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10
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Ü,S-
Iréa
U B R A R Y
ROnivi 5030
JUN 1 4 1972
TREASURY DEPARTMENT
TKBAstmr m P A x m m
Washington
TOR H1SLSASB, MOHHIHG NXWSPAP2RS,
Tuesday, August 12» 19*11.
Press Serrice
Io. ^ 7^0
?he Secretary of the Treasury announced last eresing that the
tenders for $100,000,000* or thereabouts, of 91-day Treasury hills,
to he dated August I3 and to nature lorenher 12* I9U1 , which were
offered on August 8 , were opened at the federal Re serre Ranks on
August 11.
The details of this issue are as follows:
Total spplied for - $288*823*000
Total accepted
- 100*118,000
Range of accepted hide:
High
- 100.
- 99*9^9 Rquiralent rate approxiaately O .123 percent
Arerage price - 99*971
"
*
"
O.llU
■
(98 percent of the eaount hid for at the low prloe was accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 27-0
FOR RELEASE, MORNING-.NEWSPAPERS,
Tues d a v . August 12, I9*f-1«_-----S/ll/%1
The Secretary of the Treasury announced last evening that
the tenders for 1X00,000,000,
or thereabouts,
of 91-day Treasury
bills, to be dated August 13 and to mature November 12, 19^1,
which were offered on August g, were opened at the Federal
Reserve Banks on August 11.
The details of this issue are as follows:
Total applied for - $288,823,000
Total accepted
- 100,118,000
Range of accepted bids:
High
Low
Average
price
99.969 Equivalent rate approximately 0.123 percent.
99,971
«
»
"
o.n^
(98 percent of the amount b i d for at the low price was
accepted)
- 0O 0
"
TREASURY D E P A R T W T
Washington
FOR IMMEDIATE RELEASE,
Tuesday, August 12, 19A1
Press Service
No, % y — /
The Treasury Department has issued a general license under the
freezing order relating to Portugal and nationals thereof and their assets
in this country.
The Portuguese general license authorizes transactions by the
Government of Portugal or the Central Bank thereof, provided that no
other blocked country or national thereof is interested in such trans
actions,
Such general license also authorizes transactions by nationals
of Portugal, provided that the Central Bank of Portugal has first certi
fied in writing to the effect that the Central Bank has determined that
no other blocked country or national thereof is interested in such
transactions,
Treasury officials said that Portugal has given appropriate assurances
to this Government consistent with the general license and the purposes of
the freezing order.
o C? o
l
TREASURY DEPARTMENT
Washington
Press Service
No. 27-1
FOR IMMEDIATE RELEASE
Tuesday, August 12,
The Treasury Department has issued a general license under the
freezing order relating to Portugal and nationals thereof and their
assets in this country.
The Portuguese general license authorizes transactions by the
Government of Portugal or the Central Bank thereof, provided that
no other Blocked country or national thereof is interested in such
transactions.
Such general license also authorizes transactions by
nationals of Portugal, provided that the Central Bank of Portugal has
first certified in writing to the effect that the Central Ban_c has
determined that no other blocked country or national thereof is
interested in such transactions.
Treasury officials said that Portugal has given appropriate
assurances to this .Government consistent with, the general license
and the ourooses of the freezing order.
- 0O 0 -
TREASURY DEPARTMENT
Office of the Secretary
-August 11, 1941
' GENERAL LICENSE NO* 70
UNDER EXECUTIVE ORDER NO* 8389, APRIL
10, 1940, AS AMENDED, AND REGULATIONS
ISSUED PURSUANT THERETO, RELATING TO
TRANSACTIONS IN EOREIGN EXCHANGE, ETC.*
(1)
A general license is hereby granted licensing any transaction
referred to in Section 1 of tne Order, if (i) such transaction is by, or
on behalf of, or pursuant to the direction of Portugal, or any national
thereof, or (ii) such transaction involves property in which Portugal, or
any national thereof, has at any time on or since the effective date of
the Order had any interest, provided, that:
(2)
(a)
Such transaction is not by, or on behalf of,
or pursuant to the direction of any blocked
country or any national thereof, other than
Portugal or any national of Portugal;
(b)
Such transaction does not involve property in
which any blocked country or any national
thereof, other than Portugal or any national
of Portugal, has at any time on or since the
effective date of the Order had any interest;
and
(c)
If such transaction is not by, or on behalf
of, or pursuant to the direction of the
Government of Portugal or the Banco de Portugal,
such transaction shall not be effected until the
Banco de Portugal has certified in writing that
the Banco de Portugal has determined that such
transaction complies with the conditions of
paragraphs (a) and (b) above.
This general license also authorizes any payment or transfer
from a bio deed account in which any national of Portugal has an interest
to a blocked account in a domestic bank in the name of the Banco de Portugal;
* Part 131; - Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June
14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941.
U
* /f
GL-70
-
2
-
provided, however, that this authorization shall not he deemed to authorize
mm
any payment or transfer from a blocked account in which any national of a
blocked country, other than Portugal, has an interest, or has had an in
terest at any time on or since the effective date of the Order*
(3)
Except as provided in paragraph (2), this general license shall
not be deemed to permit any payment, transfer or withdrawal from any
blocked account other than blocked accounts in the name of the Government
of Portugal or the Banco de Portugal, until the Banco de Portugal has
certified, with respect to the transaction, as provided in paragraph
(D(c) above*
(4)
This general license shall not apply with respect to any national
of Portugal who is also a national of any other blocked country*
I
(5)
Banking institutions within the United States engaging in any
transactions authorized by this general license shall file promptly with
the appropriate Federal Reserve Bank weekly reports setting forth the
details of transactions effected by them under this license.
(6)
As used in this general license, the "Government of Portugal"
shall include the government of any political subdivision (territories,
dependencies, possessions, states, departments, provinces, counties,
municipalities, districts or other places subject to the jurisdiction
I
thereof), or any political agency or instrumentality of the government*
*
2L H, FOLEY, JR*
Acting Secretary of the Treasury.
I
1
(fjJUJ A tA
I
ns** X!
M/A\
r m n mrTFft037*
-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 > 1941*
The following tabulation lists the coffee quotas which have been filled,
5
and shows import figures for the quotas now under telegraphic control as of
August 9, 19U.
Tot®! Sports under the other coffee quotas are shown as of
August 2, 1941*
Quota Period
Country of Production,
Quota Period - 12 months
from October 1> 1940s
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Brazil
Quota (lbs)
s
e
As of ¿Pate), 0
Pounds______
(Import quota filled)
fl
*
*
If
m
m
M
t t «
tt
m
«
M
fl
M
16,138,333
71,950,208
56,484,233
423,632,012
26,897,267
1,250,722,887
El Salvador
Honduras
Nicaragua
80,691,799
2,689,700
26,224,775
August 2, 1941
11
tt
72,085,218
2,135,257
23,699,418
Cuba
Ecuador
Haiti
Peru
Mexico
10,758,933 August 9 5 1941
n
20,173,016
n
36,983,708
n
3,362,191
M
63,880,975
9,391,294
20,044,534
36,695,401
3,209,545
61,659,408
Non-signatory countries:
All types of coffee
47,742,641
August 9 3 1941
46,630,609
Quota Period - April 22 to
August 31> 1941» incls
j
Non-signatory countries:
— ftngnat 9 , 1941
1 . 533«4S8 2
520
Mocha coffee
— ----- ..----- ------------ “=
24 “
~
“ ,Q/1
Quotasincre^edby^nter-AmericanCoffes^Bo^'^» m o
« » ’ increased
2/ Under the terms of an Executive orue ,
qUbiect to the allocation of a
1/
ZSiSiiSZSSL
CJbofob¡ff
A.jlq'
ST« » * *
31. 1» .
(pispared by t.hfl Bureau. of (hintonm^-
TREASURY DEPARTMENT
Washington
Press Service
No. 27-2
FOR IMMEDIATE RELEASE,
tues day, August 12, 1941
The Bureau of Customs announced today preliminary figures for im
ports of coffee subject to quota limitations under the President’s
[proclamation of the Inter-American Coffee Agreement on April 15, 1941.
The following tabulation lists the coffee quotas which have been
[filled, and shows import figures for the quotas now under telegraphic
[control as of August 9, 1941.
Total imports under the other coffee
quotas are shown as of August 2, 1941.
Quota^Period
[Country of Production
Quota Period - 12 months
from October 1, 1940 :
[Dominican Republic
[Guatemala
[Venezuela
Colombia
[Costa Rica
(Brazil
Entered for Consumption
Pounds
As of (Date)
Revised If
Q.uota (lbs)
(Import quota filled)
16.13S.333
71 ,950,20s
56,484,233
U23.632.012
26,897.267
1 ,250,722,887
El Salvador
[Honduras
[Nicaragua
80,691,799
2,689,700
Cuba
Ecuador
Haiti
[Peru
¡Mexico
10,75S,933
20,173,016
[Non-signatory countries:
All types of coffee
August 2, I9UI
It
It
26.22U.775
August 9»
1941
it
36,983,708
3,362,191
63,880,975
U7 ,7U 2,6Ul
August 9, 19Ul
72, 085,218
2.I35.257
23,699,Ul8
9.391.29^
20,oUU,53U
36,695.401
3,209,545
61,659,40s
46,630,609 2/
Qyota Period - April 22 to
August 31» 1941»incl:
INon-signatory countries:
Mocha coffee
2.6U5.520
August
9, 19^1
1.533.488 2/
1/ Quotas increased by Inter-American Coffee Board, as of June 1, 19 .
g Under the terms of an Executive order, exfective June 14, _1941, t
increased import quota for non-signatory countries is
+f t
allocation of a maximum of 20,000_bags for coffee of the Mocha type
which may be entered for consumption from April 22 to August ox*
1941, inclusive.
-nHn-
(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1-3/16 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany and Italy:
Country of
Dri on n
United Kingdom ....
Canada ..........
Ti’r'sinr*.p. ............
British India ....
Mp+.hpr'l nndfl ......
Switzerland ......
■Rp Icm vim .........
,Tnnitn .............
P.Vnna .......
TP.cnrrYh *......
Cuba
T’
f.aT'vr.....
Total
1/
Established
TOTAL QUOTA
:
A,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
-6,544
76,329
21,263
5,482,509
fin Pounds)
Imports Sept.
TOTAL IMPC)RTS : Established
20 , 1940, to
1940:
33-1/3* of
Sept. 20,
August
2, 194L/
Total
Quota
to August 2, 194*
1,441,548
239,347
1 ,441,152
6,430
75,807
68,783
-
3,500
-
22,747
14,796
12,853
—
—
—
25,443
7,088
1,753,178
1 ,599,886
6,430
—
Included in total imports, column 2.
—
—
—
—
—
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
August 2, 1941, inclusive,
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
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/.
i±n rounds;
Staple length less
than 1- 1/8"
:
: Imports Sept.
: Established : 20*, 1940, to
Quota
:August 2. 1941
703,816
247,952
189,546
2,003,483
178,326
_
1,370,791
8,883,259 8,883,259
618,723
618,723
475,124
5,203
237
9,333
752
871
124
195
2,240
71,388
-
5,070
—
9,273
_
:Staple length l-l/8" or more
:
but less than l-ll/l6"
Imports Sept.
: Established : 20, 1940, to
:
Quota
:August 2. 1941
43,451,566
2,056,299
64,942
-
3,808
204
435
506
«
-
2
-
—
-
29,909
_
12,554
1,737
71,388
21,321
5,377
30,139
—
16,004
—
689
2,002
1,634
—
Total
14,516.882 9,955,587
45.656.420
— ».
—
„
v. x.. r, ,rr„
............. .
a
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
—
I64
-
-
_
1,836,401
2,626
—
—
30,815,161
—
—
_
32.653.667
_
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Friday, August 15, 1941
8 / 14 /H
Press Service
No. 27-3
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 August 2, 1941, inclusive.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER mHAN HARSH
OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY
USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS). .Annual quotas commencing September 20, by Countries of
Origin:
(In Pounds)
Staple length less
:Staple length 1-1/8" or more
than 1-1/8”
:
but less than 1-11/l6”
:
:Imports Sept. #
:Imports Sept.
: Established ;20, 1940,to jEstablished ;20,1940, to
Qpota
•
îAugust 2',194l •
Qpota
August 2,194l
•
Country of
Origin
Egypt and the AngloEgyptian Sudan .........
P e r u .................. .
British India ............
C h i n a ............... .
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/ ............ .
N i g e r i a .............. .
Other British West
Africa 2/ .............
Algeria and Tunisia ......
Other French Africa 3 / •••
Total
783,816
2H7.952
2,003,483
1 .370,791
3,883,259
618,723
189,546
173,326
8,883,259
618,723
1+7 5 ,121+
5.203
237
9.333
752
871
124
195
2,240
5,070
9.273
2
-
71»338
-
71,338
-
2 1,3 2 1
5,377
l6,oo4
-
689
l4,516,882
mm
-
_
9,955,537
^ 3 .^51.566
2 ,056.299
64,942
2,626
3,808
1*35
506
-
29,909
30,815,161
1,836,401
-
204
-
164
**
_
X2.551!
30,139
2,002
1 .631+
45,656,420'
1,737
-
-
32,653,667
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2 / Other than Gold C oast and Nigeria,
y Other than Algeria, Tunisia, and Madagascar.'
2
-
-
I COTTON
CARD STRIPS, COMBER WASTE, U P WASTE, SLIVER WASTE, AND
ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED
IN VALUE. Annual quotas commencing September 20, by Countries
of Origin:
tm
Total quota, provided, however, that not more than 33-1/3 percent
of the quotas shall be filled by cotton wastes other than card
strips and comber wastes made from cottons of 1-3/16 inches or
more in staple length in the case of the following countries:
United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany and Italy;
Country of
Origin
United Kingdom ....
C a n a d a ...........
France ...........
British India ....
Netherlands .... ..
Switzerland ......
Belgium ..........
Japan ............
C h i n a ....... .
Egypt ............
Cuba .............
G-ermany ..........
Italy ............
Total
Established
TOTAL QUOTA
(In Pounds)
TOTAL IMPORTS
: Established
Sept. 20,191+0
: 33-1/3# of
to August 2,191+1 : Total Quota
^.323,*+57
239.690
2 27,1+20
69,627
6g,2Uo
i+i+,38g
38.559
3‘*i.535
17 ,3 2 2
8,135
6 ,51+1+
76.329
2 1,2 6 3
1 ,1+1+1 ,51+g
239.3^7
68,783
3.500
5 ,1+82,509
1,753.178
-
-
1/ Included in total imports, column 2.
y
i
1 ,1+1+1 ,1 5 2
«
75,807
22,7^7
1 L .796
12,853
Imports Sept.
20,19^0 , to
August 2,191+1 1/
6 ,1+30
—
**
—
—
—
_
—
—
—
2 5 ,^ 3
7,088
1 ,599,886
—
6,1+30
A ‘(L6- tflfy l
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
August 14, 1941
Press Service
No* £ 7 ' < /
"7/yV^
•
The Bureau of Customs announced today preliminary figures for imports of
commodities within the quota limitations provided for under the Ph i l i ppine Independ
ence Act, as amended by the act of August 7, 1939, from the beginning of the quota
periods to August 2, 1941, inclusive, as follows?
Products of
Philippine Islands
:Unit of :Imports as of
:Quantity: August 2. 1941
:
Established Quota
: Period
: Quantity
Coconut oil
Calendar year
425,600,000
Pound
225,157,636
Refined sugars
Calendar year
112,000,000)
Pound
70,492,178
Pound
1 ,347 ,545,861
4,000,000
Pound
1 ,679,604
Gross
442,860
Sugars other than refined
Calendar year
Cordage
Period - May 1
to Dec.31,1941
w
1,792,000,000)
Buttons of pearl or shell
Calendar year
807,500
Cigars
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,275,000
Number
90,206,606
Pound
2,944,617
l/ The duty-free quota on Philippine sugars applies to 850,000 long tons, of which
not more than 50,OCX) long tons may be refined sugars»
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday, August 14,- 1941
Press Service
27-4
The Bureau of Customs announced today preliminary figures for
imports of commodities within the quota limitations provided for
under the Philippine Independence Act, as amended by the act of
August 7, 1939, from the beginning of the quota periods to August 2,
1941, inclusive, as follows:
_Produces of
:.
Established Quota_________ _:Unit of :Imports as of
AhU-.
f p p i I s lands____ »„Period________ i Quantity_____ :Quantity:August 2« 1941
Coconut oil
Calendar year
425,600,000
Pound
225,157,63*
Refined sugars
Calendar year
Pound
70,492,17f
Sugars other than refined
Calendar year
112,000,000)
)!/
1,792,000,000)
Pound
1,347,545,86]
Cordage
Period - May 1
to Dec.31,1941
4,000,000
Pound
1,679,60/
Gross
442,86(
Buttons of pearl or shell
Calendar year
807,500
Cigars
Calendar year
190,000,000
Scrap tobacco and stemmed
and unstemmed filler
tobacco
Calendar year
4,275,000
Number
Pound
90,206,60(
2,944,61'-
1/ The duty-free quota on Philippine sug ars applies to 850,000 long
tons, of which not more than"50,000 I ong tons may be refined sugar
-oOo-
Commodity
:
Established Quota_______ :Unit of sImports as of
{Period & Country: Quantity :Quantity:August 2« 1941
Silver or black foxes,
furs, and articles:(cont’d)
Tails
12 months from
December 1,194-0
Paws, heads, or other
separated parts
Piece plates
Articles, other than
piece plates
Crude petroleum, topped
crude petroleum, and
fuel oil
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble solids
5,000
Piece
(Import quota
filled)
It
500
Pounds
(Import quota
filled)
It
550
Pounds
364
If
500
Units
46
Calendar year
Venezuela
1,,913,049*609
Netherlands
578,806,200
Colombia
86 ,956,800
Other coun
tries
138,587,400
Calendar year
1 ,500,000
Gallon
ti
it
n
Gallon
1,153,454,571
392,747,028
27,425,350
(Tariff rate
Quota filled)
(Tariff rate
quota filled)
Customs)
tZ r -
t ä f r <3 3s L
A Ab>*-TREASURY DEPARTMENT
^9?\fashington
FOR IMMEDIATE RELEASE
g g f August 14, 1941
Press Service
Ko-
7
7- S~
\ 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 August 2, 1941, inclusive, as follows:
Commodity
Cattle less than 200
pounds each
Cattle, 700 pounds or
more each (other than
dairy cows)
: Established Quota
:Period & Country:: Quantity
Calendar year
Quarter year
from July 1, 1941
Canada
Other countries
:Unit of :Imports as of
:Quantity: August 2. 1941
100,000
Head
51,720
8,280
Head
n
84,904
16,587
(Tariff rate quota
filled)
Whole milk, fresh or sour Calendar year
3 ,000,000
Gallon
3,682
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
575
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
15,000,000
Pound
5,125,433
90,000,000
Pound
42,997,331
60,000,000
Pound
13,961,444
White or Irish potatoes
Certified seed
Other
12 months
Sept. 15,
12 months
Sept. 15,
from
1940
from
1940
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar shingles
Calendar year
Silver or black foxes,
furs, and articles:
Foxes valued under
|250 ea. and whole
furs and skins
Pound
(Unstemmed
22 ,000,000 equivalent)
1 1 ,890,408
2,488,359
Square
2,050,964
70,000
Number
(Import quota
filled)
12 months from
December 1,1940
Canada
Other than Canada
30,000
ti
(import quota
filled)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Thursday,, Augnst 14, 1941
Press Service
No. 27-5
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 August 2
1941, inclusive, as follows:
Commodity
Cattle less than 200
pounds each
Cattle, 700 pounds or
more each (other than
dairy cows)
Established Quota
:Period & Country: Quantity
Calendar year
Quarter year
from July 1, 1941
Canada
Other countries
iUnit of :Imports as of
:Quantity:August 2. 1941
100,000
Head
51,720
3,280
Head
tt
34,904
16,587
(Tariff rate quota
filled)
Whole milk, fresh or sour Calendar year
3,000,000
Gallon
3,632
Cream, fresh or sour
Calendar year
1,500,000
Gallon
575
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
15,000,000
Pound
5,125,433
12 months
Sept. 15,
12 months
Sept. 15,
90,000,000
Pound
42,997,331
60,000,000
Pound
13,961,444
White or Irish potatoes
Certified seed
Other
from
1940
from
1940
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red cedar shingles
Calendar year
Pound
(Unstemmed
22,000,000 equivalent)
2,488,359
Square
11,890,408
2,050,964
(
- 2 ~J
Commodity
Silver or black foxes,
furs, and articles:
Foxes valued under
$250 ea. and whole
furs and skins
: Established Quota
îPeriod & Country: Quantity
12 months from
December 1,194-0
Canada
Other than Canada
Tails
12 months from
December 1,194-0
:Unit of :Imports as of
:Quantity:August 2, 194-1
70,000
Number
(import quota
filled)
30,000
u
(Import quota
filled)
Piece
(Import quota
filled)
5,000
Paws, heads, or other
separated parts
u
500
Pounds
(import quota
filled)
Piece plates
11
550
Pounds
364
Articles, other than
piece plates
11
500
Units
Crude petroleum, topped
crude petroleum, and
fuel oil
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6% of
total soluble solids
Calendar year
Venezuela
1, 913,049,600
578,806,200
Netherlands
86,956,800
Colombia
Other coun
138,587,400
tries
Calendar year
1,500,000
-oOo-
Gallon
ti
it
11
Gallon
4-6
1,153,454,571
392,747,028
27,425,350
(Tariff rate
quota filled)
(Tariff rate
quota filled)
•
-- —
-» <
2j —
-
Reserve Banks and Branches, following Which public announcement will Be made hy
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 rej
I
hi«? action in any such respect
any or all tenders, in whole or in part, and his actl
_
.
-nr-ices offered must "be made
shall Be final. Payment of accepted tenders at the prices
„ t w w in cash or other immediately available
or completed at the Federal Reserve Bank in cash or
funds on
*"f"«t 20. 19al----------'*
The incof^derived from Treasury bills, whether interest or gain
ron I
the sale or other disposition of the bills, shall not have any exemotion, as
I
such, and loss from the sale or other disposition of Treasury bills shall not
I
have any special treatment, as such, under federal tax Acts now or hereafter
I
enacted.
, . . . pef^tp
The bills shall be subject to e»t ■
inheritance, gift, or other
k
_
&.*** -hut shell he exempt from all taxation
excise taxes, whether Federal or W e , but
_
i„+•o v o t h e r e o f hy any State, or
now or hereafter imposed on the pnncipa o
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
i n vq r»nnrtercd to he interest«
originally sold by the United States shall be consi
^
I
Treasury Department Circular Ho. 418, as amended, and this notice, p«l
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- NEWSPAPERS,
Friday, August IS. lQUl_______.
ikxbc
The Secretary of the treasury, hy this public notice, invites tenders
for $ lOO.QQO.QOQ
, or thereabouts, of
91 -day Treasury bills, to be issued
on a discount basis under competitive bidding.
The bills of this series will
be dated August 20, 19Ul
__ and will mature
November 19. 19U1___________ ,
jM c
.
aSoqt
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,
$500t000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Ranks and Branches up to the
closing hour, two o rclock p. m,, Eastern Standard time,
Monday, August 18. lQUl ,
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.
Tunders 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 Feder?-
57-
$
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS
Friday, August 15. 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.
The
bills of this series will be dated August 20, 1941, and will mature
November 19, 1941, 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
bhe
¡L*.
3r
up to the closing hour, two o-clock p. m., Eastern Standard time,
Monday, August 18, 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
l-
supplied by Federal Reserve Banks or
Branches on application therefo
Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized dealers
^ lnVestment Eecurities.
ire
27-6
Tenders from others must be accompanied by
P W - » t of 10 percent of the f.c, m o u n t 0, Treasu,, b l u , lpplied
r
1 m l ’ S‘ ^
‘“ aer'
-7 «» express g u . r m t y
of payment by an Incorporated bank or trust company.
Immediately after the closing hour, tenders »ill be opened at
the federal Reserve Banks and Branches, following which public
announcement »ill be made by the Secretary of the Treasury
» « « t and price rang,
r
*
«c o p t e d bids.
«“ - P —
the
Those submitting tenders
Of 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
£ anySUOh PeSPeCt Sha11 be final* Pa«
accepted tenders at
I e prices offered must be made or completed at the Federal Reserve
ank in cash or other immediately available funds on August 20, 1941
The income derived from Treasury bills, whether interest or
m from the sale oh other disposition of the bills, shall not have
^exemption, as such, and loss from the sale or other disposition
pi Treasury bills sh^ll nnf ^
shall not have any special treatment, as such
Infer Federal toy
,
9
II
Acts no, or hereafter .nuot.d. Th. bill, sh.ll bo
I"/"*
‘State’ inh" lt“ » . S i « , «f «the, excise taxes, »„ether
I' era or State, but shall be exempt fro, all taxation no» or heren
Prl“ iPal
« « ■ *
‘* » - 0 1 »7 an, state, or
- 3 I any of the possessions of the United States, or by any local taxing
I authority.
For purposes of taxation the amount of discount at which
■Treasury bills are originally sold by the United States shall be
I considered
to be interest.
Treasury Department Circular No. 418, as amended, and this
■notice, prescribe the terms of the Treasury bills and govern the
I conditions
of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
-0O 0 -
Press Service
No,
j h a Te r e l e a s e ,
5 'haly
27-7
v -- #
/
iarket transactions in Government secur ities for Treasury
yiiient accounts in
1341, resulted in net purchases
IV7, 0 * 0
^■qrfOOOj1Secretary Lorgenthau announced today.
-OoO-
T R EA SU R Y DEPARTMENT
FI SCAL SERVI CE
WASHINGTON
BUREAU O F A CCO U N TS
O FFICE O F TH E CO M M ISSIO N ER
August 7» lÿHL*
TO MIL D, W«
During the month of July, 19^1, the following market
transactions took place in direct and guaranteed securities
of the Government;
Purchases .............
$^7,000
Sales ........ ........
”
Het purchases •*.*.« $k7tQ0Q
TREASURY BEPARTMI
Washington
FOR IMMEDIATE RELEASE,
Friday, August 15, 1941.
Press Service
No. 27-7
Market transactions in Government securities for Treasur
investment accounts in July, 1941, resulted in net purchases
of §47,000, Secretary Morgenthau announced today.
2
In Nashville, Tennessee, five prisoners in the State peniten
tiary— two of them serving life terms— purchased blocks of Bonds and
Stamps.
Johnny Vaughn bought $650 worth of Bonds and said:
can’t use the money, Uncle Sam can.
nIf I
Maybe it’ll spell curtains for
Hitler.”
In Arlington, Virginia, Boy Scout Troop 112 purchased a Def
ense Savings Bond.
The Senior Patrol leader paid for the bond with
"'S_
money saved during the last year for a new troop flag and originally
raised by sale of the troop’s mascot— a goat.
Joan W h i t e ^ ^ ^ y / years old, of Lay/ton, Oklahoma, took a
pint jar filled with dimes to the Post Office and exchanged them for
a $100 Defense Savings Bond.
She had been saving dimes for a year.
In Pawtucket, Rhode Island, fourteen boys and three girls
who deliver the local newspaper are each buying a twenty-five-cent
Defense Savings Stamp every week.
The dealer from whom they get
their papers has bought a supply of stamps for them.
-oOo-
8-13-41
FOK\RELEASE JVMORNING NEW&EAPERS,
Sunday
- .vTl AugusrN17,
-^ --—' 194-11' *****"'
A Polish-American restaurant owner in Buffalo, New York; Boy
Scouts from Arlington, Virginia; a tailor in Bridgeport, Connecticut,
born in Russia; newspaper boys and girls in Pawtucket, Rhode Island,
and five prisoners in the Tennessee State Penitentiary are the latest
’’recruits’1 in the National Defense Savings campaign, a survey of
Treasury reports revealed today.
And the story of how and why they joined the millions ’’buying
snares in America ” was cited by Treasury officials as striking proof
of this country’s determination to arm against aggression.
Here are some of the stories:
Sam Aronson, the Russian—born Bridgeport tailor, put §100 of
his savings into a Defense Bond and named the United States Government
as beneficiary in the event that he dies before its maturity.
ne:
Said
”I ’ve enjoyed my freedom here. . . .People who grumble should
look at Europe and take some of the world’s goods they’ve accumulated
here and invest it in the greatest nation on the face of the earth.”
The Treasury explained that only an individual may be named as bene
ficiary, but Sam took out the bond anyway.
In Buffalo, New York, John Paskuly, tall, husky restaurant
ovmer, appeared in the Post Office carrying three one—gallon jars
filled with pennies and said he would return later with two more jugs,
making enough ’’coppers” to complete payment for a §500 Defense Savings
Bond.
He did.
treasury
department
Washington
Press Servioe
No. 27-2
F OR RELEASE, M Ô H N I N & NEWSPAPERS;
,
A lie n is t
17. 19^
-----------------------
■¿/13 /Vri
—
jax nurralo, New York; Boy
Scoubb from Arlington, Virginia; a tailor in Bridgeport, Connecticut,
born in Russia; newspaper boys and girls in Pawtucket, Rhode Island,
and five prisoners in the Tennessee State Penitentiary are the latest
recruits’1 in the National Defense Savings campaign, a survey of
Treasury reports revealed today.
And the story of how and why they joined the millions "buying
shares in America " was cited by Treasury officials as striking proof
of this country*s determination to arm against aggression.
Here are some of the stories:
Sam Aronson, the Russian-born Bridgeport tailor, put $100 of
his savings into a Defense Bond and named the United States Government
as beneficiary in the event that he dies before its maturity.
he:
Said
"I've enjoyed my freedom here. . . .People who grumble should
look at Europe and take some of the world *s goods they*ve accumulated
here and invest it in the greatest nation on the face of the earth."
The Treasury explained that only an individual may be named as beneficiary, but Sam took out the bond anyway.
In Buffalo, New York, John Paskuly, tall, husky restaurant
owner, appeared in the Post Office carrying three one-gallon jars
filled with pennies and said he would return later with two more jugs,
making enough "coppers" to complete payment for a $500 Defense Savings
Bond.
He did.
treasury department
Washington
iOR RljLEiiSEj MORNING NEWSPAPERS,
Sunday, August 17, ly 4 1 .
m sm —
---- ^ ------------
Press Service
No. 27-8
A Poli sh-Aaerican restaurant owner in Buffalo, New York; Boy
Scouts from Arlington, Virginia; a tailor in Bridgeport, Connecticut,
born in Russia; newspaper boys and girls in Pawtucket, Rhode Island,
and five prisoners in the Tennessee State Penitentiary are the latest
recruits
in the National Defense Savings campaign, a survey of
Treasury reports revealed today.
And the story cf how and why they joined tho millions "buying
shares in America" was cited by Treasury officials as striking’ proof
.of this country's determination to arm against aggression.
Here are some of the stories:
Sam Aronson, the Russian-born Bridgeport tailor, put $100 of
bis savings into a Defense Bond and named the United States
Government as beneficiary in the event that he dies before its
maturity.
Said he:
"I've enjoyed my freedom here. . . .People who
grumble should look at Europe and take some of the world's goods
they've accumulated here and invest it in the greatest nation on the
face of the earth."
The Treasury explained that only an individual
be named as beneficiary, but Sam took out the bond anyway.
In Buffalo, New York, John Paskuly, tall, husky restaurant
airier, appeared in the Post Office carrying three one-gallon jars
filled with jennies and said he would return later with two more
-
2
-
jugs, making enough "coppers” to complete payment for
Defense Savings Bond.
He did.
In Nashville, Tennessee, five prisoners in the State peniten
tiary-two of them serving life terms--purchased blocks of Bonds
ano Stamps,
Johnny Vaughn bought $650 worth of Bonds and said:
I can’t use the money, Uncle Sam can.
"Ii
Maybe it’ll spell curtains
for Hitler."
In Arlington, Virginia, Boy Scout Troop 112 purchased a Defense
Savings Bona.
The Senior Patrol Leader paid for the bond with money
saved during the last year for a new troop flag and originally raised
by sale of the troop's'mascot— -a e-oat.
Juan «mite, twelve years old, of Lawton, Oklahoma, took a pint
jar filled with dimes to the Post Office ana exchanged them for
vlOO Defense oavings Bond.
She haci been saving dines
or- a year.
In Pawtucket, Rhode Island, fourteen boys and three girls who
deliver the local newspaper are each buying a twenty-five-cent
iense Savings Stamp every week.
The dealer from whom they ret
their papers has bought a supply of.stamps for then.
- OÜC-
NEWSPAPERS
1941.
million e m p l o y e e a d o p I s M ^ q m e form of payroll allotment plan
7
^
.
jo promote the sale of Defense Savings 3onagT*^^
sury announced today
Among the large systems which have adopted the plans for
1 UJJL
J /&
regular purchase of bonds and stamps by employees arej Baltimore
^
A,
and Ohio, Boston and Maine, Canadian Railways (United States divi
sions), Central Railroad of New Jersey, Chesapeake and Ohio, Chicago
and North Western, Great Northern, Illinois Central
Pacific«
Missouri
New York CentraliiHSBBBfe Northern Pacific, Pennsylvania,
i
Pullman Company, Railway Express Agency, Reading Company, Rock Island^
Southern
1C,
Santa Fe, Texas and Pacific, Union
Pacific
•prtwiPWffi adop Lou ab une request
are being worked out with the aviation industry, short line railroads
and bus companies.
At the reques.t of their employees, numbering
more than a million, every ma jor railroad in America has
plans
arranged systematic p a y r o l l s allotmenii/^asdi& f o r the p m
purchase of Defense Savings Bonds and S t a m p s , the Treasury
announced today.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING* NEWSPAPERS,
Monday. August 16. 19^ -------
Press Service
N o * 27“9
&/I 5 M
..... »
-
*
— ««■■«» WJ. JL AJ
more than a million, every ma jor railroad in America has
_
Plans
arranged systematic payroll^l a l l o t m
e n t for the p n
purchase of Defense Savings Bonds and S t a m p s , the Treasury
announced today.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, August 18, 1941.
8/15/41
-----------At
Press Service
No. 27-9
the request of their employees, numbering more than a
million, every major railroad in America has arranged systematic
payroll-allotment plans for the purchase of Defense Savings Bonds
and Stamps, the Treasury announced today.
Among the large systems which have adopted the plans for
regular purchase of the bonds and stamps by employees are the
Baltimore and Ohio, Boston and Maine, Canadian Railways (United
States divisions), Central Railroad of New Jersey, Chesapeake
ancl uluo, Chicago and North Western, Great Northern, Illinois
Central, Missouri Pacific, New York Central, Northern Pacific,
Pennsylvania, Pullman Company, Railway Express Agency, Reading
Company, Rock Island, Southern Pacific, Santa Fe, Texas and
Pacific, Union Pacific, and the Wabash lines.
Coastwise and inland steamship companies also are developing
allotment plans and similar arrangements are being worked out
with the aviation industry, short line railroads and bus companies
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Saturday, August 16, 194-1
Press Service
No. 27-10
The Treasury Department today
banks to pay from any blocked account to any publisher or
Under the General License payment is to be made to a pub
lisher or his agent located within the United States, and the total
amount of subscription payments cannot exceed $25 in one month nor
$100 in one year.
The General License authorized the mailing of any periodi
cals from the United States directly to any addressees, provided
the periodicals are mailed separately.
Banking institutions making
such payments are required to make quarterly reports of the trans
actions in detail.
-
000-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, August 16. 1941.
Press qPrTi»p
Wo> 27-10
The Treasury Department today authorized banks to nay
from any blocked account to any publisher or agent thereof
funds for an individual subscription to a periodical or
newspaper published in the United States.
The authorization
was contained in General License No. 71, issued under the
freezing order.
Under the General License payment is to be made to a
publisher or his agent located within the United States, and
the total amount of subscription payments cannot exceed $25
in one month, nor $100 in one yenr.
The General License authorized the mailing of any
periodicals from the United States directly to any addressees
provided the periodicals are mailed separately.
Banking
institutions making such payments are required to make
quarterly reports of the transactions in detail.
AfSÄ* JWÏy teá
ta porta teüwtatstgf datai!« o f aueh ^ n t t t e i
d w ta g o««)i ««ta « ¡« a ta rly p s f!s % im it a t a * «pparoprtata I t a s t ifie a t t a B
«f ti» moooats taita «ro taMtaA,
S
imw tata!
•ata m orata«
«tata« taotatoiT of tí* ¡gtaMMqr»
<
ooiE o? jTm m i &m unm $
fitA* 31 - fmmf «ad fl&«««ot Tro&jmry
Choptor 1 ~ M oratory O ttim a^ $*p&F%ma.% # t ib o ’ïroofrui'y
f*wt 131 ~ Goaorsl llmnem maditr A o m u Aì t # 0rd*r
So# S3^lf April 10* X$0 0 m «&onâod* m à
m ^ Û â M ê m u iêëvmé pOTOoaai thoroto*
Sootioa 131« 71
mmimmtf
Qffim of i|§ SooroAtæy
August 16, 1941
m e m r s
(X)
t*m
k mmm.1 Ummm
mj
1» hewtsy «ranted »uthorteing tJ» ^
m .m Ȑ
m
êt o
any p r tÆ iA » or agent th ereof fo r «a te »
« t Ä u i subscription to a p eriod i«*! ;<uMLlabad «itfeia the (felted
tt«$*«* prorldod ttmti
{«)
Su«âi tmhklfiïm?. («ad tho Jgjgjtëi thor««#* i f pagM tt is
«#do to m «gsmA of mah pahXl&bmr) i# loootod vitfeta
Ah® folto« Sbai««f
Ä
ïfeft to ta l ««M it « f «ay «u«h p $M »tê fim i «agr bioefcod
éooo not
mit oxooiwl
(1)
#2$ la «my •*» m m t h m û é m »
Im stay ^
year«
m # g*aar&l 111tm m *Xm «uthorUo# tho m$Mm% by «ay
liobor or «fanti thoroof « f
ib«
»
p«i !« ü ä
1^ ta m ? *àcïro#««o#f prorléoe! tbat
**i*ftrôi#Ay milosl A m
Abo iriifmf fiato# d itta i to
màh «ââr**o«**
Öl
«w W » V i i M i A 1 M aaod I» »
ima««#* bui m % w
*®r Of
«r m
f m « * l U o m o à te ll
w
«
Lothar pool*«#*
daily or lo«« fTo,|W itly«
CAI
J&otltuiloo# flth Sa tbo folto« Stato# «isf«$Aag ÌJi «py
teaoaoiioti# fttsAboriwwl by ibi# #«it#ral lioooao «hO l filo with ib»
ap p rop rio tatem a iooorw »
.„
_
_ 111
« or botar* Afe® f i n * èsy o f Jw a r y ,
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, August 16, 1941«
Press Service
No. 27-10
The Treasury Department today authorized banks to pay
from any blocked account to any.publisher or agent thereof
«
funds for an individual subscription to a periodical or
newspaper published in the United States.
The authorization
was contained in General License No. 71, issued under the
freezing order.
Under the General License payment is to be made to a
publisher or his agent located within, the United States, and
the total amount of subscription payments cannot exceed $25
in one month nor $100 in one year.
The General License authorized the mailing of any
periodicals from the United States directly to any addressees,
provided the periodicals are mailed separately.
Banking
institutions making such payments are required to make
quarterly reports of the transactions in detail.
- o 0 o -
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, August 18, 1 9 4 1 «
Press Service
No* 27-11
The Treasury Department today announced the resignation
of A. J. Mulroney as deputy Comptroller of the Currency, to take effect on
September 1 at which time he will become a vice president of the
Reserve Bank of Chicago*
Federal
{jj-a AS
At the same time itUinnounced that L* H* Sedlacek, now
Ninth district chief national bank examiner in Minneapolis, had been
appointed a deputy comptroller to fill the vacancy caused by Mr* Mulroney's
resignation*
Mr. Mulroney was born in Mallard, Iowa, August 14, 1897.
A graduate of the University of Iowa in 1924, he has been engaged in the
bankmm©. examination field continuously since that time.
Initially, he was
a state bank examiner in Iowa, becoming a national bank examiner in 1928.
mi.... .
He served with
distinction during the banking holiday in 1933
when he was in charge of reorganizing all national banks in the seventh and
ninth Federal Reserve districts, comprising eight central and northwest
states.
Mr. Sedlacek is a native of Spencer, Nebraska.
He, too,
entered the banking examination field in 1924 as an assistant national bank
examiner, rising progressively to his present position to which he was
appointed last January.
Like Mr. Mulroney, he played a major part in
reorganization efforts following the banking holiday in 1933.
©
MH|
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, August 18, 1941.
Press Service
No. 27-11
The Treasury Department today announced the resignation of
A. J. Mulroney as deputy Comptroller of the Currency, to take effect
on September 1, at which time he will become a vice president of the
Federal Reserve Bank of Chicago.
At the same time it wras announced that L. H. Sedlacek, now
Ninth district chief national bank examiner in Minneapolis, had been
appointed a deputy comptroller to fill the vacancy caused by
Mr. Mulroney’s resignation.
Mr. Mulroney was born in Mallard, Iowa, August 14, 1897.
A
graduate of the University of Iowa in 1924, he has been engaged in
the bank examination field continuously since that time.
Initially,
he was a state bank examiner in Iowa, becoming a national bank
examiner in 1928.
He served with distinction during the banking holi*
day in 1933 when he. was in charge of reorganizing all national banks
in the seventh and ninth Federal Reserve districts, comprising eight
central and northwest states.
Mr. Sedlacek is a native of Spencer, Nebraska.
He, too, entered
the bank examination field in 1924 as an assistant national bank
examiner, rising progressively to his present position to which he
was appointed last January.
Like Mr. Mulroney, he played a major
part in reorganization efforts following the banking holiday in 1933.
-oOo-
survey routes and plan the best methods of protection to make certain I
that not the slightest unscheduled interruption or interference occurs I
during his trip*“
I
After reviewing the work done by the law enforcement agencies du-|
ing the past year, Chief W i l s o n called u p o n them to "become modern pioifl
e e r s " , and to "blaze new trails,leading u p the road to more efficient I
enforcement*"
As the son of a Buffalo policeman, who patroled a beat for over
thirty years, and himself for a quarter of a century engaged in law
enforcement work, he spoke wi t h pride of the fact that }aw officers
throughout the Nation "fully recognize their common responsibility to
the public*”
Fingerprint identification was extolled "as the greatest single
scientific step ever taken in fighting crime” . Last year "7,000 fugi- I
tives have been identified by this system".
V1
Second in importance to fingerprint identification is the exchangl
of information between enforcement officers.- "Police are far in the
lead in using this efficient method," Ch&4f W i l s o n said* And through
this system "the most vicious criminals are located.”
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS
TUESDAY, AUGUST 19, 1941
Press Service
No.
The law enforcement agenèies of th^Uhited States have not been
laggard in making preparations for National Defense, Chief of the Se
cret Service Frank J. W i l s o n said today, in an address to the Internat
ional Association of Chiefs of Police at Buffalo.
’’Many police departments have already perfected so-called
ter Plans/ii^ he said. The police chiefs of the Nation,
Disas
through their
Association, ’’have been in close contact for months w i t h the A r m y and
the Navy, concerning traffic problems, radio communications and prob
lems which may arise through the movement of large bodies of troops,
airplanes and the shipment of munitions and explosives” .
/
N«£U- e-gr-n* m
A representative of the Association was sent to England to «mék®»
a two-months study of war-time police problems, and the executive of
ficers of the Association-dMafor Ernest~W. Brown of Washington, Don|
^
,
.
. .
Leonard and S e c r e t a r y Kelly - have been actively on duty in the Nation
A
Capital ’’considering modern methods to be promptly u s e d ^
this coun-
try is drawn i&to the w a r . ”
In this connection, referring to the protection of the President
of the United States as ”an outstanding example of teamwork” , Chief
Wilson said:
’’You officers have demonstrated perfect cooperation in sharing
the responsibility of "the Secret Service. W h e n the Chief Executive
leaves the White House^ local police turn out their best detectives and
large uniformed forces to assure the safety of our President. Few cit
izens realize that for days before the Chief Executive travels,
their
police commissioner, chiem/and deputies, w i t h Secret Service Agents,
DEPARTMENT
Washington
treasury
o t t „ , cF
Press Service
No* 27-12
NEWSPAPERS
f o r RELEASE,
1941.
T uesdai2_ _ A u a ì 5 t J ^ _ i ^ *
57 I574 I
afternoon
___ , uniex or the Se
cret Service Frank J. W i l s o n said today, in an address to the Internat
ional Association of Chiefs of Police at Buffalo.
"Many police departments have already perfected so-called
ter Plans/li^ he said. The police chiefs of the Nation,
‘Disas
through their
Association, "have been in close contact for months w i t h the A r m y and
the Navy, concerning traffic problems, radio communications and prob
lems whi c h may arise through the movement of large bodies of troops,
airplanes and the shipment of munitions and explosives".
A representative of the Association was sent to England to «flic»
a two-months study of war-time police problems, and the executive of
ficers of the Association-dMaJor Ernest.~W. Brown of Washington, Donf
Leonard and Secretary. Kelly - have been actively on duty in the Nationj
Capital "considering modern methods to be promptly u s e d ^ £ r this coun
try is drawn i&to the war."
In this connection, referring to the protection of the President
of the United States as "an outstanding example of teamwork", Chief
Wilson said:
"You officers have demonstrated perfect cooperation in sharing
the responsibility of *the Secret Service. W h e n the Chief Executive
leaves the White House^local police turn out their best detectives an
large uniformed forces to assure the safety of our President. Few cit
izens realize that for days before the Chief Executive travels,
their
police commissioner, chiej&/and deputies, w i t h Secret Service Agents,
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesdaxr, August 19, 1941.
m m r
Press Service
No. 27-12
The la?/ enforcement agencies of the United States have not
been laggard in making preparations for National Defense, Chief of
the Secret Service Frank J. Wilson said today, in an address to the
International Association of Chiefs of Police at Buffalo.
"Many police departments have already perfected so-called
’Disaster Plans,’" he said.
The police chiefs of the Nation,
through their Association, "have been in close contact for months
with the Army and the Navy, concerning traffic problems, radio
| communications and problems which may arise through the movement
of large bodies of troops, airplanes and the shipment of munitions
and explosives."
A representative of the Association was sent to England where
he completed a two-months study of war-time police problems, and
the executive officers of the Association - Major Ernest W. Brown
of Washington, Don Leonard and Secretary Edward F. Kelly - have
been actively on duty in the Nation’s Capital "considering modern
methods to be promptly used if this country is drawn into the war.”
In this connection, referring to the protection of the President
of the United States as "an outstanding example of teamwork," Chief
Wilson said:
- £ -
"You officers have demonstrated perfect cooperation in sharing
the responsibility of the Secret Service.
When the Chief Executive
leaves the White House, local police turn out their best detectives
and large uniformed forces to assure the safety of our President.
Few citizens realize that for days before the Chief Executive
travels, their police commissioner, chiefs and deputies, with
Secret Service Agents, survey routes and plan the best methods of
protection to make certain that not the slightest unscheduled in
terruption or interference occurs during his trip.1’
After reviewing the work done by the law enforcement agencies
during the past year, Chief Wilson called upon them to "become
modern pioneers,” and to "blaze new trails, leading up the road
to more efficient enforcement.”
As the son of a Buffalo policeman, who patroled a beat for over
thirty years, and himself for a quarter of a century engaged in
law enforcement work, he spoke with pride of the fact that law
officers throughout the Nation "fully recognize their common respon
sibility to the public,”
Fingerprint indentification was extolled ”as the greatest singscientific step ever taken in fighting crime.V
Last year ”7,000
fugitives have been identified by this system.”
Second in importance to fingerprint identification is the ex
change of information between enforcement officers.
"Police are
far in the lead in using this efficient method,” Chief Wilson said..
And through this system "the most vicious criminals are located.”
- 0O 0 -
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, August 18. 1941.
Press Service
No. 27-13
Mrs. Nellie Tayloe Ross, Director of the Mint, reported
today that 98 percent of the 2,450 Mint employees are buying
National Defense Savings Bonds and Stamps.
Mrs. Ross, recently returned from a trip throughout the
Mint field reported a whole-hearted response on the part of
employees.
The Mint Service set for itself a goal of 100/«
participation in the Defense Savings program.
The staff of the Director's Office in Washington took
the lead in achieving this goal.
The New York Assay Office
was the first of the field institutions to reach the 100$
mark, where everyone from the Superintendent down to the lowes
paid employee subscribed.
The other 7 field offices followed in quick succession,
until at the present time
the Service as a whole, has reached
an average of 98$ and the Director feels that they will shortly
make it a round hundred.
- o 0 o -
Number of Airplanes and Passengers In taring by
Airplanes at the Various Customs Districts
Fiscal Tears 1933 - 1941» inclusive.
Customs D istricts
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
Airplanes
Maine
Vermont
St» Lawrence
Massachusetts
Connecticut
Philadelphia
New Yo^k
Maryland
Rochester
Buffalo
Ohio
Michigan
Chicago
Duluth
Dakota
MontanA
Oregon
Washington
Minnesota
Northern Border
San Francisco
Los Angeles
San Diego
Arizona
El Paso
San Antonio (l)
New Orleans
Southern Border
Alaska
Hawaii |
Puerto Hico
Florida
South Carolina
Virginia
Other d istricts
Total
Maine
Vermont
St. Lawrence
Massachusetts
Connecticut
Philadelphia
New York
Maryland
Bochester
Buffalo
Ohio
Michigan
Chicago'
Duluth
Dakota
Montana
Oregon
Washington
Minnesota
Northern Border
San Francisco
Los Angeles
San Diego
Arizona
H Paso
San Antonio (1)
New Orleans
Southern Border
A.1 aaIre
Hawaii
Puerto Hico
Florida
South Carolina
Virginia
Other districts
Total
66
60
82
4
mm
22
55
78
8
-
396
48
148
52
2
380
1
171
18
117
24
208
29
7
—
mm
35
156
29
16
•
3
295
•
185
19
96
63
111
36
9
7
371
38
-319
24
132
9
368
40
949
•
2476
161
248
24
5
426
- .
864
558
49
347
1557
-
341
172
16
376
18
429
14
372
1950
1763
35
119
512
2429
61
154
1319
*•
1534
5913
1717
•
1130
39
130
436
1735
49
248
1300
•
1597
5049
3
338
9
1
139
1427
—
53
636
216
195
472
1572
114
m
m
225
1234
1573
4572
207
104
155
28
121
124
77
276
94
Passengers
49
55
454
345
55
56
11
25
119
231
51
10
539
776
754
832
132
1081
348
1696
me
240
20
150
1
6
409
8
•
324
me
-
321
155
13
76
2
537
21
477
-
1870
1
259
395
129
197
444
•
1425
219
222
1301
•
1742
5037
~
17
399
9
773
2032
mm
156
274
28
82
435
975
354
10
246
1227
1837
4844
2511
5851
52
559
51
6
—
61
745
53
2
•
me
•
527
805
68
12
19
23
233
226
39
19
161
164
1
10
3
587
746
28
29
•
1077
802
1
3146
3963
•
»
142
156
177
127
41
33
9
31
449
428
«• •
832
761
580
611
50
38
420
546
1611
1820
«
•
2661
3015
6639
7739
63
2X4
1107
1667
47
28
7
1
e
3
a
890
853
19
41
24
23
203
218
23
13
95
149
«
,
10
10
712
742
17
62
1254
1530
2
2
4506
5622
«
•
185
209
105
38
33
1
11
22,
503
91
-»
837
120
10421
672
52
7|
637
94(1
2285
2601
2
5
467{|
3653
8996 " 1150a
99
1515
120
109
1889
129
131
6253
104
6591
115
35
433
24
233
2
8
3186
124
11890
324
45
444
35
158
26
3642
52
112041
579
rw
o
621
33
305
4428
xo
32809
697
520
200
1632
2061
3389
2840
3287
4617
2900
2843
2407
5131
8501
12168
16167
27803
4690
73
326
2359
2597
90
374
2823
m
e
5884
52
108
1297
607
755
3083
4244
1
823
941
276
640
3811
649
578
66
307
2878
650
497
62
11
3L38
724
325
56
64
4501
1091
295
53
14
3991
1811
187
70
18
6517
5850
150
6492
457
4478
4358
1584
184
1449
22861
5670
1879
276
1740
24114
5444
2107
224
2013
28844
26078_J38009
38937
45847
33188
54799
7448
67
me
••
..
1049
10019
-
1105
11217
-
1359
15802
mm
me
am
me
8597
18945
11120
19847
658
7872
«*
(l) Now known as Laredo d istrict
48
1474
16608
-
12472^^17618^JL9024
20729
28354 28633
8603
2212
340
2990
39519
27
38
45126
81532
48J
11089
53
%
-
22
3573
353
2036
57
33
42
9483
7
11658
3781
965
4629
44676
m
e
80
54131
98598
- 2 -
The P acific Clipper tr a ffic also recorded notable gains as
shown by the arrivals at Honolulu«
The following table presents a statement of the number of
planes and the number of passengers arriving by plane in each
customs d istrict for each fisc a l year from 1932 to 1941v inclu
sive*
s^ a*
:
' *y vf/
<
d^NUS /3x^v>^
yuAAr*y*to*o
w>.
W
*r /$ &
reeord was set daring the fisca l year 1941 in airplane
A new reeo
tr a ffic to the United States fron foreign countries, 44**was announced
\
«by the Bureau of Ouetome M U .
a rf-
¿|
ip*3MStu-
The 11,505 airplanes arriving during the fisca l year in the
United States or its outlying possessions from foreign countries
represented an increase of 27.7 percent over the number in 1940 (8,996).
This was a larger increase either absolutely or proportionately than
for any of the preceding eleven years for which data are available*
For the tenth consecutive year the number of passengers entering
-frr t f W
by airplane exceeded those for the previous year ,A<$8,59§) being 20.9
percent greater than for the previous year*
Forty-five percent of
these airplane passengers arrived in the Florida customs d istrict,
most of them (44,186) at the port of Miami, the terminus of the lines
to the Vest Indies and South America.
Large gains over the previous year, both in the number of planes
and passengers, were reported at Burlington, V t., Brownsville, Tex.,
San Juan, Puerto Rico, Juneau and Fairbanks, Alaska and New York City.
The gain in tr a ffic at the la tter point was due to the discontinuance
of Newark, N. J ., as the terminus for planes from foreign countries.
Airplane tra ffic
along the Mexican Border exhibited a particularly
noteworthy increase during the past year although three—fourths of the
planes and more than four-fifths of the passengers arrived at the
single port of Brownsville, Tex.
TREASURY DEPARTMENT
Washington
Press Service
No. 27-14
FDR RELEASE, MORNING NEWSPAPERS,
Sunday, August 24, 1 9 4 1 »
8/ 21/41 r~
\
frythe Bureau of Customs *f«my. Oaam*v**®**
JS
The 11,505 airplanes arriving during the fisca l year in the
United States or its outlying possessions from foreign countries
represented an increase of 27.7 percent over the number in 1940 (8,996).
This was a larger increase either absolutely or proportionately than
for any of the preceding eleven years for which data are available.
For the tenth consecutive year the number of passengers entering
fcrr lift
by airplane exceeded those for the previous year,^p8,59§) being 20.9
percent greater than for the previous year.
Forty-five percent of
these airplane passengers arrived in the Florida customs d istrict,
most of them (44,186) at the port of Miami, the terminus of the lines
to the West Indies and South America.
Large gains over the previous year, both in the number of planes
and passengers, were reported at Burlington, Vt., Brownsville, Tex.,
San Juan, Puerto Bico, Juneau and Fairbanks, Alaska and New York City.
The gain in tr a ffic at the la tter point was due to the discontinuance
of Newark, N. J ., as the terminus for planes from foreign countries.
Airplane tra ffic
along the Mexican Border exhibited a particularly
noteworthy increase during the past year although three-fourths of the
planes and more than four-fifths of the passengers arrived at the
8ingle port of Brownsville, Tex.
TREASURY DEPARTkSUT
Washington
FOR R E LE A SE , MORNING NEWSPAPERS,
S u n d a y , A u g u s t 24, 1941.
8/21/41.
Press'Service
No, 27-14
A new record was set during the fiscal year 1941 in air
plane traffic to the United States from foreign countries,
uhe nureau of Customs announced yesterday
The 11,505 airplanes arriving during the fiscal year in
the United States or its outlying possessions from foreign
countries represented an increase of 27.7 percent over the
number m
1940 (8,996).
This was a larger increase either
absolutely or proportionately than for any of the nrecedint?
eleven years for which data are available.
For the tenth consecutive year the number of passengers
entering by o,irplane exceeded those for the previous year, the
total for 1941 (98,598) being 20.9 percent greater than for th<
previous year.
Forty-live percent of these airplane nassenper;
arrived in the Florida customs district, most of them (44,186)
at the port of Miami, the terminus of the lines to tho
Indies and South America.
Large gains over the previous year, both in the number of
pianes and passengers, were reported at Burlington, Vt.,
Brownsville, Tex., San Juan, Puerto Rico, Juneau and Fairbanks
- 2 -
Alaska and Hew York City.
Tlie gain in traffic at the latter
point was due to the discontinuance of Newark, N. J., as the
terminus-for -Lpianos from foreign
countries.
O
Airplane traffic along the Mexican Border exhibited a
particularly noteworthy increase during the past year although
4Mil
*1%-pee-fourths
p;
of the planes and more than four-fifths of the
sengers arrived at the single port of Brownsville, Tex.
•
The Pacific Clipper tra r»tf_r»1C
also recorded notable gains
as shown by the arrivals at Honolulu.
The following table presents a statement of the number of
planes and the number of passengers arriving by plane in each
customs district for each fiscal year from 1932 to 1941,
inclusive;
Number of Airplanes and Passengers Entering by
Airplanes at the Various Customs Districts
Fiscal Years 1932 - 194l, inclusiva.
Customs Districts
19 3 2
19 3 3
1934
19 3 5
19 3 6
19 3 7
19 3 8
19 3 9
1940
194 1
35
15 6
63
111
36
q
-7
-
6l
74 5
53
2
63
110 7
314
16 6 7
28
1
7
371
-
52
559
51
6
—
527
68
805
12
23
233
39
161
19
226
19
96
38
3 19
24
13 2
A ir p la n e s
feine
Vermont
St. Lawrence
Massachusetts
66
60
82
4
22
55
78
8
48
l4 8
52
2
380
Connecticut
—
-
Philadelphia
few York
Maryland
-
-
Rochester
Michigan
Chicago
Xiluth
Dakota
Montana
Dregon
Washington
Minnesota
[Northern Border
pan Francisco
fes Angeles
Ban Diego
Arizona
fcl Paso
pan Antonio (l)
few Orleans
■Southern Border
Alaska
|Hawaii
Puerto Hico
Florida
fcouth Carolina
Virginia
■Other districts
Total
18
*+29
1**
6
409
-
1
171
18
29
7
321
-
29
16
3
295
-
I8 5
-
—
47
7
3
890
853
4i
19
24
203
23
2 18
23
95
13
14 9
117
15 5
13
76
537
21
17
399
9
9
368
4o
10
587
28
3
746
10
742
8
3
338
9
10
712
29
17
63
( OJ t
r—
Buffalo
5hio
34i
—
—
172
16
376
396
240
20
15 0
1
-
2k
208
324
139
*+77
773
949
802
M ...
1717
**
14 2 7
18 70
1
- 2032
” 2476
3 14 6
10 77
1
3953
12 5 4
2
4506
1530
3
362i
53
636
2 16
19 5
1+72
259
395
12 9
197
15 6
161
248
24
14 2
15 6
127
4i
kkk
435
5
426
177
33
31
449
185
105
208
27k
28
82
9
428
i4 a 5
2 19
222
130 1
975
354
10
21+6
12 27
558
49
347
1557
832
580
50
420
l6 ll
76i
6 11
38
546
1820
—
2511 —
2553“
3 0 15
5851
6639
77 3 9
119
231
51
10
99
1515
120
10 9
1889
12 9
• —
_
17 6 3
35
119
512
II3 0
39
130
1*36
2429 ......17 3 5
6l
1+9
—
—
154
24s
1300
1319
-
.153«
5 9 13
1572
I lk
225
12 3 4
2
-
-
1597
5049
15 73
174 2
*+572
50 3 7
_18 3 7
1+844
8 64"
19
l6 4
JL
33
11
503
837
672
52
637
2285
O
c.
5
3653
8996
35
l4
25
9 17
6
1205
1048
7b
940
2602
4 5 75
115 0 5
P assen gers
Maine
■ermont
St. Lawrence
Massachusetts
[lonnecticut
Philadelphia
New York
Maryland
Hochester
Buffalo
Ohio
Michigan
Chicago
Suluth
Dakota
Montana
Oregon
Washington
Minnesota
Northern Border
San Francisco
Los Angeles
San Diego
Arizona
El Paso
San Antonio (l)
New Orleans
Southern Border
Alaska
Hawaii
Puerto Rico
Florida
South Carolina
Virginia
Other districts
Total
^l)
207
10 4
28
12 1
77
2 75
15 5
—
12 k
3k
1
~
—
776
—
—
27U
—
75 4
—
—
19 2
13
16 8
19
13 2
29
650
46
9
790
19
k
k
637
23
943
697
520
—
-2 8 4 3
200
-
16 3 2
4 244
1
823
9I+I
2 76
61+0
3 8 11
6492
1*57
-
—
539
•*
••
215
57
201
2900
2407
108
4b90
73
326
2359
b7
658
78 72
8597
18 9 4 5
2 59 7
90
374
2823
—
5884
52
—
1049
10 0 19
—
—
11120
19 8 4 7
Now known as Laredo district
12 9 7
607
755
3083
—
5850
15 0
49
k$k
55
11
832
131
10
78
1+5
55
345
56
25
13 2
10 8 1
19 8
18
10 4
348
16 9 6
81
5 12
33
150
56
986
l4
15
17 8 7
79
19
2345
3389
8 50 1'
2840
—
12 16 8
2061
5131
649
578
66
307
2878
—
4478
894
48
1474
166O8
650
497
62
11
3 13 8
—
4358
15 8 4
18 4
14 4 9
2 28 6 1
-
9
—
3790
558
43
491
63
171
10 5
72 4
325
56
64
4501
—
56 70
6591
115
35
433
24
131
6253
10 4
9
63
—
118 9 0
324
112 0 4
233
c0
8
3 18 6
124
35
15 8
33
305
26
3642
52
22
3573
353
3287
2
16 16 7
4 6 17
10
27803
4428
13
32809
IO 9 1
295
53
.14
18 11
3991
—
6 517
—
2036
57
33
42
9483
7
ll6 5 8
3781
965
4629
4 4 6 76
5444
2 10 7
224
2 0 13
28844
18 7
70
18
13 5 9
158 0 2
176 18
19 0 2 4
26078
28009
3 3 1S 8
20729
2835J+
28633
38 937
4 58 4 7
54 79 9
8 15 3 2
-
—
5 75
57
621
110 5
112 17
~ 12 4 7 2
18 7 9
276
17 4 0
24 i i 4
-
55
45
444
8603
2 2 12
340
2990
3 9 5 19
27
38
45126
-
481
110 8 9
-
—
-
80
"54 131
9859 8
- 3 -
and owned by nationals of a foreign country*
Eveiy agent or representative
in this country who knows of property in the United States belonging
to a foreign national for whom he is acting must report such property.
In the case of Chinese or Japanese property, reports are required with
respect to property in the United States on July 26, 1941 > as well as
on the two earlier dates.
ww.»gillS!!gy*^
io reports are required regarding the property of foreign,
nationals who are "generally licensed nationals" under Gene;
• License
No. 42 or General License NoT 68J^Nor are reports required to be filed
if the total value of all property of any foreign national which any
one person would otherwise be required to report was less than $1,000,
(JJ
except that this exemption does not apply to leases of safe deposit
{t/
boxes, patents, trade marks, copyrights, franchises, Interests in partner— i\g.
ships or profit-sharing agreements, or property the value of which cannot
readily be determined.
/The Federal Reserve Banks will answer questions as to
whether a person is required to make a report and what series of Form TFR-3$
should be used.
^Failure of any person to file a report required of him will
subject him to criminal penalties.
O
I
/
Do
7,/W*
Japanese, German, Italian, and other European and Asiatic interests»
The census will furnish the most complete information ever obtained
with respect to foreign-owned property in this country»
ÎForm TFR-300 is being issued in nine series adapted for
facility in reporting property by particular groups and classes of
persons required to make a report»
It has thus been possible to
provide each person obliged to report with a form suited for his
purposes.
Public Circular No. 4, now also being distributed, con
tains general instructions covering Form TFH—300 as a whole and
specific instructions as to the use of each series of Form TFR-300.
Detailed instructions, therefore, have not been printed on any series
of the form.
\k report on Form TFR-300 must be filed by every person in the
United States concerning all property subject to the jurisdiction
of the United States and held by him or in his custody, control, or
possession in which on either June 1, 1940, or June 14, 1941, s- foreign
country or national thereof had any interest.
Reports regarding such
property must be filed by foreign nationals who are in this country »
Every lHnrf of property interest of a national is required to be
reported, »including, among other things, debts owed by anyone to
a national of a foreign country and all contracts with a national
of a foreign country.
Corporations and other organizations are required
to report all shares of stock, bonds, or other securities issued by them
Vi
TREASURY DEPARTMENT
CU*>$
Washington
FOR IMMEDIATE RELEASE
Monday, August IS, 1941
»flM
Press Service
No. a . y v / S '
AcUiiig^Qiioi'uloiy uP Lliy Treasury E.'H. Foley, Jr., annAlITCed
t unujy* URit Copies of Form TFR-300 to be used for the census of all
\
:^4tWIjMNV
J 1I'
foreign-owned property subject to the jurisdiction of the United States
j
are being forwarded to the Federal Reserve Banks and will be available
for distribution to the public within the next few days.'
B/v
■
)
...
i
ijiujiiij
an amendment to Public Circular No. 1 the
time for filing such reports has been extended to September 30, 1941»
¿fin
Form TFR-300 h a S been prepared after
^
I
extensive study by the Treasury in consultation withj/other Government
agencies.
In addition, conferences have been held with
representatives of banks, trust companies, and brokers, of shipping,
railroad, and insurance corporations, and of business and professional
groups.
\Reports are required concerning all property, subject to
the jurisdiction of the United States, which is foreign-owned or in
which a national of a foreign country has an interest, regardless of
whether such property belongs to a foreign country or foreign national
whose assets have been frozen under Executive Order No. S389. The
census will reveal the amount of property in this country owned by
citizens of the British Empire and La.tin America as well as that owned by
TREASURY DEPARTMENT
■Washington
FOR IMMEDIATE R ELE A SE ,
ivxond
Press Service
No. 27-15
y August 18, 1941.
Copies of Form TFR-300 to be used for the census of all
foreign owned property subject to the jurisdiction of the United
States are being forwarded to the Federal Reserve Banks and will
be available for distribution by them to the public within the next
few days.
This census is being taken pursuant to the recent freezing
orders and will furnish the most comprehensive and accurate picture
of all foreign-owned property in the United States.
By an amendment to Public Circular No. 1 the time for filing
such reports has been extended to September
30, 1941.
Form TFR-300 has been prepared after extensive study by the
Treasury in consultation with State and Justice Departments and
other Government agencies.
In addition, conferences have been held
with representatives- of banks, trust companies, and brokers, of
shipping, railroad, and insurance corporations, and of business and
professional groups.
^ Reports are required concerning all property, subject to the
jurisdiction of the United ¡States, which is foreign-owned or in
which a national of a foreign country has aq interest, regardless
of whether such property belongs to a foreign country or foreign
national whose assets have been frozen under Executive Order
ho. 8389.
The census will reveal the amount of property in this
country owned by citizens of the British Empire and Latin America
- 2 -
as well as that owned by Japanese, German, Italian, and other
European and Asiatic interests.
The census will furnish the most
complete information ever obtained with respect to foreign-owned
property in this country.
Form TFR-300 is being issued in nine series adapted for facil
ity in reporting property by particular groups and classes of
persons required to make a report.
It has thus been possible to
provide each person obliged to report with a form suited for his
purposes.
Public Circular No. 4, now also being distributed, con
tains general instructions covering Form TFR-300 as a whole and
specific instructions as to tne use of each series of Form
TFR-300.
Detailed instructions, therefore, have not been printed
on any series of the form.
A report on Form TFR-300 must be filed by every person In
the United States concerning all property subject to the juris
diction of the United States and held by him or in his custody,
control, or possession in which on either June 1, 1940, or
June 14,-1941, a foreign country or national thereof had any
interest.
Reports regarding such property must be filed
foreign nationals who are in this country.
by
Every kind of property
interest of a national is required to be reported, Including,
among other things, debts owed by anyone to a national of a
foreign country and all contracts with a national of a foreign
country.
Corporations and other organizations are required to
report all shares of stock, bonds, or other securities issued by
them and owned by nationals of a foreign country,
¿very agent or
representative in this country who knows of property in the
united States belonging to a foreign national for whom he is
acting must report such property.
In the case of Chinese or
Japanese property, reports are required with respect to property
in the United States on July 26, 1941, as well as on the two
earlier dates..
No reports are .required regarding the property of foreign
nationals who are "generally lieensed nationals” under General
License No. 42 or General License No. 68.
These general licenses
relate to foreign nationals domiciled and resident in this country
continuously since June 17, 1940 or since earlier dates with
regard to the .nationals of Norway, Denmark, Belgium, Holland
and Luxembourg.
Nor are reports required to be filed if the
total value of all property of any foreign national which any
one person would otherwise be required to report was less than
Ll,u00, except that this exemption does not apply to leases of
safe deposit boxes, patents, trade marks, copyrights, franchises,
interests in partnerships or profit-sharing agreements, or
property the value of which cannot readily be determined.
The Federal Reserve Banks will answer questions as to
whether a person is required to make a report and what series of
iorm TFR-300 should be used.
- 4 -
Failure of any person to file a report required of him
will subject him to criminal penalties.
-OoO-
I
TREASURY DEPARTMENT
Washington
FOB H1LBASB» MORNING NEWSPAPERS,
Tuesday, August 19» 19hl.
8/lg/W
Bras« Service
Be* a 7-/^
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 9 1 -day Treasury b ills ,
to be dated August 20 and to nature November 19, 19^1# which were
offered on August 15# were opened at the Federal Reserve Banks on
August 16.
The details of this Issue are as follows!
Total applied for * $2 9 7 ,hhU,000
Total accepted
- 10 0 , 227.000
Range of accepted bids;
High
*
how
Average Price -
99«9«0 B$utvalent
99-969
99-971
1
*
rate approximately 0.079 percent
•
■
0 .12 3
•
o.ll6
*
•
»
(58 percent of the amount bid for at the low price vas accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 19, 1941.
8/18/41 %
Press Service
No. 27-16
The Se cretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
bills, to be dated August 20 and to mature November 19, 1941,
which were ofered on August 15, were opened at the Federal
Reserve Banks on August 18.
The details of this issue are as follows:
Total applied for - $297,444,000
Total accepted
- 100,227,000
Range of accepted bids:
High
- 99.980 Equivalent rate approximately 0.079 percent
Low
- 99.969
n
"
"
0.123
,r
Average
Price - 99.971
t!
"
”
0.116
n
(58 percent of the amount bid for at the low price was accepted
o 0 o
Comparison of principal items of assets and liabilities
of national tanks
continued.
(in thousands of dollars)
J u n è 30
Î9Ï+1
L IA B IL IT IE S
D e p o s its o f i n d i v i d u a l s , p a r t n e r
s h ip s , and c o r p o r a tio n s :
Demand................................................ . • •
T i m e . . . ...................................
P o s t a l s a v in g s d e p o s i t s .. . . . . . . . .
D e p o s its o f U. S . G o v e r n m e n t .....
D e p o s its o f S t a t e s & p o l i t i c a l
s u b - d i v i s i o n s . .....................« • • • • • • •
D e p o s i t s o f b a n k s . . • • • • • • • ................
O th e r d e p o s it s ( c e r t i f i e d and
c a s h ie r s 1 ch eck s, e t c . ) . . . . . . . .
T o t a l d e p o s i t s .................................
B i l l s p a y a b le , r e d is c o u n t s , &
o th e r l i a b i l i t i e s f o r bo rro w ed
m on ey............................................................. ..
O th e r l i a b i l i t i e s . ...................................
T o ta l l i a b i l i t i e s , e x c lu d in g
capx t a l a c c o u n t s • • • • • • • » • • • •
CAPITAL ACCOUNTS
C a p ita l s to c k :
P r e f e r r e d s t o c k .................. ... ............ ...
Common s t o c k ..................... ... ......................
T o ta l« • • • » • • « * • • • • • • « • « ♦ • • • •
S u r p l u s .................................................................................. .
U n d iv id e d p r o f i t s a n d r e s e r v e s . . .
T o t a l c a p i t a l a c c o u n t s ...................
T o ta l l i a b i l i t i e s & c a p it a l
a c c o u n t s . . . . ............... .............................. ...
H a t io o f l o a n s t o
t o t a l d e p o s its .
NOTE: Minus sign denotes decrease.
•
A p r il 4
19 4 1
:
•
#
i June 29,
:
1940
•
•
$ 1 9 , 19 I*, 051
8 , O t e , 313
1 6 ,3 5 2
5 2 4 ,5 8 5
$1 8 , 070,367
8 , 0 5 0 ,12 5
2 ,5 2 9 ,1 7 9
6 ,5 9 1 ,6 4 5
*
;:
:
I n c r e a s e o r d e c r e e s e ln c r e a s e o r d e c re a se
S in c e A p r il 4 ,1 9 4 l: s in c e June
19 4 0
Amount •
P e r c e n t i Amount
P ercen t
1 6 ,1 9 7
4 6 2 ,2 1 5
$ 1 5 ,9 7 6 ,7 2 6
7 ,2 7 5 ,7 9 2
2 3 ,1 5 2
5 4 1 ,8 4 5
$ 1 ,1 2 3 ,6 8 4
8 12
15 5
6 2 ,3 7 0
2 ,5 3 0 ,3 1 9
6 , 7 5 1 ,1 2 1
2 , 270,856
6 ,0 8 4 ,0 5 1
..
4 sn zs
. ____ 4 0 7 ,1 3 7 _____ 3 0 1 ,9 2 5
3 6 ,2 8 7 .4 8 1
. 3 3 .0 7 4 .4 0 7
3-7.>3.5.!»3P3..
- 6 ,8 0 0
- 2 9 .3 7
- 3 .1 9
- .0 5
- 2 .3 6
258,323
5 0 7 ,5 9 4
1 1 .3 S
8 .3 4
4 6 ,o 4 i
__ 1 . 0 6 3 ,8 2 2
1 1 .3 1
2 .9 3
1 5 1 .2 5 5
4 .2 7 6 r 896
5 0 .1 0
1 2 .9 3
-te 5
3 2 ,4 4 2
- 1 7 .4 9
9 .8 1
-9 0 5
3 1 .8 6 4
- 3 1 .1 0
9 .6 2
1 .0 9 5 ,8 5 9
2 .9 9
4 .3 0 7 .8 5 5
1 2 .8 9
1 8 9 ,0 2 5
2 0 8 ,7 6 3
- 4 ,5 8 4
1 .3 3 7 .9 1 4
1 .3 2 5 .8 8 6
1 .0 2 8
1 , 5 2 6 , 9 3 9 ___ 1 ^ 3 4 . 6 4 9 _______ - 3 . 5 5 6
* > 3 1 9 ,3 2 1
1 ,2 4 9 ,9 6 1
1 6 ,7 6 9
72 6 .I O 6 ------------- 6 9 1 . 8 5 1
1 2 ,5 6 2
•7 Il7£ k in
3 5 7 2 36 6
- 2 .4 3
.0 8
♦ *.23
- 2 4 ,3 2 2
- 1 1 .6 5
-----------1 3j f v056
—1 1 ,. ?66
1 .2 7
8 6 ,12 9
3 6 .6 2 0 .6 5 5
-
2 .1 1
.9 6
- i,i4 o
- 15 9 ,4 7 6
3 7 .7 1 6 .4 9 4
L *3 2 3 *3 S 3 .
1 ,3 3 6 ,0 9 0
7 3 8 T662
3 .5 9 8 .1 4 1
2 0 .1 4
16 6 ,5 2 1
- 17 ,2 6 0
2 ,4 3 0
3 3 0 .7 4 4
_
$ 3 ,2 1 7 ,2 6 5
1 3 .^
2,005
363.18 6
lS 4 ,4 4 l
1 .3 3 S .9 te
6 .2 2
- .1 0
2 ,9 1 0
........ ... 3 3 1 .3 2 2
3 3 .4 0 8 ,6 5 9
-
-25,775
4 l «3 .1 ,4 , 635
4 0 .1 9 3 .0 2 1
3 6 .8 8 5 T 080
2 9 .2 4 $
2 8 .7 4 $
2 7 .7 5 $
1 .1 2 1 .6 1 4
1 .7 3
____ *Z_2_
- 2 .7 9
98
------« 7 0 __________
—..
- .»7 13/ _______ __
6 .8 9
4 6 .8 5 7
1 2 1 ,7 0 0
___ 3 a 50
4 ,4 2 9 .5 5 5
1 2 .0 1
_____ 6 , 1 1 __________
j
Statement showing comparison of* principal items of assets and liabilities of active national banks as of
June 30,
19^1, A p r i l 4, 1941 and. June 29, 1940
_(in
•
•Ju n e 3 0 .
:
•
Number o f b a n k s * . . ......................................
ASSETS
O th e r l o a n s , i n c l u d i n g o v e r d r a f t s .
T o ta l lo a n s ,. . , * , » • • . . * . • • • • •
U , S . Grovernm ent s e c u r i t i e s :
D i r e c t O b l i g a t i o n s , . . . ............. ..
O b lig a t io n s f u l l y g u a r a n t e e d .• ,
O b lig a tio n s o f S ta te s and
p o l i t i c a l s u b d i v i s i o n s .......................
O th e r b o n d s, n o te s and
d e b e n t u r e s .................................... ...................
C o rp o ra te s t o c k s , in c lu d in g s t o c k
o f F e d e ra l R eserve B a n k s .,.
T o ta l in v e s tm e n ts ..• • . . • • * • • •
T o ta l lo a n s and in v e s t m e n t s ..
C u r r e n c y a n d c o i n ...........................................
R e se rv e w ith F e d e r a l R e s e rv e Banks
B a l a n c e s w i t h o t h e r b a n k s .......................
T o t a l c a s h , b a la n c e s w ith
o th e r b a n k s, in c lu d in g r e
s e r v e b a la n c e s , and c a s h
ite m s i n p r o c e s s o f
c o lle c tio n .
0 1 116r s is s @ ts « « • • • • • • • • « • • • • • • • • # • •
T o ta l a s s e t s .. . . . . . . . . . . . . . . .
^
•
•
i
th o u s a n d s o f d o l l a r s )
A p r i l U,
19441
5 ,1 3 6
$ 2 ,1 8 1 ,6 6 1 )
g ,7 i | 0 ,g 2 2 )
1 0 1 9 2 2 1 US'S
\
,
June 29,
19440
5 ,1 7 0
$ 1 0 ,4 2 7 ,4 6 6
1 0 .4 2 7 .4 6 6
( $ 2 ,0 0 2 ,8 5 2 )
__(. 7 , 1 7 6 , 3 7 5 )
___9 ; i 7 9 . 2 2 7
Î
t
In cre a se o r d ecrea se : In crea se o r d ecrease
s i n c e A p r i l 4 . 1 9 4 l : s i n c e J u n e 2 9 , 19^0
Am ount
: P e r c e n t : Amount
: P ercen t
—8
- .1 6
-3 4
—.6 6
>4.75
($ 1 7 8 ,8 0 9
( 1 .5 6 4 .4 4 7
1 .7 4 3 .2 5 6
2 1 .8 0
1 8 .9 9
1 , 636,609
3S S I117
20 .52
$>495,017
44.75
4 9 5 .0 1 7
S , 8 5 6 ,4 9 9
2 ,2 79 ,^ 4 53
8 ,4 8 2 ,1 1 4
2 ,1 1 3 ,8 7 6
1 ,8 9 1 ,3 3 6
37>4,3S5
1 6 5 ,5 7 7
4 .4 l
7 .8 3
2 ,0 2 0 ,2 4 2
2 ,1 4 7 ,5 7 4
1 ,9 2 8 ,3 5 2
- 1 2 7 ,3 3 2
- 5 .9 3
1 , 5 9 0 ,19 1
1 ,6 3 4 ,6 1 6
1 ,6 4 8 ,2 4 5
- 4 4 ,4 2 5
- 2 .7 2
2 0 8 ,4 0 9
____ 209^456
14 4 .5 8 7 ,6 3 6
2 1 7 r 452
1 2 .9 0 5 .2 7 5
- 1 .0 4 4 7
3 6 7 .1 5 8
- .5 0
_ 2 .5 2
25.015.102
610,586
7,620,089
6.013.133
22.084.502
582,303
7,837,068
___5.4457.733
862r175
98,872
-168,306
347.284
3.45
1 6 .1 9
-2.21
__ 5a78
14.243.808
9344. n 1
440.193.021
13.877.104
_____923.44744
36.885.080
....277,850
-18.411
1.121.614
1.95
-1.97
144, 9544.7944
25,877,277
709,4453
7,4451,783
6.360.4l7
14.521.658
915.70Q
441.3 1 i4.655
7 ,2 1 9 ,8 9 0
■ _2.t79.
3 .9 3
2 2 .6 7
9 1 ,8 9 0 -
4 .7 7
- 58,0514
- 3 .5 2
2.049.519
3.792.775
127,155
-385,285
902.684
14.16
15.88
17.17
21.84
-44.92
1 6 .54
644.554
- 7.7714
___>4.4429.555
14.644
-.84
12.01
- 9 r 043
-
!
I
- 2-
indirect obligations held on June 30, 19*1. were $8,857,000,000 and $2,279,000,000,
respectively.
Other bonds, stocks and securities held totalin g $3,819,000,000, in
eluding obligations of States and p o litic a l subdivisions of $2,020,000,000, shoved
a decrease of $173,000,000 since the previous c a ll but an increase of $2 5 , 000,000
in the year.
Cash of $710,000,000, 'balances with other banks, including cash items in pro-1 I
cess of collection, of $6 , 360 , 000 , 000 , and reserves with Federal Reserve banks of I
$7,1+52,000,000, a to ta l of $1^,522,000,000, increased $278,000,000 since April and I
$6^5,000,000 since June of last year.
B ills payable, rediscounts and other li a b i l i t i e s for borrowed money of
I
$2,000,000 showed decreases of $* 25,000 and $905,000 in the la s t three and twelve I
months, respectively.
The unimpaired capital stock of the banks was $1,523,000,000, including
$18^,000,000 of preferred stock.
II
Surplus of $1,336,000,000, undivided profits of I
$1+99,000,000 and reserve accounts of $2Uo,000,000, a to ta l of $2,075,000,000, i j1
creased $29,000,000 since April and $133,000,000 since June of la s t year.
T h e p e r c e n t a g e o f l o a n s and d i s c o u n t s t o
t o t a l d e p o s i t s on J u n e 3 0 , 1 9 * 1 . H I
29 . 2U, i n c o m p a r is o n w i t h 2 8 .7 * on A p r i l >+, 1 9 * 1 . a n d 2 7 .7 5 on J u n e 2 9 , 1 9 * 0 .
|
TREASURY DEPARTMENT
W a s h in g to n
FOR RELEASE, MORNING NEWSPAPERS,
Press Service
C o m p t r o l le r o f t h e C u r r e n c y P r e s t o n D e la n o a n n o u n c e d t o d a y t h a t t h e lo a n s
j
h e l d h y n a t i o n a l h a n k s i n t h e U n i t e d S t a t e s a n d p o s s e s s i o n s on J u n e 30* 1 9 4 l ,
th e d a te o f th e r e c e n t c a l l f o r c o n d itio n r e p o r t s ,
in
t h e q u a r t e r en d ed t h a t d a t e ,
i n c r e a s e d n e a r l y $ 500 , 000,000
and w e r e n e a r l y $ 1 , 750 , 000,000 m ore t h a n th e
l o a n s h e l d a t t h e en d o f J u n e i n 1 9 4 0 .
The c a l l c o v e r e d t h e 5 * 1 3 ^ a c t i v e hanks.
T h e i r l o a n s and d i s c o u n t s am ou n ted t o $ 1 0 ,9 2 2 ,0 0 0 ,0 0 0 .
The t o t a l a s s e t s
p r e v io u s c a l l d a te ,
a sse ts
o f t h e h a n k s o f $ 4 l , 3 1 5 ,0 0 0 ,0 0 0 w e r e h i g h e r t h a n on any
an d e x c e e d e d h y $ 1 , 12 2 , 000,000 an d $ 4 ,4 3 0 ,0 0 0 ,0 0 0 t h e t o t a l
re p o rte d as o f A p r il 4 ,
1 9 4 l,
and J u n e 2 9 ,
D e p o s i t s t o t a l i n g $ 3 7 * 3 5 1 * 0 0 0 ,0 0 0 ,
1940 ,
r e s p e c tiv e ly .
a g a i n h i g h e r th a n on a n y o t h e r c a l l date
i n t h e h i s t o r y o f t h e N a t i o n a l B a n k in g S y s te m , w e re $ 1 ,0 6 4 ,0 0 0 ,0 0 0 m ore th a n on
th e p r e v io u s
la s t ye a r.
c a l l d a t e and $ 4 ,2 7 7 * 0 0 0 ,0 0 0 m ore th a n t h e a g g r e g a t e h e l d i n June ofj
The d e p o s i t s a t t h e r e c e n t c a l l c o n s i s t e d o f demand and tim e depositsj
o f i n d i v i d u a l s , p a r t n e r s h i p s and c o r p o r a t i o n s o f $ 1 9 ,1 9 4 ,0 0 0 ,0 0 0 an d $S,042,000,-|
00 0,
r e s p e c tiv e ly ,
U n it e d S t a t e s G o vern m en t d e p o s i t s
o f $ 5 2 5 ,0 0 0 ,0 0 0 ,
d e p o s its
o f S t a t e s and p o l i t i c a l s u b d i v i s i o n s o f $ 2 ,5 2 9 ,0 0 0 ,0 0 0 , p o s t a l s a v i n g s d e p o s its
o f $ 1 6 , 000 , 000 , c e r t i f i e d
tr a v e le r s ’
end c a s h i e r s 1 c h e c k s ,
c h e c k s o u t s t a n d i n g o f $ 4 5 3 ,0 0 0 ,0 0 0 ,
cash le t t e r s
o f c r e d it,
and
and d e p o s i t s o f h a n k s o f $ 6 , 592,-
000 , 000 , t h e l a t t e r i n c l u d i n g d e p o s i t s o f $ 3 4 3 ,0 0 0 ,0 0 0 o f h a n k s i n f o r e i g n
c o u n tr ie s .
S a v i n g s i n c l u d e d w i t h tim e d e p o s i t s o f i n d i v i d u a l s ,
p a r t n e r s h i p s , an^
c o r p o r a t i o n s am ou n ted t o $ 7 * 15 3 , 000,000 and r e p r e s e n t e d 1 6 , 56 7,5 79 a c c o u n t s .
I n v e s t m e n t s h y t h e h a n k s i n U n i t e d S t a t e s G o vern m en t o b l i g a t i o n s ,
an d g u a r a n t e e d ,
d ir e c t
a g g r e g a t i n g $ 1 1 , 13 6 , 000,000 w e r e $ 5 4 0 ,0 0 0 ,0 0 0 m ore t h a n i n
A p r i l and $ 2 ,0 2 5 ,0 0 0 ,0 0 0 m ore t h a n t h e am ount h e ld a y e a r a g o .
The d i r e c t and
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
No, 2 7 - 1 7
held by national banks in the United States and possession»
___
the date of the recent c a ll for condition reports, increased nearly $500,000,000
in the quarter ended that date, and were nearly $1 , 750 , 000,000 more than the
loans held at the end of June in 19*40.
The c a ll covered the 5,136 active banks.
Their loans and discounts amounted to $10,922,000,000,
The to ta l assets of the banks of $*41,315*000,000 were higher than on any
previous c a ll date, and exceeded by $1,122,000,000 and $*4,*430,000,000 the total
j
assets reported as of April *4, 19*41, and June 29, 19*40, respectively.
Deposits totalin g $37*351*000,000, again higher than on any other call date
in the history of the National Banking System, were $1,06*4,000,000 more than on
the previous c a ll date and $*4,277*000,000 more than the aggregate held in June ofj
la st year.
The deposits at the recent c a ll consisted of demand and time deposit!
of individuals, partnerships and corporations of $19,19*4,000,000 and $8,0*42,000,
000, respectively, United States Government deposits of $525,000,000, deposits
of States and p o litic a l subdivisions of $2,529,000,000, postal savings deposits
of $1 6 , 000 , 000 , certified and cashiers’ checks, cash letters of credit, and
travelers’ checks outstanding of $*453,000,000, and deposits of banks of $6 , 592,-:
000,000, the la tte r including deposits of $3*43,000,000 of banks in foreign
countries.
Savings included with time deposits of individuals, partnerships, an
corporations amounted to $7 *15 3 *000,000 and represented 16,567,579 accounts.
Investments by the banks in United States Government obligations, direct
and guaranteed, aggregating $11,136,000,000 were $5*40,000,000 more than in
April and $2,025,000,000 more than the amount held a year ago.
The direct and
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Wednesday, August 20, 1941.
B7wg
..
.......
Press Service
No. 27-17
Comptroller of the Currency Preston Delano announced today that
ilie loans held by national banks m
the United States and possessions
on June 30, 1941, the date of the recent call for condition reports,
increased nearly $500,000,000 in the quarter ended that date, and
were nearly $1,750,000,000 more than the loans held at the,end of
June in 1940.
The call covered the 5,136 active banks.
Their loans
and discounts amounted to $10,922,000,000.
The total assets of the banks of $41,315,000,000 mere higher
than on any previous call date, and exceeded by $1,122,000,000 and
$4,430,000,000 the total assets reported as of April 4, 1941, and
June 29, 1940, respectively.
Deposits totaling $37,351,000,000, again iiigher than on any
other call date in the history of the National Banking System, were
$1,064,000,000 more than on the previous call date and $4,277,000,000
jniore than the aggregate held in June of last year.
The deposits at
the recent call consisted of demand and time deposits of individuals,
Partnerships and corporations of $19,194,000,000 and $8,042,000,000,
Respectively, United States Government deposits of $525,000,000,
deposits of States and political subdivisions of $2,529,000,000,
Postal savings deposits of $16,000,000, certified and cashiers» checks
cash letters of credit, and travelers' checks outstanding of
$453,000,000, and deposits of banks of $6,592,000,000, the latter
including deposits of $343,000,000 of banks in foreign countries.
Savings included with time deposits of individuals, partnerships,
and corporations amounted to $7,153,000,000 and represented
16,567,579 accounts.
Investments by the banks in United States Government obligations;
direct and guaranteed, aggregating $11,136,000,000 were $540,000,000
more than in April and $2,025,000,000 more than the amount held a yea;
ago.
The direct and indirect obligations held on June 30, 1941, were
$8,857,000,000 and $2,279,000,000, respectively.
Other bonds, stocks
and securities held totaling $3,819,000,000, including obligations of
States and political subdivisions of $2,020,000,000, showed a decreas«
of $173,000,000 since the previous call but an increase of
$25,000,000 in the year.*
Cash of $710,000,000, balances with other banks, including cash
items in process of collection, of $6,360,000,000, and reserves with
Federal Reserve banks of $7,452,000,000, a total of $14,522,000,000,
increased $278,000,000 since April end $645,000,000 since June of
last year,.
Bills payable, rediscounts and other liabilities for borrowed
money of $2,000,000 showed decreases of $425,000 and $905,000 in the
last three and twelve months, respectively.
- 3 The unimpaired capital stock of the banks was $1,523,000,000,
including $184,000,000 of preferred stock.
Surplus of $1,336,000,000,
undivided profits of $499,000,000 and reserve accounts of
$¿40,000,000, a total of $2,075,000,000, increased $29,000,000 since
April and $133,000,000 since June of last year.
The percentage of loans and discounts to total deposits on
June 30, 1941, was 29.24, in comparison with 28.74 on April 4, 1941,
and 27.75 on June 29, 1940.
Statment showing comparison of principal items of assets and li a b ilit i e s of active national banks as of
June 30, 19^1» April 4, 194l and June 29» 1940
(In thousands of dollars)
Number o f b a n k s ................................................
ASSETS
L o a n s on r e a l e s t a t e . • • • • • • « • • • • « • *
O th e r l o a n s , i n c l u d i n g o v e r d r a f t s . .
T o t a l l o a n s ..................................... . . .
U. S . . G o vern m en t s e c u r i t i e s ;
D i r e c t O b l i g a t i o n s .............
O b l i g a t i o n s f u l l y g u a r a n t e e d .*
O b l i g a t i o n s o f S t a t e s an d
p o l i t i c a l s u b d i v i s i o n s . ............. ..
O th e r b o n d s , n o t e s and
d e b e n tu r e s .* * . • • • • * • • • • • • • . . * * * * *
C o rp o ra te s t o c k s , in c lu d in g s to c k
o f F e d e ra l R eserve B a n k s ......,..*
T o t a l in v e s tm e n ts .
T o t a l l o a n s and i n v e s t m e n t s . . .
C u r r e n c y an d c o i n . . .................. ..
R e s e r v e w ith F e d e r a l R e s e rv e B anks
B a la n c e s w ith o th e r b a n k s . . . . . . . . . . .
T o t a l c a s h , b a la n c e s w ith
o th e r b a n k s, in c lu d in g r e s e r v e b a l a n c e s , and c a s h
it e m s i n p r o c e s s o f
c o lle c tio n *
«•••*.
O th e r a s s e t s . . . . . . . . . . . . . . . . . . . . .
:J u n e 30 *
; 19 4 1
♦♦
5 ,1 3 6
$ 2 ,1 8 1 ,6 6 1 )
8 ,7 4 0 ,8 2 2 )
1 0 , 922,^83
;
:
•
A p r il 4,
19 4 1
5 ,1 4 4
$ 1 0 ,4 2 7 ,4 6 6
1 0 ,4 2 7 ,4 6 6
:
:
•
J u n e 29»
• . 19 4 0
5 ,1 7 0
( $ 2 ,0 0 2 ,8 5 2 )
( 7 . 1 7 6 , 3 75 )
9 ,1 7 9 * 2 2 7
: In c re a s e or d e c r e a s e :In c r e a s e o r d e cre a se
i s in c e A p r il 4 ,1 9 4 l
: s i n c e J u n e 2 9 . 1940
; Amount
{P ercen t
{Am ount
{P ercen t
-8
-*16
- .6 6
-3 ^
$4 95,0 17
4 .7 5
4 9 5 .0 17
4 .7 5
($
1 7 8 ,8 0 9
( 1 .5 6 4 .4 4 7
1174 3 *2 5 6
8 .9 3
2 1 .8 0
2 2 .6 7
20 .52
1 8 .9 9
7 , 219,890
1 , 8 91,336
374,385
16 5 .5 7 7
4 .4 i
2 .2 7 9 .4 5 3
8 ,4 8 2 ,1 1 4
2 , 113 ,8 7 6
7 .8 3
1 , 636,609
3 8 8 ,117
2 ,0 2 0 ,2 4 2
2 , 1 4 7 ,5 7 4
1 .9 2 8 ,3 5 2
- 1 2 7 .3 3 2
- 5 .9 3
9 1 .8 9 0
4 .7 7
l,5 9 0 r l9 1
1 , 634,616
1 ,6 4 8 ,2 4 5
-
4 4 ,4 2 5
- 2 .7 2
- 5 8 ,0 5 4
- 3 * 52
- 1 ,0 4 7
3 6 7 ,1 5 8
8 6 2 ,1 7 5
9 8 ,8 7 2
- .5 0
- 9 ,0 4 3
2 ,0 4 9 ,5 1 9
3 , 7 9 2 ,7 7 5
1 2 7 ,1 5 5
- 3 8 5 r 285
902 ,6 8 4
- 4 .1 6
1 5 .8 8
1 7 .1 7
2 1 .8 4
* 4 .9 2
6 4 4 ,5 5 4
- 7 ,7 7 4
4 . 429 I 555
4 .6 4
- .8 4
8 ,8 5 6 ,4 9 9
2 0 8 ,4 0 9
1 4 ,9 5 4 - 7 9 4
2 5 ,8 7 1 * 2 7 7
209,456
1 4 ,5 8 7 .6 3 6
2 5 10 1 5 -102
2 1 7 ,4 5 2
1 2 ,9 0 5 ,2 7 5 ...
2 2 ,0 8 4 ,5 0 2
709,458
7 , 451=723
6 . 56 0 ,4 17
610 ,586
7 , 620,089
582,303
7 . 837,068
6 , 0 1 3 c 13 3
. 5,457,733
1 4 * 5 2 1 ,6 5 8
9 1 5 r 700
4 l,3 l5 7 o 3 5
1 4 ,2 4 3 .8 0 8
9 3 4 ,1 1 1
4 0 ,1 9 3 .-0 2 1
1 3 * 8 7 7 ,1 0 4
923.474
36 , 885,080
- 168,306
3 4 7*2 8 4
2 7 7 t 850
- 1 8 *4 l l
1 ,1 2 1 ,6 1 4
2 .5 2
3 .4 5
1 6 .1 9
-2 - 21
5- 78
1 .9 5
- 1 .9 7
-JkZ2__
1 6 .5 4
1 2 .0 1
Comparison of principal items of
assets and liabilities of national banks
- continued.
(In thousands of dollars)
June 30
April 4
19^1
19^1
:Increase or decrease Increase or decrease
*£i.nce April 4«194l ¡Since June 29,
iPercen t
19^0
1 9 k 0
LIABILITIES
Deposits of individuals, partner
ships , and corporations;
Demand. .......................................
• $ 1 9 , 19 4 ,0 5 1
T im e ............. ............... ...
.
8 ,0 4 2 ,3 1 3
Postal savings deposits................
►
16 *352
Deposits of U. S .. Government.. . . . . 5 2 4 ,5 8 5
Deposits of States
p o litic a l
sub-divisions.......... .............
■
2 .5 2 9 ,1 7 9
Deposits of banks...............! ! ! ! ! ! ! !
6 ,5 9 1 .6 4 5
Other deposits (certified and
cashiers* checks, e t c .) ...............
$18 , 070,367
8 , 0 50 ,125
____ 4 5 3 ,1 7 8
134-,-, T°tal deP°sits****.........I _ 3 .7,T 51« 303
n ill s payable, rediscounts, &
other li a b il it i e s for borrowed
money.
2 005
Other liabilities...
Total li a b i l i t i e s , excluding
capital accounts......... .
4 6 2 ,2 1 5
- 7 .8 1 2
15 5
6 2 ,3 7 0
6 .2 2
- .1 0
.9 6
13 .4 9
$3 , 2 17 ,2 6 5
7 ,8 7 5 ,7 9 2
2 3 .1 5 2
5 4 1 ,8 4 5
2 .5 3 0 ,3 1 9
6 ,7 5 1 ,1 2 1
2 , 270,856
6 ,0 8 4 ,0 5 1
- i,i4 o
-- 1 5 9 .4 7 6
- .0 5
- 2.36
4 6 ,o 4 i
Con
1 L , 31
1 6 ,1 9 7
&
-
$ 1 5 , 976,786 $1 , 1 2 3 ,6 8 4
4 0 7 .1 3 7
3 6 .2 8 7 ,4 8 1
-------- 3 .0 1,9 2 5
3 .0 7 4 .4 0 7 M
---3i-Xy
Ot/Q-lft o 0 © • • • • • ft ftftftftooo^ftftft^ft^
TTUp?1US... ‘ C O , . . . ....................... . . . . . . . .
Undivided profits and reserves....
Total capital accounts,. . . . . .
Total li a b il it i e s & capital
accounts.........................
Ratio of loans to to ta l deposits.
NOTE,
1
Minus sign denotes decrease.
2 0 .1 4
2 .1 1
- 6 ,8 0 0
- 17 .2 6 0
- 2 9 .3 7
- ja s
25 s , 323
50 7,594
11*3 8
8 .3 4
50 .10
^ i,§ 5 3
&J23f _ 4 ,276 %896
- 1 2 .9 3
2,430
3 6 3 o lS 6
2 .9 10
... 3 3 0 :7 4 4
3 3 1 ,3 2 2
-4 2 5
3 2 ;4 4 2
- 17 .4 9
9 .8 1
-9 0 5
3 1* 8 6 4
- 3 1 .1 0
9 . 02
3 7 . 7 16 .4 9 4
3 6 ,6 2 0 t6 5 5
3 3 ,4 0 8 ,6 3 9
1 . 0 9 5 c 839
2^ 99
4 ,3 0 7 .8 5 ^
1 P Oy
Ac*
1 8 4 ,4 4 l
1 ,3 3 8 ,9 4 2
1 ,5 2 3 .3 8 3
l 7 3 3 b f 090
7 3 8 r 60S
3 * 5 9 8 .l 4 l
1 8 9 ,0 2 5
- 1 .3 3 7 ,9 1 4
1 .5 2 6 * 9 3 9
2 0 8 ,7 6 3
- 1 ,3 2 5 ,8 8 6
1 ,5 3 4 64q
1 - 2 4 9 ,9 6 1
_ 6 9 1 ,8 3 1
3 ,4 7 6 ,4 4 1
- 4 ,5 8 4
1 ,0 2 8
- 2 ,4 3
.0 8
—023
l o 27
- 2 4 ,3 2 2
314,635
29 . 2kfi
40,193*021
28.
CAPITAL ACCOUNTS
Capital stock:
Preferred stock........................
Common stock..
» » .• .».• • • • • • • • £ * • • ft ft ft #
- r
16 6 ,5 2 1
1 ,3 1 9 32 1
_ J 26 , i o 6
3 .5 7 2 ,3 6 6
7 k f >
36,885.080
27.75$
16 T /&9
12 ,5 6 2
-
—
13 .0 5 6
- 1 1.2 6 6
8 6,129
25*775
— 1».73
.7 2
.. 4 6 ,8 3 7
1 2 1 ,7 0 0
.21,6l4
2.J9
4,429.555
- 1 1 .6 5
___ ,-98
- - 7 * 7 5 ___
6 .8 9
-
6 .7 7
3 .5 0
12.01
PRESS RELEASE
The Bureau of Customs announced today preliminary figures for imports of
coffee subject to quota lim itations under the President’ s proclamation of the
Inter-American Coffee Agreement on April 15, 1941,
The following tabulation l i s t s the coffee quotas which have been f ille d ,
and shows import figures for the quotas now under telegraphic control as of
August 16, 1941.
Total imports under the other coffee quotas are shown as of
August 9, 1941*
Quota Period
:
Country of Production
:
Quota Period - 12 months
from October 1 , 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
El Salvador
Honduras
Nicaragua
Cuba
Ecuador
Haiti
Peru
Mexico
Brazil
Non-signatory countries:
A ll types of coffee
Revised 1/
Quota (lb s )
Entered for Consumption
As of (Date) :
Pounds
:
:
(Import quota fille d )
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
82,910,068
2,763,642
26,945,812
n
August 9, 1941
n
tt
n
tt
tt
n
«
tt
«
n
tt
tt
tt
n
72,330,770
2,184,040
23,683,784
9,894,282
20,480,816
37,046,085
3,299,772
62,216,478
1,279,427,983
11,054,702
20,727,517
38,000,514
3,454,520
65,637,203
1,285,106,046
August 16, 1941
49,055,084
August 16, 1941
47,960,690
2,645,520
August 16, 1941
1,551,126
tt
1»
»
tt
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countries:
Mocha coffee
Quotas increased by Inter—American Coffee Board, as of August 1 1 , 1941*
2/ Under the terms of an Executive order, effective June 14, 1941, the
increased import quota for non-signatory countries is subject to the
allocation of a maximum of 20,000 bags for coffee of the Mocha type which
may be entered for consumption from April 21 to August 31, 1941, inclusive.
-oOo-
TREASURY DEPARTMENT
Washington
Press Service
No. 27-18
POR IMMEDIATE RELEASE,
Tuesday, August 19, 1 9 4 1 «
coffee subject to quota lim itations under the President’ s proclamation of the
Inter-American Coffee Agreement on April 15, 1941.
The following tabulation l i s t s the coffee quotas which have been f ille d ,
«rid shows import figures for the quotas now under telegraphic control as of
August 16, 1941.
Total imports under the other coffee quotas are shown as of
August 9, 1941.
Quota Period
:
Country of Production
:
Quota Period - 12 months
from October 1 , 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
El Salvador
Honduras
Nicaragua
Cuba
Ecuador
Haiti
Peru
Mexico
Brazil
Non-signatory countries:
A ll types of coffee
Revised 1/
Quota (lb s )
Entered for Consumption
As of (Date) :
Pounds
:
:
(Import quota fille d )
n
n
«
tt
«
«
n
«
tt
«
«
it
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
82,910,068
2,763,642
26,945,812
August 9, 1941
tt
n
11,054,702
20,727,517
38,000,514
3,454,520
65,637,203
1,285,106,049
August 16, 1941
49,055,084
August 16, 1941
2,645,520
August 16, 1941
n
n
«
«
«
72,330,770
2,184,040
23,683,784
9,894,282
20,480,816
37,046,085
3,299,772
62,216,478
1,279,427,983
47,960,690 2/
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countries:
Mocha coffee
l r551r126
1/ Quotas increased by Inter-American Coffee Board, as of August 1 1 , 1941.
2/ Under the terms of an Executive order, effective June 14, 1941, the
increased import quota for non-signatory countries is subject to the
allocation of a maximum of 20,000 bags for coffee of the Mocha type which
may be entered for consumption from April 21 to August 31, 1941, inclusive.
oOo-
li
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, August 19, 1941.
Press Service
No. 27-18
The Bureau of Customs announced today preliminary figures To^
imports of coffee subject to quota limitations under the President’s
proclamation of the Inter-American Coffee Agreement on April 15, 1941,
The following tabulation lists the coffee quotas vriiich have beei
filled, and shows import figures for the quotas now under telegraphic
control as of August 16, 1941.
Total imports under the other coffee
quotas are shown as of August 9, 1941.
Quota Period
:
Country of Production
;
Quota Period - 12 months
from October 1, 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
El Salvador
Honduras
Nicaragua
Cuba
Ecuador
Haiti
Peru
Mexico
Brazil
Non-signatory countries:
All types of coffee
Revised 1/
Quota (lbs)
.
Entered for Consumption
: As of (Date) :
Pounds
16,581,937
73,928,131
58,037,021
435,277,855
27,636,689
82,910,068
2,763,642.
26,945,812
11,054,702
20,727,517
38,000,514
3,454,520
65,637,203
1,285,106,049
49,055,084
(import quota filled)
August 9, 1941
!!
tt
August 16, I94I
11
11
tt
tt
it
H
H
II
»
Il
II
»
H
II
»
H
II
72,330,770
2,184,040
23,683,784
9,894,282
20,480,816
37,046,085
3,299,772
62,216,478
1,279,427,983
1941
47,960,690 2
August 16, 1941
l,55i;i26 2
August 16,
Quota Period - April 22 to
August 31, 1941, incl?
Non-signatory countries:
Mocha coffee
2,645,520
o/ tt t
y -J
ooxxee .ooara, as .of August 11 IQ¿1
J Under the terms of an Executive order, effective June 14 1941 the
increased import quota for non-signatory countries is subject to the
location oi a^maximum of 20,000 bags for coffee of the Mocha type ifaich
be entered for consumption from April 21 to August 31, 1941, inclusive
-oOo-
-
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
August# 27 > 1941
— •
The income derived from Treasury hills, whether interest or gpin
ro
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, Pr
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 NEWSPAPERS,
Friday, August 22. 19A1______ •
The Secretary of the treasury, hy this public notice, invites tenders
fnr $ 100,000,000
, or thereabouts, of
91-day Treasury bills, to be issued
on a discount basis under competitive bidding.
be dated
August 2^ 1 94.1--- __, and will mature
The bills of this series will
November 26^ _ ^ /j-l— -------- ,
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, two o lclock p. m., Eastern Standard time, Monday , A u ^ t 25, 194L
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 are accompanied by
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened a.t the Fe
j
TREASURY•DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS,
Friday, August 22, 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.
The
bills of this series will be dated August 27, 1941, and will mature
November 26, 1941, when the face amount will be payable without
interest.
They will be issued in bearer form only, and in denom
inations of $1,000, $5,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value)...
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, August 25, 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
barixs ana trust companies ana 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
tills applied for, unless the tenders are accompanied by an express
27-19
-
2
-
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 made or completed at the Federal
Reserve Bank in cash or other immediately available funds on
August 27, 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 treatment,
as such, under Federa.1 tax Acts now or hereafter enacted.
The oills
shall be subject to estate, inheritance, gift, or other excise
taxes, whether Federal or State, but shall be exempt from all tax
ation 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.
- 3 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
rom any Federal Reserve Bank or Branch.
-OoO-
The Bureau of Customs announced today preliminary figures showing the
quantities of wtoeat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’ s Proclama
tion of May 28, 1941, for the twelve months commencing May 29, 1941, as follows:
Wheat
Country of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Ita ly
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
S o cia list Republics
Belgium
Total
Imports May
Established: 29, 1941 to
Quota
: Aug. 2. 1941
(Bushels)
795,000
87,273
m
m
o
m
m
100
100
100
Wheat flour, semolina,
* crushed or cracked wheat,
and similar wheat products
Imports May 29,
Established: 1941 to Aug. 2,
Quota
(Pounds)
(Pounds)
3,815,000
24.000
13.000
13.000
8,000
75.000
1,000
5.000
5.000
1,935
5,100
5,940
1.000
1,000
100
2,000
100
m
m
1,000
1,000
14.000
2,000
12.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
m
m
—
m
t
m
m
m
m
1,000
100
100
57
100
100
800,000
87,273
4,000,000
-oOo"O^S^^SäJj^thg^Su£eau oCCustoms)
13,032
Ö
TREASURY DEPARTMENT
Washington
Press Service
No. 27-14
FOR IMMEDIATE RELEASE,
Thursday « August 21^_19.41*
20
consumption under the import quotas established in the President’ s Proclama
tion of May 28, 1941, for the twelve months commencing May 29, 1941, as followsJ
: Wheat flour , semolina,
:, crushed or cracked wheat,
•
: and similar wheat products
Imports May
Imports May 29
Established: 29, 1941 to :Established: 1941 to Aug. 2
Quota
:
Quota
: Aug. 2. 1941 :
1941
(Bushels)
(Bushels)
(Pounds)
(Pounds)
Wheat
Country of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Ita ly
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
S o cia list Republics
Belgium
Total
795,000
-
100
-
100
100
-
100
2,000
100
-
1,000
100
-
87,273
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000
100
100
100
100
800,000
-
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,935
5,100
5,940
-
57
-
-
-
-
-
-
-
-
-
-
mm
m
-
-
87,273
4,000,000
-
-
13,032
________
TREASURY DEPARTIRENT
Washington
FOR DWEDISTE RELEASE,
Press Service
No. 27-20
Thursday, August 21, 1941.
The Bureau of Customs announced today preliminary figures show
ing the quantities of wheat and wheat flour entered, or withdrawn
from warehouse, for consumption under the import quotas established
in the President’s Proclamation of May 28, 1941, for the twelve months
commencing May 29, 1941, as follows:
Wheat
Country of
Origin
: Imports May
Established : 2 9 , 19 I+1 to
Quota
:Aug. 2, l$4l
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
A u stralia
Cermany
Syria
Hew Zealand
Chile
Netherlands
Argentina
Italy
Cuba
|Prance
IGreece
795.000
87,273
100
100
100
100
2,000
100
|Mexico
IPanama
Uruguay
1Sw^d^
Danzig
Jugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
pion of Soviet
Socialist Republics
Total
1,000
100
100
Wheat flour, semolina,
crushed or cracked wheat,
and similar wheat products
Imports May 29 ,
Established : 1941 to Aug. 2,
Quota
i
1941
(Pounds)
(Pounds)
3 , 815,000
• 24,000
13.000
13.000
8,000
75.000
1,000
5.000
5.000
1.000
1,000
1,000
14.000
2,000
12.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1.935
5,10 0
5,9^
57
100
100
800,000
87,273
-0O0-
4 , 000,000
13,032
June
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses
at beginning
7,590,004
Total imports \Pree and Dutiable)
l,o 5o,340
Available for Consumption
8,640,344
Entered into Consumption (a)
,859,787
ni
n)
Exported from Customs Quotedy—
TAsfA
/i1
Stock in Customs Bonded Warehouses
at end
7,775,741
STILL WINES (Liquid Gallons):
Stock in Customs Bonded Warehouses
1,888,017
at beginning
Total imports (Free and Dutiable)
372,818
Available for Consumption
2,260,835
124,910
Entered in Consumption (a)
Exported from Customs CustodyStock in Customs Bonded Warehouses
2,135,198
at end
SPARKLING WINES (Liquid Gallons):
Stock in Customs Bonded Warehouses
222,132
at *beginning
2,625
Total imports (Free and Dutiable)
224,757
Available for Consumption
5,627
Entered into Consumption (a)
Exported fr om Customs Custody
Stock in Customs Bonded Warehouses
218,624
at end
DUTIES COLLECTED ON:
D istilled Liquors
$ 2,114,650
S t i l l Wines
117,714
Sparkling Wines
16,576
Total Duties Collected onLiquor
$ 2,248,940
Total
cTed'em»Other---- ^
Commodities/y
439
s^/s'/
T O
r,pfec4mt^ialle&ted^aftn^iquo^
6*'
Hay
1941
June
1940
8,282,976
920,042
9,136,158
1,535,273
in vU
nnrAV|
A
7,495,018
6,976,713
1,306,279
12,049,527
8,801,297
19,026,240
1,824,352
11,217,388
«32— *
3$rlll
4,137,917
15,301,010
19,438,927
12,382,224
7,590,004
6,976,713
7,775,741
6,976,713
1,806,644
239,389
2,046,033
157,590
ig*'
'TOw
1,778,500
412,932
2,191,432
664,625
1,526,805
2,556,015
4,082,820
1,942,718
4,904.._
1,151,290
4,283,421
5,434,711
3,901,482
'*«•,-424—
1,888,017
1,526,805
2,135,198
1,526,805
222,342
6,888
229,230
7,077
HSfc-
473,227
23,858
497,085
101,313
395,772
83,574
479,346
258,108
3r&l4
321,014
719,317
1,040,331
643,883
'876"“
222,132
395,772
218,624
395,772
A*\
,785,354
151,121
20,820
3,957,295
$ 4,533,574 $ 27,646,842 $ 30,673,862
3,262,771
520,936
1,768,329
1,922,508
303,048
762,670
5,357,558
30,177,841
35,859,141
37,162,706^22,74&S28
&XQ&WU
9.6<
f>
(a) Including withdrawals for ship supplies and diplomatic use.
— <0 'O o ^
(^ p a r e d gBtJBlviailjLQl
12 months ending June 30
1940
- - 1941
19.1$
sr
'pfaepf S*
36^ 92,172 ; ^2,731,494
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TREASURY DEPARTMENT
Washington
8/22/41
FOR RELEASE, MORNING NEWSPAPERS,
Press Service
Saturday,, August 23, 1941.
No. 27-21
Commissioner of Customs' W. R. Johnson today issued the following
statement showing imports of distilled liquors and wines, and duties
collected thereon, covering June, 1941, with comparative figures for
June, 1940, and May, 1941, and the calendar years 1940 and 1941:
¡f
Al
m
m 1 DISTILLED l i q u o r s
(Proof Gallons ):
I I Stock in Customs
j
Bonded Warehouses
d
at beginning.....
Total Imports (Free
and Dutiable)....
1
HI
I Available for Consumption# ••••••••
I Entered into Con
sumption (a)*....
I Stock in Customs
,Bonded Warehouse s
at end..........
STILL WINES (Liquid
Gallons):
I Stock in Customs
Bonded Warehouses
at beginning.....
I Total Imports (Free
and Dutiable)•.. •
1 Available for Consumption.........
I Entered into ConII sumption (a)....
1 Stock in Customs
Bonded Warehouses
at end.......
June
1941
May
1941
June
1940
Calendar Year
1940
1941
7,590,004
3,282,976
7,495,018
6,976,713
4,137,917
1,050,340
920,042
1,306,279
12,049,527
15,301,010
8,640,344
9,136,153
3,801,297
19,026,240
19,438,927
859,787
1,535,273
1,824,352
11,217,338
12,332,224
7,775,741
7,590,004
6,976,713
7,775,741
6,976,713
1,383,017
1,806,644
1,778,500
1,526,805
1,151,290
372,813
239,339
412,932
2,556,015
4,283,421
2,260,835
2,046,033
2,191,432
4,082,320
5,434,711
124,910
157,590
664,625
1,942,718
3,901,482
2,135,193
1,888,017
1,526,805
2,135,198
1,526,305
222,132
222,342
473,227
395,772
321, 014
2,625
6,888
23,853
83,574
719, 317
224,757
229,230
497,085
479,346
1,0 40,331
5,627
7,077
101,313
258,108
643, 883
218,624
222,132
395.772
218,624
395. 772
(liquid Gallons):
Stock in Customs
Bonded Warehouses
at beginning* **. •
gotal Imports (Free
I and Dutiable)....
Available for Con
sumption. .......
Entered into Con
sumption (a)....
ptoek in Customs
Bonded Warehouses
end.........
DtiIES~CdiiJECILD OK:
Still Wines
d arkling Wines
MjTTES coelected
114,650 i- 3,785,354 ■'1 4,533,574 $27,646,842 830,673,862
520,936
151,121
1 ,768,329 3,262, 771
117,714
762,670
1.922. 508
f^iaupr
A : 248,940 £i 3.957.295 :i 5,357,558 830.177.841
a Tncludin^ withdraw CLs for silip supplies and diplomatic use.
035.859, 141
16.576
20,820
-0O0—
303.048
•
3- wool
The process for extracting wool from bales has been used
by the Bureau of Customs for nearly two years, following development
of the tube process. The xX photographic method t o y determining clea
content has Just become standard in the bureau with the promulgation
j-
of the new regulations.
■i’
This ft«™**0 the first time in the history of the ■ftepubl4*
that the Treasury Department, has ever given a scientific and
official definition for clean wool.
definition x**dt*x declares that ^the words “clean
content“ , wherever they appear therein, shall mean that portion of
the wool or hair which consists rtirtiy exclusively of wool or
hair free of all vegetable* and other foreign material and contain^
12 % by weight of moisture and 1 £
% by weight of material
removable from the wool or hair by extractions with a l c o h o l, and
having an ash content not exceeding i
of 1% by weight. H
Chief ports of entry for wool in the United States are*
Boston,* Massachusetts; Providence,Rhode Island ;
^nd Pittsburgh
Philadelphia^Pennsylvania; Portland,Oregon; Seattle,Washington;
San Francisco,California; RfcfcXsfexxgX
Houston,Texas*
-o-
Cleveland,Ohio and Galveston
2-wool
the wool sample. As the wool bocomofl -Immersed in this fluid it
becomes transparent
IsximpESEeptifekext&ztfcEXEjcE leaving superfluous vegetable matter
seemingly suspended in the colorless f.Iitid* Thus exposed the
foreign vegetable substance is photographed and a transparency
developed* This transparency revealing not a particle of wool
but portraying every trace of vegetable substance is thena
compared with standard photographic slides • Thus the exact weight]
Laboratory
content of vegetable matter is definitely d e t e r m i n e d . i n x i h i
workers
a&jqsoua&A then may make a positive calculation of the quantity of
wool in the shipment; front w h i c h the specimens
Other foreign substances removed from the wool
before
the photographic operation, by dry cleaning, dusting and scouring
are weighed after each operation 9 gkxkxg Results of these
operations are set down and recognized in the final calculation
clean wool content.
U n d e r the old method wool experts employed in the Bure
of customs made visual appraisal of Mwool in the g r e a s e , H and
estimated
the clean content of the wool based on their knowledge
of conditions under w hich the fleece was produced ,no matter
ir
what part of the g l o b e c a m e
from. Individuals seldom agreed
making the question st one of long nnrHitinflofAiiito controversy*
Under the new regulations the Bureau of Customs is
directed to obtain k e e X specimens of wool from allk but small
consignment^ and refer them to Boston, making Egg all appraisals
uniform,.no matter x&s * where the port or*entry. These samples
A
weigh approximately four ounces. After they are extracted from tne
bales they are hermetically sealed in fibre containers to prevent
moisture change.
---- Op f>r a t-1Pw n f
»fl m » ttht^^TTTr "T m , W >»w <nA+*g-±hA.
I■ K S w
ilean content oT^weoX«Jmiports,perfected by Treasury Depapfcnreirt chemiistBl
****—li|.i|, _
ainiimrr”
dnd technicians,has proven^^a*-«%H^efi«TSl_that S§cre4Uu^^j^^#»thau
11| | ■ .:■ ? . I
;
‘
P ill
today pryimutgated new regulations for this proc1&du£e in conformity
wi^ih -^frhe -provid1ona .of-Jthg— TarIfiL An t.,,
of
'CttftaTevTsed regulations the Bureau of Customs under
direction of Commissioner W.R*Johnson, will employ this new scientific
method in place of visual appraisal used since the days when Jacob
watched the flocks of Laban* The new method is certain,simple and
quick; the age old method always has been the subject of controversy
between experts*
The new method perfected by Dr*Herbert Wollner, consulting
chemist of the Treasury Department with the assistance of Louis Tanner,
chief chemist in the Boston laboratory
two general steps,
fifcs^a mechanical operation for withdrawing representative specimen
from baled fleeces! the second a chemical and photographic pfcan for
testing this sample*
*u n resting jfcn the latter formula is a new
procedure for making wool transparent, a process which brings to light
all vegetable impurities clinging to the fleecee*
Specimens of wool are obtained by Inserting a steel tube
fitted with cutting blades into various bales of a particular consign^
This sample is shipped to the Boston laboratory where it is weighed ana
treated to remove dust,animal fats,salts and refuse leaving only the
wool and the vegetable matter such as burrs,seeds,nettles and grasses
matted in the fleece* This cleansed fleece is next placed in a large
glass bottosu container
j special mixture of fluidsAis poured over
/r
7»
^
R7
'
i
- 7 * 7
*S■
’/*i. *
/
7
u.
/ fc
^
<d
(y^o^0? ( y / c ^ ^ c
Zl-ZL -
Customs regulations providing for new procedure in
appraising wool imports, were signed today by Herbert E*Gaston,
Acting Secretary of the Treasury« The regulations which become effect
on October 1 ,19^1 were promulgated under the Tariff Act of 1930, and)
provide for the operation of ^ ^ e wly devised method for determining
the clean content of wool* This method was perfected by chemists and|
technicians of the Treasury Department«
v
TREASURY DEPARTMENT
•'Washinn’ton'
FOR RULE AS3E, MORNING- NEWSPAPERS,
Saturday, August 23, 1941.
B/D2/41
Press
No.
Customs Regulations providing T op new procedure in
appraising wool imports, were signed today by Herbert E. Gaston,
acting Secretary oi the Treasury.
The regulations which become
effective on October 1, 1941 were promulgated under the Tariff
Act of 1930, and provide for the operation of a newly devised
method for determining the clean content of wool.
This method
/as perfected by chemists and t-eclinicians of the Treasury
Department.
Operating with the revised regulations the Bureau of
Customs under direction of Commissioner W. R. Johnson, will
employ this new scientific method, in place of visual appraisal
used since the days when Jacob watched the flocks of Laban,
xhe new method is certain, simple and quick; the age old method
always has been the subject of controversy between experts.
The new method perfected, by Dr. Herbert Ift/oilner, con
sulting chemist of the Treasury Department with the assistance
of Louis Tanner, chief chemist in the Boston laboratory employs
tvo general steps; the first, a mechanical operation for with
drawing representative specimen from baled fleeces, the second
a chemical and photographic method for testing this sam
9
In the latter formula is a new procedure for making wool
transparent, a process which brings to light all vegetable
impurities clinging to the fleece.
Specimens of wool are obtained by inserting a steel
A
v
O
tube fitted with cutting blades into various bales of a
.nncirtr^f
This sample is shipped to the Boston
laboratory where it is weighed „and tr eated to remove dus fi,
animal fats, sail:s and refuse leaving only the wool and the
vegetable matter such iis burrs, seeds , nettles and grass es
matted in the fieiece. This cleansed 11eece is next nlac ed in
a large glass bottomed container having the same refractive
index as wool.
the wool sample.
A special mixture of fluids is ooured over
As the wool is immersed in this fluid it
becomes transparent leaving superfluous vegetable matter
seemingly suspended in the colorless liquid.
Thus exposed the
foreign vegetable substance is photographed and a transparency
developed.
This transparency revealing not a particle of
wool but portraying every trace of vegetable substance is then
compared with standard photographic slides.
w e ig h t
Thus the exact
content of vegetable matter Is definitely determined.
Laboratory workers then may make a positive calculation of the
quantity of wool in the shinment from which the specimens
were taken.
-3
~
Other foreign substances removed from the wool before the
photographic operation,
b y dry cleaning,
are weighed after each operation.
dusting and scouring
Results of these operations
are set down and recognized in the final calculation for clean
wool content.
Under the old method wool experts employed in the Bureau
of customs made visual appraisal of "wool in the g r e a s e , ** and
estimated the clean content of the wool ba s e d on their knowledge
of conditions under which the fleebe was produced,
part of the globe it came from.
no matter what
Individuals seldom agreed
making the Question one of long controversy.
Under the new regulations the Bureau of Customs is directed
to obtain specimens of wool from all but small consignments and
refer them to Boston,
making all appraisals uniform and assuring
an equitable collection of duty no matter where the port of entry.
These samples weigh approximately four ounces.
After they are
extracted from the bales they are hermetically sealed in fibre
containers to prevent moisture change.
The process for extracting wool from bales has been used
by the Bureau of Customs for nearly two years,
development of the tube process.
following
The photographic method for
- 4 determining clean content has just become standard in the
bureau with the promulgation of the new regulations.
This is the first time m
the history of the country
that the treasury Department has ever given a scientific and
official definition for clean wool.
'me aefinition declares that the words ,fclean content'V
wherever they appear therein, shall mean that portion of the
wool or hair which consists exclusively of wool or hair free
of all- vegetable and other foreign material and containing
Vl% by weight of moisture and l-\% by weight of material
removable from the wool or hair by extractions with alcohol,
c,na having .an •ash content not exceeding l- of 1% by weimht
Chief ports of entry for wool in the United States are:
Boston, Massachusetts; Providence, Rhode Island; Philadelphia
c>nd
Pittsburgh, Pennsylvania; Portland, Oregon; Seattle,
Washington; San Francisco, California; Cleveland, Ohio, and
Galveston and Houston, Texas.
-o0o~
vi Deductions do not include credits such as personal exemption,
credit for dependents, and credit for earned income*
For individual
returns, the two deduction items^nLosses from fir e , storm, shipwreck,
or other casualty, or theft** (not compensated for by insurance or
For former years, both items were included
**Qfcher deductions**#
<J There is tabulated for the fir s t time.the prior year net short
ly
'A
term capital loss which is deductible from the net short“term capital
gain for the current year.
This deductible prior year net short
term capital loss cannot exceed the net income for the prior year and
cannot be in excess of the net short-term capital gain for the current
year.
Hie net short-term capital gain for the current year^which would
have been reported for the computation of net income had the prior year
net short-term capital loss not been deductible, is obtained by adding
the tabulated amount of prior year net short-term capital loss to the
net short-term capital gain reported for the computation of net income.
Hie entire amount of prior year net short-term capital loss is not
reflected since only the amount deductible is tabulated (see columns
11-13, Tables 3 and 3A, pages
respectively).
*• 5
returns*
Data for nontaxable individual returns with net income and
for individual returns with no nbt income are included in the attached
tables because of certain legal requirements regarding the filin g of
;here
are presented certain composite data for individual returns and taxable
fiduciary returns, with net inoome, by net income classes, also aggre
gate data for individual returns with no net income*
Tables 2A and 3A,
pages 10-11 and 15-17, contain data for individual returns with net
income, by net income classes, also aggregate data for individual re
turns with no net income*
Tables 2 and 2A show number of returns, net
income or d e ficit, personal exemption, credit for dependents, earned
income credit, total tax, normal tax, surtax, alternative tax, and
effective tax rates*
Tables 3 and 3A show number of returns, sources
of income and deductions, and net income or d e ficit.
METHOD OF TABULATING SOURCES ;0F INCOME AND DEDUCTIONS
Inoome from the various sources represents the net amount by which
the gross receipts exceed the deductions, as reported in the schedules
on the return, and in aggregate represents the sum of the net amounts
of income from each source*
Net losses reported amnwg "Income** items
on the face of the return are transferred in tabulation to deductions,
and are included with the amounts reported under specified or other
deductions
capital gains not already offset by short-term/capital losses of such
succeeding year.
"JSS ftfct short-term capital/loss carry-over is re
stricted to one year« namely« the/ next succeeding taxable year« and
cannot exceed
net income for the year in 'which the loss was sus
tained« nor cax^ i t exceed /the net short-term capital gain of the
i
1
succeeding/year— the year in ■ which the loss is deducted.
RETURNS INCLUDED
flBf^ptums used for this release are those for the income year
1939 filed in the period January through December« 1940« and include
individual returns« Forms 1040« 1040A« and 1040Bj and taxable fiduciary
returns« Form 1041, file d for estates and trusts.
returns are, in general, for the calendar year ended December
31, 1939.
However, a negligible number of returns for a fisca l year,
other than the calendar year, ended within the period July, 1939 through
June, 1940, are tabulated with the calendar year returns for 1939.
There
are also included part year returns for which the greater part of the
accounting period fa lls in 1939.
J:^ ¿ S t a t i s t i c s
are taken from the returns as filed by the taxpayer,
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 TABULATED
% )ata from taxable fiduciary returns, Form 1041, from individual
returns with net income of $5,000 and over, and from individual returns
with no net income, Form 1040, are couqpletely tabulated from each such
return.
Data for individual returns with net income under $5,000 are
partly tabulated and partly estimated on the basis of samples of such
y
\
CHAN3ES PROVIDED BT INTERNAL REVENUE CODE AS AMENDED
^ -- --- ------- ,
V
flËH
Jpln general» the returns for 1939 covered by
release^àre filed
under the /provisions of the Internal Revenue Code as amended*
The major
change affecting data in this release, as compared with /data for 1938,
is the provision of section 22(a) of the Code as amended, by which the
Federal income tax is applicable to compensation for personal service
received after December 31, 1938, as (1) cm officer or employee of a
I
I
State, or any /political subdivision thereof, or any agency or instrumen
ta l i t
yjof any one or more of the foregoing,
/
and (2 ) yjudge of a United
'
/
States court who took office on 017 before June 6 , 1932*
■
(
,
(The compensa-
. (
tion of a judge who took/offioe after June 6 , 1932, is taxable under
specific provisions of the Revenue Act of 1932 and succeeding revenue
acts•)
JU AyuJrLU f
*^Another change, affecting data
is the provision
j
of section 107 of the Code as amended relating to the tax lia b ility of
individuals and partners who receive/ during a taxable year beginning
after December 31, 1938, compensation/for personal services covering
/•*
five or more calendar years.
f
The tax attributable to such compensation
shall not exceed the aggregate of /taxes which would have been due had
1
the compensation been -received in equal portions in each of the years
for¡which the personal service was rendered.
turns for 1939 are the fir s t to show /the net short-term
capital loss carry-over provided by/section 117(e) of the Internal
Revenue Code, as amended,
ftInet/short-term capital
loss, sustained in
any taxable year beginning after December 31, 1937, may not be deducted
from income in the/year in which the loss is sustained, but may be car
ried to the next succeeding taxable year and applied against/short-term
3,959,314 taxable returns as follower
$599,862,324 is the normal tax
and surtax reported on 3,950,949 individual and fiduciary returns with
net income; $328,531,607 is the alternative tax reported on 8,348
r
individual and fiduciary returns with net income; and $300,138 is the
alternative tax/reported on 17 individual returns with no net income,/
f
^fj The effective tax rate is 4,0 per cent for /all returns with net income
and 5,9 per cent|for taxable returns with net income.
As compared with data for 1938, the total number of returns in
creased 1,411,770, or 22,4 per cent; the number of individual returns
with net income increased!1,419,544, or 23*1 per cent; the number of
taxable fiduciary returns with net income increased 9,998, or 18.9
per cent; and the number of individual returns with no net income
decreased 17,772, or 17,7 per cent.fj^he number of taxable individual
returns (with net, and with no net income) and taxable fiduciary
j
returns with net income increased 910,743, or 29.9 per cent; the
number of nontaxable individual returns (with net, and with no net
income) increased 501,027, or 15.4 per cent. ^Aggregate net income
increased $4,294,497,455, or 22.7^per cent; the net income on taxable
individual and fiduciary/returns increased $3,132,408,637, or 24.7
per cent; and the net income/on nontaxable individual returns with
net income increased $1,162,088,818, or 18.7 per .cent.(^Aggregate
d eficit decreased $69,829,173, or 19.7 per oent/^fke^otal tax
lia b ility increased $162,861,228, or 21.3 per/Cent; the normal and
®***M
k®~* lia b ility increased $113,551,675, or 23.3 per cent; and the
\
/
alternative tax lia b ility (including for this comparison the alter
native tax on individual returns with no net income) increased
$49,309,553, or 17.6 per cent.
TREASURY DEPARTMENT
tj'WashingtonA
y
FOR RELEASE
MORNING NEWSPAPERS,
Thursday, Aui^ust 28, 1941.
_
Press .Service
*-1-1
Secretary of the Treasury Morgenthau today made public data from
S ta t is t ic s of Income for 1939, Part lnJ prepared under that direction
. of
_
f/M -
/
/o,
Commissionery^/Internal R e v e n u e ! Guy T# He1vering^^iphtyblume
A ^ dX u^
. __ M i
A ^ d U u ^ J jU
/^ ri^ ^ ^ ji> r^ ie d a t *J^teir d a t ^ .
/¿L<*iTW
r*v^
""■“
_
areHn-
dividual income tea returns with net income and with no net income, and
taxable fiduciary income tax returns with net income, file d during the
calendar year 1940#^^Data from nontaxable fiduciary returns with net
income^ and from fiduciary returns with no net income^ are not shown^tn
v 4**3 r^le^sd, but w ill be tabulated
e^dtefeer and published in
JjL&
NUMBER OF RETURNS, NET INCOME OR DEFICIT, AND TAXT
(y file total number of returns is 7,715,660, of which 7,570,320 are
V
individual returns with net income, 62,879 sure taxable fiduciary returns
with net income, and 82,461 are individual returns with no net income
(see table 1, page7^)i^0f the 7,633,199 returns showing a net income
of $23,191,871,078, there are 3,959,297 taxable individual and fiduciary
returns showing a net income of $15,803,945,443 and 3,673,902 nontaxable
individual returns showing a net income of $7,387,925,635 (see table 2,
pages 8-9) • 'lo f the 82,461 individual returns showing a d eficit of
$284,326,621, there are 82,444 nontaxable returns showing a d eficit•of
$283,198,554 and 17 taxable returns showing a d eficit /of $1,128,067
(see note 3, page
file total tax of $928,694,069 is reported on
TREASURY
DEPARTMENT
INTER OFFICE C O M M U N I C A T I O N
DATE August 21, lqlll
to
Mr, Schwarz
from
Mr, Blough
T h e r e i s a t t a c h e d h e r e t o f o r a p p r o v a l and p u b l i c a t i o n , t h e
o r i g i n a l co p y o f a p r e s s r e l e a s e o f t e x t and t a b l e s c o n t a in in g s i g
n i f i c a n t d a t a fro m i n d i v i d u a l in co m e t a x r e t u r n s w i t h n e t in com e and
w i t h no n e t in co m e a n d fro m t a x a b l e f i d u c i a r y r e t u r n s w i t h n e t i n
co m e, t o b e p u b l i s h e d i n t h e S t a t i s t i c s o f Incom e f o r 19 3 9 * P a r t 1 ,
I t i s s u g g e s t e d t h a t t h e t e x t , p a g e s 1 - 6 , s h o u ld n o t b e r e d u c e d
in m u lt ilit h in g ,
The t a b l e s and f o o t n o t e s , p a g e s 7 -1 9 * a r e , h o w ev er,
o n l a r g e r p a p e r w h ic h s h o u ld b e r e d u c e d t o 8 M x 1 0 | M i n m u l t i l i t h i n g .
M r, T , C , A t k e s o n , H ead o f t h e C l e a r i n g D i v i s i o n , B u r e a u o f
I n t e r n a l R e v e n u e , h a s r e q u e s t e d t h a t u p o n p u b l i c a t i o n , 100 c o p i e s
o f t h e m u l t i l i t h e d r e l e a s e b e s e n t t o M r, E dw ard W h it e , C h i e f o f t h e
S t a t i s t i c a l S e c t i o n , Room 15^5» B u r e a u o f I n t e r n a l R e v e n u e ,
A tta c h m e n t,
REASïïRI DEPARTÍ
'Washington.
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 28, 1941._____
Press Sârvice
No. 27-23
Secretary of the Treasury Morgenthau today made public
n Q
ud
ta from "Statistics of Income for 1939, Part 1," prepared
under direction of Commissioner Guy T. Helvering of the Bureau
of Internal Revenue.
The data include figures for individual income tax returns
with net income and with no net income,’ and taxable fiduciary
income tax returns with net income, filed during the calendar
year 1940.
Data from nontaxable fiduciary returns with net income,
and from fiduciary returns with no net income, are not shown*
but will be tabulated and published in the 1939 income statis
tics book, part one of which is now in preparation.
OF RETURNS, NET INCOME
OR DEFICIT, AND TAX
number
The total number of returns is 7,715,o60, of which /,570,320
are individual returns with net income, 62,8/9 are taxable
fiduciary returns with net income, and 82,461 are individual
returns with no net income (see table 1, page 10).
Of the 7,633,199 returns showing a net income of
$23,191,871,078, there are 3,959,297 taxable individual and
fiduciary returns showing a net income of $15,803,945,443
2
and 3,673,902 nonta.xn.ble individual returns showing a net
income of $7,387,925,635 (see table 2, pages 11-12).
Of the 82,461 individual returns showing a deficit of
$284, ¿26,621, there are 82,444 nontax able returns showing a
¿elicit of $283,198,554 and 17 taxable returns showing a,
deficit of $1,128,067 (see note 3, page 21).
The total tax of $928,694,069 is reported on 3,959,314
taxable returns as follows:
$599,862,324 is the normal tax
and surtax reported on 3,950,949 individual and fiduciary
loturns with net income; $328,531,607 is the alternative tax
reported on 8,348 individual and fiduciary returns with
net income; and $300,138 is the alternative tax reported on
17 individual returns with no net income.
The effective tax rate is 4.0 per cent for all returns
with net income and 5.9 per cent for taxable returns with
net income.
As compared with data for 1938, the total number of
returns increased 1,411,770, or 22.4 per cent; the number of
individual returns with net income increased 1,419,544, or
23.1 per cent; the number of taxable fiduciary returns with
net income increased 9,998, or 18.9 per cent; and the number
1 individual returns with no net income decreased 17,772,
Ui i i*i per cent.
- 3 The number of taxable individual returns (with net, and
with no net income) and taxable fiduciary returns with net
income increased 910,743, or 29,9 per cent; the number of
nontaxable individual returns (with net, and with no net in
come) increased 501,027, or 15.4 per cent.
Aggregate net income increased $4,294,497,455, or 22.7
per cent; the net income on taxable individual and fiduciary
returns increased $3,132,403,637, or 24.7 per cent; and the
net income on nontaxable individual returns with net income
increased $1,162,088,818, or 18.7 per cent.
Aggregate deficit decreased $69,829,173, or 19.7 per cent.
Total tax liability increased $162,861,228, or 21.3 per
cent; the normal and surtax liability increased $113,551,675,
or 23.3 per cent; and the alternative tax liability (includ
ing for this comparison the alternative tax on individual
returns with no net income) increased $49,309,553, or 17.6
per cent.
CHANGES PROVIDED BY INTERNAL
REVENUE CODE AS AMENDED
In general, the returns for 1939 covered by data released
today by Secretary Morgenthau are filed under the provisions
of the Internal Revenue Code as amended.
The major change
- 4 affecting data in this release, as compared with data for
1938, is the provision of section 22(a) of the Code as
amended, by which the Federal income tax is applicable to
compensation 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 compensation of a judge who took
office after June 6, 1932, is taxable under specific pro
visions of the Revenue Act of 1932 and succeeding revenue
acts.)
Another change, affecting data made public today, is
the provision of section 107 of the Code as amended relating
0 ^iltj ^ax liability of individuals and partners who receive
curing a taxable year beginning after December 31, 1938,
compensation for personal services covering five or more
calendar years.
The tax attributable to such compensation
shall not exceed the aggregate of taxes which would have
been due had the compensation been received in equal por
tions in each of the years for which the personal service
was rendered.
Returns for 1939 are the first to show the net short
term capital loss carry-over provided by section 117(e)
of the Internal Revenue Code, as amended. ‘ Net short-term
capital loss, sustained in any taxable year beginning
after December 31, 1937, may not be deducted from income
in the year in which the loss is sustained, but may be
carried to the next succeeding taxable year and supplied
against short-term capital gains not already offset by
short-term capital losses of such succeeding year. Net
short-term capital loss carry-over is restricted to one
year, nameiy, the next succeeding taxable year, and
cannot exceed net income for the year in which the loss
was sustained, nor can it exceed the net short-term
capital gain of the succeeding year--the year in which
the loss is deducted.
6
RETURNS INCLUDED
Returns used for this release are those for the income
year 1939 filed in the period January through December, 1940,
and include individual returns, Forms 1040, 1040A, and 1040B;
and taxable fiduciary returns, Form 1041, filed for estates and
trusts.
Returns are, in general, for the calendar year ended
December 31, 1939.
However, a negligible number of returns for
a fiscal year, other than the calendar year, ended within the
period July, 1939 through June, 1940, are tabulated with the
calendar year returns for 1939.
There are also included part
year returns for which the greater part of the accounting period
falls in 1939.
Statistics are taken from the returns as filed by the tax
payer, 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 TABULATED
Data from taxable fiduciary returns, Form 1041, from indi
vidual returns with net income of $5,000 and over, and from
individual returns with no net income, Form 1040, are completely
tabulated from each such return.
Data for individual returns
with net income under $5,000 are nartly tabulated and partly ;
-7estimated on the basis of samples of such returns.
Data for
abutaxable 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 Table 1, page 10, the number of returns, net income and
tax reported on all returns included in this release, are
distributed by States and Territories,
In Tables 2 and 3, pages
11-12 and 15-17, 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 re
turns with no net income.
Tables 2A and 3A, pages 13-14 and
18-20, contain data for individual returns with net income, by
net income classes, also aggregate data for individual returns
with no net income.
Tables 2 and 2A show number of returns, net
income or deficit, personal exemption, credit for dependents,
earned income credit, total tax, normal tax, surtax, alternative
tax, and effective tax rates.
Tables 3 and 3A show number of
returns, sources of income and deductions, and net income or
deficit.
METHOD OF TABULATING SOURCES
OF INCOME AND DEDUCTIONS
Income from the various sources represents the net amount by
which the gross receipts exceed the deductions, as reported in
the schedules on the return, and in aggregate represents the sum
of the net amounts of income from each source.
Net losses re
ported among "Income” items on the face of the return are trans
ferred in tabulation to deductions, and are included with the
amounts reported under specified or other deductions.
Deductions do not include credits such as personal exemption
credit for dependents, and credit for earned income.
For indi
vidual returns, the two deduction items, "Losses from fire,
storm, shipwreck, or other casualty, or theft” (not compensated
for by insurance or otherwise), and "Bad debts” are tabulated
separately for the first time.
For former years, both items
were included in "Other deductions.”
There is tabulated for the first time, with the data released today, the prior year net short-term capital loss which
ls deductible from the net short-term capital gain for the
current year.
This deductible prior year net short-term capital
loss cannot exceed the net income for the prior year and cannot
be in excess of the net short-term capital gain for the current
year.
The net short-term capital gain for the current year,
which would have been reported for the comnutation of net income
had the prior year net short-term capital loss not been deductible
obtained oy adding the tabulated amount of prior year net
short-term capital loss to the net short-term capital gain
- Q reported for the computation of net income.
The entire amount
of prior year net short-term capital loss is not reflected
since only the amount deductible is tabulated (see columns
11-13, Tables 3 and 3A, pages 16 and 19,respectively).
T ah la i . in d lr id u a l n t u u and tm M » fld e e la r y ra to rn a , w ith n a t I n f ic i y and In d irid o n i ra to rn a w ith no n o i In o c i (sa o ln d la g
fid u c ia r i r ito r n a ) , 1* 9 9 , tgr S tn ta a and T a r r lto r la a t n o t a r « f ra to ro a , a n i l a c c i o r d a fln it , and ta x
(Mona? fig u r a i In tbooaanda o f M it r a )
a )
I I bÌi —
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Arfcan aa a
C a lifo r n ia
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C a w w ctla o t
D alaaara
B la t. o f C o la r la
flo r id a
U scirgli
B a n a li
Idatae
m in a la
JimH y itf
Iona
Banana
Kontndgr
L o d a l ana
Maino
M aryland
B asan eh aaatta
M ichigan
M innesota
B is s i« s ìp p l
B lsa o u rl
Montana
■ ebradta
M anda
Maa H anpahlra
Mav J araay
Maa M azlee
Maa Xerfc
Morth C a ro lin a
lo r th Q akota
flhdo
f lr t i lw i
Oragon
P sn n aylvan la
Hfaods Xaland
South C a ro lin a
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T an aaaa
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Utah
V am ont
V ir g in ia
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*6£6fc£Se89SKSSSP88838g?gg<38S85S£?&Bt:g
%/
¡/
sxxxJMxxxxxxxxxxxx
yxxxxxxxxxxxxxxxxxx-----Fcff
« » ta l t a x i /
( c o l. 6 ♦
9 e 12 )
(5 )
a a t in u m a 1 /
In
B n b tr a f
rato rn a
(4 )
Mat l a c c i
Tax
H
(8 )
(8 )
£88
6
98
119
5,10 9
478
1,7 5 9
«67
560
6 11
428
174
47
5,925
612
760
556
541
119
404
1,4 4 0
6,056
1,9 6 8
1,4 5 9
<6
1,6 5 9
89
252
27
243
2,0 74
47
14 ,8 17
SU
49
2,807
500
286
6 ,19 5
964
128
45
49,880
7,089
£8,568
£ 5 ,0 1
841,000
56,062
169,£69
£0,819
115 ,5 5 6
75 ,15 2
70 ,764
£5,10 2
17 ,15 8
6 19 ,5 8 1
15 7 ,7 * 4
97,887
62,078
66,465
71,6 9 9
58 ,718
168,503.
588,881
878,904
158,900
£4,799
170 ,427
86,542
48,550
11,8 8 8
86,567
591,980
1 7 ,5 1 7
1,50 8 ,70 2
6 1,8 25
14 ,2 56
4 4 5,119
66,609
8 7,545
659,887
5 1,7 2 1
50,105
14 ,8 76
72,202
£42,059
25,8 16
16 ,0 0 1
9 1,2 54
12 7 , S U
68,578
1 7 7 ,51S
14,0 28
5,78 9
508
1,2 9 0
1,9 0 2
6 0 ,516
6 ,15 4
27,688
28,084
10 ,6 55
17 ,5 2 1
8 ,5 8 1
2 ,5 9 1
625
8 1,4 25
14 ,78 2
4,695
2,962
4,905
7,50 4
5,670
18 ,6 6 5
42,422
40 ,162
1 1 ,1 2 1
1,5 4 8
20,429
1,4 6 6
2 ,7 1 1
1,9 2 8
2,626
47,488
1 ,5 6 1
216 ,0 15
9 ,16 5
542
48,758
4,886
5,2 55
86,058
7,5 2 4
1,8 5 5
485
8 ,19 5
£ 4 ,571
1,18 0
1,2 6 5
11,0 4 0
6 ,5 5 7
4 ,0 6 1
1 1 ,5 5 5
1 ,1 6 1
48,967
6,9 77
25,976
25,064
627,909
54,796
18 6 ,110
16 ,9 9 1
114 ,6 5 1
70,905
69,486
22,699
16 ,8 70
606,674
16 5,792
96,080
6 0 ,171
64,407
70 ,655
51,8 92
159,927
572 ,755
572,045
150 ,559
£4,204
16 7,2 54
66,188
47,568
11,0 6 2
25,76 7
586,858
1 7 ,1 5 1
1,2 7 9 ,4 2 7
60,705
15,90 9
459,241
64,709
66 ,19 2
627,640
50,555
29 ,58 1
14,483.
71,2 4 5
£ 56,521
25,450
15 ,76 2
8 9,915
12 5,9 97
67,679
174,54 0
15,6 70
148,808
17 ,6 4 7
68,966
75,286
1,8 7 8 ,6 2 7
165,090
620,058
111,9 8 2
545,429
260,050
256,267
7 2 ,5 17
4 1,7 9 5
1,9 6 6 ,8 10
445,966
258,961
156 ,58 4
1* 4 ,4 2 1
227,603.
95,755
512,885
1 ,1 2 1 ,1 2 2
1,0 5 7 ,0 19
558,925
72 ,770
519 ,2 74
94,128
155,2 4 5
55,9 9 1
72,885
1 ,1 7 5 ,1 9 7
49,289
4 ,1 7 4 ,m
19 1,6 6 1
52 ,58 1
1,2 9 7,9 5 9
186,806
168,920
1,8 5 5 ,7 9 8
15 5 ,5 18
8 5,555
54 ,152
226,848
745,794
62,496
4 4 ,52 1
284,547
52 1,558
18 2 ,5 7 1
459,527
5,70 0
507
1,2 6 4
1,8 6 4
58,497
6,862
26,804
25,964
10 ,568
16 ,59 5
8,568
2,457
615
78,690
14,50 8
4,525
2,9 16
4,778
7,260
5,609
18,204
4 0 ,119
58,728
10 ,2 10
1,5 2 5
19 ,559
1,4 6 9
2 ,6 19
1,8 9 7
2,474
44,540
1,2 5 2
208,675
8,949
539
45,407
4,648
5 ,2 17
82,294
7,259
1,8 1 4
478
7 ,16 9
25,66 1
1 ,1 5 6
1,12 3
10 ,950
6,206
5,954
1 1 ,2 6 1
1 ,1 5 5
7,715 ,6 6 0
928,694
7,570 ,520
22,958,918
890,954
21 and 22.
Mtnfcsr o f
ra ta m s
(V )
57,03.7
fid u r la n r ra tim a
Tax
Mat lnocna
1/
(9 )
f .)
U d lT ld n a l ratu rn a u ith » n a t le n a »
A lta n a t iv a
B a flc lt
Mmfcsr a f
t a x i/
r s torn a
(10 )
1,18 3
65
155
2,950
7,2 76
515
613
1,6 7 4
2,009
1 ,5 7 5
5,8 6 1
209
88
1
26
18
1,8 16
271
880
2,080
97
1,12 8
245
154
10
2,70 5
274
175
46
126
64
60
561
2,295
1 ,4 1 5
912
22
864
16
92
so
152
5 ,15 9
129
7,260
£15
5
5 ,5 5 1
258
SS
5,655
285
42
5
1,0 2 4
909
44
142
JL0
15 1
107
272
9
587
87
495
408
9,78 2
778
1,40 0
16 1
455
1,6 5 8
840
229
£41
4,982
1,52 0
1,4 5 7
1,6 4 6
715
847
416
1 ,1 5 4
5,550
2 ,8 9 1
1,10 2
550
1,6 5 4
266
720
144
547
5,048
559
U ,4 S 8
806
298
5 ,0 7 1
1,60 0
865
6,054
424
596
560
696
4 ,5 17
245
108
821
1,2 5 7
664
1,7 9 2
295
62,879
252,955
57,460
8 2,461
sei
1 ,4 2 1
125
15 1
500
580
555
1,2 1 5
25
562
585
U ,£ 5 8
1,88 8
7,450
«,704
1,4 7 6
4,865
1,840
875
190
£2,486
2,869
2,52 7
985
1,18 0
644
951
5 ,7 6 1
20,705
9,890
5,465
525
6 ,4 15
556
881
256
1,0 1 7
10 ,10 9
597
52,460
1 ,6 14
114
1 7 ,1 7 5
1,9 6 2
696
22,502
2,955
581
OD
1,8 9 «
289
1,4 9 7
1 ,1 7 7
55,625
2 ,17 8
4,602
5 ,15 9
1,4 7 6
8 ,0 9 1
2,888
540
871
17,8 6 2
2,904
2,599
4 ,14 0
2,402
5,222
1 ,U S
4 ,6 17
10 ,5 79
10 ,5 55
5,596
1,5 4 5
8,099
758
1,5 8 9
618
948
11,8 2 5
905
84,056
2,000
668
10 ,742
5,409
2,78 9
19 ,62 2
1,5 2 7
851
512
1,9 10
16 ,64 9
656
525 '
2,8 52
5,285
1,5 5 4
5,9 75
668
284,527
(» )
.
•
•
1
4
•
so
•
—
•
IO
19
•
1
•
•
9
1
CL
1
1
*
1
i
in—
i
•
m
i
«
•
-
500
08&&S*fc*fift0*S8SSSSS8t3888!3gg?&8P8ge5S£S>:g
S tn taa and T a r r lta r ia s
lib a r a f
rito rn a
( s o l. 4 «
V ♦ IO )
(2 )
N U * ta
Ib A t U m I retorna and
fldaoiaiy retama, with nat lneoaé 1/, by aat laooo» cUaaaa, alao aggregate far individual returns with ne net <««-« (exclatüjw
fiduciary ratania), 1959, by retama with no aitam a tire tax m d with aitamatlrw taxi w h a r of retama, M t incoas or deficit, pe raonal « n n 11 m
oredit for dependente, n amed incoes «redit, tax, « d effective tax m t a a
I»*»»»* msmmpsum,
of dollars)
lot 1nonas y
(col. » e 14)
Perennal
aiaaptlwi ¡/
SSP
S** 8t88ftft6888988g8R088B38888B88£8
1«)
Zadlrldaal retama and taxable fidueiaty
retama ¿/ wlth net inoeant
Oader 1 (eat.) 9/
Onder 1 (eat.)
1 onder 8 (eat.) ¡/
1 oader S (eat.)
S andar 2.6 (eat.) %/
2 onder 8.5 (aat.)
8.5 oader S (aat.) J/
2.5 nadar 5 (eat.)
5 nadar 4 (eat.) ¿/
5 oader 4 (wat.)
4 oader 5 (aat.) %/
4 nadar 5 (aat.)
5 nadar 6 %J
5 nadar 6
6 nadar 7
7 nadar 8
8 nadar 9
9 nadar 10
10 nadar 1 1
1 1 nadar 1*
18 nadar 18
18 m d e r 14
14 nadar 18
15 nadar 80
80 m d a r 85
85 nadar 50
80 nadar 40
40 nadar 50
60 nadar 80
80 nadar 70
70 nadar 80
80 nadar 90
90 nadar 100
100 nadar 160
ISO nadar 800
800 nadar 850
850 nadar 800
800 m d e r 400
400 m d e r 500
500 nadar 750
750 nadar 1,000
1.0 00 andar 1,500
1,800 nadar 8,000
2.000 nadar 8,000
5.000 nadar 4,000
4.000 nadar 5,000
6.000 aad orar
(5)
JËL
821,515
68,908
1,448,948
1,587, sea
554,568
885,990
907,178
878,818
488.584
888,579
18,856
404.584
671
198,548
180,494
77,180
58,084
59,777
80,188
88,944
19,879
15,798
18,188
40,998
81,878
18,198
15,808
6,681
8,751
2,805
1,551
988
784
1,618
648
841
146
181
889,880
84,051
1,978,886
8,854,564
1,860,8 U
781,704
8,488,685
760,659
1,888,404
2,167,454
79,869
1,804,990
8,570
1,056,946
778,607
575,951
449,404
876,986
815,699
874,988
840,658
818,047
191.068
704,960
476,408
888,004
458,688
898,845
805,484
149,085
118,898
85.088
68,488
195,959
94,896
58,816
89,871
45,044
86,544
60,887
85,808
51.068
10,867
81
84
87
85
106
86,886
(4)
478,695
8.685
8,666,869
1,565,885
1,578,878
886,785
2,866,748
448,518
1,056,577
1,516,987
46,684
879,687
1.685
488,908
861,258
165,565
118,075
88,688
68,708
48,587
89,860
88,786
87.865
85,678
48,118
84,816
86,084
18,915
7,800
4,551
8,961
1,908
1.865
8,064
1,087
466
858
846
168
165
48
49
14
80
Credit for
depaadaita
(individual
retama)
(5)
88,410
188
877,779
18,899
189.478
15,871
566,888
8,989
568,895
98,154
50,464
187,187
1,807
80,258
51,158
55,951
88,488
16,887
18.478
9,748
7,889
8,548
5,581
18,579
8,468
4,714
6,068
8,455
1,866
868
598
558
SU
557
150
es
55
57
88
SÍ
88
81
7
10
■ amad la»
cena credit
(Individual
retarne)
(«)
(col.
18)
(T)
10,758
1,880
147,780
885,684
76,488
71,587
804,816
75.558
118,888
806,419
6,869
161,765
849
89,678
68,501
45,909
58,780
86,859
81,546
10,850
U , 561
U , 558
U , 768
56,901
U , 645
11,861
18.558
6.508
5,615
8,867
1,459
940
686
1.509
475
884
111
109
58
50
80
17
6
2
U
744
81,488
18,898
9,077
81,971
85,458
U , 069
17,598
16,806
15,504
15,084
14,808
U , 891
18,900
18,889
11,688
80,840
48,106
86,980
61.546
48,478
88,680
88,587
88,885
85,556
81,578
71,970
41,797
25,845
80,794
85,585
80,654
89.546
15,858
80,565
5,a u
18,807
8,899
*
feafear of
retama
(8)
581, S U
58,908
1,448,945
1,587,501
554,568
585,989
907,178
272,816
488,584
688,578
IB,858
404,584
671
195,541
180,494
77,179
55,054
59,775
50,127
85,941
19,879
U , 796
18,187
40,990
21,546
12,168
18,065
5,558
1,981
1,046
678
598
• 878
496
185
58
57
89
14
lo
S
5
•
8
4
14.089
8,878,908
8,950,897
7,887,986
15,806,946
7,788,688
6,018,919
1,806,875
560,905
559,069
1,185,807
988.594
5,675,908
5,950,949
7,688,199
85,191,871
15,796,441
1,767,780
1,748,876
988.594
88,444
17
U/285,199
U r 1,128
500
88,461
¿1/284,527
Bstasas with no alternative tax 1 /
let incoas ]/
Tax liability
Total
tamal t u
(cd. U
♦ U)
(»)
(10 )
(U)
889,860
84,051
1,975,886
8,554,564
1,860,B U
781,708
2,458,685
760,559
1,588,404
2,167,451
79,569
1,804,990
5,570
1,056,941
778,607
575,945
449,404
576,907
515,688
874,904
840,668
S U , 006
191,088
704,808
478,847
888,017
449,848
844,698
104,806
67,608
50,077
55,088
86,547
58,880
81,065
12,755
9,998
10,860
6,885
6,078
4,700
5,079
«a
5,894
744
•
21,488
«a
U , 894
«a
9,077
•
81,967
Sartas
08)
744
81,488
m
U , 894
9,077
«.
81,967
•
86,586
«
18,585
U , 082
18,187
U , 179
9,896
8,874
7,885
7,085
6,841
5,808
22,485
16,087
11,659
16,078
8,975
5,898
8,549
i,9m
1,8 6 8
1,015
8,874
885
497
596
407
847
841
187
US
«
887
85,458
«a
19,067
17,598
16, 205
U , 504
U , 045
14,805
U , 654
U , 900
U , 881
11,6 8 6
•0,279
«8,987
56,662
60,898
59,706
U , 988
14,901
U , 587
9,878
8,889
81,900
9,480
6,875
6,869
5,807
5,701
5,887
8,169
2,098
aa
4,880
m
m
tt $*8*fifcPt88388S880888!l88SS8P8C8Q8tiBgBt:g
tafear of
retama
(col. 8 ♦
188
688
1,576
s,mé
4,585
6,151
6^589
5,809
5,errt
6,880
5,878
87,785
86,960
85,108
441580
80,788
U , 085
18,868
10,888
8, G M
7,814
U , 688
8,66«
6,778
4,875
5,400
5,45«
8,596
8,968
1,975
8,995
*
Seataxable retama
Taxable retama
Total, Individual retoma and
tanahla fidaciary retama
wlth aat incoas
Indi vidual retoma wlth no aet incoase
Hontaxable ]£/
Taxable ¡j
Total, individual retoma
wlth no net incoas
Oread total
XXXXXXfXXXXXgXXKX
For
footnotes,
see
7 ,7 1 6 ,6 6 0
pages
21
1 2 /2 2 , 907 ,5 44
and
22..
(18)
(IS)
11
7,587,986
14,955,867
699,868
886,845
SU,SU
7,684,851
88,581,195
599,868
886,545
su,su
88,444
*
¿¿/888,199
—
•
-
-
-
(18)
(15)
500
82,444
(15)
(IS )
928,69«
7,707,*9S
¿1/285,199
J ¿2/22,057,904 1
599,062
1
zee,546
/
-
1
sis,sis
1 s
returns and taxable fiduciary returns, with net Incone ¿/, by net Incone classes, also aggregate for individual returns with no net laccai (excluding
s a b e r of returns, net incesa or deficit, personal exeaption,
credit for dependants, earned Incesa credit, tax, and effective tax rates - Continued
r returns), 1989, by returns with no alternative tax and with alternative tax*
Mot incorna JJ clas««a
-
(let incone classes and aonay figures in thousands of dollars)
Effective tax rate, per cant
Returns with alternative tax ¡/
(returns with net Inccae)
Continued
Hunber of
Returns with Returns with
All returns
Met Inccae 1/ Alternative
alternativo
(cel. 7 f 5) no alterna
tax
iwturns
tivo tax 7/
tax 8/ (cel.
(col. 10 f 9) 15 fl4)
12
8
6
8
1101
12
1U5
4
6
7
9
18
16
17
18
20
2221
19
28
24
28
26
27
28
29
80
81
82
88
8868
88
84
87
89
40
41
42
48
44
45
46
47
48
49
SO
81
52
58
54
Rontaxable returns jj/
Taxable returns
Total, Individual returns and
taxable fiduciary returns
with net Incoas
Individual returns with no net inooswi
Hemtaxable 10/
Taxable 8/
Total, Individual returns
with no not 1 nrass
Oread total
F o r fo o tia o t« s 9 ooo poco« 1 8 and 19»
(16)
(IS)
(14)
(18)
Individual returns and taxable fiduciary
returns
with net lneonei
Under 1 (est.) 9/
Under 1 (sat.)
1 under 2 (est.) j/
1 under 2 (est.)
2 under 2*5 (eat.) £/
2 under 2.5 (est.)
2.5 under 5 (eat.) 2/
2.5 under 8 (eat.)
8 under 4 (eat.) 9/
8 under 4 (set.
4 under 5 (est. 2/
4 under 5 (est.
•
8 under 6 9/
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 1 1
1 1 under 12
12 under 18
15 under 14
14 under IS
15 under 20
20 under 25
25 under 80
80 under 40
40 under 50
60 «aider 60
60 under 70
70 wider 80
80 under 90
90 under 100
100 «aider 150
ISO wader 200
200 under 260
250 under 800
500 under 400
400 under 800
500 under 750
750 under 1,000
1,000 under 1,500
1,500 under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 and over
-
-
ea
•
—
-
ew
•
•
-
-
-
1
• -
2
5
•
-
•
•
ea
•
e.
1
3
4
•
«W
ea
•
6 .10
•91
—
1.70
1.19
•
1 .0 1
•
1.41
as
ea
•
«a
•
ae
1
5
as
7
1
ea
ea
•
1.80
2.26
2.81
8.45
8.99
4.50
4.98
5.88
5.74
6 .12
7.14
9.05
11.09
15.57
16.52
19.48
22.88
26.51
28.36
51.24
87.11
44.88
48.10
52.15
52.86
66.88
68.86
64.07
66.14
66.06
71.86
58.90
ea
1
•
2
1
8
•
5
1
8
24
86
120
1,089
1,610
1^257
869
591
446
1 ,1 2 2
425
188
109
102
67
74
22
22
6
8
4
5
19
11
84
9
1
57
•
•
41
IS
148
565
987
4,280
48,782
98,929
81,414
68,815
49,994
42,081
185,079
78,240
40,580
29,875
54,784
80,118
44,215
19,104
28,009
10,867
20,182
14,089
8
5
61
118
258
947
8,768
19,692
18,426
16,298
14,260
18,149
50,071
52,517
19,570
16,528
17,776
16,958
25,509
12,088
18,465
6,812
14,287
8,299
(17)
(18)
8 .10
•
—
152.86
-
—
.91
1.70
1.19
•
1 .0 1
1.41
1.80
2.26
2.81
8.45
5.99
4.50
4.96
5.36
5.74
6 .12
7.15
9.08
11.04
15.49
16.28
19.07
22.04
25.01
28.08
81.25
87.19
45.02
49.26
52.70
56.59
59.45
68.19
67.44
68.14
aa
74.12
as
•
•
ea
«
•a
-
-
-
-
-
•
-
129.86
-
27.89
ea
36.82
-
46.50
5.06
167.49
ae
19.46
17.87
42.45
21.80
86.15
22.14
17.98
19.81
22.88
28.64
28.»
81.25
57.07
44.12
47.75
51.97
51.10
56.29
57.89
68.25
65.98
66.06
70.97
58.90
•
-
«
8,848
870,678
828,582
5.87
4.02
87.78
8,848
870,678
828,582
4.00
2.69
87.78
_
_
17
U/l,128
800
•
m
-
17
114,128
800
-
-
-
8,565
12/869,5SO
528,8»
-
-
-
t
866 666t6fc£6S8388SS8i3gS838K£S&l3 86g5&g?&Ke
Indiridwal retarne with oat lnoowa Excluding fiduciary raturns), tar aat income elaaaaa, aXao aggregate for i a U i U u l returns with no not lnooan (excluding flducdary
returna), 1989, tar returns with no alternative tax and with alternative taxi noaber of retarna, net laccae or deficit, poraonal
m^ittoa, credit for dapondaata, earned incone credit, tax, and effective tax rataa
t ^ a e U i j ritorni), by n«t Incesa c Im m i , aleo « r a p t a for individua
r»turna), 1989, by retarne with no alternativa taz «ad with alternative t a x i -- 1— ot r«turna, nat ine
exa^tioc, credit for dependenta, aarnad incose credit, taz, and effective taz ratea - C
___________________(let incese eiaseca and noney fifarea in th«n«nH. oí doliera)
Saturna with alternative taz §J
1
8
8
4
5
6
7
8
10
12
9
U
18
14
15
15
17
18
19
80
81
22
88
86
88
8S8I
84
85
27
89
80
88
84
85
56
87
88
89
40
41
48
45
44
45
46
47
48
49
50
81
68
58
64
Set lnrose claasea - Continuad
Suaber of
retorna
(1)
(18)
Saturna with net Incosai
Ondar 1 (eat.) %J
Ondar 1 (est.)
1 under 8 (eat.) J/
I under 8 (eat.)
8 under 8 .6 (eat.) %/
8 under 8.5 (eat.)
8.5 under 8 (eat.) %J
8 .6 under 8 (eat.)
8 tardar 4 (eat.)
8 under 4 (eat.)
4 under 5 (eat.).%/
4 under 5 (eat.)
5 under 6 9/
5 under 6
6 under 7
7 under 8
8 under 9
9 under IO
10 under 1 1
I I under 12
18 under 18
15 under 14
14 rader 15
15 under SO
80 under 85
85 tarder SO
80 under 40
40 under 50
50 under 60
60 under 70
70 under 60
80 under 90
90 under 100
100 under 150
ISO under 800
200 nudar 850
850 under 900
800 under 400
400 sudar 500
500 under 750
750 under 1,000
1.000 srder 1,500
1,500 under 8,000
8.000 under 8,000
5.000 under 4,000
4.000 under 5,000
5.000 and aver
Iontaxable retorna ¡/
Taxable returna
Total, individual retama
with net incosa
Satorna with no net incese i
Iontaxable 10 /
f
Taxable J/
Total, individuai retarne
with no net I
Ornad t o t a l
lXXXXXXXXXXX—
see
pa ge s. ,21
(16)
Alternative
taz
(15)
Bffectlve tax rate, per oent
(rotarne with net I m i )
All retarne
Saturna with
Beturna with
(col. 7 A 5) no altem a alternative
U v e tax y
taz 3/ (col.
(col. 10 • 9) 15 f 14)
(16)
1
8S
6
8
5.85
.90
4
5
1.69
7
1.18
1.00
1.40
5
1.78
8.88
7
188
18
86
7
84
117
1,016
1,755
1,851
885
677
435
1,075
407
178
108
96
61
70
19
81
86
4
19
9
11
1
85
84
57
4L
15
184
556
987
4,171
47,676
96,880
79,711
61,901
48,887
40,858
189,080
70.867
59,478
27,977
88,598
87,588
41,898
16,445
86,545
10.867
80,188
14,089
46
118
858
989
8,567
19,055
18,O U
15,880
19,950
18,771
47,958
51,175
18,858
14,648
16,SUB
15,585
84,181
10,885
U , 569
5,
14,887
8,899
au
8.78
8.41
5.96
4.46
4.94
6.58
6.70
6.08
7.10
9.00
11.08
18.68
16.48
19.45
82.58
85.89
88.81
51.81
57.10
44.51
48.10
58.48
58.45
67.54
58,19
66.16
68.08
56.06
71.66
88.90
8.087
856.880
814,886
5.75
8.087
896.880
814,885
8.88
17
U/l,l¿
800
17
il/ l,1 2 8
500
8 ,1 0 4
2 2 / 8 8 6 ,7 6 *
i8 «K» i».
lotnotes,
Set Inerì
and. 2 .2 .,
6 1 4 ,S U
9
18
U
18
15
14
15
16
17
18
19
80
81
8888
86
88
a88
88
84
85
87
89
80
84
85
56
87
58
59
40
• 41
48
48
44
45
46
47
48
48
60
61
68
68
£4
Individual ratona and taxable fUieliqr ratania with aat lacena 1/, bjr aat Imitan olasees, alio aggregata far Individual retorna with no aat lacena
(excluding fiduciary r a t m a). Ulti a a d a r ot retoma, aonroea of lacena and deductions, and aat iaaena or deficit
(Vat
timber of
rotama
hot Intoni ¿/ aleases
(1 )
ladlTldaal rotaras and taxabli fiducia17
retoma J/ wlth net lacena t
Dador 1 (est.) j/
Dader 1 (est.)
1 under 2 (est.) $/
1 under 2 (est.)
2 under 2.S (est.) j/
2 under 2.5 (est.)
2.5 under 5 (est.) £/
2.5 urtar S (est.)
5 andar 4 (est.) ¿/
5 under 4 (est.)
4 under 5 (est.) %J
4 under 6 (est.)
8 under • ¿/
5 under i
« rodar 7
7 under 6
8 under 9
9 ondar 10
10 under 1 1
1 1 andar 12
12 ondar 18
18 ondar 14
14 ondar 18
15 ondar 20
20 ondar 26
25 ondar 50
50 ondar 40
40 rodar SO
60 ondar 60
60 rodar 70
70 ondar 80
80 ondar 90
90 rodar 100
100 ondar ISO
150 ondar 200
200 ondar 260
250 under 800
800 under 400
400 under 600
500 under 750
750 under 1,000
1,000 roder 1,500
1,500 roder 2,000
2,000 under 5,000
5,000 under 4,000
4,000 andar 6,000
6,000 and aver
lontaratile returas
Tarati, returna
Total, individual ratania and
taratile fidasiaxy retorna
wlth net insana
Individual retaras wlth no not 1nonno1
lontanatilo 10 /
Taxable £/
Total, Individuai returca
eltb no net Incoan
1X X X X X x t f S C # 3 Ì 5 5 5 è X X X X X X X
For
footnotes
Salarles,
wages, cosalealona, ato.
(Individuai
retorna)
(5)
(*)
521,515
52,908
1,448,945
1,587,501
554,582
525,990
907,172
272,816
422,584
«22,579
18,655
404,584
671
195,542
120,494
77,180
85,054
89,777
80,128
28,944
19,279
16,798
15,188
40,998
21,572
12,198
15,208
6,891
8,731
2,808
1,551
985
724
1,818
548
241
146*
151
81
64
27
25
6
10
4
m
-
claaaaa and roney fi gorea la tboaaaada of dallara)
Dividendo fron
donastlc and
forelgn cornoretlons 14/
(4)
(8)
Partnership
profit 16/
Incoan iron
fidoclarías
il/
Bants and
royalties
(<)
(7)
(8)
9,815
559
50,567
15,456
51,058
11,909
45,576
18,751
54,551
79,809
5,446
107,541
145
88,906
74,818
68,794
80,289
41,870
57,085
55,848
29,906
26,457
24,454
92,405
61,556
42,294
86,862
57,914
27,892
17,917
11,744
9,200
6,882
16,124
5,945
2,218
2,458
1,90S
1,059
118
10
1,168
1
•
g»
5,877
1 ,SLS
8,494
12,426
5,227
8,896
6,174
9,874
4,289
26,688
696
29,801
142
29,285
26,146
22,419
19,998
18,574
17,688
14,961
14,254
15,218
12,585
50,642
40,178
51,546
46,674
81,054
28,045
18,257
15,275
8,807
6,442
29,095
18,557
12,586
9,488
9,020
8,568
18,481
5,827
18,787
147
9,97«
120
47,875
10,869
71,918
42,284
84,776
20,229
47,491
26¿622
28,676
75,674
2,521
66,725
207
47,001
56,995
28,946
20,888
17,888
14,201
12,897
11,185
9,729
8,007
29,902
19,288
15,856
17,842
11,462
6,714
4,588
5,650
2,067
1,685
4,986
2,656
718
572
512
96
1,185
59
25
68
1*
12
Bualnasa
profit
(«)
(IO)
&B/.26.466
£8/48,890
S # 8» « 6
£2/88,004
||/26,117
2/57,767
£8/27,495
£2/s 7,9S1
£8/15,881
22/82,189
£ / 1,788
3/65,556
96
41,218
88,817
26,868
21,708
18,776
16,816
14,584
18,088
11,748
10,528
88,856
25,587
17,940
25,692
15,266
8,104
6,056
4,224
2,985
2,740
6,271
2,678
1,450
877
1,044
718
1,596
482
415
125
665
251
•
(SO)
(SO)
(SO)
(SO)
(SO)
(so)
(SO)
(SO)
(so)
(so)
(SO)
(80)
266
8,484
8,422
2,948
2,685
2,640
2,148
1,784
1,758
1,661
1,520
6,100
4,145
5,161
4,548
2,519
1,689
1,067
752
482
556
1,544
508
520
195
158
175
98
6
22
4
(SI)
«
55,252
•8 ,122
51,757
115,952
55,545
58,811
58,095
65,170
19,851
151,076
2,026
141,555
15$
99,965
88,951
75,482
66,885
61,059
55,019
52,442
47,487
44,552
40,975
184,775
155,149
106,911
159,617
118,012
89,851
68,605
54,956
45,505
58,525
107,611
56,844
55,161
28,097
29,882
28,528
54,787
22,075
19,095
8,285
19,255
12,018
ro
-
-
-
-
-
-
m
m
-
8,678,902
8,959,297
6,265,890
10,177,552
178,617
2,625,571
158,266
724,828
288
51,474
162,519
1,094,114
80,899
679,564
249,760
662,687
878,217
1,7*2,001
7,655,199
16,440,925
2,801,988
864,095
51,740
1,246,655
710,462
812,447
2,698,217
82,444
17
49,475
204
59,582
5,512
21,925
22*
1,698
(« 3
10,296
9°
j
12,619
565
84,177
41
82,461
49,677
65,095
22,148
1,09»
10,865
1
12,985
to,zia
7 ,7 1 5 ,6 6 0
16,490,599
S,#66,081
986,242
;e pfige i
21
and.
154,989
5,152
1,665,907
2,215,797
990,518
616,076
2,207,992
618,158
1,182,851
1,709,802
69,550
1,504,587
2,024
681,024
464,128
528,785
245,247
200,728
161,722
156,986
118,247
102,912
92,657
515,490
198,196
129,905
165,056
96,948
65,456
45,469
52,820
21,754
18,567
48,681
18,428
10,852
4,592
4,669
2,274
2,194
724
1,204
111
591
52
«a
Taxable interest
Partially
Batic deposits,
notes, nortgagea, tax-exmpt
and corporation
Oevenmsnt
obligations
benda
22
55,458
1 ,2 5 7 ,0 1 9
I
725,447
846,665
88,271
1,104
268,200
44,088
287,867
26,709
221,« U
88,707
179,999
247,490
17,166
280,082
1,105
192,906
148,258
106,448
80,218
«4,882
«,877
« ,0 2 0
«,964
81,701
26,4«
«,969
84,588
«,960
40,078
21,5«
18,081
8,7«
5,674
4,846
2,7«
6,971
2,« 9
477
•65
718
474
«2
655
n.
•
1
t t 4fc6t6fc6£883S8rS8Pg383S8£8BP8gSt;g&
Tabi» 8.
18,698
18,090
I 2,7 1 1 , sao
I
I
/
Tato* 8,•
*
v
Individual retorna and taxable fiduciary retorna with net incoan \/, by net laeoae clease a, also aggregate for individual retorna with no net inccne
(excluding fiduciary ratona), 19881 number of ratona, socrea e of incoas and deductions, and net incone or dafloit - Continued
(let incone claseas and noney figures in thousands of dollars).
1£
65
8
10•
S
4
7
U
12
18
14
Iite
t£* 6 &££S 838& 2S 8f38S 8!|8 gg&tt{38&£
17
a
52
55
(1)
Individuai returni and taxable fiduclary
rstorna 1/ wlth nst incansi
Ondar 1 (est.) j/
Ondar 1 (est.)
1 under £ (est.) £/
1 under £ (eet.)
£ under £.6 (est.) %J
£ under £.5 (est.)
£.6 ondar 8 (est.) J/
2.8 undsr 5 (est.)
8 ondar 4 (est.) jg/
8 ondar 4 (sst.)
4 undsr 8 (est.) £/
4 under 6 (est.)
8 under 6 %J
8 under 8
* 6 under 7
7 ondar 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
15 undsr 14
14 under 16
15 under £0
£0 under 28
28 under 80
80 under 40
40 ondar SO
SO andar 60
60 under 70
70 under 80
80 ondar 80
90 under 100
100 ondar 180
ISO ondar 200
200 under 280
£80 ondar 800
800 n d e r 400
400 under 800
800 under 760
780 veder 1,000
1,000 ondar 1,600
1,800 ondar 2,000
2,000 under 8,000
5,000 under 4,000
4,000 under 5,000
5,000 and orar
■ontaxable retante %J
Taxable retarne
Total, individuai retarne and
taxable fiduclary retarne
with net Incosse
Individuai retarne with no net incendi
iantaxable 10/
Taxable Jj
Total, individuai ratorna
with no nat Incoat
------------ Capital gain TB7
S h o rt—t e m 18/
Prior year net
let sbort-'tem cap
abort-tarn cap ital gala before de
ducting Col. 12 22/
ital loss de
ducted 21/
(eoi. 11 ♦ 12)
(IB)
let longterm capital
gain JJ/
(16)
(15)
(14)
-
-
10,945
218,a s
6,894
a , 609
189,628
229,458
6,a9
5
6,501
-
1
on
a.
me
me
ee
-
-
-
-
47
126,271
212, a 4
8,148,718
18,2 a , 932
6,989
a , 896
58,758
67,1a
54,804
282,110
48
49
28,504
557,785
26,590,649
28,885
100,898
sis, a s
1,607
-
6,714
19
224,254
4,456
28,592
4
122,075
1
146,444
4,606
14,474
155,924
626
20,605
16,100
174,829
168,597
2i,2a
6,149
5
570
me
me
-
871
6,522
6,501
1,607
21,001
174,649 '•
xxxxxxsswpxxie&xxxx
? CTXo Xr ^f oXo3t nEo 3tep« C
X Xpago
X ^ Xs a18X 3u m
g.
~ 1 I---------------------- -----, Xs m
9.
196,150
255,760
50,110
ff0 1- f o o t n o t e s s « ? e
paggs
21
ani.22*..
12
•
65
8
10•
19,842
2,900
15,844
11,109
7,847
6,908
7,270
6,9a
4,ae
20,820
619
19,882
87
16 ,a s
14,082
11,784
10,668
9,a s
7,942
7,129
6,246
6,867
6,754
£0,184
14,284
11,668
15,192
9,008
6,427
8,498
2, a a
2,224
1,619
4,154
1,887
766
•08
820
427
592
181
1,999
284
580
-
(51)
(£0)
12,665
594
10,175
2,556
4,828
1,226
5,720
1,776
2,085
8,688
268
5,950
18
4,167
5,a7
2,782
2,054
1,847
1,756
1,865
1,511
1,289
1,100
4,800
2,911
2,475
5,as
2,840
1,440
1,247
1,008
748
466
1,716
1,004
1,056
580
73
667
788
1,887
812
18
44
10
■m
i
6,182
1st longtarn capita
loss ¿8/ it/
losa
(19)
(18)
(17)
2,480
189
1,985
716
971
848
966
820
840
1,774
71
1,652
7
1,292
1,142
858
685
a7
575
884
409
556
429
1,280
979
1,004
i,a 7
574
468
456
ia
171
199
411
569
260
185
1,167
£5
20
867
572
971
186
1,674
743
1,506
450
1,667
867
1,151
2,955
48
3,046
8
2,071
1,678
1,580
985
888
712
611
406
872
849
1,554
740
467
848
2a
ia
a
77
22
58
112
7
(51)
1
a
2
•
S
-
en
Partnership
loss l£/
868,724
154,646
2,169,055
2, 5a, 046
1,410,546
800,115
2,628,287
8a,479
1,482,857
2,454,779
88,504
2,048,575
4,187
1,214,899
898,806
667,8a
824,548
440,866
569,955
522,859
282,128
«a,4ii
228,141
842,925
561,575
598,199
659,755
S a ,16 8
246,185
176,416
156,652
98,766
82,984
285,412
115,845
65,595
49,179
55,084
46,205
61,255
50,885
40,478
12 ,6a
a , 926
17,145
1,849
4,8 a
2,918
6,258
2,150
5,158
2,281
8,874
i,ea
9,765
107
10,548
15
8,661
7,701
6,282
5,888
5,060
4,475
4,586
5,729
5,854
5,088
15,049
9,965
8,055
11,867
8,482
e, a s
4,575
4,a 7
5,282
2,690
10,808
8,659
5,296
2,111
s,as
8,504
6,825
2,5 a
4,645
5,8 a
1,408
4,709
•
171
205
147
429
82
217
182
£48
86
902
7
918
J.
1,045
941
922
742
605
601
612
676
658
557
2,027
1,484
1,251
1,809
1,099
720
425
268
895
176
499
176
89
75
68
68
19
47
81
8
.4
Total lacena
17,554
1,878
55,686
86,625
25,017
14,161
29,144
16,047
16,782
59,499
1,075
28,175
54
10,044
7,404
5,599
4,587
5,792
5,2a
5,046
2,481
2,a2
1,698
7,693
6,225
5,424
4,775
3,140
1,670
1,555
1,419
597
475
1,242
655
452
215
154
a
»6
104
a
25
208
«
•
2,516
1,9a
8,885
8,912
2,688
5,6a
5,207
4,546
2,502
12,759
558
12,745
16
11,256
9,757
8,055
6,755
6,001
5,565
4,890
4,561
5,999
5,797
14,158
io, a s
7,447
10,110
5,827
4,627
2,558
i,8a
1,685
1,255
2,965
1,555
S74
404
1,246
1,018
1,065
88
116
5
11
5
•
-
2,545
1,716
5,686
5,485
2,606
5,474
5,075
4,296
2,416
11,857
581
11,827
15
10,192
8,816
7,111
5,991
5,596
4,765
4,278
8,675
5,841
5,260
12,109
9,029
6,216
8,600
4,728
5,907
2,152
1,585
1,270
1,079
2,466
1,587
555
882
1,179
956
1,045
21
84
1
11
8
•
-
Other income
let gain fron
sale of proparty other
than capital
asseta 2$/
1
6,755
S44.5U j
e.
4
7
U
It
IB
14
fc££&£eS8838SS:SSi3888!S88ffSBI38gSSSg
■et incone \J classes - Continaed
let abort-term
capital gain in
cluded in Cel. 17
20/ (col. 1 8 - 1 2 )
(11)
e.
228,690j
28,596
122,074
181,04»
26,619,559 I
56,780
2£2, 971
447,044
60
6C
61
SB
j
M
. .
Mat lacea» y
el»»— » - Continuad
JiL
latlillal — turas and t— hl» fiduciary
— taras y alta — t laoea»«
Hadar 1 (»«t.) %J
Ond»r 1 (»»t.)
1 «ad»r 2 (nrt.) J/
1 andar 2 (aat.)
2 nadar 2 .6 (aat.)
2 nadar 2 .6 (aat.)
~ 2.6 nadar 8 (aat.) %l
2 .6 nadar 8 (aat.)
8 nadar 4 (aat.) %]
8 andar 4 (a«t.)
4 nadar 6 (aat.) jj
4 andar 6 (aat.)
6 andar 6 %J
6 andar 6
* andar 7
7 nadar 8
8 andar •
9 nadar 10
10 nadar 11
1 1 nadar 12
12 andar 18
18 andar 14
14 nadar 16
16 nadar 20
20 andar 28
26 nadar. 80
80 nadar 40
40 nadar 80
80 andar 80
80 nadar 70
70 andar 80
80 nadar 90
90 andar 100
100 andar 180
160 nadar 200
200 andar 280
260 andar 800
800 andar 400
400 tadar 800
500 andar 760
760 andar 1,000
1,0 00 nadar 1,600
1,600 andar 2,000
2,000 nadar 8,000
8,000 andar 4,000
4,000 andar 6,000
6,000 and atar
1
£
8
4
8
8
7
8
9
10
U
12
18
14
18
16
17
18
19
20
21
22
28
24
£6
26
27
28
29
80
81
82
88
84
88
86
87
88
89
40
41
42
48
44
48
48
47
48
.49
80
SI
82
SS
lentasabla ratania j/
Taxabl» ratania
Total, Indit í dual — t a n a and
taxabla fiduciary — tara»
alta — t inooaa
Individual — turna wlth no aat lacen»!
lontaxabl» Ifi/
Taxabla ]/
Total, individual — tana
•ith no — t incoas
^XXX7tXX2<XXXX3tXX
. xxxicxxyyxjTxXxxx____
Fo3»«"-£to>8-t*ff©r&
«at 1 — ■ frea
•al» of prop•rtgr oth»r
than capital
»■— t» fi/
(a )
•/ «
_*.
sIa a m a
.
for lilliidMl rttwtti wllb ®o ü t Ia o q s b
el«»— » «al m u y fl|»r»« i» tfcoa— >d» ot Jrtlar»)
Contributloo»
u/
(individua
retara»)
lata— at
paid f&/
(«)
( 96)
Taz»»
nadaatlcna - Oontlnuad
Loa— a frqn Bad dabta W j
a — , atan, (in d ivid u a
— tama)
ata. 82/
(individual
— tama)
(94)
82,0«
6,166
54,217
«,785
«,289
a , 860
(26)
(28)
1,272
44
1,176
6«
786
2«
764
4«
587
2,816
«
1,671
4
4,0a
224
4,648
1,7«
2,551
907
Otbar
dadactieaa
a/
Tata
dadnotien»
w
(»»)_____
(27)
(»)
50,670
6,580
»,«6
28,877
29,5«
10,677
26,5«
16,6«
14,9«
«,a9
1,225
«,2«
64
a , 275
16,797
11,966
9,294
8,040
8,800
5,707
4,960
4,8«
4,267
14,« 8
9,659
6,«9
9,8 «
6,816
166,8«
a , 4«
9,279
599
80,020
61,948
20,174
16,744
29,187
16,466
17,867
44,662
I, 516
86,848
96
22,489
16,608
12,819
9,872
8,216
6,988
5,999
5,847
4,801
4,260
16,084
II,
8,898
12,067
8,750
6,846
5,018
4,196
8,017
' 2,717
8,880
4,871
8,081
2,066
2 8
2,214
8,4 «
1,716
1,708
1,219
2,189
1,188
20,890
2,086
85,880
21,878
86,477
9,121
«,970
14,888
28,109
54,977
2,571
67,708
US
84,114
£4,625
18,296
14,864
11,667
9,487
8,190
7,156
6,874
5,428
19,2«
180 12,258
7,858
11,062
6,989
5,090
8,174
2,287
1,685
1 ,4a
4,868
2,159
1,196
' 694
667
5U
662
sa
260
164
678
1,«9
444
1,518
978
9,266
18,088
107,627
887,168
166,800
882,e n
218,949
665,440
14,044
27,849
494,789
6«,877
8«,890
18,6«
2 7 ,7 8 6
8,974
189
88,480
«,977
219
7,698
874
«,084
85
»,7«
1»
507,4«
6,5 «
5 4 ,1 9 6
7 ,5 9 5
4 5 ,1 0 7
518,cae
4 ,1 1 2
58,8 04
5 6 ,9 2 7
2 7 ,7 6 6
6 6 ,1 0 4
4 9 8 ,9 0 2
582,683.
8,020
280
8,084
802
1.896
491
1,028
682
697
2,286
88
1.896
11
1,468
1,088
928
618
681
489
466
875
874
801
1,216
760
490
684
299
844
226
178
44
168
171
170
64
2
24
10
41
4
1
8
808
,«
100
64,7a
27,608
80,08|
a , 276
2 ,4 «
7 2 ,1 «
167
4 4 ,412
84,117
2 6 ,820
20,909
1 7 ,887
1 5 ,2 «
18,2«
11,854
10,600
9 ,6 a
8 6 ,690
8 4 ,2 5 8
1 7 ,2 «
24,878
1 6 ,7 1 4
11,267
7 ,9 «
6,a9
4,«5
8 ,904
u ,a 6
5,699
8,5 a
2,085
,8«
1,9«
2
'18,,81««
936 ,5 66
1,2»
997
716
«2
464
»5
5«
229
2«
214
822
552
503.
872
609
ia
120
M
a
«8
2«
50
99
8
8
«
a
a
29
i
4,5a
re,— s
2,8 »
l,tt7
1,691
5,2«
2«
5,419
22
4,6«
5,7a
2,7«
2,628
2,109
1,6«
1,6«
1,292
1,6«
1,079
4,6«
2, 9a
2,6«
8,624
2,804
1,561
1,118
1,147
675
696
1,755
a i
9U
807
426
a7
472
254
680
U
216
a
6,6«
8,2«
2,» 7
1,7«
1,7«
4,8«
2,«5
1 , 2a
1,0«
Ananat
distribntabla
to bansficl
arisa
(flduclary
-turna)
196,747
195,7«
149,6«
87,1«
168,6«
«,785
100,4«
2 « , 406
8,9«
2«, 2«
617
i a ,5 M
115,614
»,1«
71,516
«,975
a , 811
«,4«
»,169
»,2«
8 2 ,« 7
116, « 8
79,917
«,8U
a,sa
M,5W
»,ae
26,017
20,7«
15,016
15,« 2
87,8«
1 9 ,4«
18,U1
2,1«
52,6«
11,275
7,1«
11,920
7,518
6,228
4,5«
5,7 «
5,629
2,967
2,948
5,406
2,5 «
2,150
1, 8»
19,06
5,0«
4,5«
4,450
5,425
5,8«
1,578
1,976
7»
1,4M
5,9«
1,5«
92
1,127
1,MS
2 8
194
47
1,995
8,967
6,9a
10,772
16,4«
66,4«
145,066
5«, 5 »
760,792
2 ,1 « ,7 2 2
«2,2«
a , 867
4«,888
2,946,04
252,2«
126,90»
6 06 ,5 2 0
7,5tt
2,214
,«
m ,oo
1,975,2« .
2,8«, 5 «
1,280,811
70,7«
2,40,8«
7«,6«
1,582,404
2,167,4«
79,8«
1,8«, 8 »
8,870
1,0»,9»
778,907
876,80
449,604
578,9«
05,699
274,9»
240,6«
05,047
191,058
7 « , 960
476,4«
558,0«
4«, 6 «
295, « 6
2«,4«
146,«5
115,8«
«,062
68,428
198,9»
«,296
55,06
59,871
45,0«
«,5«
«,287
28,8 «
0 ,0«
16,887
25,8«
14,0«
6,1«
5,0 «
5 ,4 5 9 ,5 5 0
(50)
229,860
39,195
7«
816
1,5«
«9
7«
184
1,290
116
6,5«
■at inora» 1/
7,887,1«
15,808,945
25,121,671
11/285,199
iin’ise
11/2«, 527
2 52, C M
6* StttÉ8P$88988*SSP8883888S8P8BBt¡BBi:BBeB
(Hat 1 m u —
_
1 8 /2 2 ,9 0 7 ,5 4 «
O
52
T » M * là.
Individual ratania with nsb'incora («zcIodine ttdoeiary ratonas), by nst lacras niasses, siso aggregate for lndlvidnsl ratons with no nst ineo
( • s l o d i A g fiduciary returns) 9 1939s rater of re turns ¿ sources or lncose and doductlons^ and net inecai or dtfleit
(let lnooos elssees and money figuras in thousands of dollars)
866 666£66£6S838&S88P888388?SS0ge&5g£K&BB
let Incora asease
(1)
Betuna with nst incora t
Ondar 1 (est.) 9/
Dudar 1 (sat.)
1 under 2 (eat.) 2/
1 radar 2 (est.)
2 ondar 2.6 (sat.) %J
2 radar 2.5,(est.)
2.5 ondar 8 (sst.) £/
2.5 under S (est.)
- 8 under 4 (est.) 2/
5 radar 4 (est.)
4 under 6 (est.) 2/
4 radar 5 (sst.)
5 under 6 9/
5 under 6
6 under 7
- 7 under 8
8 under 9
9 under 10
10 radar 11
11 under 12
12 under 18
15 under 14
14 under 16
15 under 20
20 under 26
25 radar so
50 radar 40
40 radar 60
50 under 60
60 under 70
70 radar 80
80 under 90
90 radar 100
100 ondar 160
160 ondar 200
200 under 260
260 under 500
500 under 400
400 radar 500
500 under 760
760 under 1,000
1,000 under 1,600
1,500 rader 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 and over
321,516
25,206
1,446,945
1,674,675
554,662
522,484
907^172
270,264
422,584
619,126
18,666
402,198
671
191,875
119,255
76,205
52,207
59,122
29,618
25,4901
18,871
15,491
12,930
40,O U
20,796
11,820
12,791
6,545
5,588
2,229
1,470
957
686
1,551
'618
255
165
121
74
79
26
24
e
4
footnotes
r
111
591
52
’
Dividends f r a
done stic and
foreign eonorations 14/
(4)
154,968
3,152
1,665,907
2,215,797
990,518
616,075
2,207,992
618,158
1,182,851
1,709,802
59,550
1,504,587
2,024
681,024
464,128
528,785
245.247
200,725
161,722
156,966
118.247
102,912
92,657
515,490
198,196
129,905
165,056
98,948
65,456
45,469
52,820
21,754
18,667
48,681
18,428
10,862
4,592
4,669
2,274
2,184
724
1,204
ip
55.252
8,807
61,757
88.252
55,645
48,547
58,095
55,158
19,851
157,559
2,026
161,071
166
91,008
81,598
68,895
60,588
56,798
49,790
46.752
42,776
40,405
57,261
166,586
120,574
97,460
147,059
107,27#
81,184
64,181
50,687
40,090
84,019
96,064
a , 667
&,462
24,685
27,246
25,708
52,290
20,026
16.752
8,285
19,265
12,018
Taxable interest
Bank deposits,
Partially
notes, aortgages, tax-exempt
and corporation
Govemnent
bonds
obligations 16/
(s)
$ 2
f§/71,515
i& S
¿*'61,225
96
58,589
51,272
25,005
20,247
17,482
16,120
15,622
12,171
11,080
9,780
56,611
25,780
16,624
21,879
12,522
7,301
5,729
5,865
2,826
2,586
5,960
2,561
1,416
809
857
715
1,390
445
415
126
665
261
of Incens
Partnership
profit 16/
lucera f r a
fiduciaries
Bants and
royalties
B usin ess
profit
(»)
(IP)
12/
1*1
(6)
(7 )
(SO)
(50)
(SO)
(SO)
(SO)
(60)
(30)
(SO)
(SO)
(50)
(30)
(30)
266
8,104
8,012
2,650
2,417
2,560
1,968
1,656
1,595
1,566
1,402
5,255
3,846
2,922
4,059
2,167
1,462
966
644
459
509
1,299
506
517
195
155
175
80
9,816
449
50,567
15,061
а , 058
11,745
45,576
18,554
54,551
79,486
5,446
106,864
145
88,624
74,659
58,544
50,128
U , 659
56.864
55,618
29,758
26,829
24,824
92,016
60,967
a , 714
56,406
67,684
27,704
17,771
11,490
8.864
5,692
18,124
б, 946
2,218
2,484
1,906
1,059
116
6
10
22
4
1,168
1
(61)
5,877
826
8,494
11,582
6,227
7,911
6,174
9,056
4,289
26,122
696
29,574
142
28,816
25,859
22,157
19,495
16,281
17,499
14,770
14,066
15,061
12,204
49,946
59,806
50.765
46.766
50,604
22,674
18,053
15,178
9,222
8,205
28,655
18,618
12,214
9,488
9,020
8,668
16,4a
5,627
16.767
147
9,976
120
-
47,576
2,006
7i, a 5
66,266
54,776
17,6a
47,490.
26,866
26,676
70,622
2,821
64,697
207
a , 089
64.468
24,852
19,124
16,199
18,227
12,111
10,666
8,928
7,660
28,606
17,787
12.469
17,206
10,812
6,012
8,882
5,856
2,024
1,624
4,468
2,6a
718
570
424
74
1,148
64
2655
65,271
882
255,200
a , 842
257,867
26,228
2 a , 612
55.529
179,999
246,550
1 7 ,165
279,289
1,101
1 9 2 ,a s
145,927
106,160
79,868
64,6 5 0
52,250
4 2 ,905
55,852
a , 560
26,575
92,664
5 4 ,040
52,658
59,555
а,
12,972
8 ,6 0 9
5 ,6 0 6
4 ,1 8 4
2,7a
б , 667
2 .5 2 9
477
666
450
474
412
855
18
12
-
Grand total
For
(5)
(2)
Vontaxable returns 2/
Taxable returns
Total, individual returns
with net income
Returns with no not lneorai
lontaxabla ]£/
Taxable £/
i
Total, individual returns
with no net Inrnra
3 t X dX XiStaSoXniápC
Salaries,
wages,
comissions,
ate.
6,265,590
10,177,552
178,617
2,501,940
159,266
621,496
266
48,645
152,519
1,087,844
60,899
6 6 8 ,4 a
a 9 ,ia
976, a 7
1,712,407
7 ,5 7 0 ,5 2 0
16,440,925
2,480,557
760,762
46,908
1,240,365
6 9 9 ,5 5 9
7 6 8 ,9 a
2,688,624
82,444
17
49,475
204
59,582
5,512
21,925
222
1,698
(31)
10,296
90
1 2 ,6 1 9
565
54,177
a
15.695
249,760
8 2 ,4 6 1
4 9 ,6 7 7
65,095
22,148
1,698
10 ,3 8 5
1 2 ,9 6 5
5 4 ,2 1 8
1 5 .6 9 5
7 ,6 6 2 ,7 8 1
16 ,4 9 0 ,5 9 9
2 ,5 4 5 ,6 5 0
782,90 9
48,606
1,2 5 0 ,7 4 8
7 12 ,5 4 4
8 0 3 ,119
2 ,7 0 2 ,5 1 7
mages
4
7
9
10
11
12
15
14
15
18
17
18
19
20
a
22
28
24
26
S22
47
8,675,902
3,896,418
Í S J iH l 1 9 .
see
1
5
6
6
8
2
*£*6ft££S838S288P88838
lumber of
returns
P.2. and. ? P .
51
52
Tabla 54»
IodiTi(huí retorna with net incoas (excluding fiduciary returns), by not incoas classes, also aggregate for Individual returns with no net incoas
(excluding fiduciary returns), 1989« nuaber of returns, sources of incoas aid deductions, and net Incoas or deficit - Continued
(let incoas classes and aonsy figures in thousands of dollars)
_________ Sources of incoas - Continuad
Capitel gain 1AJ
let gain froa Other incoas
Short-tarn 19/
sale of prop
let long■et inooat olasses - Continued
Prior year net
■at abort-tern
tarn capital erly other
Met abort-term cap
capital gain in
ehort-tem cap ital gain before de gain £2/
than capital
cluded in Col. 17
ital loss de
ducting Col. 12 22/
assets 21/
£>/ (col. 1 9 - 1 2 ) ducted 21/
(col. 11 ♦ 12)
(12)
(14)
(16)
(1»)
___________________
__________________ _______ m _______
(IS)
■stoma with aat incassi
Under 1 (est*) %]
2,845
171
2,516
1,849
971
17,554
Under 1 (est*)
484
79
563
266
24
840
1 under 2 (est*) £/
8,686
147
5,888
2,918
1,674
85,686
1 under 2 (est.)
857
8,828
4,180
2,O B
574
85,748
2 cader 2.8 (set.) %J
2,606
82
2,688
2,150
1,506
25,017
2 under 2.5 (set.)
2,741
184
2,925
1,714
577
18,982
2.5 under 8 (est.) %J
8,075
182
8,207
2,281
1,557
29,144
2.5 cader 8 (set.)
8,540
210
3,750
2,875
805
15,788
.8 under 4 (est.) %j
2,416
86
2,502
1,651
1,181
16,781
8 under 4 (set.)
10,659
11,607
847
7,845
2,881
89,091
4 under 5 (set.) %J
581
7
588
107
48
1,075
4 under S (set.)
10,858
877
11,780
9,126
2,957
27,889
5 under 6
IS
1
16
IS
8
84
8 under 6
9,851
998
10,529
7,567
2,011
9,646
6 under 7
8,057
90S
8,961
6,528
1,636
7,208
,7 cader 8
6,421
882
7,803
6,276
1,587
5,264
8 under 9
702
5,582
6,054
4,845
988
4,247
9 under 10
4,881
588
5,469
4,118
821
3,672
10 under 11
4,228
591
4,819
8,650
690
8,220
11 under 12
8,874
580
4,458
566
5,765
2,898
12 under 18
5,162
6S7
8,819
5,126
354
2,822
18 under 14
2,974
849
5,623
2,982
868
2,181
14 under 15
2,919
£14
5,458
845
2,575
1,629
15 under 20
10,728
1,978
12,702
10,678
1,244
7,269
20 under 25
7,858
1,452
9,809
8,212
690
4,945
25 under SO
5,196
1,121
6,817
6,779
447
8,289
80 under 40
7,254
8,757
1,483
9,577
545
4,691
40 under 80
5,937
1,048
4,986
7,021
290
5,047
60 cader 60
8,158
717
3,875
5,245
191
1,441
60 under 70
1,908
422
2,830
8,779
74
1,809
70 under 80
1,086
266
1,801
5,614
77
1,567
80 under 90
995
592
1,887
2,896
22
588
90 under 100
586
176
762
2,804
54
472
100 under 150
1,830
497
2,828
8,618
82
*
1,118
180 under 800
765
176
941
4,427
7
680
200 under 260
258
89
297
8,180
(51)
451
250 under 800
158
65
201
1,565
1
‘
218
800 under 400
511
66
577
5,182
117
46
400 under 800
182
63
194
2,536
2
56
500 under 750
216
19
«a
285
6,558
95
750 under 1,000
1
47
48
440
(SI)
108
1,000 under 1,500
84
81
116
4,645
81
1,500 under 2,000
•
1
8
5
5,851
25
2,000 under 5,000
*11
11
1,408
205
8,000 under 4,000
as
5
8
4,709
ea
4,000 under 5,000
•
5,000 and over
-
O)
£/
aSSsJSK SSSSSSScJK B SSS& SSSüSSíSSS
938
tíHS
■entaxable retums %J
Taxable retarne
Total, individuai retums
with net lncoas
■starna with no net Incensi
■ontaxabls 10/
Taxable ¡J
Total, individuai retums
with no net lncoas
footnotes^
s ee
page s
(IB)
865,724
21,447
2,169,058
2,521,055
1,410,846
777,860
2,628,287
834,901
1,482,857
2,407,285
88,504
2,027,621
4,187
1,196,720
884,381
655,802
512,276
480,514
860,249
818,892
275,791
244,288
219,017
802,778
840,700
580,184
519,010
885,802
282,768
169,710
129,436
93,877
77,247
219,491
107,918
65,548
44,852
50,269
39,762
57,726
26,148
85,111
12^661
81,926
17,145
(20)
(19)
2,450
176
1,985
689
971
84S
966
805
540
1,788
71
1,641
7
1,288
1,116
884
681
618
672
37S
409
849
427
1,268
975
1,005
1,016
568
458
414
188
171
199
404
869
260
185
1,157
25
20
12,665
884
10,175
2,292
4,828
1,196
8¿720
1,756
2,065
5,62»
'265
5,912
18
4,118
5,409
2,771
2,020
1,859
1,716
1,552
1,299
1,256
1,095
4;2te
2,865
2,474
5,584
2^856
1,657
1,247
1,001
748
462
1,705
l.ooa
1,086
880
78
660
768
1,687
'812
18
44
10
19,842
2,517
15,844
10,594
7,547
6,705
7,270
6,765
4,416
20,092
61»
19,597
67
16,219
18,915
lijess
10,487
9,625
7,820
7,045
6,164
6,256
5,675
19,648
18,978
11,559
15^027
8,911
6,859
8,426
2,792
2,218
1¡599
4,114
1,882
'760
902
602
420
685
181
208
284
880
1
2
8
4
S
•
7
8
9
10
1112
18
14
15
18
17
IB
1»
2210
22
28
24
25
26
27
28
29
SO
a
82
88
84
85
86
57
88
-
-
-
-
14,474
129,677
626
19,662
15,100
149,859
10,945
175,108
6,894
20,428
125,271
206,954
8,148,718
17,667,429
6,969
20,818
88,758
66,617
54,804
256^469
48
49
144,i a
20,288
164,488
186,058
27,822
882,225
25,816,147
27,807
100,871
810,273
570
6,519
5
6,801
•
1,607
6,714
19
224,284
4,466
28,592
4
122,076
1
6,149
8
(51)
6,152
871
6,522
6,801
1,607
6,785
150,502
20,658
170,960
192,564
28,929
886,956
JCX X X X X X X X X X X X XX X X
l'or
(17)
Deductions
Business
■et longtern capital
leas
loss 12/ a /
89
40
41
42
48
44
45
46
47
f
Grand total
Total 1nrices Partnership
loss 16/
21
and. 2 2
226,690
2 6,0 44,856
572
1
28,896
122,076
146,444
4¡60S
*
1 £1,049
66,208
2 2 2 ,44 7
461,822
60
a
62
68
1 54
Tahl* 86«
Individual ratania with net inccira («eluding fiduciary returna)« by net Inc o w clasee*, aleo aggregate for Individual raturas with no net incoas
(excluding fiduciary returns), 18891 rather of returns, sources of Incan and déductions, end net Inn era or deficit - Continuad
(Bet Incora classes and ranay figures In thousands of dollars)
1
2
8
4
6
•
7
8
•
10
11
12
16
14
16
16
17
18
19
20
a
22
i 28
o *4
cm
ge
i 26
27
28
29
SO
a
SBP
888 88888888
62
88
84
86
36
87
88
69
p a g e ?
IS/
(ff)
(ts)
18
806
9,279
599
80,020
61,948
20,174
16,744
29,187
16,468
17,867
44,662
1,615
86,848
98
22,489
16,605
12,819
9,672
8,216
6,988
5,999
6,847
4,801
4,260
16,084
11,180
8,898
12,067
8,780
6,346
5,018
4,196
8,017
2,717
8,850
4,871
5,081
2,055
2,846
2,214
8,443
1,716
1,708
1,219
2,189
1,186
ss/
Taxes paid
(ft)
20,890
1,160
56,860
20,684
86,477
6,771
42,970
14.070
28,109
54,544
2,571
57,381'
155
88,780
24,418
18,020
14.070
11,407
9.291
8,084
7,007
6,165
5.292
18,666
11,800
7,598
10,762
6.676
4,S70
8,046
2,120
1.677
1,294
4,184
1,966
1,090
688
82,048
1,979
54,217
59,622
46,289
20,426
, a
26,772
50,086
79,998
2,462
71,180
187
43,668
88,526
647
25,858
20,487
17,804
14,814
12,982
11,867
10,888
9,489
84,718
28,472
16,818
28,609
18,682
10,767
7,775
6,262
4,568
8,674
10,896
8,576
5,849
1,926
Çoatinned_______
Losses from
fire, stem,
etc. X U
Bad debts
( 26)
(ts)
1,272
44
1,176
622
786
268
764
440
587
2,618
65
1,671
4
1,256
997
716
562
454
685
352
229
242
214
822
552
801
872
509
181
120
68
81
68
251
80
99
6
6
4,051
224
4,548
1,756
t,sa
907
2,859
i,a7
i,ea
5,262
268
5,419
22
4,544
8,7a
Other
Tbtal
deductions
deductions
( 27)
(28)
5,066
146,006
275,555
780,792
2,118,487
7,887,926
16,650,998
2,877,229
12,as
14,946
86,427
1,226
51,918
84
20,166
16,070
11,544
8,676
7,510
2,722
2,528
2,109
1,640
1,682
1,292
1,562
1,079
4,698
16,526
2,9a
8,686
2,588
8,824
2,604
i,s a
1,118
1,147
678
695
1,768
9U
911
807
426
6,265
9.077
5,717
5.052
8.052
2,141
1,662
1,581
4.077
1,980
6,ia
5,666
4,648
4,078
8,9a
1,202
1,748
8,085
1,267
40
100
1,888
29
444
11
164
678
1,515
978
218
a
992
748
682
1,526
498
669
184
1,280
116
15,446
66,4a
697
581
489 .
270
260
2,222
a
a
a7
472
254
650
<*•>
229.860
18,808
1,978,286
2,688,846
1,260,01
715,878
2,468,825
as
768,682
1,682,404
2,156, O l
79,869
1,794,627
8,670
1,047,810
770,461
568.659
442,894
870,719
810,862
269,746
286.660
208,906
, a
687,927
468,08
622,660
489,464
282,504
196.860
144,271
109,862
79,127
64.666
188,10
89.667
0,648
86,912
0,675
58,149
47,288
20,290
29,622
10,867
26,826
14,069
80,670
1,088
89,925
26,786
29,556
6,186
26,682
168.864
8,144
198,747
184,712
149.865
68,987
169,662
а,
100,486
2 a , 724
8,986
258,294
617
148,00
116,869
86.648
69,882
69,796
49,897
46.649
6 8 ,2 0
85,874
0,716
114,80
77,187
67,484
79.566
52,999
57,207
26,459
20,084
14,70
12,411
86,660
18.566
12,002
7,959
8,694
6,618
10,489
6,868
5,490
2,a4
б, 100
187 8
«7
Prend total
see
SS/
8,020
282
8,084
720
1,596
449
1,028
824
697
2,046
86
1,888
11
1,456
1,065
928
609
619
4a
4a
871
870
296
1,176
742
489
619
297
852
226
171
44
168
169
170
64
2
24
10
41
4
Bontaxable returns J/
Taxable retoñe
Total, Individual raturas
with net Inccra
Baturas with no not lmoorai
Bontaxable 10/
1
Taxable ¡/
Total, Individual returns
with no net Inn ora
f o o t n o t ê s ,
Interest paid
(a)
__________________Í Ü ____________________
Betune with net ineerai
Under 1 (set.) %J
Stader 1 (est.)
1 ander 2 (est.) j/
1 under 2 (est.)
2 under 2.6 (est.) %/
2 under 2.6 (est.)
2.5 under 8 (est.) %J
2.5 radar 8 (est.)
1 under 4 (est.) |/
8 ander 4 (set.)
4 under 5 (est.) %/
4 under S (est.)
S under 6 £/
6 under 8
*
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 18
18 under 14
14 under 15
15 under 20
20 under 26
2S under 30
50 under 40
40 under 50
SO under 60
80 under 70
70 under 80
80 under 90
90 under 100
100 under 150
ISO under 200
200 under 250
280 under 500
800 under 400
400 under 800
600 under 780
750 under 1,000
1.000 under 1,800
1,800 under 2,000
2.000 under 3,000
8.000 under 4,000
4.000 under 8,000
8.000 and ever
F o r
Contributions
*fct&6£&8838S£S&P88838&2SSI38g6S&SggBt:&
Bet lnoara classes - Continued
Bet lose fron
sale of property ether
than capita
assets j£/
21
4,5a
9,266
17,829
107,627
887,166
166,800
578,140
218,949
641,860
14,044
26,798
494,789
539,440
860,809
18,666
8 1,8 8 7
416,421
27,788
8,974
169
85,480
874
83,977
219
7,598
4 5 ,0 2 4
58,768
159
27,758
4,112
88,804
84,196
7 ,5 9 5
4 5 ,1 0 7
5 8 ,9 2 7
5 4 ,5 5 0
49 6,90 2
5 7 5 ,2 4 4
895,00«
28,228
12 6 ,9 8 8
4 7 5 ,5 4 9
an.4 2 2 -
83
-
21
-
Footnotes for Thbles 1» 2, 2A* 5 and 3A
for
tszsbls fiduciary returns* the net
inoome used for classification and tabu
lation is the net inooms taxable to the
fiduoiary (item 17* page 1, Form 1041).
14/
Excludes dividends received through part
nerships and fiduciaries and dividends
received on share aooounts in Federal
savings and loan associations*
Consists of normal tax* surtax and alter
native tax liabilities. For returns
with normal tax and surtax (those with
no alternative tax)* see note 7. For
returns with alternative tax* see note 8.
16/
Interest reoeived on United States savings
bonds and Treasury bonds* owned in excess
of $8*000* and on obligations of instru
mentalities of the United States other
than those issued under the Federal Farm
Loan Aot* or such act as amended.
16/
Partnership profit or loss inoludes divi
dends reoeived and excludes (1J taxable
interest on obligations o f t h e United
States and (2) net gain or loss from the
sale or exchange of oapital assets.
The
item "Charitable contributions" is not
an allowable deduction in the computation
of partnership profit or loss. Each item
which is exoluded from partnership profit
or loss is reported under its appropriate
classification.
17/
Inoome from fiduciaries includes (l) divi
dends reoeived and (2) net gain or loss
from the sale or exchange of oapital
assets and excludes (1) taxable interest
on obligations of ine United States and
(2) net gain or loss from the sale or
exchange of oapital assets reoeived from
"Common trust funds". Each item which
is exoluded from inoome from fiduciaries
is imported under its appropriate classi
fication.
18/
Capital assets exclude (l) stock in trade
or other property of a kind which would
properly be inoluded in inventory if on
hand at the close of the taxable year*
(2) property held by the taxpayer
primarily for sale to customers in the
ordinary course of trade or business*
end (3) property used in trade or
business of a oharaoter which is subjeot
to the allowanoe for depreciation.
The
amounts in this table under the headings
"Short-tern", "Bet long-term oapital
gain" and "Bet long-term oapital loss"
include eaoh participant* s share of net
oapital gain or loss to be taken into
aoeount from partnerships and "Common
trust funds".
Inoludes returns with sero net inoome
(total inoome equals total deductions).
19/
"Short-term" applies to oapital assets
held 18 months or less.
Jhfioit,
20/
Reported for the computation of net
inoome (item 10(a)* page 1* Form 1040
and item 7(a)* page 1* Form 1041).
An alternative tax is reported on 17
returns with no net inoome and with net
long-term capital loss. On these
returns the tax* computed on net inoome
before the deduction of net long-term
oapital loss* exceeds SO per cent of the
net long-term oapital loss.
Inoluded in E M hi ng ton for 1921-1958.
Unlike 1921-1938* excludes Alaska.
On fiduoiary 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
oredit of $100 against net inoome.
Returns with no alternative tax consist
of (1) those with no net long-term
oapital gain or loss and (2) those with
net long-term oapital gain or loss which
hare no alternative tax.
Bte alternative tax is imposed on returns
with xaet long-term oapital gain if such
alternative tax is less than the sum of
the normal tax and surtax computed on
net income including net long-term
oapital gain. The alternative tax is
imposed on returns with net long-term
oapital loss if such alternative tax is
greater than the aum of the normal tax
and surtax computed on net inoome after
deducting net long-term oapital loss.
lontaxable individual returns. Exemp
tions from normal tax and surtax exceed
net inoome. A. negligible number of
nontaxable individual returns in net
inoome olasses of $6*000 and over are
tabulated separately.
**t inoome less defioit.
fct
available.
-
22
-
Footnotes for Tables 1, 2, 2A, 3 m d
Consists of the amount of prior year net
sh o rt-term capital loss (not in excess
of th e net income for the prior year)
deducted from the current year net shortterm capital gsdn*
The amount tabulated
appears on returns with and without net
sh o rt-term capital gain reported for
the computation of net income (item
10(a), page 1 , Form 1040 and item 7(a),
page 1 , Form 1 0 4 1 )*
*or returns with
net short-term capital gain reported
fo r th e computation of net income, the
tab u lated amount of prior year net
sh o rt-term oapital loss is equal to the
en tire amount of such prior year loss
reported on the income time returns
(see column 2 of summary of Schedule F,
Fora 1040 and column 2 of summary of
Sohedule E , Form 1 0 4 1 ) , F o r returns
without net short-term capital gain
reported for the confutation of net
income, the tabulated amount of prior
year n e t short-term oapital loss is
less th an the entire amount of suoh
prior year loss reported on the
inoome tax returns, because only a
portion of the reported prior year loss
is deductible from the ourrent year net
short-term oapital gain*
Consists of ourrent year net short-term
o a p ita l gain before deduction of prior
year net short-term oapital loss*
This
amount would have been reported for
com putation of net inoome if the prior
year n e t short-term oapital loss had
not been deductible*
3A » Continued
loss* include losses from worthless stooks
and bonds*
Consists of net gain or loss from property
used in trade or business of a character
which is subjeot to the allowance for
depreciation, which is excluded from oapi
tal assets*
25 /
Includes each partner*s share of charitable
contributions of partnerships*
26/
Excludes amounts reported in Schedule C *nd
sohedule for business deductions*
27/
For prior yesurs, included in "Other de
ductions"* Exoludes amounts reported
in schedule for business deductions*
Losses from fire, storm, shipwreck, or
other casualty, or from theft, are those
not compensated for b y insurance or
otherwise*
28/
Inoludes "Losses from fire, storm, eto*"
and "Bad debts" reported on taxable
fiduciary returns with net inoome*
29/
Inoludes taxable interest on partially
tax-exempt Government obligations re
ported on returns with net inoome under
$5,000*
50/
For returns with net inoome under $5,000,
"nocable Interest received on partially
tax-exempt Government obligations" is
tabulated with "Ducsble interest reoeived
on bank deposits, notes, mortgages, and
corporation bonds*•
81/
Less than $500*
"Long-term* applies to oapital assets
held over 18 months* *Net long-term
c a p ita l gain* and "Bet long-term oapital
TESASÜRT DEPARTMENT
Washington
Press Ssnric«
TOE RELEASE, MOHHIHG KEWSPAPBRS,
o-?" i f
Tsi«*H,jLÍaWiirti,$», .^9A3r.i----
/
8/25/41
The Secretary of thè Treasury announced Xa et evening that the tendere íor
1X00,000,000« or thereaboate, of 91-day Tre&suiy bilie, to be dated August 27
and to sature November 26« 1961« which vero offered on August 22« aere oponed
at the Federal Reserve Banks on August 25*
the detalle of thie leene are as follone!
Total applied for - 1327*055,000
Total aoeepted
• 100,799*000
Rango of aoeepted bidés
High
Im
Avera ge priee
(axoeptlng one tender of #200,000}
m 99*977
- 99*970
** 99.971
Equivalent rato approxlnately 0.091 percent
•
*
■
0.119
■
■
*
•
0.116
8
(36 percent of the anousxt bid for at the leer priee vas aoeepted)
TREASURY d e p a r t m e n t
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 26, 1941.
B/25/41
Press Service
No. 27-24
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 August 27 and to mature November 26, 1941,
which were offered on August 22, were opened at the Federal
Reserve Banks on August 25.
The details of this issue are as follows:
Total applied for
Total accepted
- $327*055,000
- 100,799,000
Range of accepted bids: (excepting one tender of $200,000)
High - 99.977 Equivalent rate approximately 0.091 percent
Low
- 99.970
M
”
"
0.119
"
Average
Price - 99.971
"
"
*
0.114
M
(34 percent of the amount bid for at the low price was accept
ALPHA
-
2
-
Reserve Ranks 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
September 3, 19A1_______ •
The income derived from Treasury bills, whether interest or gain iron
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 S t a t e , but shall be exempt from all taxa tio n
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, pr<j
scribe the terms of the Treasury bills and govern the conditions of their is
Conies of the circular may be obtained from any Federal Reserve Bank or Branch.
j
¿OR
Wedne
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.
■hA dated
September 3, 194-1
The Dills of this series will
, and will mature
December 3j 194.1------ -— >
5^cgc
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 thj
closing hour, two o 'clock p. m., Eastern Standard time, Friday,
Each tende
Tenders will not be received at the Treasury Department, Washington.
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.
Eractio i
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 Ban.os
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 securrj
ties.
Tenders from others must be accompanied by payment of 10 percent of th
face amount of Treasury bills applied for, unless the tenders are accompanied
an express guaranty of payment by an incorporated bank or trust company.
,
Immediately after the closing hour, tenders will he opened
x the Fede4
TREASURY DEPARTMENT
FOR RELEASE, MORNING-NEWSPAPERS,
Wednesday, August 27, 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 competi
tive bidding.
The bills of this series will be dated
September 3, 1941, and will mature December 3, 1941, 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, two o Tclock p. m . , Eastern
Standard time, Friday, August 29, 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.
27-25
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 made or completed at the Federal Reserve Bank in cash
or other immediately available funds on September 3, 1941.
The income derived from Treasury bills, whether interest
or gain from the sale or other disposition of the bills, shall
not have anv 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
- 3 shall b© exempt from all taxation now or hereafter imoosed 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 conditions of their issue.
Copies of the circular
may be obtained from any Federal Reserve Bank or Branch.
— 0O 0-’-
five men, and the .45*caliber National M a t c h Course for five-man team!
As individuals they hold eight other national records.
This team has participated in the pistol matches at Camp Perry
since 19 3 1 4 and has won temporary possession of a number of trophies,
which are now on display at the north entrance of the Treasury Build
ing.
a
I*.
j jj.
The MMMtiaafeifei proficiency of ^ h j y ^ r w grary
*JSL.
Ktraining
program initiated by Secretary Morgenthau in 1 9 3 ^ offrì whliaL
\/
. ,
7
All
officers in the several enforcement agencies - Alcohol Tax Unit, In
telligence Unit, Coast Guard, Bureau of C u stoms, Bureau of Narcotics^
\>!M
T
^ S e c r e t Service-and Bureau of the Mint ^ a r e required to qualify sémi-
A
— f— ^
annually in marksmanship training, and competitive interdepartmenl
matches are held from time to time'
TREASURY DEPARTMENTWashington.
Press Service
No.
«2.
FOR RELEASE AFTERNOON NEWSPAPERS,
Thursday. August 28, 1941.
8/25741
The Treasury Department will send its crack pistol team to shoot
in the National Pistol M a t c h ^ ^ a r ~ t ^ ^ e T r y ^ O h i o , - flngnfrfc 31 tn Safe,
C o or a lhaTdT^ju j \u¥%t
jum bo* T, Elmer L. Irey,
<&s£sf o f *b 4[Enror6emen
announced today.
______ ^ ^
These matches^1
tyjtkAm
^
”
held'
- ur^der the auspic#es of the
bring together the cream of the small .arms
al fi.kTle A s 1
C@
marksmen of the country.
They are a continuation of the
held at Seagirt, N ew Jersey, prior to 1903.
The T r e a s u r y t e a m
is composed of Arnvid Anderson, Ttfarroad, Mini
nesota; P. M. Chapman, SeA/fctle, Washington; Lee E. Echols, Nogales, k,
zona.; Melt o n R. Rogers,
OroVille, Washington; Arnold L. Meloche, Phoe
njfcT Arizonai and Bert Cline, ?/ashington, D. C.
In addition to
. M. Schooley, Alcohol
Unit; L. D. Parker, Alcohol Tax Unit; W. D. Jamieson, Bureau of the
Mint, all of Denve^i and ¥ 1 1 1 1 3 ® P. Googin, Alcohol Tax Unit, of tos
Angeled,"^wrlTattend as guests of the National Rifle A sso ciatio n , hav.
matches held in their re-
ing been number one shots in
spective districts.
SLééfi
Chief Gunner Charles N. Hubbard of th^ftJSsx^Guard will be in
y 4( V k
r r r r"— ~
A1
45L4|t^Jb5
charge of the Treasury ifaptm-
«*?£ A .
dis
will assist irl the school of instruction which will be held at
C a m p kPerry, f o r ^ w o days during^the matches.
Û&
jt>. l /feam holds five national
.22^caliber National M a tch Course,
.38-caliber Camp Perry Course,
.38-caliber National Match Course,j
.38~caliber National Match Course
TREASURY DEPARTMENT
Washington
FOR RELEASE AFTERNOON NEWSPAPERS,
Thursaay, Augu st 28, 1941.
B7SB75T
Press Service
No. 27-26
The Treasury Department will send its crack pistol team to
shoo t in the National Pistol Matches opening Sunday at Camp Perry,
Ohio, Elmer L. Irey, Coordinator of Treasury Enforcement Agencies,
announced today.
These matches, held by the National Rifle Association under the
auspices of the war Department, bring together the cream of the small
arms marksmen of the country.
They are a continuation of the com
petitions held at Seagirt, New Jersey, prior to 1^03.
The Treasury team is composed of Arnvia Anderson, Warroad, Min
nesota; P. M. Chapman, Seattle, Washington; Lee E. Echols, Nogales,
Arizona; Melton R. Rogers, Oroville, Washington; Arnold L. Meloche,
Phoenix, Arizona, and Bert Cline, Washington, D. C.
In addition to the team members, J. M. Schooley, Alcohol Tax
Unit; L. D. Parker, Alcohol Tax Unit; W. D. Jamieson, Bureau of the
Mint, all of Denver, Colorado, and William P. Googin, Alcohol Tax
Unit, of Los Angeles, California, will attend as guests of the Nation?d Rifle Association, having been number one shots in matches held in
tneir respective districts.
Chief Gunner Charles N. Kubbara of the United States Coast Guard
will be in charge of the Treasury agents at the meet.
He and the
°nforcement agents will assist in the school of instruction which
Ue held at Camp Perry for two days during the matches.
2
The Depa.rtin.ent ’s No. 1 Team holds five national records
,22-caliber National Match Course, .38-caliber National Match Course
.38-caliber Camp Perry Course, .38-caliber National Match Course ior
five men, ana the .45-caliber National Match Course for five-man
teams.
As individuals they hold eight other national records.
This team has narticipated in the pistol matches at Camp Perry
since 1337 and has won temporary possession of a number of trophies,
which are now on display at the north entrance of the Treasury Build
ing.
The proficiency of the team has been credited to the training
program initiated by Secretary Morgenthau in lu3o.
All officers in
the several enforcement agencies - Alcohol Tax Unit, Intelligence
Unit, Coast Guard, Bureau of Customs, Bureau of Narcotics and the
Secret Service - and the Bureau of the Mint are required to qualify
semi-annually in marksmanship training, and competitive inter
departmental matches are held from time to time.
-oOo-
2
Any unfilled portion of the allocation for Mocha coffee w ill be open
for entry for consumption of a ll coffee the produce of nort-signatory coun
tries without regard to type of coffee during the month of September, 1941,
Provision w ill be made at customs ports of entry to enable importers to
f i le entries for consumption covering coffee the produce of non-signatory
countries at the same instant of time on September 2 (September 1 falling
on a holiday) at 12 noon, Eastern Standard Time, 11 A. M., Central Standard
time, 10 A* M., Mountain Standard Time, and 9 A. M., Pacific Standard Time.
The acceptance of entries w ill be authorized within the quota limita
tion in the order of the time of their presentation in proper form at the
customhouse in the port where the coffee has arrived*
I f entries for
consumption presented at the hours specified above on September 2, 1941>
cover a to ta l quantity of coffee the produce of non-signatory countries
in excess of the quota limitation, the quantity which may be admitted to
entry under the quota w ill be prorated on the basis of the quantity
presented for entry*
/)
TREASURY DEPARTMENT
Washington
Press Service
No. 27-27
FOR IMMEDIATE RELEASE,
Wednesday, August 27, 1 9 4 1 «
The Bureau of Customs announced today preliminary figures for imports
of coffee subject to quota limitations under the President1 s proclamation
of the Inter-American Coffee Agreement on April 15, 194-1*
The following tabulation l i s t s the coffee quotas which have been filled,!
and shows import figures for the quotas now under telegraphic control as of
August 23, 194-1.
Total imports under the other coffee quotas are shown as
of August 16, 194-1.
Quota Period
Country of Production.
Quota Period - 12 months
from October 1 , 194-Os
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
■
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
Non-signatory countries:
A ll types of coffee
Quota Period - April 22 to
August 31, 194-1> incls
Non-signatory countries:
Revised
iota (lbs'
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
3 8 ,000.5U
,285,106,049
As of
(Import quota filled)
It
«
"
1
82 , 910,068
August 1 6 , 1941
2,763,642
"
26,945,812
"
74,027,057
2,361,379
23,887,894
11,054,702 August 23, 1941
it
3,454,520
n
65,637,203
9,934,676
3,299,772
62,210,947
49,055,084
August 23, 1941
2,645,520
August 23, 1941
48,056,305 a
1,646,74121
l / Quotas increased by Inter-American Coffee Board, “ ° f ^ Ug£gLt^he
2/ Under the terms of an Executive order, effec i
sublect to the
increased import quota for non-signatory countries is
bj
ehiehj
allocation of a maximum of 20,000 bags for
W t f
may be entered for consumption from April 22 to Augus
J
Mm«**™
i
TREASURY DEPARTMENT
Washington
Press Service
No. 27-27
FOR DMEDI a TE RELEASE,
Wednesday, August 27, 1941
The Bureau of Customs announced today preliminary figures for
imports o f coffee subject to quota limitations under the President’s
proclamation of the Inter-American Coffee Agreement on April 15, 1941
The following tabulation lists the coffee quotas which have been
f il l e d , ana shows import figures for the quotas now under telegraphic
control as of August 23, 1941.
Total imports under the other coffee
quotas are shorn as of August 16, 1941.
: Revised 1/
Quota Period
: Quota (lbs)
Country of Production
Quota Period - 12 months
from October 1, 1940:
Dominican Republic
16,531,987
«70 0 O ft o T i
Guatemala
58,037,021
Venezuela
Colombia
435,277,855
Costa Rica
27,636,689
Ecuador
20,727,517
Haiti
33,000,514
Brazil
1,285,106,049
:
Entered for Consumption
:
Pounds
: As of (Date)
El Salvador
Honduras
Nicaragua
82,910,068
2,763,642
26,945,812
August 16, 1941
Cuba
Peru
Mexico
11,054,702
3,454,520
65,637,203
August 23, 1941
Non-signatory countries:
All types of coffee
49,055,084
August 23, I94I
43,056,305 2/
2,645,520 August 23, 1941
1,646,741 2/
(import quota filled)
11
n
11
it
11
11
it
it
ti
ti
h
h
it
it
11
11
11
ti
it
ti
ti
it
11
ti
11
74,027,057
2,361,379.
23,887,894
9,934,676
3,299,772
62,210,947
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countrie s:
:I°cha coffee
quotas increased by Inter-American Coffee Board, as of August 11, 1941*
under the terms of an Executive order, effective June 14-, 1941, the increased
import quota for non-signatory countries is subject to tho allocation of a
maximum of 20,000 bags for coffee of the Mocha type which may be entered for
consumption from April 22 to magust 31, 1941, inclusive.
Any unfilled portion of the allocation for Mocha coffee will
be open for entry for consumption of all coffee the produce of nonsignatory countries without regard to type of coffee during the
month of September, 1941.
Provision will be made at customs ports
of entry to enable importers to file entries for consumption covering
coffee the produce of non-signatory countries at the same instant of
time on September 2 (September 1 falling on a holiday) at 12 noon,
Eastern Standard Time, 11 A. M., Central Standard time, 10 A. M.,
Mountain Standard Time, and 9 A. M., Pacific Standard Time.
The acceptance of entries will be authorized within the quota
limitation in the order of the time of their presentation in proper
form at the customhouse in the port where the coffee has arrived.
If entries for consumption presented at the hours specified .above
on September 2, 1941, cover a total quantity of coffee the produce
of ncn-signatcry countries in excess of the quota limitation, the
quantity which may be admitted to entry under the quota will be
prorated on the basis of the quantity presented for entry.
-oOo-
TREASURY DEPARTMENT
Washington
Press Service
FOR IMMEDIATE RELEASE
Thursday. August 28« 1941«
8/28/41
No.
resigna-
-'^-'7 C&JL*
I
j
tion of Dr. John R. Matchett, chemi/t of the Bureau p f M r c o t i c j A
¿^o~c~0
YÌ
ha^^transferred to the Department of Agriculture. Dr. Matchett came
to the Treasury from the University of Chicago in 1931? &nd was in
the Laboratory of the Alcohol Tax Unit 1931-34? transferring to the
Bureau of Narcotics in the latter year. For the past three years he
has been engaged in m m m m » W ï m ê m » marihuana research. His new field
^¡giiggggpfl will be the research laboratory at Albany, California. A
native of Indiana, he is a graduate of Purdue and Chicago Universi
ties
_
._
-o-
V
TREASURY DEPARTMENT
Washington
FOR M E D I A T E RELEASE,
Thursday, August 28, 1941,.
Press Service
No. 27-28
Resignation of Dr. John R. Hatchett, chemist of the Bureau of
¡Narcotics was announced today by the Treasury Department.
teen transferred to the Department of Agriculture.
He has
Dr. Hatchett came
to the Treasury from the University of Chicago in 1931, and was in
the Laboratory of the Alcohol Tax Unit 1931-34, transferring to the
Bureau cf Narcotics in the latter year.
For the past three years he
has been engaged in marihuana research.
His new field will be the , .
research laboratory at Albany, California.
A native of Indiana,
he is a graduate of Purdue and Chicago Universities.
-OoO-
TREASURY DEPARTMENT
Washington
3
FOR IMMEDIATE RELEASE,
Eriday, August 29, 19yO#.
Press Service
No. 7
The Treasury announced today the denial of an application
èÿpDtalian Superpower Corporation for a license authorizing the
acquisition from Italian interests of blocked dollars and certain
of i t s own debentures and preferred stock in exchange for blocked
lir e and stocks of Italian companies#
-QoO-
TREASURY DEPARTMENT
Washington
Press Service
No. 27-29
FOR IMMEDIATE RELEASE,
Friday, August 29, 1941.
The Treasury announced today the denial of an application
by the Italian Superpower Corporation for a license authorizing
the acquisition from Italian interests of blocked dollars and
certain of its own debentures and preferred stock in exchange
for blocked lire and stocks of Italian companies.
o 0 o -
TSBàSÜSr DBPA8TUEKT
Washington
FOR 8EUSA3B, Montra HWSPAFJSBS
Saturday. August 30. 19U .
Press Serri««
8/29/ a
Th« Secretary of the Treæury announced last evening that the tender# for
♦100,000,000, or thereabout«, of 91-day Treasury bill#, to be dated September 3
and to sature December 3, 1 9 a , which were offered on August 2?, were opened at
the Federal Reserve Ban!» on August 29*
The detail# of thie iaaue are a# follows»
Total applied for - $303,608,000
Total aoeepted
- 100,369,000
Range of accepted bidet (excepting on# tender of $25,000)
High
tow
Average price
« 99*986
- 99.975
- 99*977
Equivalent rate approximately 0*055 percent
»
11
*
0.099
•
*
*
0.090
"
(35 percent of tho amount bid for at tho low price m e accepted)
TREASURY .DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,'
Saturday, August 30, 1941.
B72W
Press Service
No. 27-30
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
bills, to be dated September 3 and to mature December 3, 1941,
which were offered on August 27, were opened at the Federal
Reserve Banks on August 29.
The details of this issue are as follows:
Total applied for
Total accepted
-
Range of accepted bids:
$383,608,000
100,369,000
(excepting one tender of $25,000)
High - 99.986 Equivalent rat
Low
- 99.975
*
"
Average
Price - 99.977
"
"
approximately 0,055 percent
*
0.099
"
”
0.090
(35 percent of the amount bid for at the low price was
accepted)
-oOo-
"
PRESS RELEASE:
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of 90*415 head of cattle weighing less
than 200 pounds each, during the period January 1 to August 23* 1941* in
clusive, under the tariff rate quota provided in the trade agreement with
Canada*
The trade agreement provides that not to exceed 100,000 head of this
class of cattle may be entered, or withdrawn from warehouse, for consumption
at the reduced rate of duty of 1-1/2 cents per pound provided therein during
any calendar year.
Effective September 8, 1941, the collectors of customs
have been instructed to collect estimated duties at 2-l/2 cents per pound,
the full rate of duty under the Tariff Act of 1930, pending fulfillment of
the quota for the calendar year 1941.
Excessive duties deposited on imported
cattle of this class found to be within the quota limitation will be refunded.
Preliminary reports also show that 29*427 head of Canadian cattle weigh
ing 700 pounds or more each (other than cows imported specially for dairy
purposes} were entered, or withdrawn from warehouse, for consumption during
the period July 1 to August 23, 1941, inclusive, under the tariff rate quota
of 51,720 head for this class of Canadian cattle for the quarter year ending
September 30, 1941, provided in the trade agreement.
ooD 00
(prepared by„£iuota Unit, Appeals and Protests,
jforeausof Customs)
' -—
f
TREASURY DEPARTMENT
Washington
Press Service
K)R "RELEASE, MORNING NEWSPAPERS,
N o . 2 7-31
Thursday, September 4, 1 9 4 1 «
9/3/41
p.ni iBATiOrs OI customs snow imports oi yu,4-L> nead or cattre weignxng xe»o
t h a n 200 p o u n d s e a c h , d u r i n g t h e p e r i o d J a n u a r y 1 t o A u g u s t 2 3 , 1 9 4 1 , i n
c l u s i v e , u n d e r t h e t a r i f f r a t e q u o t a p r o v i d e d i n t h e t r a d e a g r e e m e n t w ith
Canada.
The t r a d e a g r e e m e n t p r o v i d e s t h a t n o t t o
e x c e e d 10 0 ,0 0 0 h e a d o f t h i s
» I - «,., o f c a t t l e m ay b e e n t e r e d , o r w ith d r a w n fr o m w a r e h o u s e , f o r consum ption
a t th e red u ced r a t e o f d u ty o f 1 - 1 / 2
a n y c a le n d a r y e a r .
c e n t s p e r p o u n d p r o v i d e d t h e r e i n during
E f f e c t i v e S e p te m b e r 8 , 1 9 4 1 , t h e c o l l e c t o r s o f custom s
h a v e b e e n i n s t r u c t e d t o c o l l e c t e s t i m a t e d d u t i e s a t 2 - 1 / 2 c e n t s p e r pound,
t h e f u l l r a t e o f d u t y u n d e r t h e T a r i f f A c t o f 1 9 3 0 , p e n d in g f u l f i l l m e n t o f
t h e q u o ta f o r th e c a le n d a r y e a r 1 9 4 1 .
c a ttle
o f th is
E x c e s s i v e d u t i e s d e p o s i t e d on imported
c l a s s fo u n d t o b e w i t h i n t h e q u o t a l i m i t a t i o n w i l l b e refunded
Preliminary reports also show that 2 9 ,4 2 7 head of Canadian cattle weigh
ing 700 pounds or more each (other than cows imported specially for dairy
purposes; were entered, or withdrawn from warehouse, for consumption during
the period July 1 to August 2 3 , 1 9 4 1 , inclusive, under the ta r iff rate quota
of 5 1 ,7 2 0 head for this class of Canadian cattle for the quarter year en
S e p te m b e r 3 0 , 1 9 4 1 , p r o v i d e d i n t h e t r a d e a g r e e m e n t .
g
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, September 4, 1941.
573751
'
Press Service
No. 2 7 - d
The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 90,415 head of
cattle weighing less than 200 pounds each, during the period
January 1 to August 23, 1941, inclusive, under the tariff rate quota
crovided in the trade agreement with Canada.
The trade agreement provides that not to exceed 100,000 head
of this class of cattle may be entered, or withdrawn from warehouse,
for consumption at the. reduced rate of duty of 1-1/2 cents per pound
provided therein during any calendar year.
Effective September
8, 1941, the collectors of customs have been instructed to collect
estimated duties at 2-1/2 cents per pound, the full rate of duty
under the Tariff Act of 1930, pending fulfillment of the quota for
the calendar year 1941.
Excessive duties deposited on imported
cattle of this class found to be within the quota limitation will
be refunded..
Preliminary reports also show that 29,427 head of Canadian
cattle weighing 700 pounds or more each (other than cows imported
specially for dairy purposes) were entered, or withdrawn from ware
house, for consumption during the period July 1 to August 23, 1941,
inclusive, under the tariff rate quota of 51,720 head for this class
of Canadian cattle for the quarter year ending September 30, 1941,
Provided in the trade agreement,.
-ooOoo
PRESS REUBASE:
*¿£4.
1 Q<
S?f-J
The Bureau' of Customs announced today that preliminary reports
from the collectors of customs show imports of 2 , 296,982 squares of
red cedar shingles during the period January 1 to August 23, 1941,
inclusive#
Effective September 2, 1941, the collectors of customs have
been instructed to collect estimated duties at 25 cents per square
on red cedar shingles entered for consumption,or withdrawn from
warehouse, for consumption,pending fulfillment of the duty-free
quota of 2,488,359 squares for the calendar year 1941, established
pursuant to the act approved July 1 , 1940 (Public No. 698 , 76th
Congress).
Duties deposited on imported red cedar shingles found
to be within the quota limitation w ill be refunded.
FOR IMMEDIATE RELEASE,
Saturday, August 30, 1941.
The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 2,296,982 squares of
red cedar shingles during the period January 1 to August 23, 1941,
inclusive.
Effective September 2, 1941, the collectors of customs have
been instructed to collect estimated duties at 25 cents per square
on red cedar shingles entered for consumption, or withdrawn from
warehouse for consumption, pending fulfillment of the duty-free
ouota of 2,488,359 squares for the calendar year 1941, established
pursuant to the act approved July 1, 1940 (Public No- 698, 76th
Congress).
Duties deposited on imported red cedar shingles found
to be within the quota limitation will be refunded.
-OoO-
STATUTORY DEBT LIMITATION
AS OP AUGUST 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 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 this limitations
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 August 31, 19^1:
Interest-bearing:
Bonds ♦ 30,168,526,350
Treasury
Savings (maturity
6 ,096,191,325
value)*
51,6^9,550
Depositary
737 ,595.706
Adjusted Service
♦10 ,207,015,725
Treasury notes
Certificates of
2 ,^98 , 000,000
indebtedness
Treasury bills
1.603,897,000
(maturity value)
Matured obligations, on
which interest has ceased
Pace amount of obligations
issuable under above authority
$65*000,000,000
♦37,053,962.931
lH,308,912,725
$51.362,875,b5b
170,886,350
51.533,762^061
13.H66.237.991!!
Reconcilement with Daily Statement of the United States greasury
2------- ------August ^lTlPI
Total face amouht of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
♦51.533.762.H
as amended
Deduct, unearned discount on Savings bonds (difference
between current redemption value and maturity value)
i.igg,Hoa,igjj
$50,3^t359t^
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (Pre-War, etc.)
$ 19©,©Hi,600
Matured obligations on which interest
_
has ceased
Mil
Bearing no interest
?bb*s^fT±£
Total gross debt outstanding as of August 31# 19^1
♦Approximate maturity value,
Principal a m o u n t ic^rent redeaption
according to preliminary public debt statement $H,9©7,789,
•
? ?
September 4, 1941.
\
c
statu to ry
debt
l im it a t io n
AS OF AUGUST Ü 1 , 1941“
Section 21 of the Second Liberty Bond Act, as amended, provides
that the face amount of obligations issued unàer 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 out
standing and the face amount which can still be issued under this
limitation:
Total face amount of "bonds, savings "bonds, certificates,
tills, notes, savings certificates, stamps, etc.,
which may "be outstanding at any one time
Outstanding as of August 31, 1941:
Interest-hearing:
Bonds $30,168,526,350
Treasury
Savings (maturity
6,096,191,325
value)*
51,649,550
Depositary
737.595.706
Adjusted Service
$10,207,015,725
Treasury notes
Certificates of
2,498,000,000
indebtedness
Treasury bills
1T603.897.000
(maturity value)
Matured obligations, on
which interest has ceased
Face amount of obligations
issuable under above authority
$65,000,000,000
$37,053,962,931
14,308.912.725
$51,362,875,656
170.836.350
51T533.762.006
13r466.237.994
Reconcilement with Daily Statement of the United States Treasury
August 31. 1941
Total face amount of outstanding public debt obligations
issued under authority of the Second Liberty Bond Act,
$51,533,762,006
as amended
Deduct, unearned discount on Savings bonds (difference
Between current redemption value and maturity value)
1,188.402.184
$50,345,359,822
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (Pre-War, etc.)
$
196,046,600
Matured obligations on which interest
has ceased
12,655,400
575.600.411
Bearing no interest
366,898,411
$50.920.960.233
Total gross debt outstanding a.s of August 31, 1941
Approximate maturity value. Principal amount (current redemption value)
according to preliminary public debt statement $4,907,789,141.
27-33
mmm
- 2-
Reserve Banks and Branches, following which public announcement will be made byl
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 I
any or all tenders, in whole or in part, and his action in any such respect
sha.ll 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
September 10. 19A1_______ .
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemotion, 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,
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, Prj
scribe the terms of the Treasury bills and govern the conditions of their iss I
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.|
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPER,
Friday, September 5. 19A1_____.
The Secretary of the treasury, hy this public notice, invites tenders
for $ 100,000,000
9 or thereabouts, of ___ 91 —day Treasury "bills, to "be issued
on a discount "basis under competitive bidding*
be dated
September 10, 1941
The Dills of this series will
and will mature
December 10, 1941 ------- _>
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 th|
closing hour, two o lclock p. m., Eastern Standard time, Monday,
S
&
p
^
m
b
Tenders will not be received at the Treasury Department, Washington.
e
r J _ x J
^
l
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 sec
ties.
Tenders from others must be accompanied by payment of 10 percent of tin,
face amount of Treasury bills applied for, unless the tenders axe accompani
an express guaranty of payment by an incorporated bank or trust company.
a
o+ the feder?"
Immediately after the closing hour, tenders will be opened .
fM
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, September 5, 1941.
""
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 5. 1941_____.
The Secretary of the treasury, hy this public notice, invites tenders
for » 100,000,000
or thereabouts, of
91 "¿ay Treasury hills, to he issued
on a discount basis under competitive bidding.
rint.p.d
September
when the face amount
10, 1911 .and will mature
The bills of this series will
December lQ}j 1941— ------ — »
will bepayable 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 thj
closing hour, two o»clock p. m., Eastern Standard time, Monday , S ^ ex^e r l U ^
Tenders will not be
received at the Treasury Department, Washington.
Each tend
must be for an even
multiple of $1,000, and the price offered must be expresse
Fractions
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
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
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 t e
face amount of Treasury bills applied for, unless the tenders are accompaR
an express guaranty of payment by an incorporated bank or trust compa y«
Immediately after the closing hour, tenders will be opene
/\A^
ts2
7~<3
.
j
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 5, 1941._____
S asury depart
kshington
The Secretary of the Treasury, by this public notice, invites
lenders
for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be issued on a discount basis under competitive bidding.
The
bills of this series will be dated September 10, 1941, and will
mature December 10, 1941, when the face amount will be payable with
out 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, two o ’clock p. m . , Eastern Standard time,
W a y , September 8, 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 o,nd from responsible and recognized dealers
^investment securities.
Tenders from others must be accompanied
p Payment of 10 percent of the face amount of Treasury bills applied
If
n
r>
opj unless the tenders are accompaoiied by an express guaranty of
pyuient by an incorporated bank or trust company.
2Immediately after the closing hour, tenders will he opened at
Le Federal Reserve Banks and Branches, following which public
Uouncement will be made by the Secretary of the Treasury of the
Lnount end price range of accepted bidsl
Those submitting tenders
till be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept
hr reject any or all tenders, in whole or in part, and his action
L my such respect shall be final*
Payment oi accepted tenders
It the prices offered must be made or completed at the Federal
Reserve Bank in cash or other immediately available funds, on
[September 10, 1941*
The income ..derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
lave any exemption, as such, end loss from the sale or other
¡disposition of Treasury bills shall not have any special treatment,
p 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
ptate, or any of the possessions of the United States, or by any
local taxing authority.
For purposes of taxation the amount of dis-
c°unt 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 conditions of
^eir issue. Copies of the circular may be obtained from any Federal
j-eserve Bank or Branch.
~QoO—
' » i r
PRESS RELEASES
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, 1941, as of August 30, 1941.
Entered for Consumption
: Revised l /
:!
Quota Period
:
Pounds
: Quota (lbs) :: As of (Date)
Country of Production
Quota Period - 12 months
from October 1 , 1940:
(Import quota filled)
Dominican Republic
16,581,987
«
tt
tt
Guatemala
73,928,131
ft
tt
tt
58,037,021
Venezuela
it
It
tt
Colombia
435,277,855
«
ft
tt
Costa Rica
27,636,609
tt
tt
tt
Ecuador
20,727,517
ft
tt
tt
Haiti
38,000,514
tt
It
tt
Brazil
1,285,1(^049
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
82,910,068
2,763,642
26,945,812
11,054,702
3,454,520
65,637,203
August 30, 1941
Non-signatory countries:
A ll types of coffee
49,055,084
August 30, 1941
2,645,520
August 30, 1941
tt
tt
tt
tt
n
74,591,037
2 ,414,682
23,914,773
10,260,133
3,299,772
62,210,950
2/
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countries:
Mocha coffee
1,730,069 2/
Quotas increased by Inter-American Coffee Board, as of August 11, 1941»
presented at the opening of the increased quota for coffee, other
than Mocha, the produce of non-signatory countries, on August 11, 1941*
covered a to ta l quantity in excess of the amount of such coffee a d m i s s i b e
under the quota, and this amount^ was prorated among these entries.
3/ Under the terms of an Executive order, signed June 10, 1941, the increa^®
import quota for non-signatory countries was subject to the allocation
a moTrfrmitn of 20,000 bags for coffee of the Mocha type from April 22 to
August 31, 1941, inclusive*
2/Entries
TREASURY DEPARTMENT
Washington
JpOR M E D I A T E RELEASE,
Friday, September 5, 1941,
Press Service
No. 27-35
The Bureau of Customs announced today preliminary figures for
Lports of coffee subject to quota limitations under the President’s
proclamation of the Inter-American Coffee Agreement on April 15,
1941, as of August 30, 1941.
Quota Period
: Revised'~Tf
Country of Production t Quota (lbs )
nuota Period - 12 months
from October 1, 1940s
16,581,987
Dominican Republic
73,923,131
Guatemala
58,037,021
Venezuela
435,277,855
Colombia
27,636,689
Costa Rica
20,727,517
Ecuador
Haiti
33,000,514
Brazil
1,285,106.049
“T
>
' Entered for Consumption'
As of "(Date)
i
Pounds
(Import quota filled)
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
02,910,068
2,763,642
26,945,812
11,054,702
3,454,520
65,637,203
August 30,1941
Kon-signatory countr ies i
All types of coffee
49,055,084
August 30, 1941
ti
it
tt
it
tt
it
it
n
tt
n
n
if
»
«
it
«
n
tt
tt
tt
n
»
n
tt
tt
tt
74,591,037
2,414,682
23,914,773
10,260,133
3,299,772
62,210,950
2/
Quota Period - April 22 to
August 31, 1941, incl:
Non-signatory countr ie s :
-ocha coffee
2,645,520
August 30,1941
y
1,730,069 3/
¿Aiuotas increased by Inter-Anerican Coffee Board, as of August 11, 1941.
Entries presented at the opening of the increased quota for coffee, other
K°cha, the produce of non-signatory countries, on August 11, 1941,
co/ered a total quantity in excess of the amount of such coffee admissible
under the quota, and th is amount was prorated among these entries.
Under the terms of an Executive order, signed June 10, 1941, the increased
import quota for non-signatory countries was subject to the allocation of
a oaximum of 20,000 bags for coffee of the 13ocha type from April 22 to
August 31, 1941, inclusive.
J
-OoO
add Nichold
morocco-bound volume of letters
from Secretary Morgenthai and ol
high— ranking Government p^ficers as well as associates and frienl
throughout the United States®
Mr. Nichols is 70 years oiaV«*t is fixative of Neville,
Clermont county,Ohio* His wife is the former
Belle Armstrong ofl
New York City.
They reside efc 360 Forest avenue, Ambler,Pa* They have two
children and three grandchildren*
_ inirr"-'“*— — —
Wesley E.Craig, xs«gxgiirfifeB»»x attached to the Philadelphia
office of the u n i t } will be acting agent in charge pending final!
decision.
-em-
For Release, Afternoom Newspapers
Friday JkkkKXKaax
Press Service
September 19, 19^1
Retirement of Arthur A»Nichols, Special Agent in Charge of \
Intelligence Unit, Bureau of Internal Revenue, at Philadelphia,
Pennsylvania, effective September 3° »19^1 \was announced today by]
the Treasury Department* Mr. Nichols is a member of a group of
five Post Office Inspectors who were chosen in 1919 by Elrae** L. I
Irey to form the original unit of intelligence officers in the
Bureau of Internal Revenue in 1919*
Of the original group, Mr. Irey remains^ as Chief of the Unit!
E n f o r c e m e n t E v e r e t t
Partrid[
5Hington,D.C., is dead; Herbert E.LucasJformer Agent at H
burg,Pennsylvania, has retired; Hugh McQuillan is Agent in Charge!
at New York City^and Major Frank Frayser is Agent in Charge at
Richmond,Virginia*
To jionor Mr. Nichols, who entered Government service as a
Post Office clerk at New York City in
1902, I M R m ' Treasury
Department/Officials and fellow workers in the Bureau of Internal
Revenue will give a dinner at the Penn Athletic Club,Philadelphia
on September 20* At this time he will be presented with a medall
in a leather triple-fold case,so that the face and reverse side*
may be seen. On the face will be the seals of the Post O ffice
Department and the Bureau of Internal Revenue,with -tiner
l e n g t h
ofl
service shown on either seal* The reverse will identify the tokei
A***'
In addition to the medallion, Mr.NlcholA will be presented with*
y
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
F rid ay. September 19. 191«..
Press Service
No. 2 7 - 3 6
9/9/*+1
F rid ay A £ *a » sa K
v7t<r
September 1 9 # 19^1
ä
7 ~^C,
Retirem ent o f Arthur A .N ic h o ls , S p e c ia l Agent in Charge of t;
I n t e llig e n c e U n it, Bureau o f In te r n a l Revenue, a t Philadelphia,
P en n sylvan ia, e f f e c t i v e September 30,19^1 ^was announced today byl
the Treasury Department# Mr. N ich o ls i s a member o f a group of
f i v e P ost O f fic e In sp e cto rs who were chosen in 1919 by Elmer L.
Ir e y to form the o r ig in a l u n it o f I n t e llig e n c e o f f i c e r s in the
Bureau o f In te r n a l Revenue in 1919*
Of the o r ig in a l group, Mr* Ir e y remains^ as C h ief of the Unit!
(
z
head o f the Treasury 5 fcww Enforcement
_
.J
E ve rett Partria
i,D .C *, i s dead; Herbert E .L u ca sJ fo rm e r Agent at H
bu rg,P en n sylvan ia, has r e t ir e d ; Hugh McQuillan i s Agent in Chargej
a t New York City^and Major Frank Frayser i s Agent in Charge at
Richmond,Virginia#
To jionor Mr# N ic h o ls , who entered Government se rv ice as a
P ost O f f ic e c le r k a t New York C it y in
1902,
laSmaLTreasury
D e p a rtm e n t/O fficia ls and fe llo w workers in the Bureau of Intern ,
Revenue w i l l g iv e a dinner a t the Penn A t h l e t i c Club,Philadelp&i
on September 20# At t h is time he w i l l be p resen ted with a medall
in a le a th e r t r i p l e - f o l d c a s e ,s o th a t the fa c e and reverse side8
may be seen. On the fa ce w i l l be the s e a ls o f the Post Office
Department and the Bureau o f In te r n a l Revenue,with
<&&&'length of
s e r v ic e shown on e ith e r seal# The re v e rse w i l l id e n t if y the
4-
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Friday, September 19, 1941.
W 4 I
:
Press Service
No. 27-36
Retirement of Arthur A. Nichols, Special Agent in Charge
of the Intelligence Unit, Bureau of Internal Revenue, at
Philadelphia, Pennsylvania, effective September 30, 1941, was
announced today by the Treasury Department.
Mr. Nichols is
a member of a group of five Post Office Inspectors who were
chosen in 1919 by Elmer L. Irey to form the original unit of
intelligence officers in the Bureau of Internal Revenue in 1919.
Of the original group, Mr. Irey remains as Chief of the
Unit and head of the Treasury’s Enforcement Agencies; Everett
Partridge, an agent at Washington, D. C., is dead; Herbert E.
Lucas, former Agent at Harrisburg, Pennsylvania, has retired;
Hugh McQuillan is Agent in Charge at New York. City and Major
Frank Frayser is Agent in Charge at Richmond, Virginia.
To honor Mr. Nichols, who entered Government service as a
Post Office clerk at Nexv York City in 1902, Treasury Department
officials and fellow workers in the Bureau of Internal Revenue
will give a dinner at the Penn Athletic Club, Philadelphia, on
September. 2 0 . At this time he will be presented with a
medallion in a leather triple-fold case, so that the face and
reverse sides may be seen.
On the face will be the seals of
-
2
-
the Post Office Department and the Bureau of Internal Revenue,
with the length of service shown on either seal.
will identify the token.
The reverse
In addition to the medallion,
Mr. Nichols will be presented with a inorocco-bound volume of
letters from Secretary Morgenthau and other high-ranking
Government officers as well as associates and friends through
out the United States.
Mr. Nichols is 70 years old.
Clermont county, Ohio.
He is a native of Neville,
His wife is the former Belle Armstrong
of New York City.
They reside at 360 Forest Avenue, Ambler, Pa.
They have
two children and three grandchildren.
Wesley E. Craig, attached to the Philadelphia office of
the unit, will be acting agent in charge pending final decision.
-oOo-
TREASURY DEPARTMENT
Washington
Press Serv
No. 27-3
FOR REIEASE, MORNING NEWSPAPERS,
Wednesday, September 10, 1941.
(The fallowing address by SECRETARY MORGENTHAU
before the Advertising Club of'Boston is sched
uled to be broadcast at 8:00 £.m. Eastern
Standard Time, Tuesday, September^
an(i
is forrelease upondelivery at that time.)
Only twenty miles from here, at Lexington and Concord,
the men of New England first proved that Americans could de
fend their homes and their freedom.
Today, the people of
these States are proving that th ey are still New Englanders.
In army camps and naval stations, in hundreds of factories
and shipyards from Connecticut to Maine, the men ana women
of New England are responding magnificently to their country
needs.
I am glad to be here tonight to pay my tribute to
the great work that New England is doing, like alx other
sections of the country, to arm America.
I am glad also that my host tonight is the Advertising
Club of Boston, for the advertising profession is a mighty
force in creating public understanding.
We cannot make our
selves the arsenal of democracy and the defender of freedom
unless our people understand the tremendous issues involved
in this Battle for the World.
In the same way, we at the
- 2 h
Treasury shall find it more difficult to accomplish our task
of financing the defense program unless the public sees clearly
the need for greater sacrifice and for greater effort.
In particular, I think that /clear undcrststanding is needed
if we are to avoid the economic evils that might otherwise
spring from a defense program as great as ours, a program that
is making such enormous demands upon our productive resources*
The worst of those economic evils has been constantly uppermost
in my mind as Secretary of the Treasury.
That is the evil of
inflation and that is the subject which I should like to discuss with you tonight.
We have been talking about inflation for a long time as if
it were a threat remote from our daily lives.
threat no longer,
It is a distant
lie are facing it now and wo must deal with it
at once.
If we are selfish or shortsighted in facing this issue,
the consequences may haunt us and our children for years.
But
if we look at the problem with clear vision and firm resolve,
we can beat this thing.
If we keep always in mind the interests
of our country as a whole, if we provide promptly the appro
priate means and use them vigorously whenever necessary, we
can prevent inflation from fastening its grip upon us.
That task calls for alertness and mental toughness on the
Part of everyone in the executive departments of the Govern
ment, everyone in the halls of Congress, everyone of us here
131
-S rooia and everyone who may be listening to me tonight.
The word "inflation" is cold and lifeless, so cold that
even you advertising men here tonight might have difficulty
in making it real, but the thing it describes is treacherous
and cruel«
Memories are so short that I suppose many of us
have forgotten what happened the last time a price inflation
struck us 25 years ago.
The effects of that inflation, how
ever, lasted for many years and brought untold heartbreak
and misery in their train.
Leu us look at the record to see what happened a generati
agoi
In 1916 the cost of living began to rise sharply but
there were few who saw its significance;
It was only when
prices had risen by 70 per cent that President Wilson recoin*
mended any steps to prevent inflation.
In fact, the country
was so blind to its dangers that as late as June, 1917, Congres
actually hastened the rise in prices by reducing the reserve
requirements for member banks of the Federal Reserve System.
The consequences were so serious for every American that
there must be many housewives even today who can remember them.
By 1920, a ten-pound bag of sugar cost $2.67, a dozen eggs
cost 92 cents, a ten-pound bag of flour cost 88 cents, a pound
of butter cost 76 cents and a pound of pork chops cost 50 cents,
By that year prices had skyrocketed to twice the level of five
joars earlier.
The money the housewife paid for one loaf of
Bread in 1914 bought only half a loaf in 192Q.
The money she
paid for a pound of bacon in 1914 bought only half a pound in
1920,
The money she paid for a
yard of cotton cloth was
4 enough to buy only 1/3 of a yard in 1920.
The consumer found
that food, fuel, shelter and clothing which cost a dollar in
April, 1916, had risen to almost two dollars by 1920.
The
family vdthyao increase in income found its purchasing power
cut in half.
We have now, as we had then in 1916, a moderate rise in
the cost of living, a great rise in wholesale prices, and a
still greater rise in the prices of basic commodities like
wheat, hogs, cotton and limber*
It is the rise in the prices
of basic commodities that constitutes our red light, our
warning signal, today, for such a rise is always the advance
guard of an increase in the cost of living.
If we fail to use the controls at our disposal now, if
we fail to do the specific things which are in our power to
check inflation now, if we allow prices to go on rising as
they did from 1916 to 1920, Tie may find that food, fuel,
shelter and clothing which now cost a dollar will once more
cost almost twice as much before the process has ended.
The rise in prices is by no means confined to foodstuffs
and clothing.
I have before me, for instance, the actual
figures on the cost of constructing a standard six-room
frame house in one of our typical cities.
This home that
could have been built a year ago for $ 6,000 now costs $7,140
0 buiM .
Here we have an increase in prices of nearly
cent, and if it goes along the 1916 pattern, we are
cnly at the beginning of the story.
- 5 Not only is the cost of building homes rising, but
higher rentals are also on the way for the millions who do
not own their homes.
In scores of areas where industrial
expansion has first taken hold, rents have already risen
10, 20, 30 per cent, and even higher.
I have brought with me tonight a pictorial chart which
I w is h
the radio audience could see because it shows so
plainly the road we traveled once, and the road which we
must not travel again.
The chart shows how the buying power
of your dollar shrank from 1914 to 1920, how your dollar
bought less food, less clothing, less shelter, less heat
and light because prices were allowed to run away.
It shows
how your dollar Is already buying less in 1941 than in 1939,
and it leaves a big question mark for the space showing what
your dollar may buy in 1942.
The answer to that question is
in our keening as Americans, whether we are officials of the
Government or private citizens.
And I have written on the
- 6 There is no excuse for us to be too late in meeting
this threat of inflation that faces us.
We now know, or
ought to know, Y/hat is going on; that is perhaps the greatest
difference between conditions today and in 1916.
This time
our eyes are open to the dangers that lie ahead of us.
We
nov/ know that the time to do something about inflation is
before it occurs, not after it has gathered momentum.
We
should profit by our greater knowledge and take prompt and
effective action nov;.
There is no need for me to remind this audience in detail
of the reasons why prices have already risen.
plain for everyone to see.
overloaded steam boiler.
The reasons are
Our economy today resembles an
The fire under the boiler is being
fed by billions of additional purchasing poY/er in the hands
of the public.
The fire is growing hotter and is generating
more steam than the boiler can safely hold.
If we are to
prevent the boiler from bursting, we must damp down the fires
by diverting spending away from those articles or commodities
in Y/hich there is a shortage, actual or potential.
We must
damp down the fires also by increasing the flow of supplies
of goods available to the consumer.
We can, as I have said before, defeat this threat of
inflation, just as we can defeat and destroy the forces of
evil that have been let loose upon this earth.
But we need
to understand the issues and we need to see clearly the consequenccs of inaction or delay.
I should like, therefore,
- 7 to point out> first, what we have done, and then, what we
need to do, in order to stop prices from rising further.
In the first place, Congress is on the point of passing
a huge tax bill designed to raise almost four billion dollars
in additional revenue, thus withdrawing a great amount of
purchasing power that competes with the’ defense effort.
Secondly^ the Treasury in its borrowing program is try
ing to obtain as large a portion of its funds as possible
from current consumers’ income, .
Through a new form of note - the tax anticipation note
it is seeking to increase the effectiveness of the income tax
as a check on current purchasing power, and I am happy to
report to you that more than a billion dollars* worth of
these notes were sold in the month of August.
The Treasury has also begun a program of selling Defense
Savings Bonds and Stamps to.people of moderate and low incomes.
The people have responded to a tune of a billion and a quarter
dollars in four months, without coercion of any kind; and in
making that response possible the advertising profession has
been of truly invaluable help.
The President has recently issued an order authorizing
the Board of Governors of the Federal Reserve System to control
consumers installment credit.
The Congress is considering, and I hope will pass without
-
.8
-
undue delay, a bill to limit price rises and to supplement the
efforts of the Office of Price Administration to limit those
pises by voluntary cooperation.
All these are useful steps to a necessary end, but they
are not enough.
We shall have to tax ourselves much more heavily next
year than this year, great and far-reaching as the present
tax bill will be.
We shall have to invest much more widely and systemati
cally in Defense Savings Bonds and Stamps.
In particular,
the rising payrolls of the past year have been a clear call
to the wage earners of America to set aside a portion of
their earnings each week for their own good and their country*
good.
We may have to extend general controls over bank credit
and create controls over selected capital expenditures.
I hope that we may extend the social security program so
as to increase the flow of funds to the Treasury from current
income during the emergency and increase the outflow of funds
when needed in the post defense period.
In addition, I have
already suggested the creation of what I have called a ”separa
tion wage” -- that is, an entirely new form of contribution
out of which a worker may draw a regular wage for a stated
period in case he loses his job.
These measures would be
good and desirable in themselves, but they are especially
- 9 necessary at this time, for they should help us to decrease
certain forms of purchasing now and increase them, in the
future when they may be needed.
We must, as I have said many times, reduce nonessential
Federal expenditures.
We must also appeal for economy in
state and local government expenditure and a curtailment of
their borrowing for nondefense purposes.*
The ^resident pointed
the way a. month ago when he vetoed a. bill calling for 320 million
dollars worth of highway construction.
By this action he dem
onstrated that there is a clear distinction nowadays between
the spending that is necessary for defense and the spending
that can be postponed until a later day.
The country should congratulate itself on the President’s
veto of this measure, and also upon the Senate’s action only
last week in approving the creation of a joint committee of
the taxing and the appropriating agencies of Congress to study
the possibilities of economy all along the line in nondefense
activities.
I have several times suggested the creation of
such a committee, and I am very happy that my suggestion has
been adopted by the Senate at last.
I hope now that the House
will also approve the idea, because it seems to me that such
joint action is the only sensible way to proceed if we are
to cut the costs of government and clear the decks for defense
spending.
r
10
-
ill of the measures I have so far suggested for combatting
inflation would attack the problem by reducing the demand for
goods now and by helping to build up a backlog of purchasing
power for the post war world.
But we should also attack the problem from the opposite
direction.
We must make every effort to increase the supply
of goods available to the consumer wherever this can be done
without encroaching upon the defense program.
Above all, we
must make full use of those supplies that are available, not
only in defense production, but in the nrovision of civilian
goods which do not comnete with defense outnut.
This is a time when we must flatten the peaks and fill
up the valleys in our economic picture.
If we reduce unde
sirable purchasing now and keep prices down now, we shall be
helping to provide for the day when these vast defense expend
itures will end and when our defense workers will take up the
work of peace again.
The most effective way to prevent a damaging rise in
prices is, quite simply, to release surpluses from storage*
I wonder if the housewife knows, when she pays fifteen
per cent more than she did a year ago for a bag of flour,
that our supply of wheat is the largest on record, and that
498 million bushels of several years’ crops are available in
our neighbor democracy of Canada*
It is true that only three
months ago a rigid quota was apnlied to the importation of
-
11
-
vihert from Canada with the ultimate objective of keeping up
the price of Wheat in this country.
But it is also true that
only the other dry the quota on sugar from Cuba was enlarged
so substantially as to absorb most of the reserve stocks in
that country.
It seems to me desirable and necessary that we
now follow the example set in the case of Cuban sugar and
permit the entry of Canadian wheat in larger volume.
Here in this country we have large reserve stocks of
farm products of many kinds which should be released for con
sumption as fast as necessary to prevent unreasonable price
rises.
The Government now holds or controls seven million bales
of cotton in reserves, and cotton prices have risen from
9| cents a pound on August 1, 1939 to over seventeen cents
P pound at the present time.
In suite of this rise of not
frr from 100 per cent in two years* Congress recently sent to
the President a bill to freeze government stocks of cotton and
wheat for the duration of the war, and thus to nrevent the
government from disposing of any of the surplus wheat and
cotton it had acquired.
The President promptly vetoed the
till because this measure would have aggravated the danger
of inflation and might have frustrated our efforts to fight it
We ought not to withhold cotton surpluses, or any sur
pluses, from the market in times like these.
The housewife
ought not to be made to pay a tribute to profiteers ^nd
-
12
-
speculators when she buys a cotton sheet for her home or a shirt
for her husband or a suit for her child.
Millions of people still go without the milk, butter and
eggs which, according to the testimony of food experts and
the dictates of plain common sense, are necessary to good
health and good morale*
Yet the reserve stocks of butter,
Cheese, beef a.nd pork now held in this country a.re far higher
than they were a year a.go and far higher than the average of
the past five years.
This has been historically a land of milk and honey.
There is still plenty of milk and honey but too much of it
is in the warehouses.
Let's make it flow.
If we were to let
it. flow to the public we would not only help in keeping prices
stable but we would be doing something even more important;
we would be helping to make our people healthier and happier.
It is sheer folly from the farmer’s point of view to
push prices up by creating scarcities in times like these.
The farmer’s suffered cruelly for twelve long years after the
collapse of the inflation of 1920 and 1921; they should not
be made to suffer again.
It is sheer folly in the same way for labor leaders to
seek new increases in wrages every few months —
new increases
wfrich in turn produce higher manufacturing costs, higher
prices, and a higher cost of lining.
- 13 It is short-sighted for a landlord to charge all that
the traffic will hear in defense centres where housing space
is at a premium.
It is poor business, in the long run, for any businessmen
to seek exorbitant profits in this period of defense spending.
It is bad banking, in the long run, for any banker to
exploit the present demand for funds by seeking to charge
unreasonable interest rates.
There are always selfish groups in any country which
think they can profit from inflation.
They are wrong;
Inflation does more than merely to rob the wage earner
of a portion of his earnings.
,
It does more than saddle the
farmer with a load of debt which he cannot repay.
It is more
destructive of morale than any other single force.
Inflation
divides the country.
It sets up producers against consumers,
workers against employers, the people who owe money against
the people to whom the money is owed.
No group in a community profits from inflation in the
long run except the Three Horsemen - the Speculator, the
Profiteer and the Hoarder.
These are truths that should be self-evident.
They
should be especially so now, in view of the fact that rising
prices will only add to the cost of our defense program and
make the arming of our country steadily more difficult.
They should be self-evident now in the light of the experience
14
that we suffered only 25 years ago.
TyVe Americans haye more than 150 years of self-government
behind us.
We are a mature nation, and we should be able to
face up to our responsibilities as mature men and women.
Py plea to you tonight is that we should learn from bitter
experience.
My hope and my belief is that no group among us
whether farmers, working men or business men - shall be tempted
by the illusion of selfish gain into allowing prices to rise
unchecked.
The cost of inflation is too ruinous to producer and
consumer a,like for anyone in authority to tolerale it now.
I can give you only this pledge - that this Administration
will do everything humanly possible to prevent inflation.
But in this fight the Administration must have the firm
support said the clear understanding of 130 million Americans
behind it.
If we have that support and that understanding,
I know that we shall not fail.
Cost of L iving
Changes in Buying Power o f Your Dollar
World War and Now
Total Cost o f Living
WORLD WAR —
NOW —
W hat Your D o llar
Would Suy — 1914 B ase
W hat Your D o llar
Would Buy — 1939 Basa
June
1939
June
1914
100%
100%
June
1941
June
1916
94%
June
June
1942
1920
?
Answer
depends
on US
48%
Clothing
Food
WORLD WAR —
NOW -
WORLD WAR —
What Your D o llar
Would Buy — 1914 B asa
W hat Your D o llar
Would Buy — 1939 Base
W hat Your D o llar
Would Buy — 1914 B ase
June
June
1939
1939
100%
100%
100%
June
June
June
1941
1916
1941
88 %
90%
JuneP
June
1920 R
1942
^44%
?
Answer
depends
•
What Your D o llar
Would Buy — 1914 B aa*
NOW —
What' Your D o llar
Would Buy — 1939 Base
1941
“""J*1
W hat Your D o llar
Would Buy — 1939 Bata
June
1939
June
1941
Answer
r depends
on us
June
June
1942
1920
?
•
59%
Note: All other items o f Cost o f Living included in total
Timms
96%
96%
99%
1942
100%
100%
June
1916
Jüne
77%
NOW —
W hat Your D o llar
Would Buy — 1914 B ate
i>%
June
on US
WORLD WAR —
June
1914
100%
98%
?
Answer
depends
Heat and Light
1939
1920
1942
1920
on US
June
June
June
June
Sh elter
WORLD WAR —
NOW —
W hat Your D ollar
Would Buy — 1939 Baa*
Answer
depends
on US
Press Service
FOR. IMMEDIATE RELEASE,
September 6, 19^-1___
No -<37- 3<?
The Secretary of the Treasury today announced that the United States
'Inmrnnrnt. in rnnjrmr4"* ^
in the T
‘
| had requested banks
................
“
‘
.•
seated Stabilizer
tion
the^anks whose cooperation was asked
on Board of China. \ Included among the^h
were those named in General License Ro. 59 issued under the freezing orders.
This measure, the Secretary stated, was in harmony with previous
measures taken by the American and British Treasuries in the fie ld of
monetary cooperation with China.
Both the United States and Great Britain
have previously entered into stabilization agreements with China whereby
dollar and sterling exchange have been made available to the Stabilization
Board of China.
\Such Board was established recently by China and consists
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.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELRSE,
Saturday, September 6 , 1941.
■
Press Service
2/-o8
The Secretary of the Treasury today announced that the
United States Government had requested banks in the Far East
to give their full cooperation to the newly created
Stabilization Board of China. The British Government is taking
similar action .
Included among the banks whose cooperation
was asked were those named in General License No* 59 issued
under the freezing orders.
This measure, the Secretary stated, was in harmony
with previous measures taken by the American and British
Treasuries' in the field of monetary cooperation with China.
Both the United States and Great Britain have previously
entered into stabilization agreements with China whereby
dollar and sterling- exchange have been made available to the
Stabilization Board of China.
Such Board was established
recently by China and consists of three Chinese, an American
appointed by China on the recommendation of the Secretary of
the Treasury, and a British national appointed on the recommenda
tion of the British Treasury.
- o 0 o -
"Since the new tax rates will increase the yield
from Federal liquor taxes to approximately one billion dollars
the importance of this source of revenue to our financial
needs is apparent."
Berkshire predicted that higher prices of distilled
spirits, due to increased taxation, will cause some shifting
of consumption to cheaper alcoholic liquors, such as beer and
wine, and "will tend to encourage the use of more bootleg
liquor."
"The bootlegger will have a wider margin upon which
to operate under the new tax rates, and his profits will in
crease," said Berkshire.
"However, we are prepared to meet
any increase in bootlegging that may result, by strengthening
our enforcement program."
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWPAPERS,
Wednesday, September 10, 1941__
Press Service
No. ^ 7 - 3 7
Emphasizing the necessity of law observance and law
enforcement to safeguard revenues needed for national defense,
StewartIf Berkshire,y Deputy Commissioner of Internal R e ve nu e^v
I
S
Tb~<
ihio morni’i ^ Tiaare s seg be annual meeting
Trpa<:!H
T th a * M *m
O u w V v d l
-
U w x
w
J
of the National Alcoholic Control Association in Chicago.
"The Bureau of Internal Revenue stands ready to co
operate with the States in solving the many problems which will
arise during this trying period in the life of our nation," said
Berkshire * wWii mi 1 mb j»ofo
"We were told long ago that eternal vigilance is the
price of liberty^ yet we have gone about our own frivolous way,
unmindful and unprepared, "
ing for our folly.
expenditures.
mii
. d . h i ntow "Today we are pay
Adequate defense means enormous additional
We are just beginning to pay."
Referring to current legislation increasing the tax
on distilled spirits, Berkshire said:
^
^%irr\SL
"In the last fiscal year
^0^7000,000, or 11*1
nercent of all internal revenue receipts, were from liquor taxesd
Almost 60 percent of the total internal revenue receipts from
liquor taxes come from distilled spirits.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Wednesday, September 10, 1941
9/8/41
!
Press Service
No. 27-39
Emphasizing the necessity of law observance and law
enforcement to safeguard revenues needed for national defense,
Stewart Berkshire, Deputy Commissioner of Internal Revenue
in charge of the Alcohol Tax Unit, today addressed the annual
meeting of the National Alcoholic Control Association in-'
Chicago.
"The Bureau of Internal Revenue stands ready to cooperate
with the States in solving the many problems which will arise
during thia trying period in the life of our nation," said
Mr. Berkshire.
"We were told long ago that eternal vigilance is the price
of liberty; yet we have gone about our own frivolous way,
unmindful and unprepared," he declared.
for our folly.
expenditures.
"Today we are paying
Adequate defense means enormous additional
We are just beginning to pay.”
Referring to current 1e gislation increasing the tax on
distilled spirits, Berkshire said:
"In the last fiscal year more than $820,000,000 or 1 1 . 1
percent of all internal revenue receipts, were from liquor taxes.
Almost 60 percent of the’Total internal revenue receipts from
liquor taxes comesfrom distilled spirits.
o
Cj
"Since the new tax rates will increase the yield from
Federal liquor taxes to approximately one billion dollars, the
importance of this source of revenue to our financial needs is
apparent."
Berkshire predicted that higher prices of distilled
spirits, due to increased taxation, will cause some shifting
of consumption to cheaper alcoholic liquors, such as beer and
wine, and "will tend to encourage the use of more bootleg
liquor."
"The bootlegger will have a wider margin upon which.to
operate under the new tax rates, and his profits will increase,"
said Berkshire.
"However, we are prepared to meet any increase
in bootlegging that may result, by strengthening our enforement urogram."
■i-
Q
— oOo —
TRBASUHÏ DEPARTMENT
Washington
Erosi Service
FCE HELSA.SE, UOBHXWG KEFSPAFBRS,
Tg»»d»y. swtwfcw 9. m i . ___
9/8/41
The Secretary of the Treasury announced last evening that the tenders for
$100,OCX),000, or thereabouts, of 91-day Treasury bills, to be dated September 10
and to sature December 10, 1941» which were offered on September 5, sere opened
at the Federal Esservi Banks on September 8.
The details of this Issue are as folloess
Total applied for - I439»541,000
Total accepted
« 100,957,000
Range of accepted bidet (excepting one tender of 126,000)
High
Lev
Average price
*» 99*990 Equivalent rate approximately 0*040 percent
- 99*901
«
■
•
0.075
*
- 99*982
»
«
«
0.071
"
(31 percent of the amount bid for at the low price m e accepted)
V
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 9, 1941*____
575741
Press Service
No. 27-40
The Secretary of the Treasury announced last evening that
the tenders for $100 ,000 ,000 , or thereabouts, of 91-day Treasury
bills, to be dated September 10 and to mature December 10, 1941,
which were offered on September 5, were opened at the Federal
Reserve Banks on September 8 :
The details of this issue are as follows:
Total applied for
Total accepted
- $439,541,000
- 100,957,000
Range of accepted bids: (excepting one tender of $26,000)
High
- 99.990 Equivalent rate approximately 0.040 percent
Low
- 99.981
"
"
n
0.075
Average
Price - 99.982
*
"
"
0.071
(31 percent of the amount bid for at the low price was accepted
- o 0 o -
A
- 2
Commodity
Silver or black foxes,
furs, and articles:
Poxes valued under
$250 ea. and whole
furs and skins
-
Established Quota
tUnit of : Imports asl
îPeriod & Country : Quantity_____ :Qnantity;Ang. 3 0 . lql I
12 months from
December 1,19^0
Canada
Other than Canada
Tails
Piece plates
Articles, other than
piece plates
Crude petroleum, topped
crude petroleum, and
fuel oil
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than 6$ of
total soluble solids
30,000
«
(Import quo! 1
fille d )
(import quo®
fille d )
12 months from
December 1,19^0
Paws, heads, or other
separated parts
70,000 Number
5,000 Piece
500 Pounds
N
H
550 Pounds
ft „
5OO Units
Calendar year
Venezuela
Netherlands
Colombia
Other countries
1,913,049,600Gallon
5 78 , 806,200
86 , 956,800 "
13 8 , 58 7 , 1*00 »
*
1,500,000 Gallon
Calendar year
“OoOoo •—
(Import quoil
fille d )
(Import quo®
fille d )
1,281,360,3B
U38,382.2®
>«,726,9®
(Tariff rat®
Quota fil-U®
(Tariff ra| 1
nuota fill®
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, September 8, 1 9 4 1 «
Press Service
No * 27-41
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 August 3D, 1941, inclusive, as
follows:
;
Established Quota________ : Unit of : Imports as
Commodity_____________ tPeriod & Country: Quantity
: Quantity; August 30.
Cattle less than 200
pounds each
♦
Calendar year
100,000
Head
91,054
Cattle, 700 pounds or
more each (other than
dairy cows)
Quarter year
from July 1, 1941
Canada
Other countries
Whole milk, fresh or sour
Calendar year
3,000,000
Gallon
Cream, fresh or sour
Calendar year
1,500,000
Gallon
Fish, fresh or frozen
filleted, etc,, cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
15,000,000
Pound
5,963,198
90,000,000
Pound
43,004,591
60,000,000
Pound
13,959,178
White or Irish potatoes
Certified seed
Other
12 months
Sept, 13,
12 months
Sept, 15,
from
1940
from
1940
51,720
8,280
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
22,000,000
Red Cedar shingles
Calendar year
2,4SS,359
Head
n T
34,947
(Tariff rate qu^
filled)
4,262
649!
Pound
(Unstemmed
equivalent)13,272,51°
Square
2,393,493
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
[Tuesday, September 9, 1941,
Press Service
No. 27-41
The Bureau of Customs announced today preliminary figures for imborts of commodities within quota limitations provided for under trade
agreements, from the beginning of the quota periods to August 30, 1941,
inclusive.* as follows:
Commodity
(Cattle less than 200
I pounds each
Cattle, ]00 pounds or
more each (other than
dairy cows)
:_____ Established Qyiota_____ : Unit of {Imports as of
{Period & Country:
Quantity : Quantity:Angust 30» 1941
Calendar year
Quarter year
from July 1, I9U1
Canada
Other countries
100,000
Head
51,720
Head
8,280
91.85^
3 4 .9 4 7
(Tariff rate quoi
filled)
pole milk, fresh or sour
Calendar year
3,000,000
Gallon
4,262
(¡ream, fresh o r sour
Calendar year
1 ,500,000
G-allon
649
filleted, etc., cod,
haddock, hake, pollock,
I cusk and rosefish
Calendar year
15 ,000,000
Pound
5,963,19S
Phite or Irish potatoes
C e rtifie d seed
12 months from
90,000,000
Pound
43,004,591
60,000,000
Pound
13,959,17s
Jish, fresh or frozen
Other
Sept. 15, 19*10
12 months from
Sept. 15, 19*10
¡hhan filler tobacco,
^stemmed or stemmed
(other than cigarette
leaf tobacco), and
j 8crap tobacco
Calendar year
22,000,000
!ed Codar shingles
Calendar year
2,488,359
Pound
(Unstemmed
equivalent)
Square
13,272,51s
2,393,493
- 2______ Established Quota________ JUriit of : Imports as of
:Period & Country : Quantity_____ : Quantity;Aug. 30*19^1
$250 ea, and whole
furs and skins
12 months from
December 1,19^0
Canada
Other than Canada
Tails
[Paws, heads, o r o t h e r
separated p a r t s
piece p la te s
[Articles, o th e r th an
I piece p la t e s
Crude petroleum, topped
crude petroleum, and
fuel oil
12 months from
December 1,19^0
70*000 Number
(import quota
fille d )
30,000
(import quota
fille d )
«
5,000 Piece
(import quota
fille d )
11
500 Pounds
(import quota
fille d )
M
550 Pounds
36U
M
O
O
O
Units
Calendar year
Venezuela
Netherlands
Colombia
Other countries
1.913*0^9,600Gallon
578, 806,200 «
86, 956,800 «
I38, 587, *+00 "
35
1 ,2 8 1 ,3 6 0 ,3 5 7
i+38 ,382,269
1+8,726,959
(T ariff rate
Quota fille d )
Molasses and su g a r
I sirups c o n t a in in g
soluble nonsugar
solids equal to
acre than 6$ o f
total soluble solids
Calendar year
«•00O00-
1,500,000 Gallon
(T ariff rate
quota fille d )
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday, September I Q t
Press Service
No. 27-42
1941
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 o v i s i o n w i l l be made
a t c u s to m s p o r t s o f e n t r y t o e n a b l e i m p o r t e r s t o f i l e
e n t r i e s and w ith
d r a w a ls c o v e r i n g c o t t o n a n d c o t t o n w a s t e s u b j e c t t o t h e q u o t a p r o v is io n s
o f 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 o f S e p te m b e r 5 , 19 3 9 * a s m o d if i e d b y the
p r o c l a m a t i o n o f D ece m b e r 1 9 , 1 9 4 0 , a t t h e same i n s t a n t o f t im e a t th e
o p e n i n g o f t h e new q u o t a y e a r o n S e p te m b e r 2 0 , 1 9 4 1 , a t 1 2 noon E a s te rn
S t a n d a r d T im e , 1 1 A . M ., C e n t r a l S t a n d a r d T im e , 1 0 A . M ., M ou n tain
S t a n d a r d T im e, an d 9 A . M ., P a c i f i c S t a n d a r d T im e .
fa lls
S i n c e S e p te m b e r 20
o n a S a t u r d a y , p o r t s i n t h e E a s t e r n S t a n d a r d T im e B e l t w i l l be
o p e n f o r c u s to m s b u s i n e s s u n t i l 1 :0 0 P . M ., E a s t e r n S t a n d a r d Time on
th a t d a te .
The a c c e p t a n c e o f e n t r i e s a n d w i t h d r a w a l s f o r c o n s u m p tio n c o v e r in g
q u o t a c l a s s c o t t o n a n d c o t t o n w a s t e w i l l b e a u t h o r i z e d w i t h i n t h e quota
l i m i t a t i o n s i n t h e o r d e r o f t h e t im e o f t h e i r p r e s e n t a t i o n i n p r o p e r
fo r m a t t h e c u s to m h o u s e i n t h e p o r t w h e re t h e m e r c h a n d is e h a s a r r i v e d .
I f e n t r i e s an d w i t h d r a w a l s f o r c o n s u m p tio n p r e s e n t e d a t t h e h o u r s specific!
a b o v e o n S e p te m b e r 2 0 , 1 9 4 1 , c o v e r a t o t a l q u a n t i t y o f c o t t o n o r c o tto n
w a s t e i n e x c e s s o f t h e q u o t a p r o v i d e d f o r a n y c o u n t r y , t h e q u a n t i t y which I
m ay b e a d m it t e d t o e n t r y w i t h i n t h e q u o t a w i l l b e p r o r a t e d on t h e basis
o f th e q u a n tity p re s e n te d f o r e n t r y .
•oOo-
(Prepared -
Protests*
Washington
O
FOR M E D I A T E RELEASE,
Wednesday, September 10, 1941
Press Service
No. 27-42
The Bureau of Customs announced today that provision will be
made at customs ports of entry to enable importers to file entries
and withdrawals covering cotton and cotton waste subject to the
quota provisions of the President’s proclamation of September 5,
1939, as modified by the proclamation of December 19, 1940, at
the same instant of time at the opening of the new quota year on
September 20, 1941, at 12 noon Eastern Standard Time, 11 A. M.,
Central Standard Time, 10 A. M., Mountain Standard Time, and 9 A. M.,
Pacific Standard Time.
Since September 20 falls on a Saturday,
ports in the Eastern Standard Time Belt will be open for customs
business until 1:00 P. M., Eastern Standard Time on'/that date.
The acceptance of entries and withdrawals for consumption
covering quota class cotton and cotton waste vail be authorized
within the quota limitations in the order of the time of their
presentation in proper form at the customhouse in the port where
the merchandise has arrived.
If entries and withdrawals for con
sumption presented at the hours specified above on September 20 ,
^41, cover a total quantity of cotton or cotton waste in excess
the quota provided for any country, the quantity which may be
admitted to entry within the quota will be prorated on the basis
-oOo-
PRESS RELEASE:
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 p r e l i m i n a r y f i g u r e s f o r im p o rts of
c o m m o d itie s w i t h i n t h e q u o t a l i m i t a t i o n s p r o v i d e d f o r u n d e r t h e P h i li p p i n e
I n d e p e n d e n c e A c t , a s am ended b y t h e a c t o f A u g u s t 7 , 1 9 3 9 , fr o m t h e begin n in g
o f th e q u o ta p e r io d s t o A u gu st 3 0 , 1 9 4 1 , i n c l u s i v e , a s fo llo w s :
P ro d u cts o f
P h ilip p in e I s la n d s
E s t a b l i s h e d Q u o ta
: P e r io d
:
Q u a n tity
j U n i t o f : Im ports Ias a
: Q u a n t it y ! August JR, 1
C oconut o i l
C a le n d a r y e a r
4 2 5 ,6 0 0 ,0 0 0
Pound
255,047,6i
R e fin e d s u g a r s
C a le n d a r y e a r
1 1 2 .0 0 0 .0 0 0 )
Pound
81,994,34
S u g a rs o th e r th a n r e fin e d
C a le n d a r y e a r
1 ,7 9 2 ,0 0 0 ,0 0 0 )
Pound
1,372,450,91
C ord age
P e r i o d - M ay 1
t o D e c .3 1 , 1 9 4 1
4 ,0 0 0 ,0 0 0
Pound
2,l6O,0<
G ro ss
535,J
w
B u tto n s o f p e a r l o r s h e l l
C a le n d a r y e a r
8 0 7 ,5 0 0
C ig a r s
C a le n d a r y e a r
1 9 0 ,0 0 0 ,0 0 0
S c r a p t o b a c c o a n d stem m ed
a n d unstem m ed f i l l e r
to b a cco
C a le n d a r y e a r
4 ,2 7 5 ,0 0 0
Number
Pound
1 1 1 , 403, ïj
2,972,9]
X/ The d u t y - f r e e q u o t a o n P h i l i p p i n e s u g a r s a p p l i e s t o 8 5 0 ,0 0 0 l o n g t o n s , of
n o t m o re t h a n 5 0 ,0 0 0 l o n g t o n s m ay b e r e f i n e d s u g a r s *
-ôO o
{Prepared"
571
TREASURY DEPARTMENT
Washington
Press Service
No. 27-43
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, September 11, 1941.
fH/10/41
'
c o m m o d itie s w i t h i n t h e q u o t a l i m i t a t i o n s p r o v i d e d f o r u n d e r t h e P h i li p p i n e
I n d e p e n d e n c e A c t , a s am ended b y t h e a c t o f A u g u s t 7 , 1 9 3 9 , fr o m t h e b egin n in g
o f th e q u o ta p e r io d s t o A u gu st 3 0 , 1 9 4 1 , i n c l u s i v e , a s f o llo w s :
P e r io d
__ ________
:
Q u a n tity
s U n it o f : Imports) as.
: Q u a n t i t y : August k . lj
C oconut o i l
C a le n d a r y e a r
4 2 5 ,6 0 0 ,0 0 0
P ound
255,047,«
R e fin e d s u g a r s
C a le n d a r y e a r
1 1 2 ,0 0 0 ,0 0 0 )
P ou n d
81,994,4
P ound
1,372,450 ,j
4 ,0 0 0 ,0 0 0
Pound
2,l60,oj
G ro ss
535,4
W
1 ,7 9 2 ,0 0 0 ,0 0 0 )
S u g a rs o th e r th a n r e f in e d
C a le n d a r y e a r
C ord age
P e r i o d - M ay 1
t o D e c .3 1 ,1 9 4 1
B u tto n s o f p e a r l o r s h e l l
C a le n d a r y e a r
8 0 7 ,5 0 0
C ig a r s
C a le n d a r y e a r
1 9 0 ,0 0 0 ,0 0 0
S c r a p t o b a c c o a n d stem m ed
a n d unstem m ed f i l l e r
to b a cco
C a le n d a r y e a r
4 ,2 7 5 ,0 0 0
Number
P ound
1 1 1 , 403,ii
2,972,4
1/ The d u t y - f r e e q u o t a o n P h i l i p p i n e s u g a r s a p p l i e s t o 850,000 l o n g t o n s , of
n o t m o re t h a n 5 0 ,0 0 0 l o n g t o n s m ay b e r e f i n e d s u g a r s .
an o f „Qu s to m a )
m
lugi
Phi:
TREASURY DEPARTMENT
Washington
'OR RELEASE, MORNING NEWSPAPERS
Thursday, September 11, 1941.
b/lü/ïi
Press Service
No. 27-43
The Bureau of Customs announced today preliminary figures for
imports of commodities within the quota limitations provided for
lunder the Philippine Independence Act, as amended by the act of
August 7, 1939, from the beginning of the quota periods to
August 30,1941, inclusive, as follows:
Products of
: Established Quota_________ ¡Unit of ¡Imports as of
Philippine Islands______ ¡Period_______ ¡ Quantity
¡Quantity?August 30,1941
Coconut oil
Calendar year
425*600,000
Pound
255*047,656
Refined sugars
Calendar year
112,000,000)
Pound
81,994*340
4*000,000
Pound
2,160,049
Gross
535,447
Cordage
Period - May 1
to Dec.31*1941
Buttons of pearl or shell
Calendar year
Cigar;
Calendar year
190,000,Q00
pcrap tobacco and stemmed
and unsteramed filler
I tobacco
Calendar year
4*275*000
807*500
Number
Pound
111,403,526
2,972,307
IP 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-
(2)
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AT© ROVING WASTE
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1-3/16 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany and Italy:
Country of
Origin
: Established
: TOTAL QUOTA
United Kingdom .. .
Canada .........
France ........
British India .. .
Netherlands .....
Switzerland .....
Belgium........
J a p a n ..........
China ..........
Egypt ..........
C u b a ...........
Germany........
I t a l y ..........
Total
1/
(In Pounds)
TOTAL IMPORTS : Established
Imports Sept.
Sept. 20, 1940:, 33-1J % of
20, 1940, to
to August 30,1941: Total QuotaAugust 30.19/11/
A,323,457 1,441,548
239,690
239,347
227,420
69,627
68,783
68,240
¿4,388
38,559
—
341,535
—
17,322
8,135
3,500
6,544
76,329
—
21,263
1,441,152
5,482,509 1,753,178
1,599,886
—
-
-
—
—
Included in total imports, column 2.
-
75,807
—
22,747
14,796
12,853
6,430
—
_
—
_
—
-
—
-
—
-
—
_
-
25,443
7,088
—
—
6,430
To bá mimfecgraphed fop -Distribution
FOR IMMEDIATE RELEASE
September 10, 1941
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the j
import quotas established by the President's proclamations of September 5, 1939j
and December 19, 194-0, as follows, during the period September 20, 1940, to
August 30, 1941, inclusive,
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AMD 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 1-1/8" or mora
Country of
Origin
Egypt and the AngloEgyptian Sudan .....
Peru ............ .
British India ........
China ...............
Mexico ............ ..
Brazil ..............
Union of Soviet
Socialist Republics .
Argentina ...........
Haiti ................
Ecuador ......... .
Honduras .............
Paraguay ............
Colombia ............
Iraq .................
British East Africa ...
Netherlands East
Indies .............
Barbados ............
Other British West
Indies 1/ .........
Nigeria .............
Other British West
Africa 2/ .........
Algeria and Tunisia ...
Other French Africa 3/*
Total
:
: Imports Sept. :
: Imports Se
: Established * 20, 1940, to ; Established : 20, 1940, 1
Quota
•Alignai. GO,
:
Quota
*Ancmst. 30.
783,016
mm
247,952
2,003,483
1,370,791
8,883,259
610,723
175,650
239,545
—
8,883,259
618,723
475,124
5,203
237
9,333
752
871
124
195
—
5,070
—
9,273
—
43,451,566
2,056,299
64,942
2,626
—
3,808
—
435
32,866,818
1,872,340
-
204
-
—
-
2
-
2,240
—
—
29,909
164
-
71,388
71,388
12,554
1,737
5,377
—
-■
30,139
~
16,004
—
689
»
—_
2,002
1,634
-
_
21,321
14 .516,882 10,002,910
506
-
-
-
—
45.656.420
’bados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
34,741,263.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Press Service
Thursday, September 11, 1941 «
No. 27-44
and December ±y, j-va-u , am i u x x u w o ,
A u g u s t 30, 1 9 4 1 , i n c l u s i v e .
X------- --- J.---
J J- /*+'-',
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTSRS). Annual quotas
commencing September 20, by Countries of Origin:
Country of
Origin
(In Pounds)
Staple length less
Staple length 1-1/8" or moré
than 1- 1/8"
but less than 1-11/16" 1
:
: Imports Sept,
: Imports Septi
Established : 20, 1940, to]
: Established i 20, 1940, to
Quota
Quota
'Alignat GO, 1 9L\1
•August GO, 191
Egypt and the AngloEgyptian Sudan .....
Peru ............ .
British India ........
China ...............
Mexico ............ *.
Brazil ..............
Union of Soviet
Socialist Republics .
Argentina ...........
H a i t i ...............
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 %/.
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
mm
175,650
239,545
-
43,451,566
2,056,299
64,942
2,626
8,883,259
618,723
3,808
475,124
5,203
237
9,333
752
871
124
195
5,070
9,273
-
435
71,388
-
71,388
12,554
21,321
5,377
-
30,139
-
16,004
689
—
1,634
-
2,240
2
—
506
—
—
29,909
2,002
45.656.420
14.516.882 10,002,910
Total
1/ Other than Barbados, Bermuda, Jamsiica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
32,866,818
1,872,340
- I
- I
-1
204 I
-1
- I
164 I
- I
“ I
— I
*■ I
— I
— I
—1
1,737 !
-1
— I
— I
- I
— I
-____=-■
34,741_i26lJ
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, September 11, 1941,
Press Service
No* 27-44
The Bureau of Customs announced today that preliminary reports
from the collectors of customs sfeow 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 August 30, 1941, inclusive*
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH
OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY
USED IN THE MANUFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
HITTERS). Annual quotas commencing September 20, by Countries of
Origin:
~
Country of
Origin
Egyptian Sudan.....
Nora......... .
British In d ia * • • • • • • • •
China....................... . ........... .
Mexico
B ra zil......... ’.........................
Chion of Soviet
| Socialist Republics •
Argentina .....................
Haiti .....................................
Ecuador . . . . . . . . . . . . . . .
Honduras ............................
Paraguay
........
Colombia ............. ..............
haq.
British East Africa ...
Motherlands E a s t I n d ie s
toad os
Other B r i t i s h West
^dies 1/ . .
Nigeria...............................
Other B r i t i s h West
--------\
/_______
•
Staple length less
Staple lengthl~l/8H or môre
:
than 1-1/8»
but less than l-ll/l6M
•
: Imports Sept.
: Imports Sept
: Established : 20, 1940, to
Established : 20, 1940,to
î
Quota
îAueust 30r 1941
Quota
:August 30.194
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
-
175,650
239,545
-
8 ,883,259
618,723
5,070
-
9,273
—
43,451,566
2,056,299
64,942
2,626
32,866,818
1,872,340
—
3,808
204
435
506
164
mm
—
mm
mm
2
mm
mm
-
mm
mm
71,388
—
—
30,139
-
29,909
mm
—
mm
12,554
.'4,737
-
toca 2] ...........
_
16,004
2,002
% r i a and Tunisia ...
«
1,634
Other French A f r i c a 3 / .
..
689
1T Iotal_________
14.516.882 10.,002.910
45.656.420
|i/ Otherthan Barbados,
jrmuda, Jamaica, Trinidad, and Tobago.
L
than G-old Coast andITigeria.
tner than Algeria, Tunisia, and Madagascar.
-
mm
.M
34.741.263
_ 9
COTTON CARD STRIPS. (JOBBER WASTE LAP WASTE, SLIVER ASTP£t AND ROVINO
WASTE, WHETHER OR NOT MANUFACTURED OR- OTHERWISE ADVANCED IN VALUE
Animal quotas commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent
of the quotas shall be filled by cotton wastes other than card
strips and comber wastes made from cottons of 1-3/16 inches or
more in staple length in the case of the following countries:
United Kingdom, France, Netherlands, Switzerland, Belgium',
Germany and Italy:
Country of
Origin
••
f Established
*: TOTAL QUOTA
:
United Kingdom ...,
Canada ...........
Prance ........ .
British India .....
Netherlands .......
Switzerland .......
Belgium....... *.
Japan.... f
China ........
Egypt...........
Cuba .....
Germany ....
Italy .......
Total
h
^.323.^57
239.690
227,1+20
69.627
6g,2Uo
(In Pounds)
TOTAL IMPOSTS
Sept. 20, I9U0,
to Aug. 30, 19Ul
1 ,1*1+1 ,51+g
239,3^7
Established
33-1/3$ O f
Total Quota
1 . ^ 1.152
Imports
Sept. 20, 19*10,
to Aug. 30. iq*n 1/
6,1+30
75,807
68,783
22,7^7
li*.796
12.853
U4,3gg
38.559
3Ul , 535
17.322
8,135
6,51+1+
76,329
-
-
3,500
21,263
-
5.1+S2,509
1,753,178
Included in total imports, column 2.
-coo-
25,1+1+3
7,osg
i.599,8g6
-
6,^30
PRESS RELEASE
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s Proclamation
of May 28, 1941, for the twelve months commencing May 29, 1941, as follows:
Wheat flour, semolina,
crushed or cracked wheat,
and similar wheat products
Imports May
Imports May 29,
Established: 29, 1941 to Established
1941 to Aug.30,
Quota
Quota
: Aug. 30,1941
1941
(Pounds)
(Pounds)
(Bushels)
(Bushels)
Wheat
Country of
Origin
Canada
795,000
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
100
Syria
New Zealand
Chile
100
Netherlands
Argentina
2,000
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
87,286
• -
800,000
87,286
Total
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
i;ooo
1,000
-
m
4,000,000
-oOo-
Bureaurof- -Gustorae)•
5,460
4,440
5,925
57
•
—
—
—
„ _15,882
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, September 1 1 t 1941 .
Press Service
No. 87-45
consumption under the import quotas established in the President’s Proclamation
of May 28, 1941, for the twelve months commencing May 29, 1941, as follows:
Wheat flour, semolina,
crushed or cracked wheat,
and similar wheat products
Imports May 29,
Imports May
1941 to Aug.30,
Established: 29, 1941 to Established:
Quota
:
1941
Quota
: Aug. 30,1941
(Pounds)
(Pounds)
(Bushels)
(Bushels)
Wheat
Country of
Origin
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
795,000
Canada
China
Hungary
Hong Kong
Japan
100
United Kingdom
Australia
100
Germany
100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
87,286
-
-
800,000
87,286
4,000,000
Total
-
• -
-
-
-oOo-
5,460
4,440
-
5,925
—
57
—
—
—
i;ooo
1,000
-
•
—
—
*•
~_____- ,
15,882
TREASURY DEPARTMENT
Washington
fOR IMMEDIATE RELEASE,
Thursday, September 11, 1941,
Press Service
No. 27-45
ihe Bureau of Customs announced today preliminary figures
showing the quantities of wheat and wheat flour entered, or with
drawn from warehouse, for consumption under the import quotas
established in the Presidents Proclamation of May 28, 1941, for
the twelve months commencing May 29, 1941, as follows:
Wheat flour, semolina,,
crushed or cracked wheat,
and similar wheat
Imports May
Imports May 29,
sablishedi 29, 1941 to Established :
1941 to Aug.30,
Quota
ï Aus.30.1941
Quota
:
1941
bushels)
(Bushels)
(Pounds)
(Pounds)
795,000
87,286
3,815,000
5,460
24,000
4,440
—
13,000
13,000
5,925
8,000
100
75,000
•*
1,000
100
5,000
100
5,000
—
1,000
N.
1,000
100
1,000
2,000
mm
14,000
100
mm
2,000
12,000
57
mm
1,000
1,000
mm
1,000
mm
100
1,000
—
1,000
mm
1,000
mm
1,000
m .
1,000
mm
1,000
1,000
mm
1,000
—
mm
1,000
•»
0mm
100
100
Wheat
Country of
Origin
Canada
IChina
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
Hew Zealand
Chils
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
j^land and Danzig
Sweden
Jugoslavia
Norway
Islands
flnnania
Guatemala
Brazil
^ o f Soviet
Socialist Republics
Belgium
* o ta l
100
100
800,000
87,386
-ooOoo-
4,000,000
—
15,882
PRESS RELEASE:
The Bureau of Customs announced today pre3.imi.nary figures for imports
of coffee subject to quota limitations under the Presidents proclamation
of the Inter-American Coffee Agreement on April 15, 1941, as of September 6,
1941.
Quota Period
Revised 3/
Quota (lbs)
Country of Production
Quota Period - 12 months
from October 1, 1940s
Dominican Republic
16,581,987
73,928,131
Guatemala
58,037,021
Venezuela
Colombia
433,277,853
Costa Rica
27,636,689
Ecuador
20,727,317
Haiti
38,000,514
Brazil
1,285,106,049
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
26,945,812
11,054,702
3,454,520
65,637,203
Non-signatory countries:
A ll types of coffee
49,055,084
Entered for Consumption
As of (Date)
Pounds
September 6, 1941 (Import quota fillel
76,892,536
2,489,655
23,934,325
10,312,036
3,299,772
62,250,830
82,910,068
2,763,642
(import quota fill®
~\JQuotas increased by Inter—American Coffee
Board, effective August 11, 1941s
y Appeals and Protests,
Pnrftfl" ^
THE/ SIJRY DEPA HTT;IENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, September 1 1 . 1941.
Press Service
No. 27-46
of coffee subject to quota limitations under the Presidents proclamation
of the Inter-American Coffee Agreement on April 15, 1941, as of September 6,
1941.
s____ Entered for Consumption
s Revised 1/
Quota Period
Pounds
s Quota (lbs) s As of (Date)_____s
Country of Production
Quota Period - 12 months
from October 1 , 1940s
September 6, 1941 (Import quota fill«
16,581,987
Dominican Republic
tt
tt
»
I
73,928,131
Guatemala
it
« I
58,037,021
Venezuela
it
it
it
» I
435,277,855
Colombia
If
H
II
II I
27,636,689
Costa Rica
It
If
It
tt I
20,727,517
Ecuador
tt
If
tt
It I
38,000,514
Haiti
tt
tt
tt
It I
1,285,106,049
Brazil
h
h
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
h
76,892,536
2,489,655
23,914,325
10,312,036
3,299,772
62,250,830
82,910,068
2,763,642
26,945,812
11,054,702
3,454,520
65,637,203
Non-signatory countries:
A ll types of coffee
49,055,084
n
(Import quota filli
2/ Quotas increased by Inter-American Coffee Board, effective August 11, lw |
(Prepared ' Quoirft-Unitu Appofljft and Protests
TREASURY DEPARTIRENT
Washington
¡OR IMMEDIATE RELEASE,
Thursday, September 11, 1941.
Press Service
No. 27-46
The Bureau of Customs announced today preliminary figures for
imports of coffee subject to quota limitations under the President*
proclamation of the Inter-American Coffee Agreement on April 15, 1941,
as of September 6 , 1941.
Quota Period
Country of Production
! Revised 1/
; Quota (lbs.)
Qiota Period « 12 months
from October 1, 1^40 :
Dominican Republic
1 6 ,5 3 1 ,9 3 7
Guatemala
73.923,131
Venezuela
5 3 ,0 3 7 ,0 2 1
Colombia
'+35.277.855
Costa Rica
2 7 ,6 3 6 ,6 8 9
Ecuador
20.727,517
Haiti
3 3 ,0 0 0 ,5 1 ^
Brazil
1 ,2 8 5 ,1 0 6 ,0 4 9
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
Non-signat ory countries •
types of coffee
Ij flotas
7
Entered for Consumption
: As of (bate)
:
Pounds------- ~~
September 6 r 194l
it
h
it
h
it
*
n
it
«
«
«
«
«
II
t!
II
II
»
II
h
h
Il
II
II
ti
Il
II
II
8 2 ,9 1 0 ,0 6 8
it
2,763,642
2 6 ,9 4 5 ,8 1 2
1 1 ,0 5 4 ,7 0 2
3 ,4 5 4 ,5 2 0
6 5 ,6 3 7 ,2 0 3
it
it
it
h
it
it
49,055,034
(Import quota filled)
76*B92,536
2,489,655
23,914,325
10,312,036
3,299,772
62,250,330
(import quota filled)
increased by Inter-American Coffee Board, effective August 11, 1941.
\
-0O0-
'■POOilfl SAYINGS STAMPS
Estimated Total Value and Number of Units Sold»
by Denominations, During May, June, July, and August, 19*41
(A ll figures in thousands)
e
!
Number of Units by Denominations
Denomination !----------------- :------------------:------------------:------------- -— r ---------- •
May
June
July
*
August
1
Total
'
______
5
___
S
t
_________ *_______________________ •____________ .
$ .10
2 .5 3 6
1.59*
1.625
2,1426
8 ,ISO
.25
5 . 36 *
5.728
7.3*1
9.856
28,288
.50
1.213
«75
1.0JS
1.209
*.335
1.00
698
lf68
533
661
2.360
5 .0 0
115
61
1«
56
280
Total
9 .9 2 6
8 ,72 5
10.*SSH
1U.208
Total Value
$3.*75
$2,802
$3,288
$*.251
Office of the Secretary of the Treasury,
Division of Hesearch and S ta tistic s.
Source;
Note:
$13,817
September
Division of Postal Savings, Post Office Department•
Figures have been rounded to nearest thousand and w ill not neces
sarily add to totals. For the same reason, the sum of units
times denominations does not necessarily agree exactly with
toted value.
DEFENSE SAVINGS STAMPS
Estimated Total Value and Number of Units Sold,
by Denominations, During May, June, July, and August,
(All figures in thousands)
•
Numb er of Units by Denominations
Denomination :
June
July
August
Total
$ .10
2,536
1,594
1,625
2,426
8,180
.25
5,364
5,728
7,341
9,856
28,288
.50
1,213
875
1,038
1,209
4,335
1.00
698
468
ooo
661
2,360
5.00
115
61
48
56
280
Total
9,926
8,725
10,584
00
43,444
$3,475
$2,802
$3,288
$4,251
$13,817
•
Total Value
¡an o oil vjTr
O l
U A A V-/
o
U U i
V
u. A
V
^
y
o
ca
May
i— 1
•'
•
Q p. ■nV o.mT^n-p
Jl;
ll
-7
l
Division of Research .and Statistics.
Division of Postal Savings, Post Office Department.
Figures have been rounded to nearest thousand and vail not
necessarily add to totals. For the same reason, the sum
of units times denominations does not necessarily agree
exactly with total value.
27-47
-
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
September 17. 1 9 A 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,
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, p 4
V ?
yMyPE&i
TREASURY
DEPARTMBSf
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 12. 19A1
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
:>65<k
on a discount basis under competitive bidding.
be dated
September 17, 19^1
The Dills of this series will
and will mature
December 17, 19.41--------- >
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 nanks and Sranches up to thi
closing hour, two o lclock p. m., Eastern Standard time, Monday? SeptemberJ:i1J ^
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.f 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 Barnes
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 secun
ties.
Tenders from others must be accompanied by payment of 10 percent of t ^
face amount of Treasury bills applied for, unless the tenders are accompani
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened a
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 12, 1941,
treasury d e p a r t m e n t
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.
The
bills of this series will be dated September 17, 1941, and will
nature December 17, 1941, 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, two o' clock p. m,, Eastern Standard time,
Monday, September 15, 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
^vestment securities.
Tenders from others must be accompanied by
payment of 10 percent of the face amount of Treasury bills applied
27-48
-
2
-
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
'orices offered must be made or completed at the Federal Reserve
Bank in cash or other immediately available funds on
September 17, 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 treatment, as such,
under Federal tax Acts now or hereafter enacted*
The bills shall
te subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation
novi or hereafter imposed on the principal or interest thereof by any
State,* or any
d of the possessions of the United States, or by any
-L
-slocal 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
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
- 0O 0 -
TREASURY DEPARTMENT
Comptroller of the Currency
Washington,
FOR RELEASED Morning Newspapers,
Friday, September 12, 1941.
9/11/41.
Press Service
Comptroller of the Currency Preston Delano announced today that
national hanks in the United States and possessions on June
30 , 19U1 ,
had outstanding $1 , 008 , 170,000 in personal and r e ta il installment paper,
including 3F.H.A. T itle I loans, which was
13 percent of the total of
their loans to customers, excluding real estate loans, loans for pur
chasing or carrying securities, open-market paper, and loans to hanks.
More than 89 percent, or U,5S6 of the hanks were engaged in making loans
of the type indicated.
Included in the aggregate of such loans were retail installment
paper of $610,356,000, E.H.A. Title I loans of $166,037*000» and personal
installment cash loans of $231 , 777 , 000.
Personal and retail installment loans were reported hy hanks in all I
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 hanks, ranged from
28 percent in the Pacific States to 9 percent in the New England States.
The retail installment loans outstanding represented purchased paper
of $U08,08lj-,000 and direct loans of $202 , 272 , 000 , and the aggregate of
$610 , 356,000 was an increase of $156 , 216,000 of this class of paper re
ported hy national hanks at the end of the calendar year 19^U when it
amounted to $^5^*1^0*000»
0O 0-
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 12, 1941.____
Press Service
No. 27-49
3/ 11/41
Comptroller of the Currency Preston Delano announced today that
national banks in the United States and possessions on June 30, 1941,
had outstanding $1,008,170,000 in personal .and retail installment
paper, including F.H.A. Title I loans, iMhich was 13 percent of the
total of their loans to customers, excluding real estate loans, loans
for purchasing or carrying securities, open-market paper, and loans to
banks. More than 89 percent, or 4,586 of the banks were engaged in
making loans of the type indicated.
Included in the aggregate of such loans were retail installment
paper of $610,356,000, F.H.A. Title I loans of $166,037,000, and
personal installment cash loans of $231,777,000*
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
28 percent in the Pacific States to 9 percent in the New England
States.
The retail installment loans outstanding represented purchased
P^per of $408,084,000 and direct loans of $202,272,000, and the
aggregate of $610,356,000 was an increase of $156,216,000 of this class
paper reported by national banks at the end of the calendar year
1940 * e n it amounted to $454,140,000.
-oOo-
Norm a n D. Cann, former head of the N e w York Division
of the Bureau of Internal Revenue Technical Staff, has taken
over his new duties as Assistant to the Commissioner of
Internal Revenue, the Treasury announced today.
He succeeds
Jonas W. Graber of Kansas, who resigned to accept a position
wi t h the federal Housing Administration.
Mr. Cann was born at Cohassett, Massachusetts, on
December 9, 1898.
since 1925,
He has been in the Internal Revenue Service
serving successively as Auditor, Internal Revenue
Agent, Assistant to the Agent in Charge of the Atlanta Division
Conferee in the Income T a x Unit in Washington, Head of the
Pacific Division o f the Technical Staff, and head of the New
York Division of the Technical Staff.
He also served two years in the United States Army
and two years in the United States Navy.
Mr. Cann is a memb e r of Delta Theta Phi, Disabled
American Veterans, Georgia B a r Association, Georgia Society
of Certified Public Accountants, the American Institute of
Accountants and the Order of the Purple Heart.
He served in
the first W o r l d W a r in the 26th Division, Ta n k Corps, in
Prance
1/.1
N o rman D. Cann, former head of the N e w York Division
of the Bureau of Internal Revenue Technical Staff, has taken
over his n ew duties as Assistant to the Commissioner of
Internal Revenue,
the Treasury announced today.
He succeeds
Jonas W. Graber of Kansas, who resigned to accept a position
w i t h the Federal Hous i ng Administration.
Mr. Cann was born at Cohassett, Massachusetts, on
December 9, 1898.
since 1925,
He has been in the Internal Revenue Service
serving successively as Auditor,
Internal Revenue
Agent, Assistant to the Agent in Charge of the Atlanta Division,
Conferee in the Income T ax Unit in Washington, Head of the
Pacific Division o f the Technical Staff,
and head of the New
York Division of the Technical Staff.
He also served two years in the United States Army
and two years in the U n i t e d States Navy.
Mr. Cann is a m e mber of Delta Theta Phi, Disabled
American Veterans, Georgia B ar Association, Georgia Society
of Certified Public Accountants, the American Institute of
Accountants and the Order of the Purple Heart.
He served in
the first W o r l d W a r in the 26 th Division, Tank Corps, in
France.
o 0 o
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, September 13, 1941.
Press Service
No. 27-50
iOrman D. Cann, former head of the New York Division of the
Burea l oi Internal Revenue iechnical S+.aff, has taken over his
new duties as Assistant to the Commissioner of Internal Revenue,
the Treasury announced today.
He succeeds Jonas W. Graber of
Kansas* who resigned to accept a position with the Federal Housing
Admini strati oil*
:Mr* Cann was born at Cohassett, Massachusetts, on December 9 ,
1898. He has been in the Internal Revenue Service since 1925,
serving successively as Auditor, Internal Revenue Agent,
Assistant to the Agent in Charge of the Atlanta Division, Conferee
in the Income Tax Unit In Washington, Head of the Pacific
Division of the Technical Staff, and head of the New York Division
°f the Technical Staff.
He also served two years in the United States Army and two
years in the United States Navy.
5<Ir. Cann is a member of Delta Theta Phi, Disabled American
^terans, Georgia Bar Association, Georgia Society of Certified
Accountants, the American Institute of Accountants and the
‘der of the Purple Heart.
He served in the first World War in the
28th Division, Tank Corps, in France,
-OoO-
r
T R E A S U R Y DEPARTMENT
W ash in gto n
FOR IM M E D I A T E R E L E A S E
Saturd ay, Septem ber 15,
A s a. f u r t h e r
of s e c u r i t i e s
that
blocked d o l l a r
of
T h is
bonds
the
H ereafter
or
any
lim it
sim ila r
the law s o f
such
ce rtifica te
on
se cu ritie s
perien ce
Persons
15,
1941 w h i c h
th e
h o ld in g
b lo ck e d
fo re ig n
to
th e
also
serve
by
to
issu e d
out
the
under
th e
fre e zin g
by
of
in
oth er
to
of bonds,
the
co rp o ratio n s
se cu ritie s
deben
governm ent
of
o rga n ized
under
b e a rin g
cle a ra n ce
th at bona fid e
Septem ber
in
bear
a
a
h o ld ers
1 941
cleara n ce
of
and w i l l
be
sin ce
in
of
sh o u ld
th e ir
on o r
attachm ent
se cu ritie s
15,
cle a rin g
d iffic u lty
such
carry
issu ed
co n sid e ra b le
ow nership o f
tra n sa ctio n s
e tc .,
se cu ritie s
form
the
to
orders.
exp erien ce
such
Federal
Form T F E L - 2 .
to
such
Treasury
ap p ro p ria te
d ev io u s
red em ption ,
stated
do n o t
abroad,
th rough
d iffic u lty
a cq u irin g
lo o ted
d e p le tio n
Treasury
little
country
prevent
coun try
sin ce p rio r
th is
w ill
o b lig a tio n s
Treasury
in
attached
and
or
sale
ce rtifica te
lice n se s
the
the
cleara n ce
fre e zin g
any b l o c k e d c o u n t r y
The
a
b a la n ce s
b locked f o r e i g n
tures
been
persons
have
such s e c u r i t i e s .
orders w i l l
prevent
make a p p l i c a t i o n
Reserve Bank t o
o b jectiv e s
to
w h ich have
today a n n o u n c e d
bonds s h o u l d
step
Press S e rv ice
N o. 27-51
1941.
Septem ber
ce rtifica te
o b ta in in g
A p ril
to
8,
ex
se cu ritie s.
afte r
asked
such
may
th e
trace
1940.
the
{
-
2
-
It was emphasized that while the owners of such securities
since prior to September 15, 1941 could continue to hold
the securities after such date without prejudicing their
chances of obtaining the necessary clearance, anyone ac
quiring such securities on or after September 15, 1941
should make certain that Form TFEL-2 had been attached
prior to purchase.
Previous regulations issued by the Department have
already imposed restrictions upon the importation of
securities as well as on dealings in securities held
abroad or bearing foreign stamps.
Details regarding the new requirement appear in
Treasury Department Public Circular No. 6 issued today
under the freezing orders.
- o 0 o -
M r. Harper has served
mi the Oooattto
on Enrollment and Disbarment, the Personnel Committee and the
Retirement Com lttee
at
the Treasury.
He was born June 1, 1869, in Anderson County,
South Carolina, where he attended the - T u r U
schools.
elementary
He was graudtaed fr o m Furman University,
Greenville, S. C., in 1892 and fr o m Georgetown University
Law School, Washington, D. C.,
in 1897«
«*- 2 «*■
The text of the Secretary* a letter to Mr. Harper follows:
M y dear Mr. Harper;
On the occasion of y<
w e n t from t h e Goremaent
Service, effective at the
1 business, September t o
19^1 # X want to •i^iecfl to you on behalf of the Treasury
Department a sense of appreciation m for toe many successful
years of service you have rendered this Department and its
employees as Chief of the Division of Appointments and more
recently as Anting Director of Personnel»
Tour career with this Department is one that could be
profitably studied by the younger men training in personnel
technique.
It goes beyond one of service alone and brings
in factors of human interest and kindness for consideration
along with printed rules and regulations*
* *ou G » r y with you the good wishes of all who knew you
an d you carry my persona! hope that y o u will enjoy the years
in the future in happiness and continued good health.
Sincerely,
(Signed)
Mr. James E. Harper,
Washington, D. 0
8» Hargenthau, B p | | r
For immediate release
Secretary Morgenthau today sent a letter
vTreasury
of appreciation end tribute to James 2. Harper.ApersonneT
executive who
M
retire^ this
after forty-six
years of serviice in the^Department.
,¿3
*>u
”Your career,” the Secretary w r o t e , "is
one that could he profitably studied by the younger men
training in personnel technique*
It goes beyond one of
service alone and brings in factors of human interest and
kindess for consideration alOng with printed rules snd
regulations.”
Mr. Harper entered the Government service in
i$ 1895 as e clerk in the Office of the Auditor and in
1911, after a series of promotions, was appointed Principal
Bookkeeper in the auditor*s Office.
He was made Chief of
the Division of Appointments, Office of the Secretary of
the Treasury, in 1913.
In July of 1940 Mr. Harper was
appointed C^ief of the Section of Employee Delations,
Division of Personnel, and served as Acting f r y Director
of Personnel from February 20 to June 11, 1941*
TREA SÜFY DEP A RIMENT
Viashing ton-
POR IMMEDIATE RELEASE,
SAEHEBAy, September 15, 1941
of appreciatio
Press Service
No. 27-52
Secretary Morgenthsu today sent a letter
vTreasury
rj
executive who
>u
years of servi
^
f
o T i o o r
ft
fV io
Q o n 1
"Your ncareer,”
the Secretary
w r o t e , ”is
HVrtnTi
one that could he profitably studied by the younger men
training in personnel technique.
It goes beyond one of
service alone and brings in factors of human interest and
kindess for consideration alQng with printed rules and
regulations
Mr. Harper entered the Government service in
±$ 1895 as a clerk in the Office of the Auditor and in
1911, after a series of promotions, was appointed Principal
Bookkeeper in the auditor’s Office.
He was made Chief of
the Division of Appointments, Office of the Secretary of
the Treasury, in 1913*
In July of 1940 Mr. Harper was
appointed Chief of the Section of Employee Relations,
Division of Personnel, and served as Acting
of Personnel from February 20 to June 11, 1941*
Director
. ,,m
TREASURY _DEPARTME1
Yiashiriffton
FOR IMMEDIATE RELEASE,
Saturday, September 13,
Press Service
No* 27-52
Secretary Morgenth.au today sent a letter of appreciation and
tribute to James E. Harper, Treasury personnel executive who retires
tiiis month s.fter forty-six years of service in the Department.
Mr. Harper is now on leave until his retirement date.
"Your career," the Secretary wrote, "is one that could be
profitably studied by the younger men training in personnel technique.
It goes beyond one of service alone and brings in factors of human
interest and kindness for consideration along with printed rules and
regulations."
Mr. Harper entered the Government service in 1895 as a clerk in
the Office of the Auditor and in 1911, after a series of promotions,
|as appointed Principal Bookkeeper in the Auditor’s Office.
He was
undo Chief of the Division of Appointments, Office of the Secretary
of the Treasury, in 1913.
In July of 1940 Mr. Harper was appointed
Chief of the Section of Employee xRelations, Division of Personnel, and
served as Acting Director of Personnel from February 20 to June 1 1 ,
1941.
Mr. harper has served on the Committee on Enrollment and Disbarp^t> tne Personnel Committee and the Retirement Committee of the
Treasury.
He was born June 4, 1869, in Anderson County, South Carolina,
erc he attended the elementary schools.
He was graduated from
Tjl
i lari diversity, Greenville, S. C., in 18‘d2 and from Georgetown
iUnivorsity Law School, Washington, B.C., in 1897.
-
2
-
The text of the Secretary's letter to Mr. Harper follows:
September 13, 1941.
My dear Mi. Harper:
On the occasion of your retirement from the Government
Service, effective at the close of business, September 30, 1941,
I want to express to you on behalf of the Treasury Department^
s e n s e of appreciation for the many successful years of service
zees as Chief of
you have rendered this Department Lind its
the Division of Appointments and more recently ,s Acting Director
of Personnel.
Your career with this Department is one that could be
profitably studied by the younger men training in personnel
technique. It goes beyond one of *pylce alone and brings in
for consideration along
factors of human interest and kindn
with printed rules and regulations.
Q c?
You carry with you the good wishes of all who knew you and
in the
you carry my personal hope that you will enjoy the years
O
future in happiness and continued good health.
Sincerely,
(Signed) H. Morgenthau, Jr.
Mr. James E. Harper,
hashington, D. C ,
- 0 o 0
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Monday, September 15, 1941
Press Service
Ndt 27-53
The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of 40,107 head of
Canadian cattle weighing 700 pounds or more each (other than cows
imported specially for dairy purposes^, during the period July 1 to
September 6, 1941, inclusive, under the tariff rate quota for the
third quarter of the calendar year 1941, provided for in the trade
agreement with Canada.
The President’s proclamation signed November 30, 1940, provided
that not more than 51,720 head of this class of cattle, the produce
of Canada, entered, or withdrawn from warehouse, for consumption in
any calendar quarter year during 1941 shall be entitled to the
reduced rate of duty of 1-1/2 cents per pound provided in the trade
agreement•
During the period September 15 to 30, 1941, the collectors of
customs have been instructed to collect estimated duties at 3 cents
per pound, the full rate of duty under paragraph 701 of the Tariff
Act of 1930, on this class of cattle entered, or withdrawn for con
sumption pending fulfillment of the quota for the third quarter of
1941.
Excessive duties deposited on imported cattle of this class
found to be within the quarterly quota limitation will be refunded.
-o0o~
(Prepared 'hy^Qu'ota jSSS
Bureau ef Customs)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, September 15, 1941.
Press Service
No. 27-53
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show imports of 40,107
head of Canadian cattle weighing 700 pounds or more each (other
than cows imported specially for dairy purposes), during the
period July 1 to September 6 , 1941, inclusive, under the tariff
rate quota for the third quarter of the calendar year 1941,
provided for in the trade agreement with Canada.
The President’s proclamation signed November 30, 1940, pro
vided that not more than 51,720 head of this class of cattle, the
produce of Canada, entered, or withdrawn from warehouse, for con
sumption in any calendar quarter year during 1941 shall be entitled
to the reduced rate of duty of 1 -1 /2 cents per pound provided in
the trade agreement.
During the period September 15 to 30, 1941, the collectors
of customs have been instructed to collect estimated duties at
3 cents per pound, the full rate of duty under paragraph 701 of
the Tariff Act of 1930, on this class of cattle entered or with
drawn for consumption pending fulfillment of the quota for the
third quarter of 1941.
Excessive duties deposited on imported
oattle of this class found to be within the quarterly quota
limitation will be refunded.
oOo-
WASHINGTON
BUREAU O F A CCO U N TS
O F F IC E O F TH E CO M M ISSIO N E R
September 8, 19*11 •
During the month of August« 19 *11 » there were
no market transactions in direct and guaranteed secur
itie s of the Government*
\rl
TREASURY DEPARTMENT
Washington
Press Service
No. 27-54
FOR IMMEDIATE RELEASE,
Monday, September 15, 1941.
No market transactions in Government securities for Treasury
investment accounts were completed in August, 1941, Secretary
Morgenthau said today.
-OoO-
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday. September 16. 19U.
9A5/U
Pre«e Servie®
^7-5T
The Secretary of the Treasury announced laet evening that the tender® for
#100,000,000, or thereabout®, of 91-day Treasury bill®, to be dated Septeaber 17
and to nature December 17, 1941, which were offered on Septeaber 12, were opened
at the Federal Reserve Bank® on September 1$»
The detail® of this issue are a® follows*
Total applied for - $493,411*000
Total accepted
* 100,043,000
Range of accepted bid»« (Excepting two tondor® totaling 1360,000)
High
Low
Averago prie#
100
99.9$5
99.987
Equivalent rate approximately 0*059 percent
e
e
e
0*050
«
(2 percent of the amount bid for a t the low price wa® accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 27-55
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
bills, to be dated September 17, and to mature December 17, 1941,
which were offered on September 12, were opened at the Federal
Reserve Banks on September 15.
The details of this issue are as follows:
Total applied for
Total accepted
-
$493,411,000
100,043,000
Range of accepted bids: (Excepting two tenders totaling $260,000)
High
Low
Average
Price
- 100.
- 99.985 Equivalent rate approximately 0.059 percent.
t?
99.987
it
0.050
"
(2 percent of the amount bid for at the low price was accepted)
o 0 o
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 p r e l i m i n a r y f i g u r e s f o r im ports
o f c o ffe e
s u b j e c t t o q u o t a l i m i t a t i o n s u n d e r t h e P r e s i d e n t ' s p r o c la m a tio n
o f t h e I n t e r - A m e r i c a n C o f f e e A g r e e m e n t o n A p r i l 1 5 , 1 9 4 1 , a s o f Septem ber 13,
19 4 1.
Q u o ta P e r i o d
C o u n try o f P r o d u c tio n
Q u o ta P e r i o d - 1 2 m o n th s
fr o m O c t o b e r 1 , 1 9 4 0 :
D o m in ic a n R e p u b l i c
G u a te m a la
V e n e z u e la
C o lo m b ia
C o s ta R ic a
E cu ad or
H a iti
B r a z il
: R e v is e d l j
: Q u o ta ( l b s . )
1 6 ,5 8 1 ,9 8 7
7 3 ,9 2 8 ,1 3 1
5 8 ,0 3 7 ,0 2 1
4 3 5 ,2 7 7 ,8 5 5
2 7 ,6 3 6 ,6 8 9
2 0 ,7 2 7 ,5 1 7
3 8 ,0 0 0 ,5 1 4
1 ,2 8 5 ,1 0 6 ,0 4 9
82 , 910,068
: _____ E n t e r e d f o r C on su m p tion
: A s o f (D a te )_______ :
Pounds
S e p te m b e r 1 3 , 1 9 4 1
(Im p o rt quota f i
tt
tt
ft
tt
tt
tt
It
tt
«
7 7 ,4 6 3 ,2 7 0
h
it
tt
n
ft
ft
it
II
ft
ft
ft
ft
ft
E l S a lv a d o r
H o n d u ra s
N ic a r a g u a
C u ba
P eru
M e x ic o
2 ,7 6 3 ,6 4 2
2 6 ,9 4 5 ,8 1 2
1 1 ,0 5 4 ,7 0 2
3 ,4 5 4 ,5 2 0
6 5 ,6 3 7 ,2 0 3
it
it
h
it
it
2 3 ,9 16 ,8 2 2
1 0 ,5 7 1 ,5 8 4
N o n - s ig n a to r y c o u n t r ie s :
A ll ty p e s o f c o ffe e
4 9 ,0 5 5 ,0 8 4
it
(Im p o rt q u ota f i
nj
I1
!
If
II
ffi
»
ttj
2 ,489,800
3,299,776
62,250,940
I
i J Q u o ta s i n c r e a s e d b y I n t e r - A m e r i c a n C o f f e e B o a r d , e f f e c t i v e A u g u s t 1 1 , 1941*
TREASURY DEPARTMENT
Washington
FOn
IMMEDIATE RELEASE,
Wednesday, September 1 7 ,
Press Service
No. 27-56
of the Inter-American Coffee Agreement ou
-■
1941.
ijUOua
ivi X v U
Country of Production
Quota Period - 12 months
from October 1, 1940s
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
s Revised 1/
s Quota (lbs.)
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
38,000,5U
1,285,106,049
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
82,910,068
2,763,642
26,945,812
11,054,702
3,454,520
65,637,203
Non-signatory countries:
A ll types of coffee
49,055,084
•
Entered for Consumption
:
Pounds
s As of (Date)
September 13, 1941 (Import quota fill
tt
tt
ii]
tt
tt
tt
ni
it
tt
tt
HI
ti
n
«
«
tt
11
tt
HI
tt
It
tt
HI
it
tt
tt
n
it
it
77,463,270
2,489,800
23,916,822
10,571,584
3,299,776
62,250,940
tt
(Import quota f i l
tt
tt
n
tt
3/ Quotas increased by Inter-American Coffee Board, effective August 11, 1 » .
cI I
HI
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
lednesday, September 17, 1941.
Press Service
No. 27-56
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, as of September 13, 1941.
fi]
a fill
1941
Quota P e r io d
Country of Production
Quota Period - 12 months
from October 1 , 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa R ica
Ecuador
Haiti
Brazil
El Salvador
Honduras
Nicaragua
Cuba
Peru
Mexico
: Revised 1/
! Qwota (lbs.)
16.5SX.987
73.928,131
52,037,021
435.277,855
27.636.689
20,727*517
3s,000,514
1,285,106,049
i
Entered for Consumption
:As of (Date)
: Pounds
September 13,
fl
19^1 (import quota filled)
R
II
11
R
tl
11
11
R
R
R
11
R
II
II
11
R
II
II
ti
n
Il
R
II
ti
R
n
R
82,910,068
it
2,763,642
26,9^5,812
11 *0514,702
3,454,520
65,637.203
11
77,463,270
2,489,800
23.916.s22
10,571,584
3 ,299,776
62,250,940
R
11
ri
R
Non*signatory countries!
AH typ es o f c o f f e e
49.055,084
n
(Import quota filled)
1/ Quotas in c r e a s e d b y I n t e r - A m e r ic a n C o f f e e B o a rd , e f f e c t i v e A u g u st 1 1 , 1 9 ^ 1 .
•oOo**
IN S O L V E N T N A T IO N A L B A N K S L IQ U ID A T E D AND F I N A L L Y C L O S E D
_______________________ PORING THE MONTH OF AUGUST - 19AJL______________ _
Name and Location of Bank
Date of
Failure
Total
Disbursements
Including
Offsets Allowed
First National Bank
Canton, Illin o is
12-13-33
$
National Bank of
Defiance, Ohio
9-10-31
946,334
1 , Z U ,595
Per Cent
Dividends
Declared
to A ll
Claimants
Capital
Stock at
Date of
Failure:
$
97.0456
86 . 25%
100,000
Cash, Assets,
Uncollected Stock
Assessments, etc*
Returned to Shareholders
$
000
150,000
000
100,000
4 1 ,5 2 1 3 /
Union National Bank
New Castle, Pa*
12-19-33
112,240
48.
Orangeburg National Bank
Orangeburg, S. G* 1/
4-9-31
354,919
28.169%
200,000
000
Commercial Nat*l Bank
Fond du Lac, Wise*
1-2-34
3,279,98}.
96.13%
500,000
000
\/ij
%
2J
l/
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold or
to complete unfinished liquidation*
2/
Sole creditor of receivership paid 100$ principal and interest in fu ll thru principal dividend of <43$
plus proceeds of assets sold to sole creditor bank.
Partial return to shareholders of stock assessments previously paid in pursuant to election for
continuance of receivership*
¡J Receiver elected by shareholders to
continue liquidation after payment of principal and interest in
TREASÜKÏ DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
1?, 1*4/
D u r in g t h e m onth o f A u g u s t , 19 -4 1, t h e l i q u i d a t i o n o f
fiv e
I n s o l v e n t N a t i o n a l B a n k s w a s c o m p le te d an d t h e a f f a i r s o f
su ch r e c e iv e r s h ip s f i n a l l y
d osed .
T o t a l d is b u r s e m e n ts , in c lu d in g o f f s e t s a llo w e d , t o
d e p o s i t o r s and o t h e r c r e d i t o r s o f t h e s e f i v e r e c e i v e r s h i p s ,
a m o u n te d t o # 5 ,9 0 5 ,0 6 9 , w h i l e d i v i d e n d s p a i d t o
u n secu red c r e d ito r s
am o u n ted t o a n a v e r a g e o f 9 4 * 1 4 p e r c e n t o f t h e i r c l a i m s *
T o ta l
c o s t s o f l i q u i d a t i o n o f t h e s e r e c e i v e r s h i p s a v e r a g e d 6 .9 5 p e r c e n t
o f t o t a l c o l l e c t i o n s fr o m a l l s o u r c e s i n d u d i n g o f f s e t s a l l o w e d .
Dividend distributions to a ll creditors of a ll active
receiverships during the month of August, 1941, amounted to #1,324,447*
Data as to results of liquidation of the receiverships fin ally closed
during the month are as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, September 18, 1941.
Press Service
No. 27-57
9/17/41
During the month of August, 1941, the liquidation of five
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 five receiverships, amounted to
$5,305,069, while dividends paid to unsecured creditors amounted to
an average of 94.14 per cent of their claims.
Total costs of
liquidation of these receiverships averaged 6.95 per cent of total
collections from all sources including offsets allowed.
Dividend distributions to all creditors of all active receiver
ships during the month of August, 1941, amounted to $1,324,447.
as to results of liquidation of the receiverships finally closed
during the month are as follows:
Dat
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
_________ DURING THE MONTH OE AUGUST» 19^1___________
Name and Location of Bank
Date of
Failure
First National Bank
Canton, Illinois
12-13-33
National Bank of
Defiance, Ohio
9- 10-31
Union National Bank
New Castle, Pa.
l /
k /
12-19-33
Orangeburg National Bank
Orangeburg, S. C.
i f
Commercial Nat’l Bank
Fond du Lac, Wise.
1 /
1-2-3*+
Total
Disbursements
Including
Offsets Allowed
$
91*6 ,331*
1,211,595
Per Cent
Dividends
Declared
to All
Claimants
Capital
Stock at
Date of
Failure
97.
$
B6.25/&
150,000
000
100,000
1*1,521 2 /
1+8.
35^ .919
28.169 $
200,000
000
96.18^
500.000
000
Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold or
to complete unfinished liquidation.
Sole creditor of receivership paid 100^ principal and interest in full thru principal dividend of
plus proceeds of assets sold to sole creditor hank.
¿/
k /
000
$
112,21+0
3.279.981
2/
100,000
Cash. Assets.
Uncollected °tock
Assessments, etc..
Returned to Share
holders
k 0 >
Partial return to shareholders of stock assessments previously paid in pursuant to election for
continuance of receivership.
Receiver elected hy shareholders to continue liquidation after payment of principal and interest in
full to creditors*
A U G U ST
31. 1941
Total
Name and location of Bank
Nature of
Dividend
Date
Authorized
Inl&nd-Irving NB of
Final
Chlfcago, Illin o is
8-19-41
Boston-Continental NB
Final
8-11-41
Boston, Mass.
Essex Nat1! Bank of
Int. (Partial) 8-15^41
Haverhill, Mass
The F irst Natfl Bank of
Final
8-18-41
Preston, Minn,
The Reno Nat’ l Bank
Final
8 - 1 2 -4 1
Reno, Nevada
The Commercial NB of
Regular
High Point, N. C.
8-12-41
Commercial Natfl Bank
Final
Raleigh, N. 6.
8—28—41
The Citizens NB of
Final
Long Branch, N. J.
8—20—41
The F irst Nat*l Bank in
Int« (Partial) 8-6-41
Salem, Oregon 2/
The Citizens N at'l Bank of
Irwin, Pa,
Int«(Full)
8-29-41
The Parksley Nat*l Bank
Regular
Parksley, Va«
8-25-41
United States NB & Tr, Co •
Final
Kenosha, Wise«
8-13-41
1/
Number and
Percentage
of Dividends
Authorized
Distribution
of Funds by
Dividend
Authorized
Percentage
Authorized
Dividends Number of
Claimants
to Date
Amount
Claims
Proved
6th
5*6656 $ 205,900.00
60,6656
21,246 #3,638,300.00
4th
5.72%
251,300.00
45.72%
16,427
4,394,000.00
Int,
1.265%
27,400,00
101.265%
6,785
2,169,900.00
2nd
27.45%
83,800.00
77.45%
1,600
305,100.00
3rd
1.65%
49,700.00
57.65%
2,374
3 , 000 , 000.00
9th
5.
%
144,300.00
93.
%
6,750
2,886,200.00
5th
5.57%
102,800,00
70.57%
6,600
1,800,000.00
5th
6.82%
86,200.00
59.32%
6 ,2 9 3
1,263,400.00
Int«
5*
%
4,343
811,900.00
134*00 117.992%
7
746.00
%
Int«
17.992%
2nd
15.
6th
40,600.00 105.
%
26,100.00
35.
%
340
174,200.00
3.40%
22,700.00
75.48%
4,204
651,800.00
1/
Represents amended distribution previously authorized under date of July 21, 1941*
2/
A fin al interest dividend w ill be paid at a later date*
J
FOE RELEASE, MORNING NEWSPAPERS/
/r i w l .
Wo
Press Service^
~yu- T-i-£*
fii
During the month ended August 31 , 1941 authorizations
were issued to receivers for payments of dividends in twelve
insolvent national banks including one authorization in a revised
percentage amount of a dividend payment authorization reported
during the month of July, 1941*
Dividends so authorized will effect
total distributions of $1,040,934 to 77,469 cla imants who have
proved claims aggregating $21,095,546, or an average percentage
payment of 4*93%*
The smallest and largest individual dividend
percentages authorized were 1*26556 and 27*45%, respectively, while
the smallest and largest receivership distributions were $134 and
$251,300, respectively*
Of the twelve dividends authorized seven
were fin al dividend payments, two were partial interest dividend
payments, one was a f u ll interest dividend payment, and twowere
regular dividend payments*
Dividend payments so authorized during
the month ended August 31, 1941, were as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Viashin? ton
¡PR RELEASE, MORNING NEWSPAPERS,
Friday, September 19, 1941.____
G.7/4I
Press Service
No. 27-58
During the month ended August 31, 1941 authorizations were
issued to receivers for payments of dividends in twelve
insolent national banks including one authorization in a revised
percentage amount of a dividend payment authorization reported
during the month of July, 1941.
Dividends so authorized will effect
total distributions of $1,040,934 to 77,469 claimants who have
proved claims aggregating $21,095,546, or an average percentage
payment of 4.93$:.
The smallest and largest individual dividend
percentages authorized were 1.265$ and 27.45$, respectively, while
the smallest and largest receivership distributions were $134 and
$251,300, respectively.
Of the twelve dividends authorized seven
were final dividend payments, two were partial interest dividend
payments, one was a full interest dividend payment, and two were
regular dividend payments.
Dividend payments so authorized during
the month ended August 31, 1941, were as follows:
D IV ID E N D P A Y M E N T S TO C R E D I T O R S O E I N S O L V E N T N A T I O N A L
BANKS AUTHORIZED DURING THE MONTH ENDED
k
Name and location of Bank
Nature of
Dividend
Inland-Irving NB of
Pinal
Chicago, Illinois
Boston-Continental NB
Pinal
Boston, Mass,
Essex Nat*l Bank of
Int.(Partial)
Haverhill, Mass*
The Pirst Nat*l Bank of
Pinal
Preston, Minn, l/
The Reno Nat ’1 Bank
Pinal
Reno, Nevada
The Commercial NB of
Regular
High Point, N* C,
Commercial Nat-1 Bank
Pinal
Raleigh, N. C.
The Citizens NB of
Pinal
Long Branch, N. J.
The Pirst Nat*l Bank in
Int,(Partial)
Salem, Oregon 2J
:
of
The Citizens Nat*l Bank
Int, (Pull)
Irwin, Pa,
The Parksley Nat’l Bank
Regular
Parksley, Va.
Co,
Pinal
Kenosha, Wise*
Date
Authorized
Number and
Percentage
of Dividends
Authorized
Distribution
of Punds by
Divid end
Authorized
Total
Percentage
Authorized
Dividends
to Date
Number of
Claimants
Amount
Claims
Proved
8-19-41
6th
5,66$ $ 205,900*00
60.66$
21,21*6
$3*638,300.00
8-11-1*1
l*th
5,72$
251»300*00
U5. 72$
16,1*27
i*f391**000.00
8-15-41
Int*
1 .265$
27,1*00.00
101.265$
6,785
2rl69,900.00
8-18-1*1
2nd
27.1*5$
83,800.00
77.^5$
1,600
305,100.00
8-12-1*1
3rd
li,65$
49,700.00
57.65$
2,37“*
3,000,000.00
8-12-1*1
9th
5.
$
ii*i*,300 .o o
93,
$
6,750
2,886,200.00
8-28-1*1
5th
5,57$
102,800.00
70.57/0
6,600
1,800,000.00
8-20-1*1
5th
6*82$
86,200.00,
59,32$
6,293
1 ,263,1*00.00
8-6-1*!
Int*
5. $
1*0,600.00
^»3^3
811,900.00
8-29-1*1
Int*
17.992$
7
746.00
8-25-1*1
2nd
15.
8-13-1*1
6th
I34.OO
105,
$
117,992$
>
26,100.00
35, $
8l+0
17U.200.00
3.1*8$
22,700.00
75.1*2$
4,204
651,800.00
distribution previously authorized under date of July
if
Represents amend
2/
A final interest dividend will he paid at a later date.
21, 19l*l.
FOR IMMEDIATE RELEASE
September
, 1941
i t has extended until October 31, 1941, the time for filin g the census reports
of foreign-owned property on Form TFR-300#
The census was ordered by the
simultaneously with the issuance of the Executive Order freezing the assets of
a ll countries in continental Eurone not Dreviouslv blocked-
....... . ......
June 14, 1941, reports on Form TFR-300 $re required to be file d with respect
to a ll foreign-owned property in the United States and not merely with respect
to the property of blocked countries and nationals thereof.
Form TFR-300 was made available at a ll Federal Reserve Banks and at the
Treasury Department during the last week in August.
Since that time, a large
number of questions have been received by the Department and by the Federal
particularly relating to banks, which i t had prepared after
the Treasury.
considered.
c o n s u l t a t i o n w ith
Other groups have likewise presented inquiries which are being
It is believed that by this cooperation between the Treasury
persons obliged to report, both the accuracy of the reports and the
and
con ven ien ce
of persons reporting w ill be promoted.
The Treasury feels that the response to the census report has been
gratifying up to the present time and believes that the extension of time
announced today w ill fa cilita te the submission of complete and accurate reports
and insure ample opportunity for the consideration of a ll questions and problem
TREASURY DEPARTMENT
Washington
for m e d i a t e
release,
Thursday, September 18, 1941.
Press Service
No. 27-59
The Treasury Department today announced that, in response to
many requests, it has extended until October 31, 1941, the time for
filing the census reports of foreign-owned property on Form TFR-300.
The census was ordered by the Secretary of the Treasury, with the
approval of the President, on June 14, 1941, simultaneously with the
issuance of the Executive Order ireezing the assets of all
countries in continental Europe not previously blocked*
Treasury officials today again emphasized that unaer the Order
and the Regulations of June 14, 1941, reports on Form TFR-300 are
required to be filed with respect to all foreign-owned property in
the United States and not merely with respect to the property of
blocked countries and nationals thereof.
Form TFR-300 was made available at all Federal Reserve Banks
and at the Treasury Department during the last week in August.
Since
that time, a large number of questions have been received by the
Department and by the Federal Reserve Banks in regard to various
aspects of the report.
The 'Foreign Exchange Committee of New York recently published
a series of questions and answers particularly relating to banks,
which it had prepared after consultation with the Treasury.
Other
- 2 groups have likewise presented inquiries which are being considered.
It is believed that by this cooperation between the Treasury and
persons obliged to report, both the accuracy of the reports and the
convenience
of persons reporting will bo promoted.
The Treasury feels that the response to the census report has
been gratifying up to the present time and believes that the
extension of time announced today will facilitate the submission of
complete and accurate reports and insure ample opportunity for the
consideration of all questions and problems.
-0O 0-
Mem.
-
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
September 2H, 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 noti
»P i
scribe the terms of the Treasury bills and govern the conditions of their issuej
Copies of the circular* may be obtained from any Federal Reserve Bank or
' .-/I A _
TdäsSStk
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING- NEWSPAPERS,
Friday, September 19» 19^-1___ •
i&jjx
The Secretary of the treasury, hy this public notice, invites tenders
for $ 1001000,OOP
. or thereabouts, of
91 -day Treasury bills, to be issued
on a discount basis under competitive bidding.
be dated SAptember 2U. 19^1
The bills of this series will
_, and will mature
December
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 th|
closing hour, two o^clock p. m., ¿astern Standard time, Monday,— §1
Tenders will not be received at the Treasury Department, Washington,
^ach tend
must be for an even multiple of $1 ,000, and the price offered must be expresse
on the basis of 100, with not more than three decimals, e. g.t 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
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 securp
ties.
Tenders from others must be accompanied by payment of 10 percent of th
face amount of Treasury bills applied for, unless the tenders are accompa '
*I
an express guaranty of payment by an incorporated bank or trust company.
a
Immediately after the closing hour, tenders will be opened
tbe
F ed erl
TREASURY DEPARTMENT
H)R RELEASE, MORNING NEWSP4P
F rid a y, September 1 9 f
Friday, September 19« 19m
The Secretary of the Treasury, Toy this public notice, invites tenders
fnr ip100T000,000
, or thereabouts, of
j_l_-day Treasury bills, to be issued
<?0&
on a discount basis under competitive bidding.
The bills of this series will
be dated ^ptamher 2*+, 19Ul___ , and will mature — December
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 Re serve Banks and Branches up to tl
closing hour, two o»clock p. m., Eastern Standard time, itodav.
Tenders will not be received at the Treasury Department, Washington.
Bach tendel
must be for an even multiple of $1,000, and the price offered must be expressed I
Fraction!
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
It is urged that tenders be made on the pointed forms and for-J
warded in the special envelopes which will he supplied hy Federal Reserve S«*8I
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks
trust companies and from responsible and recognized dealers in investment s
ties.
I
1
Tenders from others must be accompanied by payment of 10 percent of the I
face anount of Treasury hills applied for, unless the tenders are accoapaaiei 1
an express guaranty of payment hy an incorporated hank or trust company.
,
Immediately after the closing hour, tenders will be opene
4-
a
+>16 Fed^
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 19, 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 com
petitive bidding.
The bills of this
series will bedated
September 24, 1941, and will mature December 24, 1941, when
the lace amount will be payable without interest.
They will
be issued in bearer form only, and in denominations of $1 ,000 ,
$5,000$ $lO,G0 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, September 22, 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 10 0 , with not more
than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders bo made on the printed forms and for
warded in the special envelopes which will he 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.
27 - 6 0
Tenders from others must be
2
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 made or completed at the Federal Reserve Bank in cash
or other immediately available funds on September 24, 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
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 Fe$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.
- 3 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
D e p a r tm e n t
Circular No. 418, as amended, and
this notice, prescribe the terms of the Treasury bills and
govern the conditions of their issue.
Copies of the circular
may be obtained from any Federal Reserve Bank or Branch.
o 0 o
- 2 of the American Eletroplaters'
Society*
He is active in
musical circles, being soloist at the Church of the Blessed
Sacrqment,/^resident of the Chevy Chase Chanters and a member
of The Players of the Society of t h e J ’riendly Sons of St.
___
Secretary M o r g e n t h a iu s e n t
a
letter of appreciation and tribute to iliilBOTTT
Swigart, who a r \
retire^ after/ 5 o)years of continuous service in the Bureau of
*rTht i r n f r m r i ng,
«MagmMfeMamsm*******
MI want to take this opportunity," the Secretary wrote,
"to say to you that few men have left behind them a better recorj
of service rendered.
Your sound judgment and fair dealings
w i t h others are moments that will stand the test for years to
come.
For such splendid service rendered to t h e d e p a r t m e n t .
J
please accept my thanks and appreciation."
Mr.
Swigart entered the Government service in 16>91 as an
apprentice to plate printing.
Af t ~ ~ ^ w i w t o u m M n r i r a r T w « r r
.........11
four years^
plate printer.
he was promoted to the position of
Eleven years later,
foreman of printing.
in 1906 , he was designated
In I 9IS, he was promoted to assistant
chief of the Printing Division;
in 1926 he was made superintended
of the Plate Printing Division and on February 21, 1927*
was
appointed Assistant Director of Production.
Mr.
Swigart was born
August 27* 12>73* at Logansport,
Indiana, where he attended the public schools.
- 0 0 o -
TREASURY DEPARTMENT
Washington
FOR RELEASE^ HjttH BlTti NEWSPAPERS,
Morniajr, September 22, 19^-1 •
Thomas F. Slattery,
Press Service
1,0
former superintendent of the
electrolytic plate making section of the Bureau of Engraving and
Printing, has been appointed by Secretary M o rgenthau to be
Assistant Director of the Bureau, the Treasury announced today.
He succeeds Jesse E. Swigart, who is on leave pending retirement.
Mr.
Connecticut,
Slattery was born September 1, 1SS6, at Norwich,
and in early life was associated w i t h his father in
the electroforming and electrodeposition of metals.
He was later
employed in an executive capacity w i t h the American Hardware Comp
New Britain,
Connecticut,
and the Cornwall and Patterson Company,
Bridgeport, Connecticut.,
In 191$, Mr.
Slattery served wi t h the Chemical Warfare
Service of the Army and was detailed to the National Bureau of
Standards.
While engaged in this work, he attended George
Washington University.
When the Bureau of Engraving and Printing,
in 19 2 0 ,
replaced the old steel engraving dies and plates method with the
electrochemical process, Mr.
Slattery was made superintendent
of the plate making section.
He is a member of the Bureau of Engraving and Printing
Postj No. 23j of the American Legion,
and a past President
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS.,
Monday, September 22, 1941_ _ _ _ _ _ _
Press Service
No. 27-62
9/ 2 0 / 4 1 ~
Thomas F. Slattery, former Superintendent of the
electrolytic plate making section of the Bureau of Engraving and
Printing, has been appointed by Secretary Morgenthau to be
Assistant Director of the Bureau, the Treasury announced today.
He succeeds Jesse E. Swigart, who is on leave pending retirement.
Mr. Slattery was born September 1, 1886, at Norwich,
Connecticut, and in early life was associated with his father in
the eLectroforming and electrodeposition of metals.
He was later
employed in an executive capacity with the American Hardware
Company, New Britain, Connecticut, and the Cornwall and Patterson
Company, Bridgeport, Connecticut.
In 1918, Mr. Slattery served with the Chemical Warfare
Service of the Army and was detailed to the National Bureau of
Standards,
while engaged in this work, he attended George
Washington University.
When the Bureau of Engraving and Printing, in 1920,
replaced the old steel engraving dies and plates method with the
electrochemical process, Mr. Slattery was made superintendent .
of the plate making section.
He is a member of the Bureau of Engraving and Printing
Post, No. 23, of the American Legion, and a past President of
- 2 the American EletroplatersT Society.
He is active in musical
circles, being soloist at the Church of the Blessed Sacrament,
rresiden -H of the Chevy Chase Chanters and a member of The
Payers of the Society of the Friendly Sons of St.. Patrick*
Secretary Morgenthau has sent a letter of appre
ciation and tribute to Mr. Swigart, who will retire after fifty
years of continuous service in the Bureau of Engraving and Printing.
"I want to take this opportunity , 11 the Secretary wrote,
"to say to you that few men have left behind them a better record
of service rendered.
Your sound judgment and fair dealings with
others are moments that will stand the test for years to come.
For such splendid service rendered to the Department, please
accept my thanks and appreciation."
Mr. Swigart entered the Government service in 1891
as an apprentice to plate printing.
After four years, he was
promoted to the position of plate printer.
Eleven years later,
in 1906, he was designated foreman of printing.
In 1918, he was
promoted to assistant chief of the Printing Division; in 1926 he
was made superintendent of the Plate Printing Division and on
February 21, 1927, he was appointed Assistant Director of
Production.
Mr. Swigart was born August 27, 1873, at Logansport,
Indiana, where he attended the public schools.
-oOo-
343*3
PRESS RELEASE;
The Bureau of Customs announced today that preliminary reports
from the collectors of customs show imports of the following classes
of cattle under the tariff rate quotas provided for in the trade
agreement with Canada, as follows:
Entered, or withdrawn
from warehouse, for
*
a consumption as of
: September 13. 1941
(Head)
:
•
•
a
•
Established Quota
Period
: Head
Cattle weighing less than
Calendar
200 pounds each
Year 1941
From all countries
Cattle weighing 700
pounds or more each
(other than dairy cows)
From Canada
Quarter Year
from July 1
1941
100,000
94,642
51,720
45,637
Estimated duties at the full tariff rate are being collected on
these classes of cattle pending fulfillment of the current tariff rate
quotas.
(Preparn4*s£
>
T R EASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, September £2. 1 9 4 1 .
Press S e rv ice
No! 27-63
from the collectors of customs show imports of the following classes
of cattle under the tariff rate quotas provided for in the trade
agreement with Canada, as follows:
*
Established Quota
Period
: Head
Cattle weighing less than
Calendar
200 pounds each
From all countries
Year 1941
Cattle weighing 700
pounds or more each
(other than dairy cows)
From Canada
Quarter Year
from July 1
1941
•
• Entered, or withdrawn
a
• from warehouse, for
*
a consumption as of
: September 13* 1941
:________ (Head)_______
100,000
94,642
51,720
45,637
Estimated duties at the full tariff rate are being collected on
these classes of cattle pending fulfillment of the current tariff rate
quotas
TREASURY DEPARTMENT
Washington
Press Service
No. 27-63
FOR IMMEDIATE RELEASE, ^ \
Monday, September 22, 1941.
The Bureau of Customs announced today that preliminary re
ports from the collectors of customs show imports of the following
classes of cattle under the tariff rate Quotas provided for in
the trade agreement Hi1th Canada, as follows:
Established Quota
Head
Period
Cattle weighing less
than 200 pounds each Calendar
From all countries
Year 1941
Cattle weighing 700
pounds or more each
(other than dairy
cows)
From Canada
Quarter
Year from
July 1, 1941
Entered, or withdrawn
from .warehouse, for
consumption as oi
September 13, 1941
(Head)'
1 Q 0,000
94,642
51,720
45,637
Estimated duties at the full tariff rate are beingo collected
on these classes of cattle pending fulfillment of the current
tariff rate quotas.
-oOo-
Wm&Vm DBPARTKEHT
Washington
70S BSLEASB, Ä03KIÄ0 ISWSPAPBBS,
8>pt>ili>#lt g}> 19*H.
f/2Z/kì
Prass Service
/
*o. 2J7~ U>
îhs Secretary of the Treasury announced last evening that the
tenders for $100 ,000,000» or thereabouts, of 91-day treasury bills
to be dated September 2k, and to nature December 2k, X9hl, which were
offered on September 19 , were opened at the Federal B e s o m Banks on
September 22 .
the details of this issue are as follows}
total applied for - $hOfc,215,000
total accepted
~ 100 ,7*12,000
Hange of accepted bidet
High
Low
Average
Pria.
*
-
100.
99-9*9
-
99-991
Equivalent rate approximately O.Ohh percent
•
•
•
0.037
*
(1 7 p.roent of th. usant Md far at the lo» prisa **i accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 27-64
FOR RELEASE, MORNING- NEWSPAPERS,
hiesday, September 23, 1941»
The Secretary of the Treasury announced last evening that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
bills, to be dated September 24, and to mature December 24, 1941
which
were offered on September 19, were opened at the iederal
Reservo Banks on September 22.
The details of this issue are as follows:
Total applied for
Total accepted
-
$404,215,000
100,742,000
Range of accepted bids:
High
Low
Average
Price
99.989 Equivalent rate approximately 0.044 pc;rcen'
it
- 99.991
"
"
"
°*037
(17 percent of the amount bid for at the low price was
accept ed)
0
<2-^ K^VM-v
1*1133 RBU!SggT",T^:
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the quota
of 2,488,359 squares for red cedar shingles, established
pursuant to the act approved July 1 , 1940 (Public No. 698,
76th Congress), which may be entered for consumption, or
withdrawn from warehouse for consumption,free of duty duriBg
the calendar year 1941, was f ille d during the week ended
September 13, 1941.
-oOo-
TREASURY DEPARTMENT
'Washington
Press Service
No. 27-65
FOR IMMEDIATE RELEASE,
Tuesday, September 23, 1941.
The Bureau of Customs announced today that preliminary
reports from the collectors of customs show that the quota
of 2,488,359 squares for red cedar shingles, established
pursuant to the act approved July 1, 1940 (Public No. 6 ^8 ,
76th Congress), which may b e .entered for consumption, or
withdrawn from v/arehouse for consumption, free of duty during
the calendar year 1941, was filled during the week ended
September 13, 1941»
-OoO-
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To
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
•
Wednesday, September 24, 1941,
Press Service
IN|0*
The Treasury today announced extension to October 29, 1941,
of the period within which capital stock tax returns for the
year ended June 30, 1941, may be filed without penalty.
Action was under a Treasury decision based on a provision
of the Revenue Act of 1941.
It was also announced that except in special cases the de
cision extends to December 28, 1941, the period 'within which
payments of capital stock tax may be made without incurring
liability for interest.
The Treasury announcement points out that the decision
will afford corporate taxpayers an additional 30 days within
which to revise their capital stock tax computations in accordance with changes made in the various corporate taxes by the
Revenue Act of 1941.
The law as it stood before the passage of the new revenue
act required returns to be made by Judy 31* but allowed 60 days*
extension at the discretion of the Commissioner of Internal Rev
enue.
This extension had been made for the current tax year.
-oOo-
Copy of original
Press Service
No. 2767
For W e d Am* s
In connection wi t h the action taken todat b y the
Board of Governors of the Federal Reserve System to increase
reserve requirements, the Secretary of the Treasury and the
Chairman of the Board issued the following statement, in
which the Board of Governors concurs:
«The Treasury and the Board of Governors will
continue to watch the economic situation and to cooperate
with other agencies of the Government in their efforts,
through priorities, allocations, price regulation, and
otherwise,
to fight inflation.
Recommendations on the
question of what additional powers,
if any, over bank re
serves the Board should have during the present emergency
and what form these powers should take will be made when
ever the Treasury and the Board, after further consult ation,
determine that such action is necessary to help in combating
inflationary developments#w
fl 2 6
s'
TREASURY DEPARTMENT
Washington
Press Service
No. 27-67
FOR RELEASE, MORNING NEWSPAPERS
Wednesday, September 24, 1941,
37237?!
In connection with the action taken today by the Board of
Governors of the Federal Reserve System to increase reserve re
quirements, the Secretary of the Treasury and the Chairman of the
Board issued the following statement, in which the Board of
Governors concurs:
"The Treasury and the Board of Governors will con
tinue to watch the economic situation and to cooperate
with other agencies of the Government in their efforts,
through priorities, allocations, price regulation, and
otherwise, to fight inflation.
Recommendations on the
question of what additional powers, if any, over bank re
serves the Board should have during the present emergency
and what form these powers should take will be made when
ever the Treasury and the Board, after further consultation,
determine that such action is necessary to help in combating
inflationary developments.”
-oOo-
Statement of Secretary Morgenthau
before the Committee on Banking and Currency
of the House of Representatives
Wednesday, September 24, 1941
I am glad to testify in behalf of this Bill not only
because I am in accord with its objectives, but also because
I am convinced of the terrible urgency of the problem which
this Bill would help to solve.
As the President said two months ago in recommending
to Congress a bill to control prices:
flToday we stand, as we did in the closing months of
1915, at the beginning of an upward sweep of the whole price
structure.tt
In the facts and figures already presented to this
Committee there has been ample demonstration of the accuracy
and timeliness of the P r e s i d e n t s warning.
Almost any part
of the price data presented to this Committee points to the
same conclusion, namely, that the pattern of price rises in
the past two years is showing an alarming similarity to the
price movements during the first two years of World War No. 1
In the last war we waited too long.
It was not until
August, 1917, that the first step was taken to check price
rises.
The Lever Act empowering the President to control
-
2
-
food and fuel prices was not introduced until June 11, 1917,
and did not become law until August of that year.
By that time the damage had already been done.
The
general price level had risen more than 75 per cent and the
forces making for further price r^ses had become so powerful
that they could not be stopped.
Are we again to wait until prices have risen 75 per cent
before we take bold and effective action?
The wholesale prices of farm products have risen 37
per cent in the past year, and of that rise, 6 per cent has
occurred in the last, month.
All commodities have risen 18
per cent in the last year and 2 per cent in the last month
alone.
Similarly down the line:
foods are up 25 per cent;
hides and leather up 13 per cent; textiles up 23 per cent;
building materials up 12 per cent; and chemicals up 14 per
cent.
The public is amply aware of what is happening.
The
housewife knows that pork chops that were 29 cents a pound
in January were 30 in February, 31 in April, 32 in May, 35
in June, 37 in July,' 38 in August and 41 at the moment, a
total rise of 40 per cent in those nine months.
The house
wife knows that eggs have risen more than a third since
- 3 January, that coffee is up about one-fourth in the same period,
and that sugar and flour are up almost a fifth in the same
period, respectively.
The housewife, the business man, the
wage-earner, and the Government employee all know from their
daily experiences that prices are rising.
The forces at work today are the same as those that
brought our inflations in previous periods of war or rearmament.
Yet there is fortunately one difference in the situation
which, I believe, can save us from the disaster of inflation
now.
This time the public and the Government are aware of
what happened before and what is happening now.
All of us are
able, if we choose, to take positive, effective, preventive
measures in time.
That is what the Congress is being asked to do today.
Passage of this Bill would be one additional step forward in
the war against inflation, the war on our home front, the
war that must be fought and won if we are to preserve our
American heritage.
It is true, of course, that price control alone will not
conquer inflation.
This Bill alone cannot stop price rises.
Every government that has attempted to check inflation has
-4 found that direct price controls alone cannot hold down the
lid when the income of the consuming public is increasing
and the amount of goods available to the consumer is decreas
ing»
Additional steps are necessary.
Our Government has already taken some of them:
(1)
The Congress has passed, and the President has
just approved, a tax bill designed to raise more than 3-1/2
billion dollars of additional revenue»
This is a major
accomplishment in the anti-inflation effort, for it will
absorb a substantial portion of the increased incomes that
are initially responsible for price rises»
(2)
Secondly, the Treasury is engaged in a borrowing
program designed to absorb still more of this excess income»
Through the sale of Defense Savings Bonds and Stamps the
Treasury is trying to borrow a large proportion of its funds
from current consumer incomes, rather than from banks.
In
the past four months 1-1/4 billion dollars of Defense Savings
Bonds and Stamps have been sold.
(3)
Thirdly, a new form of borrowing - the tax anticipa
tion note - has been introduced, with the object of absorbing
consumer incomes before the date at which income taxes, fall
- 5 due»
During the month of August more than $1 billion of
these notes were sold, absorbing income that might otherwise
be pushing up prices in the market place.
(4)
Fourthly, the Board of Governors of the Federal
Reserve System has recently been given the authority to
control consumer installment credit and has just increased
reserve requirements of member banks as a further check against
inflation.
(5)
Finally, the Office of Price Administration has been
exerting every effort to control prices through the cooperation
of producers and consumers.
Those are the more important steps that the Government
is now taking to check price rises.
But they are not enough.
If we are to be sure of victory in the fight against
inflation, we must prepare further to increase taxes.
may
We
have to extend the general controls over bank credits.
Ae shall certainly have to reduce capital expenditures for
non-defense needs, and widen the sale of Defense Savings
Bonds and Stamps.
It would be wise to extend the social security program
to absorb purchasing power now and pave the way for increased
purchasing power after the emergency.
-
6
-
It will also be essential for Federal, State and local
governments
to reduce non-defense spending as much as
possible,
I am looking forward now to an early meeting of the
joint committee of the taxing and appropriating agencies of
Congress, a committee that has just been created to study
the whole problem of non-essential Federal expenditures,
I hope that this committee will receive constant support
from Congress and the country at large, for it can make a
vital contribution in the anti-inflationary struggle.
We must do much more than cut down purchasing power;
we must attack the problem from the other side.
Rising
prices can also be retarded by increasing the supplies of
goods which do not compete with defense needs.
We are in a position to do just that.
The Government
has in its warehouses vast quantities of cotton, wheat, and
corn.
Our granary doors should now be opened, enough at
least to prevent unreasonable price rises.
Such a step
would be in agreement with our established agricultural policy the ever-normal granary.
Having accumulated stocks in times
of low prices, they should be distributed in times of high
- 7 -
prices.
Now is the time to draw on these supplies, both as
an anti-inflationary measure and as a preparation for
replenishing them if that should again become necessary.
The concept of an ever-normal granary, which calls
for a control of falling farm prices, seems to me to call
equally for control over rising farm prices.
This Bill,
however, specifically restricts the authority of the price
control administration over farm prices.
the major defect of the Bill.
That is, I believe,
I strongly recommend that
this inflexibility be removed - in the interest of the
attack upon inflation, in the interest of the standard of
living of our people and in the long-run interests of farmers
as well.
I am not disturbed by the general level of agricultural
prices now prevailing, but I am deeply concerned about the
danger that agricultural prices will continue to rise as
they did in the World War.
Such a rise would hasten general
inflation, would restrict the standard of living, and would
even interfere with the health and morale of pur people.
And it cannot be repeated too often that in the long-run
the worst sufferers from inflation are farmers themselves.
-
8
.
-
After the First World War inflation, agriculture was the
hardest hit and the slowest to recover.
It has been suggested during these hearings that this
rriee-control
bill should include a ceiling over wages.
r
I should like to go on record as not sharing this view.
In free countries labor is not a commodity, human beings
are not property; and they should not be treated as such.
I fully appreciate that wages affect the cost of
production and the general level of prices.
However, I
feel very definitely that if we can on the one hand keep
the cost of living from rising, and on the other hand impose
adequate taxes on excessive profits, then we will have
removed the major causes for demands for general wage
increases.
Furthermore, it is worth noting that the major
portion of our defense industries today is covered by
collective bargaining contracts, and only a sharp rise in
the cost of living is likely to upset those contracts.
Two weeks ago I said at Boston that it was folly for
labor leaders to seek continual increases in wages every
few months, and that it was equally shortsighted for farmers,
businessmen, landlords or bankers to seek to exploit the
present abnormal situation for selfish gain.
- 9 If we provide effective price control and adequate
excess profits taxation, and if it should later develop that
wage rates are not being kept within bounds, we shall have
to consider other measures.
As yet, however, I see no
necessity for them.
Before closing, I feel it my particular responsibility
as Secretary of the Treasury to point out to you the special
interests of the Government and the Treasury in stopping
prices from rising further.
As the nation’s largest purchaser, the Government is
concerned with the problem in a very direct way.
Congress
has already appropriated more than 50 billion dollars for
defense, and the end is not yet in sight.
The rise in
prices which has already taken place will cost us billions
of dollars.
If prices are allowed to behave as they did
during the World War, we may find that our defense program
will cost us double without giving us a single additional
gun or plane for that extra expenditure.
We not only are the nation’s largest purchaser of
goods, but we are the nation’s largest employer.
The
Government now employs nearly one and a half million civilians
in the Executive Departments, with a payroll now running at
-
10
-
the rate of 2-1/2 billion dollars a year,
A substantial rise
in the cost of living will raise for us as an employer a
choice of evils:
to permit the real incomes of our employees
to be unjustly reduced, or to increase still further the
payroll that we must meet«
I fully appreciate that it requires courage on the part
of Congress to pass this Bill.
to put brakes on rising prices«,
It always requires courage
But if any lesson is to be
learned from the record of the past, it should be that infla
tion is inevitable in times like these unless all of us Congress, the Executive Departments, .and the people - fight
it on all fronts and with all the strength and courage at
our commando
We should gain courage from the*knowledge that infla
tion is not only accompanied by serious evils but is
followed by even greater evils®
We should never lose sight
of the fact that inflation is always followed by deflation
and that the ride down is a lot longer and a lot harder and
a lot more painful than the short intoxicating ride up®
After all, this question of inflation is one that goes
to the very heart of the social aspirations of the American
people®
An uncontrolled price rise now would endanger the
-
11
-
fruits of our hard-won progress of many years.
If we lack
the necessary realism and courage now, we shall place
multitudes of American farmers, workers and Government
employees at the mercy of those whom I have called "the
three horsemen —
the speculator, the profiteer and the
hoarder.”
Every hardworking and thrifty man and woman in the
United States has a direct personal stake in the success
of the battle against inflation.
I regard it as vitally
important for Congress to pass this bill and pass it
promptly.
-oOo-
J
For immediate release
Secretary Morgenthau today announced
the award of a contract for the G o v e r n m e n t s stencil paper
needs for the
period beginning
lj M
that will effect an estimated annual saving of $ 300 ,000.
The contract, awarded by the Treasury’s
Procurement Division to the A. B. Dick Company of
>
cd^Lled for purchase of the mimeograph stencils in a price
range of $0.81 to $2.64 per quire.
Previous prices per
quire had ranged from $ 1.07 to $5*05#
The saving was accomplished, according
to Director of Procurement Clifton E. Mack, as a result of
a protracted performance survey which made possible revision
of specifications to eliminate segregation of cellulose
and non-cellulose s t e n c i l s ^ ^ A
Director Mack said that similar surveys
are now being made of other commodities purchased in large
quantities.
Press Service
No* 27-69
FOR IMMEDIATE RELEASE,
Wednesday, September 24, 1941
Secretary Mcr genthau today announced the award of a contract
for the Governments stencil paper needs for the six-month period
beginning December 1, 1941, that will effect an estimated annual
The contract, awarded by the Treasury*s Procurement Division
to the A. B. Dick Company of Chicago, called for purchase of the
mimeograph stencils in a price range of $0.81 to $2.64 per quire.
Previous prices per quire had ranged from $1.07 to $5.05.
The savings was accomplished, according to Director of
Procurement Clifton E. Mack, as a result of a protracted perfor
mance survey which made possible revision of specifications to
eliminate segregation of cellulose and non-cellulose stencils
and thus increased competition.
Director Mack said that similar
surveys are now being made of other commodities purchased in large
quantities.
-OoO-
PRESS RELEASE
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, 1941, as of September SO, 1941.
Quota Period
Country of Production
Quota Period - 12 months
from October 1, 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
Peru
$
:
:
Revised 1/
Quota (lbs.)
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
38,000,514
1,285,106,049
3,454,520
El Salvador
Honduras
Nicaragua
Cuba
Mexico
82,910,068
2,763,642
26,945,812
11,054,702
65,637,203
Non-signatory countries:
A ll types of coffee
49,055,084
:
Entered for Consumption
:
Pounds
: As of (Date)
September 20, 1941 (Import quota filled)
tt
tt
«
n
tt
tt
tt
tt
n
«
tt
tt
tt
w
tt
«
«
tt
«
«
n
tt
n
tt
»
w
n
«
tt
tt
tt
tt
tt
... ,,
( Import quota filled)
effective August 11, 1941»
-oOoUnit),
(JV ep arn fi
Bureau of
tt
77,514,813
2,489,800
23,919,031
10,908,736
62,250,941
h
n
\jQuotas increased by Inter—American Coffee Board,
tt
tt
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday. September 2j4
Press S e rv ice
No* ¿£-70
104 1 .
__ iui^yr ua ui
coffee subject to quota limitations under the President’s proclamation of the
Inter-American Coffee Agreement on April 15, 1941, as of September SO, 1941.
--- Quota Period
: Revised 1/
Country of Production___ : Quota (lbs.)
Quota Period - 12 months
from October 1, 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
Peru
a
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
38,000,514
1,285,106,049
3,454,520
El Salvador
Honduras
Nicaragua
Cuba
Mexico
82,910,068
2,763,642
26,945,812
11,054,702
65,637,203
Non-signatory countries:
All types of coffee
49,055,084
:
Entered for Consumption
Pounds
: As of (Date)
September 20, 1941 (Import quota filled)
77,514,813
2,489,800
23,919,031
10,908,736
62,250,941
(Import quota filled)!
1/ Qnotas increased by Inter-American Coffee Board, effective August 11, 1941.
-oOo-
Unit),
Bureau of
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 24, 1941-
•
Press Service
No. {£#-70
The Fureau of Customs announced today preliminary figures
for imports of coffee subject to quota limitations under the
President’s nroclamatidh of the Inter-American Coffee Agreement
on April 15, 1941, as of September 20, 1941,
Quota Period
Country of Production
Quota Period - 12 months
from October 1, 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
Peru
El Salvador
Honduras
Nicaragua
Cuba
Mexico
Non-signatory countries:
A H types of coffee
: Revised 1/
.5
Entered for Consumption •
: - Quota (lbs. ) : As of (Date)
: •
Pounds
■ 16,581,987'
73,928,131
58,037,021
435¿277,855
27,636,689
20,727,517
38,000,514
1,285,106,049
3,454,520
September 20,1941 (Import quota fillt
11
«
ti
**
II:
tt
it
It
it»
it>
»,
tt.
t il
tli
t i.
11
11,
tli
II
it
Hi
11
,
•
it
;
11
11
82,910,068
2,763,642
26,945,812
11^054,702
65,637,203
it
11
It:
ft!
77,514,813
2,4^9,800
• 23,919,031
• 10,908,736
1 62,250,941
Ì4:
4
ft
49,055,084
(import quota, fille
4
1/ Quotas increased by Inter-American Coffee Board, effective August 11, 1941*
-oOo-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, September 24, 1941,
Press Service
No. 27-71
The Bureau of Customs announced today that the quota
of 795,000 bushels for wheat (other than wheat unfit for human
consumption), the produce of Canada, which may be entered for
consumption or withdrawn from warehouse for consumption during
the twelve months commencing May 29, 1
established by the
President's Procla.mation issued on Mayp oo
¿G, 1941, was exhausted
during the week en.ded September 20 .
-OoO-
3 -
Accordingly, the owner of Treasury b ills (other than l i f e insurance com
panies) issued hereunder need include in his income tax return only the
difference between the price paid for such b ills , whether on original
issue or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. Ulg, as amended, and this
notice, prescribe the terms of the Treasury b ills and govern the condi
tions of their issue.
Copies of the circular may be obtained from any
Federal Heserve Bank or Branch.
-
2
-
Reserve Banks and Branches, following which public announcement w ill he made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders w ill be advised of the acceptance or rejec
tion thereof.
The Secretary of the Treasury expressly reserves the right
to accept or reject any or a ll tenders, in whole or in part, and his action
in any such respect shall be fin a l.
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 October 1, 19^1.
The in co 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 ,
fr o m t h e
s a le
o r o th e r d is p o s itio n
a s su ch ,
an d l o s s fr o m t h e
s a le
n o t have any s p e c ia l tre a tm e n t,
a f t e r e n a cte d .
o th e r e x c is e
The b i l l s
ta x e s,
o f th e b i l l s ,
w h e th e r i n t e r e s t o r g a in
s h a l l n o t h a v e a n y exem ption,
or o th e r d is p o s itio n o f T re a su ry b i l l s
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 o r h e re
s h a ll be s u b je c t to e s t a t e ,
w h e th e r F e d e r a l o r S t a t e ,
in h e r ita n c e ,
o r a n y o f th e p o s s e s s io n s o f th e U n ite d S t a t e s ,
ta x in g a u th o r ity .
T reasu ry b i l l s
to be i n t e r e s t .
F or p u rp o ses o f ta x a tio n
are o r ig i n a lly
or
t h e r e o f by
o r b y any lo c a l
t h e am ount o f d is c o u n t a t w h ich
s o ld b y th e U n ite d S t a t e s
U n d e r S e c t i o n s 1+2 an d 1 1 7
g ift,
b u t s h a l l b e ex em p t fr o m a l l
t a x a t i o n now o r h e r e a f t e r im p o s e d on t h e p r i n c i p a l o r i n t e r e s t
any S ta te ,
s h a ll
(a )
( l)
s h a l l b e c o n s id e r e d
o f th e
I n t e r n a l Revenue
C o d e , a s am ended b y S e c t i o n 1 1 5 o f th e B e v e n u e A c t o f 19*+!» t h e amount o f
d i s c o u n t a t w h ic h b i l l s
to
o f,
accru e u n t il
is s u e d h ereu n d er a re
su ch b i l l s
an d s u c h b i l l s
s h a ll be s o ld ,
s o l d s h a l l n o t b e c o n s id e r e d
re d e e m e d o r o t h e r w i s e d is p o s e d
a r e e x c l u d e d fr o m c o n s i d e r a t i o n a s c a p i t a l a s s e t s .
d
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,,
Erl day. September 26. 19.kl— — •
The Secretary of the treasury, hy this public notice, invites tenders
for $ 100,000.000
, or thereabouts, of
91 -day Treasury hills, to he issued
JaMX.
on a discount basis under competitive bidding.
be dated
rv.tnhcr 1. 19^1
,
The bills of this series will
and will mature
December
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, two o’clock p. m., Eastern Standard time,
Tenders will not he received at the Treasury Department, Washington.
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
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
trust companies and from responsible and-recognized dealers in investment secun
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 accompani
an express guaranty of payment by an incorporated bank or trust company.
a ra-t- the feeler?
Immediately after the closing hour, tenders will he opened a
FDR RELEASE, MORNING NEWSPAPERS,
F rid a y , September 26, 1941
TREASURY DEPARTMENT
7^
v
y l
The Secretary of the treasury, hy this public notice, invites tenders
for $ 100,000,000
31 _-day Treasury hills, to he issued.
or thereabouts, of
it&k.
xJtixx
on a discount basis under competitive bidding.
he dated
The bills of this series
October 1. 19^1_____ , and will mature
December
when the face amouS^ill 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, two o'clock p. m., Eastern Standard time, M o n d s y ^ S e ^ i X ^ - l S l l U
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 exp
on the basis of 100, with not more than three decimals, e. g., 99.925.
may not be used.
F raction s
It is urged that tenders be 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 bank
trust companies and from responsible and recognized dealers m
ties.
investment
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.
a
«+■ the
Immediately after the closing hour, tenders will be opened ■
TREASURY DEPARTMENT
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 26, 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.
The bills of
this series will be dated October 1, 1941, and will mature December 31
1941, when the fact amount will be payable without interest.
They wil!
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, two o ’clock p. m., Eastern Standard time, Monday,
September 29, 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.
be used.
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
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
tyy an incorporated bank or trust company.
27-72
-
2
-
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 made or com
pleted at the Federal Reserve Bank in cash or other immediately avail
able funds on October 1, 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 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
^ be interest.
Under Sections 42 and 117 (a) :(i)of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of 1941,
3
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be sold,
redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder need
include in his income tax return only the difference between the price
paid for such bills, whether on original issue or on subsequent
purchase, and the amount actually received either upon sale or
redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 418, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue.
Copies of the circular may be obtained from any
Federal Reserve Bank or Branch.
-0 O 0 -
PRESS RELEASE
The Bureau of Customs announced today that provision w ill be made at
customs ports of entry to enable importers to f i l e entries for consumption
covering coffee, the produce of countries not signatories of the InterAmerican Coffee Agreement, at the same instant of time at the opening of
the new quota year on October 1, 1941, at 12 noon Eastern Standard Time,
11 A. M., Central Standard Time, 10 A. M., Mountain Standard Time, and
9 A. M., P acific Standard Time.
The acceptance of entries for consumption covering such coffee w ill
be authorized within the quota lim itations in the order of the time of
their presentation in proper form at the customhouse in the port where the
merchandise has arrived.
I f entries for consumption presented at the
hours specified above on October 1, 1941, cover a to ta l amount of coffee,
the produce of non-signatory countries, in excess of the quantities allocated
in an Executive order signed August 21, 1941, the portion which may be
admitted to entry within the quota allocation w ill be prorated on the b a s i s
of the quantity presented for entry.
-oOo-
Press Service
Ho. 2 7 -7 5
xe» ror consumption
__ 0 wwxxee, the produce of countries not signatories of the InterAmerican Coffee Agreement, at the same instant of time at the opening of
the new quota year on October 1, 1941, at 12 noon Eastern Standard Time,
11 A. M . , Central Standard Time, 10 A, M., Mountain Standard Time, and
9 A. M., P acific Standard Time.
The acceptance of entries for consumption covering such coffee w ill
be authorized within the quota lim itations in the order of the time of
their presentation in proper form at the customhouse in the port where the
merchandise has arrived.
I f entries for consumption presented at the
hours specified above on October 1 , 1941, cover a to ta l amount of coffee,
the produce of non-signatory countries, in excess of the quantities allocated
in an Executive order signed August 21, 1941, the portion which may be
admitted to entry within the quota allocation w ill be prorated on the basis
of the quantity presented for entry.
-oOo-
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, September 26, 1941.
Press Service
N0# 2 7-73
ihe Bureau of Customs announced today that provision
will
be made at customs ports of entry to enable importers to file
entries for consumption covering coffee, the produce of countries
not signatories of the Inter-American Coffee Agreement, at the
same instant of time at the opening of the new quota year on
October 1, 1941, at 12 noon Eastern Standard Time, 11 A. M.,
Central Standard Time, 10 A. M., Mountain Standard Time, and
9 A. M., Pacific Standard Time.
The acceptance of entries for consumption covering such coffee
will be authorized within the quota limitations in the order of the
time of their presentation in proper form at the customhouse in
the port where the merchandise has arrived.
If entries for
consumption presented at the hours specified above on October 1,1941,
cover a total amount of coffee, the produce of non-signatory
countries, in excess of the quantities allocated in an Executive
order signed August 21, 1941, the portion which may be admitted to
entry within the quota allocation will be prorated on the basis
of the quantity presented for entry.
- 0O 0 -
TREASURY DEPARTMENT
WASHINGTON
Press S ervies
’• » 1 - 1 v
F O R IMMEDIATE RELEASE,
F r i d a y y September 26, 1941,
Secretary Morgenthau today announced
the appointment of Dave H. Morris, Jr,, vice-president
of the Bank of New York, and Chester I, Barnard, president
of the New Jersey Bell Telephone Company, as Assistants
to the Se cretary*
On leaves of absence from their respective
organizations, they will consult with other Treasury officials I
on special problems assigned by the Secretary,
Mr. Morris already has arrived in
Washington.
Mr. Barnard will report at the Treasury on
October 6,
ooOOoo
miREA SURY DEPAR np*•TT;,'Fm
Washington
FOR UMIDIATE RELEASE,
Friday, September 2ö, 1941.
Press Service
Ko. 27-74
Secretary Morgenthau today announced the appointment of
Dave H. Morris, Jr., vice-president of the Bank of New York,
and Chester I. Barnard, president of the New Jersev Bell
Telephone Company, as Assistants to the Secretary.
On leaves
of absence from their respective organizations, they will consult
with other Treasury officials on special problems assigned
by the Secretary.
M r . aor r i s
;ady nas arrived in Washington.
will report at the Treasury on October 6 .
-OoO-
Barnard
Mr. H, Merle Cochran,, Foreign Service Officer and
Technical Assistant to the Secretary of the Treasury of the
United States, left San Francisco on September 28 by Clipper,
en route to Hong Kong. Traveling with Mr. Cochran was
Sir Otto Niemeyer of the Bank of England. Mr. Cochran will
collaborate with Mr. A. Manuel Fox, the American economist
and member of the Stabilization Board of China, as well as
with other American, Chinese and British officials concerning
the inter-related financial and economic problems of the
Stabilization Fund, the Chinese Foreign Exchange Control and
the United States Freezing Control.
H. Merle Cochran, Foreign Service Officer
and Technical Assistant to iili the Secretary of the Treasury
of the United States, will leave San Francisco by airplane
tomorrow, en route to Hong Kong.
Traveling with Mr. Cochran
will be Sij? Otto Niemeyer of the Bank of England.
Mr. Cochran will collaborate with
A. Manuel Fox, American economist and member of the
Stabilization Board of China, as well as with other
American, Chinese and British officials concerning the
inter-related financial and economic problems of the
Stabilization F u n d , the Chinese Foreign Exchange Control
and the United States Freezing Control.
0 OO00
TREASURY DEPARTMENT
W a s h in g to n
FOR IMMEDIATE RELEASE,
Saturday, September 27, 1941.
H.
Press Service
No. 27-75
Merle Cochran, Foreign Service Officer and Technical
Assistant to Secretary of the Treasury of the United States,
will leave San Francisco by airplane tomorrow, en route to
Kong hong.
Traveling with Mr. Cochran will be Sir Otto Niemeyer
of the Bank of England.
Mr. Cochran'will collaborate with A. Manuel Fox, American
economist and member of the Stabilization Board of China, as well
as with other American, Chinese and nritish officials concerning
the inter-related financial and economic problems of the
Stabilization Fund, the Chinese Foreign Exchange Control and
tne United States Freezing Control.
-Q o G -
fif
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TREASURY' DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Presa Service
No. 27-61
O
Adulaietrotlve Sede, bated oa MftUH«*nw»ve y*W*-W*w»» wa fi»»im «■«nweaeiA
iiiv js ii limât ut ite f i t t e «ftmt Iä * pr«tete
and noterai«« ite«« proTiöloa«.
«iapìlfy* 89&&«ste^>
fraatoty « m e la li «apte#i*«l that
%&1» Code I» M t lattate* te# l i f l t l a t t e i eontiteratioa at this ila#,
tut la teine 4i«t#itet«Ä tu «rter te attain tte te a te lt «f «oa«traa-
U t # constat# ate «8gg**Hota
A taatatlTi draft te tte Gote tea te«a ««at te 8or«ra»«at affi*
alali/ «te te aiate#« te te« t e a Way« ate t e a öoaaltta« «te tte
*
»t— ». riBMUM C o m m e « .
ti
She Sreamury Invite» atteraeye^jaim « — »*■ " j
'^aj n PW l6am aìeÉ0^ m ‘«— ><««• ® r*i*» *« r s « f t a * Im , «ad «»hm « 1 **
l i m i l i 1» t a m t i ^ te «tt e r t ó f ^ S a ate ««te la « W » » t l« ii* te r
Joba P. teoctel. Ghl«f G«ma«al.
«lam inai 1y v i l i te «te®litte . te te a yrM « *
^ a * #2C£*#ri« «a tte *« te«
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ta rp e ra i« t t e ir i t e « la tte p ia » « te te ttte # S S j S Ä « i te r l« g l« la *
UT» action*
ter!«l«a of tte atelalatratlT« te « » official»
nate a«««s««ry t y te» f # U « v U * fate«» aacag «iter««
of the Treasury, and the late Herman Oliphant, then
General Counsel.
Roger J. Traynor, then consulting expert
to the Treasury Department and Professor of Law at the
University of California, and now Associate Justice of the
Supreme Court of California, assisted by Professor John M.
Maguire of the Harvard Law School, m
Stanley S. Surrey,
and Charles R.,
of *the
£4hKavanaush
epskj
Assistant Legislative Couns
Chief .Counsel’s
under
the direction of John L. Sullivan, Assistant Secretary.
-0O 0-'
- 2 submit suggestions which could be
thus have an opportunity to
considered before the
/
plan/submitted for legislative action.
IS
Revision of the administrative laws, officials said,
is made necessary by the following facts, among others:
1.
Many revenue measures now in effect were originally
enacted as separate statutes rather than as parts of an
integral system of Internal Revenue laws.
2'. The administrative provisions contain, numerous .. 1
sections burdened with elaborate details which in many
instances give to the sections a degree of rigidity that
is clearly undesirable.
3.
Some of the administrative provisions currently
in effect were adopted many years ago and have remained
without modification despite great changes in our economic
life and administrative practices and procedures.
4.
The Internal Revenue laws include other provisions
whose relation to revenue may be considered too remote to
warrant their inclusion.
By regrouping and simplifying provisions and deleting
some portions, the new Code will shape the Internal Revenue
structure into a complete entity.
The Code will be greatly
condensed and completely integrated.
Preparation of the proposed new Code was begun in 1937
at the suggestion of Mr* Roswell Magill, then Under secretary
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
2 1 , lÒll47m m
P rsB-fl— Sotazj.ee
No. 27-61
(H r
Secretary Morgenthau today announced publication of
a tentative Administrative Code, based on Administrative
provisions of the Internal Revenue laws, as the first
step in a program to simplify, condense and modernize
those provisions*. Treasury officials emphasized that
-pn>-Vv G-w-V
I
4^C
t>Uf
c
this code is Kwit intend oä for legislative consideration at
'T U
t
IT-.u /A a% ' I4-*S
ij
fi
JL4- •1C i__cn "
:his time, - 1
is being distributed
in
order to obtain
benefit of constructive comments and suggestions..
A tentative draft of the Code has been sent to Govern
ment officials and to members of the House lays and Means
Committee and the Senate Finance Committee.
The Treasury
invites attorneys, accountants, professors of tax law, and
others interested in taxation to study the proposed Code
. their comments and
ana send m/suggestions for improving iti
to/^Winmissioner of
Internal Revenue, Guv T. Helvering, attention of John P.
Wenchel, Chief Counsel, Copies of the draft will be available
through the same source.
Treasury officials will make a study of the suggestions
yand^
^
xjpgtx
6©d©cxs/]hdxoh.xessndxisclxbp; ixiddxxbetxssxlxiddxlxro
x Tax
experts outside the Government, it was pointed out, will
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, September 24, 1941.
9/22/41
Press Service
r*
i'lO. ¿on
j /-61
T Tz-v
i
Secretary korgenthau today announced publication of a
tentative Administrative Code, based on Administrative provisions
of the Internal Revenue laws, as the first step in a program to
simplify, condense and modernize those provisions.
Treasury
officials emphasized that this code is distinct from any adminis
trative tax bill that may be offered for legislative consideration
at this time.
The draft of the Code, which is not intended for
enactment at this session of Congress, is being distributed in order
to obtain the benefit of constructive comments and suggestions.
A tentative draft of the Code has been sent to Government
officials and to members of the House Ways and Moans Committee and
the Senate Finance Committee.
The Treasury invites attorneys
accountants, professors of tax law, and others interested in taxa
tion to study the proposed Code and send in their comments and
suggestions for improving it to the Commissioner of Internal Revenue,
%
T, Helvering, attention of John P. Wcnchel, Chief Counsel.
Copies of the draft will be available through the same source.
Treasury officials will make a study of the suggestions and
comments submitted.
Tax experts outside the Government, it was
minted out, will thus have an opportunity to submit suggestions
*hich could be considered before the plan is submitted for legisl&tive action*
Revision of the administrative laws, officials said, is made
necessary by the following facts, among others:
1.
Many revenue measures now in effect were originally
enacted as separate statutes rather than as parts of an integral
system of Internal Revenue laws.,
2.
The administrative provisions contain numerous sections
burdened with elaborate details which in many instances give to
the sections a degree of rigidity that is clearly undesirable,
3.
Some of the administrative provisions currently in
effect were adopted many years ago and have remained without
modification despite great changes in our economic life and ad
ministrative practices and procedures.
4.
The Internal Revenue laws include other provisions whose
relation to revenue may be considered too remote to warrant
their inclusion.
regrouping and simpliiying provisions and deleting some
portions, the new Code will shape the Internal Revenue structure
into a complete entity.
The Code will be greatly condensed and
completely integrated.
Preparation of the proposed new Code was begun in 1937 at the
suggestion of Mr, Rosvrell Magi 1 1 , then Under Secretary of the
ireasury, and the late Herman Oliphant, then General Counsel,
~ 3 -
Roger J. Traynor, then consulting expert to the Treasury Department
and Professor of Law at the University of California, and now
Associate Justice of the t|premi Court of California, assisted
by Professor John M. Maguire of the Harvard Law School, Stanley S.
Surrey, Assistant Legislative Counsel and Charles R. Kavanaugh of
the Chief Counsel’s office supervised
the work under the
direction of John L. Sullivan, Assistant Secretary,
-OoO-
-
^
F. H. Gardner, Bureau of Customs, assistant coordinator.
FIFTEENTH DISTRICT - (Montana,
Seattle as headquarters)
Idaho,
Oregon and Washington,with
- William R. Jarrell, Secret Service, coordi
nator; Anker M. Bangs, Bureau of Narcotics, assistant coordinator.
SAN JUAN DISTRICT, Coast Guard, w i t h headquarters at San Juan,
Puerto Rico - Commander C. H. Dench, U. S. Coast Guard,
coordinator.
HONOLULU DISTRICT, with headquarters at Honolulu, Hawaii - Wil
liam R. Vinacke, Alcohol Tax Unit, coordinator.
-o-
2
SIXTH DISTRICT - (South Carolina, Georgia, Alabama and Florida,
with Atlanta as headquarters) - Wm. D. Hearington, Alcohol Tax Unit,
coordinator; Lewis 0. Padgett, Secret Service, assistant coordinator.
SEVENTH DISTRICT - (Kentucky and Tennessee, with Louisville as
headquarters) - Alonzo A. Andrews, Secret Service, coordinator; Wil
liam M. Gray, Intelligence Unit, assistant coordinator.
EIGHTH DISTRICT - (Ohio and Michigan, with Detroit as headquar
ters) - Earle E. Koehler, Alcohol Tax Unit, coordinator; Albert C.
Grünewald, assistant coordinator.
NINTH DISTRICT - (Wisconsin, Illinois and Indiana, with Chicago
as headquarters) - James J. Higgins, Bureau of Narcotics, coordinator;
E. C. Yellowly, Alcohol Tax.Unit, assistant coordinator/
TENTH DISTRICT - (Mississippi, Louisiana and Texas, with Houston
as headquarters) - Archie D. Burford, Intelligence Unit, coordinator;
S. N. Collier, Alcohol Tax Unit, assistant coordinator.
ELEVENTH DISTRICT - (Missouri, Kansas, Oklahoma and Arkansas,with
Kansas City as headquarters) - Charles O ’B. Berry, Intelligence Unit,
coordinator; Joseph Bell, Bureau of Narcotics, assistant coordinator.
TWELFTH DISTRICT - (Minnesota, Iowa, North Dakota, South Dakota
and Nebraska, with St. Paul as headquarters)- Harry D. Smith, Bureau
of Narcotics, coordinator; J . B. Morgan, Bureau of Customs, a s s i s t a n t
coordinator.
THIRTEENTH DISTRICT - ( Wyoming, Utah, Arizona,, New Mexico and
Colorado, with Denver as headquarters) - William E. McElveen, IntellH
gence Unit, coordinator; Rowland K. Goddard, Secret Service, a ss is ta n
coordinator.
FOURTEENTH DISTRICT - (Nevada and California, with San Francisco
as headquarters) - James H. Maloney, Alcohol Tax Unit, coordinator;
TREASURY DEPARTMENT
Washington.
FOR RELEASE,
Press Service
No.
r '
"""OTSU'U}. I Loordihators and AssistarTt uistrlctrcoi
¡Treasury Enforcement Agencies for <*2^ fifteen Districts incontinental Uhited States 4
and for the §an
lulu Pistrifets^"*^»«^ a ppointed today by Seer
>oint»ents^
]Der
and Hono-
Morgenthau.
Tt&Jk
^
Chief Coordinator
The ap-
iS ypf*
Eimer L. Irey
[and his Washington staff^p€sisted in the s e l ^ t i o n of these District
¡coordinators.
The vJ&m followed is to change the lil^trict coordinators
Annually t soj^ f S rt the wo r k of coordination will be systematized and
made more efficient by bringing new faces into the group each year.
FIRST DISTRICT - (The New England States, with Boston as head
quarters)
- David A. Kelleher,
Intelligence Unit, coordinator; William
E. Clark, Bureau of Narcotics, assistant coordinator.
SECOND DISTRICT - (New York State, wi t h New York city as head
quarters)
- James J. Maloney, Secret Service,
coordinator; William D.
Moss, Alcohol Tax Unit, assistant coordinator,
THIRD DISTRICT - (Pennsylvania, w i t h Philadelphia as headquarters
- D. L. MacFarlane, Bureau of Customs,
coordinator; Thomas W. McGeever
Bureau of Narcotics, assistant coordinator.
FOURTH DISTRICT - (New Jersey and Delaware)
- Combined with the
Second District, and same coordinators.
FIFTH DISTRICT - (Maryland, Virginia, West Virginia and North Car
olina, w i t h Baltimore as headquarters)
- Robert E. Tuttle, Alcohol Tax
Unit, coordinator; John A. Cox, Intelligence Unit, assistant coordi
nator.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS
Monday. September 29, 1941
9/27/41
Press Service
No.
Secretary Morgenthau today announced
appointment, for the t w e lv e months beginning October 1,
of District Coordinators and Assistant District Coordinator
for fifteen districts in continental United States and for
the S an Juan and Honolulu districts*
Chief Coordinator Elmer L. Irey said the
men would serve as ranking Treasury agents in their
investigative
respective areas and w o u l d correlate the/activities of
fchez
the Bureau of Customs, the Alcohol Tax Unit and
Intelligence Unit in the Bureau of Internal Revenue,
the Bureau of Narcotics and the Secret Service Division*
In each district, officers of the Coast Guard w o r k with
the other Treasury officers in intelligence cases.
The sew coordinators are as follows:
JURY DEPARTMENT
.shington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Monday, September 29, 1941,
Q 727/41
Press Service
No. 27-76
Secretary korgenthau today announced appointment, for the
twelve months beginning October 1 , of District Coordinators and
^osiotant District Coordinators lor fifteen districts in continental
United States and for the San Juan and Honolulu districts.
Chief Coordinator Elmer L. Irey said the men would serve as
ranking Treasury agents in their respective areas and would
correlate the investigative activities of the .Bureau of Customs,
the Alcohol Tax Unit and Intelligence Unit in the Bureau of
Internal Revenue, the Bureau of Narcotics and the Secret Service
Revision,
In each district, officers of the Coast Guard work with
the other Treasury officers in intelligence cases.
The 1941-1942 coordinators are as follows:
FIRST DISTRICT - (The New England States, with Boston as
headquarters) - David A. Kelleher, Intelligence Unit, coordinator;
William E. Clark, Bureau of Narcotics, assistant coordinator.
SECOND DISTRICT - (New York Sfate, with New York city as head
quarters) - James J. Maloney, Secret Service, coordinator; William
P* Loss, Alcohol Tax Unit, assistant coordinator.
THIRD DISTRICT - (Pennsylvania, with Philadelphia as head
quarters) - D, L. MacFarlane, Bureau of Customs, coordinator;
mi
mas w, mcGeever, Bureau of Narcotics, assistant coordinator.
- 2 FOURTH DISTRICT - (New Jersey and Delaware) - Combined with the
Second District, and same coordinators.
FIFTH DISTRICT - (Maryland, "Virginia, West Virginia and North
Carolina, witn Baltimore as headquarters) — Robert E. Tuttle,
Alcohol Tax Unit, coordinator\ John A. Cox, Intelligence Unit,
assistant coordinator.
SIXTH DISTRICT - (South Carolina, Georgia, Alabama and Florida,
with Atlanta as headquarters) - Vin, D. Hearington, Alcohol Tax Unit,
coordinator; Lewis 0 . Padgett, Secret Service, assistant coordinator.
SEVENTH DISTRICT - (Kentucky and Tennessee, with Louisville as
headquarters) - Alonzo A. Andrew?, Secret Service, coordinator;
Aill iant M. Gray, Intelligence Unit, assistant coordinator.
EIGHTH DISTRICT - (Ohio and Michigan, with Detroit as head
quarters) - Earle
a.
Koehler, Alcohol Tax Unit, coordinator;
Albert C. Grünewald, Intelligence Unit, assistant coordinator.
NINTH DISTRICT - (Wisconsin, Illinois and Indiana, with
Gtncago as headquarters] - James J. Higgins, Bureau of Narcotics,
coordinator; E. C. Yellowly, Alcohol Tax Unit, assistant coordinator.
TENTH DISTRICT - (Mississippi, Louisanan and Texas, with
Houston as headquarters) - Archie D. Burford, Intelligence Unit,
coordinator; S.K. Collier, Alcohol Tax Unit, assistant coordinator.
ELEVENTH DISTRICT - (Missouri, Kansas, Oklahoma and Arkansas,
1Uth Kansas City as headquarters) - Charles O'B. Berry, Intelligence
umt, coordinator; Joseph Bell, Bureau of Narcotics, assistant
coordinator
TWELFTH DISTRICT - (Minnesota, Iowa, North Dakota, South
Dakota and Nebraska, with St. Paul as headquarters) - Harry D. Smith,
Bureau of Narcotics, coordinator; J. B. Morgan, Bureau of Customs,
assistant coordinator.
THIRTEENTH DISTRICT - (Wyoming, Utah, Arizona, New Mexico and
Colorado, with Denver as headquarters) - William E. McElveen, '
,
Intelligence Unit, coordinator; Rowland K. Goddard, Secret Service,
assistnat coordinator,
FOURTEENTH DISTRICT - (Nevada and California, with San Francisco
as headquarters) - James H. Maloney, Alcohol Tax Unit, coordinator;
F. H. Gardner, Bureau of Customs, assistnat coordinator,
FIFTEENTH DISTRICT - (Montana, Idaho, Oregon and Washington,
with Seattle as headquarters) - William R. Jarrell, Secret Service,
coordinator; Anker M, Bangs, Bureau of Narcotics, assistant
coordinator.
SAN JUAN DISTRICT, Coast Guard, with headquarters at San Juan,
Puerto Rico - Commander C. H. Dench, U. S. Coast Guard, coordinator,
HONOLULU DISTRICT, with headquarters at Honolulu, Hawaii William R. H m e k e , Alcohol Tax Unit, coordinator.
-OoO-
H i k rosptot U
tk# Httek » I # I skonli llkt
to statt tkot I kart eoneìsttntlj fallosità lit
provisi ana f c t& s t im lm isirsU o n t í tk# fr t a t u F j
Bspsrtnsnt*
I n ill a ffw la t#
your k s v i s f tìkU l a t t a r l u
s t r i t i In t i t C t u g r t t t i t m l E t t a r i a t t a e x te n s ió n
o í jo o r r t a t r k s *
II tk itti wish**, I * %
S l a t t r t l j J W **
(Vigiwd) B U üf|w illtii Ä
S t o r e i s r j o í th e f r t t s n r y
H o n o rsb lt M artin J* Kennt djr*
Boms# o f E o p r o s t fiis t iv o s
LJBsims
9/26/ 41
>
ÄS
SEP g e S|4
Doar I r * Kamitoiyt
i
Tk# Coagraggiomal Record fo r Soptaabar ES»
show« th a t im a mtmtiawmt eomoermimg tho
Imimk 1ml which yom «oda mm tha f l o o r o f tha
mm th & t f a t a M
r e fe r r e d to am a r t i c i #
ßfljp là# 1« » Torà H e r a ll îriàam e anmommoimg *the
form ation s î i m »
p o l i t i s a i p a r ty àoaâoé hy
Adolph 1 * Borio* J r * # a u t lom ry ¡¡orgemihati, Jr**
Saar« l a r y o f tha f roa gary* *
Tàe Record a lg o abona th a t « M io yom e la te d
t à a t th ere was some damât a i the ©ornent whether
fa t h e r or I m a t h a Morgeatham mentioned* y # n
p r o a œ tâ im the absence o f a d e n ia l f r « «
tà a t
t à a T rib u n e’ s a t a t w a a t a «oro Irma*
I w ish t# a d rig e yen t à a t I I M mot p a r t ic ip a t e
im any w a y im i h #
form ation o f tko p o l i t i c a l p a r ty
io which p i r t f or* and th a t I ha va magar kail any
eoimeetiom w ith th a t p arty*
is-
jj
ISaggMtefo, rn*vmm
I
For immediate release
^L> •^ 7 ^ 7 9
Secretary Morgenthau today made
public the following letter to Representative Martin 1.
Kennedy of £Jew York:
TREASURY DEPARMENT
W a s h in g to n
■OR IMMEDIATE RELEASE,
Saturday, Sent ember 27, 1941.
• Press Service
No. 27-77
Secretary Morgenthau today made public the following letter
'TU(
to Representative Martin e. Kennedy of Newr York:
September 26, 1941.
Dear Mr. Kennedy:
The Congressional Record for September 25, 1941, shows
that in a statement concerning the Hatch Act which you made on
the floor of the House on that date you referred to an article
irom the New York nerald Tribune announcing ”the formation of a
new political party headed by Adolph A. Berle, Jr., and
rienry Morgenthau, Jr., Secretary of the Treasury.”
The Record also shows that while you stated that Rhere
was some doubt at the moment whether my father or I was the
Morgenthau mentioned, you presumed in the absence of a denial
irom me that the Tribunefs statements were true.
^1 wish to advise you that I did not participate in any
^
formation of the political party to which you refer,
and uhat I have never had any connection with that party.
With respect to the Hatch Act, I should like to state that
#
2 onsistently followed its provisions in the administration
oi the Treasury Department.
I will appreciate your having this letter inserted in the
congressional Record as an extension of your remarks.
with best wishes, I am,
" Sincerely yours,
(Signed) H. Morgenthau, Jr.,
Secretary of the Treasury.
Honorable Martin J. Kennedy,
House of Representatives.
-OoO-
- 15 ~
»hall in k to «m il (m ritlm of your vltva and «xperienc»
rnmm»uw— ■'
th« iBOTH«■■■!■> *>uuuU>tww) *h« VrwMNUT «Ul ««leo»« w
•dTle* »tat n > M H i
«utmal probi«»®*
will d w
toward «h* «olution sf our
• Ih -
Hrrleu, in e«uXU>lr Distribution of tax ter&Mi, and 1»
•oono»ie^^Ttói.lal»tratlo^7 1 » la hoped that th« atudy vlU
euggest thè hfoai gwti«l direct ione fa «ilieh v» ought te neve
tovard aere coordinailon, and, crea aere iaportaat, ih# next
that aeed te he taken la theeo dlreetioae/)
heei* ef theee »tadle«, thè next «tep «ili he te
derelop a eonstruetive program and te tranciate tht» procrea
lato epeelfie reeoaaendatlene euitable fer edeptlea ty thè
earioae gexernaeatal Jariedietioa*.
All ef a« «ho are verklag oa thè«« pròblese reeegalse th&t
«eae doublé taxatloa vili probably he «Ith a» oleate and that
all doubl« tarnt loa 1« set neceee&rily deetruetlre.
Jferther»
aoret it le not e&ey to break do«a thè inorila ef old lutile,
tloa» and tradttlonal hahlte of thought. hai «e bare had tee
mah talk aboat eeer&iaatloa and noi eaough action.
If «e are
te etudy thè prehlea adequatela, ve aaet bave thè eeopemtlea
ef theee troupe la thè eeaatry that bave Information and idea*.
If ve are te bave aetlon, «e anet bave thè infetaed interest
ef thè erompe that laflaeaee public polle?.
ihe legai prefeeeiea partlealarljr hat a deep eeaeera «ith
thè tax prehlea.
Se prefeeeiea hae a beiter opportuniiy te
eheeree thè frequent lajaetleee ef multiple taxatlea end thè
aaa? ether romgh «poti «ad veehaeseee la thè tax «rotea, fhe
verte ef oar greap le nev gettlag ander vgr and, ae it pregreeeee.
«• 13 **
«**•• ih««« «tat«ment« er« prohahly Justified.
th« f r u m i r
1* »Mklsf to lagr a foundation vhleh «111 M i t propor eonf i i m U e s of Slat# tarntio« «
Föderal tax lagt «lat io«.
pari of d«r«lopiag
\
#
fyaoory^thit ta this iftel« prej««j.
j
-the»« «feeu&d- fer^a«««»hl«f th« h««t adrice ara Hehle concerning
the questions Inrolred im ihie fie ld .
»•*«- »*— tfn f i r t t i t
tnnt ihn s ts ff «beala «ornad orni qualified «pialo« io ¿«terai&e
a« accurately a« potei hl« ih« ooae«a«u* «a the«« question«.
[hith tini« I« n lw jjh ì* hop« io har« - «ad I aa «uro ve «hall
raaeir« - the cooperation of iho officers «ad represeatetIre«
of Stato aad local gorerneeats and the important nSfötmasahcorgani sat loa« lai«reeied la reraaue aad tasatiea. jj S».h r " " *
prop«e«d e lse t o-so llclt th« ‘ITOm
?
4
droaoe ftf ititi titas «ad t eaiiayer «TJ
^N^reachlag conclusions, i i any he aeeeeeary io heleaeo
^hat »ay pw»«^io he confi lot lag intereste*
Fer instane#,
isoet of us hare e shrqng la i «roti la iho preeerraii«« «ad
strengthening of local « « ^ g jm n u r a t.
l i le a vholesoae
influence la this country ead theJN^l« a presumption la lie
fhwrr,
fh le iaiereei. hoeerer. aey ( o ^ W aot) prore io he
la eoafliei with equally strong iaiereei« lalNsrtarlag adéquats
N,
V
I* .
•Itmàruador «ay
to atsoobl« ^
nw
I a* cotmlats
•Tidsne* *« p o N m » «ooooroJmT^ «0 «t of toc adal ai strutto»
broken &o«a V l«*H iSAThr A®«mra*«otal «aito tegothor vitti
th#
• t u t o l i ««idoneo m m t a c Ito eoot of tax
co^H aact t ó p w w i i n i tm alani«i,
fKt purpo*« 1# to
iadieat« idiot « e n n i« » «ay to possiti« through i t t m gm y».
«eatal eooperatioa io «dalaistratloaTj
Aootkor projset approaeho» th« p r o ti« fro* ito «Uvpoint
of th* loeol |»V 9vu«t« «ad inquirs* «fioro ito grootoot pressar«
of oo«6« opto roooorooo io «sul «tat th« « « m a property t«*~
W « r 1« no« porlo* «MA eoo to «spootoi to por for tto oopport
Of PV9HKOII.
A litri projoot ««Meo to oooortoio Ito tool dlfforonoot lo
tho gsographio Atotrlhutloo of «oalth «ai iooooo « A to lotorprot
ikot iti* ooooo io toro« of U x pollcy.
fo «hot «xt*nt lo lt
tr«ot for «»«pie, ttot so«« Stot«« ha«* «Utili ttoir herdor«
toxoblo «««lth or iooooo idiich m i roaUy «rootod «looufeor«?
fo «tot ortoot Ao «ooo Stato« ss*ploy ta*«« «itlofc io «ffoot iapos«
« etàrgo upoa th« ooasuo#?« of ottor Stato«?
«tot io
'
M*olA to dona atout th««* situatioasi
It to« t«oo «oid ttot io tts Aotot«« «a propeooi eh&ng««
io th« F«d«ral toxoo littl« eoasidcmtloa 1« | t m to Stato
ÌM## •** *• **• ***•• « M »*tao al«tt «i«h to topo««.
Io «ooo
-
11 -
th« problemi and that mest of ih« recedies aould inveir«
a«v
probi*®« of th«lr o « .
mm
l i thè re «ir# « «tapi« rc®«&/ fot*
ih« preaent coufitot «Ad confuslon l i vsmld uadeubtodl/ Ione
•i&e# hav« been diseovered «ad appi 1 ed but th« faci that th«r«
1« no prosp«et of a stupì# reaedy 1« no reason «h/ forihor
•fio ri s io «ohi ero ih« Wst solution shonld noi 1« nodo*
9h« pian f t f study al so includo» «a examiaation of ih«
over-all aspecie of ih« Aaeri c&a tax probi «ss - Federai, Stai«
and locai coabined. I v* Mnrr lt tsir «iodisii ttnrni toc «fi««
l oefcod ai snly ■ epsg i f t g
t^ ta a L « /« ^
^ 0 ^ * 1 Compiala!» ar« frecuaat that
ih« eversali «ystsas 1« regressive or repressivo or ©ut of hsr*ony
wiih ih« «ooaoalo objactive* of f a l l eaployiseat and aavlaaa
natiosai incosse.
A sound approaeh io ih# fiooal probiem inoludoo
«a ever-all vi«* of ih« fl«eal systess of a ll governaental natio.
l i is proposta io givo estensive aitention te thè aatior
of ih« «n itabilii/ of tare« ffer use V àifferent levai« of
*evera»«at9 pariicularl/ fre» ih« adaiaiotratire potai of vie*.
Thi« imclud«« ih« eoa«id«railoa of ih« aetual «osi of ia * ad*
alai «irai loa «speciali/ vhere Stai« and federai adnint strati«»
«al«t« sld« bar «id«t ih« poeoibl« savia« fre» ile eliminati©»
A
of daplioation, ih« »anace«sai/ cosi of isdtpoyore* compilane#
aad leakagee la ina adalnlstratlon aad tax eelleeUen.
-
10
-
coordination of Federal » Stato
local revenue
mi
expenditure «/«ton« and to plan for the coopérât Ito development
o f theee trotéis« in harmony with sound fiscal policy; to meet
tho need« of the foderai Government and at tho eoae tino to
«alatala tho ladopoadoaeo and v ita lity of Stato and local
flr e t with tho consideration of tho chief confiniate vhleh «re asds
vith regard to tho revenue «ytteit and tax «datai«trattone «ad tho
fioeal interrelation« of Federol-State-loeal governments
exnaiao a« part of thl« project tho aoro important propesalo
«hielt have boon nado for tho improve*sat of this situation*
fho complaint« includo nul tiple taxation, hoary cost« o f eo»pllaneo and administration, uneven standard* o f sorvloo«» hoary
and uneven loads upon tho taxpayer and migration of tex bases,
to mention only a fan.
Parallel to theee aro tho sanereus
rornadlos suggested, including reciprocity among Stato«, Joint
administration e f taxes fcy Foderai and State governments, Foderai
credits for taxes paid to State#, Federal collect ion vith Stato»
sharing, and Federal aid* - again to submit only a partial l i s t .
»ho study of complaints and remedios mill Involve examination
of spoetile aspects of individual taxon.
Students of this many-sided problem aro agreed that none
of tho frequently prope sod remedios venid solve a ll faeete of
- 9 **g»tar* ****** of taxation formerly Isrgoly oetrapiad *y th*
Stato*.
V
0a th* othor hand, th* Stato* hy rm i& ln * *» tli***
>w
mena
«Mt effe**«.
poet-defense period say involse even (Meter prehleee.
The
*,
thejr »rise, we «hell here nee need fer fiscal coordination.
Accordingly it le Important tint ve prepare nee to aeet
tfceee prolissa.
Tar tram being aoosthlng that eaa readily be
M » eff until later, this setter say refaire tpeelfie and
definite H w m
at alaoet any tins. The spade eerk of fast
gathering, n ^ , ,
and testing the probable operation of
proposed rosedle*^takes tías.
Ve do not knev hew seek ties
reaelae and cannot afford to pa* eff thia vital question.
nth
this aitaatiea la vie«, the teeretary ef the Treasury recently
requested a naaber ef esperte la the public finases field te
****** ***• ***“ u*7 ta giving eeaeideretien to fleeel and ad
ainistratire probiosa arlaiag fros the isterrelatiea ef federal,
State and local revenue mede and tax systess.
la addltiea to
a special staff verklag in the treasury ea general étudiés, a Maher
of specially qualified individuals are heiag requestsd to study
ead repart ea spealfte problems,
la this vey, ve hope to arite
geed ase ef the taleat affiliated vlth State ead leeal «eve»mm%M M d with th* unirar*Iti«*.
*** 0b^*ellir#
—
9f%hi9
~
vmuu
i« t* gather th* fact*, d*r*lop
.
- s in alnd.
Xt ha© eought to cleor up thè probiem of tioc-esreept
«»curiti«».
It ha« girali ©tody te 'vetrigne aepeete ©f f i e n i
relation© wlth thè State©.
In 19 3 9 , thè Secretai^ of thè
Treasury reeonaeaded te thè h«y« and Henne Constittee that
Coagre*# create a «stali temporaiy aatleanl coenieelea t©
repert ae «eoa ae f«nella« cm thè varimi« aepeete of late*.
#cv«rase«tal fleeal poli«/ and prepone a pian fer thè «olation
of thè probi«#® inveiva«.
Inportaat ne thè leu#- standing probien e f federai- State
lo onl lineai relation* he# beea la thè pani, l t le reademd «ore
neate V thè defeaee precrai and bjr prò ©peci Ir# poet-defeaee
eeoaeale and fleeal problema.
Governa«! 1 9 aaet drtv ea fleeal
reeeareee te «reater degras thaa la thè pnet aad thè post-imr
probi««« sdii ««poetali/ reqnlre fleeal peli«/ «sarefally edepted
to « a v v ìi« «ade.
fhe pronpeet ef prie# rise« darla# thè nei*
perled ha« eerleae iaplle®tiene fer State «ad tonai flammee.
fhe off «et ef lafletlen ea loeal governa «nts darla# thè leet
#nr «trainai thè flnnaee« e f thè leeal aalte,
bere thè sene
e tn ìa te occur agaia, there 1« grave derabt that thè gemerei
preperty ter neald rospo»« ne i t did belore.
¥« bave leeraed
&o lei® direct it Ih# Federai— $t&t• lnttfdtpaadtoiQ« os
%hm ituetlonal ti4« of ficcai operiti ione.
Dorini thè de-
p m i i o i State «ad Ideai iaaliUtjr te previde adeguate rrltaf
U
t the uneaployed reculted la eubetaattal Salerai «spenditure«.
Federai armata te Stata« far cartone malfar# purpocee, «»dar
natehiaa proviilw«, inarcate* «tata and locai «xpeadituree.
Federai araste far road eonetraetion, patite baildlafe» putita
park» and other putita merle« addad ta Stata and locai rapirà»
aeste far satateaasee porpeeee.
Fhaae «campi•« oaa ta Multipli#*
The* murine
me tfeat» daeptta thè mxpmrUrìty of ite flsasoial ranourcee,
thè Federai Seeaxaseat» so le«» ttas thè Stata«» taa asili at
«take in final eeordlaattea.
otltrias« to tKiJaeed.
leither eoa afford ta n ewate
fte precent «ltunttoa - Invetriai
doublé tarati«*» coafu«lou, cervio# duplicaiion, laconrenienee
ta taaqparare, and «nich interflom of fonde tetreen thè rarloue
fforemaest« . operate« «a*i*«t thè putita malfare.
fha Fraaasry Departseat thram^i thè p a r i ha« of oosrce
not h**n obli riottosa« thooe prati*»«. «Sa derelopdS«Ì Ito tas
and other ficcai procreai«
thè «ttmattas« of thè Stato«
• 6•
* * * * * * * i» intersstsd ta fiscal coordination far
«Minimal
another reason aa well«
of the States.
FhsftssgiiItuds-of She] Federal fienai
Beeeat years hare provided «apis evidence that
federal flannel>1 responsibilities are snonsously Increased by
the inability ef States and their subdivisions te previde fer
aeeeeeasy «overnaental fonctions.
Every veaksala* ef the State
tar structure by Juried! etload conflicts, by inefficient and
expensive edulnietration and by needless restrictions on the
use of vmrloue taxing enure#« adle te the demand for Federal
Fhe\flseal prestlese ef the various gsveraeental levels
esa affest ehe another*« fortunes la oil
\
direst says.
Federal
5
m i ha» «urtala «Vrlooi «âvASl«|M la thè adnlalst ratios of
incône, death, «ad M i n taxa«*
la tha catte a f «elee taxes»
far Instance, thè Faterai Serernaeat la sel «abarrassed aa ara
tha States ty tha traahleeose lapadiaeata arisiag «at af later»
«tata «alea»
Aa tkeee aerar taxa« becca« aara lapertaat rlth
isaraaslag Industrialisation tha ravaapae pasaibUltlaa a f tha
Fatarsi daaaraaaat grov «ore rapiti/ than ta thcse af State «at
local unit«» t i l l * tha Stata« aat thalr subdivisions «satina« ta
hâve the
privmryresponslblllty
far thraa outstandin* ahjaata af
publie expcatltmre — éducation, highvay®, eut solfare,
fhla
«resta« probierte cf deficite and Inadequate standardb la ses*
Stata«
mê le ealitlee
and tha tarant far Federai flaconela i assi«-
tance vith tha reamitant probi«** of dir.tribut Inc tha son«/.
mi..... y i i i i w i i i a ....... . .......... p h u iiiM iia iiiiiiiH iiiiiiw a n i " y f ^ '...........
Lat a«^Sacl^tSa*ft*aft«u*y1s
interest in
thaae probiere.
Vhaa praetleally every iaportant tax 1« utlllect tf beth
Federal ent Stet« Oowmtiiti and vith no geseral understaadlag
murtint tha dagre« to vhlch «ach type tlU b« utilisad tjr
either, tha euwulatlve bürden af the rarlaus taxas a«y In «esc
State« rasch Xerelt? stich isjair the eatlra predtclitUy «f tha
saure«• Fartheraore, dual atalaiatratiaa af idsatleal taxas ia»
ralras costs ta tha goTenst&t« and tha taxpajrer, whleh, by ln»
talllfaat ceoperatlen, «i«ht «all ha aealtad and eeztai&ly reduesd.
- u
dt«tè*r».
t U i , too, ha» ehanead.
ta Cent«r U U y
Today, «a t^nrtgkt eltlsaa
fio«* hiasnlf withmt a Joh t w m > ot a
M l U - w U i depraaeien.
A ttt«t*m vith head i f f l m ia mt»b o r * h
ha* foctorlee aa« a d M «fflai la a «osca Stola* «ad eaeteMre
a U arar thè eeastijr.
A fora hey rata«« la Saotsla «ala np aa
aa «otoaohtla aortonr la Batrolt.
A U af »hi* fluidity aa«
interi «pendane« drente* flaeal dimeniti«« —
j m U a w af
aaltl^l« «aaatlaa, aUeaatlaa af tax aeareee, terrlterlol cnneentratiea af veelth, aigretorr t t u m l i t n , «td Stata mal
Federai alla te «n^port aialiam «tondord« af «dneotiea aad «altera.
¿ S e n e ^ - f l v e jr«»r* «ig© li t«ok
àmyn ta a m a th.
io |«ar* «gt ti %mk *
loalt f o w fityi.
ih#
la user*
mttfea
rrnm «|i ti
I t i i M mauri *• «ni
Ikt otiti i§ «hriaklug ut ut
e o i m i e B t «si »¡iMtamiUur iti 1% latti«*«
*?H*r* «f ttotimmii* &&d ut msA tf easpUeailat la
ìt<»
fltXd tf fiata«# ^ 7
T a ih# tfelrt
fi«anelai
»* m r Miioitt #<wm©«ie w p À m itoti«#*
* Tri H Biiiiifnìi* *» *
»feti te ramai» «I
tha l a a y f e a e l a & t K
m a r a l Seraraaent h«a t o m v i « aa«
aeaetarr pew«ra «fetali tea Stataa althar «a aat ha«« «t « U er
v»lah tfe«y peeeaee la *wek taaaar «aerea,
thè faterai Serata-
. j.
la tto fiar«» pi«o*, M
ísas^ s£
l a p a rt» l a
«rargroaa t o w , tto
g
tsi gg&ìz « w w * * . n » t to««
mxsemsaSk
«Mgr t r a r la » » ! « « : t a r a .
V M a r a ! A o ra r n a m t
«Ml t t o
aaagr p a a r « * * » — M a m .
t t o M a r a l ta ra ra » « * »
w m m
A t l« M t u
S ta ta * t h la « u
trtw «
aaa» —
to a
a t o a a t «a
t o l l t t o a to a T r a u t e t h t a t a s
« t o l t o « * a a ln lg r «
t a r i f f a a t o l i q a e r a t o t a to a a a a r a t a « « ,
a o o a k ia a t lo a « f
t a
M a t« « « a r a e e a ta a t
a r a *r» 4u » l l r to a
t o t o t a r a » a a l a l r e a « m a r t r a to t u i u u
%tm ttMMl %-ffty
•o w a « .
C o tag r, « a m r M a t a y | t a r a t o
t a r a * , a to M a ta a to t a r a t o
« B u ra tto t a r a i
t a
la c e r a t o
« a to ll
t a t a « » , l i m e r , c a s e lla « , a to
« « t a t a « « l a a a l I r a i« «
«a r a i l .
C to p sa p e str
r a r a t a a « to « to ir « r a la a lr a M a t a , a t o m a t a r a « t o t m
tto
««ir üiiiiif»
**•
to ra r a t a
t a t o a r a r a t a f a la t it a t o
a a a ra t o a « r e t a to a
« » t r it a t i* * fa a ta r ta t t o i n t o
« f c o o r d in a t i« « ,
t a
«f t a
p s a t lr a
t a t a r a a a s jr w ira lg r p i a t it a « f a r t a r a
e r a r a r w , e a a m a t e t o la a , « to t o c m t t a a m a « t a
M a tra ,
ta
t t o t t a r a t a t i« « t o a t a r a r a a r t o a U | d f t t o a s t a p a a t a t o « to
a a a r a p e llt r a a a a a e to a U t a .
fto
t i n a « a a a to » a e to A m a r » e lf «
r a f f t « t r a t c l a m a i t I r a , t a r a i , « i l i a c a « , a t o « a r a a t t i r a t o lt o
U r t o la r a t o r *0 t k a a a a lr a « , « B a a a a a ra to t o t t « t a t r a t o « a
f
fiui rhiel « M i l M f ü f t liti m
opent lk* m l
«f ««r U m
II« iapeeolkiUty «f i m U l n it lato «fftel,
*• rooofalio liai f n l l m of M i t taxatloa, coaflietlac taxai!©», or erorlappiaf taxaitlem oro «& laeoeapalle tgr~
froftoot of
oof
fowaaootai fot»,
gorem a «alai aaltot to « o r ooir
of
la tlio flau! &n*lr»U, « U
far, ««ree ile mio
«ttieeasy «ai «fon tleir remarne I m H e eeae topiariag
«Ultty —
ito laeoa#, molti, oai toolaooo attiritieo of ti*
ooaatif• «ho ootloao of om oao «oreraamtal aalt «atoaatieelly
»ffoot atoar of tío atiere tai ti# ornata miflre et mil«
Vo roo# gal to, too» tlat tío fltool affai rt of tío foioral
•o rottami tai of tío l a « «ai l a m i «»rettami« lare leeo
latetrtlaloi titee ile m r
legiaalsi« ef tie Ü m .
la thoee
eetir ter«» lemeer, attire flotti «oorilaatloa m e aet
••«eutlai.
Hroraamtal rer m a e r«<talroemt« m e e taaU,
tai aeet potile «erette« atre ef a lotti sellar tlea tal lotti
eharaotor.
fex l a m i l l a tai «emraamtal itoffItimelo« m r o
of a aegaltafte rhltl la tie «treta of preepereat oto»mie «forti
m a t largely tatett#«i,
totie! eai eeoaoalo d e m l e p a m t , howeer, elaagod all
tile*
ffh# prelim ef « w i H a l l « « la H e U m l
«y«tm,
fir«t tier to «eene# la« rapidly aottireft ««j«r l»®ortaa«e,
H e r e ere eeretai «xplaaaitom«.
2-7" 7 ^
Ü W
w j w u mmmmf mummt mmtmm w
ftsx fim&mm,
oi
mmofnwsRTAi. t u m m o x s ,
t u Asmitioa mm association t t ihdiaïàk>u s ,
------------- *» ***«
ss. i<*i_ _ _ _ _ _ _ _ _ _
IttdlM «»à Snt l i M B t
I Mi happr %* hara tfeia priTliftf«
•»A Z a« a*p«elalljr <rl«d far tha »fporliftUjr ta âtaeuaa with
y » Utat*«ruraxa*tal tax raXatlaxa.
Soarealy a «a? p*««*« la
ar tax «os* at tha fraaaarr *ha*
ralatlaaa la
•aaa araa af taxatlaa do^| aat aaxa up far aaasidarattaa.
vili áonbtlaaa r#eulr« araa aara at tustU m aa dafanaa flanaataf
affarla kaap paar with our gmving maed«.
ta reu fc»av, 1ha Yraaaax? la flvlif 1ha prahl#» af tax
**f\J¡L¿\ÁsA$
J?
aaardlaatlaa axtaatlr» almtr jhat aow, ¿and-tt eeenu1»- ly na-
-thffjtu C M » n l p o U t of Tlow fron «hloh «• oro n-oroochla«
tka ««tjaet/n y l i l i m l juü3 Th« < U U m q > d«flam a t r i l » l&aa aa *p&%%ing lala haawimiaua ral#lloat* and Usai axpraaaaa
ja
th* 1««* t n r o U i ^ i i «■ m m » to «•« l« th« t u w an« other
flocal spanti o k « of I M n d ,
M a t « n l local crranwaat* put
tete k M W i l a u N U t l * * ,
/jn l l s M M l a c mjMHTOlilM td»h th« t u Sort clon Connell
*» 1935. SwpC«*tf«TtoT*wth«^»<wfcn«le«d t a t M t l T u N tax-
tetlMÄi
-SÌAAAt^4Ay^
Ix
that «aal ua eaxaal Ifaara th« hi «tori aal
daralep«#»! ef aur p a u l i n a institution*.
Untano«« * « •
fffaatlaalttlaa«
fhor« u l U ho
attaiaxant af idealo *111 rua aauatar ta
Sitara remld ha aa profit la a eaaráUmtlaa
/
TREASURY DEPARTMENT
Washington
RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, September 30« 194-1,
for
*
Press Serrici
No, 27-78
(The following address by John L. Sullivan, Assistant Secretary, before
the Annual Meeting of the American Bar Association at Indianapolis, Indiana,
is scheduled for deliveiy at 1200 p.m., Central Standard Time, Tuesday,
September 30, 194-1.)
I am happy to have this privilege of meeting with you and I am especially
grateful for the opportunity to discuss with you intergovernmental tax relations.
Scarcely a day passes in our tax work at the Treasury that Federal-State rela
tions in some area of taxation do not come up for consideration.
They w ill
doubtless require even more attention as defense financing efforts keep pace
with our growing needs.
The Treasury is giving the problem of tax coordination extensive stucfy just
now and I propose here to outline the general point of view from which we are
approaching the subject.
The dictionary defines coordination as ’’putting into
harmonious relation,” and that well describes our objective:
harmonious relation
ship among Federal, State, and municipal taxing and fis c a l operations.
In striving for that goal we cannot ignore the historical development of
our political institutions.
Because of this background there may be instances
where the attainment of ideals w ill run counter to p racticalities.
Such obstacles
we must overcome, for there would be no profit in a coordination plan which would
require that we spend the rest of our lives contemplating the impossibility of
putting i t into effect.
We recognize that problems of double taxation, conflicting taxation, or
overlapping taxation are an inescapable byproduct of our governmental form.
In
he final analysis, a ll governmental units, be they many or few, serve the same
citizenry and draw their revenues from the same taxpaying a b ility — the income,
wealth, and business activities of the country.
The actions of any one governmental
-
2
-
Iunit automatically affect many of the others and the common welfare as well.
We recognize, too, that the fisc a l affairs of the Federal Government and
of the State and local governments have been interrelated since the very beginning
I
I of the Union.
essential.
In those early days, however, active fisca l coordination was not
Governmental revenue requirements were small, and most public services
Iwere of a local rather than national character.
Tax inequities and governmental
Iinefficiencies were of a magnitude which in the stream of prosperous economic
growth went largely unnoticed.
Social and economic development, however, changed a ll th is.
The problem
of coordination in the fis c a l system, emerging slowly, has rapidly acquired
major importance.
There are several explanations.
In the fir s t place, as everyone knows, the revenue demands of government
[ have greatly expanded and taxes have increased.
[part, in many overlapping taxes.
This growth has resulted, in
At least as between the Federal Government
and the States this was once — and not so many years ago — unknown.
Well into
the Twentieth Century the Federal Government subsisted mainly on a combination
of tariffs, and liquor and tobacco excises.
®ainly based on property and business.
The States were content with taxes
But gradually the Federal Government
and the States began to u tilize the same tax sources.
Today, we pay State and
Federal income and death taxes, and State and Federal tobacco, liquor, gasoline,
and amusement taxes; sometimes local levies as well. The property tax is today
and municipal
the only exclusive State/tax, and customs duties constitute the only exclusive
Federal source of revenue.
steady development of a national economic system has been another
contributing factor to the growth of the problem of coordination.
The founding
- 3 -
fathers very wisely provided for free commerce, communications and migration
among the States*
Qn that foundation has been reared a highly interdependent
and cosmopolitan economic lif e *
The time was when we had many s e lf-s u ffic ie n t
communities, towns, v illa g e s , and even c itie s which lived largely to themselves,
unconcerned with what happened elsewhere*
This too, has changed.
Today, an
upright citizen in a rural community finds himself without a ¿job because of a
world-wide depression.
A business with head o ffices in Pittsburgh has factories
and sales offices in a dozen States and customers a l l over the country*
boy raised in Georgia becomes an automobile worker in Detroit*
A farm
A ll o f th is
fluidity and interdependence creates f is c a l d iffic u ltie s — problems of multiple
taxation, allocation of tax sources, te r r ito r ia l concentration o f wealth, and
the migration of tax avoiders.
In the third place, the Federal Government has borrowing and monetary powers
which the States either do not have at a l l or which they possess in much lesser
degree.
The Federal Government has certain obvious advantages in the administra
tion of income, death, and sales taxes.
In the case of sales taxes, for instance,
the Federal Government is not embarrassed, as are the States, by the troublesome
impediments arising out of interstate sales*
As these newer taxes become more
important with increasing industrialization the revenue p o ss ib ilitie s of the
Federal Government grow more rapidly than do those of State and lo ca l units,
while the States and their subdivisions continue to have the primary responsiility for three outstanding objects of public expenditure — education, highways,
and welfare.
This creates problems of d e fic its and inadequate standards in some
States and lo c a litie s , and the demand for Federal financial assistance with the
resultant problems of distributing the money.
-4 Let me explain more specifically the Treasury's interest in these problems.
When almost every important tax is utilized by both federal and State
Governments with no general understanding regarding the degree to which each
type w ill be utilized
byeither,
the cumulative burden of the various taxes
may in some States reach levels which impair the entire productivity of the
source.
Furthermore, dual administration of identical taxes involves costs
to the governments and the taxpayer, which,
byintelligent
cooperation, might
well be avoided and most certainly could be reduced.
The Treasury is interested in fisca l coordination for another reason as
w ell.
Federal fiscal problems are directly affected by the fis c a l condition
of the States.
Recent years have provided ample evidence that Federal financial
responsibilities are enormously increased by the in ability of States and their
subdivisions to provide for necessary governmental functions.
of the State tax structure
byjurisdictional
Every weakening
conflicts, by inefficient and
expensive administration and by needless restrictions on the use of various
taxing sources adds to the demand for Federal revenues.
No less direct is the Federal-State interdependence on the functional side
f fiscal operations.
During the depression, State and local in ability to
provide adequate r e lie f for the unemployed resulted in substantial Federal
penditures.
Federal grants to States for various welfare purposes, under
etching provisions, increased State and local expenditures.
Federal grants
or road construction, public buildings, public parks and other public works
added to State and local requirements for maintenance purposes.
These few examples can be multiplied manyfold.
They convince us that,
sPite the superiority of its financial resources, the Federal Government, no
- 5 less than the States, has much at stake in fisc a l coordination.
afford to remain oblivious to the other’s need.
Neither can
The present situation - involving
double taxation, confusion, service duplication, inconvenience to taxpayers, and
much interflow of funds between the various governments - operates against the
public welfare.
The Treasury Department through the years has of course been aware of these
problems.
I t has developed its taxes and other fis c a l programs with the situa
tions of the States clearly in mind.
tax-exempt securities.
with the States.
I t has sought to clear up the problem of
I t has given stucty- to various aspects of fisca l relations
In 1939, the Secretary of the Treasury, Henry Morgenthau, Jr.,
recommended to the Ways and Means Committee that Congress create a small temporary
national commission to report as soon as feasible on the various aspects of inter
governmental fisc a l policy and propose a plan for the solution of the problems
involved.
Important as the long-standing problem of Federal-State-local fis c a l rela
tions has been in the past, i t is rendered more acute by the defense program and
ty prospective post-defense economic and fis c a l problems.
Governments today must
draw on fisca l resources to greater degrees than in the past and the post-war
problems w ill especially require fisc a l policy carefully adapted to economic ends.
The prospect of price rises during the war period has serious implications for
State and local finances.
The effect of inflation on local governments during
the last war strained the finances of the local units.
Were the same strain to
occur again, there is grave doubt that the general property tax would respond as
it did before.
property tax.
We have learned that there are limits to the e la sticity of the
To meet the needs of the recent depression and now to finance
our defense effort without destructive inflation, the Federal Government has
-6been forced to explore areas of taxation formerly largely occupied by the States.
On the other hand, the States by increasing the rates in these areas may impede
maximum Federal tax efforts.
problems.
The post-defense period may involve even greater
As they arise, we shall have new need for fisc a l coordination.
Accordingly i t is important that we prepare now to meet these problems.
Far from being something that can readily be put o ff until later, this matter
may require specific and definite answers at almost any time.
The spade work
of fact-gathering, analysis and testing of the probable operation of proposed
remedies naturally takes time.
We do not know how much time remains and we
cannot afford to postpone longer this v ita l work.
With this situation in view,
the Secretary of the Treasury recently requested a number of experts in the
public finance fie ld to assist the Treasury in giving consideration to fiscal
and administrative problems arising from the interrelation of Federal, State
j and local revenue needs and tax systems.
In addition to a special s ta ff working
m the Treasur3r on general studies, a number of specially qualified individuals
are being requested to study and report on specific problems.
In this way, we
hope to make good use of the talent a ffilia te d with State and local governments
I and with the universities.
The objective of this stu<*y is to gather the facts, develop principles, and
examine specific suggestions leading toward a better coordination of Federal,
State and local revenue and expenditure systems, and to plan for the cooperative
development of these systems in harmony with sound fisca l policy; to meet the
needs of the Federal Government, and at the same time to maintain the independence
e^d v ita lity of State and local institutions.
We plan to proceed fir s t with the consideration of the chief complaints
I which are made with regard to the revenue systems and tax administrations, and
lithe fiscal interrelations of Federal-State-local governments.
|
| as
We shall examine
ProJect the more important proposals which have been made for
the improvement of this situation.
The complaints include multiple taxation,
| ■ heavy costs of compliance and administration, uneven standards of services, heavy
I and uneven loads upon the taxpayer and the migration of tax bases, to mention
I only a few.
Parallel to these are the numerous remedies suggested, including
I reciprocity among States, joint administration of taxes by Federal and State
I governments, Federal credits for taxes paid to States, Federal collection with
I State-sharing, and Federal aids - again to submit only a partial l i s t .
The
I study of complaints and remedies w ill involve examination of specific aspects
I of individual taxes.
Students of this many-sided problem are agreed that none of the frequently
I I proposed remedies would solve a l l facets of the problem and that most of the
I
T remedies would involve some new problems of their own.
I f there were a simple
I remedy for the present conflict and confusion i t would undoubtedly long since
I have been discovered and applied, but the fact that there is no prospect of a
I simple remedy is no reason why further efforts to achieve the best possible
I solution should not be made.
I
The plan for study also includes an examination of the over-all aspects
I
I
the American tax problem - Federal, State and local combined.
Complaints
sequent that the over-all system is regressive or repressive or out of
I harmony with the economic objectives of fu ll employment and maximum national
I income.
A sound approach to the fisca l problem must include an over-all view
■ °f the fiscal systems of a ll governmental units.
-
8
-
It is proposed to give extensive attention to the matter of the suitability
|of taXeS f0r use by different l e w i s of government, particularly from the adanistrative point of view.
This includes the consideration of the actual cost
of tax administration, especially where State and Federal administration exists
side by side, the possible saving resulting from the elimination of duplication,
the unnecessary cost of taxpayers' compliance and leakages in tax administration
and tax collection.
Another project approaches the problem from the viewpoint of the local
governments and inquires where the greatest pressure of needs upon resources
is and What the general property taxpayer is now paying and can be expected
to pay for the support of government.
A third project seeks to ascertain the real differences in the geographic
distribution of wealth and income, and to interpret what this should mean in
terns of tax policy.
To what extent is it true, for example, that some States
lave within their borders taxable wealth or income which was really created
elsewhere?
To what extent do some States employ taxes which in effect impose
* ChargS upon the c°nsumers of other
States?
What should be done about these
situations ?
It has been said that in the debates on proposed changes in the Federal
toes little consideration is given to State taxes or to the taxes the States
ught wish to impose,
m
some few cases these statements may have been justified,
ft* Treasury is seeking to lay a foundation which will make proper consideration
of State taxation a part of developing Federal tax legislation.
The Treasury's aim is to assemble the best advice available
concerning the
- 9 questions involved in this field«
Its s ta ff "will sound out (qualified opinion
to determine as accurately as possible the concensus on these (questions*
We
hope to have - and I am sure we shall receive - the cooperation of the officers
and representatives of State and local governments and important organizations
interested in revenue and taxation«
I t is hoped that the study w ill suggest the
broad general directions in which we ought to move toward coordination, and, even more important, - the next steps that need to be taken in these directions«
Cn the basis of these studies, the next step w ill be to develop a constructive
program, and to translate this program into specific recommendations suitable
for adoption by the various governmental jurisdictions*
All of us who are working on these problems recognize that some double
taxation w ill probably be with us always, and that a ll double taxation is not
necessarily destructive.
Furthermore, i t is not easy to break down the inertia
of old institutions and traditional habits of thought«
talk about coordination and not enough action.
But we have had too much
I f we are to study the problem
adequately, we mus^ have the cooperation of those groups in the country that have
information and ideas.
I f we are to have action, we must have the informed interest
of the groups that influence public policy.
The legal profession particularly has a deep concern with the tax problem.
No profession has a better opportunity to observe the frequent injustices of
®nltiple taxation and the many other rough spots and weaknesses in the tax system.
The work of our group is now getting under way and, as i t progresses, we shall
seek to avail ourselves of your views and your experience.
May I assure you, the
Treasury w ill heartily welcome any advice you can give us toward the solution of
our mutual problems.
MHFINGS, EXPENSES, AND DIVIDENDS OP NATIONAL BANKS IN THE SIX MONTHS
ENDED JUNE 30 , 19 I+I, AND SEMIANNUALLY IN THE CALENDAR YEAH 19 I+0 .
(Amounts in thousands of dollars)
June 30 1
19^1
Capital stock, par value: 1 /
Preferred...............
Common......................
TOTAL CAPITAL STOCK.........
Capital funds 1/...................
$is4,44i
1.340,705
1 ,525 ,146
3,598.141
Gross operating earnings:
Interest and discount on loans....
220,382
Interest and dividends on bonds
and securities.................
ll+l,772
Trust department.................
15,235
Service charges on deposit accounts
21,726
Rent received.................
26 ,01+6
Other earnings...................
21.539
TOTAL GROSS OPERATING EARNINGS.
1+1+6,750
Gross operating expenses:
Salaries and wages—
Officers......................
52 ,54s
Employees other than officers...
77.436
Interest on time and savings
deposits.......................
50,484
Real estate taxes............. .
10,111
Other taxes................
27.306
Other expenses...................
90,892
TOTAL GROSS OPERATING EXPENSES. __308,777
NET OPERATING EARNINGS......
137.973
Recoveries:
On loans.........................
13,335
On bonds and securities..........
22 ,50s
All other.....................
6,567
TOTAL RECOVERIES..............
1+7,410
Profits on securities sold.........
38,61+8
TOTAL RECOVERIES AND PROPITS
ON SECURITIES SOLD..........
86,058
Losses and depreciation:
On loans.........................
23,235
On bonds and securities..........
^,073
On banking house, furniture and
fixtures......................
li+, 528
All other.......................
9,322
TOTAL LOSSES AND DEPRECIATION..
9 1 .15 s
NET PROPITS BEPORE DIVIDENDS.......
132,873
Dividends declared:
On preferred stock...............
1+,38S
On common stock................
65,010
TOTAL DIVIDENDS DECLARED___
Number of banks l/ .................
Annual rate of net profits:
On common and preferred stock
..
On capital funds 1/...... ........
Annual rate of dividends:
On common and preferred stock 37..
On capital funds 1/ ............
i
l/ At end of period.
f
Six months ended
:'June 30 » : Dec. 3 1 »
:
I9I+O
: I9I+O
:Year endad
{ Dec. 31, I
* I9I+O'
$ 208,763
$195,657
1,328,180 1,333.816
1,536.943 __1.529.473
3.476,441 3,536,398
$195,657
1 .333.816
1,529.4731
3.536,398
201,012
210,632
U1 1 ,61+1+1
ll+2,063
15,10 6
20 ,116
25,881+
21,827
1+26,008
ll+2,030
17,575
20,629
25,908
21,967
1+38, fl+1
2gi+,093 |
32 ,6811
1+0 ,71+51
51,7921
1+3 ,791+1
364,7491
50,990
73,366
53,112
77,^31
10++,1021
151,197|
53,553
io;66o
2 1 ,1+99
86,188
296.256
52,017
1 1 ,1 5 5
22,790
86,283
303,133
135,553
105,5701
21,8151
1+1+,289 1
172,1+71 ll
M
l
265,305]
129,752
—
17,2 67
17 ,6 18
7,693
42,578
53,286
7,662
. 50,521
51,765
95,864
102,286
198,15»
29,631
5l+,988
28,618
52,972
58,2491
107,9601
12,1+61+
15,882
11,870
109,342
28,3461
27,4351
22l,990 |
2I+1 ,1+6^ I
15,565
19,1+81+
23,375
112,648
112,968
128,1+97
3.76 2
64,497
2/4,413
# 72.686
69.398
68,259
77,099
5.136
Percent
17*1+2
7 7g
5,170
Percent
11+.70
6.50
5,150
Percent
16.80
7.27
9.10
8.88
10.08
3-86
3*93
2/ Revised.
I+.36
36,751
40,993
15,355
93,0991
105,051_I
1
2/3,175]
2/137 ,1^31
145,3511
__ ■ 1
5,15^1
Percent H
15.79 \
___ 6,83
9.50
l+.ll
J
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
Press Service
of the Currency Preston Delano announced today that the 5,136
national hanks in the United States and possessions reported gross earnings of
$*4*46,750,000 for the six months ended June 30» 19*41.
This represents an increase
of $20,7*42,000 over the gross earnings for the six months ended June 30, 19*40,
when there were 5»170 national hanks in operation.
Operating expenses for the f ir s t h alf of 19*41 were $308,777,000 as against
$296,256,000 for the f ir s t half of 19*40.
Net operating earnings were $137,973,000,
an increase of $8,221,000 over the f ir s t half of 19*40.
Adding to the net operating earnings p ro fits on securities sold of $38,6*48,000
and recoveries on loans and investments, e tc ., previously charged o ff of $*47,*410,-
000,
and deducting losses and depreciation of $91,158,000, the net pro fits before
dividends for the six months ended June
30 , 19*41, amounted to $132,873,000, or at
an annual rate of 17»*42 percent of the par value of common and preferred stock and
7*38 percent of capital funds.
This figure of net p ro fits before dividends was
$19,905,000 more than the amount reported for the six months ended June 30, 19*40.
The principal items of operating earnings in the six-month period ended June
30, 19*4-1, were $220,382,000 from interest and discount on loans, an increase of
$1 9 *370,000 over the corresponding period in 19*40;and $1*41,772,000 from interest
and dividends on bonds and securities, a decrease of $291,000.
The principal
operating expenses were $129,98*4,000 for salaries and wages of officers and em
ployees, and $50, *48*4,000 expended in the form of interest on time and savings de
posits.
Profits on securities sold during the six months ended June 30, 19*41, aggre
gated $38,6*48,000 as against $53*286,000 in the six-month period ended June 19*40.
Losses and depreciation on bonds and securities totaling $*4*4,073,000 were
$10 , 915»000 less than in the f ir s t six months of 19*40.
Dividends declared on common and preferred stock in the f ir s t half of 19*^1
totaled $69,398,000, in comparison with $68,259,000 in the f ir s t half of 19*40.
xhe annual rate of dividends was 9*10 percent of common and preferred capital and?
3*86
percent of capital funds.
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
hies day, September 30, 1941.
TT7o(T7Â'
J/ C
'm
Press Service
No. 27-79
jo
Comptroller of the Currency Preston Delano announced today
that the 5,136 national banks in the United States and posses
sions reported gross earnings of $446,750,000 for the six months
ended June 30, 1941.
This represents an increase of $20,742,000
over the gross earnings for the six months ended June 30, 1940,
when there were 5,170 national banks in operation.
Operating expenses for the first half of 1941 were
$308,777,000 as against $296,256,000 for the first half of 1940.
Net operating earnings were $137,973,000, an increase of
$8,221,000 over the first half of 1940,
Adding to the net operating earnings profits on securities
sold of $38,648,000 and recoveries on loans and investments, etc.,
previously charged off of $47,410,000, and deducting losses and
depreciation of $91,158,000, the net profits before dividends
for the six months ended June 30, 1941, amounted to $132,873,000,
or at an annual rate of 17.42 percent of the par value of com
mon and preferred stock and 7.38 percent of capital funds.
This
figure of net profits before dividends was $19,905,000 more than
the amount reported for the six months ended June 30, 1940.
- 2 The principal items of operating earnings in the six-month
period ended June 30, 1941, were $220,382,000 from interest and
discount on loans, an increase of $19,370,000 over the corres
ponding period in 1940; and $141,772,000 from interest and
dividends on bonds and securities, a decrease of $291,000.
The
principal operating expenses were $129,984,000 for salaries
and wages of officers and employees, and $50,484,000 expended
in the form of interest on time and savings deposits.
Profits on securities sold during the six months ended
June 30, 1941, aggregated $38,648,000 as against $53,286,000 in
the six-month period ended June 1940.
Losses and depreciation
on bonds and securities totaling $44,073,000 were $10,915,000
less than in the first six months of 1940.
Dividends declared on common and preferred stock in the
-irst half of 1941 totaled $69,398,000, in comparison with
$68,259,000 in the first half of 1940.
The annual rate of
dividends was 9.10 percent of common and preferred capital and
3.86 percent of capital funds.
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS IN THE SIX MONTHS
ENDED JUNE 30, 1941, AND SEMIANNUALLY IN THE CALENDAR YEAR 1940.
(Amounts in thousands of dollars)
Six months ended
June 30, ! June 30, : Dec. 31,
: 1940
1941
s 1940
Capital stock, par value: 1/
Preferred»...... ..... «•«•••••»•••< , $184,441 $208,763
Common.
1,340,705 I ,328,180
TOTAL CAPITAL STOCK............ 1,525,146 1,536,943
Capital funds 1/
3,598,141 3,476,441
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 earnings .......... o.... oa.. *.9
TOTAL GROSS OPERATING EARNINGS»..
Gross operating expenses:
Salaries and 'wages—
Officers.... .
Employees other than officers....
Interest on time and savings
deposits.
Real estate taxes.*.„o....... . . . .
Other taxes0.......................
TOTAL GROSS OPERATING EXPENSES,..
NET OPERATING EARNINGS* ....... .... .
Recoveries:
On loans•••••••••••••••••••••••••••
On bonds and securities....••••••••
TOTAL RECOVERIES................
Profits on securities sold*.•••••••••
TOTAL RECOVERIES AND PROFITS
ON SECURITIES SOLD...........
losses and depreciation:
On loans.
On bonds and securities
On banking house, furniture and
All other.
TOTAL IOSSES AND DEPRECIATION.....
NET PROFITS BEFORE DIVIDENDS........
:Year ended
: Dec. 31,
:
1940
$195,657
1,333.816
1,529,473
3,536,398
$195,657
1,333,816
1,529,473
3,536,398
220,382
201,012
210,632
411,644
141,772
142,030
21,726
26,046
21,589
446,750
142,063
15,106
20,116
25,884
21,827
426,008
284,093
32,681
40,745
51,792
43,794
864,749
52,548
77,436
73,366
77,831
50,484
10,111
10,660
53,553
308,777
137,973
21,499
86,188
296,256
129,752
52,017
11,155
22,790
86,283
303,188
135,553
15,235
27,306
90,892
50,990
17,267
17,618
17,575
20,629
25,908
21,967
438,741
53,112
104,102
151,197
105, 570
21,815
44,289
172,471
599,444
265,305
36,751
18,335
22, 508
6,567
47,410
38,648
7,693
19,484
23,375
7,662
42,578
53,286
51,765
40,993
15,355
93,099
105,051
86,058
95,864
102,286
198,150
23,235
44,073
29,631
54,988
28,618
52,972
107,960
14,528
9,322
91,158
132,873
12,464
15,565
112,648
112,968
15,882
11,870
28,346
27,435
221,990
50,521
109,342
128,497
58,249
241,465
"- 2
:
Six months ended
:June 30, : June 30, : Dec. 31,
J 194.1
: 1940
: 1940
Dividends declared:
On preferred stock.
On common stock..................
TOTAL DIVIDENDS DECLARED......
$ 3,762
64,497
68,259
Number of banks 1/.............. ..
Annual rate of net profits:
On common and preferred stock l/* •*
On capital funds 1/,•••••••••••••
Annual rate of dividends:
On common and preferred stock 1/. ..
On capital funds l/..............
1
a4- A
s_J ~of
4?__
•
1/l At
end
period.
Percent
17. 42
9.10
2/ Revised.
~o0o—
5,170
Percent
14.70
6.50
8.88
3.93
$ 2/4,413
2/72,686
77,099
:Year ended,
: Dec. 31*
: 1940
if 2/8,175
2/137,183
145,358
5,150
Percent
16.80
7.27
5,150
Percent
15.79
6.83
10.08
4.36
9.50
4.11
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of the following classes of cattle under
the ta r iff rate quotas provided for in the trade agreement with Canada, as
follows:
:
:
:
Established Quota_____ :
Period
;
Head____ :
Cattle weighing less
than BOO pounds each
Prom a ll countries
Calendar
Year 1941
Cattle weighing 700
pounds or more each
(other than dairy
cows)
From Canada
Quarter
Year from
July 1 , 1941
Entered, or withdrawn
from warehouse, for
consumption as of
September 20. 1941
(Head)
100,000
95,505
51,720
46,907
Estimated duties at the fu ll ta r iff rate are being collected on these
classes of cattle pending fulfillment of the current ta r iff rate quotas.
- 0O0/
4
(Prepared - Appeals and Protests iQjuota.. Unit),
Bureau,of Custems)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, September 29, 1941.
Press Service
No. 27-80
— *»aU wi w«iuwv«o ««Mu.wuxi.weu iiuua; 1/jua.i/ preiiMoary repox
xrroni tie
collectors of customs show in e r ts of the following classes of cattle under
the t a r iff rate quotas provided for in the trade agreement with Canada, as
follows:
:
:
:
Established Quota____ :
Period____ :
Head
:
Cattle weighing less
than 200 pounds each
Prom a ll countries
Calendar
Year 1941
Cattle weighing 700
pounds or more each
(other than dairy
cows)
From Canada
Quarter
Year from
July 1 , 1941
Entered, or withdrawn
from warehouse, for
consumption as of
September 80, 1941
(Head)
100,000
95,505
51,720
46,907
Estimated duties at the fu ll ta r iff rate are being collected on these
classes of cattle pending fulfillment of the current ta r iff rate quotas.
-oOo{Prepared - Appeals and Protests (Quota Unit),
. Bureau of CUstems )
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Press Service
Nc. 27-80
I Mcnday, September 29, 1941.
The Bureau cf Customs announced today tha t preliminary reports
from the collectors of customs show imports of the following
classes of cattle under the tariff ra te quotas provided for in the
trade agreement with Ca nada, as folic ws :
Established Qjuota
Period
: Head
Cattle weighing less
than 200 pounds each
From all countries
Calendar
Year 19^1
Cattle weighing 700
pounds or more each
(other than dairy
cows)
From Canada
Quarter
Year from
July 1, 19^1
10 0 ,0 0 0
5 1 ,7 2 0
: Entered, or withdrawn
: from warehouse, for
: consumption as of
: September 2 0 , 19 ^ 1
: ..
(Head)
95.505
^6,907
Estimated duties at the full tariff rate are being collected on
tile se classes cf cattle pending fulfillment c f the current tariff
rate quotas.
\
-oOo-
HDO80BX DSPARTKEHT
Washington
T O R
M
L
M
M
t
.
H
O
B
S
i
m
1SVSPAFSRS,
**•»* Service
Tuesday, September 30» 19^1.
Ko•
9/2$M
r
The Secretary of the Treasury announced last evening that the
tender« for $100,000,000, or thereabout«, of 91-day Treatury h ill»,
to he dated October 1, and to mature December 31 » *9***# mhloh mere
offered on September 2 6 , were opened at the federal Beserve Banka on
September 29«
The detail» of this issue are a« follows:
Total applied for - $182,005,000
Total accepted
- 100,0^5*000
Range of accepted bids:
Sigh
Low
- 100,001
- 99*975
Sc« **« *® » *
r»te approximately
0 .0 9 9
percent
Average
Price
- 99.9A
■
*
"
"
(65 percent of the aaount hid for * t the low price we» accepted)
TREASURY DEPARTMENT
Washington
RELEASE, MORNING NEWSPAPERS,
Tuesday, September 30, 1941.
Press Service
No. 27-81
FOE
375S7iT~^
The- Secretary of the Treasury announced last evening that the
tenders' 'for $100,000,000, or thereabouts, of 91-day Treasury bills,
to be-'-da-ted.October 1, and to mature December 31, 1941, which were
offered on September 26, were opened at the Federal Reserve Banks- on
'Sept ember’’29.
.Th-e details, of- this issue are as follows:
Total applied for - $182,005,000
Total accepted
- 100,045,000
Range of accepted bids:
• High
Low
.Average
Price
- 100.001
99.975 -Equivalent rate approximately-^. 099 percent
„
99.984
n
1
0.062
-(65 -percent of the amount hid-for at the low price•was-accepted.
•*GoO-
■MBrraanar
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, as of September 27,
1941.
Quota Period
Country of Production
Quota Period - 12 months
from October 1 , 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Baiti
Brazil
Peru
Cuba
:
:
Revised 1/
Quota (lbs.)
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
38,000,514
1,285,106,049
3,454,520
11,054,702
:
:
Entered for Consumption
As of iDate) :
Pounds
September 27 , 1941 (Import quota fille
»
»
»
if
«
»
it
H
it
n
it
If
tt
it
it
tt
it
n
it
ti
it
tt
it
it
tt
it
tt
*
" 1
if !
«
if
n
tt
tt
it
77,350,256
2,489,800
23,919,368
62,248,661
El Salvador
Honduras
Nicaragua
Mexico
82,910,068
2,763,642
26,945,812
65,637,203
n
Non-signatory countries:
A ll types of coffee
49,055,084
tt
tt
if
1/Quotas increased by Inter-American Coffee Board,
-cOo-
Bureau
^
(Import quota fills
effective August 11, 1941.
TREASURY DEPARTMENT
Washington
Press S e rv ice
No. 27-82
POR IMMEDIATE RELEASE,
Tuesday, September 50» 1941
me mrcau wi uistoms announcea 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, 1941, as of September 27,
1941.
Quota Period
Country of Production
Quota Period - 12 months
from October 1 , 1940:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
Peru
Cuba
:
:
1/
Revised
Quota (lbs.)
16,581,987
73,928,131
58,037,021
435,277,855
27,636,689
20,727,517
38,000,514
1,285,106,049
3,454,520
11,054,702
El Salvador
Honduras
Nicaragua
Mexico
82,910,068
2,763,642
26,945,812
65,637,203
Non-signatory countries:
A ll types of coffee
49,055,084
1
:
:
Entered for Consumption
As of ¿Date) :
Pounds
September 27, 1941 (Import quota füll
n
tt
it
«
«
«
«
n
jQuotas increased by Inter-American Coffee Board,
tt
w
tt
tt
tt
n
tt
it
ft
«
«
H
«
n
tt
n
n
tt
n
«
n
tt
tt
tt
ft
«
«
«
77,350,256
2,489,800
23,919,368
62,248,661
ft
tt
tf
tt
(Import quota Hill
tt
effective August 11, 1941.
-cOo(P r e p a r e d ( Q u * * *
Unit),
TREASURY DEPARTMENT
W a s h in g to n
Press Service
No. 27-82
for i m m e d i a t e r e"l eW4SE,
a
Tuesday! S e p t em ber 3 0 ,
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, 1941,;
as of September 27, 1941.
Quota Period
Country of Production
Quota Period - 12 months
from October 1, 19^0:
Dominican Republic
Guatemala
Venezuela
Colombia
Costa Rica
Ecuador
Haiti
Brazil
Peru
Cuba
ï
i
Revised 1J
Quota (lbs.)
:____ Entered for Consumption
: As of (Date) :
Pounds
16,581,987 September 27, 19*+1
it
73,928,131
ti
58,037,021
«
>+35.277,855
il
27,636,689
ti
20,727,517
«i
38,000,5lh
h
1 ,285,IO6,OhQ
»
3,1*54,520
it
ii,05h ,702
El Salvador
Honduras
Nicaragua
Mexico
82,910,068
2,763,61*2
26,91+5,812
65,637,203
»
»
»
»
Non-signatory countries:
All types of coffee
hq,055 ,.084
»
(Import quota filled)
»
»
»
»
n
n
h
»
»
«i
h
»
h
»
«
»
«
»
77,350,256
2,Ug>9,300
23,919.36s
62,2hg,66l
( I n fo * # ' q u o ta r f i l l e d )
1/ Quotas increased by Inter-American Coffee Board, effective August 11, 19^1-
-0O0-
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g a d d r e s s b y SECRETARY MORGENTHAU
b e f o r e th e A n n u a l C o n v e n t io n o f t h e A m e r ic a n
B a n k e r s A s s o c i a t i o n i n C h ic a g o i s s c h e d u le d t o
be d e l i v e r e d a t 1 0 : 30 a ,m „ , C e n t r a l S t a n d a r d
T im e , T h u r s d a y 3 O c t o b e r
y and 'is T o r ^
r e l e a s e la p o n d e l i v e r y a t t h a t ^ t i m e rT ^
T h re e w eek s a g o , i n a s p e e c h a t B o s t o n ,
were i n th e e a r l y s t a g e s o f a s e r i o u s p r i c e
we m ust d e a l w i t h th e d a n g e r a t o n c e .
lik e
to r e p e a t i t
a t th e
we do n o t c h e c k th e
I s a id
t h a t we
i n f l a t i o n , and t h a t
I s a id th e n ,
very s ta r t o f th is
s p ir a l o f r is in g p r ic e s ,
ta lk
a n d I s h o u ld
to d a y , th a t i f
an d c h e c k i t now ,
th e c o n s e q u e n c e s w i l l h a u n t u s an d o u r c h i l d r e n f o r y e a r s t o
come.
I o u t l i n e d t h e n a t w in p r o g r a m f o r f i g h t i n g
in fla tio n ,
on
th e one h a n d b y r e d u c in g e x c e s s p u r c h a s i n g po w er i n t h e h a n d s o f
th e p u b l i c , a n d o n th e o t h e r h a n d b y i n c r e a s i n g
goods, l i k e
th e s u p p l y o f
fa r m p r o d u c t s , w h ic h do n o t co m p e te w i t h t h e o v e r
r id in g need s o f our n a t io n a l d e fe n s e ô f f o r t ,
I s a i d t h e n - an d I f e e l v e r y d e e p l y a b o u t i t
was ,fs h e e r f o l l y ” f o r t h e fa r m e r t o
-
th a t i t
se e k h ig h e r p r ic e s fo r h is
-
crop s a t t h is
in c r e a s e s
tin e ,
fo r
in w ages,
2-
la b o r le a d e r s
to s e e k c o n t i n u a l new
o r f o r l a n d l o r d s , b u s in e s s m e n , b a n k e r s ,
o r a n y g r o u p t o e x p l o i t th e p r e s e n t e m e r g e n c y f o r
g a in .
s e lfis h
And I a s k e d f o r th e u n d e r s t a n d in g and s u p p o r t o f 130
m i l l i o n A m e r ic a n s i n f i g h t i n g
th e
e v il o f in fla tio n
by e v e ry
means i n o u r p o w e r .
T h e re i s no n e e d t o
n eed o f common e f f o r t ,
in d iv id u a l in
te ll
t h i s a u d ie n c e o f b a n k e r s o f t h e
on th e p a r t o f e v e r y g r o u p an d e v e r y
t h e c o m m u n ity ,
if
in fla tio n
is
to be a v e r t e d .
You h a v e shown a b u n d a n t ly i n th e p a s t y e a r t h a t y o u a r e
c o n s c io u s o f y o u r d u t i e s a n d y o u r r e s p o n s i b i l i t i e s
c o u n try .
to t h e
You have g iv e n m a g n ific e n t h e lp , and g iv e n i t un
s e l f i s h l y and c h e e r f u lly ,
Bonds a n d S t a m p s .
in
th e
s e llin g
o f D e fe n s e S a v i n g s
You have g iv e n f u r t h e r h e lp
o f t a x a n t i c i p a t i o n n o t e s w h ic h make i t
i n th e
p o s s ib le
s a le
fo r every
t a x p a y e r t o m e e t n e x t y e a r ’ s h e a v y t a x b i l l m ore e a s i l y .
Y o u h a v e c o o p e r a t e d w i l l i n g l y w i t h th e T r e a s u r y ’ s c o n t r o l
o f fo r e ig n fu n d s ,
h a n d lin g
e v e n th o u g h i t
o f your b u s in e s s a f f a i r s
i n t e r f e r e s w i t h th e f r e e
an d s u b j e c t s y o u t o m any
c o m p lic a t e d r e g u l a t i o n s a n d q u e s t i o n n a i r e s .
Xu a l l
t h e s e a n d o t h e r w ays y o u h a v e b e e n s u c h r e a l
p a r t n e r s o f t h e G o v e rn m e n t t h a t I am v e r y g l a d t o be w i t h y o u
t h i s m o r n in g ,
t o th a m c y o u p e r s o n a l l y f o r a l l
t h a t you have
done.
B u t th e m o st im p o r t a n t t a s k o f A m e r ic a n b a n k e r s l i e s
im m e d ia t e ly a h e a d , a n d i t
is
a b ro a d e r and b ig g e r t a s k th a n
any yo u have y e t been c a l l e d upon to p e r fo r m .
That is
th e
t a s k o f d o in g e v e r y t h i n g i n y o u r p o w e r , n o t o n l y a s b a n k e r s
b u t a s i n f l u e n t i a l and r e s p e c t e d le a d e r s
i n y o u r c o m m u n it ie s ,
to f i g h t t h i s e v i l o f i n f l a t i o n w h e r e v e r i t
rears
its
head.
M any o f y o u w i l l re m e m b er, fr o m y o u r own e x p e r i e n c e o f
tw e n ty -fiv e y e a r s a g o ,
th a t in fla tio n
is
j u s t a s d a m a g in g to
b a n k e r s a s t o f a r m e r s , w age e a r n e r s o r b u s in e s s m e n .
We now know t h a t t h e d o u b li n g o f b a n k l o a n s a n d i n v e s t
m en ts fr o m 1916 t o 1 9 2 0 , an d t h e r e s u l t i n g
d e p o s its
in th e
same f i v e
years,
d o u b li n g o f
c o n tr ib u te d to
th e g r e a t
i n c r e a s e i n p r i c e s w h ic h b r o u g h t s u c h h a r d s h ip t o A m e r ic a n
co n su m e rs a n d s u c h d i s a s t r o u s
a fte r -e ffe c ts
t o A m e r ic a n f a r m e r s ,
Y/e now know t h a t th e i n f l a t i o n o f a q u a r t e r - c e n t u r y a g o ,
w it h a l l o f i t s
in ju s t ic e s
e x t e n t h a v e b e e n a v o id e d i f
a c t e d m ore p r o m p t l y , i f
more w i d e l y fr o m g e n u in e
it
and d i s l o c a t i o n s ,
c o u ld t o some
th e G o v e rn m e n t o f t h o s e d a y s h a d
h a d t a x e d m ore h e a v i l y a n d b o rro w e d
s a v in g s .
- 4 -
When th e i n e v i t a b l e
c o lla p s e
ca m e , no f e w e r t h a n 2 ,9 1 0
b a n k s w i t h 790 m i l l i o n d o l l a r s o f d e p o s i t s w ere c o m p e lle d t o
susp en d o p e r a tio n s i n
th e f i v e - y e a r p e r i o d fr o m 1921 t o 1925*
Humpty D um pty h a d f a l l e n
fr o m t h e t o p o f a v e r y h i g h w a l l ,
and many y e a r s o f e f f o r t w ere n e e d e d t o p i c k up th e p i e c e s «
It is
o u r jo b a t th e T r e a s u r y an d th e F e d e r a l R e s e r v e , a n d
y o u r s a s c u s t o d i a n s o f th e p e o p le f s m o n e y , t o make s u r e t h a t
a n y p r e s e n t - d a y d e s c e n d a n t s o f H um pty Dum pty s h a l l n o t go
c lim b in g up t h a t w a l l o f e x p a n d e d c r e d i t a n d h i g h e r p r i c e s
a g a in .
That is
s c r u tin iz e
why my f i r s t p l e a t o y o u a s b a n k e r s i s
c l o s e l y y o u r own l i s t s
t h a t you
o f a p p lic a t io n s fo r lo a n s .
T h ose l i s t s
c o n t a i n w i t h i n th em m uch o f th e a m m u n itio n o f
in fla tio n .
You have in yo u r h a n d s, t h e r e f o r e ,
m o st e f f e c t i v e
w eapon s f o r
You a r e s u r e to f i n d ,
c h e c k in g i n f l a t i o n
a t its
on l o o k i n g o v e r y o u r l i s t s ,
p l i c a t i o n s f o r m oney f o r n o n - d e f e n s e p r o j e c t s
in v o lv e
one o f th e
c o m p e titio n f o r
sou rce«
m any a p
t h a t w o u ld
s t e e l o r c o p p e r o r a n y o f th e t h o u
san d a n d one m a t e r i a l s now n e e d e d so d e s p e r a t e l y f o r o u r
d e fe n s e e f f o r t .
I f y o u c a n p o s tp o n e a l l
lo a n s u n t i l a l a t e r
such u n n ece ssary
d a y , w ith o u t w a it in g f o r
th e p r i o r i t i e s
to becom e b r o a d e r , y o u w i l l b e d o in g a r e a l a n d l a s t i n g
s e r v ic e to yo u r c o u n tr y .
- 5 I ho p e t h a t i n
th e n o t to o d i s t a n t f u t u r e
s y s te m w i l l becom e so e f f e c t i v e
c a l l y a l l ra w m a t e r i a l s f o r
c o n tr o l in
t h a t th e
th e p r i o r i t y
s u p p ly o f p r a c t i
a l l p u rp o se s w i l l be u n d er f u l l
th e i n t e r e s t s o f n a t i o n a l d e f e n s e .
T h a t s h o u ld
mean t h a t m a t e r i a l s w h ic h m u st be u s e d f o r d e f e n s e p u r p o s e s
w i l l n o t go i n t o
t h a t d a y co m e s,
s e n tin e ls
m u n it y ,
in
any u n n e ce ssa ry c i v i l i a n
p r o je c ts .
But u n t il
I hope t h a t y o u w i l l c o n s t i t u t e y o u r s e l v e s th e
o f th e n a t i o n ,
i n y o u r own b a n k a n d y o u r o^m com
g u a r d in g a g a i n s t a n y p r i v a t e
s to c k o f re s o u rc e s needed fo r
e n c r o a c h m e n t u p o n th e
th e n a t i o n a l e f f o r t .
A n o t h e r e s s e n t i a l s e r v i c e w h ic h y o u c a n p e r fo r m i s ,
q u ite
s i m p l y , t o t e a c h t h e p e o p le o f y o u r c o m m u n itie s t h e f a c t s
about i n f la t i o n
and d e fe n s e f i n a n c i n g .
You see in y o u r d a i ly
w ork men a n d women fr o m m any w a lk s o f l i f e .
p o s it io n to a d v is e
th e m , an d y o u r a d v i c e
You are in a k ey
c a r r ie s
a s m uch
w e ig h t a s t h a t o f a f a m i l y d o c t o r t o h i s p a t i e n t o r a la w y e r
to h i s
g iv e
c lie n t.
I know t h a t i n t h e s e
s e r io u s
t im e s y o u v / i l l
th e r i g h t k in d o f a d v i c e , an d t h a t y o u r i n f l u e n c e
l e c t i v e l y an d i n d i v i d u a l l y w i l l b e
G o v e rn m e n t i n i t s
e ffo r ts
c o l
j o i n e d w it h t h a t o f your
to keep th e
co st o f liv in g
in
check.
-
T h e re i s
r i g h t now ,
T h ere i s
in h is
6
-
a r e a l n eed o f c o n v in c in g th e a v e r a g e
c itiz e n ,
t h a t he w i l l h a v e t o a c c e p t f a r g r e a t e r t a x a t i o n .
a r e a l n e e d o f p r e p a r i n g h im t o make g r e a t e r s a v i n g s
d a ily l i f e
m ent o f h i s
to en su re
th e l o n g - r u n s u r v i v a l an d im p r o v e
sta n d a rd o f l i v i n g .
Above a l l ,
th e r e i s
a real
n e e d o f e x p l a i n i n g t o h im t h a t t h i s w ar c a n n o t be won q u i c k l y
or c h e a p ly o r e a s i l y .
I t w i l l r e q u ir e a l l - o u t e f f o r t on o u r p a r t to t i n
s c a le s
in
t h is w ar.
I t w i l l r e q u ir e e v e r y ounce o f s t r e n g t h
t h a t our g ia n t i n d u s t r i a l s y s te m can g i v e .
sw e a t a n d s a c r i f i c e
I t w i l l dem and
on th e p a r t o f p r o d u c e r s , w o r k e r s , man
a g e r s an d co n su m e rs a l i k e .
p u b lic e x p e n d itu r e
th e
And i t w i l l m ean t h e g r e a t e s t
t h a t h a s e v e r b e e n pum ped i n t o
th e a r t e r i e s
o f o u r e c o n o m ic s y s t e m .
D e fe n s e e x p e n d i t u r e s h a v e now r i s e n
a b illio n
an d a q u a r t e r d o l l a r s a m o n th .
a b illio n
and a h a l f ,
T h e y w i l l s o o n be
b u t e v e n t h e n 't h e y w i l l be u t t e r l y
a d e q u a te co m p a red t o t h e n e e d .
m ild a n d c h a r i t a b l e
s l o w l y t o m ore th a n
a w o rd .
P erh ap s " in a d e q u a te ” i s
We a r e t r y i n g
in
to o
t o make o u r s e l v e s
th e a r s e n a l o f d e m o c r a c y b y d e v o t i n g o n l y 20 p e r c e n t o f o u r
f a c t o r y an d m in in g o u t p u t t o d e f e n s e ,
o n l y 30 p e r c e n t o f o u r
-
o n ly 10 p e r c e n t o f our o u tp u t o f
o u t p u t o f d u r a b le g o o d s ,
n o n - d u r a b le
co m e.
T h a t,
7 -
g o o d s , an d o n ly 16 p e r c e n t o f o u r n a t i o n a l i n
s u r e ly ,
is
very fa r
fr o m t o t a l d e f e n s e o r a l l -
out e ffo r t .
N o b o d y c a n e m p h a s iz e t o o o f t e n o r to o s t r o n g l y th e
m a g n itu d e o f t h e
to d o .
jo b w h ic h we A m e r ic a n p e o p le h a v e s e t o u t
L e t me g i v e y o u a fe w s im p le
p re se n t p r ic e s
th e c o s t o f th e
d o l l a r s m ore t h a n t h e
d o lla r s .
o r i g i n a l v a lu e
c o n s t r u c t io n i n th e U n ite d S t a t e s
much a s
At
t o t a l d e f e n s e p r o g r a m a s now
p la n n e d w i l l be m ore t h a n 50 b i l l i o n
b illio n
illu s tr a tio n s .
T h is i s
10
o f a l l b u ild in g
s in c e 1 927.
It
th e t o t a l in v e s t m e n t i n A m e r ic a n r a i l w a y s .
is
t w ic e a s
It
is
t w ic e a s much a s th e t o t a l v a l u e o f a l l p a s s e n g e r a u t o m o b ile s
p rod u ced in
th is
c o u n tr y d u r in g th e p a s t fo u r t e e n y e a r s .
Y e t th e re i s
no r e a s o n w h a t e v e r f o r u s t o b e d i s c o u r a g e d
o v e r th e m ere s i z e
o f th e
jo b a h e a d .
In s p ite
o f a s lo w s t a r t ,
we a r e now o n t h e r o a d t o a n e x p a n s io n o f p r o d u c t i o n w h ic h w i l l
c o n fo u n d t h o s e o f n a r r o w v i s i o n an d l i t t l e
c a n ’ t b e d o n e ."
lo n g p u l l i s
f a i t h who c r i e d ,
The c a p a c i t y o f A m e r ic a t o p r o d u c e o v e r th e
a lm o s t l i m i t l e s s .
t h a t we s e t o u r s e l v e s
to d o .
We A m e r ic a n s c a n do a n y jo b
"It
- a -
It
i s n o t so m uch t h e
lim ite d
s iz e
o f t h e u n d e r t a k i n g a s th e
tim e a t o u r command w h ic h c a u s e s o u r e c o n o m ic s y s te m
to h e a v e an d s t r a i n .
or p r o d u c tio n
w ith in o n e ,
To t e l e s c o p e
su ch a v a s t c o n s tr u c tio n
jo b w i t h i n , n o t tw e n t y y e a r s o r t e n y e a r s , b u t
two o r t h r e e y e a r s ,
is
bound to a f f e c t p r o fo u n d ly
e v e r y a s p e c t o f o u r e c o n o m ic a n d s o c i a l l i f e .
U n d e r t h e im p a c t o f o u r c o m p a r a t i v e l y m o d e s t d e f e n s e e x
p e n d i t u r e s up t o now,
fo u r te e n b i l l i o n
o u r n a t i o n a l in co m e h a s i n c r e a s e d b y
d o lla r s
i n a y e a r , a n d we a r e f e e l i n g
p r e l i m i n a r y sym ptom s o f a s e r i o u s p r i c e
in fla tio n .
a l l th e
W hat w i l l
th e i n f l a t i o n a r y f o r c e s be s i x m o n th s fr o m n o w , w hen we s h a l l
be s p e n d in g much f a s t e r an d when t h e
s u p p lie s o f m a t e r ia ls
f o r c i v i l i a n u s e w i l l be s m a l l e r t h a n t h e y a r e
w i l l p r ic e s be th e n ,
to d a y ?
W here
i f we do n o t a c t c o u r a g e o u s l y t o c h e c k
them n o w ?
It
is
im p e r a t i v e
t h a t we s e t a s i d e
n a t i o n a l in c o m e , a n d e s p e c i a l l y
a g re a t p a rt o f th a t
th e i n c r e a s e
in c o m e , i f we a r e t o p u t a n e f f e c t i v e
i n th e n a t io n a l
b rake upon in f la t io n #
One i n d i s p e n s a b l e m e th o d o f p a y i n g f o r d e f e n s e w it h o u t
in fla tio n
been t r i e d
is
" a ll- o u t ” ta x a tio n ,
in s p ite
a m eth o d t h a t h a s n o t y e t
o f t lie g o o d s t a r t t h a t C o n g r e s s h a s made
i n r a i s i n g $ 3 ,5 0 0 ,0 0 0 ,0 0 0 i n a d d i t i o n a l r e v e n u e .
W it h th e
- 9 -
h e lp o f th e new R e v e n u e A c t o f *1941, o u r t a x s t r u c t u r e v / i l l
y ie ld ab o u t fo u r te e n b i l l i o n
o p in io n i t
s till
d o lla r s
i n r e v e n u e , b u t i n my
c o n t a i n s m any i n e q u a l i t i e s
an d m any o m is
s io n s w h ic h w i l l h a v e t o b e c o r r e c t e d n e x t y e a r .
The t a x b i l l n e x t y e a r w i l l h a v e t o be a g e n u i n e l y
" a ll-o u t” b i l l ,
th e ir a b i l i t y
a g e n u in e l e v y u p o n a l l
to p a y , i f
it
is
to r a i s e
in a c c o rd a n c e w ith
th e n e c e s s a r y r e v e n u e ,
p l a c e th e n e c e s s a r y c h e c k u p o n i n f l a t i o n ,
and t a k e
th e p r o f i t
out o f w ar.
The
s e c o n d i n d i s p e n s a b l e m e th o d o f d r a w in g o f f e x c e s s
con su m er p u r c h a s e s i s
the
g e n u in e
b y b o r r o w in g a s m uch a s p o s s i b l e
s a v in g s o f in d i v i d u a ls
fr o m
th r o u g h o u t th e c o u n tr y .
I know I c a n c o u n t on y o u r w h o le h e a r t e d c o o p e r a t i o n w h e n e v e r
we h a v e t o
come to y o u r b a n k s f o r
now , h o w e v e r , i s
fu n d s .
The way t o p r o c e e d
to fin a n c e ou r n eed s a s f a r
o u t a d d in g u n n e c e s s a r i l y t o b a n k d e p o s i t s ,
fr o m p r i v a t e
in v e s to r s ,
la r g e
an d s m a l l ,
as p o s s ib le w ith
to bo rro w in s t e a d
a n d th u s t o r e d u c e
th e i n f l a t i o n a r y p r e s s u r e o f o u r s w i f t l y r i s i n g n a t i o n a l
in c o m e .
The D e fe n s e S a v i n g s P r o g r a m h a s now b e e n i n p r o g r e s s f o r
f i v e m o n th s .
I t has y ie ld e d us a b i l l i o n
and a h a l f d o l l a r s
fr o m two a n d o n e - h a l f m i l l i o n i n d i v i d u a l i n v e s t o r s .
The
-
r e s u l t so f a r
is
-
c e r t a i n l y n o t b e lo w o u r e x p e c t a t i o n s ,
ju s t as c e r t a in ly i t
sh o rt e s p e c ia lly in
p a y r o lls •
10
fa lls
fa r
th a t i t
s h o r t o f our n e e d s .
but
It fa lls
h a s o n ly begu n to r e a c h w o r k e r s 1
E v e r y one o f th e g r e a t n a t i o n a l l a b o r o r g a n i z a t i o n s
h as g i v e n i t s
e n d o r s e m e n t to s y s t e m a t i c
s a v i n g , an d v o l u n t a r y
p a y r o l l a l l o t m e n t p l a n s a r e now i n o p e r a t i o n i n m ore th a n f i v e
th o u s a n d c o m p a n ie s e m p lo y in g b e tw e e n f i v e
w o rkers.
and s i x m i l l i o n
Our s t r o n g e s t e f f o r t s m u st now be made i n o u r g r e a t
i n d u s t r i a l c e n t e r s , a n d m u st b e d i r e c t e d a t
th e g o o d s e n s e an d
p a t r io t is m o f th e w o rk ers th e m s e lv e s .
I c a n f i n d no u s e f u l n e s s , f o r o u r p r e s e n t p u r p o s e s ,
o ld L i b e r t y L o a n m eth o d o f f i x i n g m oney q u o ta s f o r
t r a d e s , la b o r u n io n s ,
c o m m u n itie s ',
sc h o o l c la s s e s or in d iv id u a ls
D e fe n s e S a v i n g s P r o g r a m .
I c a n s e e no v a l u e ,
in
money o u t o f b a n k s a v i n g s a c c o u n t s o r o u t o f l i f e
B u t I do s e e a g r e a t b e n e f i t , f i n a n c i a l an d m o r a l ,
s e t a s id e ,
a p a r t o f th e ir
c u r r e n t in co m e f o r
c o u n try ^
th is
e i t h e r i n te r m s
o f e c o n o m ic s o r o f m o r a l e , i n h i g h - p r e s s u r i n g p e o p le
in g s p e n d e r s t o
in th e
to
ta k e
in s u r a n c e .
in p ersu ad
s y s t e m a t i c a l l y , w eek a f t e r w e e k ,
t h e i r own g o o d a n d t h e i r
good.
The k in d o f s p e n d in g t h a t t h e T r e a s u r y i s m o st a n x io u s t o
d iv e r t in to
D e fe n s e S a v i n g s B on d s i s
th e
s p e n d in g p r o d u c e d b y
-11 p a y i n c r e a s e s an d b o n u s e s ,
I s h o u ld l i k e
to o ff e r
an d b y i n c r e a s e d d iv id e n d p a y m e n ts .
as a s u g g e s tio n ,
f o r e x a m p le , t h a t e v e r y
C h r is t m a s b o n u s i n t h e U n it e d S t a t e s be p a i d i n D e fe n s e S a v i n g s
Bonds o r S ta m p s t h i s y e a r *
f a s h i o n so t h a t i t
The b a n k s o f A m e r ic a c a n s t a r t th e
w i l l sw eep th e
c o u n try .
s u c h b o n u s e s may be s m a l l , b u t t h e r e
to th e p u b l i c , no m ore s t r i k i n g
t i m e s , no b e t t e r s a f e g u a r d f o r
are su re
to f o l l o w
The t o t a l am ount o f
c o u ld be no f i n e r
r e m in d e r o f t h e
e x a m p le
s p i r i t o f th e se
t h e d a y s o f e c o n o m ic s t r a i n
th a t
th e w ar.
We a t t h e T r e a s u r y b e l i e v e
t h a t th e v o l u n t a r y D e fe n s e
S a v i n g s P ro g ra m h a s a l r e a d y aw ak en ed a g r e a t e r s e n s e o f p r i d e
i n A m e r ic a an d a g r e a t e r
e ffo r t.
sen se o f p a r t ic ip a t io n
in th e n a t io n a l
We s h a l l c o n t in u e a l o n g t h a t r o a d o f v o l u n t a r y c o o p e r
a t i o n , a n d I am p e r f e c t l y c o n f i d e n t t h a t we s h a l l r e a c h v a s t
n um bers who a r e w i l l i n g a n d e a g e r t o p u t t h e i r
fo r t h e ir
s a v i n g s t o w ork
co u n try .
In t h is
e f f o r t th e
T r e a s u r y w i l l c o n t in u e
up o n th e b a n k e r s o f A m e r ic a , n o t o h l y a s i t s
D e fe n s e B on ds b u t a l s o a s m i s s i o n a r i e s i n
o f s a v i n g s i n t im e s l i k e
to depend g r e a t l y
a g e n ts in
s e llin g
s p r e a d in g t h e g o s p e l
th e s e .
T h e re a r e no c o m m is s io n s f o r b a n k e r s i n t h i s w o r k , an d
you have ask ed fo r n o n e .
B u t i n o r d e r t o e n a b le y o u t o g i v e
-
w id e r d i s t r i b u t i o n
12
-
to D e fe n s e S a v i n g s B o n d s ,
an n o u n ce to y o u t h i s m o r n in g t h a t i t
I am h a p p y to
w i l l no l o n g e r be n e
c e s s a r y f o r y o u t o p u t up c o l l a t e r a l f o r th e S e r i e s E b o n d s
w h ic h y o u k e e p i n s t o c k f o r
r e lie v e
th e b a n k s ,
cu sto m e rs,
I hop e t h a t t h i s w i l l
e s p e c i a l l y th e s m a l l b a n k s ,
and I hope t h a t y o u w i l l n o t h e s i t a t e
to
o f a- r e a l b u r d e n ,
t e l l u s a t th e T r e a s u r y
o f a n y s i m i l a r b u r d e n s w h ic h y o u f e e l m ay be h a m p e r in g y o u i n
th e s a l e
o f th e se b o n d s.
W id e r s a v i n g s an d g r e a t e r t a x e s w i l l n o t ,
en o u g h i n
t h e m s e lv e s t o
o f c o u r s e , be
co p e w i t h th e i n f l a t i o n
t h a t now c o n
fr o n ts u s .
Y o u h a v e s e e n th e
j o i n t s t a t e m e n t i s s u e d l a s t w e ek b y t h e
F e d e r a l R e s e r v e S y s te m a n d th e T r e a s u r y ,
in g o f b a n k r e s e r v e r e q u ir e m e n t s t o
p le d g in g f u l l
d e a l i n g w it h th e r a i s
th e l i m i t o f th e la w , an d
c o o p e r a t i o n w i t h th e O f f i c e
o f P r ic e A d m in is tr a tio n
and th e new S u p p ly an d P r i o r i t i e s A l l o c a t i o n s
That jo in t
B oard ,
s t a t e m e n t w as a r e m in d e r o f th e f a c t
G o v ern m en t a l r e a d y h a s p o w e r f u l w eapon s o f c o n t r o l i n
and t h a t i f
ever i t
liv in g
it
needs,
t h a t th e
its
h an d s,
n e e d s more pow er i t w i l l a s k C o n g r e s s f o r w h a t
in
s ta n d a rd s.
th e f i g h t a g a i n s t r i s i n g p r i c e s an d f a l l i n g
It
i s now a s k i n g f o r
a d d i t i o n a l pow er
- 13 th r o u g h t h e p r i c e - c o n t r o l b i l l ,
w h ic h I hope w i l l be p a s s e d
b y C o n g r e s s w it h o u t d e l a y .
I have a lr e a d y s u g g e s te d an e x te n s io n o f th e s o c ia l
s e c u r i t y p r o g r a m a s a p o s s i b l e m eth o d o f a b s o r b in g s e v e r a l
b illio n
d o lla r s
o f n e x t y e a r * s n a t i o n a l in co m e and th u s b u i l d
in g a f u r t h e r r e s e r v e
f o r th e f u t u r e .
n o t o n ce b u t r e p e a t e d l y ,
I have a lr e a d y su g g e ste d *
t h a t t h e G o v e rn m e n t c u t down im m ed i
a t e l y o n n o n - d e f e n s e e x p e n d i t u r e , n o t o n l y a s sou n d f i n a n c i a l
p o l i c y b u t a s so u n d a n t i - i n f l a t i o n a r y p r a c t i c e .
Of cou rse,
tie s ,
of
s a v in g s
co u rse i t
s u c h a c o m b in a t io n o f e m e r g e n c y t a x e s , p r i o r i
an d p r i c e - c o n t r o l w i l l c a u s e some i n c o n v e n i e n c e ;
w i l l c a u s e some h a r d s h i p ,
now e n g a g e d i n a w o r ld s t r u g g l e
and a l l th e
q u a litie s
th e enem y o f i n f l a t i o n ,
We a r e
t h a t dem ands a l l o u r e n e r g i e s
t h a t h a v e made A m e r ic a g r e a t .
s u l t o f t h a t e f f o r t we a r e
to v a n u n l e s s we f i r s t
some s a c r i f i c e .
As a r e
c o m p e lle d t o f i g h t a n o t h e r en em y ,
on th e home f r o n t .
How c a n we hop e
th r o w o n to th e r u b b i s h h e a p a l l i d e a s
o f b u s i n e s s a s u s u a l , p l e a s u r e s a s u s u a l a n d c o m fo r t s a s
u s u a l?
I n my o p i n i o n ,
c o m p la c e n c y i s
o u r m a jo r s o u r c e o f
w e a k n e ss t o d a y i n b u i l d i n g o u r d e f e n s e s ,
fo r
it
sap s our w i l l
and c l o u d s o u r m in d s , an d b l i n d s u s t o t h e s tu p e n d o u s s i z e
th e
jo b t h a t c o n f r o n t s u s .
v
of
X
v
- 14 -
Yi/e c a n c o n o u e r i n f l a t , i o n on uhe home f r o n t I T we a c t now ,
j u s t a s ire c a n e n s u r e th e d e f e a t o f f o r e i g n
ro u se o u r s e lv e s in
n in g t o
tim e ,
in th e f i g h t
j u s t a s m o st o f th em b e g a n l o n g ago to s e e
t h e ir in d iv id u a l sta k e
becau se
I t h in k , a re b e g in -
see t h a t th e y have a p e r s o n a l s ta k e
a g a in s t i n f l a t i o n ,
m a c h in e .
M ost A m e r ic a n s ,
t y r a n n y i f we
i n t h e d e s t r u c t i o n o f t h e A x i s w ar
I am c o n f i d e n t a b o u t th e o u tco m e o n b o t h f r o n t s ,
I lia^ e a d e e p an d a b i d i n g f a i t h
o f t h e A m e r ic a n p e o p l e .
i n th e common s e n s e
ALPHA
- 3 -
issue or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss*
Treasury Department Circular No* 418, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the condi
tions of their issue*
Copies of the circular may be obtained from any
Federal Heserve Bank or Branch*
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 rejec
tion 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
October g. 19Ul------- •
gfc*
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 here
after 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*
Under Sections 42 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 1941, the amount of
discount at which bills issued hereunder are sold shall not be considered
to accrue until such bills shall be sold, redeemed or otherwise disposed
of, and such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance com
panies) issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on original
f
àMM
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,,
Eri dayf nrstnhftr ? . lQ.Ul---------- •
m
The Secretary of the treasury, by this public notice, invites tenders
for $ lQQ.QQO,rino .
or thereabouts, of ,m 91-day Treasury hills, to he issued
on a discount basis under competitive bidding.
be dated
October S, 19Rl
The bills of this series will
and will mature --- January 7. jUjfeg----------------- *
when the face amount will be payable without interest.
3(iajlx
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, two o !clock p. ia , , -Eastern Standard time,
Monday.,—October
Tenders will not be received at the Treasury Department, Washington.
19^ -
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., 99.925.
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 Banxs
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
TREASURY DEPARTMENT,
Washington
POR RELEASE, MORNING NEWSPAPFPq
Fr id a y , October 5. 1 QA1 .
_ rri
wr -u_, fVvie r»ubl ic notice, invites tenders
The Secretary of the treasury, by this puDiic
n
qt
thereabouts, of
... .
on a discount basis under competitive bidding,
Tnpssurv "bills, to "be is sued
for it»j m ^ q n - 0 0 0 -- ►
be dated
The bills of this series will
-he
tf i q Ili
and will mature _
OctoberJ L J & g k - ---- *
January 7 , 19^2---------- »
gftx
when the face amount will be payable without interest.
They will be issued m
hearer form only, and in denominations of »1,000, $5,000, $10,000, $100,000,
$500,000, and §>1,000,000 (maturity value).
• a «&% Ppdpral Reserve Banks and Branches up to the
Tenders will be received at Federal neservt.
t
** m
Sastern Standard time, Jianday, Qct^bpr 6. 1 9 ^ .
closing hour, two o^clock p. m., -astern
^
'Tenders will not be received at ^
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, |
may not be used.
6-. 99-925'
factions
It is urged that tenders be made on the painted forms and for
warded in the special envelopes which will be supplied by Eederal Keserve Bard«
or Branches on application therefor.
Tenders will be received without deposit from incorporated batiks and
trust companies and from responsible and recognized dealers in invest,
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 acco p
an exoress guaranty of payment by an incorporated bank or trust company.
immediately after the closing hour, tenders will be opened at the Bede
TREASURY DEPARTMENT,
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, October 3, 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.
The bills of this series vail be dated
October 8, 1941, and will mature January 7, 1942, 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, two o ’clock p. m.,
Eastern Standard time, Monday, October 6, 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.
used.
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 incor
porated banks and trust companies and from responsible and
recognized dealers in investment securities.
27-84
Tenders from
2
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 made or completed at the Federal Reserve Bank in
cash or other immediately available funds on October 8,. 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 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
- 3 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.
Under
Sections 42 and 117 (a) (1) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 1941, the amount
of discount at which bills issued hereunder are sold shall not
be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from con
sideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued
hereunder need include in his income tax return only the differ
ence between the price paid for such bills, whether on original
v
issue or on subsequent purchase, and the amount actually re
ceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
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 cir-
cular may be obtained from any Federal Reserve Bank or Branch.
-oOo-
TREASURY DEPARTMENT
W a s h in g to n
FOR IMMEDIATE R ELEASE
T h u r s d a y , O c t o b e r 2 / 1941
P re ss S e r v ic e
> 7 ~
The T r e a s u r y D e p a r tm e n t a n n o u n c e d t o d a y t h e d e n i a l
o f an a p p lic a t io n b y G e n e r a l D y e s t u ffs
th e
c o n tr o llin g
C o r p o r a tio n to p u rch a se
sh a re s o f th e G e n e r a l A n ilin e
an d F i l m
C o r p o r a t i o n fr o m I n t e r n a t i o n a l e G e s e l l s c h a f t f ü r C h e m is c h e
U n te r n e h m u n g e n , A *G *
(I.
G.
C h e m ie ) , a com pany o r g a n i z e d
u n d e r t h e la w s o f S w i t z e r l a n d *
0 0 0 -
TREASURY DEPARTMENT
W a s h in g to n
FOR IMMEDIATE RELEASE,
Thursday, October 2, 1941.
Press Service
No. 27-85
The Treasury Department announced today the denial
of an application by General Dyestuffs Corporation to purchase
the controlling shares of the General Aniline and Film
Corporation from Internationale Gesellschaft fur Chemische
Unternehmungen, A.G. (I. G. Chemie), a company organized
under the laws of Switzerland.
o 0 o -
/
October ^ i94i
STATUTORY DEBT LIMITATION
AS Of SEPTEMBER 10, 19^1
V
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 this limitation.
Total face amount that may be
outstanding at any one time
$ 6 5 ,0 0 0 ,0 0 0 ,0 0 0
Outstanding as of September 30» 19^1*
Interest-bearing:
Bonds $30,168,525»850
Treasury
Savings (Maturity
6 ,351 .778,675
value)*
53 ,795,000
Depositary
7 3 6 , 279.506
Adjusted Service
$10 ,701 ,*(82 ,425
Treasury notes
K^Oertificates of
2 ,^ 9 7 , 850,000
7^
indebtedness
Treasury bills
1.304.894,000
^ }
(maturity value)
$37,310,379.031
l4,504,226,425
$51,814,605,456
,
Matured obligations, on
which interest has ceased
177 912.800
Face amount of obligations
issuable under above authority
5i.992.5i8.256
13.007.481,744
Eeconcllement with Pally Statement of the United States treasury
September 30, 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)
$51 *992.518,256
1.219.980.51°
$50,772,537,71»
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (Pre-War, etc«)
$
19d ,0m 6,600
Matured obligations on which interest
«tosed
~
12,557.400
Bearing no interest
3o5»gb5«3W
Total gross debt outstanding as of September 30» 19^1
y n fg69»3^
$51,3^»^07»^
•Approximate maturity value.
Principal amount (current redemption value)
according to preliminary public debt statement $5»131 »798 »lb5»
October 3, 1941
STATUTORY DEBT LIMITATION
AS' OF SEPTEMBER 30," 194l
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 out
standing and the face amount which can still be issued under this
limitation:
Total face amount that may be
outstanding at any one time
$>65 ,000 ,000,000
Outstanding as of September 30 , 1941:
Intere st-b e aring:
Bonds Treasury
*>30,163,525,850
'll *
Maturity
Depositary
Adjusted Service
Treasury notes
Certificates of
indebtedness
Treasury bills
(maturity value)
53,795,000
736,279,506
$10,701,432,425
*>37,310,379,031
2,497,850,000
1,304,891.000
14.504.226,425
$51,314,605,456
matured obligations, on
which interest has ceased
177,912,800
Face amount of obligations
issuable under above authority
51,992,518,256
13,007.481.744
Reconcilement with Daily Statement of the United States Treasury
September 30. 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)
$51,992,518,256
1,219,930,510
$50,772,537,746
Add other public debt obligations outstanding but not
subject to the statutory limitation:
Interest-bearing (Pre-War, etc.)
$
196 ,046,600
Matured obligations on which interest
12,557,400
has ceased
365..»2_6_5,.,3.6a
Bearing no interest
Approximate maturity value. Principal amount (current redemption value)
according to preliminary public debt statement so, 131,793,165.
27-36
IMPORTS OF DISTILLED LIQUORS AND WINES AND DUTIES COLLECTED THEREON - JULY 191+1
July
19i(l
DISTILLED LIQUORS (Proof Gallons):
Stock :j.n Customs^Bonded Warehouses*at beginning
Total imports (Free/and Dutiable)
Available for Consumption
Entered into Consumption (a)
Exported from Custom» 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)
Eacported-from Custot5L Custody
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)
Stock in Customs Bonded Warehouses at end
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Tota.Lr,,Dii
err Other -.Commodities TOTAL DUTIES COLLECTED
P c r e c n t u u l l e 'r b e d o n ir^^ixogc ,.,
June
191(1
7 months ending July 31,
19t(0
19 I11
7,775,71(1
866,1*21
8,61*2,162
827,933
l*j6S8
7,809,601
7,590,00i(
1,050,31(0
8,61*0,31*1*
859,787
4*^8l6
7,775,71(1
6,976,713
1,536,923
8,513,636
701,593
-3Se7 ,8 11,6 6 1
2,135,198
187,537
2,322,735
168,888
1,888,017
372,818
2,260,835
12 l(,910
1 ,526,805
225,979
1,752,781(
196,251(
1,516,518
1,591(,158
3 ,110,676
95U, 01(7
2,153,013
2,135,198
1 ,556,098
3 ,6 16
2,153,0 13
218,621*
1,1(73
220,097
5,273
395,772
5 ,7 1 7
1(01,1(89
29,333
221,290
1(1(,197
265,U87
1(9,153
21ii,693
222,132
2,625
22l(,757
5,627
MH
218,621*
371,9 76
211(,693
$ 1,778,783
136,690
15 5306
$ 2,111*,650
117,711*
16,576
$ 1,725,972
163,783
$ 1^30^9
jH%ai»&y91*6
^^667^39
?3j?i|8> f 3
2 5 ^ 5 ^
$36,71*2,979
$38,217,379
*25,225,301*
$270,o5i*,li*8
5*3^ —
(a) Including withdra'wals for ship supplies and diplomatic use*
(PiBfipa rad •Jay^jgtgiQqt.
July
191(0
«ttTéau of Customs;
86,676
8,223,1(55
5,975,099
H(,198,551(
6,360,079
28787^
7,809,601
$ 15,1*20,777
866,026
11*1,9l*Q
l(,l(7l(,317
9,608,592
ll*,082,909
6,251(,073
1771757,811,661
1,283,1(99
2,1(80,31(7
3,763,81(6
2,201,636
6f£121 ,556,098
376,71(6
270,733
61(7,1(79
275,031(
-»•1*69
371,976
$ 15,1*70,835
1,821,61*7
818,31*3
1^1107025
l j ^ 8 7 ,1*59
$196,190,201*
■-
<! W W
IR
P3 02
«*«
02
Washington
FOR IMMEDIATE REDEASE ,
Friday, October 5 / 1941«
P r ess Service
No. 27-87
Commissioner of Customs W. R. Johnson today issued the
following statement showing imports of distilled liquors and wines,,
and duties collected thereon, covering July, 1941, with comparative
figures fo r Juihy, 1940 and June, 1941, and the seven months ending*
J u l y 31# 1941 and 1940.
1«
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Press Service
Saturday,«.‘October.4 , 1941»
No. 27-87
Commissioner of Customs W. R. Johnson today issued the following
statement showing imports of distilled liquors and wines, and duties
collected thereon, covering July, 1941, with comparative figures for
July, 1940 and June, 1941, and the seven months ending July "31, 1941
and 1940.
July
June
July
months ending July 31
__________________________
1941
1941
1940________ ' l94l .
1940
DISTILLED L
I
Q
U
O
R
S
-----------------(Proof Gallons):
Stock in Customs Bonded Warehouses at beginning....... 7,775,741 7,590,004 6,976,713
8 ,223 ,1+55
M7*+.3i7
Total Imports (Free and
Dutiable)...........
866,421 1 ,050,340 1,536,923
9 ,608,592
5.975.099
Available for Consumption..., 8,642,162 8,640,344 8 ,513,636 1 ^,198 ,551+ ll+,0S2,909
Entered into Consumption (a).
827,933
859,787
6 ,251+,073
701,593
6 ,360,079
Stock in Customs Bonded Ware
houses at end............. 7 ,809,601 7,775.741 7 ,811,6 6 1
7 ,809,601
7 ,8 11,6 6 1
STILL WINES (Liquid Gallons);
Stock in Customs Bonded Ware
houses at beginning..... .
2 ,135,198 1 ,888,017 1 ,526,805
1 .516,518
1 ,283 ,1+99
Total Imports (Free and
Dutiable).................
187,537
372,818
2 ,1+80,31+7
1.59^.158
225,979
Available for Consumption.... 2,322,735 2 ,260,835 1,752,784
3 ,110 ,6 76
3.763,81+6
Entered into Consumption (a).
168,888
124,910
196,254
95^.01+7
2 ,201,636
Stock in Customs Bonded Ware
houses at end............. 2 ,153,013 2,135,198 1,556,098
1 ,556 .09s
2 ,153.013
SPARKLING WINES
(Liquid Gallons);
Stock in Customs Bonded Ware
houses at beginning.... .
218,624
222,132
395.772
221,290
376,71+6
Total Imports (Free and
Dutiable).................
1,473
2,625
5,717
W+.197.
270,733
Available for Consumption....
220,097
401,489
265 ,1+87
224,757
61+7,1+79
Entered into Consumption (a).
5»273
5,627
275 .031+
29,333
1+9,153
Stock in Customs Bonded Ware- houses at end.............
214,693
218,624
371,976
214,693
371.976
DUTIES COLLECTED ON:
--- P B
Distilled Liquors...... ... .$1,778,7«3 $2,ll4,b50 $1,725,972 $15,420,777 $15,470,835
s t i l l wines...............
136,690
117,714
163,783
866,026
1,821,647
Sparkling Wines...........
15,306
16 ,576
86.676
l4l.94o
gig,314.
J
total d u t ie s c o l l e c t e d .
(a)
. $36,742,979$36721/,3/ 9 t e , 225,304S 2 7 0 ,0 5 4 ,i4 s& 9 6 ,iS 3 ,2 s4
Including withdrawals for ship supplies and diplomatic use.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE R E LE A SE ,
Monday, O c t o b e r 6 , 1 9 4 1 ,
Press Service
No. 27-88
Tentative proofs of the new simplified income tax form were
r e c e i v e d by the Treasury today as it was announced Secretary
Morgenthau has approved regulations covering its use.
The simplified form was provided for in the Revenue Act of
1941 (Sections 400 to 404 of the Internal Revenue Code).
regulations are embodied in Treasury Decision 5079.
The
The new form
may be used by income taxpayers whose income is $3,000 or less and
is wholly derived from salaries, wages, other compensation for
personal services, dividends, interests, rents, annuities or
royalties.
Estates, trusts and nonresident aliens may not use the
form.
The new return, known as Form 1040-A, takes the place of the
old Form 1040-A which has been used by taxpayers with gross incomes
of $5,000 or less.
Those whose income for 1941 is over $3,000, as
well as those who choose not' to use the new simplified form, will
use the larger Form 1040, but this also will be revised and simpli
fied, Treasury officials said.
Fifty million copies of the simplified form,which is printed
on the two sides of a single sheet, have been ordered from the
printer.
Distribution is being rushed so that the forms will be
in the hands of Internal Revenue Collectors in all parts of the
country by January 1.
f
-
2
-
The table on the reverse side of the simplified form shows
the amount of tax on increasing amounts of gross income after the
proper allowance of a credit of $400 for each dependent, if any.
The table automatically reflects no tax liability in cases where
the gross income less credit for dependents is not in excess of the
exemption levels.
These levels are $750 in the case of a single
person who is not the head of a family and $1,500 in the case of
a married person or a person who is the head of a family.
Married
persons not living with their spouses and married persons whose
spouses file separate returns are treated as single persons for the
purposes of the table. , The status of a person on the last day of
the year is the governing factor in determining the exemption level
as well as the credit for dependents, in case the simplified return
Form 1040-A is filed.
The tax is the same for each $25 block of gross income, and
the taxpayer need only ascertain in which block his gross income
(less the allowance for dependents) falls.
For example, a single
person (not the head of a family) who has a gross income anywhere
between $2,300.01 and $2,325.00 and who has no dependents will pay
a tax of $132.
A married person or head of a family in the same
situation will pay a tax of $65-.
In arriving at the amount of tax
in each block, the tax on the average amount of income m
such
block, computed at ordinary rates and with a 10 percent earned
m e ome credit allowed for normal tax purposes
ias been reduced
/
by 10 percent, owing to the fact that deductions and certain credits
are not allowed, and has been fixed at the nearest dollar.
This simplified method of computing the tax is at the option
of the taxpayer.
A new election may be made each year.
Once an
election has been made for any year, however, it is irrevocable
for that year.
Therefore, if a taxpayer has filed a return under
the simplified method for any taxable year, he may not thereafter
(either before, on or after March 15th) file a return under the
general provisions for that year.
Conversely, if he has filed a
return under the general provisions for any taxable -year, he may
not thereafter file a return under the simplified method fo-n- that-—
year.
- 0O 0(A-reprodnotion-cf the tentative fomnls- attached)
f?ORM 1040 A
tr easu r y
In
ter n a l
R
O P T IO N A L
U N ITED S T A T E S
d e p a r t m e n t
e v e n u e
S
e r v ic e
1941
IN D IV ID U A L INCOM E T A X RETU R N
THIS RETURN MAY BE FILED INSTEAD OF FORM 1040 BY
D o n o t w r ite in t h e s e s p a c e s
CITIZENS OR RESIDENT ALIENS IF G R O SS INCOM E
Serial
No.
IS NOT M ORE THAN $3,000 AND IS ONLY
FROM SOURCES STATED H EREON
Amount
Paid, $
P R IN T N A M E A N D H O M E O R R E S ID E N T IA L A D D R E S S P L A IN L Y B E L O W
(N am e)
( C a s h ie r ’ s S t a m p )
(U se giv^n names o f both husband and wife, i f this is a joint return)
(S tre e t and number, or rural route)
(Post office)
(County)
(State)
C a s h — C h e c k —M . 0 .
Occupation______ ______ _______________
D E P E N D E N T S ON L A S T D A Y O F Y E A R
persons deriving their chief support from you (other than husband or wife) under 18 years of age or mentally or physically
incapable of self-support
Name of dependent
Relationship
If over 18 years of age, gire reason for listing
G R O S S IN C O M E L E S S A L L O W A N C E F O R D E P E N D E N T S
1. Salary, wages, and compensation for personal services..................................................................... .............
2. Dividends, interest, rent, annuities, and royalties.......................................................................
3. Total.............................
4.
Less: $400 for each dependent................................................................................. ..................
(If you are the head erf a family (see definition on other side) only became of dependent(5) listed above, $400 for each
listed dependent except one)
5. IN CO M E S U B J E C T T O T A X ............................................
TAX
6.
Tax to be paid (from Column A or B of table on other side).
I/we swear (or affirm) that this return is a true, correct, and complete,return, made in good faith, for the taxable year stated,
pursuant to the Internal Revenue Code and regulations issued under authority thereof; and that I/we had no income from sources
other than stated hereon.
Subscribed and sworn to b y ___ ____ ........................
before me th is ......... ......... day of ................................ , 1942
(Signature and title of officer administering oath)
(Signature)
(Signature)
.(If this is a joint return, it must be signed by both husband and wife.
be sworn to before a proper officer by the spouse preparing the return.)
It must
An income tax return is required to be filed by single persons having a gross income (item 3 above) of $750 or more and married
persons having $1,500 or more. A husband and wife may make a joint return, or each may make a separate return, as they prefer,
is return is used, it must be filed with the Collector of Internal Revenue for your district on or before M arch 15, 1942. The tax
be paid in equal quarterly installments commencing M arch 15, 1942. Pay tax, if any, to the Collector and if payment is made
y eck or money order, make payable to “ Collector of Internal Revenue.”
P L A C E C H E C K M A R K (v/) IN T H E A P P L IC A B L E B L O C K □ B E L O W
Single on last day of year------- ----
-. . . . . . . -. . . . . . . ~ . . . . . CD
Married but not living with husband or wife on last day __
of year....... .............................—........ -..........................................-.......... ’—*
Married and living with husband or wife on last day of
year and this return includes all income of husband
and wife....... ........................... -................................................................ Q
Married and living with husband or wife on last day of __
year but each filing separate returns.................... - ..........- L J
Head of family (a single person or married person not
living with husband or wife who exercises family
control and supports closely connected dependent
relative(s) in one household) on last day of year......... Q
IFYOUCHECKEDONE OF ABOVE, FINDYOURTAXINCOLUMNA
IFYOUCHECKEDONE OFABOVE, FINDYOURTAXINCOLUMNB
COLUM N
A
COLUMN
B
Your tax is
Your tax is
1F
Income subject to tax (item 5) is
Bat not over
Orer
$1
750
8750
$0
775
800
1
2
800
825
3
775
,F
Income subject to tax (item S) is
80
0
But not over
8 1 ,5 0 0
8 1 ,5 2 5
COLUM N
B
Your tax is
Your tax is
863
IF
Income subject to tax (item 5) is
COLUMN
A
COLUMN
B
Your tax is
Your tsxi
86
Over
But not over
8 2 ,2 5 0
8 2 ,2 7 5
8128
2 ,2 7 5
2 ,3 0 0
1 30
6
2 ,3 0 0
2 ,3 2 5
132
6
1 ,5 5 0
65
81
2
1 ,5 5 0
1 ,5 7 5
68
3
1 ,5 7 5
1 ,6 0 0
70
5
2 ,3 2 5
6
2 ,3 5 0
1 ,5 2 5
0
0
Over
COLUM N
A
*
2 ,3 5 0
134
6'
2 ,3 7 5
137
6!
825
850
5
0
1 ,6 0 0
1 ,6 2 5
72
850
875
7
0
1 ,6 2 5
1 ,6 5 0
74
7
2 ,3 7 5
2 ,4 0 0
139
7
9
2 ,4 0 0
2 ,4 2 5
141
7!
875
900
9
0
1 ,6 5 0
1 ,6 7 5
76
900
925
11
0
1 ,6 7 5
1 ,7 0 0
78
11
2 ,4 2 5
2 ,4 5 0
143
7(
13
2 ,4 5 0
2 ,4 7 5
145
7|
925
950
14
0
1 ,7 0 0
1 ,7 2 5
80
950
975
16
0
1 ,7 2 5
1 ,7 5 0
83
15
2 ,4 7 5
2 ,5 0 0
1 47
8<j
17
2 ,5 0 0
2 ,5 2 5
1 50
8]
975
1 ,0 0 0
18
0
1 ,7 5 0
1 ,7 7 5
85
1 ,0 0 0
1 ,0 2 5
20
0
1 ,7 7 5
1 ,8 0 0
87
19
2 ,5 2 5
2 ,5 5 0
1 52
8|
1 ,8 2 5
89
22
2 ,5 5 0
2 ,5 7 5
1 54
8|
91
24
2 ,5 7 5
2 ,6 0 0
156
81 '
1 ,0 2 5
1 ,0 5 0
22
1 ,8 0 0
0
1 ,0 5 0
1 ,0 7 5
24
0
1 ,8 2 5
1 ,0 7 5
1 ,1 0 0
26
0
1 ,8 5 0
1 ,1 0 0
1 ,1 2 5
1 ,1 2 5
1 ,1 5 0
29
31
1 ,8 7 5
0
1 ,9 0 0
0
.
1 ,8 5 0
1 ,8 7 5
93
26
2 ,6 0 0
2 ,6 2 5
158
91
1 ,9 0 0
96
28
2 ,6 2 5
2 ,6 5 0
1 60
9S
98
30
2 ,6 5 0
2 ,6 7 5
163
91
32
2 ,6 7 5
2 ,7 0 0
165
91
1 ,9 2 5
1 ,1 5 0
1 ,1 7 5
33
0
1 ,9 2 5
1 ,9 5 0
100
1 ,1 7 5
1 ,2 0 0
35
0
1 ,9 5 0
1 ,9 7 5
102
35
2 ,7 0 0
2 ,7 2 5
1 67
9!
104
37
2 ,7 2 5
2 ,7 5 0
169
101
1 ,2 0 0
1 ,2 2 5
37
0
1 ,9 7 5
2 ,0 0 0
1 ,2 2 5
1 ,2 5 0
39
0
2 ,0 0 0
2 ,0 2 5
106
39
2 ,7 5 0
2 ,7 7 5
172
10(
41
2 ,7 7 5
2 ,8 0 0
174
101
1 ,2 5 0
1 ,2 7 5
42
0
2 ,0 2 5
2 ,0 5 0
109
1 ,2 7 5
1 ,3 0 0
44
0
2 ,0 5 0
2 ,0 7 5
111
43
2 ,8 0 0
2 ,8 2 5
1 77
10!
113
45
2 ,8 2 5
2 ,8 5 0
180
11
11
1 ,3 0 0
1 ,3 2 5
46
0
2 ,0 7 5
2 ,1 0 0
1 ,3 2 5
1 ,3 5 0
48
0
2 ,1 0 0
2 ,1 2 5
115
48
2 ,8 5 0
2 ,8 7 5
1 83
2 ,1 5 0
117
50
2 ,8 7 5
2 ,9 0 0
186
111
52
2 ,9 0 0
2 ,9 2 5
189
111
11
1 ,3 5 0
1 ,3 7 5
50
2 ,1 2 5
0
1 ,3 7 5
1 ,4 0 0
52
0
2 ,1 5 0
2 ,1 7 5
119
1 ,4 0 0
1 ,4 2 5
55
0
2 ,1 7 5
2 ,2 0 0
122
54
2 ,9 2 5
2 ,9 5 0
191
1 ,4 2 5
1 ,4 5 0
57
0
2 ,2 0 0
2 ,2 2 5
124
56
2 ,9 5 0
2 ,9 7 5
194
121
1 ,4 5 0
1 ,4 7 5
59
0
2 ,2 2 5
2 ,2 5 0
126
19 7
12!
1 ,4 7 5
1 ,5 0 0
61
0
1
58
2 ,9 7 5
3 ,0 0 0
__ _
The taxes in the above table are such that they generally compensate for deductions and credits not allowable if
this form is used.
l
Ts&kmsx DWAzmm
Washington
por B s m s s , m m m
nms?h?mst
Tiwytoy. Oetobar 7. 19U.______
Frese Service
2i - r f
10/6/11
The Secretar^ of thè Treasury anncmnced leet evening that thè tendere for
♦100,000,000, or thareabcmte, ©f 91-*day Treaamy bill«, te he dated October 6 ,
1941, end te «etere Janmry 7, 1942, ehieh «ere offered on October 3, «ere
opened et thè Federai Heaerve Bank» on October 6 «
The dotali» of thia leene ere ee follane*
Total applted for * 1368,017,000
Total accepted
« 100,433,000
Bange of accepted bidet
High
Um
Average prie#
- 100*003
* 99*999 &|elreleist rate
* 99*9996
e
a
a p p r c o d a a t e ly
*
0*004 pereent
0*002
(73 pereent of thè amount bid for ai thè lo* prlee was accepted)
\
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, October 7, 1941._ _ _ _ _ _
Press Service
No. 27-89
to be dated October 8 , 1941, and to mature January 7, 1942, which
were offered on October 3, were opened at the Federal Reserve Banks
on October 6 .
The details of this issue are as follows:
Total applied for - $368,817,000
Total accepted
- 100,433,000
Range of accepted bids:
High - 100.003
Low
- 99.99S Equivalent rate approximately 0.004 percent
Average
I»
tt
Price
99.9996
0.002
(73 percent of the amount bid for at the low price was accepted)
o 0 o
- 3 -
issue or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or lo ss.
Treasury Department Circular Ho. 418, as amended, and this
notice, prescribe the terms of the Treasury b ills and govern the condi
tions of their issue.
Copies of the circular may be obtained from any
Federal Heserve Bank or Branch.
-
2
-
Reserve Banks and Branches,, following which public announcement w ill be made
by the Secretary of the Treasury of the amount and price range of accepted
bids*
Those submitting tenders w ill be advised of the acceptance or rejec
tion thereof*
The Secretary of the Treasury expressly reserves the right
to accept or reject any or a ll tenders, in whole or in part, and his action
in any such respect shall be fin al*
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
October 15 T iQln________ •
The income derived from Treasury b ills , whether interest or gain
from the sale or other disposition of the b ills , shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury b ills shall
not have any special treatment, as such, under Federal tax Acts now or here
after enacted*
The b i l l s shall be subject to estate, inheritance, g i f t , or
other excise taxes, whether Federal or State, but shall be exempt from all
taxation now or hereafter imposed on the prinbipal 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 b i lls are originally sold by the United States shall be considered
to be interest.
Under Sections 42 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 1941, the amount of
discount at which b ills issued hereunder are sold shall not be considered
to accrue u n til such b ills shall be sold, redeemed or otherwise disposed
of, and such b i lls are excluded from consideration as capital assets*
Accordingly, the owner of Treasury b ills (other than li f e insurance com
panies) issued hereunder need include in his income tax return only the
difference between the price paid for such b i lls , whether on original
TREASURY DEPARTMENT
Washington
EOE RELEASE, MORNING NEWSPAPERS,
Wftftnftftday. QctQhftr ft. 19^1---- •
The Secretary of the Treasury, hy this public notice, invites tenders
for »inn.nnn.nOQ
. or thereabouts, of _ _ 2 L--day Treasury hills, to he issued
on a discount basis under competitive bidding.
he dated
The hills of this s e n e s will
October 15. 19Hl___ , and will mature -----January 1 ^ 19k2------------- ,
when the face amount will he 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 ¡Pi,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches uP to the
closing hour, two o'clock p. m., lästern Standard time, | r U ^ 0 c ^ L l £ U _ l ^ Tenders will not be received at the Treasury Department, Washington.
Bach 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
or Branches on application therefor.
Tenders will be received without deposit from incorporated banks
trust companies and from responsible and recognized dealers in investment
ties.
Tenders from others must be accompanied by payment of 10 percent
face amount of Treasury bills applied for, unless the tenders axe 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 Feder,
TREASURY DEPARTMENT
Washington
F O R RELEASE, MORNING- NEWSPAPERS,
Wednesday, October 8 , 1941«____
2.7'1 V
The Secretary of the Treasury, hy this public notice, invites tenders
for fem n.nno.OOO
, or thereabouts, of
^ ^
•i.•„ — -h-iflfl-inpon a discount basis under competitive bidding.
he dated
r w . a W 15. lOUl---- , and will mature
iM
treasury hills, to he issued
The Dills of this s e n e s will
January lU. 19^2
when the face amount will he payable without interest.
They will he issued in
hearer form only, and in denominations of *1,000, $5,000, $10,000, $100,000,
$500,000, and $ 1 ,000,000 (maturity value).
Tenders will he received at Federal Reserve Banks and Branches up to the
closing hour, two o-clock p. ... Eastern Standard time, F r i d a y , O c ^ L l S ^ ! ^
Tenders will not he received at the Treasury Department, Washington.
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., 99.935.
may not he used.
Fractions
It is urged that tenders he made on the p a n t e d forms and for
warded in the special envelopes which will he supplied hy Federal Reserve Ba
or Branches on application therefor.
Tenders will he received without deposit from incorporated hanks and
trust companies and from responsible and recognised dealers in investment securi
ties.
Tenders from others must he accompanied hy payment of 10 percent of the
face amount of Treasury hills applied for, unless the tenders are accompanied hy
an express guaranty of payment hy an incorporated bank or trust company.
Immediately after the closing hour, tenders will he opened at the Tederj
)
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, October 8 , 1941.____
TREASURY DEPARTMENT
Washington
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.
The bills of this series will be dated
October 15, 1941, and will mature January 14, 1942, 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, t\rio o ’clock p.m., Eastern
Standard time, Friday, October 10, 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.
27-90
2
Tenders will be received without deposit from
incorporated banks and trust companies
from responsible
and recognized
dealers in investment securities.
o
Tenders Irom
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 in
corporated 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 made or completed at the Federal Reserve Bank in cash
or other immediately available funds on October 15, 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
-
Q
o
-
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 dis
count at which Treasury bills are originally sold by the United
States shall be considered to be interest.
Under Sections 42
and 117 (a) (1) of the Internal Revenue Code, as amended by
Section 115 of the Revenue Act of 1941, the amount of discount
at which bills issued hereunder are sold shall not be considered
to accrue until such bills shall be sold, redeemed or other
wise disposed of, and such bills are excluded from consideration
as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need
include in his income tax return only the difference between
the price paid for such bills, whether on original issue or
on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
4 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 cir
cular may be obtained from any Federal Reserve Bank or
Branch.
0O 0 -
TREASURY DEPARTMENT
Washington
Press Service
No. 27-91
FOR RELEASE, MORNING NEWSPAPERS,
1941.
Thursday, October
10/8/41
Secretary of the Treasury Morgenthau today offered for cash
subscription, through the Federal Reserve Banks, at par and accruec
interest, $ 1 ,200 ,000 ,000 , or thereabouts, of 2 -1 /2 percent
Treasury Bonds of 1967-72, and at the same time announced pro
vision for refunding the 1-1/4 percent Treasury Notes of Series
C-1941, maturing December 15, 1941, through offering to the
holders of such maturing notes the privilege of exchanging them
for additional amounts of the Treasury bonds now offered for
cash subscription, the exchanges to be made par for par, with
interest adjustments as of October 20, 1941.
An additional amount
of $100 ,000 ,000 , or thereabouts, of the bonds may be sold to
Government Investment Accounts during the next month.
The Treasury Bonds of 1967-72 now offered for cash sub
scription and in exchange for the notes due December 15, 1941,
will be dated October 20, 1941, and will bear interest from that
date at the rate of 2-1 /2 percent per annum, nayable semiannually
on March 15 and September 15.
The first coupon due March 15,
1942, will be for a fractional period.
The bonds wall mature
September 15, 1972, but may be redeemed, at the option of the
- 2 United States, on and after September 15, 1967.
They will be
issued in two forms: bearer bonds with interest coupons
attached, and bonds registered both as to principal and
interest.
Both forms will be issued in the denominations of
$50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
Pursuant to the provisions of the Public Debt A.ct of 1941,
interest upon the bonds now offered shall not have any exemption,
as such, under Federal Tax Acts now or hereafter enacted.
Other
wise 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.
Subscriptions will be received at the Federal Reserve Banks
and Branches, and at the Treasury Department, Washington.
Bank
ing 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
subscriptions 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
- 3 accompanied by payment of 10 percent of the amount of bonds
applied for.
Exchange subscriptions should be accompanied by
a like face amount of 1-1/4 percent Treasury Notes of Series
C-1941, due for payment on December 15, 1941, with final coupon
due December 15, 1941, attached, and following the acceptance
of the notes, accrued interest from June 15 to October 20, 1941,
about $4.34 per $1,000 face amount, will be paid the owners of
the surrendered notes.
The right is reserved to close the books as to any or all
subscriptions or classes of subscriptions at any time without
notice.
Subject to the reservations set forth in the official
circular, 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 or before October 20, 1941, or on later allotment.
There are now outstanding $204,425,400 of 1-1/4 percent
Treasury Notes o
>eness C-
, maturing December 15, 1941.
The
present offering affords 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
December 15, 1941.
The text of the official circular followrs:
■
UNITED STATES OF AMERICA
2-1/2 PERCENT TREASURY BONDS OF 1967-72
Dated and "bearing interest from October 20, 1941
Due September 15, 1972
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER SEPTEMBER 15, 1967
Interest payable March 15 and September 15
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, October 9, 1941.
1941
Department Circular No. 670
Fiscal Service
Bureau of the Public Debt
I.
1,
OFFERING OF BONDS
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for 2-l/2 percent bonds of the United
States, designated Treasury Bonds of 1967-72.
The amount of the public offering
is $1,200,000,000, or thereabouts, with the right reserved to the Secretary of
the Treasury to increase the offering by an amount su fficien t to accept a ll sub
scriptions for which Treasury Notes of Series C-1941, maturing December 15, 1941,
are tendered in payment and accepted.
In addition to the amount offered for pub
lic subscription, $100,000,000, or thereabouts, of these bonds may be allotted to
Government investment accounts against ca.sh payment.
II.
1.
DESCRIPTION OF BONDS
The bonds w ill be dated October 20, 1941, and w ill bear interest from
that date at the rate of 2-1/2 percent per annum, payable on a semiannual basis
on March 15 and September 15 in each year u n til the principal amount becomes
payable.
They w ill mature September 15, 1972, but may be redeemed at the option
of the United States on and after September 15, 1967, in whole or in part, at
•f 2 par and accrued interest, on any interest day or days, on H months* notice of
redemption given in such manner as the Secretary of the Treasury shall prescribe.
In case of p artial redemption the bonds to be redeemed w ill be determined by
such method as may be prescribed by the Secretary of the Treasury.
Ttom the
date of redemption designated in any such notice, interest on the bonds called
for redemption shall cease.
2,
The income derived from the bonds shall be subject to a ll Federal taxes,
now or hereafter imposed.
The bonds shall be subject to estate, inheritance,
gift or other excise taxes, whether Federal or State, but shall be exempt from
all taxation now or hereafter imposed on the principal or interest thereof by
any State, or any of the possessions ®f the United States, or by any local tax
ing authority.
3.
The bonds w ill be acceptable to secure deposits of public moneys., but
will not bear the circulation privilege and w ill not be en titled to any privilege
of conversion.
4,
Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, w ill be issued in denominations of $50 , $100, $500 , $1,000,
$5,000, $10,000 and $100,000.
Provision w ill be made for the interchange of bonds?
of different denominations and of coupon and registered bonds, and for the trans
fer of registered bonds, under rules and regulations prescribed by the Secretary
of the Treasury,
5.
The bonds w ill be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
III.
1-,
SUBSCRIPTION AND ALLOTMENT
Subscriptions w ill be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington,
Subscribers must agree not to s e ll
or otherwise dispose of their subscriptions, or of the securities which may be
- 3 -
allotted, thereon, prior to the closing of the subscription books.
Banking in
stitutions generally may submit subscriptions for account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act as
official agencies.
Others than banking institutions will not be permitted to
enter subscriptions except for their own account.
Cash subscriptions from banks
and trust companies for their own account will be received without deposit but
will be restricted in each case to an amount not exceeding one-half of the com
bined capital and surplus of the subscribing bank or trust company.
scriptions from all others must be accompanied by payment of
10
Cash sub
percent of the
amount of bonds applied for.
2.
The Secretary of the Treasury reserves the right to reject any sub
scription, 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.
Subject to
these reservations.^ subscriptions in- payment of which Treasury Notes of Series
0-iQbl are tendered will be allotted in .full.
Allotment notices will be sent
out promptly'upon allotment.r ■and--the basis of the allotment will be publicly
announced.
IV.
1.
PAYMENT
Payment- at par -and .accrued,, interest, if any-^for bonds allotted on cash
sub sc riot ions., her sunder must be made or completed on or before October 20, 19^1»
or on later allotment.
In every case wherf payment is not so completed, the pay
ment with application up to
10
percent of the cimount of bonds applied for shall,
upon declaration made by the Secretary of the Treasury in his discretion, be for
feited to the United States.
Any qualified depositary will be permitted to make
payment by credit for bonds allotted to it for itself and its customers up to
any amount for which it shall be qualified in excess of existing deposits, when
-al
so notified by the Federal Reserve Bank of its district.
Treasury Notes of
Series C-19^-1> maturing December 15» 19^-1» with coupon dated December 15» 19^1*
attached, will be accepted at par in payment for any bonds subscribed for and
allotted, a.nd should accompany the subscription.
19^1
Accrued interest from June 15»
to October 20, 19^-1, ($^-.337^3 P er $1,000), will be paid following
acceptance of the notes.
V.
1.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective districts, to issue allotment notices,
to receive payment for bonds allotted, to make delivery of bonds on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive bonds.
2.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve Banks.
HENRY MORGENTHAU, J R . ,
Secretary of the Treasury.
DIVIDEND PAYMENTS TO CREDITORS OF INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
SFPTEMBER 30, 19Z1__________________
Number and
Percentage
6f Dividends
Authorized
Distribution
of Funds by
Dividend
Authorized
Total
Percentage
Authorized
Dividends Number of
to Date
Claimants
Amount
Claims
Proved
Name and location of Bank
Nature of
Dividend
Date
Authorized
The United States MB of
Los Angeles, California
Final
9-30-41
7th
2.66% $ 169,S00»00
82.6é?
13,826
#6,383,200.00
First-Henry Nat*l Bank
Henry, Illinois
Final
9-12-41
5th
8.37?
50,000.00
70.37?
1,433
598,801.00
Ameriean-First Nat*l Bank
Mount Carmel, Illinois
Final
9-25-41
4th
7.92?
99,300.00
57.92?
2,135
1,253,500.00
Hammond NB & Tr. Co»,
Hammond, Indiana
Final
9-24-41
6th
7.8 ?
124,470.00
55.3 ?
4,235
929,511.00
The Tower City Nat’l Bank
Tower City, Pennsylvania
Final
9—26—41
4th
3.05?
34,800.00
98.05?
2,029
1,139,700.00
The First Nat*l Bank of
Indiana, Pennsylvania
Final
9-8-41
5th
5.17?
185,800.00
80.17?
5,264
3,594,400.00
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS,
L L Il '¿L.
/vwk«,.
v f o fir
Press Service
%7 ' 7
During the month ended September 30, 1941 authorizations
were issued to receivers for payments of dividends in six insolvent
national banks«
Dividends so authorized will effect total distri
butions of $664*170 to 28,922 claimants who have proved claims ag
gregating $13,899,112, or an average percentage payment of 4*7$$«
The smallest and largest individual dividend percentages authorized
were 2«66$ and 8«37$, respectively, while the smallest and largest
receivership distributions were $34,800 and $185,800, respectively«
Of the six dividends authorized all were final dividend payments«
Dividend payments so authorized during the month ended September 30,
1941, were as follows:
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Friday, October 10, 1941.
10/9/41
pi
■TYl
7-92
During the month ended September 30 , 1941 authorizations
were issued to receivers for payments of divi dends in six insolvent
national banks.
Dividends so authorized will effect total distri-
Nations of $664,170 to 28,922 claimants who h ave proved claims
aggregating $13,899,112, or an average percentage payment of 4.78$.
The smallest and largest individual dividend percentages authorized
were 2,66$ and 8.37$, respectively, while the smallest and largest
receivership distributions wore $34,800 and $185,800, respectively.
Of the six dividends authorized all were final dividend payments.
Dividend payments so authorized during the month ended September 30,
1941, were as follows:
DIVIDEND PAYMENTS TO CREDITORS OP INSOLVENT NATIONAL
BANKS AUTHORIZED DURING THE MONTH ENDED
________________SEPTEMBER 50, 1941____________________
Total
Name and location of Bank
Nature of
Dividend
Date
Authorized
Number and
Percentage
of Dividends
Authorized
Distribution
of Funds by
Dividend
Authorized
$169,800.00
The United States NB of
Los Angeles, California
Einal
9-30-1+1
7th
2.66 $
First-Henry Nat*l Bank
Henry, Illinois
Final
9-12-41
5 th
8*37f >
50 ,000.00
American-First Nat’l Bank
Mount'Oarmel, Illinois
Einal
9-25-41
4th
7-92$
Hammond NB & Tr. Co.,
Hammond,, Indiana
Einal
9-24-41
6 th
7 .
The Tower City Nat*l Bank
Tower City, Pennsylvania
Einal
9-26-41
4th
The First Nat *1 Bank of
Indiana, Pennsylvania
Einal
9-8-41
5 th
Percentage
Authorized
Dividends
to Date
Number of
Claimants
Amount
Claims
Proved
13*826
$6,383,200.00
70 .3 #
1,^33
598,801.00
99 ,300.00
57-92$
2*135
1 ,253 ,500.00
124,470.00
55-3 $
^.235
929 ,5 11.0 0
3.05$
34,800.00
9S.05 f o
2,029
1 ,1 3 9 ;700.00
5 ni
18 5 ,800..00
80.17 $
5 ,261+
3,594,400.00
.
g
f
82*66$
-2-
:
Established Quota
: Period & Country :
Quantity
Commodity
S ilver or black foxes,
furs, and a rtic le s:
Foxes valued under
$250 ea. and whole
furs and skins
i
12 months from
December 1 , 1940
Canada
Other than Canada
Tails
12 months from
December 1 , 1940
Paws, heads, or other
separated parts
Piece plates
A rtic le s, other than
piece plates
Crude petroleum, topped
crude petroleum, and
fuel o il
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
more than
of
to ta l soluble solids
6%
:Unit or :imports as""oi
"iQuantityiSeDt. 27.l<ui
tt
»
tt
Calendar year
Venezuela
Netherlands
Colombia
Other countries
Calendar year
70,000
30,000
Number
(Import quota
filled)
i»
(Import quota
filled)
Piece
(Import quota
filled)
500
Pounds
(Import quota!
filled)
550
Pounds
364
500
Units
5,000
1,913,049,600
578,806,200
86,956,800
138,587,400
1,500,000
Gallon
tt
»
tt
Gallon
***© O o —
(Prepared » Appgai{y"gttT^y6TiWsJ^uola;,^ r t ) ,
47
1,438,303,554
511,546,912
60,389,780
(Tariff rate
quota filled]
(Tariff rate
quota filled)
•
J
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELElSE,
Thursday, October $, 194 1 V
Press Service
No. 27-93
The Bureau of Customs announced today preliminary figures for imports of com
modities within quota limitations provided for under trade agreements, from the
beginning of the quota periods to September 27, 1941, inclusive, as follows:
ouxumoaxxy
Cattle less than 200
pounds each
•
______ Established Quota____ :Unit of
: Period & Country
:
Calendar year
Quantity
: Imports as of
:Quantity :Sent. 27.1941
100,000
Head
96,313
51,720
8,280
Head
47,207
(Tariff rate
quota filled)
Cattle, 700 pounds or
more each (other than
dairy cows)
Quarter year
from July 1 , 1941
Canada
Other countries
Whole milk, fresh or sour
Calendar year
3,000,000
Gallon
4,840
Cream, fresh or sour
Calendar year
1,500,000
Gallon
1,126
Fish, fresh or frozen
fille te d , etc., cod,
haddock, hake, pollock,
cuak and rosefish
Calendar year
15,000,000 Pound
12 months
Sept. 15,
12 months
Sept. 15,
90,000,000 Pound
White or Irish potatoes
Certified seed
Other
from
1941
from
1941
Cuban f i l l e r tobacco,
unstemned or stemmed
(other than cigarette
leaf tobacco), and
scrap tobacco
Calendar year
Red Oedar shingles
Calendar year
n
60,000,000 Pound
7,197,198
719
Pound
(Unstemned
22,000,000 equivalent) 14,848,284
2,488,359
Square
TREASURY DEPARTMENT
Washington
Press Service
No. 27-93
FOR IMMEDIATE RELEASE,
Friday ■ October I Q . 1941.
The Bureau of Customs announced today preliminary figures for
imports of commodities within quota limitations provided for under
trade agreements, from the beginning of the quota periods to
September 27, 1941, inclusive, as follows:
Commodity
:
Established Quota
: Period & Country : Quantity
:Unit of :Imports as of
:Quantity?Sept. 27, 19^1
Cattle less than 200
pounds -each
Calendar year
Cattle, 700 pounds or
more each (other than
dairy cows)
Quarter year
from July 1, 19^1
Canada
Other countries
Whole milk, fresh or sour
Calendar year
3,000,000
Gallon
4,840
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
1 ,1 2 6
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk and rosefish
Calendar year
1 5 ,000,000
Pound
9 0 ,000,000
Pound
60 ,000,000
Pound
White or Irish potatoes
Certified seed
Other
12 months
Sept. 15,
12 months
Sept. 15,
from
X91+l
from
19^1
Cuban filler tobacco,
unstemmed or stemmed
(other than cigarette
leaf tobacco), and
scrap tohacco
Calendar year
Hed cedar shingles
Calendar year
Head
9 6 .3x3
51,720 Head
8,280 it
^7 .2 0 7
(Tariff rate
quota filled)
100,000
7,197,198
719
Pound
(Unstemmed
22,000,000 equivalent) l4,848,284
2.L8S.359
Square
(Duty-free
quota filled)
- 2~
Commodity
Silver or black foxes,
furs, and articles:
Foxes valued under
$250 ea. and whole
furs and skins
*
Established Quota
: Period & Country :
Quantity
12 months from
December 1, I9I+O
Cci21cl¿Lex
Other than Canada
T&ils
'/ Pays, heads t■
-or •0the?
*:separated parts
Piece plates
Articles, other than
piece plates
Crude petroleum, topped
crude petroleum, and
fuel oil
Molasses and sugar
sirups containing
soluble nonsugar
solids equal to
, more than 6$ of
total soluble solids
12 months from
December 1, 19^0
n
ti
Calendar year
Venezuela
Netherlands
Colombia
Other countries
70,000
Number
30*000
11
5,000
ti
iUnit of :Imports as of
:QuantitjrjSeiDt. 27,19^1
Piece
(Import quota
filled)
500
Pounds
(Import quota
filled)
550
Pounds
36U
500
Units
^7
1 ,9 1 3 *0^9,600
578,806,200
8 6,956,800
138,537,^00
G-allon
1 ,500,000
G-allon
Calendar year
-odo-
(Import quota
filled)
(Import quota
filled)
ti
it
11
1,^38.30 3.551*
5 1 1 ,5U6 ,9 12
60,389,780
(Tariff rate
quota filled)
(Tariff rate
quota filled)
TBBiSOar DEPAHTMEHT
Washington
Fl» HSUKASE, MOBKIBG KBBSPAPEfiS
m d a y , Octobar 10. 19A1.
M /9/U
Secretary of the Treasury Morgenthau announced la st
F^nee ScfvioQ
itesi the sub
scription books for the receipt of caste subscriptions to the «arresi off cr
ia« «f €1,200,000,000 of 2-1/2 paressi Treasury Bonds o f 1967-72 dosed a i
ites d ose of business Thursday, October 9.
Tfe* subscription bodes w ill olese ai ite* dose of business tonight,
Stöber 10, for the receipt ef subscription* in payment of which Treasury
fotos of Series 0-19*1, »taring December 15, 19*1, are tendered.
Subscriptions e f either d a s s addressed to a Federal fosarse Baak or
Branch or to the Treasury Department and placed in the n ail before 12 o’ clock
midnight of the respective d osin g days d H be considered as tearing been
entered before the dose of the subscription bocks.
Announcement of the arasti of s d r a ip tlo n s and ites basis of allotment
d l l probably bo safo en Wednesday, October 15.
oÛ o
rv~ t v
<•
T t t ' TT
T*
■*■■■>.« T *, r n » c i
i\ 11 n
TREASURY D n P A R i M i
Washington
FOR RELEASE, MORNING- RKWbrArFitb,
Friday, October 10, 1941. ____ .
P re ss S e r v ic e
K o* 2 7 -9 4
Secretary of the Treasury Morgenth.au announced last
night that the subscription books for the receipt of cash
subscriptions to the current offering of 0 1 ,200 ,000,000
of 2-1/2 percent Treasury Bonds of 1967-72 closed at the
close of business Thursday, October 9.
The subscription books will close at the close of
business tonight, October 10, for the receipt of sub
scriptions in payment of which Treasury Notes of Series
C-1941, maturing December 15, 1941, are tendered.
Subscriptions of either class addressed to a Federal
Reserve Bank or Branch or to the Treasury Department and
placed in the mail before 12 o ’clock midnight of the
respective closing days will be considered as having
been entered before the close of the subscription boons.
Announcement of the amount of subscriptions and the
basis of allotment will probably be made on Wednesday,
October 15.
TREASURY DEPARTMENT
Washington
Press Service
No. 27-95
FOR IMMEDIATE RELEASE
Thursday, October 9, 1941.
At the request of the Chinese Government the Treasury
Department today issued a general license liberalizing
the status of certain Chinese partnerships under the
freezing orders.
The new general license frees the accounts of- a
large number of Chinese partnerships engaged in business
within the continental United States, particularly on the
west coast.
The need for this general license arose prin
cipally from the fact that "silent partners" are quite
customary in Chinese partnerships and very frequently one
or more of these "silent partners" would be a resident of
China, thus subjecting the whole partnership to freezing
control.
The Treasury stated that the new general license also
relieves the affected partnerships from the obligation of
filing census reports on Form TFR-300 with respect to
their property.
o 0 o -
INSOLVENT NATIONAL BANKS LIQUIDATED AND FXNALLY CLOSED
DÜRING THE MONTH OF SEPTEMBER. 1941__________
Name and location of Bank
Date of
Failure
First National Bank
Beverly Hills* California
6-7-32
California National Bank
Sacramento* California
Total
Disbursements
Including
Offsets Allowed
Per Cent
Dividends
Declared
to All
Claimants
Capital
Stock at
Date of
Failure
$
450,000
Cash* Assets*
Uncollected Stock
Assessments* etc«*
Returned to Share
holders
4,908,259
58.097*
1-21-33
33,745,9a
^102.794*
2*000*000
000
Manufacturers NB & Trust Co*
Rockford* Illinois
6-16-31
3,912,008
83.00 *
500*000
000
First NB of Marshall County at
Plymouth* Indiana
10-3-33
1,102,661
%
130,000
000
First National Bank
Frostburg, Maryland
6-4-34
1,057,139
41*47 %
50*000
000
First Nat*l Bank & Tr# Co*
Monessen* Pennsylvania
11-6-31
1*341,249
41*47 %
160,000
000
1/
$
^105.2
100 per cent principal and partial interest paid to creditors«
*
000
TREASURY DEPARTMENT
Comptroller of the Currency
Washington
FOJ
SE, HORNING NEWSPAPERS
Press Service
During the month of September, 1941» the liquidation of
six Insolvent National Banks was completed and the affairs of such
receiverships finally closed.
Total disbursements, including offsets allowed, to depos
itors and other creditors of these six receiverships, amounted to
$26,067,257, while dividends paid to unsecured creditors amounted
to an average of 79*91 per cent of their claims.
Total costs of
liquidation of these receiverships averaged 5*49 per cent of total
collections from all sources including offsets allowed.
Dividend distributions to all creditors of all active re
ceiverships during the month of September, amounted to $800,193*
Data as to results of liquidation of the receiverships finally closed
during the month are as follows:
i o
Comptroller of the Currency
Washington
FOR RELEASE, MORNING NEWSPAPERS
Saturday, October 11, 1941.
10/I074T
Press Service
No. 27-96
During the month of September, 1941, the liquidation
of six 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 six receiverships,
amounted to $26,067,257, while dividends paid, to unsecured
creditors amounted to an average of 79.91 per cent of
their claims.
Total costs of liquidation of these receiver
ships averaged 5.49 per cent of total collections from all
sources including offsets allowed.
Dividend distributions to all creditors of all active
receiverships during the month of September, amounted to
$800,193.
Data as to results of liquidation of the
receiverships finally closed during the month are as
follows:
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF SEPTEMBER, 19^1___________
Name and Location of Bank
Date of
Failure
Total
Disbursements
Including
Offsets Allowed
First National Bank
Beverly Hills, California
6-7-32
$
California National Bank
Sacramento, California
Per Cent
Dividends
D e c la r e d
to-Jdl
Claimants
»+,908,259
5 8 .0 97 ^
1-21-33
13.7^5.9^1
” 102.79*$
Manufacturers NB & Trust Co.
6-1 6 -3 1
Rockford, Illinois
3,912,008
First NB of Marshall County at
Plymouth, Indiana
10-3“33
1 ,10 2 ,6 6 1
First National Bank
Frostburg, Maryland
6-I+-34
1,057.139
First Nat11 Bank & Tr. Co.
Monessen, Pennsylvania
1 1 -6 -3 1
i,3»u,2»+9
l/
Capital
Stock at
Date of
Failure
$
U50 ,0 0 0
Cash, Assets,
Uncollected Stock
Assessments, etc. ,
Returned to Share
holders
$
000
2 ,000,0 0 0
000
S3 .0 0 c
jo
50 0 ,0 0 0
000
$
1 3 0 ,0 0 0
000
kl.kl C
jo
50 ,0 0 0
000
Ul.1+7 %
l6 0 ,0 0 0
000
1 /1 0 5 .2
100 per cent principal and partial interest paid to creditors.
m 13 *■*
/' And so I aak you that la the trying days ahead
rm stand fira to your heritage — that yoa do not lot#
sight of this deep and underlying cante — the caase
of the Individual} that yoa da everything is year power
to keep hla independent and self-reliant, to help his
stay in the business of being a pioneer*
Whether he he
a hanker, a businessmen, a faraer, or what-not, let's
keep hla on hie own.
In thanking yoa for this opportunity to sons
home to say own native Hew England, and to ¡sake ay first
appearanee at a lew Haspehire meeting, *sy I express both
a hope and a prediction that we whose roots are deep in
this stsrn yet kindly land will ever strive faithfully
to uphold the tradition handed down to us — the tradition
of freedom and opportunity*
12
possible tbs independent bank shall continue to do this
Important job in our econosy, and, as a natural corollary,
we are opposed to the building up of great banking systems
and chains which, by their Tory sise and power, threaten
the financial self-sufficiency of our small eoeraunities,
and thus the independence of their industries, their
agriculture, and their individuals*
Great concen
trations of financial power offer certain isaedlate
advantages which make then attractive to the short
sighted, but the pria* objective of our American system —
the welfare of the Individual and the preservation of his
freedom — calls for a rejection of these ephemeral
benefits and a firm hold on the very principles upon
gj
\ (
||
which this lew England was built and built so well.
11
m i l 4»
smk» tima think for themselves) to know success sad
failure) and to dovalo? character through the painful
procese of trial ead error.
It is for this reason the Controller’a Office
1» particularly interested in preserving the indiviaand independence of the anali locally owned Wk,
The offleara of these banks intimately know the terri
tory they serve* Their loans are ande largely to the
citisene of tholr an oeassmitlee. These banks, end
there ere a peat number of then» can deal with sjapatby
understanding with the human drene around then*
Their influenoe te keep all's personal initiative and
sturdy independence is very great indeed. The Office of
the Controller of the torrensy is «mio»« that wherever
»•If tad to strengthen the hand of email Industry.
On* of the grave concern« la Washington today is to
•oe that »mall industry and the small businessman
not be crushed in ths machinery of mar* Tou are
doubtless familiar mith the Division of Contract Dis
tribution of the Office of Production Management which
has been created particularly in the interest of the
email producer end which elms specifically to secure
wide distribution of sub-contracta among suoh producers*
Bankers can be of incalculable assistance 1» this
very vital matter.
Ware compel great concentration of power and
mobilisation of national effort in huge organisations*
but it remains important to keep ambition in aeni to
I
to hive to struggle for it. low I very ssseh doubt if
la this Stato of Row Kaapshirs there ie seed to argue
that sueh a struggle 1« worth while. 1 personally feel
very strongly about it, and I know that careful thought
has been given both as to what can be done during the
war effort and after it to keep alive this watch on
the ramparts which protect the American way of life.
fhat contribution will bankers make toward that
eternal vigilance which is the price of individual
liberty? Possibly the answer is that in the daily ooaduct of our affairs we can keep ever before us ths
importance of bolstering up initiative wherever it say
be found, and strengthening that desire to be on his
which is a part of every nan's pioneer heritage.
le need to keep the little fellow in business for hi»*
I think most of us hope tonight hiltm, sad
with eesglsi# conviction, that tho so-called free
peoples of tho world will ultimately win this war.
Tot I am afraid that many of ns do not appreciate the
tremendous
sacrifice and effort which this will entail
jr
And I m also afraid that many of m believe that one«
this victory is achieved the world will automtioally
^settle back into sack the same pattern as existed
prior to the outbreak of this W#rM War II# With this
last assmptionf many thoughtful men do not agree#
They do not believe that return to the status $ue ante
will be automatic* They are of the opinion that if
we really want back a world of free enterprise and
initiative, instead of a regimented one, w® are going
* 7 *
in this liberty of action end in that delicate balance
which is so essential to a free eoonomy* Oar social,
industrial and economic life is a complex structure,
and the sudden surge of all our energies toward a war
program demands of ns temporary restraints and Hwjtetions which will be irksome and unpleasant. All of
which accentuates the fundamental problem of protecting
this precious initiative and individualism against
the impact of war.
Bankers have an oppnrtunity to make a profound
contribution *n ***** oriels, both in directing the flow
of credit in the proper channels ana in the fall use of
their traditional leadership to shape the thought and
opinions of the oeamuaitiee in which they live. It is
in the realm of ideas that great causes are won or lost.
mQm
which turns the wheels?
For the moment* as m have
said, the most important contribution toward this sad
is the war effort* For if the dictators prevail* the
struggle for the rights of the individual is lost for
a long time to come.
la the authoritarian philosophy
the individual is the servant of the state} his patterns
of thought sad aetioa asst conform to those designed for
him*
Individual Initiative and eompatitloa as we know
them do not exist*
In our form of government* the
state Is the servant of the people.
The individual’s
liberty of thought and aetioa Is curtailed only
insofar esls essential to an existence with others,
ever*»increasing tempo of the war
effort is hound to cause very disturbing dislocations
•pacifically your White Mountains of Mew HampsMre,
to present briefly, hut with the greatest earnestness
fM problem which seems to me to underlie all others,
and to stress its deadly importance to banks and
hankers, to society and to us ell whoever or whatever
we may be, for even after an aroused world has run
down this modern Genghis Khan and his unholy crew,
there remains this problem*
Until it is resolved we
•hall not know in what direction our civilisation Is
to travel for many generations to come*
the problem, Ladies and Gentlemen, is, very
simply* How can we keep a free •oonosgr? What can we
do to maintain the individual as the important factor
of society and. Ms initiative as the driving force
I could talk to you tonight about defense
loanst excess reserves and bond prices* interest rates*
wages and hours* and building end loan competition* Or
possibly* sore pertinently* we could discuss the Federal
Reserve*s Regulation *W% the possibilities of further
ssleotive or over-all credit controls* your responsi*
bilities under ffl 300* and the freezing of foreign
funds* But I m assuming that most of these things fade
into insignificance beside the larger issue* and the
others result from the larger Issue and will be carrier
by you as a portion of the burden which all men of good
*
intent mat ahoulde? during theae unhappy day««
Homver» I oan think of no »»• »pproprlnta
formthan that affordad If 1« England» and m f
earri«d weapons and there were no restraints on force
**** greater force itself*
Banking cannot live in a
world in which nations and individuals do not keep their
coadtaents, and our first and most important task at
th* moment is to do what we can to pull up by the roots
the devastating philosophy now overrunning Europe — a
philosophy which treats honesty as weakness and Justloo
with scorn.
This task is not a pleasant one.
sacrifice and privation.
It
It would be much acre eon.
veaient to turn our thoughts to the problem of bank
/managementj to increased earnings} to the mltifari<
posticus which occupied those comfortable years
behind us ~ and to which we so wistfully desire to
return
generation lin in one of these great turbulent periods
of history#
We may be pardoned for this assumption of
an important mission#
Today there hardly exists room
for further doubt but that the issues at stake are
fully as important as in those other significant periods
when mn found themselves locked in bitter struggle and
forced to make fundamental decisions#
Banks have a peculiarly heavy stake in the
events of the next few years#
a civilised practice#
Banking is essentially
As time goes» it is only a few
years old — the first commercial bank in the world cane
into being in Venice in 15871 and banking^as we know it, \
cannot live in a world dominated by a doctrine which
tosses aside all the moral gains of the last thousand
years and puts us bade into the Middle Ages, when everyone
cf u r e WKitici. -
wmhimuu mwssm spra©
'f U i
-- ■•-'■'"',cf'
m‘ II.||H II*U « W III »11111 II M i m m i m
m
m iilMiii iim i i iliiM
Looking back over the four or five thousand
years of recorded history, It appears that we can discern
certain periods of this, our human experiment, which in
retrospect have been clearly more significant than
others — certain periods of war, controversy, or in
spiration Miioh have exerted more than the usual influence
on the year« to follow#
It would seem that at unpredie*
table and irregular intervals the social and economic
order goes into ferment, from which emerge new theories
and philosophiesf new methods and organisations — which
are to guide mankind until the next eruption of ideas,
Am to the present, we lack the advantage of perspective
but there are many and strong indications that we of this
¿7 - 7 7
1>
TREASURY DEPARTMENT
Washington
(The following address by PRESTON DELANO, Comptroller
of the Currency, before the New Hampshire Bankers
Association at Whitef'ield, New Hampshire, is scheduled
to be delivered at 7.00 p.m., Eastern Standard Time,
Saturday, October 11, 1941, and is for rebase upon
delivery at that time.)
A
TREASURY^DEPARTMENT
Washington
(The following address by PRESTON DELANO, Comptroller
of the Currency, before the New Hampshire Bankers
Association at Whitefield, New Hampshire, is scheduled
to be delivered at 7:00 p.m., Eastern Standard Time,
Saturday, October 11, 1941, and is for release upon
d elivéry at tha t time.)
1
Looking back over the four or five thousand
years of recorded history, it appears that we can discern
certain periods of this, our’human experiment, which in
retrospect have been clearly more significant than others —
certain periods of war, controversy, or inspiration which
have exerted more than the usual influence on the years to
follow.
It would seem that at unp-reddrctable and irregular
intervals the social and economic order goes into ferment,
from which emerge new theories and philosophies; new methods
and organizations — which are to guide mankind until the
next eruption of ideas.
As to the present, we lack the
advantage of perspective but there are many and strong
indications that we of this generation live in one of these
great turbulent periods of history.
We may be pardoned for
this assumption of an important mission.
Today there hardly
exists room for further doubt but that the issues at stake
27-97
are fully as important as in those other significant periods
when men found themselves locked in bitter struggle and
forced to make fundamental decisions.
Banks have a peculiarly heavy stake in the
events of the next few years.
a civilized practice.
years old —
Banking is essentially
As time goes, it is only a few
the first commercial bank in the world came
into being in Venice in 1587, and banking, as we know it,
cannot live in a world dominated by a doctrine which
tosses aside all the,moral gains of the last thousand
years and puts us back into the Middle Ages, when everyone
carried weapons and there were no restraints on farce
save greater force itself.
Banking cannot live in a
world in which nations and individuals do not keep their
commitments, and our first and most important task at
the moment is to do what we can to pull up by the roots
the devastating philosophy now overrunning Europe —
a
philosophy which treats honesty as weakness and justice
with scorn.
This task is not a pleasant one.
sacrifice and privation.
It means
It would be much more con
venient to turn our thoughts to the problem of bank
3
management; to increased earnings; to the multifarious
questions which occupied those comfortable years
behind us —
and to which we so wistfully desire to
return,
I could talk to you tonight about defense
loans, excess reserves and bond prices, interest rates,
wages and hours, and building and loan competition.
Or
possibly, more pertinently, we could discuss the Federal
ReserveTs Regulation ftW", the possibilities of further
selective or over-all credit controls, your responsi
bilities under TFR 300, and the freezing of foreign
funds.
But I am assuming that most of these things fade
into insignificance beside the larger issue, and the
others result from the larger issue and will be carried
by you as a portion of the burden which all men of good
intent must shoulder during these unhappy days.
However, I can think of no more appropriate
forum than that afforded by New England, and more
specifically, your White Mountains of New Hampshire,
to present briefly, but with the greatest earnestness,
one problem which seems to me to underlie all others,
and to stress its deadly importance to banks and
- 4 bankers, to society and to us all whoever or whatever
we may be, for even after an aroused world has run
down this modern Genghis Khan and his unholy crew,
there remains this problem.
Until it is resolved we
shall not know in what direction our civilization is
tfl travel for many generations to come.
The problem, Ladies and Gentlemen, is, very
simply:
How can we keep a free economy?
What can we
do to maintain the individual as the important factor
of society and his initiative as the driving force
which turns the wheels?
For the moment, as we have
said, the most important contribution toward this end
is the war effort.
For if the dictators prevail, the
struggle for the rights of the individual is lost for
a long time to come.
In the authoritarian philosophy
the individual is the servant of the state; his patterns
of thought and action must conform to those designed for
him.
Individual initiative and competition as we know
them do not exist.
In our form of government, the
state is the servant of the people.
The individuals
liberty of thought and action is curtailed onlv
insofar as is essential to an existence with others.
- 5 -
But the ever-increasing tempo of the war
effort is hound to cause very disturbing dislocations
in this liberty of action and in that delicate balance
which is so essential to a free economy.
Our social,
industrial and economic life is a complex structure,
and the sudden surge of all our energies toward a war
program demands of us temporary restraints and limita
tions which will be irksome and unpleasant.
All of
which accentuates the fundamental problem of protecting
this precious initiative and individualism against
the impact of war.
Bankers have an opportunity to make a profound
contribution in this crisis, both in directing the flow
of credit in the proper channels and in the full use of
their traditional leadership to shape the thought and
opinions of the communities in which they live.
It is
in the realm of ideas that great causes are won or lost.
I think most of us here tonight believe, and
with complete conviction, that the so-called free
peoples of the world will ultimately win this war*
Yet I am afraid that many of us do not appreciate the
tremendous sacrifice and effort which this will entail.
And I am also afraid that many of us believe that once
this victory is achieved the world will automatically
settle back into much the same pattern as existed
prior to the outbreak of this World War II.
With this
last assumption, many thoughtful men do not agree.
They do not believe that return to the status quo ante
will be automatic.
They are of the opinion that if
we really want back a world of free enterprise and
initiative, instead of a regimented one, we are going
to have to struggle for it.
Now I very much doubt if
in this State of New Hampshire there is need to argue
that such a struggle is worthwhile.
I personally feel
very strongly about it, and I know that careful thought
has been given both as to what can be done during the
war effort and after it to keep alive this watch on
the ramparts which protect the American way of life.
What contribution will bankers make toward that
eternal vigilance which is the price of individual
liberty?
Possibly the answer is that in the daily con
duct of our affairs we can keep ever before us the
importance of bolstering up initiative wherever it may
be found, and strengthening that desire to be on his
- 7 ovm w h ic h i s
a p a r t o f e v e r y m an’ s p io n e e r h e r i t a g e .
V/e n e e d t o k e e p
th e
little
fe llo w
i n b u s i n e s s f o r h im
s e l f an d t o s t r e n g t h e n t h e h an d o f
One o f t h e g r a v e
con cerns
i n W a s h in g to n t o d a y i s
s e e t h a t s m a ll i n d u s t r y an d t h e
n o t be c r u s h e d i n
s m a ll i n d u s t r y .
to
s m a ll b u s in e s s m a n s h a l l
th e m a c h in e r y o f w a r .
You a re
d o u b tle s s f a m i l i a r w it h th e D i v i s i o n o f C o n t r a c t D is
t r i b u t i o n o f th e O f f i c e
o f P r o d u c t io n M anagem ent w h ic h
has b een c r e a te d p a r t i c u l a r l y
i n t h e i n t e r e s t o f th e
s m a ll p r o d u c e r an d w h ic h a im s s p e c i f i c a l l y t o
w id e d i s t r i b u t i o n
o f s u b -c o n tra c ts
B a n k e r s c a n be o f i n c a l c u l a b l e
secu re
among s u c h p r o d u c e r s .
a s s is ta n c e
in th is
v e ry v i t a l m a tte r.
W ars co m p e l g r e a t c o n c e n t r a t i o n o f pow er an d
m o b i l i z a t i o n o f n a t i o n a l e f f o r t i n h u ge o r g a n i z a t i o n s ,
but i t
r e m a in s im p o r t a n t t o k e e p a m b it i o n i n m en; to
make th em t h i n k f o r t h e m s e l v e s ;
m know s u c c e s s an d
f a i l u r e ; a n d t o d e v e lo p c h a r a c t e r t h r o u g h t h e p a i n f u l
p r o c e s s o f t r i a l and e r r o r .
I t is
is
fo r t h i s r e a s o n th e C o m p tr o lle r ’ s O f f ic e
p a r t i c u l a r l y in t e r e s t e d in p r e s e r v in g
u a l i t y a n d in d e p e n d e n c e o f t h e
th e i n d i v i d
s m a ll l o c a l l y owned b a n k .
- 8 ■The officers of these banks intimately know the terri
tory they serve,
.Their loans are made largely to the
citizens of their own communities.
These banks, and
there are a great number of them, can deal with sympathy
and understanding with the human drama around them.
Their influence to keep alive personal initiative and
sturdy independence is very great indeed.
The Office of
the Comptroller of the Currency is anxious that wherever
possible the independent bank shall continue to do this
important job in our economy, and, as a natural corollary,
we are opposed to the building up of great banking systems
and chains which, by their very size and pov/er, threaten
the financial self-sufficiency of our small communities,
and thus the independence of their industries, their
agriculture, and their individuals.
Great concen
trations of financial power offer certain immediate
advantages which make them attractive to the short
sighted, but the prime objective of our American system —
the welfare of the individual and the preservation of his
freedom —
calls for a rejection of these ephemeral
benefits and a firm hold on the very principles upon
which this New England was built and built so well.
- 9 And so I ask you t h a t in the t r y in g days ahead
you sta n d fir m to your h e r it a g e
th a t you do not lo s e
s ig h t o f t h i s deep and u n d e rly in g cause - - th e cause
o f the in d iv i d u a l; t h a t you do e v e r y th in g in your power
to keep him independent and s e l f - r e l i a n t , to h elp him
s t a y in the b u s in e s s o f b ein g a p io n e e r .
Whether he be
a ban ker, a businessm an, a farm er, or w h a t-n o t, l e t f s
keep him on h is own.
In th an k in g you f o r t h i s o p p o rtu n itjr to come
home to my own n a t iv e New England, and to make my f i r s t
appearance a t a New Hampshire m eetin g , may I e x p re ss b o th
a hope and a p r e d ic t io n th a t we whose r o o ts are deep in
t h is s t e r n y e t k in d ly lan d w i l l e v e r s t r i v e f a i t h f u l l y
to uphold th e t r a d i t i o n handed down to us - - th e t r a d i t i o n
o f freedom and o p p o r tu n ity .
0O 0-
(2)
COTTON CARD STRIPS, COMBER WASTE-, LAP ViAST ;, SLIVER WASTE, AND ROVING WASTE,
WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE. Annual quotas
commencing September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of.the
quotas shall be filled by cotton wastes other than card strips and comber
wastes made from cottons of 1-3/16 inches or more in staple length in the
case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany and Italy:
Country of
Origin
United Kingdom ....
Canada ....... .
France ..........
British India ....
Netherlands ......
Switzerland ......
Belgium.........
Japan ............
China ......................
Egypt ...........
Cuba ............
Germany .........
Italy ...........
Total
1/
(In Pounds)
TOTAL IMPORTS : Established
Established
Sept. 20 to
: 33-1/3$ of
TOTAL QUOTA
Sept.27.1941.inel .Total Quota
4,323,457
239,690
227,420
69,627
68,240
44,388
38,359
341,535
17,322
8,135
6,544
76,329
21,263
232,866
12,400
**
—
—
«*
*
245,268
5,482,509
Included in total imports, column 2.
Ô
-m îîsw t
1,441,152
75,807
22,747
14,796
12,353
—
—
—
—
25, ¿A3
7,088
1,599,386
»
Imports Sepb.
20 to Sept.27
1941,inc.
—
*
«*
•
*•
•
y
m
mm
**
•*
-
FOR DISTRIBUTION
FOR IMMEDIATE RELEASE
rr I1t£M
1 1IOAI
The Bureau of Customs announced today that preliminary reports from the
collectors of customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President's proclamations of September 5, 1939,
and December 19, 194-0, as follows, during the period September 20 to Sept, 27,
1941, inclusive.
COTTON HAVING A STAPLE OF LESS THAN 1-11/16 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
(In Pounds)
Staple length less
:Staple length 1-1/8" or more
but less than l-ll/l6"
than i-l/8"
:
Imports Sept,
: Imports Sept. :
Established : 20 to Sept.27,: Established : 20 to Sept. 27
Quota
: 1941, inclusiv
: 1941, inclusive
Quota
Country of
Origin
,
Egypt and the AngloEgyptian Sudan .....
Peru ................
British India ........
China ...............
Mexico .......... .
Brazil ..............
Union of Soviet
Socialist Republics .
Argentina ...........
H a i t i .......’........
Ecuador .............
Honduras ............
Paraguay ............
Colombia ............
I r a q ......... ......
British East Africa ...
Netherlands East
Indies ............
Barbados ............
Other British West
Indies l/ .........
Nigeria .............
Other British West"
Africa 2/ .........
Algeria and Tunisia
Other French Africa ^/.
. . .
783,316
247,952
2,003,433
1,370,791
8,883,259
618,723
247,952
8,863,259
618,723
237
9,333
752
871
124
195
2,240
71,388
21,321
5,377
1
9,263
-
mm
689
3,808
435
506
—
—
—
—
29,909
_
12,554
•
-
16,004
-
-
mm
-
-
1,037,569
1,465,179
—
2,626
_
475,124
5,203
43,451,566
2,056,299
64,942
30,139
—
2,002
1,634
—
9,759,198
45.656,420
14.516,882
Total
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
**
**
•*
**
**
**
m
r**
•
**
-
mm
2,502,748
hompson
oehran
oley
Kuhn
Mayl
McCathran
Palmer
Pehle
Schooler
Shaeffôr
Sloan
Stone
Upham
fîhite
treasury
department
Washington
f o r .i m m e d i a t e
release,
Friday, October 10. IQdl
----- —
i—
COliecuuxo
kjx
—
--
*
_
Press Service,
No. 27-98
R
,
_ non
import quotas established by the President’s proclamations of September 5, i/i“,
and December 19, 1910, as follows, during the period September 20 to Sept. 27,
1941, inclusive.
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANUFAC
TURE OF BLANKETS AND BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin:
Country of
Origin
7 8 3 ,3 1 6
2 4 7 ,9 5 2
2 ,0 0 3 ,4 3 3
1 ,3 7 0 ,7 9 1
3 ,3 3 3 ,2 5 9
6 1 8 ,7 2 3
-
247,952
-
8,883,259
618,723
4 7 5 ,1 2 4
5 ,2 0 3
2 37
9 ,3 3 3
752
871
12 4
19 5
2 ,2 4 0
7 1 ,3 3 8
1,037,569
1,465,179
4 3 ,4 5 1 ,5 6 6
2 ,0 5 6 j2 9 9
6 4 ,9 4 2
2 ,6 2 6
3 ,3 0 8
-
m
1
•
9,263
-
435
506
—
—
**
mm
—
•
—
-
2 9 ,9 0 9
mm
1 2 ,5 5 4
2 1 ,3 2 1
5 ,3 7 7
00
1
vQ
—!
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 2/.
_______
(In Pounds)_____ _
Staple length less
:Staple length 1-1/8” or more
but less than l~ll/l6”
_______ than j-l/S"_________
: Imports Sept.
i Imports Sept. :
Established
: 20,to Sept. 27,
Established : 20 to Sept.27,:
Quota
: 1941. inclusive
Quota
: 1941. inclusive
•
3 0 ,1 3 9
-
—
4»
1,6 3 4
_
689
2 ,0 0 2
—
-
Total
__________14. 516.882_____ 9,759,198 __„ 4,
5 ,656,420
l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
2,502,748
TREASURY DEPARTMENT
W ashington
P r e s s S e r v ic e ,
No* 27-98
FOR IMMEDIATE RELEASE,
F rid a y , O ctober IQ, 1 9 4 1 .
Tjie Bureau o f Customs announced tod ay t h a t p r e lim in a r y r e p o r ts
from the c o l l e c t o r s o f customs show im ports o f c o tto n and c o tto n
w aste c h a rg e a b le to th e im port quotas e s t a b lis h e d by th e P r e s i d e n t ’ s
p ro cla m a tio n s o f September 5, 1939, and December 1 9 , 1940, as f o l l o w s ,
during the p e r io d Septem ber 20 to September 27, 19 4 1, in c lu s iv e ..
COTTON HAVING A STAPLE OF LESS THAN 1 - 1 1 / 1 6 INCHES (OTHER THAN HARSH
OR ROUGH COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY
USED IN THE MAFJFACTURE OF BLANKETS AND BLANKETING, AND OTHER THAN
LINTERS)* Annual quotas commencing Septem ber 20, by C o u n trie s o f
O rig in :
_
______________________________
(In Pounds)________ ______________ ____ ______
-*
I
Staple length less
:Staple length 1-1/8" or more
•________ tfrflw l~l/gM
;
but less than l-ll/l6n
Country of
*
* Imports Sept# :
:Imports Sept.
Origin
»Established : 20 to Sept.27* t Established:20 to Sept. 27,
_______________________ ;
Quota
; 194l, inclusive:
Quota
»19^1 *inclusive
E g y p t an d t h e A n g lo -
Egyptian Sudan
P e r u ........... ......
British India
783»816
2h7 »952
2,003*483
C h in a
1*370 *791
M exico ................................................. 8 ,g g 3 » 2 5 9
B r a z i l ............. 6 1 8 ,7 2 3
U n io n o f S o v i e t
Socialist Republics •
A rgen t in a
........................*
H a i t i ................... . . . ............
^ E c u a d o r ................... ,
475,124
5 * 203
2 37
9 *333
Honduras .......... .....
752
P aragu ay
C o lo m b ia . . . . . . . . . . . . . . . .
I r a q ....................
8 71
12 4
195
British East Africa ....
Netherlands East Indies
Barbados
Other British West
Indies!/
2.,24o
71*328
~
N i g e r i a ..................................
O th e r B r i t i s h W est
A f r i c a 2/ . . . . . . . . . . .
A l g e r i a an d T u n i s i a . . .
•th e r E ren ch A f r i c a ¿ / .
T o ta l
5*377
21,,321
l 6 ,0 0 4
689.
H + .5 l6 ,8 8 2
».
U3 . 4 5 1.5 6 6
2*+7.952
2 , 056,299
1 . 037,569
1 .,‘+6 5 .179
6 4 ,9 4 2
-
2,626
-
3 .8 0 8
—
•r
..
—
1
U35
-
».
506
-
8 ,8 8 3 ,2 5 9
618 ,72 3
-
9 .2 6 3
*•
-f
*•
rt
-
r
2 9 ,9 0 9
—
. 'T f
12,55*+
-
3O . I 39
«"f
2,002
1 , 631+
—
—
—
—
—
•T
-
•-
9*759*198
4 5 ,656,430
Trinidad,
and
Tobago,
1/ Other than Barbados, Bermuda, Jamaica,
2/ Other than Cold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madag i.scar,
2,502,748
COTTON CARD STRIPS, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING
WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN/VALUE*
Annual q u o tas commencing Septem ber 20, by C o u n trie s o f O r ig in :
T o ta l q u o ta, p ro v id e d , however, th a t not more than 3 3 -1/3 p e rc e n t
o f th e quotas s h a l l be f i l l e d by c o tto n w a s te s o th e r than card
s t r i p s and comber w a ste s made from c o tto n s o f 1 -3 / 1 6 in ch e s or
more in s t a p le le n g th in th e case o f the fo llo w in g c o u n t r ie s :
U nited Kingdom, F ra n ce, N e th e rla n d s, S w itz e r la n d , B elgium ,
Germany and I t a l y :
Country of
Origin
United Kingdom . . . . .
Canada . . ..... .
France .... . . . . . . . . .
British India V . . . . .
Netherlands . . . . . . . .
Switzerland, ....
Belgium.... ..
Japan
China . . . . . . . . . . . . . .
Egypt . V . . . . . . . . . . . . . . . ..
Cuba . , v . . . . . . . . " . . . .
Germany....... .. . . . . .
Italy .............V
Total
1/
(In Pounds)
TOTAL IMPORTS :
Sept. 20 to
•
Sent.27,19^1 .3i k :
Established
TOTAL QJJOTA
232,868
-
12,^00
-
-
22 ,7^7
1^,796
12.853
~
— -
w*
—
—
—
—
-
- .
—
-
2 5 .^ 3
7.088
76,329
21,263
Included in total imports,-column 2f
-
75.807
—
~ ■
5 , ^ 2,509
Imports Sept,
20 to Sept. :
27.19^1 J n o . l /
1 ,M+1 ,1 5 2
“*.323.“+57
239.690
227,^20
69.627
68 ,2^0
UU,3gg
3^*559
3*+l.535
17.322
8*135
Established
33-1/3^ Of
Total Quota
2 ^5*268
1,599.886
- ,
••
PRESS RELEASE
The Bureau of Customs announced today preliminary figures showing the quanti
ties of wheat and wheat flour entered, or withdrawn from warehouse, for consumption
under the import quotas established in the President’s Proclamation of May 28, 1941,
for the twelve months commencing May 29, 1941, as follows:
Country of
Origin
Wheat flour, semolina,
crushed or cracked wheat,
Wheat
and similar wheat products
m
Imports May 29,
:Imports May
1941 to Sept* 27,
Established:29, 1941 to Established:
Quota
:
1941
Quota
:Sept»27.1941
(Pounds)
(Pounds)
(Bushels)
(Bushels)
Canada
China
Hungary
Hong Eong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
é
795,000
-
795,000
-
mm
mm
-
100
-
100
100
-
100
2,000
100
1,000
100
-
-
-
-
-
1,000
100
100
•
-
100
100
-
800,000
795,000
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
—
204,000
5,740
5,925
—
**
mm
—
«*
«—
69
—
—
•*
•*
mm
**
*•
•»
mm
m
*•
mm
-
e
m
4,000,000
215,734
TREm SURY a p a r t m e n t ,
Washington
POR i m m e d i a t e RELEASE,
Saturday. October n
11. 1941.
Press Service
No. 27-99
The Bureau or oustoiu»
O U U U W U L W U
W VU W Jf
Jf*>
--------
ties of wheat and wheat flour entered, or withdrawn from warehouse, for consumption
under the import quotas established in the President’s Proclamation of May 28, 1941,
for the twelve months commencing May 29, 1941, as follows:
Country of
Origin
Wheat flour, semolina,
crushed or cracked wheat,
Wheat
and similar wheat products
:
Imports May 29,
:Imports May
Established:
1941
to Sept. 27,
Established:29, 1941 to
Quota
:
1941
Quota
:Sept.27.1941
(Bushels)
(Bushels)
(Pounds)
(Pounds)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
795,000
«
100
100
100
100
2,000
100
1,000
100
—
—
1,000
100
100
100
100
800,000
795,000
«
tie
mm
—
—
—
*•
—
—
**
-
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1 1000
1,000
•
*•
••
mm
204,000
5,740
—
5,925
•*
mm
m
—
—
—
**
69
—
*■
—
mm
■
**
mm
-
mm
795,000
4,000,000
215,734
TREASURY DEPARTMENT
W ashington
FOR IMMEDIATE RELEASE,
S a tu rd a y , O ctober 1 1 , 1941
P re ss S e r v ic e
No. 27-99
The Bureau o f Customs announced to d ay p r e lim in a r y f i g u r e s show
in g th e q u a n t it ie s o f wheat and wheat f l o u r e n te r e d , or withdraw n
from w areh ouse, f o r consum ption under the im port quotas e s t a b lis h e d
in the P r e s id e n t 's P ro clam atio n o f May 28, 19 4 1, f o r th e tw e lv e
months commencing May 29, 19 4 1, as f o l l o w s :
Wheat
Country of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
Hew Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Cana:
¿turnan1a
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
iImports May
Established:29
'
Quota
:Sept.27,194l
27,194l:
(Bushels)
(Bushels)
795,000
Wheat flour, semolina,
crushed or cracked wheat,
and similar wheat products
Imports May 29,
1941 to Sept. 27,
Quota
iq4i
(Pounds)
(Pounds)
204,000
5,740
13,000
13,000
8,000
75.000
1,000
100
100
100
5,925
5.000
5.000
1.000
1,000
100
2,000
100
1,000
14.000
2 ,0 00
12.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
1,000
100
100
100
100
800,000
795,000
4,000,000
215.73*+
@FedFRASER