS— SERIES E
1.
The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, offers for sale, to the people of the United States, through the Postal Service and other desig
nated agencies, an issue of United States Savings Bonds, designated Defense Savings Bonds—Series E.
The bonds, hereinafter fully described, will be issued on a discount basis, in denominations of $25 (maturity
value), and multiples thereof, the issue price of each bond being 75 percent of its maturity value. The
bonds will mature and be payable at face value 10 years from their respective issue dates, but will be
redeemable before maturity, at the option of owners, at fixed redemption values. The bonds will be
placed on sale beginning May 1, 1941, and their sale will continue until terminated by the Secretary of
the Treasury.
II. DESCRIPTION AND TERMS OF BONDS
1. Defense Savings Bonds of Series E will be issued only in registered form, in denominations of
$25, $50, $100, $500 and $1,000 (maturity values), at prices hereinafter set forth. Each bond will bear
the facsimile signature of the Secretary of the Treasury, and will bear both an imprint (in red) and an
impression of the Seal of the Treasury. At the time of issue, the issuing agent will inscribe the name and
address of the owner on each bond, will enter the date as of which the bond is issued in the upper right
corner, and will imprint his dating stamp (with current date) in the circle in the lower left corner. Defense
savings bonds shall be valid only if duly inscribed and dated, as above provided, and delivered by an
authorized agent following receipt of payment therefor.
2. The bonds will, in each instance, be dated as of the first day of the month in which payment of
the issue price (or, in the case of bonds purchased by mail, the application accompanied by remittance to
cover the issue price) is received by an agent authorized to issue the bonds) the bonds will mature and be
payable at face value 10 years from such issue date. The bonds may not be called for redemption by the
Secretary of the Treasury prior to maturity, but they may be redeemed prior to maturity, after 60 days
from the issue date, at the owner’s option, at fixed redemption values. No interest as such will be paid
on the bonds, but they will increase in redemption value at the end of the first year from issue date, and
at the end of each successive half-year period thereafter until their maturity, when the face amount be
comes payable. The increment in value will be payable only upon redemption of the bonds. A table
of redemption values for each bond appears on its face. The purchase price of Defense Savings Bonds of
Series E has been fixed so as to afford an investment yield of about 2.9 percent per annum compounded
semiannually if the bonds are held to maturity j if the owner exercises his option to redeem a bond prior to
maturity the investment yield will be less. The table at the end of this circular shows: (1) How Defense
Savings Bonds of Series E, by denominations, increase in redemption value during the successive halfyear periods following issue, and (2) the computed investment yields (a) on the issue price from issue date
2
to the beginning of each half-year period, and (b) on the current redemption value from the beginning of
each half-year period to maturity at the end of the 10-year period.
3. The bonds will not be transferable, and will be payable only to the owner named thereon, except
in case of death or disability of the owner or as otherwise specifically provided in the regulations govern
ing savings bonds, and in any event only in accordance with such regulations. Accordingly they may not
be sold, and may not be hypothecated as collateral for a loan.
4. T a x a t i o n .—For the purpose of determining taxes and tax exemptions, the increment in value
represented by the difference between the price paid for United States Savings Bonds and the redemption
value received therefor (whether at or before maturity) shall be considered as interest, and such interest
on Defense savings bonds is not exempt from income or profits taxes now or hereafter imposed by the
United States. The bonds shall be subject to estate, inheritance, gift, or other excise taxes, whether Fed
eral or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any local taxing authority.
III. PURCHASE OF BONDS
1. A g e n c i e s .—Defense Savings Bonds of Series E may be purchased, while this offer is in effect,
as follows:
(a) Over-the-counter for cash:
(1) At United States post offices of the first, second, and third classes, and at selected post offices
of the fourth class, and generally at classified stations and branches.
(2) Postal savings.—Subject to regulations prescribed by the Board of Trustees of the Postal Savings
System, the withdrawal of postal savings deposits will be permitted for the purpose of acquiring Defense
savings bonds.
(3) At such incorporated banks, trust companies, mutual savings banks and other agencies as have
been designated and have duly qualified as sales agents pursuant to the provisions of Treasury Depart
ment Circular No. 657, dated April 15, 1941.
(b) On mail order.—Defense savings bonds may be purchased by mail upon application to the
Treasurer of the United States, Washington, D. C., or to any Federal Reserve Bank, accompanied by a
remittance to cover the issue price. Any form of exchange, including personal checks, will be accepted,
subject to collection. Checks, or other forms of exchange, should be drawn to the order of the Treasurer
of the United States or the Federal Reserve Bank, as the case may be.
(c) Other agencies3 -The Secretary of the Treasury, in his discretion, may designate agencies other
than those herein designated for the sale of, or for the handling of applications for, Defense Savings Bonds
of Series E.
2 . D e f e n s e P o s t a l S a v i n g s S t a m p s f o r I n s t a l l m e n t P a y m e n t s .—Postal Savings Stamps of a
special Defense series in denominations of 10, 25 and 50 cents, and $1 and $5, may be purchased at any
post office where Defense savings bonds are on sale, and at such other agencies as may be designated from
time to time. These stamps may be used to accumulate credits for the purchase of Defense savings
bonds. Defense stamp albums, for affixing the stamps, will be available without charge, and such albums
will be receivable, in the amount of the affixed stamps, on the purchase price of Defense savings bonds.
3.
follow:
D
I
I
ssue
P
.—
The issue prices of the various denominations of Defense Savings Bonds of Series E
(maturity value)———L—|L^— _— i. $25. 00
(purchase) P r i c e ________.— —----------------- 18.75
e n o m in a t io n
ssue
r ic e s
$50.00
37.50
$100.00
75.00
$500. 00
375.00
$1, 000.00
750. 00
IY. LIMITATION ON HOLDINGS
1. The amount of Defense Savings Bonds of Series E originally issued during any one calendar year
to any one person, including those registered in the name of that person alone, and those registered in the
name of that person with another named as coowner, that may be held by that person at any one time
shall not exceed $5,000 (maturity value). Any bonds acquired on original issue which create an excess
must immediately be surrendered for refund of the issue price, as provided in the regulations governing
savings bonds.
"'
16-20634
3
V. AUTHORIZED FORMS OF REGISTRATION
H Defense Savings Bonds of Series E may be registered only in the names of natural persons (that
is, individuals) whether adults or minors, in their own right, who are residents of the Continental United
States, the Territories and Insular Possessions of the United States, the Canal Zone, the Philippine Islands,
or citizens of the United States temporarily residing abroad, as follows: (a) In the name of one person,
(b) in the names of two (but not more than two) persons as coowners, and (c) in the name of one person
payable on death to one (but not more than one) other designated person. Full information as to
authorized forms of registration will be found in the regulations governing savings bonds.
VI. DELIVERY AND SAFEKEEPING OF DEFENSE SAVINGS BONDS OF SERIES E
1. Postmasters and other authorized sales agents from whom Defense savings bonds may be pur
chased are authorized to deliver such bonds duly inscribed and dated upon receipt of the issue price.
Bonds issued upon mail order applications made to a Federal Reserve Bank or to the Treasurer of the
United States will be delivered by registered mail within the Continental United States, the Territories
and Insular Possessions of the United States, the Canal Zone and the Philippine Islands. No deliveries
elsewhere will be made. If purchased by citizens of the United States temporarily residing abroad,
bonds will be delivered in the United States, or held in safekeeping, as the purchaser may direct. Deliv
ery should not be accepted by any purchaser until he has verified that the correct name and address are
duly inscribed on the face of the bond, that the bond is duly dated as of the first day of the month in
which payment of the issue price was received by the agent, and that the dating stamp (with current
date) of the postmaster or other issuing agent is imprinted in the circle in the lower left corner of the
bond.
2. A Defense savings bond will be held in safekeeping without charge by the Secretary of the Treas
ury if the holder so desires, and in such connection the facilities of the Federal Reserve Banks, as fiscal
agents of the United States, will be utilized. Arrangements may be made for such safekeeping at the
time of purchase, or subsequently. Postmasters generally, and branches of Federal Reserve Banks, will
assist holders in arranging for safekeeping, but will not act as safekeeping agents.
VII. PAYMENT AT MATURITY OR REDEMPTION PRIOR TO MATURITY
1. G e n e r a l .— Any Defense savings bond will be paid in full at maturity, or, at the option of the
owner, after 60 days from the issue date, will be redeemed in whole or in part at the appropriate redemp
tion value prior to maturity, following presentation and surrender of the bond, with the request for pay
ment properly executed, all in accordance with the regulations governing savings bonds.
2. E x e c u t i o n o f R e q u e s t f o r P a y m e n t .—The registered owner, or other person entitled to pay
ment under the regulations governing savings bonds, must appear before one of the officers authorized
by the Secretary of the Treasury to witness and certify requests for payment, establish his identity, and
in the presence of such officer sign the request for payment, adding the address to which the check is to
be mailed. After the request for payment has been so signed, the witnessing officer should complete and
sign the certificate provided for his use. Unless otherwise authorized in a particular case, the form of
request appearing on the back of the bond must be used.
3 . O f f ic e r s A u t h o r iz e d t o W it n e s s a n d C e r t if y R e q u e s t s f o r P a y m e n t .
The officers author
ized to witness and certify requests for payment of savings bonds are fully set forth in the regulations
governing savings bonds, such officers including United States postmasters and certain other post office
officials, and the executive officers of all banks or trust companies incorporated in the United States or
its organized Territories, including officers at domestic and foreign branches who are certified to the
Treasury Department as executive officers.
4 . P r e s e n t a t i o n a n d S u r r e n d e r .— After the request for payment has been duly executed by the
person entitled and by the certifying officer, the bond must be presented and surrendered to the Treasury
Department, Washington, or to a Federal Reserve Bank, at the expense and risk of the owner. For the
owner’s protection, the bond should be forwarded by registered mail, if not presented in person.
5. D i s a b i l i t y o r D e a t h .—In case of the disability of the registered owner, or the death of the regis
tered owner not survived by a coowner or a designated beneficiary, instructions should be obtained from
the Treasury Department, Division of Loans and Currency, Washington, D . C., before the request for
payment is executed.
ie—20634
4
6. M e t h o d o f P a y m e n t .—The only agencies authorized to pay or redeem savings bonds are the»
Treasury Department and the Federal Reserve Banks. Postmasters are not authorized to make payment,
but generally they will assist owners in securing payment, at or before maturity. Payment in all cases
will be made by check drawn to the order of the registered owner or other person entitled to payment
and mailed to the address given in the request for payment.
7. P a r t i a l R e d e m p t i o n .—Partial redemption of a Defense savings bond of a denomination higher
than $25 (maturity value) at current redemption value is permitted, but only in multiples of $25
(maturity value). In case of partial redemption the remainder will be reissued in authorized denomina
tions bearing the same issue date as the bond surrendered.
VIII. SERIES DESIGNATION
1. Defense Savings Bonds of Series E, offered hereunder, to be issued during the calendar year 1941,
will be designated Series E-1941, and those which may be issued in subsequent calendar years will be
similarly designated by the series letter followed by the year of issue.
IX. GENERAL PROVISIONS
1. All Defense Savings Bonds of Series E, issued pursuant to this circular, shall be subject to the
regulations prescribed from time to time by the Secretary of the Treasury to govern United States Savings
Bonds. Such regulations may require, among other things, reasonable notice in case of presentation of
Defense savings bonds for redemption prior to maturity. The present regulations governing savings
bonds are set forth in Treasury Department Circular No. 530, Fourth Revision, dated April 15, 1941,
copies of which may be obtained on application to the Treasury Department, or to any Federal Reserve
Bank.
2. The Secretary of the Treasury reserves the right to reject any application for Defense Savings
Bonds of Series E, in whole or in part, and to refuse to issue or permit to be issued hereunder any such
Defense savings bonds in any case or any class or classes of cases if he deems such action to be in the
public interest, and his action in any such respect shall be final.
3. Postmasters in charge of post offices where Defense savings bonds are on sale, under regulations
promulgated by the Postmaster General, and Federal Reserve Banks, as fiscal agents of the United
States, are authorized to perform such fiscal agency services as may be requested of them by the Secretary
of the Treasury in connection with the issue, delivery, safekeeping, redemption, and payment of Defense
savings bonds. Other sales agencies will be subject to the provisions of Treasury Department Circular
No. 657, dated April 15, 1941.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend the
terms of this circular, or of any amendments or supplements thereto, information as to which will be
promptly furnished to the Postmaster General, the Federal Reserve Banks and other sales agencies.
5. The offering of Defense Savings Bonds of Series E, pursuant to this circular, is separate and
distinct from the concurrent offerings of United States Savings Bonds of Defense Series F and of Defense
Series G, pursuant to Treasury Department Circular No. 654, dated April 15, 1941.
6. By notice heretofore given to the Postmaster General and to other designated sales agencies, the
sale of United States Savings Bonds of Series D, pursuant to Department Circular No. 596, dated Decem
ber 15, 1938, as amended, will terminate at the close of business on April 30, 1941. Unless otherwise
instructed, all applications for savings bonds of Series D received by mail subsequent to April 30, 1941,
will be considered as applications for Defense Savings Bonds of Series E.
H e n r y M o r g e n t h a u , J r .,
Secretary of the Treasury.
16— 20034
OTHER SERIES
Two additional issues of United States Savings Bonds, designated Defense Series F and Defense
Series G, are also offered for sale concurrently with Defense Savings Bonds of Series E. The bonds of
Series F will be issued on a discount basis, with a 12-year maturity, at 74 percent of their maturity value;
if held to maturity the yield will approximate 2.53 percent per annum. The bonds of Series G, likewise
with a 12-year maturity, will be issued at par, and will bear interest at the rate of 2^ percent per annum
payable semiannually. The bonds of both series will be redeemable before maturity, at the option of
owners, at fixed redemption values. These bonds are intended to provide facilities for the larger investors,
and registration will not be restricted to individuals. The aggregate amount of bonds of either series, or
of the two series combined, originally issued to any one person during any one calendar year that may be
held by that person at any one time may not exceed $50,000 (issue price). Full particulars regarding
these bonds are set forth in Treasury Department Circular No. 654, dated Apriljl5, 1941, copies of which
may be obtained from the Treasury Department, Washington, or from any Federal Reserve bank.
D EFENSE SAVINGS BONDS— SERIES E
TABLE OF R ED EM PTIO N VALUES AND INVESTM ENT YIELDS
Table showing: (1) How Defense Savings Bonds of Series E, by denominations, increase in redem ption value during
successive half-year periods following issue; (2) the approxim ate investm ent yield on the purchase price from issue date to
the beginning of eachjialf-year period; and (3) the approxim ate investm ent yield on th e current redem ption value from the
beginning of each half-year period to m aturity. Yields are expressed in term s of rate percent per annum , compounded
semiannually.
MATURITY VALUE
ISSUE P R IC E _____
$25. 00
$18. 75
$50. 00
$37. 50
$100. 00
$75. 00
$500. 00
$375. 00
$1, 000. 00
$750. 00
(1) Redemption values during each half-year period
Period after issue date
(2) Approximate
in v e s tm e n t
yield on purc h a s e p r ic e
from issue date
to beginning of
each half-year
period.
(3) Approximate
investment
yield on current
redemption
value from be
ginning of each
half-year period
to maturity.
Percent
1 to
years_____ 1)£ to 2 years---------2 to 2)£ years_______
2)$ to 3 years---------3 to 3 years_____ Q/i to 4 years---------4 to 4}4 years____ m to 5 years_______
5 to 5)4 years____
5J4 to 6 years_______
6 to 6)4 years_______
6)4 to 7 years---------7 to 7)4 years_______
7)4 to 8 years------- 8 to 8)4 years_______
8)4 to 9 years____ _
9 to 9)4 years---------9)4 to 10 years---------
$18.
18.
18.
19.
19.
19.
19.
19.
20.
20.
20.
20.
21.
21.
22.
22.
23.
23.
24.
24.
MATURITY VALUE
(1 0 y e a r s f r o m
issue date) ______
$25. 00
*4 to 1 year____
75
75
87
00
12
25
50
75
00
25
50
75
00
50
00
50
00
50
00
50
$37.
37.
37.
38.
38.
38.
39.
39.
40.
40.
41.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50
50
75
00
25
50
00
50
00
50
00
50
00
00
00
00
00
00
00
00
$50. 00
$75.
75.
75.
76.
76.
77.
78.
79.
80.
81.
82.
83.
84.
86.
88.
90.
92.
94.
96.
98.
00
00
50
00
50
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$100. 00
$375.
375.
377.
380.
382.
385.
390.
395.
400.
405.
410.
415.
420.
430.
440.
450.
460.
470.
480.
490.
00
00
50
00
50
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
$500. 00
*Approximate investment yield for entire period from issuance to maturity.
U. S. GOVERNMENT PRINTING OFFICE
16— 20634
$750.
750.
755.
760.
765.
770.
780.
790.
800.
810.
820.
830.
840.
860.
880.
900.
920.
940.
960.
980.
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
0. 00
. 67
. 88
. 99
1. 06
1. 31
1. 49
1. 62
1. 72
1. 79
1. 85
1. 90
2. 12
2. 30
2. 45
2. 57
2. 67
2. 76
2. 84
$1, 000. 00
2. 90
Percent
*2. 90
i
3.
3.
3.
3.
3.
3.
3.
3.
3.
4.
4.
4
4.
4.
4.
4.
4.
4.
4.
05
15
25
38
52
58
66
75
87
01
18
41
36
31
26
21
17
12
08
UNITED STATES SAVING BONDS
DEFENSE SERIES F— 12-YEAR APPRECIATION BONDS
Issued on a Discount Basis at 74 Percent of Maturity Value, Investment Yield—Approximately 2.53
Percent to Maturity
DEFENSE SERIES G— 12-YEAR CURRENT INCOME BONDS
Issued at Par, Bearing Interest at the Rate of 2y 2 Percent Per Annum
REDEEMABLE BEFORE MATURITY, AFTER SIX M O N TH S FROM DATE OF ISSUE, AT O PTIO N OF OWNERS,
AT FIXED RED EM PTIO N VALUES, ON THE FIRST DAY OF ANY M O N TH , ON ONE M O N T H ’S NOTICE
Issued only in registered form, not transferable; the aggregate amount of bonds of either series or of the two series com
bined originally issued to any one person during any one calendar year that may be held by that person at any one
time may not exceed $50,000 (issue price).
1941
Department Circular No. 654
----------- --
T
reasury
^
O
f f ic e
of
D
epartm ent
m
The
o
,
___
Sec r etar y,
Washington, April 15, 1941.
Bureau^>f*th^PubHc Debt
I. OFFERING OF UNITED STATES SAYINGS BONDS OF D EFENSE SERIES F AND DEFENSE SERIES G
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, offers for sale, to the people of the United States, through the Federal Reserve Banks, two issues
of United States Savings Bonds, designated Defense Series F and Defense Series G, hereinafter referred
to as Series F and Series G. The bonds of Series F will be issued on a discount basis, the issue price of
each bond being 74 percent of its maturity value; they will mature and be payable at face value 12 years
from their respective issue dates, but will be redeemable before maturity, at the option of owners, at
fixed redemption values. The bonds of Series G will be issued at par, and will bear interest at the rate
of 2% percent per annum, payable semiannually; they will mature and be payable at face value 12 years
from their respective issue dates, but will be redeemable before maturity, at the option of owners, at
fixed redemption values. Descriptions of the bonds of both series, their terms, and the conditions of
their issue and redemption are hereinafter fully set forth. The bonds will be placed on sale beginning
May 1, 1941, and the sale will continue until terminated, as to either or both series, by the Secretary
of the Treasury.
II. DESCRIPTION AND TERMS OF BONDS
1. The bonds of Series F and Series G will be issued only in registered form, in denominations of
$100, $500, $1,000, $5,000 and $10,000 (maturity values), at prices hereinafter set forth. Each bond will
bear the facsimile signature of the Secretary of the Treasury, and will bear both an imprint in color
(brown for Series F and blue for Series G) and an impression of the Seal of the Treasury. At the time of
issue, the issuing agent will inscribe the name and address of the owner on each bond, will enter the date
as of which the bond is issued in the upper right corner, and will imprint his dating stamp (with current
date) in the circle in the lower left corner. The bonds shall be valid only if duly inscribed and dated, as
above provided, and delivered by an authorized agent following receipt of payment therefor.
2. The bonds of each series will, in each instance, be dated as of the first day of the month in which
payment of the issue price (or, in case of bonds purchased by mail, the application accompanied by
remittance to cover the issue price) is received by an agent authorized to issue the bonds; the bonds will
mature and be payable at face value 12 years from such issue date. The bonds of either series may not
be called for redemption by the Secretary of the Treasury prior to maturity, but they may be redeemed
prior to maturity, after six months from the issue date, at the owner’s option, at fixed redemption values,
as hereinafter provided.
3. Bonds oj Series F will be issued on a discount basis at 74 percent of their maturity value. No
interest as such will be paid on the bonds, but they will increase in redemption value at the end of the
first year from issue date, and at the end of each successive half-year period thereafter until their matu10— 20636
2
rity, when the face amount becomes payable. The increment in value will be payable only upon redemp- ,
tion of the bonds. A table of redemption values for each bond appears on its face. The purchase price
of bonds of Series F has been fixed so as to afford an investment yield of about 2.53 percent per annum
compounded semiannually if the bonds are held to maturity; if the owner exercises his option to redeem
a bond prior to maturity the investment yield will be less.
4.
Bonds oj Series G will be issued at par, and will bear interest at the rate of 2% percent per annum,
payable semiannually from date of issue. Interest will be paid by check drawn to the order of the regis
tered owner and mailed to his address. Interest will cease at maturity, or, in case of redemption before
maturity, at the end of the interest period next preceding the date of redemption. A table of redemption
values for each bond appears on its face, and the difference between the face amount of the bond and
the redemption value fixed for any period represents an adjustment (or refund) of interest. Accordingly,
if the owner exercises his option to redeem a bond prior to maturity, the investment yield will be less than
the interest rate on the bonds. Bonds of Series G may be redeemed at par (1) upon the death of the
owner, or a coowner, if a natural person, or (2), as to bonds held by a trustee or other fiduciary, upon
the death of any person which results in termination of the trust, in whole or in part. If the trust is
terminated only in part redemption at par will be made only to the extent of the pro rata portion of the
trust so terminated, to the next lower multiple of $100. In any case request for redemption at par must
be made within 4 months after the date of death and in accordance with the regulations governing savings
bonds.
5. Tables at the end of this circular show separately for bonds of Series F and those of Series G:
(1) the redemption values, by denominations, during the successive half-year periods following issue,
and (2) the computed investment yields (a) on the issue price from issue date to the beginning of each
half-year period, and (b) on the current redemption value from the beginning of each half-year period to
maturity at the end of the 12-year period.
6. The bonds will not be transferable, and will be payable only to the owner named thereon, except
in case of death or disability of the owner or as otherwise specifically provided in the regulations governing
savings bonds, and in any event only in accordance with such regulations. Accordingly they may not
be sold, and may not be hypothecated as collateral for a loan.
7. Taxation.—For the purpose of determining taxes and tax exemptions, the increment in value of
savings bonds of Series F represented by the difference between the price paid and the redemption value
received therefor (whether at or before maturity) shall be considered as interest, and such interest on
such bonds of Series F, and interest on bonds of Series G, is not exempt from income or profits taxes now
or hereafter imposed by the United States. The bonds shall be subject to estate, inheritance, gift, or
other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the possessions of the United States,
or by any local taxing authority.
III. PU R CH A SE OF BONDS
1. Agencies.—Savings Bonds of Series F and Series G may be purchased, while this offer is in effect,
upon application to any Federal Reserve Bank or to the Treasurer of the United States, Washington, D. C.
Sales agencies, duly qualified under the provisions of Treasury Department Circular No. 657, and
banking institutions generally, may submit applications for account of customers, but only the Federal
Reserve Banks and the Treasury Department are authorized to act as official agencies.
2. Payment for bonds.—Every application must be accompanied by payment in full of the issue price.
Any form of exchange, including personal checks, will be accepted, subject to collection. Checks, or
other forms of exchange, should be drawn to the order of the Federal Reserve Bank, or the Treasurer
of the United States, as the case may be. Any qualified depositary, pursuant to the provisions of Treasury
Department Circular No. 92 (Revised February 23, 1932, as supplemented), will be permitted to make
payment by credit for bonds applied for on behalf of its customers up to any amount for which it shall
be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its district.
3. Postal savings.—Subject to regulations prescribed by the Board of Trustees of the Postal Savings
System, the withdrawal of postal savings deposits will be permitted for the purpose of acquiring savings
bonds.
16— 20636
3
4. Other agencies— The Secretary of the Treasury, in his discretion, may designate agencies other
than those herein designated for the sale of, or for the handling of applications for, savings bonds of
Series F and Series G.
5. Form of application.—In applying for bonds under this circular, care should be exercised to specify
whether those of Series F or Series G are desired, and there must be furnished: (1) Instructions for regis
tration for the bonds to be issued, which must be in one of the authorized forms; (2) the post office address
of each person (or other entity) whose name appears in the registration; (3) address for delivery of the
bonds; and (4), in case of bonds of Series G, address for mailing interest checks. The use. of an official
application form is desirable, but not necessary. The application should be forwarded to the Federal
Reserve Bank of the district, accompanied by remittance to cover the purchase price ($74 for each $100,
face amount of bonds of Series F, or $100 for each $100 face amount of bonds of Series G).
6. Issue prices.—The issue prices of the various denominations of bonds of Series F and Series G
follow:
SERIES F
$10, 000
$5, 000
$1, 000
.$500
D enomination (maturity value) _ — _________ $100
$7, 400
$3,
700
$740
*$370
_______
$74
Issue (purchase) Price__
SERIES G
D enomination (maturity value)----------- ______ $100
Issue (purchase) P rice------ §----- _______ $100
$500
$500
$1, 000
$1, 000
$5, 000
$5, 000
$10, 000
$10, 000
IV. LIM ITA TIO N ON HOLDINGS
1. The amount of United States Savings Bonds of Series F, or of Series G, or the combined aggregate
amount of both series, originally issued during any one calendar year to any one person, including those
registered in the name of that person alone, and .those registered in the name of that person with another
named as coowner, that may be held by that person at any one time shall not exceed $50,000 (issue price).
Any bonds acquired on original issue which create an excess must immediately be surrendered for refund
of the issue price, as provided in the regulations governing savings bonds.
Y. A UTHORIZED FORMS OF REG ISTRA TION
1. United States Savings Bonds of Series F and Series G may be registered as follows:
(1) In the names of natural persons (that is, individuals) whether adults or minors, in their own
right, as follows:
(а) In the name of one person,
(б) In the names of two (but not more than two) persons as coowners, and
(c) In the name of one person payable on death to one (but not more than one) other designated
person;
(2) In the name of an incorporated or unincorporated body, in its own right (except a commercial
bank, which, for this purpose, is defined as a bank that accepts demand deposits);
(3) In the name of a fiduciary; and
(4) In the name of the owner or custodian of public funds.
2. Restrictions.—Registration is restricted, in the case of individuals, to those who are residents of
the Continental United States, the Territories and Insular Possessions of the United States, the Canal
Zone, the Philippine Islands, or citizens of the United States temporarily residing abroad. The same
restrictions will apply to the registration of bonds in any other authorized form.
3. Full information regarding authorized forms of registration will be found in the regulations govern
ing savings bonds. In every form of. registration, the post office address must be given, and if more than
one name appears the post office address of each must be furnished.
VI. D ELIV ERY AND S A F E K E E P IN G OF BONDS
1. Federal Reserve Banks are authorized to deliver bonds of Series F and Series G duly inscribed
and dated upon receipt of the issue price. Unless delivered in person, bonds issued will be delivered
1
16— 20636
4
by registered mail witbin the Continental United States, the Territories and Insular Possessions of the ■?
United States, the Canal Zone and the Philippine Islands. No deliveries elsewhere will be made. If
purchased by citizens of the United States temporarily residing abroad, bonds will be delivered in the
United States, or held in safekeeping, as the purchaser may direct. Delivery should not be accepted
by any purchaser until he has verified that the correct name and address are duly inscribed on the face
of the bond, that the bond is duly dated as of the first day of the month in which payment of the issue
price was received by the agent, and that the dating stamp (with current date) of the issuing agent is
imprinted in the circle in the lower left corner of the bond.
2. Savings bonds of Series F or Series G will be held in safekeeping without charge by the Secretary
of the Treasury if the holder so desires, and in such connection the facilities of the Federal Reserve Banks,
as fiscal agents of the United States, will be utilized. Arrangements may be made for such safekeeping
at the time of purchase, or subsequently.
V II.
PAYM ENT A T M ATURITY OR RED EM PTIO N BEFO R E M ATURITY
General.
1.
—Any savings bond of Series F or Series G will be paid in full at maturity, or, at the
option of the owner, after 6 months from the issue date, will be redeemed in whole or in part at the appro
priate redemption value prior to maturity, on the first day of any calendar month, on one month s notice
in writing, following presentation and surrender of the bond, with the request for payment properly
executed, all in accordance with the regulations governing savings bonds.
Noticeojredemption.
2.
—When a savings bond of Series F or Series G is to be redeemed prior to
maturity, a notice in writing of the owner’s intention must be given to and be received by a Federal
Reserve Bank or the Treasury Department not less than one calendar month in advance. A duly
executed request for payment will be accepted as constituting the required notice.
Execution ojrequestjorpayment.
3.
—The registered owner, or other person entitled to payment
under the regulations governing savings boilds, must appear before one of the officers authorized by the
Secretary of the Treasury to witness and certify requests for payment, establish his identity, and in the
presence of such officer sign the request for payment, adding the address to which the check is to be
mailed. After the request for payment has been so signed, the witnessing officer should complete and
sign the certificate provided for his use. Unless otherwise authorized in a particular case, the form of
request appearing on the back of the bond must be used.
4.
—The officers authorized to witness
and certify requests for payment of savings bonds are fully set forth in the regulations governing savings
bonds, such officers including United States postmasters and certain other post office officials, and the
executive officers of all banks or trust companies incorporated in the United States or its organized
Territories, including officers at domestic and foreign branches who are certified to the Treasury Depart
ment as executive officers.
5.
—After the request for payment has been duly executed by the person
entitled and by the certifying officer, the bond must be presented and surrendered to a Federal Reserve
Bank, or to the Treasury Department, Washington, at the expense and risk of the owner. For the
owner’s protection, the bond should be forwarded by registered mail, if not presented in person.
6.
In case of the disability of the registered owner, or the death of the regis
tered owner not survived by a coowner or a designated beneficiary, instructions should be obtained from
the Treasury Department, Division of Loans and Currency, Washington, D. C., before the request for
payment is executed.
7.
—The only agencies authorized to pay or redeem savings bonds are the Federal
Reserve Banks and the Treasury Department. Payment in all cases will be made by check drawn to
the order of the registered owner or other person entitled to payment, and mailed to the address given
in the request for payment.
8.
—Partial redemption of a savings bond of Series F or Series G, of a denomina
tion higher than $100 (maturity value) at current redemption value is permitted, but only in multiples
of $100 (maturity value). In case of partial redemption the remainder will be reissued in authorized
denominations bearing the same issue date as the bond surrendered.
Officersauthorizedtowitnessandcertifyrequestsjorpayment.
Presentationandsurrender.
Disabilityordeath—
Methodofpayment.
Partialredemption.
16— 20636
5
t
VIII. SERIES DESIGNATION
1. Savings bonds of Series F, offered hereunder, to be issued during the calendar year 1941, will
be designated Series F-1941, and those of Series G will be similarly designated Series G-1941. Bonds
of either series which may be issued in subsequent calendar years will be similarly designated by the
series letter followed by the year of issue.
IX, GENERAL PROVISIONS
I
I
1
1. All savings bonds of Series F and Series G, issued pursuant to this circular, shall be subject to
the regulations prescribed from time to time by the Secretary of the Treasury to govern United States
Savings Bonds. The present regulations governing savings bonds are set forth in Treasury Department
Circular No. 530, Fourth Revision, dated April 15, 1941, copies of which may be obtained on application
to the Treasury Department, or to any Federal Reserve Bank.
2. The Secretary of the Treasury reserves the right to reject any application for savings bonds of
either Series F or Series G, in whole or in part, and to refuse to issue or permit to be issued hereunder
any such savings bonds in any case or any class or classes of cases if he deems such action to be in the
public interest, and his action in any such respect shall be final.
3. Federal Reserve Banks, as fiscal agents of the United States, are authorized to perform such
services as may be requested of them by the Secretary of the Treasury in connection with the issue,
delivery, safekeeping, redemption, and payment of savings bonds of Series F and Series G.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend the
terms of this circular, or of any amendments or supplements thereto, information as to which will be
promptly furnished the Federal Reserve Banks.
5. The offerings of United States Savings Bonds of Defense Series F and of Defense Series G,
pursuant to this circular, are separate and distinct from the concurrent offering of Defense Savings Bonds
of Series E pursuant to Department Circular No. 653, dated April 15, 1941.
6. By notice heretofore given to the Postmaster General and to other designated sales agencies, the
sale of United States Savings Bonds of Series D, pursuant to Department Circular No. 596, dated December 15, 1938, as amended, will terminate at the close of business on April 30, 1941.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
OTHER SERIES
Defense Savings Bonds of Series E are also offered for sale concurrently with those of Series F and
Series G. They are intended primarily to provide for the investment of small or moderate amounts saved
from current income by individuals, and their issue is restricted to individuals in their own right, with the
amount originally issued to any one person during any one calendar year that that person may hold
limited to $5,000 (maturity value). Full particulars regarding Defense Savings Bonds of Series E are
set forth in Treasury Department Circular No. 653, dated April 15, 1941, copies of which may be obtained
from the Treasury Department, Washington, or from any Federal Reserve Bank.
16— 20636
\
UNITED STATES SAVINGS BONDS—DEFENSE SERIES F
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing- (1) How United States Savings Bonds of Defense Series F, by denominations, increase in redemption!
value d K S d v e half-year periods following issue; (2) the approximate investment yield on the purchase price from
S u e elate to the beginning of each half-year period; and (3) the approximate investment yield on the current redemption
val^e from the beginning If each half-year period to maturity. Yields are expressed m terms of rate percent per annum,
compounded semiannually.
MATURITY VALUE
ISSUE PRICE_____
$100. 00
$74. 00
(12 years from issue date)
$1,000
$740 I
$5, 000
$3, 700
$10,000
$7, 400
(1) Redemption values during each half-year period
Period after issue date
First %year.---- -----y2to 1 year________
1 to 1)4 years______
1)4 to 2 years---------2 to 2)4 years........—
2) 4 to 3 years---- -----3 to 3)4 years-----3) 4 to 4 years---------4 to 4)4 years---------4) 4 to 5 years---------5 to 5)4 years---------5) 4 to 6 years---------6 to 6)4 years---------6) 4 to 7 years---------7 to 7)4 years---------7) 4 to 8 years---------8 to 8)4 years---- ----8) 4 to 9 years---------9 to 9)4 years---------9) 4 to 10 years-------10 to 10)4 years-----10) 4 to 11 years-----11 to 11)4 years.——
11) 4 to 12 years-----MATURITY VALUE
$500. 00
$370.00
40
70
00
40
90
50
20
00
$370. 00
371. 00
372. 50
374. 50
377. 00
380. 00
383. 50
388. 00
393. 00
398. 50
404. 50
411. 00
417. 50
424. 00
430. 50
'437. 00
443. 50
450. 00
457. 00
464. 50
472. 50
481. 00
490. 00
$740
742
745
749
754
760
767
776
786
797
809
822
835
848
861
874
887
900
914
929
945
962
980
$3, 700
3, 710
3, 725
3, 745
3, 770
3, 800
3, 835
3, 880
3, 930
3, 985
4, 045
4, 110
4, 175
4, 240
4, 305
4, 370
4, 435
4, 500
4, 570
4, 645
4, 725
4, 810
4, 900
$ 100 . 00
$500. 00
$1, 000
$5, 000
$74. 00
74. 20
74. 50
74. 90
75. 40
76. 00
76. 70
77. 60
78. 60
79. 70
80. 90
82. 20
83. 50
84. 80
86 . 10
87.
88.
90.
91.
92.
94.
96.
98.
(2) Approximate
in v e s tm e n t
yield on purc h a s e price
from issue date
to beginning
of each halfyear period
(3) Approximate
investment
y ield on current
redemption
value from be
ginning of each
half-yearperiod
to m aturity
P e rc en t
Percent
$7, 400
7, 420
7, 450
7, 490
7, 540
7, 600
7, 670
7, 760
7, 860
7, 970
8, 090
0 . 00
8, 350
8, 480
8, 610
8, 740
8, 870
9, 000
9, 140
9, 290
9, 450
9, 620
9, 800
. 27
. 45
. 61
. 75
. 89
1. 03
1. 19
1. 34
1. 49
1. 63
1. 76
1. 87
1. 96
2. 03
2. 09
2. 14
2. 19
2. 24
2. 29
2. 34
2. 40
2. 46
$10,000
2. 53
8 , 220
*2. 53
2.64
2.73
2.82
2. 91
2. 99
3. 07
3.15
3. 20
3.24
3. 27
3. 29
3. 29
3. 31
3.32
3. 35
3.40
3. 46
3. 54
3. 63
3. 72
3.81
3.91
4.08
Approximate investment yield for entire period from issuance to m aturity.
UNITED STATES SAVINGS BONDS^-DEFENSE SERIES G
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing- (1) How United States Savings Bonds of Defense Series G (paying a current return at the rate of %
nercent per annum on the purchase price, payable semiannually) change m redemption value, by denominations during
Smcessive hSf-yeS- periods following issu^; (2) the approximate investment yield on the purchase price from issue date to
t h ^ b S in in g of ?Ich half-year period; and (3) the approximate investment yield on the current redemption value from
the beginning of each half-year period to maturity. Yields are expressed m terms of rate percent per annum, compounded
semiannually, and take into account the current return.
MATURITY VALUE.
ISSUE PRICE_____
Period after issue date
$100.00
$ 100 . 00
$500. 00
$500. 00
$1,000
$1,000
$5, 000
$5, 000
$10,000
$10,000
(1) Redemption values during each half-year period
Not redeemable.
First )4 year---------$494. 00
$98. 80
y2to 1 year----------489. 00
97. 80
1 to 1%years-------484. 50
1)
4 to 2 years--------- 96. 90
481. 00
96. 20
2 to 2)4 years-------478. 00
2)
4 to 3 years--------- 95. 60
475. 50
95. 10
3 to 3)4 years-------474. 00
94. 80
3) 4 to 4 years---------473. 50
94. 70
4 to 4)4 years----- ----473. 50
94. 70
4) 4 to 5 years---------474. 50
94. 90
5 to 5y2 years---------476. 00
95. 20
5) 4 to 6 years---------477. 50
95. 50
6 to 6)4 years---- -----479. 00
95. 80
6) 4 to 7 years---------480. 50
96. 10
7 to 7)4 years---------482. 00
96. 40
7) 4 to 8 years---------483. 50
96. 70
8 to 8)4 years---------485. 00
97. 00
8) 4 to 9 years---------486. 50
97. 30
9 to 9)4 years— ........
488. 00
97. 60
9) 4 to 10 years-------489. 50
97. 90
10 to 10)4 years........
491. 00
98. 20
10)4 to 11 years------493. 00
98. 60
11 to 11)4 years-----496. 00
99. 20
11) 4 to 12 years------MATURITY VALUE
$500. 00
$ 100 . 00
(12 years from issue date)
978
969
962
956
951
948
947
947
949
952
955
958
961
964
967
970
973
976
979
982
986
992
$1,000
Approximate investment yield for entire period from issuance to maturity.
$4, 940
4, 890
4, 845
4, 810
4, 780
4, 755
4, 740
4, 735
4, 735
4, 745
4, 760
4, 775
4, 790
4, 805
4, 820
4,835
4, 850
4, 865
4, 880
4, 895
4, 910
4, 930
4, 960
$9, 880
9, 780
9, 690
9, 620
9, 560
9, 510
9, 480
9, 470
9, 470
9, 490
9, 520
9, 550
9, 580
9, 610
9, 640
9, 670
9, 700
9, 730
9, 760
9, 790
9, 820
9, 860
9, 920
$5, 000
$10,000
(2) Approximate
in v e s tm e n t
yield on pur
c h a s e p ric e
from issue date
to beginning
of each halfyear period
(3) Approximate
i n v e stm e n t
yield on current
r e d e m p tio n
value from be
ginning of each
half-yearperiod
to m aturity
P e rc en t
Percent
1. 04
1. 20
1. 35
1. 51
1. 66
1. 79
1. 89
1. 98
2. 05
2 . 12
2. 18
2. 23
2. 27
2. 31
2. 35
2. 39
2. 44
*2. 50
2. 62
2. 73
2. 84
2. 94
3. 04
3.13
3. 20
3. 26
3. 30
3. 32
3. 33
3. 33
3. 34
3. 35
3. 37
3. 39
3.42
3. 46
3. 51
3.60
3. 75
3. 94
4 13
2. 50
U. 5, GOVERNMENT PRINTING OFFICE
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the tariff
rate quota for the calendar year 1941 on imports of crude
petroleum, topped crude petroleum and fuel oil, the produce
or manufacture of countries other than Venezuela, Netherlands
and Colombia, was filled during the week ended April 5, 1941.
Under the quota provisions of the trade agreement with
Venezuela, not to exeeed 138,587,400 gallons of such petroleum
and fuel oil may be entered, or withdrawn from warehouse, for
consumption at the reduced rate Of import tax of 1/4 cent per
gallon during the current calendar year.
Imports for consump
tion in excess of the quota are dutiable at the full rate of
1/2 cent per gallon.
oOo
TREASURY DEPARTMENT
W a s h in g to n
Press S e r v i c e
EOR IMMEDIATE RELEASE,
S a t u r d a y , A p r i l 1 9 , I 9 U1
H o.
2k-66
T he B u r e a u o f C u sto 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
fr o m t h e
th e
c o lle c to r s
c a le n d a r y e a r
p e tr o le u m
o f c u s t o m s sh o w t h a t
th e t a r i f f
th e p r o d u c e o r m a n u fa c tu r e o f c o u n t r i e s
t h a n V e n e z u e l a , N e t h e r l a n d s a n d C o lo m b ia , w as f i l l e d
exceed
e n te r e d ,
o th e r
d u r in g t h e w e e k
19^1.
U n d er t h e q u o t a p r o v i s i o n s
n o t to
q u o ta f o r
1 9 ^ 1 on im p o r ts o f c r u d e p e t r o le u m , to p p e d c r u d e
and . f u e l o i l ,
en d ed A p r il 5 ,
ra te
138,5 8 7 * ^ 0 0
of
g a llo n s
th e
tr a d e a g reem en t w ith V e n e z u e la ,
o f s u c h p e tr o le u m
o r w ith d r a w n fr o m w a r e h o u s e , f o r
a n d f u e l o i l may b e
c o n s u m p t io n a t t h e r e d u c e d r a t e
o f im p o r t t a x o f 1 /U c e n t p e r g a l l o n d u r i n g t h e c u r r e n t c a l e n d a r y e a r .
Im p o r ts f o r
c o n s u m p t io n i n
ra te
cen t p er g a llo n .
o f 1 /2
e x c e s s o f th e
~o0o~
q u o ta a r e d u t ia b le a t
th e f u l l
- 5 -
And from an upstate New York town came the following* ^
"Pear Cousin Delano:
“Don't let the wise guys throw you.
balance and your feet on the ground.
of the crape hangers.
Keep your head in the
Your doing a swell job in spite
We're still smart enough to swing the job,
bigger ones if necessary.
“Just keep Old Glory nailed to the masthead and let this cockeyed
old world understand that the American bird is an eagle, not a buzzard.
"Please find enclosed M.0, for five bucks as a down payment on an
extra hard hitting ocean going headache for our self named world
rulers.
I'm confident there are at least one million Americans
proud and willing if given the chance, to spill out the same or
more to have a little personal stake in what it takes to make stick
our Declaration of Independence and our God inspired Constitution.
“Thought you might like to hear from one of the little mugs
that don't rate the headlines and offer no apologies for being an
American.
“God Bless you and keep you in the way of His path.»
Treasury officials explained b& C such conations/Sre b e m ^ p u t
US / I l Offl
nto an accoujrfNqarked, “Miscellaneous EeceiptsV^/Doaationsy&r^
fnited Stkies citizens, for Na^ionalNtefense.“
Another letter to President Roosevelt read:
c-:^"Kindly accept from me on behalf of our great government the enclosed
donation to be used for defense of the government*
«1 am an old man, have an invalid wife and daughter and do not make
very much as a janitor here in California I am an alien but feel that
it is my duty and a great privilege to be able to assist in preserving
in some little way the great liberties I enjoy and have enjoyed here in
America.
The amount I am enclosing, ten dollars, is very small but it is
like the widow’s mite with me as it is the very best I can do at this
time.”
Another New Jersey man wrote the President:
**1 have enclose my $1.
as I promised to sacrifice in self denial for ’all out aid for total
defense.*".
An elderly New Yorker sent the Treasury twenty-five dollars and
explained "At my age I do not care to buy a bond,
but I want to do my
little bit toward preparing for war and keep down future taxes.
"Hoping that I might be able to contribute late to what I consider a
noble cause I r e m a i n -----*
A little girl from New York wrote the president "I am sending you
some money to build up your army, your loving friend," and enclosed
twenty-five cents,
A former artillery officer of the Italian army suggested that every
man and woman in America sent in five dollars a month and started things
off with his first $5 promising to be back each month.
From Pennsylvania
came a telegraphic money order for $150 with the message "for defense."
and from Arizona a dollar wrapped in a paper on which was written, "For
Defense.
I will be back."
-3saved one dollar from candy and X have started another for a submarine*
And as soon as I get another I shall send it immediately.
For Dear
President I hope you will get enough men and ships to wipe out a certain
Nazi leader named Hitler.
Well Sir that*s all I wanted to sayM That
was written in scrawly penciled letters on school tablet paper.
From New York came this one*
Office.
MTo the Treasury
Preparedness
Dear Sir I can*t make enough to have income tax as I only had
six months work last year.
But I can afford to send you ten dollars to
help he prepared against war, hut I don*t want war.
its grand and nohle to help the British Isles.M
X do though think
A post script explained
that this writer dicLn*t want her name used because she was an ordinary
old cook.M
From a small town in Illinois, this letter came to the President.
^Dear S i n
Please accept this small gift to national defense sent by a
young draft registrant in the glorious battle against Nazism and tyrany.
I want to do what I can for my country even though it will only pay a
soldier for a day.
It could NEVER be spent BETTER.M
From Pittsfield, Massachusetts, this letter came to the President.
^Dear Mr. Presidents
I have just read your last night*s speech.
good for my soul.
I am sending two dollars for national defense.
It was
Please
forgive my bothering your office with the clerical work of transferring
only two dollars to national defense.
The Federal income man here has
known me since I was a baby and since I have not enough money to pay
income tax I am afraid he would think me crazy.
May God give you and
those who work with you the ability and the vision to conduct national
affairs that this time there will be no revulsion toward the selfishness
of isolation but the United States can continue to grow in wisdom and
international good neighborliness. **
-
F rom a b i g c i t y
2
-
i n New J e r s e y ;
“ P r e s id e n t R o o s e v e lt;
I am an A m e r ic a n o f I t a l i a n
D e m o c r a t ic p a r t y s i n c e
I am a c i t i z e n
don’t
p a y n o ta x *
d e s c e n t a n d h a v e b e e n i n th e
o f t h e U n ite d S t a t e s *
S m a ll e a r n e r
I am e n c l o s e T w e n ty D o l l a r s m o n ey o r d e r *
A m e r ic a n D e f e n s e ,
C o n tr ib u tio n fo r
God B l e s s e d A m e r i c a .”
A n o t h e r fr o m N ew J e r s e y e n c l o s i n g i l s j p
'“ D e a r S i r ;
P l e a s e u s e t h i s m o n ey f o r Army p a y r o l l , ”
F ran A llia n c e ,
M o r g e n tn a u ;
and M u s s o lin i* ”
O h io :
H e r e w ith $ 2 5 / t o b e u s e d f o r t h e b e s t p u r p o s e t o
H it le r
T h a t w a s fr o m a r e t i r e d r a i l r o a d w o r k e r .
From a n o t h e r to w n i n
0 » D e a r M r . M o r g e n th a u :
d id n ’ t
lic k
T exas
I g o t y o u r l e t t e r t o m e.
(a b o u t b o n d s)
T he r e a s o n I
g e t a n y s a v i n g s b o n d t h i s y e a r w a s b e c a u s e f o r my b i r t h d a y my m o th e r
g o t me a b i c y c l e , i n s t e a d .
” 1 am s a v i n g b o n d s s o I c a n g o t o c o l l e g e b u t y o u c a n u s e th e m ’ t i l I
g r o w u p b e c a u s e I am o n l y t e n y e a r s o l d n o w .
” 1 u n d e r s t a n d w h a t fr e e d o m a n d l i b e r t y m ean a s ray f a t h e r cam e fr o m Poland.
” 1 d id n o t w r it e th e p r e s id e n t b e c a u se he i s
b u sy t o o .
me o n e . ”
But i f
so b u sy .
I f i n d tim e t o w r it e y o u a l e t t e r ,
Y ou a r e p r o b a b ly
p l e a s e f i n d t im e t o w r ite
She g o t h er a n sw er.
A d o z e n g i r l s fr o m t h e e a s t s e n t t e n
c e n t s e a c h a s ”A B a r r a g e o f Dim es
fo r B r ita in ” .
An an o n y m o u s w ri t e r t y p e d jg n r u l e f L-paper-.-wh i c h e n c l o s e d $ 1 ;
C i
d o n o t p a y in c o m e t a x .
I ’m t o o
o ld f o r w ar d u ty .
—
B u t I owe t h i s t o my
g o v e r n m e n t t h a t h a s g i v e n me i n d e p e n d e n c e a n d l i b e r t y ” .
T h i s cam e fr o m L o s A n g e l e s ;
D ear P r e s id e n t R o o s e v e lt ;
t h a t I am v e r y p r o u d . ,
t h a t you w ere s ic k
I r e c e iv e d you r lo v e ly l e t t e r
a n d y o u m ay b e su re
M r. R o o s e v e l t I w a s s o r r y w h en I r e a d i n t h e p a p e r
D ear S ir ;
I have
Treasury officials explained all such donations are being put
into an account marked, Miscellaneous Receipts*
States citizens for National Defense”.
Donations from United
, In some instances, they noted,
writers are enclosing funds for the purchase of Defense Savings securities
which will not go on sale until May 1*
In these cases the money is being
returned to the sender / with a friendly little note, signed by a Treasury
official, expressing the Government’s appreciation*
TREASURY DEPARTMENT
Washington
^ — / Releasemorning
Press Service
No. 2^-67
FOI/jmè8fê NEWSPAPERS
S u n d a t y ,\April 20, 1941
I
Hundreds of American citizens have taken the bit in their teeth and
already are making voluntary sacrifices for National Defense.
Correspondence
received at Defense Savings Staff headquarters of the Treasury Department,
reviewed yesterday, showed the widespread sources of their contributions.
Scrub women in Brooklyn, cowpunchers in Texas, aging janitors,
youngsters of ten and eleven years have written to President Roosevelt
/ZAT#
and the Treasury enclosing donations of from ten cents to .
one"'hundred-'^uid
¿ifby deÆLaye to help “keep America safe” .
It was this quality that prompted the Treasury to select the "Minute
Man“ of Revolutionary days as the symbol of the new Defense Savings program
which opens over the entire country May 1 with the sale of special bonds
and stamps.
The Minute Men, with their slogan “On Guard'1, volunteered to hold
themselves ready at a minute's notice to defend the liberty of their
communities against oppression, it was pointed out.
They were mechanics
and bankers, lawyers and field laborers, judges and students, just as are
" these voluntary contributions to the national defense fund.
Here are sane of the letters the volunteers have written:
From Aransas Pass, Texas^j^
“Dear Mr. Rosseveit:
I am a school girl of thirteen and when I read this
clipping (a newspaper story on the cost of national defense) I thought that
I would send you a dollar I had saved to use for the national defense pro
gram.
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Sunday, April 20, 1941________
Press Service
No. 24-6?
Hundreds of American citizens have taken the bit in their teeth and
already are making voluntary sacrifices for National Defense.
Correspondence
received at Defense Savings Staff headquarters of the Treasury Department,
reviewed yesterday, showed the widespread sources of their contributions.
Scrub women in Brooklyn, cowpunchers in Texas, aging janitors,
youngsters of ten and eleven years have written to President Roosevelt and
the Treasury enclosing donations of from ten cents to $150 to help "keep
America safe".
It was this quality that prompted the Treasury to select the "Minute
Man” of Revolutionary days as the symbol of the new Defense Savings program
which opens over the entire country May
1
with the sale of special bonds
and stamps.
The Minute Men, with their slogan n0n Guard”, volunteered to hold
themselves ready at a minute's notice to defend the liberty of their
communities against oppression, it was pointed out.
They were mechanics
and bankers, lawyers and field laborers, judges and students, just as are
the senders of these voluntary contributions to the national defense fund.
Treasury officials explained all such donations are being put into
an account marked, ''Miscellaneous Receipts.
citizens for National Defense”.
Donations from United States
In some instances, they noted, writers
are enclosing funds for the purchase of Defense Savings securities which
will not go on sale until May 1.
In these cases the money is being returned
to the sender with a friendly little note, signed by a Treasury official,
expressing the Government's appreciation.
~
2
-
Here si’s some of the letter’s the volunteers have writ wen.
From Aransas Pass, Texas:
’’Dear Mr. Rossevelt:
I am a school girl
of thirteen and when I read this clipping (a newspaper story on the cost of
national defense) I thought that I would send you a dollar I had ssved to
use for the national defense program.”
From a big city in New Jersey:
’’President Roosevelt:
I am an
American of Italian descent and have been in the Democratic party since
I am a citizen of the United States.
am enclose Twenty Dollars money order.
Small earner don’t pay no tax.
I
Contribution for American Defense.
God Blessed America.”
Another from New Jersey enclosing $1,:
’’Dear Sir:
Please use this
money for Arny pay roll.”
From Alliance, Ohio:
»Mr. Morgenthau:
Herewith $25 to be used for
the best purpose to lick Hitler and Mussolini.”
That -was from a retired
railroad worker.
From another town in Texas:
to me.
(about bonds)
’’Dear Mr. Morgenthau:
I got your letter
The reason I didn’t get any savings bond this year
vras because for my birthday my mother got me a bicycle instead.
”1
am saving bonds so X can go to college but you can use them
til I
grow up because I am only ten years old now.
”1
understand what freedom and liberty mean as my father came from
Poland.
”1
did not -write the president because he is so busy.
busy too.
You are probably
But If I find time to write you a letter, plqase find time to
write me one.”
She got her answer
- 3 A dozen girls from "the east sent ten cents each as "A Barrage of Dimes
for Britain”•
An anonymous writer typed on ruled paper which enclosed $1:
pay income tax.
I ’m too old for Y/ar duty.
”1 do not
But I owe this to my government
that has given me independence and liberty.”
This came from Los Angeles:
”Dear President Roosevelt:
I received
your lovely letter and you may be sure that I am very proud., Mr. Roosevelt
I was sorry when I read in the paper that you Yrere sick Dear Sir:
I have
saved one dollar from candy and I have started another for a submarine.
And as soon as I get another X shall send it immediately.
Bor Dear President
I hope you Yfill get enough men and ships to wipe out a certain Nazi leader
named Hitler.
Well Sir that’s all I wanted to say”
That was written in
scrawly penciled letters on school tablet paper•
From New York came this one:
Office.
"To the Treasury:
For Preparedness
Dear Sir I can’t make enough to have income tax as I only had six
months work last year.
But I can afford to send you ten dollars to help
be prepared against war, but I don’t v;ant war.
grand and noble to help the British Isles.”
I do though think its
A postscript explained that
this writer didn’t want her name used because she was an "ordinary old
cook.”
From a small town in Illinois, this letter came to the President.
"Dear Sir:
Please accept this small gift to national defense sent by a
young draft registrant in the glorious battle against Nazism and tyrany.
I want to do what I can for my country even though it will only pay a
soldier for a day.
It could NEVER be spent BETTER.”
.
— 4 —
From Pittsfield, Massachusetts, this letter came to the President.
»»Dear Mr. President: •I have just read your last night’s speech.
good for my soul.
I am sending two dollars for national defense.
It was
Please
forgive my bothering your office with the clerical work of transferring
only two dollars to national defense.
The Federal income man here has known
me since I was a baby and since I have not enough money to pay income tax
I am afraid he would think me crazy.
May God give you and
those who work
with you the ability and the vision to conduct national affairs that this
time there will be no revulsion toward the selfishness of isolation but the
United States can continue to grow in wisdom and international good neighbor
liness .M
Another letter to President Roosevelt read:
"Kindly accept from me
on behalf of our great government the enclosed donation to be used fcr
defense of the government.
"I am an old man, have an invalid wife and daughter and do not make
very much as a janitor here in California I am an alien but feel that it
is my duty and a great privilege to be able to assist in preserving in some
little way the great liberties I enjoy and have enjoyed here in America.
The amount I am enclosing, ten dollars, is very small but it is like the
widow's mite with me as it is the very best I can do at this time.'
Another New Jersey man wrote the President:
"I have enclose my $1.
as I promised to sacrifice in self denial for 'all out aid for total
defense.'".
An elderly New Yorker sent the Treasury twenty-five dollars and explained
"At my age I do not care to buy a bond,
but I want to do my little bit
toward preparing for war and keep down future taxes.
"Hoping that I might be able to contribute late to what I consider a
noble cause I r e m a i n ---- n
I
A little girl from New York wrote the president "I am sending you some
money to build up your army, your loving friend," and enclosed twenty-five
r *
A former artillery officer of the Italian army suggested that every man
end woman in America sent in five dollars a month and started things off
Yiith his first $5 promising to be back each month.
From Pennsylvania came
a telegraphic money order for $150 with the message "for defense." and from
Arizona a dollar wrapped in a paper on which was written, "For Defense.
I
will be back."
And from an upstate New York town came the following:
"Dear Cousin
Delano:
"DonH let the wise guys throw you.
your feet on the ground.
hangers.
Keep your head in the balance and
Your doing a swell job in spite of the crape
We*re still smart enough to swing the job, bigger one if necessary.
"Just keep Old Glory nailed to the masthead and let this cockeyed old
world understand that the American bird is an eagle, not a buzzard.
"Please find enclosed M.O. for five bucks as a down payment on an extra
hard hitting ocean going headache for our self named world rulers.
I Tm
confident there are at least one million Americans proud and willing if
I
given the chance, to spill out the same or more to have a little personal
stake in what it takes to make stick our Declaration of Independence and
>
our God inspired Constitution.
- Ij~
’»Thought you raight like to hear from one of the little mugs that
don’t rate the headlines and offer no apologies for being an Ameri&an.
’’God bless you and keep you in the vray of His path.1’
mom
V*-
TM^nT.VF^WT BATÌOMAL BANKS LIQUIDATED AND FLNADLÏ CLOSED
_________
Name and Location of Bark:
Anaheim First Nat!l Bank
Anaheim, California
First Nat*l Bank & Tr.Co., in
Orlando, Florida
Gity National Bank
Goshen, Indiana
Second National Bank
New Albany, Indiana
Peoples-American Nat*l Bark
Princeton, Indiana
First National Bank
Fremont, Ohio
First National Bank
Massillon, Ohio
First National Bank
Clifton Heights, Pa,
First National Bank
Patton, Pennsylvania
Peoples National Bank
Pitcairn, Pennsylvania
Date of
Failure:
D U R I N G T H E M O N T H O F MAR C H . 19A3-
Total
Disbursements
Including
Offsets Allowed:
________
Per Cent
Dividends
Declared
to All
Claimants:
Capital
Stock at
Date of
Failure:
$
75,000.00
Cash, Assets,
Uncollected stock
Assessments, etc.,
Returned to Share
holders:________ _
$
000
1-15-34
531,402.00
59.
*
2-27-34
2,305,808.00
30.
*
200,000.00
000
5-8-34
1,038,486.00
91.
100,000.00
000
3-23-34
1,924,346.00
97.533*
300,000.00
000
10-2-33
981,947.00
78.16*
125,000.00
000
3-5-34
2,037,183.00
80.99*
200,000.00
000
3-23-33
2,816,189.00
86.60*
300,000.00
000
5-22-34
1,409,301.00
66.25*
50,000.00
000
9-21-34
1,139,573.00
¿6.73*
200,000.00
000
412,595.00
73.67*
75,000.00
000
3-2-32
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
'7 /! 1 ,,
tX<ü) /ÿ ^ /
During the month of March 1941, the liquidation
of ten 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
ten receiverships,
amounted to $14-, 596,830, while dividends paid to unsecured
creditors amounted to an average of 72.97 percent of their
claims.
Total costs of liquidation of these receiverships
averaged 7.64- percent of total collections from all sources
including offsets allowed.
Dividend distributions to all creditors of all active
receiverships during the month of March 1941> amounted to
$1,931,573.
Data as to results of liquidation of the receiver
ships finally closed during the month are as follows:
Comptroller of the Currency
Washington
Press Service
No. 24-68
During the month of March 1941, the liquidation
of ten 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 ten receiverships,
creditors amounted to an average of 72.97 percent of their
averaged 7.64 percent of total collections from all sourcés
including offsets allowed.
Dividend distri.buti.ons to all creditors of all active
receiverships during the month of March 1941, amounted to
C>1,931,573.
Data as to results of liquidation of the receiver
ships finally closed during the month are as follows
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF MARCH, ig4l____________
Name and Location cf Bank:
Anaheim, California
First Nat'1 Bank & Tr.Co,, in
Orlando, ¿Florida
City National Bank
Goshen, Indiana
Second National Bank
New Albany, Indiana
Peoples-American Nat'1 Bank
Princeton, Indiana
First National Bank
Fremont, Ohio
First National Bank
Massillon, Ohio
First National Bank
Clifton Heights, Pa*
First National Bank
Patton, Pennsylvania
Peoples National Bank
Pitcairn, Pennsylvania
Date cf
Failure;
Total
Disbursements
Including
Offsets Allowed:
Capital
Stock at
Dat e of
Fai lur e;
7 5 ,0 0 0 ,0 0
$
000
59.
$
2-27-34
2 ,3 0 5 ,8 0 S.,00
30.
%
200,000.00
000
5 -8 - 3 4
1
HI(Si
100,000.00
000
3-23-34
1,924,346.00
9 7 .5 3 3 $
3 0 0 ,0 0 0 ,0 0
000
,0 3 8 ,4 8 6 * 0 0
$
Cash, Assets.,
Uncollected stock
Assessments, etc.,
Returned to Shareholders;
5 3 1 ,4 0 2 ,0 0
1-15-34
$
Per Cent
Dividends
Declared
to All
Claimants:
10-2-33
9 8 1 ,9 4 7 . 0 0
7 8 .1 6 $
1 2 5 ,0 0 0 ,0 0
000
3-5-34
2 ,0 3 7 ,1 8 3 . 0 0
8 0 .9 9 $
200,000.00
000
3-23-33
2
,8 1 6 ,1 8 9 .0 0
8 6 .6 0 $
3 0 0 ,0 0 0 .0 0
oco
5-22-34
1
,4 0 9 ,3 0 1 . 0 0
6 6 .2 5 $
5 0 ,0 0 0 .0 0
000
9 -2 1 - 3 4
1,139,573.00
4 6 .7 3 $
200,000.00
000
4 1 2 ,5 9 5 , 0 0
73.67$
75,000.00
000
3-2-32
For 166,120 returns with actual net loss from all assets,
the actual net loss amounted to $645,000,000, while the statutory
net loss amounted to $130,000,000, of which $82,000,000 was
realized from stocks and bonds alone.
The volume includes tables which cross-classify number of
returns:
(l) by size of statutory net income or deficit and size
of net income or deficit excluding net capital gain or loss, (2)
by size of statutory net income or deficit and size of net income
or deficit including actual net capital gain or loss, and (3) by
size of net income or deficit excluding net capital gain or loss
and size of net income or deficit including actual net capital
gain or loss.
Data are presented also on actual net capital gains
losses from all assets and from stocks and bonds, classified
by number of years the assets were held.
TREASURY DEPARTMENT
Washington
R E L E A S E
Press Service
No.
(¿f
M - papers,
1941.
Secretary of the Treasury Morgenthau today made public the
third volume of «Statistics of Income Supplement Compiled from
Income Tax Returns for 1936."
This volume contains tabulations
respecting capital gains and losses reported by individuals on
Form 1040 for 1936.
The data supplement those published in
"Statistics of Income for 1936, Part 1" and were obtained from a
special study of income tax returns for 1936 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.
Of a total of 5,367,580 individual returns tabulated by the
Income Tax Study, 644,251 reported capital transactions.
Only
482,622 such returns were included in the present tabulations,
however, since 98,854 returns on Form 1040A and 62,775 returns
on Form 1040 did not contain complete information.
For 316,502 returns with actual net gain from all assets, the
actual net gain amounted to $1,225,000,000, while the statutory
net gain amounted to $821,000,000, of which $635,000,000 was
realized from stocks and bonds alone.
TREASURY DEPARTMENT
Washington
FOR RELEASE, HORNING PAPERS,
Thursday, April 24. 1941
Press Service
No. 24 - 69
Secretary of the Treasury Liorgenthau today made public the
tliird volume of “Statistics of Income Supplement Compiled from
Income Tax Returns for 1936."
M s
volume contains tabulations
respecting capital gains and losses reported by individuals on
Form 10AO for 1936.
The data supplement those published in
"Statistics of Income for 1936, Part 1" and were obtained from
a special study of income tax returns for 1936 sponsored and
directed by the Division of Tax Research of the Treasury Depart
ment and financed by funds transferred by the Commissioner of
Work Projects to the Department under authorization of the
President.
Of a total of §367,560 individual returns tabulated by the
Income Tax Study, 644*251 reported capital transactions.
Only
482,622 such returns were included in the present tabulations,
however, since 98,854 returns on Form 104CA and 62,775 returns
on Form 1040 did not contain complete information.
For 316,502 returns with actual net gain from all assets, the
actual net gain amounted to ;£l,2 2 5 ,000,000, while the statutory
net gain amounted to $8 2 1 ,000 ,000 , 0f v/hich ';£35,000,000 was
realized from stocks and bonds alone.
For 166,120 returns with actual net loss from all assets,
the actual net loss amounted to £645,000,000, ■while the statutory
net loss amounted to. £130,000,000, of which £02,000,000 was
realized from stocks and bonds alone.
The volume includes tables which cross-classify number of
returns:
(l) by size of statutory net income or deficit and size
of net income or deficit excluding, net capital gain or loss, (2)
by size of statutory net income of deficit and. size of net income
or deficit including actual net capital gain or loss, and (3) by
size of net income- or deficit excluding net capital gain or loss
and size of net income or deficit including actual net capital
gain or loss.
Data are presented also on actual net capital
gains and losses from all assets and from stocks and bonds,
classified by number of years the assets were held.
I
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
, Tuesday, April 22, 1941
* 4721731------------------
Press Service
No. 24-70
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be dated April 23 and to mature July 23, 1941, which were offered
on April 18, were opened at the Federal Reserve Banks on April 21.
The details of this issue are as follows:
Total applied for - $247,429,000
Total accepted
- 100,100,000
l
I
Range of accepted bids:
High - 99*990 Equivalent rate approximately 0.040 percent
Low 99.972
tf
,f
,f
0.111 percent
Average
Price 99.975
"
"
"
0.097 percent
(67 percent of the amount bid for at the low price was accepted)
- 0O 0-
&
£
liminary organization purpose].
The experience obtained in these
states will be used te^V&nJ^age »« the remaining 42 states
m* m
iiiiir~tTr
State Administrators and their
organizations will report to Gale F# Johnston, National Field Director
oF^eDe^ns^'feav-ings Staf
♦»This national effort to make it possible for aH^rnan, woman and
child to *buy a share in America* is being conducted on a purely voluntary basis,” Mr# Johnston said#
* p^n^am
— -*^^HSkre' grati fled that "che governors
l£ged their support
iiaTRarm*ta g f * ^
that other chi<
t at* *E*wcttt1 v o a w i l 1 prove
Thred types of PwfeiMm Bonds and Postal Savings Stamps in five
^
m
AAL
denominations will -go—
Saving* B*«4e-g--Sgrt^^
u^oiT
their mat \irity. value ^maturity in ten years#
The smaller bond is the
$25 denomination, offered^at^.$18#75#
Series F Savings Bonds ^ intended
mid T D W T Vy
will be offered for 74 per cent of^eaturity value,
I mAtanitv
in 12 vears.
"mu.mu/ir llljiniCTerrlifrT|l''l
{jet*#*”
ger investors, trustees,
Denominations
ranee
from
1100 to1' $10,000#
r"nr^rrmnfrffuTinrn r
—
■ #> .V # >m'
^
ihh hiiiii
ii
&
TREASURY DEPARTMENT
fh
FOR RELEASE^
A \ M (b+
___________
^ thaf3l__ Governors
I Secretary Morgenthau
announced today
'’'for organization in the
of the first six states
Defense Savings program¿have accepted honorary chairmanships«
?he
prh w i v ^
v*.
'*m rfcftiwpy^May 1 with Defense Savings Bonds and
Stamps going on sale
*n 16,000 post offices/ and many
o jji A ^Sur>M
banks and savings institutions in wnHCBpapwp# of the oountry«
|The (ifcvernorsN ui!iis'p^iwg^Wdadrafy chairmanships are Robert
A. Hurley, Connecticut; Murray D. Van Wagoner, Michigan; Forrest
C* Donnell, Missouri; J« Melville Broughton, North Carolina; Bur
net R« Maybank, South Carolina, and W« Lee 0*Daniel, Texas«
State Administrators for the
~lXjL4JZ.
been appointed in tiws^©i■rl
»*,s ix states«
l^iaveyalready'
_
_
They are/ Thomas S« Smith,
Connecticut; Giles Kavanagh, Michigan; Dan M« Nee, Missouri; Charles
H« Robertson, North Carolina; Frank Scofield, Texasjj William P«
Bowers, South Carolina, all of whom are Collectors of Internal Reve
nue,
Formation ofy6tate/uommittees to assist in the drive is rapid-
/
/
ly nearing completion injhfefla0&x states which were chosen for pre-
2 -
"This national effort to make it possible for every man,
woman and child to ’b u y a share in America*
on a purely voluntary basis,"
is b eing conducted
Mr. Johnston said.
Three new
types of Bonds and Postal Savings Stamps in five denominations
will be sold«
-0 O0 -
TREASURY DEPARTMENT
P r ess Service
No. 2 4 - 1 /
FOR RELEASE, A F T E R N O O N P A P E R S
W e d n e s d a y , A p ril 23, 1941
S e c r e t a r y M o r g e n t h a u a n n o u n c e d t o d a y that G o v e r n o r s of the
first six states
c h o s e n f o r o r g a n i z a t i o n in the D e f e n s e Savings
program have accepted honorary chairmanships*
Th e p r o g r a m w i l l be l a u n c h e d M a y 1 w i t h D e f e n s e Savings Bonds
and Stamps g o i n g o n sale in 1 6 , 0 0 0 p o s t of f i c e s a n d m a n y banks and
savings
institutions
in all
sections o f the
country*
The G o v e r n o r s w h o h a v e a c c epted c h a i r m a n s h i p s are Robert
fly,
A. Hurley, C o n n e c t i c u t ; M u r r a y D* V a n W a g o n e r , M i c h i g a n ; Forrest
C. Donnell,
Missouri;
B u r n e t R. M a y bank,
J. M e l v i l l e B r o u g h t o n , N o r t h Carolina;
S o u t h Carolina,
a nd W. L e e 0 fDaniel,
Texas*
S t ate A d m i n i s t r a t o r s for the p r o g r a m a l r e a d y h a v e been
a p p o i n t e d in these
Giles K a v anagh,
H. R o b e rtson,
six states*
T h e y are T h o m a s S* Smith,
M i c h i g a n ; Dan M* Nee,
Missouri;
N o r t h Carolina!) p r a n k Scofield,
/ W i l l i a m P. Bowers,
S o u t h Car o l i n a ^
Connecticut;
Charles
Texas./-«3*0.
ail of w h o m are Collectors
of Inter n a l R e v enue*
F o r m a t i o n of state c o m m i t t e e s to a s s i s t
l y n e a r i n g c o m p l e t i o n in t h ese
liminary organization purposes*
wil l be u s e d as a g u i d e
in the drive is rapid
states w h i c h w e r e
chosen for pre
The e x p e r i e n c e o b t a i n e d in these sta
in the r e m a i n i n g 42 states*
State
A d m i n i s t r a t o r s a n d their o r g a n i z a t i o n s will r e p o r t to Gale F.
Johnston,
Staff
F i e l d D i r e c t o r of t h e Treasury* s Defense Savings
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON PAPERS,
Wednesday, April 23, 1941.
Press Service
No. 24-71
Secretary Morgenthau announced today that Governors of the first
six states chosen for organization in the Defense Savings program have
accepted honorary chairmanships.
The program will be launched May 1 with Defense Savings Bonds and
Stamps going on sale in 16,000 post offices and many banks and savings
institutions in all sections of the country.
The Governors who have accepted chairmanships are Robert
A. Hurley, Connecticut; Murray D. Van Wagoner,
Michigan; Forrest
C. Donnell, Missouri; J. Melville Broughton, North Carolina; Burnet •
R. Maybank, South Carolina, and W, Lee O ’Daniel, Texas
State Administrators for the program already have been appointed
in these six states.
They are Thomas S. Smith, Connecticut; Giles
Kavanagh, Michigan; Dan M. Nee, Missouri; Charles H. Robertson,
North Carolina, William P. Bpwers, South Carolina, and Frank Scofield,
Texas, all of whom are Collectors of Internal Revenue.
Formation of state committees to assist in the drive is rapidly
nearing completion in these states which were chosen for preliminary
•rganization purposes.
The experience obtained in these states will
be used as a guide in the remaining 42 states.
State Administrators
and their organizations will report to Gale F. Johnston, Field
•
o. -
"This national effort to make it possible for- every man,
woman end child to ’buy a share ‘it America’ is being conducted
on a purely voluntary basis,"
Mr* Johnston said*
Three new types
*of Bonds and Postal Savings Stamps in five denominations will be
sold •
11
were not for the necessities an d the conveniences which our
taxes have made possible.
\
\
/
We are now about to pay for t h e <greatest
the safety and protection of our country.
service of all:
How much does it
mean to the American taxpayer to have a navy guarding American
shores?
H o w mu c h does it mean to him to have an adequate
supply of airplanes and other weapons of national defense?
much is it w o r t h to be a free man living in a free land?
How
If
we remember always the services we are receiving as individuals
the new taxes will seem a small price to pay.
-Everything-we-
h a v e , everythlng-.The
¡»xy
American p e o p l e ^ j w l m w * are ready to dbefsnd that st-akci n o — -
-
-
0
—
iJfr
D-E
i|g
|
i
¡r 'if
f
f
The Treasury is prepared “
to p o c o . m m e "tax revisions of
which the most Important features are an increase of income
tax rates, a lowering of the minimum income subject to surtax,
an increase in excess profits tax, and finally, new excise
taxes on a number of commodities which 8.re not essential to
the defense program.
Mr. Sulll^an^nd the Treasury Staff are
here to discuss these* rooomme^dati-fraa* in detail.
/Vt,c
rr,.- ' L ».,JEr:
£- should like
The American
A
people,
I be l i e v e ,
exactions
have o u t g r o w n the o l d i d e a that taxes were
f o r c e d u p o n t h e m b y t h e i r G overnment.
to u n d e rstand,
e s p e c i a l l y in the p a s t
are p a y m e n t s f o r servi c e s rendered.
see h i g h ways,
schools,
airports,
W e have come
eight years,
that taxes
We can l o o k about us and
r e c l a m a t i o n w o r k a n d Govern
ment activities of all kinds which have been paid for by our
own efforts.
Our daily lives would be insupportable if it
- 9 -
that any section should he exempted from sharing in the com
mon task.
We all want labor to earn fair wages, the farmer
to have his proper share of the national income, and business
to make a fair profit.
Please note that I used the term ’’fair” profit.
No busi
ness, no American, should make inordinate and excessive profits
out of this national emergency.
The Congress has tried to deal
with the problem of defense profiteering through excess profits
taxes.
We all know how hard it is to devise any excess profits
tax which is 100 per cent protection against defense profiteer
ing, but I hope that the bill to be written by this Committee
will be helpful in further reducing the evil.
The American
people do not intend that any of their number shall grow rich
and fat out of this country*s danger.
They will, in my opinion,
support any fair and workable tax that will help to keep this
from occurring,
- g ~
has sounded.
Ordinary traffic must get to one side to let
the engines get through.
Planes and tanks and guns now have
the right of way; other traffic can he permitted only if it
does not obstruct the National purpose.
Now, I don*t want anyone to misunderstand me.
I want to
make it perfectly clear that we must continue to provide for
those o-f our Beetle in want, who face old age without means
4
of their own, or who are otherwise in urgent need of relief.
There has been general agreement that much higher taxes
are necessary; but one group has urged that new taxes be im
posed on labor but not on business, while another group has
argued that the rich and prosperous can siford to bear the
whole load.
Both kinds of advice should be disregarded.
The
job before us is so big that all the American people must help
to carry it out, in proportion to their ability to pay.
It is
unsound, especially at a time like this, to proceed on the
assumption that any group of our people should be penalized or
D-E
- 7 -
as usual and government as usual from now on and still take
adequate care of our defense needs.
It would be a tragic error
to assume that we can expand our defense production on a
colos
sal scale and still go our usual ways, whether as a Government
or as individuals.
It would be folly to assume that we can
& aa!
'U M
o L k £\
continue to soend. as-bof u r u ^ n all the t h i n g s which -we— could~
A
^
■ ■
n ow .
fttnse effurt'T"
In the past twelve months, we have completely revised our
thinking on defense expenditures, as this Committee knows.
We
are now awake to the need for expenditures on the enlarged
scale required to make this country safe and strong.
We have
not, however, kept pace with events in our thinking about non
defense and non-relief spending
We have remained curiously
static in our conceptions of what to spend on those things not
directly connected with defense.
D-E
The siren of the fire engine
- 6 -
LJaws^Just stated/tha\ our defense e^eülpitui»^ for the
111111f\n^i
hillion dollars.
next fiscal are now eystimted
here must, of course, be no stinting of our defense expendiLres
'But there is another set of expenditures which, as I sug
gested to this Committee on January 29, we should now "re
examine with a magnifying glass."
These are the government
expenditures which are neither for purposes of defense nor for
purposes of relief and security from want.
We are continuing
to spend in these non-defense and non-relief fields as if we
had no emergency defense program, as if we could superimpose
our huge rearmament effort upon government as usual and busi
ness as usual.
This was all right before the existing emergency
and while there continued to be a large volume of available
unemployed resources.
D-E
But we simply cannot carry on business
- 5 The tax program before you is designed to promote these
very objectives«
First of all, it will help to mobilize our resources for
defense by reducing the amount of money that the public can
spend for unnecessary things.
Secondly, it is designed so that all sections of the
people shall bear their fair share of the burden*
And finally, it is designed to prevent a general rise in
pr
ices by keeping the total volume of monetary purchasing power
from outrunning production.
If we
>rovide three and a half billion dolla-rs in addi
to ta l
tional ^ x a t i on, the fiscal situation/7for 19^2 will/éhow
, of whiora defense expenditures will
expenditure of
amount to /
/
/
/
.
.
/
pelj^neous receipts will be
D-E
/
s
L
Total revenues from taxation and ^is/
/
y
\
, leaving
to
- 4 —
security is mounting hour by hour.
Yet we shall find our
selves spending less than fifteen per cent of our national
income for the national safety.
That is why I say that we
are not spending fast enough«
D
The problem of building our defense is fundamentally a
problem of production.
We cannot build planes and tanks,
ships and guns, merely by voting money.
We build them with
labor and management, with raw materials and machinery.
The
resources now employed in the defense industries are not
enough to produce the guns and tanks and ships and planes that
we need.
We must hasten the reemployment of our idle resources,
Even this increase will not be enough.
As we closely approach
full employment of our resources, we must take the next step
of diverting to defense production more and more of the re
sources now engaged - »gnwt*r
civilian needs and wants.
D-E
in satisfying our
- 3 -
more than twelve billions will be spent for defense purposes
in the fiscal year ending June 3°> 19^2 It would be pleasant for me to be able to tell this Com
mittee that this rate of expenditure is ample and that all is
well with our production, but I could do no greater disservice
to the American people*
We all remember how the French lulled
themselves to sleep with the thought of the Maginot Line and
with a production program that existed only on paper*
We must
not lull our people into a false sense of security by pretend
ing that our weapons of defense are about to pour off the
assembly lines in an inexhaustible flood.
SJ /r\jZ
_^^sL^vVVvz\ £:^ ^
The truth» is that at the start of the new fiscal year we
/I
shall be spending no more than 1 billion dollars a month on
defense.
fire.
Almost two years will have passed with the world on
The forces of aggression already control all the fac
tories of continental Europe*
D-E
The danger to our peace and
2
have uncomplainingly carried far heavier defense burdens
in proportion to their size and population*
We are big and rich and strong.
We are economically
better able to carry this load than any other people in the
world.
The American taxpayer stands ready to take this burden
in his stride.
The Ane rican people would not take back one penny of the
billions that have already been appropriated for national de
fense.
If any complaint is justified, it is that these appro
priations are not being translated fast enough into actual ex
penditures, into actual production.
We now have on our books about thirty-five billion dollars
in defense appropriations.
Many people assume from this figure
that we are going to spend most of these thirty-five billions
in the coming fiscal year.
But our studies at the Treasury have
shown that unless we greatly speed up our production effort, no
D-E
I have come before you today to discuss with you the
i
need of producing three and a half billion dollars annually
in additional revenue for the defense of our country.
Such
an increase is without precedent, but the situation confronting
us today is also without parallel*
We are faced with a greater challenge than any in the
history of the Republic.
than has yet been made.
It calls for a
greater response
The American people are prepared to make
V
!
i
!
such a response, and to make it willingly.
The Treasury is now proposing an additional diversion
through taxation of 2 i billion dollars, which is only four per
cent of a rapidly rising national income, to the cause of na
t
i
,
tional defense.
This surely is a modest proposal in the present
emergency, and with the present level of prosperity.
Other
countries, free and progressive countries like our own,
D-E
\
V Jf
V
Statement of Secretary Morgenth.au before the Committee
On Ways and Means of the House of Representatives,
Thursday, April 24, 1941*
/
[ill of 1940 was under consideration, the National Defense program then
Jr
m
¡fafore Congress amounted to less than <*>4,000,000,000.
/
I pointec^out
Ibhat\pn the basis of that program the balance of the borrowing authorify
\
F
mder trfe general debt limitation of y+5,000,000,000 w o u M be dangeroully
\^
¡depleted edfey in the calendar year 1941.
/
r
*
In view oj^r-his situation,
'\} tM
Jr
Congress provi%d in the first Revenue Act of 194^for the issuance o|
jf
not more than 44,?fe,000,000 of short-term del^nse obligations.
The
same Act provided adoMional taxes, most Jt which were intended to be
iL
used to retire within filte years any juch obligations issued under t]§it
m.
Jr
Ik
| authority. I stated that traS^r^Csions of the bill then pending
before your Committee were sij^^^ent to meet the situation as it
JF
existed at that time.
%
Butj^since tiwi the situation has undergone
Mf
radical change.
Æ
ê
Debt
—--- —Limitation
-----
Æ'
The balancjjrof the borrowing authority
Jf
4CB7,000,00(^&.der
January 1, 1941, was
the general limitation, and ^ , 764,000,000 under 1jte
National jplfense limitation.
These combined balance provide the
Treasi^y with borrowing authority sufficient only for
next four
moptlris, and even in that period we would bo greatly restricted in oui
tne*
Statement of Secretary Morgenthau before the Committee
On Ways and Keans of the House of Representatives,
Thursday, April 2*1, 19^1•
I have come before you today to discuss with you the
need of producing three and a half billion dollars annually
in additional revenue for the defense of our country# Such
an increase is without precedent, but the situation confront
ing us today is also without parallel#
We are faced with a greater challenge than any in the
history of the Republic#
than has yet been made.
It calls for a much greater response
The American people are prepared to
make such a response, and to make it willingly#
The Treasury is now proposing an additional diversion
through taxation of
3"s
billion dollars, wbicn is only four
per cent of a rapidly rising national income,
national defense#
to the cause of
This surely is a modest proposal in the
present emergency, and with the present level of prosperity#
Other countries, free and progressive countries like our own,
have uncomplainingly carried far heavier defense burdens in
proportion to their size and population.
We are big and rich and strong.
We are economically
better able to carry this load than any other people in the
world#
The American taxpayer stands ready to take this burden
in his stride.
2*1-72
We now have a program of about thirty-nine billion
dollars for defense expenditures including the Lend-Lease
appropriations.
Many people assume from this figure that
we are going to spend most of these thirty-nine billions in
the coming fiscal year*
But our studies at the Treasury
have shown that unless we greatly speed up our production
effort, not much more than twelve billions will be spent for
defense purposes in the fiscal year ending June
19^ 2*
The Treasury estimate is that at the start of the new
fiscal year we shall be spending no more than
dollars a month on defense.
1
billion
Almost two years will have passed
with the world on fire. The forces of aggression already
control all the factories of continental Europe.
The danger
to our peace and security is mounting hour by hour* Yet we
shall find ourselves spending less than fifteen per cent of
our national income for the national safety*
The problem of building our defense is fundamentally a
problem of production.
We cannot build planes and tanks,
ships and guns, merely by voting money*
We build them with
labor and management, with raw materials and machinery* The
resources now employed in the defense industries are not
enough to produce the guns and tanks and ships and planes
- 3 that we need to carry out the program to which we are already
committed-.
We must hasten the reemployment of our idle
resources.
Even this increase will not be enough.
As we
closely approach full employment of our resources, we must
take the next step of diverting to defense production more
and more of the resources now engaged, in satisfying nur
civilian needs and wants.
The tax program before you is designed to promote these
very objectives.
First of all, it presents a method of paying as we go
for a reasonable proportion oi our expenditures.
Secondly,
it is designed so that all sections of the
people shall bear their fair share of the burden.
Third, it will help to mobilize our resources ior de
fense by reducing the amount of money that the public can
spend for comparatively less important things.
And finally, it is designed to prevent a general rise
in prices by keeping the total volume of monetary purchasing
power from outrunning production.
There must, of course, be no stinting of our defense
expenditures.
But there is another set of expenditures-,. _
which,as I suggested to this Committee on January 29. we should
now "re-examine with a magnifying glass." These are the govern-
raent expenditures which are neither for purposes of defense
nor for purposes of relief and security from want* We are
continuing to spend in these non-defense and non-relief
fields as if we had no emergency defense program, as if we
could superimpose our huge rearmament effort upon government
as usual and business as usual*
This was all right before
the existing emergency and while there continued to be a
largo volume of available unemployed resources. But we simply
cannot carry on business as usual and government as usual
from now on a,nd still take adequate care of our defense
needs*
It would be a tragic error to assume that we can
expand our defense production on a colossal scale and still
go our usual ways, whether as a Government; or as individuals*
It would be folly to assume that
8re
can continue to spend
now as we did in normal times*
In the past twelve months, we have completely revised
our thinking on defense expenditures, as this Committee
knows*
We are now awake to the need for expenditures on the
enlarged scale required to make this country safe and strong,
We have not, however, kept pace with events in our thinking
about non-defense and non-relief spending.
We have
remained curiously static in our conceptions of what to
spend on those things not directly connected with defense*
Ordinary traffic must now get to one side to let planes and
tanks and guns have the right of way*
Other traffic can
be permitted only if it does not obstruct the National
purpose*
Now, I d o n ’t want anyone to misunderstand me*
I want
to make it perfectly clear that we must continue to provide
for those in want,
those who face old age without means of
their own, or who are otherwise in urgent need of relief*
There has been general agreement that much higher taxes
are necessary; but one group may urge that new taxes be
imposed on labor but not on business, while another group
may urge that the rich and prosperous can afford to bear the
whole load*
Both kinds of advice should b o
disregarded*
The job before us is so big that all the American people must
help to carry it out,
in proportion to their ability to pay*
It is unsound, especially at a time like this, to proceed
on the assumption that any group of our people should be
penalized or that any section should be exempted from sharing
the common task*
We all want labor to earn fair wages,
the farmer to have his proper share of the national income,
and business to make a fair profit.
Please note that I used, the term f,fairn profit* No
"business, no American,
should make inordinate and excessive
profits out of this national emergency. The Congress has
tried to deal with the problem of defense profiteering
through excess profits taxes.
We all know how hard it is to
devise any excess profits tax \\rhich is
100
per cent
protection against defense profiteering, but I hope that the
bill to be written by this Committee with be helpful in
further reducing the evil. The American people do not intend
that any of their number shall grow rich and fat out of this
country’s danger.
They will,
in my opinion,
support any
fair and workable tax that will help to keep this from
occurring.
The Treasury is prepared to suggest tax revisions of
which the most important features are an increase of income
tax rates, a lowering of the minimum income subject to surtax,
an increase in excess profits tax, and finally, new excise
taxes on a number of commodities which are not essential to
the defense program.
Mr. Sullivan and the Treasury Staff
are here to discuss these suggestions in detail*
In conclusion I should like to make ohe more observa
tion.
The American people, I believe, have outgrown the old idea
that taxes were exactions forced upon them by their G-overnment.
- 7 We have come to understand,
especially in recent years,
that taxes are payments for services rendered.
about us and see highways,
schools, airports,
We can look
reclamation
work and Government activities of all kinds which have been
paid for by our own efforts.
Our daily lives would be
insupportable if it were not for the necessities and the
conveniences which our taxes have made possible.
We are now about to pay for the greatest service of all
the safety and protection of our country.
How much does
it mean to the American taxpayer to have a navy guarding
American shores?
How much does it mean to him to have an
adequate supply of airplanes and other weapons of national
defense?
free land?
How much is it worth to be a free man living in a
If we remember always the services we are receiv
ing as individuals,
pay.
the new taxes will seem a small price to
The American people are ready to pay that price.
o
0
o
7
Pour leading citizens of Connect!cut have
the state advisory committee
Administrator Thomas
a.ppoiii'fcinsnt on
for the national Defense Savings urogram , State
S. Smith informed the Treasury
They are |jf Robert Brewer Newell,
Bank
accepted
s
today.
president of the Hartford National
and Trust Coirroany * chairman ; Alonzo G , Grace * state commissioner of
education ; Robert A .Millerv Secretary and treasurer of the Teamsters Union ,
/
A.P. of L.
and Edwin G. Woodward ,
A*-*
Connecticut. Governor Robert A. Hurley
man of the committee.
y
dea<| ..of^Agriculture
at the University of
already has agreed to serve as honorary chair
\
TREASURY DEPARTMENT
Washington
If
I FOR RELEASE, AFTERNOON NEWSPAPERS,
| Thursday, April 24, 1941
Press Service
No. 24-73
Pour 3e ading citizens of Connecticut have accepted appointment
on the state advisory committee for the national Defense Savings
program, State Administrator Thomas S. Smith informed the Treasury
.today*
They are Robert Brewer Newell, president of the Hartford
National Bank and Trust Company,
chairman; Alonzo G. Grace,
\ commissioner of education; Robert A* Miller,
state
secretary and treasurer
i of the Teamsters Union, A* P* of L., and Edwin G. Woodward, dean of
¡1 agriculture at the University of Connecticut.
Governor Robert
J A. Hurley already has agreed to serve as honorary chairman of the
: committee*
-OoO-
\
In discussing with you the fiscal problems confronting the
Nation as a result of the national emergency, the Secretary has
pointed to three governing principles; first, that the greater
part of the cost of the emergency defense program should be met
from current taxes rather than borrowing; second, that these
taxes should be collected with a minimum of interference with
the effective mobilization of all our man power, managerial
capacity, business enterprise, and national resources; and,
third, that the additional tax burden necessitated by the
emergency should be distributed equitably among the several
segments of our population.
In formulating the tax program X am about to outline, we
have been guided by these basic principles.
I might say, too,
that we have proceeded on the assumption that we want the kind
of Federal revenue system which can be readily adjusted to the
Nation’s requirements after this job is done and the emergency
is past.
The considerations which have led to the conclusion that
the emergency defense program should be financed for the most
part from current taxes, are known to you and require only brief
mention.
2U-7^
-
2
-
The dangers of inflationary xorice movements are real, and
must "be avoided.
Excessive reliance on borrowing, together
with increased purchasing power, would exert a strong and
dangerous upward influence on prices.
To avoid this, the tax
program is essential.
This tax program will enable us to distribute the burden of
defense costs equitably.
Moreover, rising national income carries
with it a greater ability to pay taxes.
No man can foresee whether
the future will bring greater or lesser ability and it is the
better part of wisdom to take advantage of the certainty of the
present.
With these fundamental considerations in mind, the Treasury
has come to the conclusion that current taxes should provide
approximately two-thirds of Federal expenditures during the
emergency period.
In terms of the $19 billion expenditures now
indicated for fiscal year 19^-2, this requires a, tax system yield
ing $ 1 2 ,6 6 7 ,0 0 0 ,0 0 0 . present taxes are expected to provide
$9,223,000,000, leaving approximately $3*5 billion to be raised
by new taxes.
The Treasury*s program is designed to produce
approximately this amount.
In devising this program, it was recognized that despite
several recent revisions in the right direction, the Federal
revenue system is still heavily weighted with consumer taxes,
particularly in view of the extensive use of such taxes by the
States.
For this reason, we consider it appropriate that a revenue
urogram designed to meet emergency defense costs roly heavily on
ability—to—pay taxes so that the entire system might be brought
into better balance.
After these changes are superimposed, upon the present revenue
system, roughly-one-third will he derived from each of the three
categories —
one-third from ahility-to-pay tares, one-third from
corporate taxes, and one-third from commodity excises.
The importance of increasing our reliance upon the ahilityto-pay taxes cannot he overstressed»
Only through ’’ability— to—pay'*
taxes can tax burdens he distributed with careful regard to equity.
Consumption taxes burden consumers without regard either to income
or to family needs and responsibility and thus fail to meet the
test of equity.
However, the desirability oi ability—to—pay
taxes is not only a matter of attaining a fairer distribution of
the increased and total tax load.
Increasing reliance upon ’’ability-
to-pay” taxes is essential if our economy is to continue at
reasonably high levels of national income after the stimulus from
our armament expend.!tures is reduced.
In the first full year of their operation the Treasury’s
revenue proposals are expected to yield approximately ^3»^0010005000
of net additional revenue.
The yields of the individual items add to s total of approxi
mately $4 billion.
It should be noted, however, that the
estimated yield of each of the items has been computed without
reference to the interrelated effects of the several proposals.
In some cases the imposition of one tax will decrease the yield of
others.
,Thus an increase in the corporation tax will decrease the
4* k excess profits tax.
Increases in corporation taxes and excess profits
taxes will likewise decrease the yield of the individual income tax*
We estimate that after an allowance for this factor the net yield of the
proposed program will "be approximately $3 »6 0 0 ,0 0 0 ,0 0 0 ,
It should "be noted that much of the increase in this tax will not
he received during fiscal 19^2.
The lag in payments will delay the
collection of ahout Ho percent of it until fiscal 19^3*
This increase, it should he noted, is what we estimate would result
from rate changes alone, over and above the higher revenue which tne
present rates would have yielded on the basis of improved business
conditions of 19^1 and 19^2,
The individual and corporation income taxes,
the corporate excess profits tax, and the gift tax are estimated on the
basis of calendar year 19^-1 levels of income, whereas the other taxes
in general were estimated at business levels forecast for the fiscal
year
19
^-2 .
Without allowance for the shrinkage (already indicated) the proposed
increases in individual surtax rates will raise approximately
$1 ,5 2 1 ,0 0 0 ,0 0 0 , the increased estate and gift tax rates and reduced
exemptions $3^-7 million, and the increased corporation taxes, including
both the excess profits tax and the corporation income tax, nearly $935
million.
The remaining $1,233*0^0,000
raised from commodity
excises, approximately $183 million coming from tobacco, $178 million
from liquor, and
$867
million from other excise taxes.
In the individual income tax it is proposed to make surtaxes applic
able with the first dollar of taxable income and to increase the surtax
rates up to the $750,000 income level.
Ho change is proposed in the
normal tax because any increase in that tax would not affect the interest
received on partially tax-exempt Federal securities§
-5 ~
At the close of the last fiscal year the amount of such
securities outstanding totaled
$35
was in the hands of individuals.
Mllion,
$8
billion of which
These securities are exempt
from the normal tax but not from the surtax, and any increase
in. the rates of the normal tax as opposed to the surtax would
enhance the value of the tax exemption.
The proposals leave the personal exemptions unchanged.
You
will recall that the exemptions were substantially decreased by
the Revenue Act of 19^0*
8 ,2 0 0 ,0 0 0
As a result of that Act, approximately
new returns will be filed in
1 9 ^1
• and there will be
nearly U,0 0 0 ,0 0 0 new taxpayers.
The proposed increases in the personal income taxes are sub
stantial.
On the first bracket of income above personal exemp
tions, the combined surtax, normal tax and defense tax rate is
1 6 .5
percent as compared with H.U percent under present law.
Increases are proposed throughout much of the rate schedule but
they taper off as the very high rates of the higher brackets are
reached.
Under present law, a married person with no dependents
and a net income before personal exemption of $2 , 5 0 0 pays a tax
of $1 1 ; the proposed schedule will raise his tax to
percent of his net income.
$506
or 2*9
The same person with a $5*000 net
income pays $110 under the present law.
would pay
$72
or an effective rate of
Under the proposal he
1 0 ,1
percent.
For a
married person having no dependents with a $1 0 , 0 0 0 income, the
proposed schedule will increase the tax from
effective rate of l 6 * 3 percent.
$528
to $ 1 ,6 2 8 , an
-
6
-
In the consideration of these rates» I suggest that
particular attention he paid not to the percentage of increase
hut to the amount of the tax and the effective rate of tax
burden.
While in some of the lower brackets the increases are
several-fold, the proportion of the income represented by the
total tax is not unduly large.
paring the past few months hundreds of thousands of young
men have been inducted into the armed services of the United
States and have entered training camps.
In doing so they have
foregone earnings in civilian occupations and now receive a basic
pay of $30 per month.
Whether these men came from farms, factories,
banks or professional offices, they have surrendered a far greater
part of their potential earnings than will be called for from
anyone under this bill.
The man who earns a net income of
$2,500 outside the armed services has $2,fe3'd
of the proposed income tax.
income will be $360.
after payment
If he is in the armed services his
The man who earns $5,000 in civilian life
will have $U,252 left, as contrasted to the $360.
If he earns
$10,000 he will have $S, 0U2 left. The taxes called for by these
proposals are light indeed as compared to the sacrifices which
large numbers are undergoing in entering military services.
The proposed estate and gift tax revisions are estimated to
yield $3^7 million.
This would be obtained by increasing the
estate and gift tax rates, and by reducing from $U0,000 to
$25,000 the specific exemption under the estate tax and the gift
tax, and the insurance exclusion under the estate tax.
- 7 -
The adoption of these proposals would increase the tax on a
$50,000 net estate "before exemption from $220 to $2 ,8 6 0 .
estate of $1 0 0 , 0 0 0 now
pay $1 5 ,2 9 0 *
A net
pays $U,6 2 0 ; under the proposal it would
In the case of a million-doliar estate, the tax
liability would he increased from $228,780 to $^H2,U55*
These
figures refer to the Federal tax liability before deductions
for taxes paid to States*
The changes in the gift tax would yield small amounts of
revenue beginning in fiscal year 19^-2.
The estate tax changes,
however, would not begin to yield revenue until fiscal year 19^3*
It is suggested that the excess profits tax be made more
effective and more productive.
In a period like this when, on
the one hand, the defense program is giving rise to substantial
profit increases and, on the other hand, heavy additional taxes
are being imposed on everyone, it is highly desirable the.t the
profits directly or indirectly attributable to the defense program,
as well as all excessive profits, should be subject to special
taxation.
Due to extensions in the date of return filing necessitated
by the recent amendments to the Excess Profits Tax Act the returns
are just beginning to be received in Washington.
In the light of
what is already known, however, it is believed that the revenue
can be increased $U0 0 millions through reductions in credit
(particularly in the case of invested capital) and increases in
rates*
- g -
In order that some of the^ additional tax burden he borne byall corporations with net income, it is proposed also to increase
the general corporation income tax.
In this connection, however,
it is important to keep in mind that in the past many financial
corporations have received practical exemption from the income tax
due to their ownership of tax-ex'empt securities.
A large volume
of these securities is in the form of partially tax-exempt Federal
securities.
At present, approximately $20 billion of such
securities are held by corporations that are subject to the Federal
income tax.
When these securities were purchased it was not
anticipated, either by the Government or by corporations, that
the tax benefit from them would be as great as it is.
It is
undesirable that any additional tax benefit be granted by
increasing the normal rate on corporations.
Accordingly, it is
suggested that an increase in the corporate tax rate be made in
the form of a surtax at the rate of 5 percent on the first
$ 2 5 ,0 0 0 of net income and 6 percent on the balance.
This will
yield $535 million.
In the field of excise taxation, it is proposed that a number
of new taxes be imposed and the rates of some existing taxes be
increased.
We have endeavored to avoid excises which would fall
- 9 -
on the "basic necessities of life and excises which» while
productive, would constitute an increase in the cost of doing
business and thus would be passed on to the Government and to
the public in general price increases.
We have, however, selected
certain luxury articles which, though widely used, are not
necessities.
It is suggested that in the light of our over-all
revenue requirements the users of these articles may now be asked
to pay additional taxes.
The list of these excises in limited by
the difficulty of finding commodities consumed in sufficient
quantities to bring in revenue commensurate with the expense of
administration.
Undoubtedly, the Committee will want to consider
the possibility of adding other commodities to the list.
It is suggested that an additional li? cents a package be added
to the tax on cigarettes and that the rates on cigars, tobacco
and snuff, not increased since 1918, be doubled.
These increases
will yield approximately $200 million.
In the category of liquor taxation, it is proposed to impose
an additional tax of $1 per gallon on distilled spirits, $1 per
barrel on fermented malt liquors, and a 16-2/3 percent increase
on wines, cordials and liqueurs, these three classes to yield
collectively $176 million.
Other increases in existing excises and new excises to
yield $867 million are proposed in accordance with the following
schedule.
10
-
Excise taxes
:Estimated, increa.se
i (In millions)
06
Gasoline, 1 cent per gallon additional
Soft drinks, 1 cent a bottle and equivalents
Passenger automobiles, parts and accessories,
double rates
Check tax, 2 cents per check
Admissions, reduce exemptions from 20 cents to
9 cents
\
Tires and tubes, increase rates from 2-g- and M-g cents
to 5 and 9 cents
Telephone, telegraph, cable, etc., lo^er exemptions
and increase rentes
Passenger transportation, 5 percent of amount paid
( 3 5 cent exemption)
Telephone bill, 5 percent
Purs, 1 0 percent of retail sale price
Jewelry, 10 percent of retail sale price
(1932 Act exemption)
Photographic apparatus, etc., 10 percent
Clocks, watches* etc., 10 percent
^
Mechanical refrigerators, increase rate from 5?> to
1 0 percent
Sporting goods, 10 percent
Matches, 2 cents per 1,000
*
Eadio sets and parts, increase rate from 5 a to
1 0 percent
Toilet preparations, revise basis
Trunks, suitcases and other luggage, 10 percent
Phonographs and. phonograph records, 10 percent
Candy, chewing gum, 5 percent
Musical instruments, 10 percent
Bowling alleys, $15 per alley. Millard or pool table
Club dues, initiation fees, lower exemptions and
redefine base
Playing cards, increase rate from 11 to 15 cents
Safe deposit boxes, increase from 11 to 20 percent
Cabarets, H percent of total charge
Total
$255.0
132.5
79.9
57.0
55.0
52.5
ko.k
37.6
28.6
2O .7
1 9 .6
1 5 .0
10.0
9.8
1.5
7.1
6 .3
5.0
U.5
3 .6
2.8
1.7
1.7
1 ,0
$8 6 7 . 3
11
~
The Treasury has given careful consideration to the relative
merits of a general sales tax and a group of excises on selected
commodities in the light of present requirements.
In concluding
against a general sales tax, it was not influenced merely by a
knowledge that such a tax would fall more heavily on the very
lowest income groups hut also hy the realization that such a tax
would militate against achievement of the basic principles set
forth in the opening of my statement.
Aside from these general questions there are several more
technical reasons for staying clear of the general sales tax at
this juncture.
1.
Among these the following may he mentioned.
The effective administration of a general sales tax
would require the creation of an elaborate administrative
structure entailing more time and expense than is warranted if
the sales tax is to he used only as a temporary source of revenue.
2.
The superimposition of a general sales tax on the
existing Federal excises would add to the complexity of the
Federal tax structure and unless the present excises were exempt
from a general sales tax levy, some of the commodities would
almost certainly he taxed too heavily.
The use of selected
excises avoids this complication and makes possible fitting the
rates of tax for ©each commodity more nearly to its peculiar
market situations.
3.
The Federal-State fiscal conflict involved in the
imposition of a Federal sales tax in addition to the existing
State and local sales taxes is mitigated hy the proposed selected.
excises.
12
For these general and more specific technical reasons, we
have come to the conclusion that it is inadvisable to risk the
dislocations in business and elsewhere which a general sales
tax would occasion.
Instead, we propose to avoid experimentation
and stay as nearly as possible within the scope of our previous
experience by limiting our consumption taxes to excises on
carefully selected commodities.
We are faced with a job, a severe and unenviable one. But
we feel that the program outlined for you will do that .job
effectively and in fairness to everyone. /* I believe you will
agree with me that the Treasury's suggestions will raise the
money for the gigantic task ahead of us;
that it distributes
the burden in a fair and equitable manner and that this entire
tax program will be accomplished without disrupting or dislocating
industry or our economy.
In all its tax proposals the Treasury seeks equity.
Just as we
have sought equal treatment to all taxpayers in the repeal of the
tax exemption of future issues of Federal securities, and in our
frequently expressed desire for the repeal of the exemption in
favor of future issues of State and Municipal securities, so too,
here we offer a plan we believe to be eminently fair to all*-
A-l
, g
Tax changes aggregating approximately an additional $3,o00 million of revenue 1/
Source
îEstimated increase
;' (in millions)
I n d i v i d u a l in c o m e t a x e s
$1,520.7
Increase surtax rates, adopting attached schedule (with defense tax)
Estate and gift taxes
Estate tax changes: (l) reduce exemption to $25,000;
3^7*.2
(2) a d o p t a t t a c h e d e s t a t e t a x r a t e s c h e d u le ( w i t h d e f e n s e t a x )
(3 ) reduce insurance exclusion to $2 5 , 0 0 0
Gift tax changes; (l) reduce exemption to $25,000; (2) increase the
gift tax rates to three-fourths the rates in the estate tax schedule
Corporation taxes
93^.5
(1) Surtax; 5 percent on first $25,000 net incomes; 6 percent
53I+,5
on the "balance
Uoo.o
(2) Excess profits tax
188.3
Tobacco
112. 8
Cigarettes: Additional 7 5 cents per 1,000
Cigars, tobacco and snuff: Double rates
75*5
177.6
Liquor
1 2 2 ,3
Distilled spirits: $1 per gallon additional
52 8
Fermented malt liquors: $1 per barrel additional
Wines, cordials and liqueurs:
Increase of 16-2/3 percent
2 .5
I Other excise taxes
567.3
Gasoline, 1 cent per gallon additional
v Soft drinks, 1 cent a bottle and equivalents
j Passenger automobiles, parts and accessories, double rates
79 .9
Check tax, 2 cents per check
\ A d m issio n s, r e d u c e e x e m p tio n s from 20 c e n t s to 9 c e n t s
I T ir e s and t u b e s , in c r e a .s e r a t e s from 2|? and U2 c e n t s t o 5 & 9 c e n t s
T e l e p h o n e , t e l e g r a p h , c a b l e , e t c , , lo w e r e x e m p tio n s a n d i n c r e a s e r a t e s
P a ssen g er t r a n s p o r t a t i o n , 5$ o f amount p a i d (3 5 c e n t e x e m p tio n )
Telephone b i l l , 5 p e r c e n t
Furs, 10 p e r c e n t o f r e t a i l s a l e n r i c e
Jewelry, 10 percent of retail sale price (1932 Act exemption)
Photographic apparatus, etc,, 10 percent
I Clocks, watches, etc,, 10 percent
Mechanical refrigerators, increase rate from 5'2 to 10 percent
Sporting goods, 10 percent
Matches, 2 cents per 1,000
Radio s e t s and p a r t s , i n c r e a s e r a t e from 5~d to 10 p e r c e n t
T o ile t p r e p a r a tio n s , r e v is e b a s i s
Tranks, s u i t c a s e s and o t h e r l u g g a g e , 10 p e r c e n t
l Phonographs and p h o n o g r a p h r e c o r d s , 10 p e r c e n t
( Candy, c h e w in g gum, 5 p e r c e n t
M u sica l i n s t r u m e n t s , 10 p e r c e n t
Bowling a l l e y s , $ 1 5 p e r a l l e y , b i l l i a r d o r p o o l t a b l e
Club d u e s , i n i t i a t i o n f e e s , l o w e r e x e m p tio n s and r e d e f i n e ba.se
P la y in g c a r d s , i n c r e a s e r a t e from 1 1 to 1 5 c e n t s
\ Safe d e p o s i t b o x e s , i n c r e a s e from 1 1 to 20 p e r c e n t
\ C ab a rets, U p e r c e n t o f t o t a l c h a r g e
Summation o f i t e m s
M 35.6
1
Less: Allowance for interrelated tax bases (approximate)
3,600.0
Total
A d r i i 2 U ,1 9 U Ï
^ treasury Department.
i/. Estimates for individual and. corporation income ta.xes and the gift tax are based
on income levels estimated for calendar year 1 9 ^-1 ; all other estimates are based
on income levels estimated for fiscal year 1942,
.
A~2
Individual surtax rate schedule
Surtax net income
(In thousands
of dollars)
$
0
2
4
6
8
10
12
14
16
18
20
22
26
32
38
44
50
60
70
80
90
100
150
200
250
300
400
500
1,000
2,000
Over
2
4
6
8
—
10
—
12
m
14
16
—
18
—
20
»
22
26
m
32
«
38
m
44
m
50
60
—
70
80
—
90
— 100
— 150
200
250
300
— 400
500
1,000
~ 2,000
— 5,000
5,000
—
—
••
:
!
Bracket rate
(percent)
11
14
16
19
21
23
25
27
29
31
33
36
39
42
45
48
51
54
57
59
61
62
63
64
66
68
70
72
73
74
75
Treasury Department, Division of Tax Research
••
:
*
Total surtax
cumulative
$
220
500
820
1,200
1,620
2,080
2,580'
3,120
3,700
4,320
4,980
6,420
8,760
11,280
13,980
16,860
21,960
27,360
33,060
38,960
45,060
76,060
107,560
139,560 .
172,560
. 240,560
310,560
670,560
1,400,560
3,620,560
April 24, 1941
A-3
C om pariso n o f i n d i v i d u a l s u r t a x r a t e s c h e d u l e s u n d e r
p r e s e n t la w and p r o p o s a l
Surtax aet
incom e
($000)
$
0 2 4 6 8 ~
10 12 14 16 18 *
20 22 ~
26 32 38 44 50 60 70 80 90 100 150 200 250 300 400 500 750 1,000 2,000 Over
Bracket rate
:
(percent)
î
: Present law : Proposal
2
4
6
8
10
12
14
15
18
20
23
26
32
38
44
50
60
70
80
90
100
150
200
250
300
400
500
750
1,000
2,000
5,000
5,000
—
4
6
8
10
12
15
18
21
24
27
30
33
36
40
47
50
53
56
58
60
62
64
66
68
70
72
73
74
75
11
14
16
19
21
23
25
27
29
31
33
36
39
42
45
48
51
54
57
59
61
62
63
64
66
68
70
72
72
73
74
75
T o t a l surtax
:
cumulative
: Present law : P r o p o s a l
:
wmm
$
. 80
200
360
560
800
1,100
1,450
1,880
2,360
3,440
5,240
7,220
9,380
11,780
16,180
20,880
25,880
31,180
36,780
65,780
95,780
126,780
158,780
224,780
292,780
467,780
647,780
1,377,780
3,597,780
Treasury Department, Division of Tax Research
$
220
500
820
1,200
1,620
2,080
2,580
3,120
3,700
4,320
4,980
6,420
8,760
11,280
13,980
16,860
21,960
27,360
33,060
38,960
45,060
76,060
107,560
139,560
172,560
240,560
310,560
490,560
670,560
1,400,560
3,620,560
April 24, 1941
Comparison of present and proposed individual income taxes
on net incomes of selected sizes 1/
Married person - no dependents
Ret income
"before
personal
exemption 2/
2,500
3 /000
i-,000
5,000
6,000
3,000
10,000
12,500
1 5 ,000
?0,000
23,000
5 0 ,000
75,000
100,000
500,000
1,000,000
5 ,000,000
Amount of tax
*
. Present
:
law
$
3/
Effective rates
Proposal ’ Present : Proposal
law
;
11 $
72
152
71
312
70
506
110
700
130
1,131
3X7
1,628
328
2 ,3 1 b
858
1 ,25 s
3,073
2,776
Moo
6. ¿¡1
7,8p
3J4 ,128
1 9 ,5k0
73,127
27,768
*47,^76
5?,
3^6,122
370,15b
738,086
717,38U
3,937,050
3 ,9 1 6 ,5^8
M
1.0
1.8
0 p
2.3
M
5.3
6.9
mk
11.7
15 .u
28.3
77.0
U3.5
66.0
71.8
78.3
TfScT'Sury Department, 'Division of "Tax Research
l/
2/
5/
$
2.9
5.1
7.8
10.1
11.7
i M
Increase in
tax under
proposal
8
16.3
18.5
20.5
2 M
27.3
39 •1
46.8
52.5
69.2
6l
121
2U2
396
550
8l4
1,100
1,M
1,815
2 ,464
2,981
5,Ul2
7 ,359
8,998
15,966
20,502
20,502
73-8
78.7
April
19^1
Under the proposal the attached surtax rate schedule is substituted
for the present schedule.
Maximum ee.rned income assumed.
Includes 10 percent defense tax.
À-*o
Estate tax rate schedule
Net estate after
specific exemption
(in thousands'.'
of dollars)_____
0
5
$
-
10
20
30
Ho
6o
80
100
150
200
250
300
500
1,0 0 0
2,0 0 0
3,0 0 0
H,000
5,0 0 0
6 ,0 0 0
7 ,0 0 0
8,0 0 0
9 ,0 0 0
10 ,0 0 0
20,000.
Over
—
■ -
5
10
20
30
Ho
60
so
100
150
200
250
300
500
1 ,0 0 0
2,0 0 0
3 ,0 0 0
H.000
5,0 0 0
6 ,0 0 0
7 ,0 0 0
8 ,0 0 0
9 ,0 0 0
10 ,0 0 0
?0 ,0 0 0
50 ,0 0 0
50 ,0 0 0
:
:
Bracket rate
:
(Percent)
:________________
k
O
12
l6
20
Cumulat ive
tax on higher
amount
$
200
600
nf
23
26
29
32
35
38
Hi
HH
H7
H9
51
53
55
57
59
61
63
65
67
69
70
Treasury Department, Division of Tax' Research
1 ,8 0 0
3 ,Hoo
5 ,Hoo
10 ,0 0 0
;5 ,2 0 0
2 1,0 0 0
37 ,000
5H ,500
7 3 ,5 0 0
9U ,000
1 8 2 ,0 0 0
H l7 ,0 0 0
9 0 7 ,0 0 0
l , H l 7 ,000
i ,9 H 7 ,000
2 ,H 9 7 ,0 0 0
3 ,0 6 7 ,0 0 0
3 ,6 5 7 ,0 0 0
H ,267 ,000
H ,8 9 7,0 0 0
5 ,5 ^ 7 ,0 0 0
12,2H y ,000
3 2 , 9 H7 , 0 0 0
-
Apri1'¿H, I9 HI
•f
A-6
Proposed estate tax rates compared with
present estate tax rates
Present rates 1/
Proposed rates 1/
Net estate after
Cumulative
Cumulâtive
specific exemption
Bracket rate
Bracket rate
tax
on higher
tax
on
higher
(in thousands
(percent)
(percent)
amount
amount
of dollars)
$
5
0
$
10
5 **
20
10
30
20
40
30
60
40
80
60
100
80
150
100 —
200
150 «
250
200
300
250
500
300
1,000
500
2,000
1,000
3,000
2,000 —
4,000
3,000
5,000
4,000 H
6,000
5,000 0
7,000
6,000
8,000
7,000
9,000
8,000 **
10,000
9,000
20,000
10,000
50,000
20,000 —
50,000
Over
4
8
12
16
20
23
26
29
32
35
38
41
44
47
49
51
53
55
57
59
61
63
65
67
69
70
$
200
600
1,800
3,400
5,400
10,000
15,200
21,000
37,000
54,500
73,500
94,000
182,000
417,000
907,000
1,417,000
1,947,000
2,497,000
3,067,000
3,657,000
4,267,000
4,897,000
5,547,000
12,247,000
32,947,000
2
2
4
6
8
10 12 14
17
17
20
20
20 23 32 38 ~
44 50 56
59
61
63
65
67
69
70
$
12
14
23
29
35
41
47
53
100
200
600
1,200
2,000
4,200
6,800
9,600
18,100
26,600
36,600
46,600
89,600
222,600
557,600
952,600
1,407,600
1,922,600
2,482,600
3,072,600
3,682,600
4,312,600
4,962,600
11,662,600
32,362,600
"
Treasury Department, Division of ^ax Hesearch
1J
/
Exclusive of temporary defense tax.
April 24, 1941
A -7
Comparison of Federal estate tax (before allowance of credit
for State death taxes) under present and proposed rates,
upon net estates (before exemption) of selected sizes 1/
Amount of tax 2/
Net estate
before exemption
Present law]Proposal
(ooo)
$
50
60
80
100
200
400
600
800
1,000
2,000
4,000
6,000
10,000
20,000
40,000
60,000
100,000
2,860
220 $
4,840
660
9,735
2,200
15,290
4,620
50,205
21,660
139,020
63,780
237,575
112,340
340,095
167,340
442,455
228,780
974,265
588,000
2,099,085
1,499,640
3,306,945
2,655,140
5,977,065
5,323,500
12,532,700 13,186,595
27,391,820 28,046,045
42,361,380 43,015,770
72,521,380 73,175,770
$
Effective rate s Increase in tax
Present
Proposal. Amount ] Percent
law
0.4#
1.1
2.8
4.6
10.8
15.9
18.7
20.9
22.9
29.4
37.5
44.3
53.2
62.7
68.5
70.6
72.5
Treasury Department, Division of Tax P-esearch
1J
?? 2,640
4.180
7,535
10,670
28,545
75,240
125.235
172,755
213,675
386,265
599,445
651,805
653,565
653,895
654,225
654,390
654,390
1,.200.0^
633.3
342.5
231.0
131.8
118.0
111.5
103.2
93.4
65.7
40.0
24.5
12.3
5.2
2.4
1.5
0.9
April 24, 1941
Under t&e proposal, tiie attached rate schedule is substituted for the
present schedule, a.nd the specific exemption is reduced from $40,000
to $25,000. In the computations, the credit for State death taxes is
assumed to be 80 percent of the tax imposed under the 1926 Act, both
under present law and under the proposal. The defense^tax is 10 per
cent of the Federal tax after allowance of the credit for State death
taxes.
2/
5.7#
8.1
12.2
15.3
25.1
34.8
39.6
42.5
44.2
48.7
52.5
55.1
59.8
65.9
70.1
71.7
73.2
Includes defense tax
ÈMMà
-
2
Reserve Banks and Branches, following which public 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
Jlprtl 39> 19^1
(Si
The income derived from Treasury Dills, whether interest or gain from
the sale or other disposition of the hills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury hills shall not
have any special treatment, as such, under federal tax Acts now or hereafter
enacted.
The hills shall he subject to estate, inheritance, gift, or other
excise taxes, whether federal or State, hut shall he exempt from # L
taxation
now or hereafter imposed on the principal or interest thereof hy any State, or
any of the possessions of the United States, or hy any local taxing authority,
for purposes of taxation the amount of discount at which Treasury hills are
originally sold hy the United States shall he considered to he interest.
Treasury Department Circular So. 418, as amended, and this notice,.pw
scrihe the terms of the Treasury hills and govern the conditions of their issue*
Copies of the circular may he obtained from any federal Reserve Bank or Branch.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, April 2ft, 19^1---- ---•
:SS
.•..
The Secretary of the treasury, hy this public notice, invites tenders
for » if)nrnn0.000
. or thereabouts, of
„ 01-day Treasury hills, to he issued
on a discount basis under competitive bidding.
be dated
(
The bills of this series will
April ^Q. lQUl______, and will mature --- July 30» 19^1----------— »
when the face amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of *1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Ranks and Branches up to the j
closing hour, two o lclock p. m., Eastern Standard time, „Monday^ Ajpril 22,
Tenders will not be received at the Treasury Department, Washington.
p.
Each tender
must he for an even multiple of $1,000, and the price offered must he expressed
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not he used.
Fractions I
It is urged that tenders he made on the printed forms and for-
warded in the special envelopes which will he supplied hy Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied by payment of 10 percent of the
face, amount of Treasury bills applied for, unless the tenders are accom paniedhy
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Eede
s
,
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 25, 1941.__________
TREASURY DEPARTMENT
Washington
The Secretary of the Treasury, by this public notice,
invites tenders for $100,000,000, or thereabouts,
Treasury bills,
bidding.
of
91-day
to be issued on a discount basis under.competitive
The bills of this series will be dated April JQ, 1941,
and will mature July
30,
payable without interest.
19*1-1, when the face amount will be
They will be issued in bearer form
only, and in denominations of $1 ,000, $ 5,000, $ 10,000, $100,000,
$ 500,000, and $1 ,000,000 (maturity value),
Tenders wTill be received at Federal Reserve Banks and
Branches up to the closing hour, two o ’clock p. m . , Eastern Stan
dard time, Monday, April 28, 1941,
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,
e. g . , -99.925.
Fractions may not be used.
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 therefor.
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 10 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, following which public
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 mace or completed at the Federal
Reserve Bank in cash or other immediately available funds on
April 30, 19^1.
24-75
-
2-
The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have any exemption, as such, and loss from the sale or other
disposition"of Treasury bills shall not have any special treat
ment, 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* H-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,
- 0O 0-
«2-
underlying aim the defense of Democratic principles«
If I
only can help to encourage loyal Americans to stand behind
this vital phase of the defense program, I vrill feel well re
paid for my efforts#"
Considered by many as one of the greatest biographers of
J@fJLQCyiMtAb^i
this generation, Ludwig did not begin his career in **e»e until
the age of 30#
Born in Breslau,
fumIp M l,
in 1881, he came from
a family whose interests were predominantly industrial and
scientific*
At the age of 15 he began writing for the theater and
continued as a playwright for the next 15 years*
Ludwig first gained world fame with his biography, "Napoleon”
published in America in 1927*
This suocess was followed soon after
with the appearance of "Bismarck"*
With the publication of "The
Nile", he introduced to the public a new application of biographical
technique and achieved what critics and lay leaders alike have
agreed in calling his greatest success*
He followed that with
"Cleopatra", a biography which stems directly from interests he
developed while studying the epic story of the "Nile"«
time he has written the biography!
and Power" and several other books#
Since that
"Roosevelts A Study tn Fortune
TREASURY DEPARTMENT
Erail Ludwig, internationally known historian and bio*
grapher, has offered his services to the Treasury Department
in Washington as a writer and speaker in behalf of the nation*»
wide program to sell Defense Savings bond5 and Postal Savings
stamps to the public*
The program officially opens Hay 1*
Hr* Ludwig, who will soon become an American citizen, having
reoeived all but his final papers, made only one stipulation in
offering his services} nThat I shall receive no compensation*N
The famous writer hopes that he can be of service to his
adopted country in explaining the details of the drive to finance
the national d efense effort to all loyal German-sp©aking Americans
It is expected that Mr* Ludwig will be enlisted to partici
pate on numerous foreign language radio broadcasts and will supply
publications in this country with speoial articles gratis on
the Bond and Stamp campaign*
"When one realises what a tremendous privilege it is to be a
citizen of the United States", he said, "It is a small matter for
an individual to offer his very best to any cause which has as its
fOT? FRIDAY P.W. PAPERS
Cs
April 25, 1941
Emil
Ludwig , internationally known biographer and historian^has been
enlisted as^pecial
programs
worker amons foreign language grouus in the Defense Savings
fgri".a,^ "1 irilli Hur^gTeiL'Bf
the Treasury Department announced today»
Mr Ludwig, who voluntered his services, made only one condition upon
which
he
accepted
the appointment ———
that he receive no nay»
"When one realizes what a tremendous privilege it is to
the United States" he said" it is a small matter for an individual
hest
to any cause which is devoted to the defense of Democratic
The writer will devote much of his time
to explaining
he a citizen of
to offer his very
ideals*
the program for
A#
defense saving
to
German- American groups ^thi'uw'.lvout ti
to take -oart in many foreign language broadcasts
Trjmrb'r»» He .expect{
Ck*s%JL
Ludwig was horn fn Breslau • He ystarted ^writing for w e theater
when he was fifteen hut did not publish his first biography until his thirtieth year,
1
TREASURY DEPARTMENT
Washington
for r e l e a s e , a f t e r n o o n
Press Service
No. 24-76
newspapers.
Friday, April 25. 19^1 •-----------
Emil Ludwig,
internationally known biographer and historian,
has been enlisted as a special worker among foreign language groups
in the Defense Savings program,
the Treasury Department announced
today.
Mr. L u d w ig ,
who volunteered his services, made only one
condition upon which he accepted the appointment —
that he receive
no pay.
"When one realizes what a tremendous privilege it is to be
a citizen of the United States," he said,
"it is a small matter
for an individual to offer his very best to any cause which is
devoted to the defense of Democratic ideals."
The writer will devote much of his time to explaining the
program for defense saving to German-American groups.
He 18
expected to take part in many foreign language broadcasts.
The
Bonds and Stamps for popular participation in defense financing will
go on sale May 1.
_
rami&nv.
Ludwig was born in Breslau, Germany,
He 8t&£te&:Wi't&OS ^or
.
.
rif+ppn but did not publish his first biography
theater when he was fifteen du
until his thirtieth year.
- 0O 0-
X'
&gpj|
** m '**’
t m é % m ill U «ftttftgft* fey a n**-»»a &fe*ri
üii«
mkUM Chlm
U
«m
ftpr*iat«4 fey tëfeifôft cm tfe* *ft«o*»#i*è*U©« o f ihm ¡¿ecrt-Ury
mmUm§*
îfe* ÄWöMI *4H W i l Ä it thr«t %!*•«*,
of t&« fr*ft#*iry, «Ml « trltlftfe »fttiößftl appolnt«i os tfe# »«otkielft.
tío® of th« Brltlfth Tr«ft»«ry*
~ Ö Ö ö -
I/UL^eJ^J
/h m
(/ y^L^c> /4-^vphH’|
Tw-?.#iXjff-/
loving Joint s U i M M a t lo a#do fer Hi# £oor#t*ir of tho
f m m w m * Sr* t«arr Sorgesti»», Ir«, cad fey » 1 # laooUoaogr f. ?♦ « m g ,
tèa l o d i l o of Chlaot
dootfcdr
l*|*ort*At otmp hm» hmm toko» 1» tè m
fio ld
of m m U t f
eoop#r*U o» hmtmmm tè a S è tto * «tato# #ad ife io t b? Hi# U m *m o f a
otahtUtolloa «grooaoat i n c o l l i Hi» p t f H y # of €fei»oo# r»*» fer tfe*
«alto* BUtmë Stofelllootion Food to Hi« onoaot of % ltod flato# 150,000,080,
fl» Á0pmmmtm% pr»«ldo#, «odor «©uditi»»* aooojvtiè&o I# feoth parti##, for
tho oatohliohotat fer Olla« of a faltad «tato# ÔoU*r - «hliia®# ïoa® St#feiUaatioa fm&*
l&olodod 1a th# ruad1# roaoureo* »1U
feo ih* dollar© «o»
pairad froa tfeo «altad «tato# through ü # par«Jio#o of ©feim m ?wm wd »
further » m of ¿0,000,000 Imitad Stato» dollar# eoa tributad fer *Wè»o*
Qevmrmmt teamfci*
fill«
1#
« cooperati«# «grooaoai hotooaa frlaadly oailoo» tfeot
ar# »orfeio# togotfear la wmp *ay# to p m m w m tfe# fe»»i» froodoa»*
âpart freo tè a oferte** parpo## of statili «lag tè» rolationohlp feotaooa
tè# oorroaotoo oooooraod, it « U l fe« mm iaportoot footer im fostering
tfeo «olfaro mi tfea partlolpatlag eoantria#*
Chima ha» also oator«d lato m
dgrooooat with tb* iritiefe freacwp
mador «hl«« fleo al lll«a pooado «tarila» oro ^raridad for ««rrom^r
f
stafeillaotloa 1a addition to tè# calotta» Slao-JIrlUoh StahlÌl«aUoA |
fond «èlafe *oo #ot up la Ifjf«
fhl» igrooaomt olocolr parallal# tho
tgrooAoot feotooom tho lìmitod «totoo and Chima*
TREASURY DEPARTMENT
Washington
Press Service
No. 24-77
FOR IMMEDIATE RELEASE,
Friday, April 25, 1941.
The following joint statement is made by the Secretary of
the Treasury, Mr. Henry Morgenthau, Jr., and by His Excellency
T. V. Soong, representing the Republic of China:
Another important step has been taken in the field of mone
tary cooperation between the United States and China by the sign
ing of a stabilization agreement involving the purchase of Chinese
yuan by the United States Stabilization Fund to the amount of
United States $50,000,000. The Agreement provides, under con
ditions acceptable to both parties, for the. establishment by
China of a United States Dollar - Chinese Yuan Stabilization
Fund. Included in the Fund’s resources will be the dollars ac
quired from the United States through the purchase of Chinese
yuan and a further sum of 20,000,000 United States dollars con
tributed by Chinese Government banks.
This is a cooperative agreement between friendly nations
that are working together in many ways to preserve the basic
freedoms. Apart from the obvious purpose of stabilizing the
relationship between the currencies concerned, it will be an
important factor in fostering the welfare of the participating
countries.
China has also entered into an Agreement with the British
Treasury under which five million pounds sterling are provided
for currency stabilization in addition to the existing SinoBritish Stabilization Fund which was set up in 1939. This Agree'
ment closely parallels the Agreement between the United States
and China.
These stabilization funds will be managed by a^five-man
Board which China is creating. The Board will consist of three
Chinese, an American appointed by China on the recommendation
of the Secretary of the Treasury, and a British national
appointed on the recommendation of the British Treasury.
-oOo-
- 4 -
Reproductions of Daniel Chester French’s heroic statue
of the "Minute M a n ” at Concord, M a s s ., and the legend,
"America on Guard” are engraved on both the stamps and
albums.
Harold N. Graves, Assistant to the Secretary of the
Treasury, reported that the Defense Savings Staff set up
to handle the program, has sent out 10,000,000 circulars
describing the bonds and stamps in addition to thousands
of the Minute Man posters.
I
The Bureau of Engraving and Printing also announced
I that 430,000 of the
530,000
Series P United States Savings
/I bonds ordered for May 1 have been delivered.
These range in face value from $100 to §10,000.
They
may be purchased for 74 percent of face value and reach
maturity in 12 years.
Three hundred eighty thousand of the 490,000 Series G
bonds ordered for May 1 have been delivered.
more are on order for later delivery.
in face value from $100 to $10,000.
Thousands
These also range
They are 2^ percent
interest-bearing bonds sold at face value.
The Bureau of Engraving and Printing said that, in
addition to the 82,483,175 Savings Stamps now in the hands
of postmasters,
119,523,900 are ready for delivery.
The
total order for May 1 delivery is 200,000,000.
The Government Printing Office today was nearing
completion of an order for 30,000,000 pocket albums for
the Savings Stamps.
The purchaser of a stamp worth twenty-
five cents or more will be given one of the albums in which
to save enough stamps to exchange for a Defense Bond.
Purchasers of ten-cent stamps will get a card on which
twenty-five may be pasted,
'•"•'hen it is filled,
it may be
exchanged for $ 2.50 in stamps of higher denominations.
_
Meanwhile,
9
Treasury officials announced completion
of arrangements for launching the. program Thursday morning.
The Bureau of Engraving and Printing has delivered
individual bonds, ranging in face value from
ity
to §10,000 each,
to the Division of Loans
and Currency, from where they are routed to post offices,
banks and other qualified agencies.
The Bureau, whose presses have been rolling night
and day on Defense Savings orders for the last month, also
has delivered to the Post Office Department 82,483,175 new
Postal Savings Stamps ranging in value fror^ten) cents to
lit
.still more bonds and stamps will be delivered before
May 1 and already orders have been placed for additional
deliveries to follow.
Of the 2,770,000 Series Ej, Defense Savings Bonds
ordered for hay delivery,
2,175,000 have been turned over
*!
M§3r
'
to the Treasury.
These Series E Bonds range in face value from §25 to
§1,000.
They may be purchased for 75 percent of face value
and they mature in ten years.
The Bonds may be exchanged
for cash after being held sixty days, but the redemption
value increases every six months after the first year until
full face value is reached at ten years.
They are almost
identical with the "baby bonds" of which more than § 5,000,000,000
\Klo
^ m a t u r i t y value
held by more than 2,500,000 Americans.
A
For Sunday a m ’s
President Roosevelt will inaugurate the
,each^X
g national Defense Savings program, in which7l|idr^citizen|[
will be asked to "buy a share iii America,« with a radio
broadcast Wednesday evening)|jeaB<tW»8BÉ''*»lti1IWw Sì Secretary
Morgenthau announced today.
The broadcast, in which the Secretary
and Postmaster General Frank Walker also will speak, is
/■
scheduled to gaTBfc on the air at
9:30
o ’clock, Eastern
| Ma y 1
Standard Time, on the eve of the initial saleljAof Defense
Savings Bonds and Stamps in 16,000 post offices, thousands
A
of banks and other agencies in cities and villages throughout
the country©
/
The President and Secretary Morgenthau
/
will talk to the nation from the White House,
¿¿she During that portion of the broadcast, the Secretary
will reserve 4 b Defense Bond Wo. 1 for the President.
The Postmaster General will speak from Des Moines, la#,
from where he will tell the President that the first
Postal Savings Stamp of the new Defense Series will be
delivered to him
at the opening of business May 1#
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, April 27, 1941.
PreSS0? eSIÌC®
N°* 24-78
President Roosevelt will inaugurate the national Defense Savings
program, in which each citizen will be asked to "buy a share in
America,n with a radio broadcast Wednesday evening, Secretary
Morgenthau announced today.
The broadcast,
in which the Secretary and Postmaster General
Frank Walker also will speak,
is scheduled to go on the air at 9:30
o ’clock, Eastern Standard Time, on the eve of the initial sales
May 1 of Defense Savings Bonds and Stamps in 16',000 post offices,
thousands of banks and other agencies in cities and villages through
out the country.
The President and Secretary Morgenthau will talk to the nation
from the Yfhite House.
During that portion of the broadcast, the
Secretary will reserve Defense Bond No. 1 for the President.
The
Postmaster General will speak from Des Moines, Iowa, from where he
will tell the President that the first Postal Savings Stamp of the
new Defense Series will be delivered to him at the opening of busines
May 1 •
Meanwhile, Treasury officials announced completion of arrange
ments for launching the program Thursday morning.
The Bureau of hngra.ving and Printing has delivered approximately
3,000,000 individual bonds, ranging in face value from $25
$10,000 each, to the Division of Loans and Currency,
are routed to post offices,
to
from where they
banks and other qualified agencies.
2
The Bureau, whose presses have been rolling night and day on
Defense Savings orders .for the last month, also has delivered to the
Post Office Department 82,483,175 new Postal Savings Stamps ranging
in value from $*10 to $5.
Still more bonds and stamps will be delivered before May 1 and
already orders have been placed for additional deliveries to follow.
Of the 2,770,000 Series E Defense Savings Bonds ordered for May
delivery, 2,175,000 have been turned over to the Treasury,
These Series E Bonds range in face value from $25 to $1,000,
They may be purchased for 75 percent of face value and they mature
in ten yea.rs,
The Bonds may be exchanged for cash after being held,
sixty days, but the redemption value increases every six months
after the first year until full face value is reached at ten years.
They are almost identical with the "baby bonds," of which more than
$5,000,000,000 worth in maturity value are held by more than
2,500,000 Americans,
The Bureau of Engraving and Printing also announced that 430,000
of the 530,000 Series P United States Savings bonds ordered for May 1
have been delivered.
These range in face value from $100 to $10,000,
They may be
purchased for 74 percent of face value and reach maturity in 12 years*
Three hundred eighty thousand of the 490,000 Series G bonds
ordered for May 1 have been delivered.
for later delivery.
$10,000,
value,
Thousands more are on order
These also range in face value from $100 to
They are 2i percent interest-bearing bonds sold at face
3
The Bureau of Engraving and. Printing said that, in addition to
the 82,483,175 Savings Stamps now in the hands of postmasters,
119,523,900 are ready for delivery.
The total order for May 1 -
delivery is 200,000,000*
The Government Printing Office today was nearing completion
of an order for 30,000,000 pocket albums for the Savings Stamps*
The purchaser of a stamp worth twenty-five cents or more will be
given one of the albums in which to save enough stamps to exchange for
a Defense Bond.
Purchasers of ten-cent stamps will get a card on
which twenty-five may be pasted.
When, it is filled, it may be ex**
changed for $2.50 in stamps of higher denominsations.
Reproductions of Daniel Chester French’s heroic statue of the
’’Minute M a n ” at Concord, Mass., and the legend,- ’’America on Guard
are engraved on both the stamps and albums*
Harold N. Graves, Assistant to the Secretary of the Treasury,
reported that the Defense Savings Staff set up to handle the program,
has sent out 10,000,000 circulars describing the bonds and stamps
in addition to thousands of the Minute Man posters.
-OoO-
| ^
Page *4
Assets and liabilities of all active banks in the United States and possessions, by classes, at the close
of business December 3 1 * 19*^0 • Contd*
(In thousands of dollars)
Total
*
all
banks
t
:
: “f’tl°nal
î
: All banks :
Banks other than national
: other than :
State
i Mutual Sprivate
. national :(commercial) : savings î
LIABILITIES
Deposits of individuals, partnerships,
and corporations:
Demand............................... . $33.636,01»
26,071,91*9
Time................... .............. .
U. S. Government and postal savings
805,611
deposits.............. ♦...............
Deposits of States and political sub
3.939.3X9
divisions................... ..........
.
10,973.203
Deposits of banks.......................
981.763
Other deposits*•••••••••••••••••••••••••• .
.
76,*407.885
Total deposits*•••••••••••••••••••••
Bills payable, rediscounts, and other
liabilities for borrowed money........
Acceptances executed by or for account of
reporting banks.......................
Other liabilities*•*•••••••••*•*•••♦••••• .
Total liabilities*••••••••••*••*••♦• .
CAPITAL ACCOUNTS
Capital notes and debentures....... .....
Preferred stock............... *.........
Common stock*...........................
Surplus.................................
Undivided profits.......................
Re serve s. and. retirement .account for pre
ferred stock and capital notes and
debentures*♦••*••*•*••••••••••••••••••• .
Total capital accounts............ . .
Total liabilities and capital
accounts..................
$15.593.719 $
862 $102,128
7,448,800 10,655.644
13,409
$17.939.331
7,9514.096
$15.696,709
18,117.853
506,709
298,902
2,358.230
6,575,298
518,760
35.852,424
1,581,089
»4.397.905
*463,OOT
40.555. *4èl
25,060
3.127
21.933
120,773
608,626
77.162. 344
5*4,1489
287.52*4
36.197.564
66,284
321,102
40,964,780
123,134
3U 7.613
2.599.772
3.561,155
1,186,92*1
195.657
1.331.580
1,309.533
1467,98*4
123; 13*4
151.956
1 ,268,192
2,251,622
718,9*40
115.777
151.956
1.259.352
1.380,5*49
*407,052
857.318
311.583
590,960
8,1409,558
231,6*4*4
3,536,398
359,316
4,873,160
236, *470
3.551.156
121.743
1,298,001
39,733.962
*45,S37»9*K>
S5 ,5 7 1,9 0 2
298,901
1
—
1.136
1.578.292
196
4,355.329
461,067
»53
29.736,108 10.658.292
l,66l
42,380
1,483
161,061
21,0*4*4
2
887
55.913
295.115
24,615
30.108,180 10,682,909
10,371
h M -
173.691
7.357
33.659,336 1 1 ,960,910
8,8*40
13.755
305
1.103.2*4,003
197.69*4
Page 3
Assets and liabilities of all active banks in the United States and possessions, by classes, at the close
of business December 31» 19^0»
(In thousands of dollars)
Total
all banks
National
banks
All banks
Banks othe* than national
other than
State
: Mutual :
national :(commercial)*« savings : Private
551
Number of banks
ASSETS
$
2,097,186
Corporate stocks, including stock of
Federal Reserve Banks............
Total investments.............
.
Balances with other banks, including
reserve balances..................
Bank premises owned, furniture and fix
tures.................. .........
Real estate owned other than bank premis< a
Investments and other assets indirectly
representing bank premises or other
real estate...................... .
Customers' liability on acceptances out
standing........................
Other assets*.••••*••..•••••••••••••••••
Total assets.»»*•••••••••*••••••••• .
7.658.549
2,09¥,056
9.130,285
2,145.908
6,24s ,i 4i
1.741,716
2,821,926
60,218
401,828
2.364
>*,339.983
4, ¥16,238
2,008,472
1 ,694,058
2,331.511
2,722,180
1 ,713.626
1,450,927
607,723
1 ,261,130
10,162
10,123
743,555
30.528.574
1,407.364
212,905
I3.66s.o4o
530,650
16,860,534
328,21+7
11,482 ,'657
5.288.665
718.799
688,565
616,967
69,883
I .715
26,81+6,1+18
ll+,1+01,268
12.445,150
11,500,803
898,372
45,975
1,223.787
930,106
594.398
108,197
629,389
821,909
506,920
267,078
121,9^7
553.779
522
1,052
ll+l+,002
62,415
81,587
68,998
12,562
27
10*+,269
47,154
105,918
39.733.962
57.115
313,988
45.837.940
47.391
236,036
1+19,906
S5,571.902
196,058
77,247
33.659,336 11,980,910
* Includes trust companies and stock savings banks,
,*30*
2,354
46,408
1+8,762
l6.788.831*4,239,964
ÏÏ. S. Government securities:
Obligations of States and political sub
divisions................. ......
$
7.930,587
10,027,773
.
lA.530.53l
.---23967,476
.
$ 2,478,232 $4,859,173
6.454,254
99.282
8,932,486 4.958.455
$ 7.339.759
6,599.944
13.939,703
. $ 9.436,9*5
-4m. 0*
6,345_.
89.212
9.724
705
197.694
Comparison of assets and liabilities of all banks «• Continued
(In thousands of dollars)
Dec. 31,
19*10
June 29*
19^0
Page 2
Pec• 30»
1939
LIABILITIES
Deposits of individuals, partnerships, and corporations:
$33,636,0*0
Demand............................ ................ .
26,071.9*9
Time................................. ............... .
S05,6n
U. S. Government and Postal Savings deposits.............
3,939.319
Deposits of States and political subdivisions............
10,973.203
Deposits of banks................................. ......
981,763
Other deposits (certified and cashiers* checks, etc«)**«***
76,407.885
Total deposits.....................................
Bills payable, rediscounts, and other liabilities for
25,060
borrowed money................................... ;
•
120,773
Acceptances executed by or for account of reporting banks« ♦
>
(
Interest, taxes, and other expenses accrued and unpaid....
Interest, discount, rent, and other income collected but
)
608,626 (
not earned...........................................
)
(
Other liabilities............... *........................
77.162,344
Total liabilities...................................
CAPITAL ACCOUNTS
123.13*
Capital notes and debentures...............................
3*7.613
Preferred stock...........................................
2,599.772
Common stock..............................................
3,561,155
Surplus.......................... .........................
1,186,92*
Undivided profits.........................................
Deserves and retirement account for preferred stock and
590,960
capital notes and debentures................ ...........
8,409,558
Total capital accounts................................
85.57Ï.902
Total liabilities and capital accounts................
$29,981,981
25,826,^52
883,355
3.713.597
10,213.186
53*.885
71.153.*58
$28,211,568
25,*+06,261
909,728
3,512,3*8
9,901,87*
62*+,26*+
68,566,043
26,969
25,551
l*+9,8*+0
88,102
117,220
102,58*+
81,155
*+07,116
71,888,502
72,839
377,711
69.280,086
1,178,771
l*+l,7*+8
381,195
2,602,581
3,*51.29*
1,1*7.5*9
562,30*+
8.325.127
80.213,629
570,80*+
8.295,171
77,575.257
128,171
367.892
2.595.730
3,492,259
.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
No. X If *)^1
FOR RELEASE,
r\
IXa A
OJi
l&fl
The Comptroller of the Currency today released the following preliminary figures, showing the assets and
liabilities of all active banks in the United States and possessions on December 31. 191*0 » ^ comparisons of such
figures with the assets and liabilities of all active banks on June 29, 19*40, and December 30, 1939*
(In thousands of dollars)
Dec. 31.
June 29*
19*40
19*40
Dec. 30»
1939
Number of banks............................................
ASSETS
Loans on real estate....... ...............................
Other loans, including overdrafts.... .....................
Total loans..........................................
U. S. Government securities:
Direct obligations.................. *..................
Guaranteed obligations.................................
Obligations of States and political subdivisions..........
Other bonds, notes, and debentures........ ............
Corporate stocks, including stock of Federal Reserve Banks.
Total investments............... .................. . **
Currency and coin........ .................................
Balances with other banks, including reserve balances.....
Bank premises owned, furniture and fixtures.*.......... .
Real estate owned other than bank premises.................
Investments and other assets indirectly representing bank
premises or other real estate......................... Customers* liability on acceptances outstanding.......... .
Interest, commissions, rent, and other income earned or ac
crued but not collected............................... .
Other assets..............................................
Total assets........................................ .
$9.^36,91*5
1^.530.531
$9,257,868
13.299.802
$9,101,693
13.273,007
22.37*1.700
15.73*1.668
3.975.835
*1.230,1172
H.HoH.lSS
729>.7*i6
07H
29.07H.909
15.HH5.85S
H, 001,606
H,008,397
H,618,289
721,H75
28.795.625
1.1H8.589
2H,535.268
1.239.300
971.279
1 .19 6 .5 3 9
22.197.935
1,251,798
1 ,056,262
1*4*4,002
10*4,269
155.H7H
100,H32
160,087
130,960
H19 .9 0 6 [
15H.756
275.952
15 0 ,16 6
26l,lg5
BO, 2 13 *629
77.575,257
z M m .
l6 .7 SS.83l*
H.239.96U
*1.339.983
>1,1116,238
7*13.55!
30,528,57*
1 .H0 7 .36H
26.8H6.H18
1 ,2 2 3,78 7
930,106
8 5.5 7 1.9 0 2
TREASURY DEPARTMENT
Press Service
No. ¡¡¡¡85
Specially trained staffs in America’s leading banks will be on
hand to speed the purchase of Defense Savings Bonds and Stamps when they
go on sale throughout the,country May 1, the Treasury was told today.
In s/'ery part of the country, selected members of banking staffs have
been attending Defense Savings classes during the last week and will be
ready to answer all questions about the bonds and stamps when the program
opens.
Many of the banks will set up special Defense Bond departments.
Henry Bruere, president of the Bowery Savings Bank of New York,
said every preliminary step has been taken and these special workers are
ready for the sale to begin.
Bruere is special liaison officer, co
ordinating the Treasury Defense Bond program with efforts of the National
Association of Mutual Savings Banks of which he is president.
Following the pledge by P. D. Houston, President of the American
Bankers Association of "all-out aid” by the nation’s banks, Bruere said,
hundreds of the country’s leading banking institutions have volunteered
complete co-operation with the Treasury.
v
"We have our machinery ready to start to work as soon as the Defense
Savings program starts,” Houston said.
will be no profit.
”In assisting the Treasur
there
Nevertheless, we shall give our full measure of help'.
This war has got to be paid for."
The special commission of the American Bankers Association, composed
of Nelson B. O ’Neal, vice president, Riggs National Bank of 'Washington,
-
2
-
D. C. and James Rowley of the Bankers Trust Company, New York, has
published a Defense Savings handbook and sent copies to every bank in
the country.
The Savings Banks of Manhattan, the Bronx and Westchester, pledging
one hundred per cent co-operation with the program, have financed an
advertising program which gets under way May 1 with the publication of
full page Defense Savings advertisements in every New York newspaper.
Starting its program at home, the South Carolina National Bank
of Charleston announced that each officer, director and employee of
the sixteen branches will purchase a bond Thursday morning.
The Federal Reserve System has set up a voluntary pay deduction
system by which payments on bonds are made from the pay checks of
employees who wish it.
The nearly 3,900 member institutions of the Federal Home Loan Bank
system have also volunteered to serve as agents for the sale of bonds.
j§§§
FOB TUESDAY A. M. NEWSPAPERS
Specially trained staffs in America*s leading banks will be on
hand to speed the purchase of Defense Savings Bonds and Stamps when
they go on sale throughout the country May 1, the Treasury was told
today.
In every part of the country, selected members of banking staffs
have been attending Defense Savings classes during the last week and
will be ready to answer all questions about the bonds and stamps when
the program opens.
Many of the banks will set up special Defense Bond
departments.
Henry Bruere, president of the Bowery Savings Bank of New York,
said every preliminary step has been taken and these special workers
are ready for the sale to begin.
Bruere is special l i ^ o n officer, co
ordinating the Treasury Defense Bond program with efforts of the National
Association of Mutual Savings Banks of which he is president.
"Following the pledge by P. D. Houston, president of the American
Bankers Association, of all-out aid by the nation*s banks," he said,
"hundreds of the country’s leading banking institutions have volunteered
complete co-operation with the Treasury."
"We have our machinery ready to start to work as soon as the Defense
Savings program starts," Houston said.
will be no profit.
help.
"In assisting the Treasury there
Nevertheless, we shall give our full measure of
This war has got to be paid for."
The special commission of the A. B. A. composed of Nelson B. O'Neal,
vice president, Biggs National Bank of Washington, D. C., and James
-
2
-
Rowley, of the Bankers Trust Company, New York, has published a Defense
S a v i n g s handbook and sent copies to every bank in the country.
The Savings Banks of Manhattan, the Bronx and ?<estchester, pledging
one hundred per cent co-operation with the program, have financed an
advertising program which gets under way May
1
writh the publication of
full page Defense Savings advertisements in every New York newspaper.
Starting its program at home, the South Carolina National Bank of
Charleston announced that each officer, director and employee of the
s i x t e e n b r a n c h e s will purchase a bond Thursday morning.
ad end bankers
The Federal Reserve System has set up a voluntary pay deduction
system by which payments on bonds are made from the pay checks of
employees who wish it.
The nearly 3*900 member institutions of the Federal Home Loan Bank
system have also volunteered to serve as agents for the sale of bonds.
'H
TREASURY DEPARTANT,
Office of the Secretary.
April 28, 1941.
*
' GENERAL LICENSE NO .41 UNDER EXECUTIVE ORDER
NO. S3 S9 , APRIL 10, 19^0, AS MENDED, AND
REGULATION'S ISSUED PURSUANT THERETO, RELATING
TO TRANSACTIONS IN EOREIGN EXCHANGE, ETC.*
A general license is hereby granted authorizing hanging institutions
within the United States to make payments from accounts in which Greece
or a national thereof has a property interest within the meaning of the
Executive Order of April 10, 19^0, as amended, and the Regulations issued
thereunder of checks and drafts drawn or issued prior to April 28, 19^1,
and to accept and pay and debit to such accounts drafts arawn prior to
April28,
1 9 I+I,
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 Eedcral Reserve Bank weekly re
ports showing the details of such transactions.
at the close of business on
This lice^ se shall expire
hay 28, 1941.
D. if. BELL
Acting Secretary of the Treasury
Part l7l ; - Sec. ■5(b), 40 Stad". 415 met 9 6 6 ; Sec. 2, 48 Stat. 1; Public
9 5 a; Ex. Order 6 5 60, Jan. 15»
Resolution No. 69» 7 6 th Congress; 12 U.S.
193^; Ex. Order 8 3 S9 , April 10, 19^0; Ex. Order 8H0 5 , May 10, 19^0; Ex.
Order 8^-Uo, June 17, 1940; Ex. Order SUSH, July 15, 19^0; Ex. Order 8493,
July 25, 19*40; Ex, Order 8 56 5 , October 10, 1940; Ex. Order 8701, March 4,
19'41; Ex. Order 8711, March 1 3 , 19'41; Ex. Order 8721» March 2^, 19^1; Ex.
Order 8746, April 28, 19 UI; Regulations, April 10, 19 HO, as amended May 10,
19^0, June 17, I9 U 0 , July 15, 19 UO, October 10, I9 H 0 , March U, 19^1. ^arch
13, 19Ul, March 2U, 19 U 1 , and April .28, 19 I+I.
24-84
TREASURY DEPARTMBUT,
Office of the Secretary , |
April 28, 1941.
\
GEUERAL LIGEHSB HO. -40 ÙHDER EXECUTIVE ORDER HO .
8389 APRIL 10, 1940, AS AI'O^tDSP, AITO AEGIJLATIOHS
ISSUED PURSUAITT DESUETO, RELATING TO TRANSACTIONS
IH FOSE IGU EXCHANGE, ETC.*
______
(1)
A general license is hereby granted licensing the Bank
of Athens Trust Company and(the Hellenic Bank Trust Company as
generally licensed nationals.
(2)
As used in this general license:
Any person licensed as a "generally licensed
national" shall, while sc 1 icensed, he regarded as a
person within the United St ates who is not a national
of any foreign country desi gnated in the Order; pro
vided, however, that the fo rogo ing shall not he deemed
to suspend in any way the requirements of the Order
and Regulations relating to reports, and the production of hooks, documents, records, etc. (see sections
10 and 14 of the Order and section 130.4 of the
Regulations).
D. W. BELL
Acting Secretary of the Treasury
* Part170; - Sec. 5 (h), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1;
Public Resolution Ho. 69, 76th Congress; 12 U.S.C. 95a; Ex. Ore,er 6560,
Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, hay 10,
1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940;
Ex. Order 8493, July 25, 1940; Ex. Order 8565, October 10, 1940; Ex.
Order 8701, March 4, 1941; Ex. Order 8711, March 13, 1941; Ex. Order
8721, March 24, 1941; Ex. Order 8746, April 28 , 1941; Regulations,
April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15,
' >
October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, and
April 28 , 1941.
IliTSTH.UOT10ITS TO THE TREASURER OF THU UNITED STATES, THE
COMMISStONER OF ACCOUNTS, THE COMMISSIONER OF THti PUBLIC
DEBT ALL POSTMASTERS, ALL DISBURSING OFFICERS, A11D OTHER
OFFICERS AND EMPLOYEES MAKING OR RECEIVING PAYMENTS ON
BEHALF OF THE UNITED STATSS, ANY DEPARTMENT, BUREAU, AGENCY,
OR INSTRUMENTALITY THEREOF, THE UNITED STATES MINTS AND
ASSAY OFFICES», AND FEDERAL RESERVE BANKS. ____
Executive Order No, 8389 of April 10, 1940,^as amended, has been
further amended hv an Executive Order dated April 28, 1941, to extend
the restrictions therein to transactions involving property in which
Greece and nationals thereof have had any interest at any time on or
since April-28, 1941. The Regulations of April 10, 1940, as amended,
have likewise "been further amended.
While such Order and Regulations remain in effect, unless other
wise directed, the instructions of April 17, 1 9 4 0 , shall apply in fuLl
to Grecco and nationals thereof except that the date April 28, 19 4L,
shall he applied in the case of Greece and nationals thereof.
The definitions of "Greece" and a "national0 thereof in tho
Executive Order dated April 28, 1941, shall ho applicable in carrying
out these instructions.
A schedule of the property hold on April 28, 1941, in which
Greece or any national thereof had any interest, should he filed with,
the Treasury Department by
May 28, 1941. The form of these schedules
should he similar to those heretofore filed and should he filed as ^
heretofore through the heads of the appropriate departments or agencies.
D. W. BELL
Acting Secretary of the Treasury.
April 28, 1941
24-82
TREASURY EEPARTMEET,
Office of the Secretary,
April 28, 1941
MSMDMin! 10 BEGEXjAPIOE’S*
The Regulations of April 10, 1940, as amended (Sections
130c,l to 130u6), are further amended so as to extend all tne
provisions thereof to, and with respect to, property in which
Greece or any national thereof has at any time on or since
Aphid 28, 1941, had any interest of any nature whatsoever,
direct or indirect; except that reports on TER-100 with respect
to all property situated in the United States on April 28, 1941,
in which Greece or any national thereof has at any time on or
since April 28, 1941, had any interest of any nature whatsoever,
direct or indirect, shall he filed hy
Hay 28, 1941.
H. KORGBHTEAU, JR.
Secretary of the Treasury.
APPRO YET); April 28, 1941
ERAiTKIiIN D. ROOSEVELT
Sections 130.1 to 130.6: - So - '5 (h),
. . . 40 Stat. 415
. and 966 f
Sec. 2 48 Stat. 1; Public Resolution Ho. 69, 7 6 uh Congress;
12 U.s!c. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389,
AD^il 10 "¡940; 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, October 10, 1940; Ex. Order
8701 March 4, 1941; Ex. Order 8711, March 13, 1941; Ex. Or er
8721*, March 24, 1941; Ex. Order 8746, April 28, 1941.
24-81
EXECUTIVE ORDER
AMENDMENT OR EXECUTIVE ORDER 110. 8389 OE APRIL 10,
1940, AS AMENDED.
By virtue of the authority vested in me hy section 5(h)
of the Act of October 5, 1917 (40 Stat. 411), as amended, and
hy virtue of all other authority vested in me, I, ERANXLIN D.
ROOSEVELT, PRESIDENT of the UNITED STA.TSS OR AMERICA, do
hereby amend Executive Order No. 8389 of April 10, 1940, as
amended, so as to extend all the provisions thereof to, and
with respect to, property in which G-reece or any national
thereof has at any time on or since April 28, 1941, had any
interest of any nature whatsoever, direct or indirect;
except that, in defining ’’G-reece” and ’’national11 of G-reece,
the date ’’April 28, 1941” shall be substituted for the
dates appearing in the definitions of countries ana nationals
thereof.
ERANKLIN D. ROOSEVELT
THE WHITE HOUSE,
April 28, 1941
24-80
Page 4
A s s e t s and l i a b i l i t i e s o f a l l a c t i v e b a n k s i n t h e U n i t e d S t a t e s and p o s s e s s i o n s , b y c l a s s e s , a t t h é c l o s e
o f b u s i n e s s December 3 1 » 19^0 - C on td .
( I n th o u s a n d s o f d o l l a r s )
T o ta l
a l l b an k s
; R atio n a l
; ban ks
Banks o t h e r th a n n a t i o n a l
ban ks :
S tate
* M u tu a l ‘ P r i v a t e
: o t h e r th a n :
• n a t i o n a l : (c o m m e r c ia l) : s a v i n g s *•
* A ll
LIABILITIES
Deposits of individuals, partnerships,
and corporations:
Demand...................... ........... $33,636,0^0
26,071,9^9
Time...... .............................
U. S. Government and postal savings
805,611
deposits................................
Deposits of States and political sub
3.939*319
divisions....................... *.......
10,973.203
Deposits of banks......... ................
981,763
Other deposits................ ............
76,407,885
Total deposits.......................
-Bills payable, rediscounts, and other
liabilities for borrowed money..........
-Acceptances executed by or for account of
reporting banks................... ......
Other liabilities...................... .
Total liabilities....................
CAPTIAL ACCOUNTS
Capital notes and debentures.......... .
Preferred stock...........................
Common stock..*................ .........
Surplus............... .....................
Undivided profits..... ....................
Reserves and retirement account for pre
ferred stoc& and capital notes and
debentures..............................
Total capital accounts.................
Total
liabilities and
capital
$15.696,709
18,117,853
506,709
298,902
298,901
1
2,352,230
6,575,298
1 ,581,089
1 ,578,292
^.355.329
1*61,067
1,136
196
518,760
35,852,b-2h
4,397,905
463,003
40,555,461“
25,060
3,127
21,933
120,773
54,489
287,524
56,197,56^
321,102
608,626
77,162,^44
862 $102,128
$15,593*719 $
13.^09
7,448,800 10,655,644
$17.939.331
7.95^.096
66,284
40,964,780
29,736,108
10.,658,292
l,66l
42,380
1,483
l6l,06l
21,044
2
887
55,913
2^,615
295,115
30,108,180 10,682,909
10,371
1,372
453
1,331,580
1 .309.533
467,984
115,777
151,956
1,259,352
1,380,549
407,052
857,318
311*583
8.409,558
231,644
3,536,398
759,316
4,873,160
236,470
3.551,156
121,743
1 ,298,001
85.571,902
39,733,962
4-5.837 s940
195.657
590,960
_-j"-
—— -—
173.691
7*357
123,134
151,956
1 ,268,192
2,251,622
718,940
123,134
347,613
2,599.772
3,561,155
1,186,924
—
8,840
13*755
305
1.103
24,003
33,659,336 11 .980.910 197.69h
__________ _ ----- <— -Si
Page 3
"by classes, at the close
Assets and liabilities of all active "banks in the United States and possessions,
of "business December 3 1 * 1950.
(in thousands of dollars)
.
.
T o ta l
;
a l l b an k s ;
U. S. Government securities:
Direct obligations................. Guaranteed obligations............. <
Obligations of States and political sub
divisions........................ . • ••
Other bonds, notes, and debentures.... .
Corporate stocks, including stock of
Eederal Reserve Banks...............
Total investments................
$
, 4 3 6 , 91+5
l 5 , 5 3 0 ,5 3 I
2 3 ,9 6 7 ,^ 7 6
9
Includes
trust
$
2 ,0 9 7 ,1 2 6
7 ,9 3 0 ,5 8 7
10 .0 2 7 ,7 7 3
Banks other than national
All "banks
:
S ta te
o t h e r th a n :
n atio n al
• ( C o m m e r c ia l) * :
$
, 3 3 9 ,7 5 9
, 5 9 9 , 93+3+
1 3 ,9 3 9 ,7 0 3 “
7
6
9
, 1 3 0 ,2 8 5
2,13+5,908
6,23+8,13+1
1 ,7 3 + 1 .7 1 6
M 3 9 .9 S 3
1* , 5 1 6 , 2 3 s
2,0 08 ,9-72
1 ,6 9 9 - , 0 5 8
2 ,3 3 1 .5 1 1
2 ,7 2 2 ,16 0
1
79-3,555
3 0 ,5 2 8 ,5 79 -
2 1 a , 905
c o m p a n i e s and. stock: s a v i n g s banks.
P riva te
56
551
$ 2 ,9 -7 8 ,2 3 2 $>+,859,173 $ 2 , 353 +
3+6,3+08
9 9 ,2 8 2
6 ,5 5 5 ,2 5 5
“
5 8 ,7 6 2 ~
8 ,9 3 2 7 5 8 6 ” >+, 958,1+55
7 , 6 5 8 , 53+9
2 , 093 +, 0 5 6
8 5 ,5 7 1,9 0 2
M u tu a l
sa vin g s
9 ,19 8
9 ,8 0 5
, 7 8 8 , 233 *
3+,2 3 9 ,963*
16
1,3*07,363+
Currency and coin.....................
Balances with other banks, including
26,89-6,9-18
reserve balances.................... .
Bank premises owned, furniture and fix
1,2 2 3 ,7 8 7
tures. ..............................
9 3 0 ,1 0 6
Real estate owned other than bank premi s e s
Investments and other assets indirectly
representing bank premises or other
lU 5 ,0 0 2
.real estate.......................
Customers’ liability on acceptances 0
109-, 2 6 9
standing..........................
.
9-19,906
Other assets..................... .
Total assets.....................
;
5 ,15 0
3 1,9 5 5
Number of b a n k s .... ;..................
ASSETS
Loans on real estate............... .
Other loans, including overdrafts......
Total loans.......................
N a tio n a l
ban k s
, 7 13 ,6 2 6
1,1+ 50 ,92 7
2 ,8 2 1,9 2 6
9-01,828
6 0 ,2 1 8
2
, 361+
6 0 7 ,7 2 3
1 0 ,1 6 2
, 2 6 1 ,1 3 0
1 0 ,1 2 3
328,29-7
, 3+8 2 , 6 5 7
1 9 6 ,0 5 8
5,2 8 .8 ,665
8 9 ,2 1 2
1
6 ,3 ^ 5
13,668 ,0 9-0
5 3 0 ,6 5 0
1 6 ,860,539-
7 1 8 ,7 9 9
6 8 8 ,5 6 5
6 1 6 ,9 6 7
6 9 ,8 8 3
u m
19-, 9-01 , 2 6 8
12,9-9-5,150
1 1 ,5 0 0 ,8 0 3
8 9 8 ,3 7 2
5 5 ,9 7 5
59*+, 398
5 0 6 ,9 2 0
1 2 1 , 93+7
1 0 8 ,1 9 7
6 2 9 ,3 2 9
8 2 1 ,9 0 9
2 6 7 ,0 7 8
5 5 3 ,7 7 9
1 ,0 5 2
62,1*15
8 1,5 8 7
6 8 ,9 9 8
1 2 ,5 6 2
27
3+7
, 153+
10 5 ,9 18
3 9 ,73 3 ,9 6 2
5 7 ,1 1 5
3 1 3 ,9 8 8
9-5,837 *99-0
1 1
3+7,391
77,29-7
3 3 ,6 5 9 , 3 3 6 1 1 . 9 8 0 , 9 1 0
2 3 6 ,0 3 6
522
9 . 7 2 1*
705
1 9 7 ,6 9 5
June 29,
1940
D ec. 3^»
1940
"
'
*
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand*........ ....................*................
T ime....... * .............. ........................
U. S. Government and Postal savings deposits...........
Deposits of States and political subdivisions............ **
Deposits of banks...... .................... ***** **’v.......
Other deposits (certified and cashiers' checks, etc.;..... •
$33,636,01«
26.071.9h9
$29,981,981
25-.826.h52
805,611
883,355
3.939.319
10,973.203
981,763
76,^07,685
3.713.597
10,213.188
53b,885
71.155.h58
Total deposits .................. • *’** **’’*V ........
Bills payable, rediscounts, and other liabilities for
borrowed money......... ............- .......************
Acceptances executed by or for account of reporting banKS...
Interest, taxes, and other expenses accrued and unpaid...... )
Interest, discount, rent, and other income collected but
)
not earned...... •................. *................* *
)
Other liabilities ..........................................
Total liabilities ....................................
25,060
26,969
120,773
(
608,626
77,162,3^
CAPITAL ACCOUNTS
Capital notes and debentures ..............................
Preferred stock........................-...........,....... *
Common stock..............................................
Surplus........... •......*.......*...................
Undivided p r o f i t s .................... .....................
Reserves and retirement account for preferred stoco and
capital notes and debentures...... ......................
Total capital accounts..... ...........................
Total liabilities and capital accounts ... ............
Page 2
( I n th o u s a n d s o f d o l l a r s )
Com parison o f a s s e t s and liabilities o f all b an k s - C o n tin u e d
123.13^
3^7.613
2,599.772
3,561,155
1 ,186,92b
590,960
8,4-09*558
85,571,902
(
(
D ec. 30»
19 3 9 .
$28,211,568
25,4-06,261
909»72S
3,512,348
9,901,87l|
624,26468,566,043
25,551
117,220
102,5&4
14-9,84-0
88,102
81,155
1107,116
71,888,502
72.839
377,711
69,280,086
128,171
367,892
2,595.730
3,h92,259
1.178.771
ihi,7hs
381,195
2,602,581
3,h5i,29h
I,ih7,5h9
562,304
8.325.127
80,213,629
8,295,171
77,575,257
570,804
4—
—
...
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
Mo. 2M—79
EOR RELEASE, Morning Newspapers,
Monday, April 28, 19^1»
The Comptroller of the Currency today released the following preliminary figures, showing the assets and
. v r n » o of all active "banks in the United States and possessions on December 3 1 , I9U0, ana comparisons of such
figures^wit^the^assets'^and^iabilities of all active banks on June 29. 19U0, and December JO. 1939-
(In thousands of dollars)
Dec. 30»
1939
June 29»
Dec. 31»
i9Uo
19U0
15,017
Number of banks .....
15.096
ASSETS
Loans on real estate ....... ......
Other loans, including overdrafts..
Total loans..................
U. S. Government securities:
Direct obligations..........
Guaranteed obligations,
Obligations of States and political subdivisions.
Other bonds, notes, and debentures,
Corporate stocks, including stock of Eederal Reserve Ranks,
Total investments,
Currency and coin....
Balances with other banks, including reserve balances.
Bank premises owned, furniture and fixtures,
Real estate owned other than bank premises.
Investments and other assets indirectly representing bank
premises or other real estate........... •............. .
Customers’ liaoility on acceptances outstanding...........
Interest, commissions, rent, and other income earned or ac
crued but not collected.
Other assets.........
Total
$9,1+36.9^5
22.557,670'
13.273.007
22,379,700
15,73U,668
3.975.835
U.230.U72
U.UoU.iss
15,UU5,S58
U,001,606
U,008,397
U,618,289
30,528,579
1,^07,36^
2b,g^6,Ul8
1,223,787
29,07^,909
28,795,625
1 ,196,539
971.279
22.197.935
1,251.798
1 ,056,262
1^,002
10^,269
155.U7U
100,U32
160,087
130,960
Ul9i906 £
15^,756
275.952
iu,530.531
23.967.U76
16,788,83!+
U.239.96U
U,339.983
U, 1+16,238
l.lUS.589
2U,535,268
1 ,239.300
930,106
)
)
assets....
$9,101,693
$9.257,868
13.299,802
80.213.629
85.571,902
150,166
261,1S5
_
77.575.257
4 ¿0\S *3
_______
art
S
m
ST-.
O.. •
0- M
mm
1.... ...... :—......y-—
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, April 29, 19*1-1._________
Press Service
No. 2^~S5
Specially trained staffs in America's leading "banks will be on
hand to speed the purchase of Defense Savings Bonds and Stamps when
they go on sale throughout the country May 1, the Treasury was told
today.
In every part of the country,
selected members of banking
Staffs have been attending Defense Savings classes during the last
week and wall be ready to answer all questions about the bonds and
stamps when the program opens.
Many of the banks will set up special
Defense Bond departments.
Henry Bruere, president of the Bowery Savings Bank of N e w York,
said every preliminary step has been taken and these special workers
are ready for the sale to begin.
Bruere is special liaison officer,
co-ordinating the Treasury Defense Bond program with efforts of the
National Association of Mutual Savings Banks of which he is
president.
"Following the pledge by P. D. Houston, President of the
American Bankers Association,
he said,
of all-out aid by the nation’s banks,"
"hundreds of the country’s leading banking institutions
have volunteered complete co-operation with the Treasury."
"We have our machinery ready to start to work as soon as the
Defense Savings program starts," Houston said,
Treasury there will be no profit.
full measure of help.
"In assisting the
Nevertheless, we shall give our
This war has got to be paid for,"
2
The special commission of the A. B. A. composed of Nelson B.
0 !Neal vice president, Higgs National Bank of Washington,
and James Rowley,
D. C.,
of the Bankers Trust Company, New York, has
published a Defense Savings handbook and sent copies to every bank
in the country»
The Savings Banks of Manhattan,
the Bronx and Westchester,
pledging one hundred per cent co-operation with the program, have
financed an advertising program which gets under way May 1 with
the publication of full page Defense Savings advertisements in every
New York newspaper.
Starting its program at home,
the South Carolina National Bank
of Charleston announced that each officer, director and employee of
the sixteen branches will purchase a bond Thursday morning.
The Federal Reserve System has set up a voluntary pay deduction
system by which payments on bonds -are made from the pay checks of
employees who wish it*
The nearly 3,900 member institutions of the Federal Home Loan
Bank system have also volunteered to serve as agents for the sale
of bonds.
~o 0o~
THBASTJBY BSPABTMSIT
Washington
Press Service
FOB IBLBASB, MOMIHG ITSWSPAPFBS
fnesday, April 29. !2itL_______
*/2g/‘‘l
*0-
^
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000* or thereabouts, of 91-day Treasury Mils,
to he dated April 30 and to mature July 30. 19*1. which were offered
on April 25, were opened at the Federal Be serve Banks on April 28.
The details of this issue are as follows:
Total applied for — $301,690,000
Total accepted
- 100,069*000
Bange of accepted bids:
High Low
Average
Price -
100
99-912
99-976
Equivalent rate
«
«
the
( 2 3 percent of the amount bid for at
0 .0 9 7
percent
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, April 29, 19^-1.
v w m
Press Service
No, 24-2>6
*
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000,
or thereabouts,
to be dated April 30 and to mature July
on April
25.,
of 91-day Treasury bills,
30,
which were offered
were opened at the Federal Reserve Banks on April 2$.
The details of this issue are as follows:
Total applied for - $301,690,000
Total accepted
- 100,069,000
Range of accepted bids:
High
Low
Average
Price -
(23
100
99.972 Equivalent rate approximately 0.111 percent
99.976
n
"
M
O .097 perceat
percent of the amount bid for at the low price was accepted)
— 0O 0—
-
2-
Transactions in United States domestic securities resulted in
net sales by foreigners of $2 3 ,0 9 9 ,0 0 0 , total purchases amounting to
24,109,000'and total sales to 147,208,000. Principal sellers were
Switzerland, Canada and Italy with net sales of $7,909,000,
$7,227,000 and $4,312,000, respectively. Smaller sales were
reported for the United Kingdom, France and Germany.
Foreign balances in brokerage accounts here d eclined
$2,154,000 "during the four-week period, Latin American accounts
showing the greatest change.
- O
Heavy withdrawals of funds from the United States by most
foreign countries during January were more than offset by increases
in’ British deposits here and resulted in a net capital inflow
into this country of $21,9 9 6 ,0 0 0 /th e April bulletin of the Treasury
Department disclosed today,
British deposits rose $111,074-,000 during tne week of January 15
but for the month the increase was pared t W W W W ? 6®® by expenditures
for war materials.
,
/
a
Other European countries reduced their 1Miiinii111ifff/TTereY Swiss
accounts declining $1 2 ,3 9 9 ,0 0 0 to $495,987,000; Swedish, $7,693,000
to $227,708,000\ Dutch, $A,?6l,000Jto $170,004,000; France,
$2,911,000 to $487,182,000; Finland, $2,421,000 to $14,115,000;
Italy, $1 ,9 5 1 , 0 0 0 to $1 5 ,9 5 3 ,0 0 0 ; "and Germany,
$1 ,255^000
to
$ 5 ,4 7 0 ,0 0 0 . Mexican funds!*»»* declined $ 5 ,6 7 3 , 0 0 0 to $4 9 ,3 0 8 ,0 0 0 .
British short-term funds for the four weeks ended January
increased $ 5 6 ,4
11
29,
1941,
,000* to $421,875,000". Canadian short-term funds rose
$9 ,2 7 6 , 0 0 0 to $4 4 3 ,5 6 0 ,0 0 0 ," and Brazilian, $9,171,000 to $45,37^,000.
y/
/
Increases also were shown for Japan of $ 3 ,7 8 9 ,0 0 0 , China, $2,980,000,
J
J
Argentina, $2,796,000, and Hong Kong, $2,331,000.
Of the $1 5 ,2 6 2 ,0 0 0 " increase in the United States , short-term
claims on foreigners, the principal increase was in claims on
Japan amounting to $16,003,000. This was partially offset by a
jL/' J?
</
decrease in claims on (MjjterW $2 ,3 7 1 ,0 0 0 .
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
WEDNESDAY, APRIL 30, 19*+1______
Press Service
No. 2*+-87
Ut/29J M i
Heavy withdrawals of funds from the United States by most
foreign countries during January were more than offset by increases
in British denosits here and resulted in a net capital inflow into
this country of $21,996,000, the April bulletin of the Treasury
Department disclosed today,
British deposits rose $111,07*4,000 during the week of
January 15 but for the month the increase was pared by expenditures
for war materials.
Other European countries reduced their short-term balances
here, Swiss accounts declining $12,399*00° to $^95*9^7.000;
Swedish, $7,693,000 to $227,708,000; Dutch, $*+,261,000 to
$ 1 7 0 ,0 0 *4,0 0 0 ; France, $2 ,9 1 1 , 0 0 0 to $*+8 7 ,1 8 2 ,0 0 0 ; Finland,
$2,*+21,000 to $1*4,115,000; Italy, $1,951,000 to $15,953,000; and
Germany, $1,255,000 to $5 ,*+70,000.
Mexican funds declined
$ 5 ,6 7 3 , 0 0 0 to $*+9 ,3 0 8 ,0 0 0 .
British short-term funds for the four weeks ended January 29»
19hl, increased $ 5 6 ,*+11,000 to $*+21,875,000,
Canadian short-term
funds rose $9,276,000 to $*+*+3,560,000, and Brazilian, $9,171,000
to $*+5,376,000.
Increases also were shown for Japan of $3,7$9»°00,
China, $2,980,000, Argentina, $2,796,000, and Hong Kong, $2,331,000,
2 -
Of the $15,262,000 increase in the United States short
term claims on foreigners, the principal increase was in claims on
Japan amounting to $16,003,000«
This was partially offset by a
decrease in claims on Canada of $2,371,000*
Transactions in United States domestic securities resulted
in net sales by foreigners of $2 3 ,0 9 9 ,0 0 0 , total purchases amounting
to $24,109,000 and total sales to $47,208,000.
Principal sellers
were Switzerland, Canada and Italy with net sales of $7,909,000,
$7,227,000 and $4,312,000, respectively*
Smaller sales were
reported for the United Kingdom, France and Germany.
Foreign balances in brokerage accounts here declined
$2,154,000 during the four-week period, Latin American accounts
showing the greatest change*
•0O0—
e _
The Postal Savings Stamps of the new defense series were designed to
>-
help those who want to take part in the National Defense Savings program but
cannot afford to buy a bond at once.
10, 25, and
50
They are issued in denominations of
cents, one dollar and $5«
I
<
The purchaser of any stamp above ten cents in value is given a pocket
\
album in which he may save enough stamps to turn in for a bond.
The
buyer
of a ten cent stamp is given a card with spaces for twenty-five stamps.
When this is filled it may be exchanged for $2.50 in stamps of higher denoiainations.
BdTTl the *0laurpa and "the bae-jh
of the famous Minute
b'lhtue
1
n f + . h g r i l l n i m n In 11 I e p r o d t n l i m n
d,
ML&g q a p ' n i g f l t t r j
Mu
n 'grw»l
i
i
9
w
4
Walter Winchell, Lowell Thomas, John Vandercook, Don Goddard and
"
John Gunther, speaking from New York, and H. V. Kaltenborn, Earl Godwin
and H. K. Baukhage, broadcasting from Washington, will take|part in a
defense financing round table over NBC at 7:30 p.m. EST Thursday.
The
New York portion will be televised.
^
Foreign language stations have formed a special chain to rebroad—
cast the Presidents address and translations of it*
I
In addition, many
special defense savings programs featuring foreign language speakers are
be ing scheduled.
The Series E Defense Savings bond which goes on sale tomorrow is
similar to the "baby bond" familiar to most Americans.
75 per cent of face value.
It will sell at
If it is held for ten years and turned in,
the government will pay the holder the full face value.
it be worth less than what it cost originally.
At no time will
It may be "cashed in" at
j
any time after sixty days but may not be transferred to another person
oi- put up as collateral.
These bonds come in face value denominations of
$25, $50, $100, $500 and $1,000.
One owner is limited to $5,000 worth of
||
these bonds in any one year.
The Series F United States Savings bonds mature in 12 years and may
be purchased for seventy-four per cent of face value.
Series G United States Savings bonds are sold at face value and pay
interest of 2.5 per cent per year by Treasury check.
They may be redeemed
|
"1
at face value after 12 years.
One owner is limited to *»50,000 worth of Series F or Series G bonds
of any one year or a combination of them.
They are not negotiable and may
be redeemed at any time after six months on one month*s written notice.
|
- 3 -
Newspapers, the motion picture industry and radio stations through
out the country also have pledged full support and every city, town and
village in the country is scheduled to mark the opening of the program
with the mayor and civic leaders of each community buying from the Post
master the first Bonds and Stamps received locally.
President Roosevelt, Secretary Morgenthau and Postmaster General
Walker will join tonight in a Defense Savings program "curtain raiser"
broadcast at 9:30 p.m. EST, over the major networks.
During the program, the Secretary of the Treasury will reserve
Defense Savings Bond No. 1 for the President and the Postmaster General
will set aside the first Savings Stamps of the Defense issue for him.
The securities will be delivered to the White House tomorrow morning.
The American Bankers Association has sent a special booklet to every
banker in the country explaining the Defense Savings program and urging
complete co-operation.
to undertake
Many local bank associations have banded together
Defense Savings advertising campaigns of their own.
Every radio station in the country inaugurated Defense Savings activi
ties last Monday.
Most of them will continue indefinitely with at least
five one-minute announcements daily.
Postmaster General Walker is scheduled to make a special Defense
Savings broadcast from Kansas City Thursday morning over NBC.
Secretary
of Agriculture Claude R. Wickard will discuss the program on the National
Farm and Home hour of NBC at 12:30 p.m. EST the same day and a Defense
Savings "mystery" broadcast has been scheduled for 3:4-5 p.m. EST from
Meddybemps, Maine, which will be followed by a pickup from a bond and
stamp booth in Pennsylvania Station, New York.
The program has these principal objectives, Treasury officials
said:
(l) to raise money for national defense, (2) to prevent inflation
by borrowing the defense money from as many Americans as possible and by
encouraging Americans to put their money into Savings Bonds instead of
spending it on non-essentials, and (3) to provide American citizens with
a nfinancial cushion” which will break the shock of hard times that may
come when the country changes back to normal economy from the present
war-aid setup.
Only in the attempt to reach every resident of the country will
the 194.1 effort be similar to the Liberty Loan
of 1917 to 1919.
and Victory Loan drives
Government authorities are determined that no quotas
be set, no "slacker lists” drawn up, no buttons issued to buyers of bonds
and no high-pressure sales methods used.
The objective is rather to en
courage a program of continual savings by as many Americans as are able
to save.
Sixteen thousand post offices, including all of the first, second
and third classes, and ¿00 fourth class branches, will offer the Defense
Savings Bonds and Stamps for sale at the opening of business tomorrow.
Many other agencies, such as department stores, will eventually have
stamps on hand for sale and some will open on the first day.
Nearly every bank in the country also w q i take part in the program
through direct issuance of the Series E Defense Bonds, the ordering of
Series F and G United States Savings Bonds through Federal Reserve banks
and the Treasury, and through promotional and educational activities
to further the program.
TREASURY D EPARTMENT
Washington
FOR RELEASE MORNING PAPERS,
Wednesday, April 30, 1941*
Press Service
No* 24-88
FOR WEDNESDAY MORNING M 9 1
With the delivery of Defense Savings Bond No. 1 and the first
postal savings stamp of the new defense series to President Roosevelts
the National Defense Savings program, designed to
give every person in the United States an opportunity to "buy a share
in America” will go into actionj^jn^
^
In every corner of the country, post offices, banks and other
agencies will offer for sale three new series of United States bonds
and the new stamps bearing reproductions of the famous Minute Man
statue at Concord, Massachusetts, with the legend ’’America on Guard.”
The Defense Savings program was designed as a sober movement
to encourage citizens to make wise investments, while supplying
the country, at the same time, with some of the tremendous sums
of money needed for National Defense.
L
TREASURY D E P A R T M E N T
Washington
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, April 30, 1941*
Press Service
No, 24-88
With the delivery of Defense Savings Bond No. 1 and the first
i Postal Savings Stamp of the new Defense series to President Roosevelt,
the National Defense Savings program, designed to give every person
in the United States an opportunity to ’’buy a share in America,” w i l l go into action tomorrow morning.
In every corner of the country, post offices, banks and other
agencies will offer for sale three new series of United States bonds
and the new stamps bearing reproductions of the famous Minute Man
statue at Concord, Massachusetts, with the legend ’’America on Guard.”
G
The Defense Savings program was designed as a sober movement
to encourage citizens to make wise investments, while supplying
the country, at the same time, with some of the tremendous sums
I
of money needed for National Defense.
The program has these principal objectives, Treasury officials
1
said: (1 ) to raise money for national defense,
(2 ) to prevent infla-
!j tion by borrowing the defense money from as many Americans as possible
I
A
1
and by encouraging Americans to put their money into Savings Bonds
■--- ---
------ / -z\
+-~
ft>T^-r>ican
hard times that may come when the country changes back to normal
economy from the present war-aid setup.
2
Only In the attempt to reach every resident of the country will
| the 1941 effort he similar to the Liberty Loan and Victory Loan drives
j
I
of 1917 to 1919«
Government authorities are determined that no
quotas he set, no "slacker lists" drawn up, no buttons issued to buyI ers of bonds and no high-pressure sales methods used.
The objective
l is rather to encourage a program of continual savings by as many
■I Americans as are able to save.
Sixteen thousand post offices, Including all of the first, second
I and third classes, and 400 fourth class branches, will offer the
| Defense Savings Bonds and Stamps for sale at the opening of business
I tomorrow.
Many other agencies, such as department stores, will
Hi eventually have stamps on hand for sale and some will open on the
I first day.
Nearly every bank in the country al.sc will take part in the
program through direct issuance of the Series E Defense Bonds, the
ordering of Series F and G United States Savings Bonds through
Federal Reserve banks and the Treasury, and through promotional and
I educationsl activities to further the program*
Newspapers, the motion picture industry and radio stations
j throughout the country also have pledged full support and every city,
I town
and village In the country is scheduled to mark the opening of
the program with the mayor and civic leaders of each community buying
I|from the Postmaster the first bonds and Stamps received locally.
3
President Roosevelt, Secretary Morgenth.au and Postmaster General
Walker will join tonight in a Defense Savings program "curtain
raiser" broadcast at 9:30 p.m. EST, over the major networks.
During the program, the Secretary of the Treasury will reserve
Defense Savings Bond No. 1 for the President and the Postmaster
General will set aside the first Savings Stamps of the Defense issue
for him.
The securities will be delivered to the White House t o
morrow morning.
The American Bankers Association has sent a-special booklet to
every banker in the country explaining the Defense Savings program
and urging complete co-operation.
Many local bank associations have
banded together to undertake Defense Savings advertising campaigns
of their own.
Every radio station in the country inaugurated Defense Savings
activities last Monday.
Most of them will continue indefinitely
with at least five one-minute announcements daily.
Postmaster General Walker is scheduled to make a special
Defense Savings broadcast from
Kansas City Thursday morning over NBC
Secretary of Agriculture Claude R. Wickard will discuss the program
on the National Farm and Home hour of NBC at 12:30 p.m. EST the same
day and a Defense Savings "mystery" broadcast has been scheduled for
3:45 p.m. EST from Meddybemps, Maine, which will be followed by a
pickup from a bond and stamp booth in Pennsylvania Station, New York.
Walter Winchell, Lowell Thomas, John Vandercook, Don Goddard and
John Gunther, speaking from New Y~ork, and H. V. Kaltenborn, Earl
Godwin and H. K. Baukhage, broadcasting from Washington, will take
- 4 -
part in a defense financing round table over NBC at 7:50 p.m. EST
T h u r s d a y T h e New York portion will be televised*
Foreign language stations have formed a special chain to re
broadcast the P r e s i d e n t s address and translations of it.
In addition,
many special defense savings programs featuring foreign language
speakers are being scheduled.
The Series E Defense Savings bond which goes on sale tomorrow
is similar to the !,baby bond” familiar to most Americans.
sell at 75 per cent of face value.
It will
If It Is held for ten years and
turned in, the government will pay the holder the full face value.
At no time will It be worth le ss than what It cost originally.
It
ms.y be ncashed in” at any time after sixty days but may not be trans-r
ferred to another person or put up as collateral.
These bonds come
in face value denominations of #25, #50, # 100, #500 and # 1 ,000.
One owner is limited to #5,000 worth of these bonds in any one year.
The Series F United States Savings bonds mature in 12 years
and may be purchased for seventy-four per cent of face value.
Series G United States Savings bonds are sold at face value and
pay interest of 2.5 per cent per year by Treasury check.
be redeemed at face value after
12
They may
years.
One owner is limited to #50,000 worth of Series F or Series G
bonds of any one year or a combination of them.
They are not
negotiable and may be redeemed at any time after six months on one
month’s written notice.
5
The Postal Savings Stamps of the new defense series were designed
to help those, who want to take part in the National Defense Savings
program but cannot afford to buy a bond at once.
They are issued in
denominations of 10, 25, and 50 cents, one dollar and $5.
The purchaser of any stamp above ten cents in value is given a
pocket album in w h i c h ‘he may save enough stamps to turn in for a bond.
The buyer of a ten cent stamp is given a card with spaces for twentyfive stamps.
When this is filled it may be exchanged for $>2.50 in
stamps of higher denominations•
-OoO-
9
SECRETARY IflQRGENTHAU*
p V
| l| | i
And it 1b my further pleasure to
present to you now the Postoaster General
of the United States* under whose
direction the Post Office Department
has done such a splendid Job in making
the United States Savings Bonds
available In the past . . . my good
/ v
friend, Postmaster General Frank jtf. walker . . .
who speaks to you now from Des Moines,
Iowa.
SECRETARY fcSORGQJTHAU:
(Cont’d.)
Consequently, the Treasury Department
will not measure the success of the Defense
Savings Program in terms of money alone » .
It will measure success In terms of people
participating . . .
in terms of the
number of partners it wins among the men
and women and children of the nation.
And now it is my privilege to reserve
the first Defense Savings Bond —
not to
be delivered, of course, until the opening
of business In Washington tomorrow —
the name of Franklin Delano Roosevelt,
the President of the United States.
in
- 7 -
SECRETARY MORGENTEAU:
(Cont'd.)
It 18 with full confidence In the
willingness end eagerness of the American
people to share the defense effort that
this program of Defense Savings has been
planned by the Treasury Department.
There is to be no "drive" . * . there
are to be no quotas . . .
there is to be
no ■hysteria . . .
there is to be no appeal
to hate or fear.
The Defense Savings Bonds
\
and Stamps are presented as an opportunity. . .
an opportunity for each citizen to buy
a share in America.
- 6 «*
SECRETARY KORGENTHAU:
(Cont'd.)
1© are now engaged in the greatest
defense building program in the history
of the world.
Just as its results will
he unprecedented, so will its cost.
But the billions that will be required
to build all the planes and tanks and
guns and battleships are not beyond our
powers to supply.
We can finance our
defense, gigantic as it is, just as surely
as our factories and men can turn out the
weapons.
- 5
SECRETARY MORGENTHAU:
(Cont*d.)
to provide
6
check against high prices . . .
to safeguard and stabilize the current
American standard of living.
Finally, your
Government wants to provide each of you
with a cushion against the post-war
period when, inevitably, adjustments of
employment will have to be made.
Your
Government wants every American family
to face this post-war adjustment period
with savings protected end guaranteed
by the full faith and credit of the
united States of America.
/¡g *M*
SECRETARY MORQENTHAU: \ .
(Cont'd.)
___ _J
First, as I have said, your Government
wants to give every one of you a chance to
have a financial stake In American
Democracy . . .
an opportunity to contribute
toward the defense of that democracy and
the right to say to yourself, "I am doing
something to help."
Secondly, your
Government wants to encourage the habit
of thrift in all
the people . . .
to prevent a spending spree of the kind
that accompanied the last war . * •
ISSij
■■
OwEs
SECRETARY MOROENTHAU:
(Cont'd.)
It is not asking you to buy one bond or
one set of stamps and let It go at that;
It is Inviting you to save/regularly
and systematically by putting your money
Into the soundest investment on the face
of the earth —
America.
the United states of
Why does your Government want
the savings of the people?
Obviously,
there are faster and simpler ways for
the Government to raise money.
Why has
the Treasury Department taken this more
difficult course?
Here are the reasons»
2
/....... —
^
1
SECRETARY MORGfflTHAU;
(Cont'd.)
.S
t
f
*
rcw ?
tA
-gh«B9 now- Bonds and Stamps
4m j
Jr
the people . • • for the laboring man, the
skilled mechanic, the office worker, the
employer, the housewife, the retired business
«on —
even children can save their pennies
to buy the stamps exchangeable for Defense
Savings Bonds.
Let this be clears
Your Government is
frankly seeking the current, regular savings
of the people —
all the people **** moil f
women and children.
SECRETARY MORGSNTHAU:
Tomorrow morning, the Government of the
United States provides one answer to the
question that patriotic Americans have been
asking ever since the National Defense
Program was undertaken.
That question has been:
Do To Help?"
"What Can I
As the Defense Savings Bonds
and Stamps go on sale tomorrow in every
state and county, city and town In America —
it will be possible for everyone *—
literally
everyone -- to take part In the National
Defense effort.
3
It
th e
is
w ith
A m e r ic a n
D efen se
or
is
is
to
fea r.
be
o p p o r tu n ity
in
she re
been
be
no
The
to
has
to
no
.
an
«
S a v in g s
by
•
•
th e
w illin g n e ss
d efen se
p la n n e d
h y ste r ia
•
th e
n d r i v e ,f
D efen se
,
in
c o n fid e n c e
p e o p le
S a v in g s
T here
th ere
fu ll
•
th e
are
*.. t h e r e
Bonds
is
and
fo r
th a t
T reasu ry
« th ere
o p p o r tu n ity
e fio r t
to
be
eagerness
th is
Y
of
p r o g r a m of
)
D ep a rtm en t,
to
be
no
S ta m p s
each
and
no
q u otas
appeal
are
to
h a te
p resen ted
c itiz e n
to
buy
a
J
•■ * ,
a s an
share
A m e r ic a *
C o n se q u e n tly ,
su ccess
of
th e
it
m easure
th e
T reasu ry
D efen se
D epa r t m e n t
S a v in g s
Program
w ill
in
not
term s
m easure
of
m oney
th e
a lo n e
.
. . .
in
, | 1
( fl
w ill
term s
o f
c h ild r e n
th e
o f
num ber
th e
And now
Bond
in
not
to
it
P o stm a ster
P ost
now
fro m
p e o p le
p a r tic ip a tin g
w in s
my p r i v i l e g e
to
reserve
d e liv e r e d ,
th e
my
--
of
th e
am ong
M o in e s,,
th e
course,
nam e
th e
m en
and
w o m e n arid;J|
U n ite d
Bonds
th e
fir s t
u n til
of
th e
F r a n k lin
D efen se
o p e n in g
D e la n o
S a v in g s
of
j
b u sin ess!
fto o se v e lt^
S ta tes*
p le a su r e
has
G eneral
of
in
U n ite d
fu rth er
S a v in g s
P o stm a ster
pes
of
it
D ep a rtm en t
S ta tes
fr ie n d ,
be
G eneral
O ffic e
U n ite d
is
of
is
terras
p a rtn ers
tom orrow
P r e sid e n t
And
o f
in
n a tio n .
it
W a sh in g to n
th e
su ccess
done
to
S ta tes,
su ch
a
a v a ila b le
Frank
p resent
C.
to
under
sp le n d id
in
th e
W a lk e r
.
you
w hose
jo b
p ast
.
now
?
*
who
th e
d ir e c tio n
in
•
m a k in g
th e
th e
• my g o o d
speaks
to
you
Iow ai
-0o0-~
i
2
r e g u la r ly
and
in v e stm e n t
W hy d o e s
th ere
on
th e
your
are
W hy h a s
H ere
sy ste m a tic a lly
th e
are
a
as
you
an
o p p o r tu n ity
a ll
r ig h t
th e
of
w ith
to
of
every
A m e r ic a n
in
th e
and
ta n k s
su p p ly .
su r e ly
as
m oney
in to
U n ite d
of
th e
ta k en
now
th e
th e
th is
th e
soundest
\
of
A m erica ,
Y
S ta tes
p e o p le ?
G overnm ent
m ore
o f
O b v io u sly ,
to
r a ise
d iffic u lt
m oney,
guns
our
r
course?
to
th e
,f I
to
in
am
d o in g
encourage
sp e n d in g
to
p r o v id e
s ta b iliz e
G overnm ent
p o st-w a r
to
fa ce
th is
g u a ra n teed
be
of
th e
a
th e
w a n ts
of
m ade.
Your
th r ift
k in d
A m e r ic a n
each
G overnm ent
and
.
in
th a t
h ig h
of
in e v ita b ly ,
fa ith
.
h e l p . 1’
a g a in st
a d ju stm en t
fu ll
to
th e
p r o v id e
w hen,
on e
dem ocracy
h a b it.' o f
current
to
every
D em ocracy
th a t
check
p e r io d
th e
g iv e
so m e th in g
sp ree
p o st-w a r
by
to
A m e r ic a n
d efen se
a
have
w a n ts
standard
you
ad ju st
w a n ts
p e r io d
w ith
c r e d it
of
A m e r ic a .
th e
its
and
th e
engaged
o f
can
. . .
w ill
sta k e
tow ard
w a n ts
your
and
G overnm ent
fin a n c ia l
sa feg u a rd
in
th e
w o r ld .
g rea test
Ju st
as
d efen se
it s
b u ild in g
r e su lts
w ill
program
be
j
unprece
co st.
b illio n s
and
your
prevent
w ar
fa m ily
w ill
We
th e
sa v in g s
y o u r se lf,
a g a in st
h is to r y
But
to
la s t
S ta tes
so
a
to
em p lo y m e n t
are
d en ted ,
have
say
p ro tected
We
—
ways f o r
sa id ,
F in a lly ,
U n ite d
your
i
. . .
th e
m en ts
th e
th e
D ep a rtm en t
G overnm ent
c u sh io n
sa v in g s
want
c o n tr ib u te
to
. . .
a
to
p e o p le
liv in g .
ea rth
sim p le r
have
to
your
a c c o m p a n ie d
p r ic e s
I
chance
S e c o n d ly ,
th e
p u ttin g
reason s:
of
th e
and
T reasu ry
th e
o f
G overnm ent
fa ste r
F ir st,
and
fa ce
by
th a t
w ill
be
and b a t t l e s h i p s
r e q u ir e d
are
fin a n c e
our
d efen se,
fa c to r ie s
and
m en
can
not
to
beyond
g ig a n tic
tu rn
b u ild
out
as
th e
a ll
our
it
th e
pow ers
is ,
w eapons
ju st
p la n e s
to
as
j
W
T R E A S U R Y DEPARTMENT
Washington
P ress
FOR RELEASE; MORNING NEWSPAPERS,
ùéw+oê by
S e r v ic e
Lüll Ü1 WÜ1U11 'ILW*/
n - iiir r fr ir iL i s ' s c Ï Ï ^ I ê ' S é ^ ô ^ # b r o a d c a s t b y a l l n e t w o r k s /
a t 9 : 3 0 p <K E a s t e r n S ta n d a r d T im e , W ed n esd a y , A p r il 5 0 ,/1 9 4 1 ,
an d T s fo r ~ % » e le a se u p o n d e l i v e r y a t t h a t t i m e » T he S e c r e t a r y
i T T l T n Y r o d h c e p r e s i d e n t R o o s e v e l T ”a n d P o s t m a s t e r ^ G e n e r a l
W a lk e r , w h o t w i l l j o i n w i t h h im i n t e l l i n g t h e n a t i o n a b o u t
t h e D e f e n s e S a v i n g s B o n d s a n d S t a m p s t h a t g o o n s a l e oft t h e
o p e n i n g ^pf b u s i n e s s T h u r s d a y , M ay ! ♦ )
T om orrow
one
ever
answ er
sin c e
That
D efen se
and
m o r n in g ,
to
th e
th e
N a tio n a l
S a v in g s
everyone
th a t
been:
and
and
*»•■* l i t e r & l l y
Program
T,W h a t
S ta m p s
to w n
in
o f
th e
p a tr io tic
D efen se
has
Bonds
c ity
G overnm ent
q u e stio n
q u e stio n
co u n ty ,
th e
go
on
I
—
*■**“ t o
ta k e
have
p r o v id e s
been
a sk in g
u n d erta k en .
Do
sa le
A m e r ic a
everyone
S ta tes
A m e r ic a n s
was
Can
U n ite d
To
H e lp ? ”
tom orrow
it
w ill
part
be
As
in
th e
every
p o ssib le
sta te
fo r
in
th e
N a tio n a l
not
fo r
th e
few ;
o f
th e
p e o p le
1
D efen ss
e f f ort<*
D efen se
fo r
th e
th e
la b o r in g
m any.
e m p lo y e r ,
can
save
S a v in g s
o f
m an,
th e
Bonds
are
th e
and
fo r
th e
s k ille d
h o u se w ife ,
p e n n ie s
are
great
m ass
m e c h a n ic ,
th e
to
S ta m p s
r e tir e d
buy
th e
th e
o ffic e
b u sin e ss
sta m p s
m an
th ey
.
.
w orker,
—
even
e x c h a n g e a b le
fo r
.
are
fo r
th e
c h ild r e n
D efen se
B ond s.
cu rren t,
set
T hey
th e ir
L et
w om en
S a v in g s
and
th is
be
r e g u la r
c le a r :
Your
sa v in g s
of
c h ild r e n ,
sta m p s
and
le t
it
is
it
th e
not
go
G overnm ent
at
p e o p le
--
a sk in g
you
th a t;
it
is
fr a n k ly
8l l
th e
se e k in g
p e o p le
to
buy
one
is
in v itin g
bond
you
th e
m en,
or
one
to
save
r
h
l- s
/ i^v\
|E
s
TW da
fob
t®
ft. Kßi£Mt,
1
f
A
'Tr^is
SI
/
t ;w- ^ |
^
^
o ,
**u
^
lAJ
JJ
j
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cxu
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^V\j»
ÛLS$r~
^*¡^^x a a a a 4
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 1, 1941.
Press Service
No. 24-89
(The following address by SECRETARY MORGENTHAU
is s cheduled to be broadcast by all networks at
9:50 p.m. Eastern Standard T i m e , Wednesday,
April 5 0 , 1941, and "is for release upon d elivery
at that time. The Secretary will introduce
President Roosevelt and Postmaster General Walker,
who will join with him in telling the notion about
the Defense Savings Bonds and Stamps that go on .
sale at the opening of business Thursday, May 1.)
Tomorrow morning,
the Government of the United States pro
vides one answer to the question that patriotic Americans have
been asking ever since the National Defense Program was under
taken.
That question has been:
TrWhat Can I Do To Help?M
As the
Defense Savings Bonds and Stamps go on sale tomorrow in every
state and county, city and town in America —
for everyone —
literally everyone —
it will be possible
to take part in the National
Defense effort*
Defense Savings Bonds and Stamps are not for the few; they
are for the many.
They are for the great mass of the people
. . . for the laboring man,
worker,
the skilled mechanic, the office
the employer, the housewife,
the retired business man --
even children cam. save their pennies to buy the stamps exchange
able for Defense Savings Bonds.
Let this be clear:
Your Government is frankly seeking
the current, regular savings of the people
all the people
2
men, women and children.
It is not asking you to buy one bond
or one set of stamps and let it go at that; it is inviting you
to save regularly and systematically by putting your money into
the soundest investment on the face of the earth -- the United
Sta.tes of America.
the people?
Why does your Government want the savings of
Obviously,
there are faster and simpler ways for
the Government to raise money.
W hy has the Treasury Department
taken this more difficult course?
Here are the reasons:
First, as I have said, your Government wants to give every
one of you a chance to have a financial stake in American
Democracy . . .
an opportunity to contribute toward the defense
of that democracy and the right to say to yourself,. f,I am doing
something to help.”
Secondly, your Government wants to
encourage the habit of thrift in all the people • • .to prevent
a spending spree of the kind that accompanied the last war
...
to provide a check against high prices
...
to safe
guard and stabilize the current American standard of living.
Finally, your Government wants to provide each of you with a
cushion against the post-war period when, inevitably, adjust
ments of employment will have to be made.
Your Government wants
every American family to face this post-war adjustment period
with savings protected and guaranteed by the full faith and
credit of the United States of America.
We are now engaged in the greatest defense building program
in the history of the world.
precedented,
so will its cost*
Just as its results will be un- *
3
But the billions that will be required to build all the
planes and tanks and guns and battleships are not beyond our powers
to supply.
We can finance our defense, gigantic as it is, just as
surely as our factories and men can turn out the weapons,.
It is with full confidence in the willingness and eagerness of
the American people to share the defense effort that this program of
Defense Savings has been planned by the Treasury Department.
There is to be no "drive"
• . . there is to be no hysteria
hate or fear.
• • • there are to be no quotas
. . .there is to be no appeal to
The Defense Savings Bonds and Stamps are presented
as an opportunity . . . a n opportunity for each citizen to buy a
share in America.
Consequently,
the Treasury Department will not measure the
success of the Defense Savings Program in terms of money alone • •
it will measure success in terms of people participating
. • .. in
terms of the number of partners it wins among the men and women and
children of the nation.
And now it is my privilege to reserve the first Defense Savings
Bond -- not to be delivered, of course, until the opening of busines
in Washington tomorrow -- in the name of Franklin Delano Roosevelt,
the President of the United States.
And it is my further pleasure to present to you now the
Postmaster General of the United States, under whose direction the
Post »Office Department has done such a splendid job in making the
4
United States Savings Bonds available in the past
. • . my good
friend, Postmaster General Frank C. Walker . . . who speaks to
you now from Des Moines, Iowa*
-OoO-
TREASURY DEPARTMENT
Washington
__
-n-nT-n\cji?
EOR IMMEDIATE RELEASE
7 1 n ,-r t t " o g . 1Q^
Press Service
tj0
20 85-
The Secretary of the Treasury announced today that proposals
are being invited for furnishing distinctive paper required for
printing currency and public debt securities of the United States
during the fiscal year S f e
for which bids will be opened at the
Treasury Department on May 16, 1Q40•
j
The estimated quantity required for currency is .89,716,660
sheets, or about 1 ^ +
tons of paper.
Ho estimate is made of the
requirements for public debt securities.
- 0O 0-
TREASURY DEPARTMENT
Washington
Press Service
No. 2^-90
DOR IMMEDIATE RELEASE
Wednesday April 30» 19^1 •
The Secretary of the Treasury announced that proposals are being invited
for furnishing distinctive paper required for printing currency and public
debt securities of the United States during the fiscal year 19^2, for which
bids will be opened at the Treasury Department on May l6 , 19^1The estimated quantity required for currency is 120,226,000 sheets, or
about
1
U9 O tons of paper,
No estimate is made of the requirements for public
debt securities.
-oOo-
THEAÇITRY DEPARTMENT
W a sh in g to n
P re ss S e r v ic e
POR IMMEDIATE RELEASE,
T h u r s d a y , May 1 , 1 9 ^ 1 »
No.
Mr. H j a l m a r J . P r o c o p e ,
S e c r e t a r y M orgen th au » 9 ^ M
M in is t e r o f F in la n d ,
and
tod ay
a O P
e x e c u te d an a g re em e n t u nd er w h ic h th e R e p u b lic o f F in la n d
t o p a y t h e sum o f $ 2 3 5 »3 9 *> t o
w i l l u n d ertak e
S ta tes,
i n t e n a n n u a l p aym en ts w i t h i n t e r e s t
th e U n ited
a t th ree p er cen t.
The sum o f $ 2 3 5 , 3 9 2 w a s p a y a b l e b y F i n l a n d t o t h e
U n i t e d S t a t e s on D ecem ber 1 5 ,
a jo in t
r e so lu tio n
1 9 HO, b u t w a s p o s t p o n e d u n d e r
o f C o n g r e s s a p p r o v e d o n J u n e 3,5* 19^0»
Under t h e term s o f t h e
j j
%
r e q u ir e d to p ay a n n u a lly $ 2 7 ,3 9 0 .1 2 .
t
i ' l u f r t o i r
F in la n d i s
T h ese paym en ts a r e to
b e made i n tw o i n s t a l l m e n t s o f $ 1 3 »^ 9 5 *^ 6 o n J u n e 15 a n d on
D ecem ber 1 5 .
The f i r s t p a ym en t u n d e r t h i s
due on June 1 5 ,
1 9 ^ .*
a g reem en t w i l l be
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, May 1, 1941#
.
Mr. Hjalmar J. Procope, Minister of Finland,
Press Service
No. 24-91
and Secretary
Morgenthau today executed an agreement under which the Republic of
Finland will undertake to pay the sum of $235,598 to the United
States, in ten annual payments with interest at three per cent.
The sum of $235*398 was payable by Finland to the United States
on December 15, 1940, but was postponed under a joint resolution of
Congress approved on June 15, 1940.
Under the terms of the agreement, Finland is required to pay
annually $27,390.12.
These payments are to be made In two install
ments of $13,695.06 on June 15 and on December 15.
under this agreement will be due on June 15, 1941.
-OoO-
The first payment
-
2
-
To assist tŸtÈrtT*êpre sent at ive s, Secretary Morgenthau also
announced he is detailing Walter F • Frese^l^sistant chief accountant of
K
the Bureau of Accounts, Treasury Department*
Mr. Frese is a graduate of the universities of Iowa and
Illinois
1938:
«¡A taught accounting at the latter institution from 1928 through
m
TREASURY DEPARTMENT
Washington
Press Service
FOR IMMEDIATE RELEASE
Thursday, May 1, 1941
ho.
¿'P-- 7
Secretary Morgenthau announced today that he had
recommended to the Chinese Government the appointment of A. Manuel Fox,
member of the United States Tariff Commission, as the American member
of the five-man board which will administer the recently—created stab
ilisation funds of that Republic*
Under the stabilization agreement, signed April 25, the
United States pledged $50,000,000, the United Kingdom five million pounds
sterling^ and Chinese Government banks 20,000,000 United States dollarsyf
to be used :
The funds,
create, consisting of three Chinese, one American appointed by China on the
recommendation of the Secretary of the Treasury, and a British national
appointed on the recommendation of the British Treasury*
Mr* Fox graduated from Cornell in 1911
He joined the
Government in 1923 as an economist for the 'Jhriff Commission, and succeeded
to a membership in 1937.
In 1939 he beaded an economic advisory commission
to Venezuela*
As the alternate member, Secretary Morgenthau said he was
CL*
%
recommending the appointment of William H. Taylor, .principal economist ^
Mr* Taylor, who received the degree of Doctor of Philosophy from
the University of California in 1935, came to the Treasury last January
after teaching Far Eastern fiffairs at the University of Hawaii for several
years*
He traveled extensively throughout Europe during 1935-36*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday , May 1, 1941.
Press Service
No* 24-92
Secretary Morgenthau announced today that he had recommended
to the Chinese Government the appointment of A. Manuel Fox, member,
of the United States Tariff Commission, as the American member of
the five-man board which will administer the recently-created
stabilization funds of that Republic.
Under the stabilization agreement,
signed April 25, the
United States pledged $50,000,000, the United Kingdom five million
pounds sterling and Chinese Government banks 20,000,000 United
States dollars to be used in maintaining stable relationships be
tween the respective currencies.
The funds, it was announced at
the signing, would be managed by a board which China would create,
consisting of three Chinese, one American appointed by China on the
recommendation of the Secretary of the Treasury,
and a British
national appointed on the recommendation of the British Treasury.
Mr. Fox was graduated from Cornell in 1911.
He joined the
Government in 1923 as an economist for the Tariff Commission, and
succeeded to a membership in 1937.
In 1939 he headed an economic
advisory commission to Venezuela.
As the alternate member, Secretary Morgenthau said he was
recommending the appointment of William H. Taylor, .a principal
economist in the Treasury’s Division of Monetary Research,
2
Mr. Taylor, who received the degree of Doctor of Philosophy
from the University of California In 1935,
come to the Treasury last
January after teaching Par Eastern affairs at the University of
Hawaii for several years.
He traveled extensively throughout Europe
during 1935-36*
To assist the two American representatives, Secretary Morgenthau
also announced he is detailing Walter P. Prese, an assistant chief
accountant of the Bureau of Accounts, Treasury Department.
Mr. Prese is a graduate of the Universities of Iowa and Illinois.
He taught accounting at the Is. tter institution from 1928 through
1935, and since then has been with the Treasury.
-OoO-
-
2
-
R e s e r v e B a n ks and B r a n c h e s , f o l l o w i n g w h ic h p u b l i c announcement w i l l b e made by
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 o f t h e amount and p r i c e r a n g e o f a c c e p t e d b id s.
T h o se s u b m i t t i n g t e n d e r s w i l l b e a d v i s e d o f t h e a c c e p t a n c e or r e j e c t i o n thereof.
The S e c r e t a r y o f t h e T r e a s u r y e x p r e s s l y reserves t h e r i g h t t o a c c e p t or r eje ct
a n y or a l l t e n d e r s , i n w h o le o r i n p a r t , and h i s a c t i o n i n any such r e s p e c t
s h a ll be f i n a l .
Payment o f a c c e p t e d t e n d e r s a t t h e p r i c e s o f f e r e d must be made
o r c o m p l e t e d a t t h e F e d e r a l R e s e r v e Bank i n c a s h or o t h e r im m e d ia te ly available
fu n d s on
May 7# 1941----- —--- •*
The incom e d e r i v e d from T r e a s u r y b i l l s , w h e th e r i n t e r e s t or g a m iron
th e s a le or o th e r d i s p o s i t i o n o f th e b i l l s ,
s h a l l n o t h a v e any exem ption, as
s u c h , and l o s s from t h e s a l e or o t h e r d i s p o s i t i o n o f T r e a s u r y b i l l s s h a l l not
.
h a v e any s p e c i a l t r e a t m e n t , a s s u c h , u n d e r F e d e r a l t a x A c t s now or h e r e a f te r
:
en acted .
The b i l l s s h a l l b e s u b j e c t t o e s t a t e , i n h e r i t a n c e , g i f t , o r other
e x c i s e t a x e s , w h e th e r F e d e r a l o r S t a t e , b u t s h a l l b e exempt from a l l tax a tion
now or h e r e a f t e r im posed on t h e p r i n c i p a l o r i n t e r e s t t h e r e o f b y any S t a te , or
any o f t h e p o s s e s s i o n s o f t h e U n i t e d S t a t e s , o r b y a n y l o c a l t a x i n g a uthority.
F o r p u r p o s e s o f t a x a t i o n t h e amount o f d i s c o u n t a t w h ic h T r e a s u r y b i l l s are
o r i g i n a l l y s o ld by th e U n ite d S t a t e s s h a l l be c o n s id e r e d to be i n t e r e s t .
T r e a s u r y D ep a rtm en t C i r c u l a r Ho. 4 1 8 , a s amended, and t h i s n o tic e , pres c r i b e t h e term s o f t h e T r e a s u r y b i l l s a n d g o v e r n t h e c o n d i t i o n s o f t h e i r issue.
C o p i e s o f t h e c i r c u l a r may be o b t a i n e d from any F e d e r a l R e s e r v e Bank or Branch.
f
t # «**-■
a?
1
i
S>£ ft ft M t ^ r
>
V
FOR RELEASE, M0RRI1TG NEWSPAPER,V
Friday, May 2. 1 9 A 1 ______ ,• J
4*i
The S e c r e t a r y o f t h e -^reas'iiry, h y t h i s p u b l i c n o t i c e , i n v i t e s tenders
f o r $ 10 0 .0 0 0 ,0 0 0
, or t h e r e a b o u t s , o f
9 1 - d a y t r e a s u r y b i l l s , to be issued
on a d i s c o u n t b a s i s u n d e r c o m p e t i t i v e b i d d i n g .
y,p flatPd
May 7 , 1 9 4 1
. and will mature
The b i l l s o f t h i s s e r i e s w i ll
August 6, 1 9 4 1 , -------------------- ,
when the face amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the J
closing hour, two o lclock p. m.f Eastern Standard time,
Monday, May
...194.
1---- *_ :
x$sfit/C
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, e. g., 99.925.
may not be used.
Fractions j
It is urged that tenders be made on the pointed forms and for
warded in the special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment securi
ties.
Tenders from others must be accompanied by payment of 10 percent of the
face amount of Treasury bills applied for, unless the tenders are a c co m p a n ie d hy
I
an express guaranty of payment by an incorporated bank or trust company.
j
Immediately after the closing hour, tenders will be opened at the Federal ;
FOR RELEASE, MORNING NEWSPAPERS,
TREASURY DEPARTMENT
F r i d a y , May 2 ,
19^1.
The Secretary of the Treasury, by this public notice, invites tenders for
$100,000,000, or thereabouts, of 91~day Treasury bills, to be issued on a dis
count basis under competitive bidding.
The bills of this series will be dated
May 7, 19^1» and will mature August 6, 19^-1» when the face amount will be pay
able without interest.
They will be issued in bearer form only, and in de
nominations of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, May 5» 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 mors than three decimals, e. g. , 99»9^5*
Fractions may not be used.
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 therefor.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 10 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.
-
2
-
Immediately after the closing hour, tenders will he opened at the Federal
Reserve Banks and Branches, following which public announcement will he made
hy the Secretary of the Treasury of the amount and price range of accepted
hids.
Those submitting tenders will he 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 he final.
Payment of accepted tenders at the prices offered must
he made or completed at the Federal Reserve Bank in cash or other immediately
available funds on May 7» 19^1»
The income derived from Treasury hills, whether interest or gain from the
sale or other disposition of the hills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury hills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter en
acted.
The hills 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 hy any State, or
any of the possessions of the United States, or hy any local taxing authority.
For purposes of taxation the amount of discount at which Treasury hills are
originally sold hy the United States shall he considered to he interest.
Treasury Department Circular No. b lS , as amended, and this notice, pre
scribe the terms of the Treasury hills and govern the conditions of their
issue.
Copies of the circular may he obtained from any Federal Reserve Bank
or Branch.
-oOO'
V
- 3 Tabulations showing imports of coffee under the quotas will be
T
released periodically through the Press Relations Division of the
Treasury Department.
Requests for copies of these releases should be
V
addressed to that office.
*
I
(
l!
i: 1
I
Quota Period
Country of Production
: Established
: Quota (lbs.)
Entered for Consumption
: As of (Date) :
Pounds
Quota Period - 12 months
from October 1, 1940:
Non-signatory countries:
All types of coffee
46,957,980
(Apr. 21, 1941
(Apr. 26, 1941
2.645.520
Apr. 26, 1941
2.645.520
"
41,854,806
43,275,482
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countries:
Mocha coffee
Arabica coffee other
than mocha
All other coffee
82,296)
)]
1,338,380)-)
1/ Under the terms of an Executive Order, signed April 21, 1941, entry
for consumption during the period April 22 to August 31, 1941, in
clusive, of mocha and other arabica coffee plus total imports of all
types as of April 21, 1941, shall not exceed the annual quota for
non-signatory countries, and no coffee produced in non-signatory
countries other than the arabica species shall be entered for con
sumption during this period.
In the administration of the coffee quotas by the Bureau of Customs,
priority import permits will not be granted.
She quota status of im
ported coffee will be determined as of the time of presentation of entry
for consumption in proper form at the customhouse in the port where
the coffee has arrived.
K?hen the Bureau’s authorization of entry for consumption of coffee
is required for the control of any import quota, the customs officer
in charge at the port where the coffee has arrived will telegraph the
Bureau for its quota status upon presentation of entry for consumption.
The Bureau of Customs announced today preliminary figures for
imports of coffee subject to quota limitations under the Presidents
proclamation of the Inter-American Coffee Agreement on April 15,
1941, and an Executive Order signed April 21, 1941,
import figures furnished by the Department of Commerce for the
period October 1, 1940, to April 15, 1941, inclusive, show that the
current import quotas for coffee produced in Guatemala and Venezuela
have been filled.
Further entry for consumption of coffee under the
current quotas for these countries is therefore prohibited.
The following tabulation shows import figures for the coffee
quotas now under telegraphic control as of April 26, 1941.
Total
imports under the other coffee quotas are shown as of April 19, 1941*
Quota Period
Country of Production
: Established
; Quota (lbs.)
; Entered for Consumption
:As of (Date):
Pounds
Quota Period - 12 months
from October 1, 1940:
Brazil
Colombia
Costa Rica
Cuba
El Salvador
Honduras
Mexico
Nicaragua
Dominican Republic
Ecuador
Haiti
Peru
1,230,166,800
416,669,400
26,455,200
10,582,080
79,365,600
2,645,520
62,831,100
25,793,820
Apr. 19,1941
it
«
tt
M
«
n
n
893,662,273
314,648,687
20,975,330
3,472,553
43,175,120
1,011,226
47,022,445
11,739,086
15,873,120
19,841,400
36,375,900
3,306,900
Apr. 26,1941
»
ft
tt
15,666,848
17,207,772
31,637,017
2,671,397
TREASURY DEPARTMENT
-Washington
FOE IMMEDIATE RELEASE
Thursday. May 1» 19^1
PHnSS? ^ 9 U 1*e
The Bureau of Customs announced today preliminary figures for
imports of coffee subject to quota limitations under the President's
proclamation of the Inter-American Coffee Agreement on April
15.
19Ul, and an Executive Order signed April 21, 19^1*
Import figures furnished hy the Department of Commerce for the
period October
1, 19U0, to April 15. 19Ul, inclusive, show that the
current import quotas for coffee produced in Guatemala and Venezuela
have been filled.
Further entry for consumption of coffee under the
current quotas for these countries is therefore prohibited.
The following tabulation shows import figures for the coffee
quotas now under telegraphic control as of April 26, l & l t
Total
imports under the other coffee quotas are shown as of April 19, 19**!,
Quota Period
Country of Production
Established
Quota (lbs.)
: Entered for Consumption
:As of (Date)_j____P o u n d s _
Quota Period - 12 months
from October 1, 19U0:
Brazil
Colombia
Costa Rica
Cuba
El Salvador
Honduras
Mexico
Nicaragua
Dominican Republic
Ecuador
Haiti
Peru
1 ,230 ,1 6 6 ,soo
1+1 6 ,669 ,too
2 6 .U55.200
1 0 ,582,080
79.365.600
2.6H5.520
6 2 ,3 3 1,10 0
25.793.820
15,873,120
1 9 .SU1 .U00
3 6 ,375,900
3 ,306,900
Apr. 19,19^1
It
It
893,662,273
314,648,687
20,975.330
It
3^72,553
It
4 3 ,1 7 5 .1 2 0
1 ,0 11,2 2 6
II
It
It
Apr. 26,1941
it
11
11
47,022,445
n.739,086
15,666,848
17,207,772
3 1 ,6 3 7,0 17
2,671,397
Quota Period
Country of Production
:
Established
Quota (lbs.)
Entered for Consumption
: As of (Date)
: Pounds
Quota Period - 12 months
from October 1, 19^0:
Non-signatory countries:
All types of coffee
U6,957,930
(Apr. 21, 19^1
(Apr. 26, 19^1
1*1,8 5 M o 6
1*3.275,^32
Quota Period - April 22 to
August 3 1 » 19^1» incl:
Non-signatory countries:
Mocha coffee
Arabica coffee other
than mocha
All other coffee
2,6U5.520
2,61+5,520
1/ Under the terms of an Executive Order, signed April 21, 19^1, entry
for consumption during the period April 22 to August 31» 19^1»
elusive, of mocha and other arabica coffee plus total imports of all
types as of April 21, 1 9 UI, shall not exceed the annual quota for
non-signatory countries, and no coffee produced in non-signatory
countries other than the arabica species shall be entered for con
sumption during this period.
In the administration of the coffee quotas by the Bureau of Customs,
priority import permits will not be granted.
The quota status of im
ported coffee will be determined as of the time of presentation of entry
for consumption in proper form at the customhouse in the port where
the coffee has arrived.
When the Bureau’s authorization of entry for consumption of coffee
is required for the control of any import quota, the customs officer
in charge at the port where the coffee has arrived will telegraph the
Bureau for its quota status upon presentation of entry for consumption.
Tabulations showing imports of coffee under the quotas will be re
leased periodically through the Press Relations Division of the Treasury
Department.
Requests for copies of these releases should be addressed
to that office.
-0 O0 -
TREASURY DEPARTMENT
Washington
FOE RELEASE, MORNING NEWSPAPERS,
Friday, May 2, 1941
Press Service
No. 24-95
Civic organizations, business associations and labor unions
the country over have been volunteering their did in the Defense
Savings program, the Treasury Department said today.
In increasing
numbers the groups have asserted their desire that the effort reach
its goal of steady savings investment by most Americans so that their
spare money can help meet the tremendous demandé of National Defense.
J. A. Phillips,
chairman,
and J. G. Luhrsen> executive secretary,
of the Railway Labor Executives’ Association,
representing the rail
way brotherhoods, called on Secretary Morgenthau Thursday morning to
pledge the "all out" co-operation of their organizations in the
program.
They informed the Secretary that the following resolution had
been passed unanimously Thursday at a meeting of the association:
"Resolved, That the recommendation to assist and cooperate in every
possible way for the distribution of these Government Bonds among the
railroad employees be whole-heartedly supported and endorsed."
Lew Hahn, general manager and treasurer of the National Retail
Dry Goods Association has offered the services of its 5,900 store
members in facilitating the sale of bonds and stamps.
In announcing that payment in cash of |>190,837,900 Home Owners
Loan Corporation Series L 5/0 percent bonds will be made on May 15,
John H. Fahey,
chairman of the HOLC board of directors,
said:
2
MIt is gratifying that a liquidating agency of the Government
which served a great public need-'in another crisis at this time can
place this large amount of money in the handk of the public when it
will add to the funds available for defense financing and thereby
help in another and greater effdrt to preserve democracy.”
Thfe Treasury announced that Federal credit unions had bee#
designated as agents for the sale of the new bonds.
The unions have
4,000 member institutions throughout the country,
’‘Presence of the Federal c redit union offices on the grounds
will bring the sale of these Defense Savings Bonds a.nd Stamps directly
to the great working industrial public,” said C, R. Orchard, director
of the unions.
”0ur members now have savings of approximately
$75,000,000.”
The W o m e n 1s Federal Savings and Loan Association of Cleveland,
Ohio, did not wait for the campaign to open.
Every member of the
staff already had pledged the purchase of bonds before the opening
of the sale.
Members of 545 local councils, Boy Scouts of America, are
distributing one million posters calling attention to the Defense
Savings program.
The Scouts went into action under orders of Walter
W. Head, President of the National Council, after President Roosevelt
had asked their aid.
Late yesterday an emergency call from Chicago
asked for 50,000 additional posters.
t.
.
V
- 3 -
State->chartered banking institutions were enabled to act as
agents for the sale of Defense Bonds by the terms of a special act
just passed by the Wisconsin state legislature and signed by
Governor Hell)
the Treasury was informed today* Buies were suspended
to rush the legislation through;
Similar action is being taken in the.Illinois and Michigan
legislature's.
and New Jersey.
Legislative action is also pending in Massachusetts
The New York State Banking Commission authorized
State institutions under its control to act as agents last week#
OoO-
5
successful in every way. I urge all organizations affiliated with the American
L,
Federation of Labor to create special committees for the purpose of supplying
your membership with full information, and for the purpose of promoting the sale S
of Government securities to individual members.
"Please advise me of your purpose and willingness to cooperate fully
and completely in the promotion of the Governments financial plans as set forth
in this communication.
Fraternally yours,
(signed) Wm. Green,
President,
American Federation of Labor."
i
$
1
§
u
and serve to increase our cost of living. The purchase of Defense Savings Bonds
&
by millions of wage earners and by the membership of the American Federation of
Jy
Labor will serve to hold down the cost of living and provide for the American
people a large reserve of savings. This will serve a highly useful purpose dur-
I
ing the period of adjustment following the termination of the existing national
emergency.
"During the past five years, the Government through the United States
Treasury, has marketed approximately four billion dollars worth of United States
Savings Bonds. These bonds which were widely distributed were in small denomina
tions. This plan of Government financing proved to be a gre t success. In the
larger program originated and which will be launched by the Treasury on May 1st,
the Government is appealing to the officers and members of the American Federation
\
of Labor to purchase Government securities which will- be offered in small denomina- I
tions. Plans which will provide for the purchase of these bonds out of wage earners savings so that payments can be made as easily as possible, will be formulated
and applied. This means that the financial strength of the wage earners of our
country by being mobilized in support of this systematic savings plan can be used
to make the nation stronger and safer than ever before.
"Details of the Treasury Departments plans for the sale of the Govern
ment securities herein referred to will be supplied the officers and members of
the American Federation of Labor just as soon as they are prepared and made avail-
I
able•
[|l
"I ask the officers and members of the American Federation of Labor,
and all our friends, to stand ready to cooperate in making the plans referred to
I
I
3
The two leaders of the railway brotherhoods met the Secretary Thursday ft
and told him that a meeting of the Railway Labor Executives* Association in Wash- v
ington that day had passed unanimously a resolution endorsing the Defense Savings
Brogram and urging all members of
th e
railway brotherhoods to take part in it.
?
that the Railway Labor Executives* Association would co-operate in every possible \
manner and also recommend that each individual member organization would, through
their individual efforts, cooperate in this well-deserving effort of assisting in
the National Defense program."
— A1
From American Federation of Labor headquarters, nearly three thousand
letters bearing the Signatur
>er
organizations. The letter,-
"Dear Sirs and Brothers? As part of the National Defense program, the
United States Treasury is offering to the American people on May 1, 1941, its new
Defense Savings Bonds. The Americ n Federation of Labor is wholeheartedly in
favor of this program. In a recent conference with Secretary Morgenthau I assured
him of our complete cooperation and support.
"The Federal Government is seeking to utilize the saving ability of
individual citizens in order to provide it with funds which it must necessarily
borrow during the critical years which lie just ahead. The economic welfare of
,
the entire country will be promoted and protected through the pursuit of such a
policy. The Government could follow a more egsy way by borrowing money directly
from banks and established loan organizations. Such action might promote inflations
J»
1
2
% iMurray told the Secretary this morning that heads of the forty-
three international unions making up the C. I. 0. will be urged to help the
§
Treasury carry out objectives of the Defense Savings Program.
f^JZ A sCM sJ
her larfM,
----be urged to 1riewad
( 1aiiif^fomotional material and eny~ufTic,
er will
list the active participation
'Xkjt
a
of fjgg four million members^Nvi||
/ c
jf.
\
will be glad and delighted to give what practical help
^ •á^ t^ tyw vL »
'amh i L ^
¿Him
FOR
*
7
IBKaLiA^lIrg^
^r^JLo^
^
ZL</-.y^
/fVi
Organized labor lined up
-today behind the
National Defense Savings^rogram.
Philip Murray, president of the Congress of Industrial Organizations,
called on Secretary
Morgenthau this morning and pledged support
of unionsin his group to further the purchi-.se of Defense Savings Bonds and
mL<4,.A '
Stamps
m h went #w ci*ia In 16,000 postoffices, more than 1 5 ,0 0 0 banks ald
thousands of other agencie^5áaaií«adttpi||
The program was designed by the Treasury as a means of
■
dsAwsletfdP v W
t o ^ a p meet the tew W BH B » def ense^|a»lMj ■¡¡?ij-gfc,, ^met-lcans of every group
an opportunity to Ssi»'their country and make sound investment of their extra
earnings at the same time*
Green, president of the American Federation of Labor, and
J* A* Phillips, chairman, and J. G. Luhrsen, executive secretary of the Railway
Labor Executives* association had pledged support of their organizations in
earlier a
»l u ^ with the Secretary*
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE
Friday, May 2, I9 U 1
Press Service
No. 2 U- 9 6
Organized labor lined up solidly today “
behind the National Defense
Savings program.
Philip Murray, president of the Congress of Industrial Organizations,
called on Secretary Morgenthau this morning and pledged support of unions
in his group to further the purchase of Defense Savings Bonds and Stamps.
These new securities went on sale yesterday in 16,000 post offices, more
than
1 5 ,0 0 0
“banks and thousands of other agencies.
The program was designed “by the Treasury as a means of helping to
meet the cost of defense and of giving Americans of every group an oppor
tunity to aid their country and make sound investment of their extra
earnings at the same time.
William Green, president of the American Federation of Labor, and
J. A. Phillips, chairman, and J. G. Luhrsen, executive secretary of the
Railway Labor Executives' Association,had pledged support of their organiza
tions in earlier meetings with the Secretary.
Mr. Murray told the Secretary this morning that heads of the fortythree international unions making up the C. I. 0. will be urged to help the
Treasury carry out objectives of the Defense Savings program.
He said he will be glad and delighted to give what practical help he
can.
Officers will be urged to distribute promotional material and en
list the active participation of the four million members of his group,
he declared.
-
2
-
The two leaders of the railway brotherhoods met the Secretary Thursday
and told him that a meeting of the Railway Labor Executives’ Association in
Washington that day had passed unanimously a resolution endorsing the Defense
Savings program and urging all members of the railway brotherhoods to take
part in it.
’’Recommendations were made,” said Mr. Phillips, ’’and unanimously adopted
that the Railway Labor Executives’ Association would cooperate in every pos
sible manner and also recommend that each individual member organization would,
through their individual efforts, cooperate in this well—deserving effort of
assisting in the Rational Defense program.”
Erom American Federation of Labor headquarters, nearly three thousand
letters bearing the signature of President Green were sent to officials of
member organizations*
The letter, prompted by Mr. Green’s visit with the
Secretary, follows:
’’Dear Sirs and Brothers:
As part of the Rational Defense program, the
United States Treasury is offering to the American people on May 1, 19^1»
its new Defense Savings Bonds.
The American Federation of Labor is whole
heartedly in favor of this program.
In a recent conference with Secretary
Morgenthau I assured him of our complete cooperation and support.
’’The Federal Government is seeking to utilize the saving ability of
individual citizens in order to provide it with funds which it must neces
sarily borrow during the critical years which lie just ahead.
The economic
welfare of the entire country will be promoted and protected through the
pursuit of such a policy.
The Government could follow a more easy way by
- 3 ■borrowing money directly from banks and established loan organizations*
Such action might promote inflation and serve to increase our cost of
living.
The purchase of Defense Savings Bonds by millions of wage earners
and by the membership of the American Dederation of Labor will serve to
hold down the cost of living and provide for the American people a large
reserve of savings.
This will serve a highly useful purpose during the
■period of adjustment following the termination of the existing national
emergency.
’’During the past five years, the Government through the Ini ted States
Treasury, has marketed approximately four billion dollars worth of United
States Savings Bonds.
small denominations.
erreat success.
These bonds which were widely distributed were in
This plan of Government financing proved to be a
In the larger program originated and which will be launched
by the Treasury on May 1st, the Government is appealing to the ofxicers and
members of the American Federation of Labor to purchase Government securities
which will be offered in small denominations.
Plans which will provide for
the purchase of these bonds out of wage earners*savings so that payments
can be made as easily as possible, will be formulated and applied.
This
means that the financial strength of the wage earners of our country by
being mobilized in support of this systematic savings plan can be used to
make the nation-stronger and safer than ever before.
’’Details of the Treasury Department’s plans for the sale of the Govern
ment securities herein referred to will be supplied the officers and members
of the American Federation of Labor just as soon as they are prepared and
made available
- k -
”1 ask the officers and members of the American Federation of Labor,
and all our friends, to stand ready to cooperate in making the plans re
ferred to successful in every way.
I urge all organizations affiliated
with the American Federation of Labor to create special committees for the
purpose of supplying your membership with full information, and for the
nurpose of promoting the sale of Government securities to individual members.
’’Please advise me of your purpose and willingness to cooperate fully
and completely in the promotion of the Government’s financial plans as set
forth in this communication.
Fraternally yours,
(feigned) Wm. Green,
President,
American Federation of Labor.”
- 0 O 0-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Friday, May 2, 19^1
Press Service
N o . ^4-97
Secretary Morgenthau today announced the appointment
of Daniel J» Doherty, Past National Commander of the American
Legion and former Assistant Attorney General of the State of
Massachusetts,, as State Administrator of the Defense Savings
Staff for Massachusetts#
In this capacity,. Mr. Doherty will have charge of
his State’s participation in The National Defense Savings
program.
o 0 o
TREASURÎ DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Saturday, May 3, 19^1.
Press Service
N o * 24-^98
The University of Montana chapter of Sigma Delta Chi, national
journalism fraternity,
joined the National Defense Savings program
today with the announcement that its members would devote their
talents to encouraging the sale of bonds and stamps.
Duncan Campbell, president of the chapter,
telegraphed
Treasury officials that members had purchased the first twenty-two
bonds and stamps sold in Montana and were "going to keep up the
good work,M
"Each year our group carries over a small surplus in cash,"
Mr. Campbell said.
defense funds.
"It couldn't be better employed than in America's
There roust be a lot of other fraternities and sorori
ties in the country that could do the same.
Let's hope they do.
The fraternity chapter, which earns its funds by supplying
small newspapers throughout the state with campus news, has further
pledged itself to promote a state-wide understanding of and general
participation in the program.
-OoO
y
Ir
*
I
mfi
■c
DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
.
....... APRIL 30. 19A1 ________________ ____
Nature of
Date
Name and Location of Panic* Dividend: Authorized:
The Aurora Nat*l Bank of
Aurora, Illinois
Number and
Distribution
Percentage
of Funds by
of Dividends Dividend
Authorized:
Authorized:
Total
Percentage
Authorized
Dividends Number of
to Date:
Claimants:
Amount
Claims
Proved:
Final
4-15-41
7th
2.92 % $ 44*100.00
96.92%
5,223 0^09,100.00
The First National Bank in
Aurora, Illinois
Final
4-15-41
7th
5.63
123,800.00
83.63St
8,865 2,199,300.00
Peoples NB & Tr. Co, of
Sullivan, Indiana
4-29-41
6 th
1.43 St
1 3 ,600.00
69.0935t
2,229 1,026,500.00
The First National Bank of
Burlingame, Kansas
Regular
4-21-41
1 st
1 ,0 0 0
The First National Bank of
Portland, Maine
Final
4-4-41
Citizens Nat*l Bank & Tr*Co >,of
Horaell, New York
Final
The Citizens Nat*l Bank of
Connellsville, Pa*
Final
Final
75.
%
1 6 8 ,000.00
75.
5 th
4.8 %
306,900.00
99.8 %
6,181 6,394,600.00
4—10—41
5 th
9.
St
116,900.00
69. St
3,069 1,299,200.00
4-2-41
4 th
4.
%
89,200.00
74. St
4,790 2,230,600.00
%
2 2 4 ,000.00
treaspri
imam
FOR RELEASE, MORNING NEWSPAPERS
Press Service
V —
During the month ended April 30, 1941, authorizations
were issued to receivers for payments of dividends in seven in
solvent national banks.
Dividends so authorized will effect total
distributions of $862,500 to 31,34$ claimants who have proved
claims aggregating $14,883,300, or an average percentage payment
of 5.80$.
The smallest and largest individual dividend percent
ages authorized were 1.43$ and 75$, respectively, while the
smallest and largest receivership distributions were $13,600, and
$306,900, respectively.
Qf the seven dividends authorized one
was for a regular dividend payment, and six were for final
dividend payments.
Dividend payments so authorized during the
month ended April 30, 1941, were as follows:
treasury
departm ent
Washington
POR RELEASE, MORNING NEWSPAPERS
T u e s d a y , May 6 , 19*4-1
.
D u r in g t h e m o n th e n d e d A p r i l
w ere is s u e d
d is tr ib u tio n s
in
D iv id e n d s so a u t h o r iz e d w i l l
o f $ 8 6 2 ,5 0 0 t o
S e r v ic e
2 ^ -9 9
3 0 , I 9 U1 , a u t h o r i z a t i o n s
t o r e c e i v e r s f o r p a y m e n ts o f d i v i d e n d s
s o lv e n t n a tio n a l h an k s.
pre ss
se v e n in
e ffe c t
to ta l
3 1 , 3^ 8 c l a i m a n t s who h a v e p r o v e d
c l a i m s a g g r e g a t i n g $ l l + , 8 8 3 »3 0 0 , o r a n a v e r a g e p e r c e n t a g e p a y m e n t
o f 5»80$.
T he s m a l l e s t a n d l a r g e s t
a g e s a u th o r iz e d w ere
1 . ^ 3 $ a n d 7 5 $* r e s p e c t i v e l y , w h i l e t h e
s m a lle s t and l a r g e s t r e c e iv e r s h ip
$ 3 0 6 ,9 0 0 ,
in d iv id u a l d iv id e n d p e r c e n t
r e s p e c tiv e ly .
Of th e
d i s t r i b u t i o n s w e r e $ 1 3 , 6 0 0 , an d
s e v e n d iv id e n d s a u th o r iz e d one
w a s f o r a r e g u l a r d i v i d e n d p a y m e n t, a n d s i x w e r e f o r f i n a l
d iv id e n d p a y m e n ts.
m o n th e n d e d A p r i l
D i v i d e n d p a y m e n ts s o a u t h o r i z e d d u r i n g t h e
3 0 , I 9 U1 , w e r e a s f o l l o w s :
DIVIDEND PAYMENTS TO CREDITORS OP INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
________________APRIL 30, 194l______________________
Number ,and .
Percentage
of Dividends
Authorized:
Distribution
of Funds by
Dividend
Authorized:
Name and Location of Bank:
Nature of
Dividend:
Date
Authorized:
The Aurora Nat*l Bank of
Aurora, Illinois
Pinal
4-15-41
7
th
2 .9 2
% $
TheI First National Bank in
Aurora, Illinois
Pinal
4-15-4i
7 th
5 .6 3
$
12 3.
,800.00
Peoples NB & Tr. Co. of
Sullivan, Indiana
Pinal
4-29-41
6 th
1 .U3
$
1 3 *6 0 0 .0 0
The First National Bank of
Bur1ingame, Kan saa
Regular
4-21-41
1 st
The Pirst National Bank of
Portland, Maine
Pinal
4-4-41
5 th
Citizens Nat’l Bank & Tr.Co. tOf
Hornell, New York
Pinal
4-10-41
The Citizens Nat'l Bank of
Connellsville, Pa.
4-2-41
Pinal
44,100.00
Total
Percentage
Authorized
Dividends
to Date:
32%
Amount
Number of
Claims
Claimants;; Proved:
96.
5,223
$1 ,5 0 9 ,1 0 0 ..00
$3.63%
8 ,8 6 5
2*199.300, 00
6 9 .0 9 7 $
2 ,2 2 0
1 ,0 2 6 ,5 0 0 .00
i
1 6 8 ,0 0 0 .0 0
75.
$
1 ,0 0 0
224,000, 00
4.8
jt>
3 0 6 ,9 0 0 .0 0
99*8
f
6,181
6,394,600. 00
5 th
9.
$
1 1 6 ,9 0 0 .0 0
69.
%
3 .0 6 9
1 ,2 9 9 ,2 0 0 ,00
4th
4.
f
8 9 ,200.00
7k*
$
^ .7 9 0
2 ,2 3 0 ,6 0 0 ,00
75.
@FedFRASER